🔅 Meet the Bestselling Artist of 2022, Somaliland Says No to Unification Talks
Plus, East Africa's Biggest Dance Festival Hangs in the Balance & Napoli's Social Media Catastrophe
Photo of the day
Grand Port, Domaine du Chasseur Reserve, Mauritius
Markets:
🔴 Nigerian SE: 66,652.17 (-0.34%)
🔴 Johannesburg SE: 72,652.10 (-0.48%)
🟢 Ghana SE: 3,166.04 (+0.02%)
🔴 Nairobi SE: 95.78 (-0.88%)
🔴 US S&P 500: 4,259.57 (-0.33%)
🟢 Shanghai Composite: 3,107.32 (+0.16%)
Ghana's Economic Growth: A Snail's Pace | Ghana’s economy is moving slower than a turtle in a marathon. In the second quarter, it only expanded by 3.2%, the slowest pace in almost a year. Fiscal tightening and high inflation are putting a damper on output.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five
Meet the Bestselling Artist of 2022
Aboudia is the unexpected art world darling of the year. His paintings, inspired by the street culture of Abidjan in Ivory Coast, have been selling like hotcakes at auctions. This guy’s art is a mix of graffiti and traditional wood carvings, with a dash of social commentary thrown in for good measure. It’s been compared to Jean-Michel Basquiat’s work, and we all know how much people love a good comparison. Since the Ivorian civil war in 2011, Aboudia’s paintings have taken on a darker tone, reflecting the trauma of war and violence. And it seems like buyers can’t get enough—his prices have gone from a few thousand pounds to six figures in just a decade. Christie’s in London sold one of his untitled paintings for £504,000 last year.
Napoli's Social Media Blunder: The Penalty That Launched a Legal Threat
When Italian team, Napoli, posted a video on TikTok mocking their own player, Victor Osimhen, for missing a penalty, they didn't expect it to backfire. But that's exactly what happened when his agent threatened legal action against the club for the disrespectful post. Looks like Napoli will be taking a trip to the courtroom instead of the top of the Serie A standings this week. Osimhen is a 24-year-old Nigerian striker who joined Napoli for a record-breaking 81.3 million euros last year. He's kind of a big deal, and he helped the team win the league last season. So, naturally, when Napoli shared a video of him missing a penalty with a mocking voiceover saying, ''gimme penalty please", it didn't sit well with his agent (or with Osimhen, we're sure).
Somaliland Says "No Thanks" to Unification Talks with Somalia
You know that awkward moment when someone tries to set you up with your ex and you have to be like, "Um, no thanks"? Well, that's pretty much what's happening between Somaliland and Somalia. Uganda's President Museveni offered to play mediator between the two governments, but Somaliland was quick to shut that down. They've been independent from Somalia since 1991, and although they have not gained widespread international statehood recognition since, they have no interest in getting back together. Plus, they're doing pretty well on their own while Somalia is still dealing with civil war. Somaliland made it clear that they're not interested in discussing unification, but rather how they can move forward separately.
Ugandan Leaders at Odds over Nyege Nyege Festival: Is it a Party or a Problem?
In Uganda, there’s a big debate over whether the popular Nyege Nyege festival is a celebration of music and art or a promoter of immorality. Some religious leaders in the city of Jinja, where it has been held since 2015, say the event has a negative impact on the younger generation. But the Minister for East African Community Affairs, Rebecca Alitwala Kadaga, is not having it. She’s calling out the leaders, saying they’re just self-seekers using religion as an excuse. Plus, she points out that they didn’t have a problem with similar events in the past. With over 60,000 attendees, Nyege Nyege is now East Africa's biggest regional dance festival.
Nigeria's Economic Makeover: Is President Tinubu Moving Too Fast?
President Tinubu of Nigeria is making some big moves to revamp the country's economy, but it seems like things might be moving a little too fast. Four months into his term, inflation is on the rise, the currency is slipping, and the power grid has collapsed, twice. Not exactly the economic makeover Nigerians were hoping for. Turns out, the government wasn't quite prepared for the consequences of scrapping a fuel subsidy. Plus, the central bank's acting head just resigned, leaving a lot of uncertainty about who's in charge. But, analysts appear to agree that these measures were necessary and will eventually make the economy healthier. Meanwhile, regular Nigerians are struggling to make ends meet as prices go up and the value of their money goes down. Indeed, Nigeria’s two largest labour unions yesterday declared an indefinite strike to begin next Tuesday in protest over the way the government is responding to the rising cost of living. The financial pressure has resulted in many Nigerians hoarding dollars and causing the local currency to weaken even further. It's a vicious cycle that Tinubu and his new central bank chief, Olayemi Cardoso, will have to navigate carefully.
Food for Thought
“Try this bracelet: if it fits you wear it; but if it hurts you, throw it away no matter how much it sparkles.”
— Kenyan Proverb.