🔅 An Attempted Coup in Sierra Leone?
Plus: Passengers Land in Wrong City, Kampala is the World's Most Expensive Housing Market, Ghana's Record-Breaking Loan for Cocoa Purchases...
Photo of the day
Maasai Mara National Reserve, Kenya
Money Matters
🟢 Nigerian SE: 71,230.48 (+0.17%)
🔴 Johannesburg SE: 75,712.40 (-0.43%)
🔴 Ghana SE: 3,195.62 (-0.75%)
🔴 Nairobi SE: 91.21 (-1.12%)
🔴 US S&P 500: 4,553.19 (-0.13%)
🔴 Shanghai Composite: 3,031.70 (-0.30%)
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five
Sierra Leone's Weekend: Possible Coup Attempt?
This past Sunday in Sierra Leone, attacks on an armoury and prisons caused chaos and fear, although President Julius Maada Bio yesterday announced everything was under control. Gunfire, explosions, and the escape of an undetermined number of prisoners had people wondering if a coup was happening in the West African nation, in a region that has seen a number of military takeovers in recent years. But the president assured the public that most of the attackers have been arrested and the situation is now calm. Still, a curfew is in place from 9 pm to 6 am, and citizens are encouraged to report any suspicious activity. Political tensions in the country have been high since the president's disputed reelection in June, and some are speculating that the attacks were an attempt to undermine his power.
An Airline's Oopsie-Daisy: Passengers Land in Wrong City
"Oops, wrong city, estemmed passengers!" That's what travellers on a Nigerian airline heard after their flight from Lagos to Abuja was diverted due to bad weather without being informed. Instead, they found themselves 280 miles away in Asaba. A traveller claims the cabin crew confidently announced that "we've arrived in Abuja", only for passengers to realize they had landed elsewhere. And yet, the airline says the pilot was aware of the temporary diversion and was properly briefed. Whoops!
Kampala's Housing Market: A Nightmare for Locals
Kampala, the bustling commercial hub of Uganda, maybe a vibrant city with a rich culture, but it's also got a hefty price tag. The demand for housing is skyrocketing, making it nearly impossible for locals to own a home. In fact, Kampala has the highest price-to-income ratio in the world, according to Numbeo's formula that compares the cost of housing to yearly income. With a ratio of 79.4, Kampala beats out cities like Shanghai and Douala for the top spot.
Ghana's Record-Breaking Loan for Cocoa Purchases
Ghana is the world's second-biggest producer of cocoa, but this year, they had some debt issues that left a sour taste in investors' mouths due to the restructuring of the nation's debt. So, to keep the chocolate flowing, the country went out to secure a $800 million loan from international banks at an interest rate of almost 8%, the highest on record. The money will be used to pay farmers for their cocoa beans, which are then exported abroad.
East Africa's Flooding Crisis: 96 Dead in Somalia, Thousands Displaced
In case you missed it, heavy rains in Somalia have caused major flooding, and sadly, the death toll has risen to 96. That’s according to the country’s disaster management agency, although many more could have lost their lives. The floods have also displaced about 700,000 people and caused a humanitarian crisis on top of the already-existing mess in the country. Somalia isn’t the only one dealing with this mess—Kenya has also been hit hard, with 76 deaths and widespread displacement. Reports of extensive flooding are also coming out of other East African countries as they continue to suffer from the effects of the El Nino weather phenomenon, which has led to torrential rains in the region.
Food for Thought
“No matter how much the world changes, cats will never lay eggs."
— Kenyan Proverb