🔅 Akon's Wakanda-Inspired City: A Dream or a Scam?
Plus: UK-Rwanda New Asylum Deal, World Bank's Funding Plea, Zimbabwe's Platinum Debt, Nairobi's Dandora Dump Site
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Namibia
Money Matters
🟢 Nigerian SE: 71,250.17 (+0.43%)
🔴 Johannesburg SE: 75,215.49 (-0.96%)
🔴 Ghana SE: 3,149.13 (-0.01%)
🟢 Nairobi SE: 94.70 (+1.15%)
🔴 US S&P 500: 4,563.27 (-0.14%)
🔴 Shanghai Composite: 2,972.30 (-1.67%)
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five
Akon's Wakanda-Inspired City: A Dream or a Scam?
Remember when Akon announced plans for a $6 billion futuristic city in Senegal inspired by Wakanda? Well, it's been five years, and the only thing built so far is a single white concrete building with birds circling above it. The rest is just a construction site with some cattle roaming around. It's not just the delay that's raising eyebrows; there's also a $4 million lawsuit against Akon from his former business partner, who claims he's still owed money from a settlement agreement. The project has also been called out for lacking details and being funded by Akon's own cryptocurrency, Akoin. Even the Senegalese government, who was initially on board with the project, is starting to have doubts. As this project continues to unfold, it serves as a case study of the challenges of turning utopian ideas into tangible urban developments, and The Guardian has a write-up on the project.
World Bank's Big Ask: More Money for the World's Poorest Countries
The World Bank's President, Ajay Banga, is on a mission to get more money for the International Development Association (IDA)—the fund that helps the world's poorest countries. He's calling on shareholders, donors, and philanthropies to dig deep and make the next replenishment of IDA the largest ever. He says the current funding round, totalling $93 billion, is not enough and that the bank needs more funding to deliver better development outcomes. His call comes as the world recovers from COVID-19 and grapples with climate change and other global crises. Banga has promised to tackle both development and climate change, arguing that they go hand in hand. He also wants the bank to focus on results rather than just the number of projects or dollars disbursed. He's looking for scalable solutions, like an IDA-financed mini-grid that brings electricity to rural communities in Nigeria. He says he wants to see 100,000, 200,000, even half a million more of these kinds of projects.
UK-Rwanda's New Asylum Deal
The UK and Rwanda just signed a new treaty amending their previous agreement on deporting asylum seekers. See, the UK wants to reduce illegal migration, and sending asylum seekers to Rwanda was their big plan. But a few weeks ago, the Supreme Court blocked the plan, saying it violated human rights laws. So, the UK and Rwanda have made some changes to the agreement to address those concerns. Under the new deal (worth 140 million pounds and more), Rwanda is not allowed to send anyone to a country where their life or freedom would be threatened (which was a big issue for the Supreme Court). Plus, a monitoring committee and an appeal body will be set up to handle any complaints. The UK's interior minister is pretty confident that they can start sending migrants to Rwanda soon, but some are sceptical it will take off. The opposition Labour Party, which is leading in the polls by a big margin, plans to scrap the Rwanda policy if they win the upcoming election next year.
Zimbabwe's Platinum Plan: Using Mineral Wealth to Pay Off Debt
When life gives you platinum, you use it to pay off your debts. At least, that’s what Zimbabwe is doing with its exports of the precious metal. The country is using the proceeds to pay back a $400 million loan from the African Export-Import Bank because the country is already drowning in $18 billion of debt and isn’t eligible for funding from the big players like the World Bank and the International Monetary Fund. Zimbabwe's reliance on platinum exports to manage its significant debt burden is a direct consequence of its economic history, characterized by hyperinflation, currency collapse, and a series of financial crises. The country's debt situation, compounded by international sanctions and limited access to global financial markets, has led it to leverage its rich mineral resources as a means of economic recovery. While this approach offers immediate relief, it also raises questions about the long-term sustainability of relying heavily on commodity exports, especially in a global market where prices are subject to volatility.
Nairobi's Dandora Dump Site: A Photo Essay
A couple of weeks ago, the UN held a big meeting in Nairobi, Kenya, to talk about plastic pollution and how to stop it. They might not have had to look too far for inspiration—just 8 miles away is the Dandora dump site, one of the biggest in Africa. It's so big, it's like a mountain. And all that waste is causing problems for the people who live nearby, like toxic smoke, health issues, and even flooding. Here's a photo essay on the dump site and its consequences.
Food for Thought
“It is better to be poor when one is young, rather than becoming poor at old age."
— Kenyan Proverb