Tomi Solademi Tomi Solademi

15th August 2024

The WHO has declared mpox a global public health emergency once again, signalling a renewed global health concern. Namibia breaks away from South Africa's rate decisions, marking a shift in its monetary policy approach. Sudan's hopes for a cease-fire dwindle as the army skips crucial peace talks, and the Nigerian military intensifies its crackdown on illegal oil activities with a major operation in the Niger Delta.

Good morning! The WHO has declared mpox a global public health emergency once again, signalling a renewed global health concern. Namibia breaks away from South Africa's rate decisions, marking a shift in its monetary policy approach. Sudan's hopes for a cease-fire dwindle as the army skips crucial peace talks, and the Nigerian military intensifies its crackdown on illegal oil activities with a major operation in the Niger Delta.

Here's your Rooster’s Crow:

WHO Declares Mpox a Global Public Health Emergency

The World Health Organization (WHO) has declared mpox a global public health emergency for the second time in two years, citing a resurgence of cases worldwide. The decision comes as mpox cases, primarily affecting countries in Africa, have exceeded the WHO's threshold for emergency status. The virus, which spreads through close contact, causes symptoms similar to smallpox but is less severe. The WHO's declaration underscores the need for international coordination and resource allocation to curb the spread, particularly as some regions report rising infections and vaccine shortages.

 

Namibia Breaks Free from South Africa's Rate Decisions

Namibia's central bank has diverged from South Africa's interest rate decisions for the first time in a year, opting to hold its benchmark rate steady at 7.75% while South Africa recently cut rates. The decision reflects Namibia's focus on domestic economic conditions, including concerns over inflation and sluggish growth. The move signals a shift in Namibia's monetary policy independence, which traditionally aligns with South Africa due to their economic ties. Analysts believe this could be a precursor to further divergence as Namibia navigates its unique economic challenges.

 

Sudan Peace Talks Falter as Army Snubs Negotiations

Hopes for a cease-fire in Sudan were dashed as the Sudanese army boycotted Swiss-hosted peace talks aimed at ending the ongoing conflict. The absence of the military, which is a key player in the civil war, severely undermines the negotiations' potential for success. The talks were intended to address the humanitarian crisis and broker a temporary cease-fire, but the army's refusal to participate has stalled progress. International observers fear that without a negotiated settlement, the conflict will continue to devastate the region, exacerbating the humanitarian situation.

 

Nigerian Military Targets Refineries

In a significant crackdown on illegal oil activities, the Nigerian Army has destroyed 27 illicit refineries and seized large quantities of stolen crude oil in the Niger Delta. The operation is part of a broader effort by the Nigerian government to curb oil theft, which has long plagued the country’s economy. The army's actions are seen as a decisive step in addressing the security and environmental issues posed by these illegal operations. However, challenges remain in eradicating the deeply entrenched networks involved in oil theft.

 

Coming Up…
A quiet front on announcements from the continent

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Tomi Solademi Tomi Solademi

14th August 2024

South Africa's unemployment rate edges up to 33.5% in Q2, sparking economic concerns, while the Mpox outbreak in the Democratic Republic of the Congo has led to a Pan-African health emergency declaration. Smaller African economies like Rwanda and Ghana are attracting increased investment, and Sudan faces a worsening humanitarian crisis as conflict continues to devastate the region.

Good morning! South Africa's unemployment rate edges up to 33.5% in Q2, sparking economic concerns, while the Mpox outbreak in the Democratic Republic of the Congo has led to a Pan-African health emergency declaration. Smaller African economies like Rwanda and Ghana are attracting increased investment, and Sudan faces a worsening humanitarian crisis as conflict continues to devastate the region.

Here’s your Rooster’s Crow:

 Mpox Outbreak Declared Health Emergency

The Democratic Republic of the Congo (DRC) is grappling with a severe outbreak of Mpox, a viral disease that has pushed the nation’s already overstretched healthcare system to its limits. With hospitals overcrowded, the situation has escalated into a health crisis. In response, the African Union declared Mpox a Pan-African health emergency to facilitate a coordinated response across the continent. The declaration aims to mobilize resources, including vaccines and medical supplies, and to enhance surveillance and public awareness to contain the spread of the disease, which has become a significant public health concern in the region.

Investors Shift Focus to Smaller African Economies

Investment interest in Africa is increasingly turning towards smaller economies as investors seek growth opportunities beyond the continent's traditional powerhouses. According to the RMB "Where to Invest in Africa 2024" report, countries like Senegal, Rwanda, and Ghana are gaining traction for their improving business environments and economic reforms. These nations are becoming attractive destinations for investors looking to diversify their portfolios amidst global economic uncertainties. The report highlights that despite challenges, these economies are poised for substantial growth, driven by factors such as technological adoption, policy stability, and a growing middle class.

Unemployment Rises in South Africa

South Africa's unemployment rate increased to 33.5% in the second quarter of 2024, up from 32.9% in the previous quarter. The rise in unemployment underscores the ongoing economic challenges facing the country, including sluggish growth and structural inefficiencies in the labor market. Youth unemployment remains particularly high, exacerbating social and economic inequalities. The data from Statistics South Africa highlights the need for urgent policy interventions to stimulate job creation and support economic recovery in Africa's most industrialized economy.

Sudan Faces Catastrophic Humanitarian Crisis

The International Organization for Migration (IOM) has issued a dire warning that tens of thousands of people in Sudan are at risk of death unless the international community significantly ramps up its humanitarian response. The ongoing conflict in Sudan has displaced millions and severely disrupted access to essential services like food, water, and healthcare. The IOM stressed that without immediate action, the situation could deteriorate further, leading to widespread loss of life and deepening the already critical humanitarian crisis.

Coming Up…

Focus will be on the African Fintech Forum in Nairobi, where industry leaders will discuss the future of finance on the continent, particularly in the context of technological advancements and regulatory developments​

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Tomi Solademi Tomi Solademi

13th August 2024

Zambia's copper exports face disruption as a trade dispute with Congo escalates, Sudan's peace talks show signs of progress amid ongoing violence, Kenya's Finance Minister pushes for tax and payroll reforms to tackle the deficit, and Turkey strengthens its diplomatic role in Africa by hosting high-level talks with Somalia and Ethiopia.

Good morning! Zambia's copper exports face disruption as a trade dispute with Congo escalates, Sudan's peace talks show signs of progress amid ongoing violence, Kenya's Finance Minister pushes for tax and payroll reforms to tackle the deficit, and Turkey strengthens its diplomatic role in Africa by hosting high-level talks with Somalia and Ethiopia.

Here’s your Rooster’s Crow:

 

Zambia-Congo Border Dispute Continues


A trade dispute between Zambia and the Democratic Republic of Congo has led to the closure of a key border crossing, severely impacting copper exports. The conflict arose after Congo banned the import of Zambian beer, soft drinks, and lime, leading to protests from Congolese truck drivers. Zambia's decision to close the border was aimed at protecting its truckers from the escalating violence. This disruption threatens the copper supply chain, as most of Congo’s copper is transported through Zambia to ports in Southern Africa. Talks between the two nations are ongoing to resolve the issue​

Sudan Peace Talks Progressing


Peace negotiations in Sudan are reportedly making headway, despite ongoing violence. U.S. Special Envoy John Godfrey indicated that talks between the Sudanese Armed Forces (SAF) and the paramilitary Rapid Support Forces (RSF) are progressing, though the situation remains precarious. The conflict, which erupted in April 2023, has displaced millions and resulted in widespread casualties. The U.S. and Saudi Arabia are mediating the discussions in Jeddah, aiming for a ceasefire and a long-term political settlement. However, humanitarian conditions continue to worsen as the conflict drags on​

Kenya’s Finance Minister Seeks Reforms


Kenya's Finance Minister, Njuguna Ndung'u, has announced plans for significant tax and payroll changes aimed at reducing the national budget deficit. The proposed measures include broadening the tax base and improving payroll efficiency. These reforms are part of the government's strategy to address mounting public debt and stimulate economic growth. The minister emphasized the importance of fiscal discipline and the need to enhance revenue collection to meet budgetary needs. The government is also considering cutting public spending to align with its financial objectives​

Turkey Hosts Somalia and Ethiopia Talks


Turkey has hosted high-level talks with Somalia and Ethiopia, focusing on regional security and cooperation. The discussions come amid growing concerns over instability in the Horn of Africa, driven by conflicts and political unrest. Turkey, which has increased its diplomatic and economic engagement in Africa, seeks to mediate between these nations to foster peace and development. The meetings also highlight Turkey's broader strategy to strengthen ties with African nations and play a more active role in resolving regional conflicts​

Coming Up…
Nigeria is set to announce its July inflation rate

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Tomi Solademi Tomi Solademi

12th August 2024

Zambia's border closure with Congo disrupts key copper trade routes, Liberia’s Central Bank quells rumours of a banking collapse, Sudan’s peace talks with the U.S. end in deadlock, and Egypt eyes hosting the Olympics as it prepares a bid for the 2036 or 2040 Games.

Good morning! Zambia's border closure with Congo disrupts key copper trade routes, Liberia’s Central Bank quells rumours of a banking collapse, Sudan’s peace talks with the U.S. end in deadlock, and Egypt eyes hosting the Olympics as it prepares a bid for the 2036 or 2040 Games.

Here is your Rooster’s Crow:

 

Zambia Closes Border with Congo

Zambia has closed its border with the Democratic Republic of Congo (DRC) at the Kasumbalesa crossing, a critical route for copper exports. The closure is in response to escalating tensions and security concerns related to a cholera outbreak and increased smuggling. This move is significant as the DRC is the world’s largest producer of cobalt, and Zambia is a major copper producer, meaning that any prolonged disruption could impact global copper and cobalt supply chains, potentially driving up prices. The closure’s duration remains uncertain, raising concerns within the global commodities market.

Liberia Central Bank Denies SIB Liberia Collapse

The Central Bank of Liberia has refuted claims suggesting the imminent collapse of SIB Liberia Limited, a subsidiary of Dr. Paa Kwesi Nduom's Groupe Nduom. Rumors about the bank's financial instability had circulated, leading to public concern. However, the Central Bank issued a statement asserting that SIB Liberia remains solvent and well-capitalized, emphasizing that the rumors are baseless. The bank reassured depositors and the general public that it continues to monitor all financial institutions to ensure their stability and protect the interests of depositors.

Sudanese Peace Talks with US End Without Agreement

Recent consultations between Sudanese factions and U.S. officials aimed at resolving the ongoing conflict in Sudan have ended without an agreement. The talks, held in Jeddah, Saudi Arabia, were intended to negotiate a ceasefire between Sudan’s warring military factions, which have been locked in a brutal conflict since April 2023. The failure to reach a consensus highlights the deep divisions and the complexity of the conflict, which has resulted in a humanitarian crisis, with millions displaced and thousands killed. The international community remains concerned about the deteriorating situation.

Egypt to Bid for 2036 or 2040 Olympics

Egypt is preparing to bid for either the 2036 or 2040 Olympic Games, according to the head of the Association of African National Olympic Committees, Mustapha Berraf. The announcement marks a significant step for Egypt, which aims to become the first African nation to host the Olympic Games. Berraf indicated that Egypt’s bid is supported by a comprehensive plan to build world-class infrastructure and venues. If successful, this would be a historic milestone for Africa, showcasing the continent’s growing capabilities in hosting major international sporting events.

Coming Up…

Tomorrow's economic focus in Africa will include the release of inflation data from key economies such as Egypt and Ghana. Investors will also be monitoring the South African Reserve Bank's quarterly bulletin.

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Tomi Solademi Tomi Solademi

9th August 2024

Anglo American's restructuring plan boosts South African stocks, Ethiopia gears up for its first securities exchange launch, Kenya's President Ruto faces protests amid new cabinet appointments, and Somalia advances democratic reforms with a universal suffrage bill.

Good morning! Anglo American's restructuring plan boosts South African stocks, Ethiopia gears up for its first securities exchange launch, Kenya's President Ruto faces protests amid new cabinet appointments, and Somalia advances democratic reforms with a universal suffrage bill.

Here’s your Roosters Crow:

Hope for South Africa Stocks

South Africa's stock market could see a resurgence driven by Anglo American Plc's restructuring and the formation of the country's first coalition government. Improved political stability and the absence of power cuts have enhanced investor confidence, with a potential IPO of De Beers poised to boost trading volumes and market capitalization.

Ethiopia's Securities Exchange to Go Live

Ethiopia's first securities exchange, the Ethiopian Securities Exchange (ESX), will launch in October 2024, marking a milestone in the country's economic reform agenda. The ESX aims to improve capital market accessibility and financial inclusion, offering companies a new avenue for raising capital and providing investors access to various financial instruments.

Kenya Swears in Cabinet

Kenyan President William Ruto swore in his new cabinet amid intensified protests led by opposition leader Raila Odinga. The cabinet, comprising key allies and technocrats, is expected to address economic challenges, but the ongoing unrest highlights the deep political divisions that threaten Ruto's administration.

Somalia Approves Bill for Universal Suffrage

Somalia's cabinet has approved a bill introducing universal suffrage, allowing all eligible citizens to vote in future elections. This move towards greater political inclusivity and stability marks a shift from the clan-based voting system and could have significant implications for the 2026 elections.

Coming Up…

Tomorrow's African economic highlights include South Africa's June mining and manufacturing production data, Nigeria's July inflation rate, and Ghana's consumer price index. These key data releases will be crucial for investors and policymakers, influencing decisions on monetary policy and economic stability.

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Tomi Solademi Tomi Solademi

8th August 2024

South Africa's MTN faces a major financial setback due to the devaluation of Nigeria's currency, the U.S. pledges $414 million in humanitarian aid to Congo, Uganda reduces its key interest rate following a shilling recovery, and the WHO holds an emergency meeting on the Mpox outbreak.

Good morning! Today, South Africa's MTN faces a major financial setback due to the devaluation of Nigeria's currency, the U.S. pledges $414 million in humanitarian aid to Congo, Uganda reduces its key interest rate following a shilling recovery, and the WHO holds an emergency meeting on the Mpox outbreak.

Here is your daily Rooster’s Crow:

 

MTN Suffers Loss Due to Nigerian Currency Devaluation

South African telecom giant MTN reported a significant first-half loss, driven largely by the devaluation of the Nigerian naira. This devaluation, part of Nigeria's broader economic reforms, severely impacted MTN's financials given their extensive operations in the country. Additionally, MTN faced other challenges such as regulatory fines and increased operational costs. The company is taking measures to mitigate the effects, including cost optimization and investment in new growth areas​.

U.S. Provides $414 Million in Humanitarian Aid to Congo

The United States announced a $414 million humanitarian aid package for the Democratic Republic of Congo. This aid aims to address the urgent needs arising from the ongoing conflict and displacement crisis in the country. The funds will support food security, health services, and protection for vulnerable populations, including internally displaced persons and refugees. This initiative underscores the U.S. commitment to addressing humanitarian crises in Africa and promoting stability in the region​.

Uganda Cuts Key Interest Rate Amid Shilling Recovery

Uganda's central bank has reduced its key interest rate by 50 basis points to 9%, citing the recovery of the Ugandan shilling and a favourable inflation outlook. The decision aims to support economic growth by making borrowing cheaper for businesses and consumers. The shilling's recovery has been attributed to increased export earnings and remittances, which have bolstered the currency against major international counterparts​.

WHO Convenes Emergency Meeting on Mpox Outbreak

The World Health Organization (WHO) is holding an emergency meeting to address the recent surge in Mpox (formerly known as monkeypox) cases. Experts are concerned about the rapid spread of the virus, particularly in regions with limited healthcare infrastructure. The meeting aims to coordinate international efforts for containment, vaccination strategies, and public health communication. This comes amid rising global health threats and the need for collaborative action to prevent widespread outbreaks​.

Coming Up…

A quiet day on the announcement front

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Tomi Solademi Tomi Solademi

7th August 2024

igeria detains Russian flag tailors, Mali severs diplomatic ties with Ukraine, South Africa’s Nedbank reports a rise in half-year profits, and Tunisia's President faces backlash over new electoral laws.

Good morning! Nigeria detains Russian flag tailors, Mali severs diplomatic ties with Ukraine, South Africa’s Nedbank reports a rise in half-year profits, and Tunisia's President faces backlash over new electoral laws.

Here is your daily Rooster’s Crow:

Nigeria Detains Tailors for Making Russian Flags Amid Protests

Nigerian authorities have detained a group of tailors in Kano for producing Russian flags, allegedly linked to anti-government protests. The tailors claim they were unaware of the flags' intended use, believing they were fulfilling a standard order. This incident comes amid heightened tensions in Nigeria, where symbols of foreign entities can become politically charged. The government has yet to release an official statement on the detentions, sparking debates on freedom of expression and the treatment of artisans in politically sensitive situations within the country.

Mali Severs Diplomatic Ties with Ukraine

Mali has officially cut diplomatic relations with Ukraine, as announced by its military government. The move is seen as aligning with Russia, a key ally of the Malian junta, amidst the ongoing conflict between Russia and Ukraine. The decision marks a significant shift in Mali's foreign policy, indicating a deeper commitment to its partnership with Russia. This development may further isolate Mali from Western nations, which have expressed concerns over the junta's governance and human rights record.

Nedbank Sees Profit Boost

South Africa's Nedbank reported a rise in half-year profits, driven by growth in non-interest revenue streams. The financial institution credited its performance to increased client activity in trading, insurance, and fee-based services. Nedbank's strategic focus on diversifying income sources beyond traditional lending has proven effective amid a challenging economic environment. The bank's leadership remains optimistic about sustaining this growth trajectory, despite potential headwinds from the global financial market.

Tunisia's President Faces Criticism Over Electoral Law Changes

Tunisian President Kais Saied is under fire for implementing electoral law changes ahead of the upcoming parliamentary elections. Critics argue these modifications consolidate power within the executive branch and undermine democratic processes. Saied's administration defends the changes as necessary reforms to streamline governance and combat corruption. The controversy has intensified political divisions in Tunisia, raising concerns about the country's democratic stability and international image.

Coming Up…

South Africa's Q2 GDP growth figures are released, along with Nigeria's inflation rate for July.

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Tomi Solademi Tomi Solademi

6th August 2024

South Africa's rand and stocks plunge due to U.S. recession fears, MTN Ghana has a huge revenue jump and the U.S. military completes its withdrawal from Niger.

Good morning! South Africa's rand and stocks plunge due to U.S. recession fears, MTN Ghana has a huge revenue jump and the U.S. military completes its withdrawal from Niger.

Here is your daily Rooster’s Crow:

 

Rand, Stocks Plunge Amid US Recession Fears

The South African rand and stock market experienced significant declines as mounting fears of a potential U.S. recession led investors to shun riskier assets. The rand weakened by 1.6% against the dollar, hitting a three-week low, while the Johannesburg Stock Exchange's all-share index dropped 2.3%. Contributing to this sell-off were concerns over higher interest rates and slowing global economic growth, which impacted commodity prices and weighed heavily on mining and financial stocks. Analysts predict that continued uncertainty in the U.S. could further pressure emerging markets.

 

MTN Ghana Reports 31.1% H1 Revenue Increase

MTN Ghana reported a substantial 31.1% increase in revenue, reaching GHS 8.1 billion for the first half of 2024. This growth was driven by a surge in data and digital services, which saw a significant uptick in user adoption and usage. The company's mobile money services also contributed to the robust financial performance. Despite the positive revenue growth, MTN Ghana continues to navigate challenges such as regulatory pressures and infrastructure costs. The company remains optimistic about sustaining growth through ongoing investment in network expansion and service improvements​.

 

Kenya Bonds Face Fitch Downgrade

Kenyan bonds suffered a sharp decline after Fitch Ratings downgraded the country's credit rating further into junk territory. The downgrade was attributed to concerns over Kenya's rising debt levels and fiscal deficits, which have been exacerbated by a challenging economic environment and political instability. This move by Fitch has raised borrowing costs for the Kenyan government, complicating efforts to finance its budget and service existing debt. The outlook remains uncertain as the government grapples with implementing fiscal reforms to stabilize its finances and restore investor confidence​.

 

U.S. Completes Withdrawal from Niger

The U.S. military has completed its withdrawal from a crucial drone base in Niger, following a coup that ousted the country's democratically elected president. The withdrawal marks a significant shift in U.S. military operations in West Africa, impacting counterterrorism efforts in the region. The base had been a pivotal location for launching drone strikes against extremist groups. The U.S. continues to monitor the situation closely, with plans to re-evaluate its military presence in the region depending on future developments in Niger's political landscape​.

 

Coming Up…

Tomorrow, the focus will be on Nigeria's Inflation Rate report for July 2024 and South Africa will release its Manufacturing Production data for June 2024. On the international front, the African Development Bank will present the "African Economic Outlook 2024.

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Tomi Solademi Tomi Solademi

5th August 2024

Nigeria plans a retail auction to sell dollars and support the naira, the IMF announces a new Executive Board chair for Sub-Saharan Africa and Algeria's Nemour makes history with an Olympic gold.

Good morning! Nigeria plans a retail auction to sell dollars and support the naira, the IMF announces a new Executive Board chair for Sub-Saharan Africa and Algeria's Nemour makes history with an Olympic gold.

Here is your daily Rooster’s Crow:

 

Nigeria to Auction Dollars to Halt Naira Decline

Nigeria is set to auction U.S. dollars in an effort to curb the declining value of the naira. This initiative comes after the naira hit a record low in the parallel market, trading as weak as 950 to the dollar. The Central Bank of Nigeria (CBN) plans to sell dollars directly to retail currency exchanges, aiming to stabilize the naira and ensure liquidity. The strategy reflects broader efforts to support the nation's struggling economy amidst rising inflation and foreign exchange scarcity​.

IMF Creates New Executive Board Chair for Sub-Saharan Africa

The International Monetary Fund (IMF) announced the creation of a 25th Executive Board chair dedicated to Sub-Saharan Africa. This move is part of a broader initiative to enhance the representation of African nations within the IMF. The new chair will focus on the region's specific economic challenges and aims to foster more inclusive and responsive governance. This decision underscores the IMF’s commitment to addressing the unique needs of Sub-Saharan Africa, particularly in the wake of economic disruptions caused by the COVID-19 pandemic and other global economic pressures​.

Nigerian President Urges End to Protests Over Economic Hardship

President Bola Tinubu of Nigeria has called for an end to ongoing protests against the country's economic difficulties. These demonstrations, sparked by the removal of fuel subsidies and subsequent rise in living costs, have led to widespread unrest. Tinubu urged citizens to show patience as his administration implements economic reforms aimed at stabilizing the economy and reducing inflation. He emphasized the government’s efforts to alleviate the economic strain on Nigerians, including initiatives to boost job creation and provide financial support to the most vulnerable​.

Algerian Gymnastics Achievements at the Olympics

Algerian gymnast Kaylia Nemour made history by winning a gold medal on the asymmetric bars at the 2024 Olympics, marking a significant achievement for Africa in gymnastics. Nemour's victory is a landmark for African representation in the sport, showcasing the continent's growing talent on the global stage.

Coming up…

South Africa releases its second-quarter GDP growth rate, Nigeria inflation rate data for July will be announced and the Central Bank of Kenya will reveal its latest decision on interest rates.

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Tomi Solademi Tomi Solademi

29th July 2024

Ethiopia plans to float its currency under new economic reforms, Nigeria partners with the World Bank to unlock $300 billion in "dead capital," South Africa reports positive U.S. trade discussions, and Egypt secures investment deals to boost oil and gas production.

Good morning! Ethiopia plans to float its currency under new economic reforms, Nigeria partners with the World Bank to unlock $300 billion in "dead capital," South Africa reports positive U.S. trade discussions, and Egypt secures investment deals to boost oil and gas production.

Here’s your daily Rooster’s Crow:

Ethiopia's Currency Liberalization Plan

Ethiopia is set to float its currency, the birr, as part of a comprehensive economic reform strategy aimed at stabilizing the economy. The move is expected to address significant foreign exchange shortages, curb inflation, and attract foreign investment, thereby strengthening the country's financial sector. Ethiopia's decision comes amid broader efforts to modernize its economy, which has been experiencing rapid growth but also faces challenges such as high inflation and a limited banking sector​.

Nigeria's $300bn Land Initiative

Nigeria, in collaboration with the World Bank, is launching a land formalization program to unlock $300 billion in "dead capital" tied up in unregistered real estate. This initiative aims to formalize land ownership, enabling property owners to leverage their assets for economic activities, such as obtaining loans or investing in businesses. The program is expected to significantly impact Nigeria's economy by improving living standards, reducing poverty, and stimulating growth. It reflects Nigeria's broader economic reform agenda, focusing on increasing productivity and enhancing the business environment​.

Positive Developments in South Africa-U.S. Trade Relations

South African officials have expressed optimism about ongoing trade negotiations with the United States, which are aimed at enhancing economic cooperation. These discussions are particularly important for securing favorable terms under the African Growth and Opportunity Act (AGOA), which allows duty-free access to the U.S. market for certain African products. The talks are expected to focus on expanding market access and strengthening industrial sectors in South Africa, offering a potential boost to the country's economy amid global trade uncertainties​.

Egypt's $340mn Energy Investment

Egypt has signed investment deals worth $340 million to boost its oil and gas production capabilities. These investments will enhance both upstream activities, such as exploration and drilling, and downstream operations, including refining and distribution. The deals are part of Egypt's strategy to secure energy independence, increase exports, and support broader economic growth. The country aims to position itself as a leading energy producer in the region, leveraging its resources to attract further foreign investment​.

Coming up…

Tomorrow, the South African Reserve Bank will announce its latest interest rate decision and Morocco will release its inflation data for July.

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Tomi Solademi Tomi Solademi

26th July 2024

South Africa celebrates a historic first as Mandisa Maya becomes the nation's first female Chief Justice. In Zimbabwe, new measures are being introduced to boost demand for the local ZIG currency and the Adani Group proposes a major investment in Nairobi's Jomo Kenyatta International Airport.

Good morning! Today, South Africa celebrates a historic first as Mandisa Maya becomes the nation's first female Chief Justice. In Zimbabwe, new measures are being introduced to boost demand for the local ZIG currency and the Adani Group proposes a major investment in Nairobi's Jomo Kenyatta International Airport.

Here is your daily Rooster’s Crow:

 

South Africa Breaks Barriers with First Female Chief Justice

South Africa has appointed Mandisa Maya as its first woman Chief Justice, a historic milestone in the country's judicial history. Maya, who previously served as the President of the Supreme Court of Appeal, brings extensive experience and a strong track record in judicial reform. Her appointment is seen as a significant step towards gender equality and diversity in South Africa's legal system. This decision aligns with broader efforts to modernize and make the judiciary more representative of the country's demographics.

 

Zimbabwe Announces Measures to Boost ZIG Currency Demand

Zimbabwe has introduced new measures aimed at increasing the demand for the Zimbabwean dollar (ZIG). The government plans to incentivize the use of ZIG by offering discounts on various goods and services when paid in the local currency. This initiative is part of a broader strategy to stabilize the economy and reduce reliance on foreign currencies. Officials hope that boosting confidence in the ZIG will help curb inflation and encourage more domestic transactions.

 

Sibanye-Stillwater Delays Results Release After Cyberattack

Sibanye-Stillwater, a major mining company, has delayed the release of its financial results due to a recent cyberattack. The attack, which affected the company's IT infrastructure, is under investigation. The delay underscores the growing risks of cyber threats to corporate operations and data security. Sibanye-Stillwater is working with cybersecurity experts to resolve the issue and ensure the integrity of its financial reporting. The incident highlights the need for robust cybersecurity measures across industries.

 

Kenya Receives Investment Proposal from Adani Group

Kenya has received a proposal from India's Adani Group to invest in Jomo Kenyatta International Airport, the country's largest airport. The proposed investment aims to expand and modernize the airport's infrastructure, enhancing its capacity and efficiency. This development is part of Kenya's broader strategy to attract foreign investment and boost economic growth. The partnership with Adani Group, if finalized, could significantly enhance Kenya's position as a key transport hub in the region.

 

Coming up…

South Africa's producer price index and Nigeria's manufacturing PMI data, are released tomorrow.

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Tomi Solademi Tomi Solademi

25th July 2024

South Africa's inflation trends to a six-month low, a new report highlights a $193 billion investment opportunity in Africa's renewable energy sector, Kenyans react negatively to President Ruto's address and while Libya faces challenges from a surge of illicit banknotes impacting its currency stability.

Good morning! South Africa's inflation trends to a six-month low, a new report highlights a $193 billion investment opportunity in Africa's renewable energy sector, Kenyans react negatively to President Ruto's address and Libya faces challenges from a surge of illicit banknotes impacting its currency stability.

Here is your daily Rooster’s Crow:

 

South African Inflation Trends and Outlook

South Africa's inflation rate eased to a six-month low of 5.1% in June 2024, driven by slower increases in food and transport costs. This moderation has led to speculation about potential interest rate cuts by the South African Reserve Bank (SARB). Although the SARB's recent decision-maintained rates at 8.25%, a shift towards a more dovish stance is evident, with market expectations now leaning towards a rate reduction in September. Analysts suggest that inflation could dip below the SARB's 4.5% target by year's end, given the current economic trends​.

Africa's Renewable Energy Potential

A recent study highlights a $193 billion investment opportunity in Africa's renewable energy sector. The continent's vast natural resources, such as solar and wind, position it as a key player in the global energy transition. The study emphasizes the potential for renewable energy to drive economic growth, create jobs, and enhance energy security across the region. This investment could also significantly contribute to global efforts to reduce carbon emissions, making Africa a critical area for future sustainable development projects​.

New Kenyan Cabinet

Kenya's President William Ruto is set to announce a new cabinet line-up, which is expected to address various economic and political challenges facing the country. This development comes amid rising public discontent and the threat of renewed protests from opposition groups. The new cabinet's composition is seen as crucial in shaping Kenya's policy direction and stabilizing the political climate. Observers are keenly awaiting details on the government's plans to tackle inflation, unemployment, and other pressing issues.

Illicit Currency Issues in Libya

In Libya, a surge of illicit banknotes, reportedly printed in Russia, is impacting the local currency, the Libyan dinar. These banknotes are primarily circulating in eastern Libya, exacerbating the country's economic instability and complicating efforts to maintain monetary policy. The influx of counterfeit currency has led to inflationary pressures and undermined confidence in the national financial system highlighting broader geopolitical and economic challenges facing Libya as it struggles with internal divisions and external influences​.

Coming up

Tomorrow, Kenya's Central Bank will announce its interest rate decision, whilst Nigeria releases its latest inflation figures

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Tomi Solademi Tomi Solademi

24th July 2024

Nigeria hikes its key interest rate again to curb inflation and stabilize the naira, Ghana's budget deficit reaches 3.4% of GDP in the first half of 2024, South Africa passes its first comprehensive climate change law, and Botswana proposes legislation for locals to acquire 24% stakes in mining ventures.

Good morning! Nigeria hikes its key interest rate again to curb inflation and stabilize the naira, Ghana's budget deficit reaches 3.4% of GDP in the first half of 2024, South Africa passes its first comprehensive climate change law, and Botswana proposes legislation for locals to acquire 24% stakes in mining ventures.

Here is your daily Rooster’s Crow:

Another Nigeria Rate Hike

The Central Bank of Nigeria has increased its key interest rate by 50 basis points to 19% to combat soaring inflation and stabilize the naira. This marks the second hike this year, driven by persistent inflationary pressures and a volatile exchange rate. Governor Godwin Emefiele highlighted that the decision aims to maintain price stability and strengthen investor confidence amid economic uncertainties. Despite the rate hike, challenges such as high fuel prices and food costs continue to pose risks to Nigeria's economic stability​.

Ghana Deficit Hits 3.4%

Ghana's Finance Minister, Ken Ofori-Atta, reported a budget deficit of 3.4% of GDP for the first half of 2024, reflecting ongoing fiscal challenges. The deficit, driven by lower-than-expected revenue collections and higher public spending, underscores the need for fiscal consolidation. Ofori-Atta emphasized the government's commitment to implementing measures to boost revenue and control expenditures. The fiscal imbalance highlights the economic pressures Ghana faces as it navigates recovery efforts amid global economic uncertainties​.

South Africa Pioneers Climate Law

South Africa has enacted its first comprehensive climate change legislation aimed at reducing greenhouse gas emissions and promoting sustainable development. The law mandates emission reduction targets for key sectors and establishes a framework for monitoring and reporting progress. Environment Minister Barbara Creecy stated that the legislation aligns with South Africa's commitment to the Paris Agreement and enhances the country’s climate resilience. The new law represents a significant step in addressing climate change and transitioning to a low-carbon economy​.

“China-esque” Law forBotswana Mines

Botswana has proposed legislation requiring local citizens to acquire at least 24% ownership in mining ventures. The move aims to boost local participation and ensure that the benefits of the country’s mineral wealth are more broadly shared. The proposed law is part of broader efforts to empower Batswana and stimulate economic growth. Mining, a crucial sector in Botswana's economy, is expected to see significant shifts as the law, if passed, will affect new and existing mining operations​.

Coming up…

South Africa releases its June inflation figures whilst Nigeria will publish its latest oil production data.

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Tomi Solademi Tomi Solademi

23rd July 2024

Kenya considers new IMF financing to tackle economic challenges, Ghana restricts cocoa supplies causing a surge in futures, Nigeria investigates fuel imports following Dangote Refinery's regulatory rift, and Tanzania's president fires foreign and information ministers in a surprise reshuffle.

Good morning! Kenya considers new IMF financing to tackle economic challenges, Ghana restricts cocoa supplies causing a surge in futures and Tanzania's president fires foreign and information ministers in a surprise reshuffle. Here is your daily Rooster’s Crow:

 

Kenya Considers New IMF Financing

Kenya is contemplating a new financing program with the International Monetary Fund (IMF) as it grapples with significant economic challenges. The country is facing mounting fiscal pressure due to debt repayments, depreciating currency, and high inflation rates. These financial strains have pushed the Kenyan government to seek additional support from the IMF, despite existing austerity measures that have already caused public discontent. The potential new program aims to stabilize the economy, restore investor confidence, and support essential reforms to address fiscal deficits and structural inefficiencies​

Cocoa Futures Surge as Ghana Restricts Supplies

Cocoa futures have surged significantly following Ghana's decision to limit cocoa supplies. The Ghana Cocoa Board (Cocobod) is restricting the sale of cocoa beans to control prices and maximize revenue. This move comes as global demand for cocoa continues to rise, creating a bullish market environment. Ghana, being one of the world's largest cocoa producers, plays a crucial role in the global cocoa supply chain. The restrictions are expected to tighten market supply, potentially driving prices even higher and impacting chocolate manufacturers and other stakeholders in the cocoa industry​

Nigeria Investigates Fuel Imports Amid Dangote Refinery Dispute

Nigeria has launched an investigation into fuel import practices following a dispute between the Dangote Refinery and regulatory authorities. The rift arose over the refinery's compliance with local regulations, prompting scrutiny of the nation's fuel importation processes. The investigation aims to uncover irregularities and ensure that fuel imports meet national standards. This development is critical for Nigeria, a major oil producer, as it seeks to balance domestic production with import needs. The outcome could have significant implications for the country's energy sector and its efforts to achieve fuel self-sufficiency​

Tanzania's President Fires Foreign and Information Ministers

Tanzanian President Samia Suluhu Hassan has dismissed the Foreign Minister and the Information Minister in a surprising cabinet reshuffle. The move is part of the President's broader strategy to streamline government operations and address inefficiencies. The dismissals have sparked speculation about the reasons behind the shake-up, with some analysts suggesting it reflects internal power struggles or dissatisfaction with the ministers' performances. This reshuffle underscores the President's commitment to implementing reforms and strengthening her administration amid various national challenges​

Coming up…

Tomorrow, South Africa's inflation rate for June is released. Egypt will release its foreign exchange reserves data. On the corporate front, Africa's largest telecommunications company, MTN Group, will report its earnings.

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Tomi Solademi Tomi Solademi

22nd July 2024

An African ratings company set to launch next year, Dangote halts a $2 billion steel investment, Nigeria's Dangote Refinery negotiates oil supply with Libya, and Nigeria fines Meta $220 million for data violations.

Good morning! An African ratings company set to launch next year, Dangote halts a $2 billion steel investment and Nigeria fines Meta $220 million for data violations.

Here is your daily Rooster’s Crow:

 

African Ratings Company to Launch Next Year

An African Union-backed credit ratings agency is set to launch next year to better serve the continent's sovereign borrowers. This independent institution aims to address perceived biases in international ratings that inflate borrowing costs for African countries. The project, supported by the African Development Bank and African Export-Import Bank, seeks to enhance Africa’s capital markets by offering competitive borrowing rates. The agency's establishment is part of a broader strategy to improve financial autonomy and ensure fairer assessments of African economies.

Dangote Cancels Steel Investment Over Monopoly Claims

Dangote Industries is halting its planned $2 billion steel investment due to accusations of monopolistic practices. The Nigerian government alleges that Dangote's dominant market position in multiple sectors would stifle competition in the steel industry. Dangote refutes these claims but has decided to withdraw to avoid regulatory complications and focus on other ventures. The decision underscores the complexities of balancing market dominance with regulatory compliance, impacting Dangote's investment strategies.

Dangote Refinery in Talks with Libya for Oil Supply

Nigeria's Dangote Refinery is negotiating with Libya to secure crude oil supplies for its operations. This deal aims to ensure a steady supply of oil, enhancing the refinery's capacity to meet regional demands. The talks reflect Dangote’s strategy to diversify its supply sources and mitigate risks associated with domestic production shortfalls. Securing a reliable oil supply from Libya is crucial for the refinery's operational stability and its role in bolstering regional energy security.

Nigeria Fines Meta $220 Million for Data Violations

Nigeria’s consumer watchdog has fined Meta $220 million for violating local data protection regulations. The fine follows an investigation revealing that Meta failed to comply with laws governing the use of consumer data. This action underscores Nigeria's commitment to enforcing data privacy standards and holding global tech companies accountable. The significant penalty highlights the importance of data security and sets a precedent for regulatory enforcement in the region, emphasizing the need for multinational companies to adhere to local laws.

Coming up…

South Africa and Egypt are set to announce their latest interest rate decisions on Thursday and Friday respectively. On the corporate front, major African companies, including those in the telecommunications and banking sectors, are scheduled to report their earnings between throughout the week.

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Tomi Solademi Tomi Solademi

19th July 2024

South Africa's central bank maintains the interest rate at 8.25%, Rwanda's Kagame wins 99.18% of the vote, Transnet secures a $1 billion loan and Nigeria's main labour unions agree on a new minimum wage

Good morning! South Africa's central bank maintains the interest rate at 8.25%, Rwanda's Kagame wins 99.18% of the vote, Transnet secures a $1 billion loan and Nigeria's main labour unions agree on a new minimum wage. Here is your daily Rooster's Crow:

South Africa Holds Interest Rate

The South African Reserve Bank has decided to keep its main interest rate unchanged at 8.25%. This decision, split among the Monetary Policy Committee (3 for and 2 agaianst holding the rate), comes as the central bank aims to steer inflation towards its 3%-6% target range. Current consumer inflation stands at 5.2%, consistent with previous months. Governor Lesetja Kganyago highlighted that inflation expectations haven't yet met the medium-term goal of 4.5%​​.

Transnet $1bn Loan

South Africa’s state-owned logistics company, Transnet, has received a $1 billion loan from the African Development Bank. The funding aims to revitalize and expand Transnet's infrastructure, crucial for enhancing the country's economic growth and improving logistics operations. This financial support is part of broader efforts to boost industrial development in South Africa​

Kagame Landslide Win

Rwandan President Paul Kagame has been re-elected with an overwhelming 99.18% of the vote, extending his decades-long tenure. This victory underscores Kagame’s continued dominance in Rwandan politics, although it has raised concerns about the fairness and competitiveness of the electoral process. Kagame's administration has been noted for its economic progress but also criticized for its human rights record .

New Nigeria's New Minimum Wage

Nigeria’s main labour unions have agreed to a new minimum wage following negotiations with the government. This agreement aims to address the rising cost of living and economic challenges faced by workers. The new wage structure is expected to improve the livelihoods of Nigerian workers and stabilize industrial relations in the country .

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Tomi Solademi Tomi Solademi

1st May 2024

Good morning! Nigeria's fuel crisis hikes prices for consumers, Zimbabwe's new gold-backed currency enters circulation, Nigeria government workers get a salary hike and Britain send first voluntary asylum seeker to Rwanda. Here is your daily Roosters Crow:

Good morning! Nigeria's fuel crisis hikes prices for consumers, Zimbabwe's new gold-backed currency enters circulation, Nigeria government workers get a salary hike and Britain send first voluntary asylum seeker to Rwanda. Here is your daily Roosters Crow:

Nigeria's Fuel Fiasco

Persistent gasoline shortages plagued major Nigerian cities on Tuesday, driving prices sharply upward amid the country's cost-of-living woes. In Lagos and Abuja, prices surpassed 850 naira, while in places like Kano, they soared above 1000 naira. Although NNPC Ltd, the state-owned oil firm, imports at an average of 617 naira, it remains the sole importer due to foreign currency shortages and price caps. Commuters faced long queues, exacerbating frustrations amidst the highest inflation rate in 28 years. NNPC cited logistical challenges, yet its debt hinders crude production for refineries. President Bola Tinubu’s government last year removed subsidies and allowed private firms to import.

 

Nigeria Boosts Government Workers' Pay

On Tuesday, Nigeria announced salary hikes of between 25% to 35% for government workers, effective from January, amid the nation's severe cost-of-living crisis. The National Salaries, Incomes, and Wages Commission revealed the lowest-paid government employee would earn 450,000 naira annually or 37,500 monthly. The raise applies universally across federal government sectors, encompassing health, education, and security. Separate negotiations are ongoing for a new national minimum wage, last updated in 2019. Nigeria grapples with 33.20% inflation, driven by the removal of petrol subsidies and currency depreciation, prompting tariff hikes to alleviate fiscal pressures.

 

Britain Sends Asylum Seeker to Rwanda

Britain executed its first asylum seeker relocation to Rwanda under a voluntary initiative, as reported by The Sun Newspaper on Tuesday. The unnamed migrant departed on Monday. Distinct from a forthcoming forced deportation program, the scheme aims to dissuade asylum seekers from crossing the English Channel. Under this plan, the government offers up to £3,000 for relocation to Rwanda, aiding in clearing refugee backlogs. The agreement aligns with existing policies, facilitating safe resettlement and economic development partnerships. Despite legal and political hurdles, the government is set to commence deportation flights within 10 to 12 weeks.

 

ZiG Introduced

Zimbabwe introduced its new gold-backed currency, ZiG, aiming to stabilize inflation after abandoning the Zimdollar. Trading at 13.4 to the dollar, ZiG faced initial skepticism but drew queues at banks and supermarkets. Despite arrests of illegal forex dealers, authorities set daily withdrawal limits and pledged tight monetary policy. Meanwhile, the Zimbabwe National Statistics Agency discussed blended inflation data, highlighting ZiG's potential impact on the economy amidst past currency woes. Central bank actions included resetting interest rates from 130% to 20%.

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Tomi Solademi Tomi Solademi

30th April 2024

Good morning! Zimbabwe’s central bank holds rates amidst the launch of its gold-backed currency, the US vies for influence in Africa as China and Russia expand their presence, while African leaders call $120B and Coca-Cola's hints at a potential IPO. Here is your daily Roosters Crow:

Good morning! Zimbabwe’s central bank holds rates amidst the launch of its gold-backed currency, the US vies for influence in Africa as China and Russia expand their presence, while African leaders call $120B and Coca-Cola's hints at a potential IPO. Here is your daily Roosters Crow:

Zimbabwe's Golden Gamble

Zimbabwe's central bank maintained its benchmark interest rate at 20% during its inaugural policy meeting post the launch of its gold-backed currency, ZiG. Governor John Mushayavanhu cited positive market feedback for the decision, expecting currency reforms to stabilize exchange rates and inflation. The Monetary Policy Committee also established an interest rate corridor spanning 11% to 25%. ZiG, introduced on April 5, is supported by 2.5 tons of gold and $100 million in foreign reserves, with interest rates resetting from 130% to 20% on launch day.

 

Africa Spoilt for Choice

Amidst China and Russia's expanding influence in Africa, the US has reaffirmed its position as the continent's preferred partner. Despite fierce competition, recent polls indicate higher approval ratings for China and Russia. Commerce Secretary Gina Raimondo emphasized the US as Africa's choice for partnerships, highlighting values of freedom and democracy. During her visit to Kenya, she emphasized a spirit of collaboration over lecturing. Meanwhile, Russian Deputy Foreign Minister Mikhail Bogdanov's visit to Sudan on Monday signaled support for the Sudanese army amid its year-long conflict with the paramilitary Rapid Support Forces (RSF).

 

Togo Political Transition

Legislative elections commenced in Togo on Monday, following constitutional reforms enabling President Faure Gnassingbe's 19-year rule extension. The revised charter, adopted in March, shifts presidential election authority to parliament. The new constitution outlines a vague process for selecting the head of state. Amid opposition backlash, over four million registered voters cast ballots for 113 lawmakers from 2,352 candidates. Gnassingbe's UNIR party faces opposition challenge after previous boycotts. Togo, historically resisting dynastic rule, witnesses ongoing political unrest despite constitutional amendments.

 

African Leaders Call for $120 Billion

African leaders convened on Monday, urging affluent nations to boost contributions to the World Bank's low-interest facility, IDA, crucial for development and climate initiatives. President William Ruto of Kenya advocated for a minimum commitment of $120 billion at a gathering with the World Bank. African economies grapple with a deepening development crisis and climate emergencies. Recent floods in Kenya and severe droughts in Southern Africa underscore the urgency. The proposed amount would surpass the 2021 fundraising, aiming to address pressing global challenges through IDA lending cycles.

 

Fizzing with Potential

Coca-Cola is reportedly considering an IPO for its African bottling arm, aiming for a valuation exceeding $8 billion, sources revealed. Plans, still in early stages, may see changes. The move aligns with last year's commitment to list Coca-Cola Beverages Africa (CCBA) publicly. Initially planned for 2021, the IPO was delayed due to market volatility stemming from geopolitical tensions. Once envisioned as a $3 billion offering, the potential IPO could significantly impact the Johannesburg Stock Exchange, marking its largest listing in years.

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Tomi Solademi Tomi Solademi

29th April 2024

South Africa gears up to commemorate 30 years of freedom, Impala Platinum's announcement of potential job cuts adds pressure ahead of elections, Zimbabwe's crackdown on forex dealers precedes the launch of its new gold-backed currency, meanwhile, Nigeria secures a significant investment for port infrastructure.

Good morning! South Africa gears up to commemorate 30 years of freedom, Impala Platinum's announcement of potential job cuts adds pressure ahead of elections, Zimbabwe's crackdown on forex dealers precedes the launch of its new gold-backed currency, meanwhile, Nigeria secures a significant investment for port infrastructure. Here is your daily Roosters Crow:

 South Africa's 30years of Freedom

 South Africa gears up to celebrate 30 years of freedom and democracy, but the initial optimism has waned amid numerous challenges. Over 16 million South Africans are reliant on welfare grants resulting in public protests decrying the ruling ANC's failure in job creation and basic services. Power blackouts exacerbate economic woes, contrasting sharply with pockets of affluence like Sandton against impoverished areas like Alexandra. With upcoming elections, polls suggest ANC's potential loss of majority power, reflecting growing disillusionment among South Africans.

 

Impala’s 3900 Job Cuts

Amid plummeting metal prices, Impala Platinum announced potential job cuts affecting 3,900 workers in South Africa, further intensifying government pre-election pressures. Despite prior attempts to offset financial strains with cost-saving measures, CEO Nico Muller cited ongoing challenges including; power cuts and exacerbated industry woes. Implats is aiming for a 9% reduction in its Rustenburg, Marula, and Bafokeng operations workforce, alongside a 30% head office cost reduction. Competitors Anglo American Platinum and Sibanye Stillwater also implemented workforce reductions, while Anglo American rebuffed BHP's undervalued takeover bid.

 

Zimbabwe's Crackdown on Forex Dealers

Zimbabwe is cracking down on black market forex dealers ahead of the launch of its new gold-backed currency, Zimbabwe Gold (ZiG). Street currency trading, once rampant, now faces police raids, as authorities fear black market rates will undermine ZiG's stability. With formal market rates stable at ZiG 13.3 to a dollar, the black market commands a 65% premium. Government warnings of force aim to deter illegal trading, yet concerns persist over the currency's acceptance and sustained stability, essential for economic recovery amidst severe challenges. The new currency rolls out on April 30.

 

Nigeria Secures $600 Million Port Investment

Nigeria has secured a $600 million investment from Maersk for seaport infrastructure development. President Bola Tinubu and Moller-Maersk Chairman Robert Maersk Uggla finalized the deal during a World Economic Forum meeting in Saudi Arabia. The investment aims to upgrade existing facilities, particularly in Lagos, to accommodate larger vessels and alleviate congestion. Tinubu pledged government support for port modernization to enhance trade, combat corruption, and boost efficiency, emphasizing Nigeria's potential for substantial returns and revenue expansion.

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Tomi Solademi Tomi Solademi

22nd April 2024

Niger and Chad further move to cut ties with the US, Belgium presses DRC for legal action against Rwanda border violations, Nigeria seeks Italian defence upgrades and China extends financial support to Zimbabwe.

Good morning! Niger and Chad further move to cut ties with the US, Belgium presses DRC for legal action against Rwanda border violations, Nigeria seeks Italian defence upgrades and China extends financial support to Zimbabwe.

Here is your daily Roosters Crow:

 Niger/Chad cut ties with US

The United States finalized plans to withdraw its troops from Niger, following an agreement reached between U.S. Deputy Secretary of State Kurt Campbell and Niger's leadership. With over 1,000 troops stationed there, the move impacts U.S. military operations, particularly its drone base, Air Base 201. Niger's political landscape shifted after a coup last year, leading to the termination of military agreements with Western allies and closer ties with Russia. Chad also ordered a halt to U.S. activities at an air base, complicating regional security dynamics.

Belgium Urges DRC to Pursue Rwanda in Court

Belgium's ambassador to Congo urged the Democratic Republic of Congo to bring Rwanda's border violations to the International Court of Justice amid escalating tensions in eastern Congo. M23 rebels' resurgence in 2022 intensified conflict, displacing 738,000 people this year. Rwanda denies aiding M23, while accusing Congo of supporting the FDLR rebel group. UN reports suggest Rwandan involvement with M23. The envoy's call coincided with humanitarian efforts, seeking $2.6 billion aid for Congo. Meanwhile, ceasefire agreements signed in Ituri aim to halt violence in the region plagued by militia activities.

 

Nigeria to Modernize Air Force with Italian Fighter Jets

Nigeria intends to procure 24 fighter jets from Italy's Leonardo to modernize its air force, according to Air Force spokesperson Air Vice Marshal Edward Gabkwet. The jets, arriving in four batches of six, aim to enhance Nigeria's combat capabilities against Boko Haram and ISIS militants. Leonardo will also offer 25 years of maintenance support. The decision follows a meeting between Leonardo's vice president and Nigeria's air force chief in Abuja. Nigeria faces ongoing security challenges, including insurgency, kidnapping, and banditry.

 

China Forgives Zimbabwe's Loans

China forgave undisclosed amounts of Zimbabwe's interest-free loans and pledged to aid its debt crisis. Zimbabwe's debt hit $17.7 billion, with $12.7 billion external, mainly to China. Debt restructuring talks led by ex-Mozambican president Joachim Chissano and AfDB President Akinwumi Adesina lost US support. China, a major creditor, canceled some loans but didn't disclose the figure. Zimbabwe shifted from Mugabe's era to Mnangagwa's borrowing heavily from China. Critics label Chinese lending as "debt-trap diplomacy," while Zimbabwe's debt crisis escalates, risking permanent debt entrapment.

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