🔅 3 African Nations Unite: What's the Plan?
Plus: Clashes in Nigeria over the naira, The Congolese Sapeurs demand recognition, Senegalese artist Omar Ba has a solo US show to celebrate African culture, And much more... ☕
Photo of the day: A volcanic landscape in the Tibesti Mountains of Chad
Markets:
🔺 Nigerian SE: 54,507.66 (+0.02%)
🔻 Johannesburg SE: 79,471.76 (-0.48%)
— Ghana SE: 2,410.20 (0.00%)
🔺 Nairobi SE: 127.85 (+0.09%)
🔺 US S&P 500: 4,147.60 (+0.28%)
🔻 Shanghai Composite: 3,280.49 (-0.39%)
DR Congo's Mining Leads the Way: Looks like things are looking up for the Democratic Republic of Congo: The IMF just upgraded its growth forecast for 2022 from 6.6 per cent to 8.5 per cent, thanks to a boost in mining production. This is good news for a country dealing with decades of militia violence, particularly in its mineral-rich provinces. Mining production was up 20 per cent last year, which more than made up for the downward revision of non-extractive growth to 3.2 per cent. Meanwhile, inflation was at 13.1 per cent, with higher food, energy, and transport prices.
Ghana's Economic Crisis: The economic news from Ghana this week isn’t all bad: Inflation slowed slightly in January, from 54.1% to 53.6%. But, even with the marginal dip, Ghana is still in the middle of a long and painful recession. Capital outflows, debt-service burdens, and currency depreciation have hit the government and household finances hard. To address the inflation, the Central Bank has raised lending rates by 13.5 percentage points since last year. In some good news, mobile operator MTN Group has promised to invest $1 billion in Ghana over the next five years. The company’s CEO Ralph Mupita said the money would be invested in 5G technology and other initiatives that could spur growth in the long term.
*Data accurate as of the close of markets across the continent
SECURITY
3 African Nations Unite: What's the Plan?
The foreign ministers of Burkina Faso, Guinea and Mali, all ruled by military juntas, have proposed a regional partnership to facilitate trade and tackle regional insecurity.
It was all part of a meeting to discuss collaboration in Ouagadougou, the capital of Burkina Faso.
What's the plan?
The Bamako-Conakry-Ouagadougou partnership will serve as a basis for fuel and electricity exchanges, transport links, collaboration in mineral resource extraction, rural development and trade.
The plan also aims to mobilise resources for a railway network linking the three capitals and centralise the fight against insecurity.
What's causing all this unrest?
The region has been grappling with an insurgency linked to Al Qaeda and Islamic State, where thousands have been killed and millions displaced. The military takeovers have been a response to the government's inability to protect civilians.
What's been the response?
The takeovers have caused a rift with regional and Western allies, as well as sanctions from the Economic Community of West African States (ECOWAS) and the African Union.
The three ministers called for technical and financial support for the democratic transitions, with ultimatums set last year needing to be respected in order for the sanctions to be lifted.
Can this partnership help?
The partnership might just be the bridge needed to mend the rift between the three countries and their allies. It remains to be seen what impact it will have on the region, but there is a glimmer of hope that it will help foster security, development and trade.
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OTHER HEADLINES
Across the Continent
🇳🇬 Nigeria's Banknote Clashes | It's a cash crisis of epic proportions. Nigeria's citizens are in a state of outrage after the Central Bank of Nigeria (CBN) issued new naira notes, but failed to provide enough of them. It's not just that the CBN has made the old notes illegal tender; it's that the new notes are hard to come by. People have had to resort to sleeping outside banks, queueing up at cash machines, and even attacking banks desperately trying to get some money. The CBN had wanted to replace the “dirty cash” with new notes, tackle inflation, and encourage a cashless society. But with 40% of the population lacking access to bank accounts, it’s hard to switch to digital payments. President Buhari is now facing calls to take action before the elections in 10 days - the Supreme Court has already delayed the 10 February deadline for the old notes to cease being legal tender until next week. The nation waits with bated breath.
🇬🇶 The Party's Over for Equatorial Guinea's Vice-President | Vice-President Teodoro Nguema Obiang of Equatorial Guinea—son of the world’s longest-serving ruler—is having a tough time. South African courts have seized his superyacht and two palatial homes in response to a lawsuit filed by a local businessman unlawfully detained and tortured in the African nation. It’s the latest in a string of legal actions against the VP, who’s long been accused of treating Equatorial Guinea’s oil wealth as his own fiefdom. Obiang has a long history of living large. US authorities seized his $30 million Malibu mansion, Swiss prosecutors sold off 11 of his luxury cars for $27 million, and a French court fined him for using public money to fund his luxurious lifestyle. The VP’s also a massive fan of the late Michael Jackson—his collection includes a $275,000 crystal-covered glove worn by the singer on his Bad tour. Now, Obiang’s been hit with “anti-corruption” sanctions by the UK and his days of Bugattis and Jackson memorabilia may be over.
🇸🇳 Omar Ba: Giving African History the Spotlight It Deserves | In 2007, French President Nicolas Sarkozy famously declared that Africans “had not yet entered into history.” Senegalese artist Omar Ba’s solo US museum debut at the Baltimore Museum of Art begs to differ. His paintings, installations, and drawings pay tribute to African pride, culture, and resilience in the face of Western-imposed violence. From feathery brush strokes to vegetable motifs and stitching patterns, Ba’s figurative works defy art school conventions by starting with corrugated cardboard painted black. Ba honours past tragedies, such as the Thiaroye massacre of 1944, as well as contemporary issues like African asylum seekers on death boats in the Mediterranean Sea. Omar Ba is a powerful voice in African history, giving it the spotlight it deserves.
🇨🇩 The Congolese Sapeurs Demand Recognition | If you’re looking for a unique culture, look no further than the Kitendi (cloth) religion in the Congo. On Friday, sapeurs (dandies) from both Kinshasa and Brazzaville gathered to commemorate the death of Stervos Niarcos, an icon of the religion. As they gathered, the sapeurs demanded recognition for their art. “We sappers are abandoned,” complained Six Lokoto from the Léopards group. “You only support the players and musicians. Why not us sapeurs? We are artists...” The Kitendi religion has been around since the 1960s and 70s, and its sapeur culture has evolved to become something truly unique. If the government recognises the art, the sapeurs hope to get the same opportunities as the musicians—like tours to places like Dubai and Turkey. No one ever said looking good was easy!
FOOD FOR THOUGHT
Proverb of the Day
“The young bird does not crow until it hears the old ones.”
— Tswana Proverb.