🔅 Africa's Cannabis Conundrum & Mauritania's Gas Gold Rush
Plus, Ghana's Masked Presidential Candidate & Kenya's Cult TerrorRed Sea Ship Diversions Fuel Africa's Ports & West Africa's Mining Megaproject
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Markets: Year-to-Date
🟢 Nigerian SE: 94,538.12 (+26.43%)
🟢 Johannesburg SE: 72,660.91 (+0.44%)
🟢 Ghana SE: 3,154.48 (+0.77)
🟢 Nairobi SE: 93.37 (+1.37%)
🟢 US S&P 500: 4,839.81 (+2.04%)
🔴 Shanghai Composite: 2,832.28 (-4.39%)
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five
Cannabis Chronicles: Unwrapping the Leafy Mystery with an African Twist
Cannabis isn't just for basement-dwelling enthusiasts; it's a global superstar with a passport full of stamps from Eurasia to Africa. Cannabis got to East Africa over a millennium ago and has been a hit ever since. But it's not just about getting high. From being a morale booster for emaciated, trauma-stricken survivors in the 1840s (hello, PTSD treatment potential) to a pick-me-up for hardworking labourers, cannabis in Africa is a tale of resilience and adaptation. But while Europe and North America are cashing in on legal cannabis, turning it into a multi-billion dollar industry, Africa's still stuck in the 'you can't sit with us' phase of drug policy. Most African countries only greenlighted commercial farming after foreign businesses flashed the cash. And guess what? The locals are pretty much left watching from the sidelines, unable to afford those fancy licensing fees. Neocolonialism in a leafy disguise? As the world slowly warms up to legalizing this green buddy, maybe it's time to give Africa's cannabis story the spotlight it deserves (did you know the word "marijuana" and the concept of smoking cannabis are African exports?).
Mauritania's Gas Boom: From Desert to Dividends
Mauritania is about to hit the economic jackpot. Thanks to the magic of gas exports, its economy is set to go from "meh" to "whoa" in a couple of years. The International Monetary Fund is all in on this, predicting a GDP glow-up from 5.1% in 2024 to a sizzling 14.3% in 2025. It's all thanks to the Grand Tortue Ahmeyim (GTA) project, a huge gas field. Felix Fischer, the IMF's top dog in Mauritania, says the first gas production from GTA should kick off in early 2024. Think of it as Mauritania's opening act in the global gas opera. The main show starts in 2025, when they're expected to reach peak output, potentially transforming the country. This $4.8 billion project, a team effort by BP and Kosmos Energy, is chilling in the ocean between Mauritania and Senegal. It's set to pump out 2.5 million tons of liquefied natural gas a year. And guess who's eyeing this with heart emojis? Europe is still nursing a post-Ukraine-invasion energy hangover and looking for a rebound supplier.
A Masked Maverick in Ghana Makes a Presidential Move
So, the cat's out of the bag in Ghana, or should we say, the tigers are out of the cage? After stirring up a media frenzy with his masked billboard mystery tour, Nana Kwame Bediako, Ghana's own combo of real estate mogul and tiger enthusiast, has finally unmasked himself as the new face in the presidential race. Bediako, not just a guy with a flair for dramatic entrances and exotic pets, claims he's channelling the spirit of Ghana’s liberation heroes like Kwame Nkrumah: no political party needed here, he says, just a movement. The 43-year-old businessman-turned-political-hopeful is making waves in Ghana’s usually predictable political pool (two parties have held power for decades). And why the mask? Bediako says it's a nod to the power of masks in African history to destabilise foes. “We were controlling the media space without buying media space,” he says about his 'The New Force' campaign. Quite the tactic. Bediako’s throwing his hat into the ring echoes a trend of non-traditional figures shaking up politics in other parts of the world: think Trump, Milei, Wine, Obi, Weah, and Zelenskyy. While he's making a splash, the big question is, can he swim against the current of Ghana's well-oiled political machines? With the ruling party tangled in scandals and economic mishaps, Bediako might just have a shot. But he's up against heavy hitters like former president Mahama, who seem to be ahead of him in the race — for now.
Terror in the Forest: Kenyan Cult Leader Charged with Terrorism in Mass Death Case
A Kenyan court has slapped Paul Mackenzie, a self-proclaimed pastor and leader of the Good News International Church, with “terrorism”-related charges. This after the deaths of 429 of his followers, whose bodies were found in Shakahola forest near the Indian Ocean, which was discovered to be a makeshift graveyard with bodies unearthed over several months. Mackenzie pleaded “not guilty,” despite allegations that he encouraged his followers to starve themselves and their kids in order to get to heaven. Autopsies painted a picture of starvation, but some of the victims, including children, bore signs of strangulation, beating, and suffocation. Mackenzie appeared in court with the clock ticking for the authorities to charge him, as the court warned he would have been back on the streets within 14 days. The case, known as the “Shakahola forest massacre”, has shaken Kenya, sparking some to call for a crackdown on fringe religious groups.
Somalia Snubs Talks Over Ethiopia's Somaliland Lease
Somalia has just given a hard pass to chit-chat with Ethiopia about a controversial port lease in the breakaway region of Somaliland. The story begins on New Year's Day, when Ethiopia and Somaliland cosied up with a memorandum of understanding. Ethiopia, landlocked and itching for some seaside access, would consider recognizing Somaliland's independence in exchange for a lease on the Red Sea port. Sounds straightforward? Not so fast. Somaliland, which broke away from Somalia in 1991, is recognised by very few as an independent nation, and when Somalia caught wind of this port lease party, it was livid. Cue a meeting of the regional bigwigs from IGAD this weekend, which includes Uganda, Djibouti, Kenya, Somalia, South Sudan and Sudan (Ethiopia skipped the summit). They urged everyone to have a meaningful heart-to-heart. But Somalia's not having it, and is calling for a complete reversal of the deal.
Food for Thought
“God has created lands with lakes and bountiful rivers for man to live. And the wide deserts so that he can find his soul."
— Tuareg Proverb
"And guess what? The locals are pretty much left watching from the sidelines, unable to afford those fancy licensing fees." Yes. Painful. Again!