🔅 Africa's Richest Man Dethroned, Fuel Protests Rock Angola, Congo's Electrifying Game-Changer, China's Cyber Intrigue, Mali's U.N. Showdown.
From Billionaires to Protests to International Drama: The Latest Headlines Shaking Africa.
Photo of the day: Ngo, Chad
Markets:
🟢 Nigerian SE: 59,323.95 (+0.36%)
🔴 Johannesburg SE: 75,629.88 (-1.48%)
🔴 Ghana SE: 2,712.69 (-0.43%)
🟢 Nairobi SE: 105.29 (+1.50%)
🔴 US S&P 500: 4,372.97 (-0.36%)
🔴 Shanghai Composite: 3,197.90 (-1.31%)
De-Dollarization: Will the Dollar Lose its Crown? | The U.S. dollar has been the king of global currency for the past 80 years, but its throne is shaking. In 2022, its share of global reserves fell by 8%, causing some to wonder if it’s time for a new ruler. But Treasury Secretary Janet Yellen isn’t ready to dethrone the greenback yet, arguing that “no other currency currently exists that could displace the dollar.” The US sanctions and trade war with China have definitely motivated other countries to call for trade to be carried out in currencies other than the dollar, but the currency remains dominant... for now.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
💰 The Richest Man in Africa Title Has a New Owner | Looks like Aliko Dangote’s crown is up for grabs! The Nigerian billionaire is no longer the wealthiest man in Africa, according to the Forbes Billionaire Ranking. South African billionaire Johann Rupert has taken the top spot. So what happened? Well, Dangote’s wealth has taken a hit due to the naira devaluation implemented by the Central Bank of Nigeria. With the value of the naira dropping by 40.5%, Dangote’s net worth has dropped by 20.7%. That’s a $2.8 billion difference, which means Rupert’s wealth has increased by $1.3 billion. But don’t write Dangote off just yet—he still holds the title according to Bloomberg’s Billionaire Index. He’s worth $16.8 billion, with a year-to-date loss of $1.86 billion. Rupert comes in second with a net worth of $13.6 billion, with a year-to-date gain of $2.67 billion.
🇦🇴 Angola's Fuel Fiasco: Protests over Subsidy Scrapping | Fuel prices in Angola are going up, and the people aren’t too happy about it. After the government cut subsidies, prices have almost doubled, from 150 kwanzas to 300 kwanzas per liter. While this is still below the market rate, it’s still too much for Angolans, who took to the streets of Luanda, Benguela, and Namibe to voice their discontent. The protests resulted in clashes with police, and the country’s Economic Coordination Minister Manuel Nunes Junior got the boot. It looks like Nigeria isn’t the only African nation that’s had to deal with an angry public over fuel prices.
🇨🇩 Billionaire Andrew Forrest's Grand Plan for the Congo | The Congo is about to get a major power boost—from billionaire Andrew Forrest. The mining mogul’s Grand Inga project would produce enough energy to power almost a quarter of Africa, but he’s getting impatient. He wants an agreement signed and construction underway within 18 months.
🇰🇪 China's Hacking Game: Protecting its Interests in Africa | According to a Reuters report, Chinese hackers have been targeting the Kenyan government. The cyber espionage activity was aimed at gaining intel on the country’s debt to China - because, of course, the East African nation is a strategic link in President Xi Jinping’s Belt and Road Initiative. Beijing’s influence in Africa has grown exponentially over the past two decades, but it’s clear that they’re not going to take any chances when it comes to protecting their interests. China has loaned out nearly $160 billion to African countries since 2000 - and Kenya alone has taken out over $9 billion for infrastructure projects. If true, China’s hackings prove that they’re playing a strategic game and won’t let their interests be taken for granted.
🇲🇱 Mali's Nixing the U.N. Report that Accused the Military | Mali’s Public Prosecutor is taking legal action against the people behind a U.N. report that accused the country’s military of human rights violations. Apparently, the Foreign Affairs Minister Abdoulaye Diop is so unhappy about the report that he’s called for the U.N.’s peacekeeping mission to depart immediately. The U.N.’s May report documented “strong indications” of summary executions, torture, and rape by Malian and foreign forces during a raid in central Mali. The Prosecutor said those behind the report are guilty of “espionage, undermining the morale of the army or air force, forgery and use of forgeries, and undermining the external security of the State.” This comes after the interim government has been working to strengthen ties with the Wagner mercenary group and kicking out members of the foreign press and UN officials.
Food for Thought
“Don't call the forest that shelters you a jungle.”
— Ghanaian Proverb.
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