12th August 2024
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.
