14th August 2024

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​