🔅 £3.2bn: The Cost of Africa's Bad Press
Niger Says 'Au Revoir' To France & Senegal's Female Rappers
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Market Mondays
Year-to-Date Performance:
🟢 Johannesburg SE: 87,201.49 (+13.41%)
🟢 Nigerian SE: 98,070.28 (+31.16%)
🟢 Nairobi SE: 114.52 (+24.33%)
🟢 Ghana SE: 4,347.47 (+38.89%)
🟢 US S&P 500: 5,864.67 (+23.65%)
🟢 Shanghai Composite: 3,261.56 (+10.10%)
🌍 The World Bank dropped sub-Saharan Africa’s growth forecast from 3.4% to 3%. The main culprit? Sudan's economy, which suffering a civil war. However, growth is still expected to beat last year's 2.4%.
🇨🇳 China's economy is experiencing growing pains, expanding at the slowest pace since early last year, even after they announced measures aimed at boosting growth a couple of weeks ago.
🇨🇩 The DRC had to cancel its licensing round for 27 oil blocks due to late submissions, inappropriate offers, and a general lack of enthusiasm.
🇺🇬 Uganda's government and a Turkish firm have teamed up to build a 272 km section of railway from Kenya’s border, hoping to give regional trade a much-needed boost. The project will cost $3 billion.
🇸🇳 Senegal's government has unveiled a 25-year development plan to lay the foundations for economic sovereignty. The first phase will cost $30.1 billion and aims to reduce the budget deficit, increase access to electricity, and make Senegal energy self-sufficient.
🇲🇻 The Maldives president has sacked more than 225 political appointees in a bid to reduce the nation's expenditure. The mass reduction of staff is expected to save the country about $370,000 a month.
🇳🇬 And lastly, African billionaire Aliko Dangote just watched his net worth double to $27.8 billion, thanks to his new Nigerian oil refinery. Looks like it pays off to invest in Africa.
*Data accurate as of the close of markets across the continent
Spotlight Stories
Africa's Bad Press: The £3.2bn Misunderstanding
Ever wondered how much a bad reputation costs? Well, for Africa, it's estimated at £3.2 billion a year. That's right – negative stereotypes in international media are costing the continent an arm and a leg.
According to a new report, media coverage of Africa, especially during elections, tends to focus on the continent's gloomiest headlines: conflict, corruption, poverty, disease, and poor leadership.
This narrow focus creates a skewed perception of risk, leading to inflated interest rates on sovereign debt. In other words, Africa's getting charged more for loans because the world thinks it's riskier than it actually is. Talk about a misunderstanding that'll cost you…
The study compared media coverage of elections in Kenya, Nigeria, South Africa, and Egypt to countries with similar "risk profiles" like Malaysia, Denmark, and Thailand. Spoiler alert: Africa didn't come out looking great.
Marcus Courage, CEO of Africa Practice, points out that this "prejudice premium" could fund education for 12 million children or immunizations for 73 million. That's a lot of potential wasted on negative press.
African leaders are pushing for reforms in the global financial system, including a reassessment of loan costs. They're also planning to set up their own credit rating agency next year. Because if you want something done right, sometimes you've got to do it yourself.
Senegalese Female Rappers: Making Waves in a Man's World
Let's talk about the rap scene in Senegal. It's been around since the '80s, and it's grown to be one of the most popular music genres in the country. But here's the thing: it's been a total boys' club. I mean, can you name even one famous female Senegalese rapper? Don't worry, we'll get to that.
First, let's talk about what makes Senegalese hip-hop unique. Back in the day, artists started incorporating local languages like Wolof, Serer, Pulaar, and Joola alongside French and English. They even threw in some traditional instruments like the kora, peule flute, and xalam. It was an absolute musical melting pot!
But then, in the late '90s, hardcore rap came along and was like, "Nah, we're not here for fun. We're here to get political." And boy, did they get political. Rappers started influencing Senegal's political landscape, mobilizing young people to shape their country's future.
Now, let's talk about the women: For a long time, the rap scene was a total boys' club. Sure, there were a few female rappers here and there, but they were often relegated to backup singer status. Some tried to form all-female groups, but many ended up leaving rap or music altogether.
But in recent years, we're seeing Senegalese women asserting themselves in rap and taking on leading roles. Their numbers may still be small compared to men, but they're making their presence known.
So, who are these trailblazing women? There's Mounaaya, who's been in the game for a long time. Toussa is another OG, famous for her song "Rap bou Djigene bi" (Female Rap). Mamy Victory won Best Female Artist in 2016 at Senegal's Galsen Hip Hop Awards. And then there's OMG, who was a double finalist for the Prix Découvertes RFI reality singing competition in 2019.
But let's be real, these women face some serious challenges. For a long time, they've been subjected to prejudices and social pressures. Navigating a predominantly male environment hasn't been easy. Parents often wouldn't allow their daughters to associate with men, especially since many events take place at night. And let's not forget the societal expectations for women to marry and take on family responsibilities rather than pursue rap.
But despite all these obstacles, female rappers in Senegal are not backing down. They're gradually carving out their space, asserting their talent and individuality. While they still have a long way to go, they're proving that they're here to stay. The Conversation delves into the budding scene.
Niger's Street Sign Shake-Up: Au Revoir, France!
Niger's military rulers are giving their capital city a makeover, and it's not about a fresh coat of paint. They're saying goodbye to the French street names, plazas, and many more…
Avenue Charles de Gaulle? It's now Avenue Djibo Bakary, honoring Niger's first post-independence mayor.
The junta spokesman, Major Colonel Abdramane Amadou, called the old names "reminders of the suffering and bullying our people endured during colonization."
And then there’s the war memorial that used to honor World War I and II victims. It now honours "all civilian and military victims of colonization to the present day."
And in a move that would make any Francophile cry into their croissant, the Place de La Francophonie is now Place de l'Alliance des Etats du Sahel.
Even a stone monument featuring a French explorer got a facelift. Out with the old colonial officer, in with a portrait of Burkina Faso's revolutionary leader Thomas Sankara.
So, if you're planning a trip to Niamey, don't bother dusting off that old map. The streets have changed, and so has Niger's attitude.
This street-renaming spree in Niger is just the latest episode in a growing trend across former French colonies in Africa.
From Mali kicking out French troops, to Burkina Faso telling French media to pack their bags and go home, the Francophone love affair is definitely on the rocks. It's a geopolitical breakup of epic proportions.
Food for Thought
“No day dawns like another.”
— Turkana Proverb, Kenya