🔅 Africa demands more climate change money
Today’s Issue: Wakanda Forever!, Mozambique started exporting LNG, and Zelensky says this is the beginning of the end… ☕
Markets
🔻 Nigerian SE: 43,818.12 (-0.34%)
🔻 Johannesburg SE: 72,780.82 (-0.28%)
🔻 Ghana SE: 2,450.64 (+0.05%)
🔻 Nairobi SE: 127.85 (-0.19%)
🔻 US S&P 500: 3,991.76 (-0.029%)
🔻 Shanghai Composite: 3,083.40 (-0.13%)
*Data accurate as of close of markets across the continent
France has overtaken Britain as Europe's most-valued stock market for the first time since 2003, as the U.K. economy shrinks and is expected to enter a recession. British shares are now around $2.821 trillion, while France's are worth around $2.823 trillion. U.K. firms have been hit by a slump in the pound since Liz Truss's mini-budget, but are also looking at a prolonged recession. French firms did well due to renewed interest in luxury goods, particularly from China.
Ghana's President Nana Akufo-Addo has sacked Minister of State for Finance Charles Adu Boahen after journalist Anas Aremeyaw Anas circulated allegations of impropriety. The accusations against Adu Boahen include influence peddling and collecting money from supposed investors. The matter has been referred to the Special Prosecutor for further investigation. This comes as Finance Minister Ken Ofori-Atta is already facing calls for dismissal from members of parliament who accuse him of mismanagement. Ghana is in the midst of its worst economic situation in decades.
CLIMATE CHANGE
Africa demands more climate change money
What is Happening?
African nations are looking to increase their earnings from carbon offset schemes at the current U.N. climate talks in Egypt.
Carbon offsets, where polluters can effectively cancel out their emissions by paying into initiatives such as tree planting, are cheaper to purchase in Africa than in many other parts of the world where schemes are more strictly regulated.
African nations want to get a better price in order to combat the effects of climate change and to move toward clean energy.
So far, carbon credit schemes have seen relative success in Kenya, Tanzania and Congo, but efforts remain to make the industry more regulated in Africa.
Why Does it Matter?
In carbon trading, one credit issued equals one ton of carbon dioxide or another greenhouse gas equivalent removed from the atmosphere.
Africa’s market currently sees the continent earning less than $10 per ton of carbon. In some instances, other regions can secure over $100 for the same amount.
What's more, there are concerns that carbon credit schemes may even actually lead to an increase in pollution, with U.S. climate envoy John Kerry pushing for a controversial plan that would allow big businesses to tap into carbon markets.
ACROSS THE CONTINENT
Other Headlines
🎬 "Black Panther: Wakanda Forever" grossed $180 million in its opening weekend in North America, becoming the 13th highest-grossing film in history. The film's strong performance is a much-needed boost for the box office, which has been in a slump since the summer. "Wakanda Forever" is a sequel to the 2018 film "Black Panther", a cultural phenomenon that grossed more than $1.3 billion worldwide. The new film pays tribute to Chadwick Boseman, the star of the original "Black Panther", who died in 2020 of colon cancer. Wakanda is a fictional African country setting for the "Black Panther" films. Wakanda is an isolated, technologically advanced society hidden from the rest of the world. The 2018 film "Black Panther" was praised for its positive portrayal of Africa and its people.
🇹🇩 The head of the IMF has welcomed a debt deal reached by Chad's creditors, including Glencore, saying it will reduce the African country's risk of debt distress. The agreement has been criticised by the World Bank president, who says it does not do enough to reduce Chad's overall debt level and only focuses on debt service payments. However, the IMF managing director says the agreement is consistent with the objectives of Chad's IMF-supported program and should pave the way for reviews that would enable the disbursement of IMF funds.
🇲🇿 Mozambique has started exporting liquefied natural gas (LNG) for the first time, with the shipment destined for Europe. President Filipe Nyusi has described the event as historic, marking a significant step forward for the country's economy. The load comes when Europe is looking for alternative gas sources to reduce its reliance on Russia. Mozambique hopes to become one of the world's biggest LNG exporters following the natural gas discovery in the north in 2010. Its efforts have been hampered by a five-year-long Islamist insurgency that has killed more than 4,000 people. The government emphasised, however, that it would continue to focus its economy on agriculture, fishing, and tourism, to achieve development.
AROUND THE WORLD
This is the beginning of the end — Zelensky
What Happened?
Ukrainian President Volodymyr Zelensky has declared the liberation of Kherson a significant victory in the country's war with Russia. Kherson was captured by Russian forces in March, weeks after the invasion began, and was the only regional capital occupied since the annexation.
In recent weeks, Ukraine has made gains in the country's south, advancing towards Kherson and putting Russian forces under increasing pressure. Last week, Russian forces withdrew, and Ukrainian troops entered the city on Friday.
Mr Zelensky said investigators had uncovered more than 400 war crimes in areas of Kherson abandoned by Russian forces as they retreated.
Why it Matters:
The liberation of Kherson is a significant victory for Ukraine in its war with Russia.
While the city is not as important strategically as Donetsk or Luhansk, it is a major symbolic victory.
Kherson was the only regional capital occupied by Russian forces, and its liberation will boost morale among Ukrainian troops.
The city is also a critical agricultural region, and its liberation will allow Ukrainian farmers to resume exporting their goods.
FOOD FOR THOUGHT
Proverb of the Day
“A flea can trouble a lion much more than a lion can trouble a flea.”
— Kenyan Proverb.