Economics
Alafe Wakili is A Pioneer in African Media and Communications
Early Life and Professional Foundation
Born in Ivory Coast, Alafe Wakili emerged from his early years with a passion for journalism and communications that would later shape West Africa’s media landscape. His journey began with a strong foundation in journalism, where he developed keen insights into the power of media to transform society and influence public discourse. This early exposure to media operations and communications would prove instrumental in his future endeavors.
Building a Media Empire
At the helm of multiple successful ventures, Wakili has established himself as a prominent figure in West African media. As the founder and CEO of SOCEF-NTIC, TOTEM COMMUNICATION and L’INTELLIGENT D’ABIDJAN TV” he has created a diversified media and communications group that sets industry standards. His flagship newspaper, “L’INTELLIGENT D’ABIDJAN,” stands as a testament to his commitment to quality journalism. The daily publication has become one of Ivory Coast’s most respected news sources, known for its independent reporting, comprehensive coverage, and unwavering commitment to journalistic integrity. Under his leadership, the newspaper has successfully navigated the challenging terrain of modern media, maintaining its relevance while adapting to digital transformations in the industry.
Communications Excellence and Innovation
TOTEM COMMUNICATION, under Wakili’s visionary leadership, has revolutionized the public relations and communications landscape in West Africa. The firm has distinguished itself through innovative approaches to strategic communications, crisis management, and public affairs consulting. Wakili’s expertise in developing comprehensive communication strategies has made TOTEM COMMUNICATION the go-to agency for corporations, organizations, and public figures seeking sophisticated media solutions. The company’s success lies in its ability to blend traditional PR practices with cutting-edge digital communications strategies, ensuring clients maintain effective presence across all media platforms.
Political Analysis and Strategic Consulting
Beyond his media enterprises, Wakili has earned recognition as an astute political analyst and strategist. His deep understanding of West African political dynamics, combined with his media expertise, has made him an invaluable consultant for political stakeholders across the region. His analytical prowess extends beyond mere commentary; he provides strategic insights that help shape political discourse and policy development. Through his work, he has contributed significantly to the understanding of complex political and social issues affecting West Africa, and particularly in Ivory Coast.
Literary Contributions and Thought Leadership
As an accomplished author, Wakili has contributed significantly to West African literature and journalism. His written works span various genres, from political analysis to social commentary, demonstrating his versatility as a writer and thought leader. His publications have become essential reading for those seeking to understand the nuances of West African society, politics, and media landscapes. Through his writings, he continues to influence public opinion and contribute to intellectual discourse in the region.
Innovation in Digital Media
Understanding the evolving nature of media consumption, Wakili has been at the forefront of digital transformation in West African media. He has championed the integration of digital technologies in traditional media operations, ensuring his media outlets remain relevant in an increasingly digital world. His forward-thinking approach includes developing robust online presence for his publications and implementing innovative digital solutions for his communications clients.
Professional Impact and Industry Leadership
Wakili’s influence extends beyond his own enterprises. He has played a crucial role in professionalizing the media and communications industry in West Africa. Through various initiatives, he has contributed to raising industry standards, promoting ethical journalism, and developing new talent in the field. His companies are known for their commitment to professional development and innovation, setting benchmarks for excellence in the industry.
Future Vision and Legacy
Looking ahead, Wakili continues to pursue an ambitious vision for African media and communications. His future objectives include further expansion of his media enterprises, development of new digital platforms, and enhancement of professional standards in journalism and public relations. He remains committed to fostering independent journalism, promoting digital innovation, and contributing to the development of a more sophisticated media landscape in West Africa.
Personal Philosophy and Leadership Style
Wakili’s leadership style combines strategic vision with practical execution. His approach to business and media management emphasizes innovation, integrity, and excellence. He believes in the power of media to drive positive social change and maintains a strong commitment to ethical practices in journalism and communications.
The march higher in U.K. government bond yields since the launch of the Labour government’s debut budget plan in October sparked widespread concern last week, as borrowing costs rose to breach numerous decade highs.
The prospect of public spending cuts or further tax rises came into focus as 30-year gilt yields hit their highest level since 1998. Despite initially falling after Labour’s election victory in July, 2-year gilt yields have also climbed back above 4.5%, while the 10-year yield reached levels not seen since 2008.
Waning investor confidence in the U.K. was particularly highlighted by a concurrent fall in sterling, which on Friday hit its lowest level against the U.S. dollar since November 2023.
Borrowing costs are also rising in the euro area and the U.S., and economists point out that and the U.K. is being weighed on by external factors including the return of Donald Trump to the White House and expectations for broadly higher interest rates than previously expected this year.
But the surge in U.K. yields are nonetheless a major headache for the U.K. government, which has pledged to reboot economic growth while ensuring debt declines as a share of the economy within five years. U.K. public sector net debt currently stands at nearly 100% of GDP.
“The rise in gilt yields has a self-reinforcing feedback loop through the U.K.’s debt sustainability, by increasing borrowing costs used for budgeting purposes,” ING Senior European Rates Strategist Michiel Tukker said in a Friday note.
Tukker cited analysis by the independent Office of Budget Responsibility which indicates that the recent rise in yields — if sustained — would wipe out the government’s estimated headroom of £9.9 billion ($12.1 billion) for meeting its self-declared fiscal rules. As well as a goal of moving toward a decline in the U.K.’s debt to GDP ratio on a longer timeframe, those rules commit Labour to covering day-to-day government spending with revenues.
The Institute for Fiscal Studies think tank said Friday there is a “knife edge,” chance of the U.K. achieving the latter fiscal rule, but that Finance Minister Rachel Reeves could “get lucky.”
She otherwise faces an “unenviable set of options,” said IFS Associate Director Ben Zaranko, including bringing forward upcoming changes to how debt is calculated to free up more headroom; paring back current spending plans; announcing more tax rises, which could be conditional on changes within the coming years; or doing nothing and breaking her rule.
Economists Ruth Gregory and Hubert de Barochez at research group Capital Economics also said U.K. gilts may be trapped in a “vicious circle,” in which “the rise in U.K. yields puts a strain on public finances, therefore calling for an even bigger tightening of fiscal policy, but in turn putting additional strain on the economy.”
Pound vs dollar.
Bank of America Global Research strategists said Friday that it was unlikely Labour would breach its rules, and would instead announce further fiscal consolidation — measures to reduce public debt, generally public spending cuts or tax hikes — in the spring or earlier.
That would potentially be through spending cuts, they added, coming off the back of the £40 billion in tax hikes that Labour announced in October.
CNBC has contacted the Treasury for comment.
UK in ‘slow growth trap’ — but not a mini-budget crisis
Former U.K. Finance Minister Vince Cable told CNBC on Friday that higher bond yields were being seen in many countries and were not an “emergency panic situation” — but that markets had realized Britain was stuck in a “slow growth trap.”
“We’ve been there for many years, since the Financial Crisis, then Brexit, then a problem with Covid and Ukraine war, and we’re stuck with relatively high inflation, very slow growth, and so the markets are marking the U.K. down, relatively speaking. But this is not a panic situation, it’s not a crisis of the old-style balance of payment sell off situation,” Cable said.
Labour should have gone for a broader range of tax rises rather than focusing on a hike in National Insurance which has been slammed by the U.K. business community, Cable said. However, he added that the market has broader concerns over U.K. growth and the global economic picture, which is clouded by external factors such as the weaker Chinese outlook.
Cable also downplayed comparisons with the U.K. mini-budget crisis in 2022, when then-Prime Minister Liz Truss’s announcement of sweeping tax cuts triggered massive volatility in the bond market.
“The Truss moment was a prime minister just taking a reckless leap into the dark with a big increase in the budget deficit on the assumption this will somehow trigger economic growth. Well, that clearly isn’t what’s happened this time. The argument is about whether they’ve done enough tightening and whether they’ve done it in the right way, but it’s a different kind of problem,” Cable told CNBC.
That sentiment was broadly reflected in wider analysis. Bank of America strategists called comparisons with the mini-budget “overblown,” noting that the bar for the Bank of England to intervene in the gilt market, as it did at the time, was high.
Capital Economics said last week’s higher gilt yields were an economic headwind but not a crisis, with smaller and slower moves than after the mini-budget; while David Brooks, head of policy at consultancy Broadstone, said there did not appear to be any “systemic issues at play” in the liability-driven investment (LDI) funds which were the biggest concern back in 2022.
Spike in UK borrowing costs raises specter of public spending cuts
Alafe Wakili is A Pioneer in African Media and Communications
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