🔅Cost of Living Crisis.
The Namibian opposition is demanding the renegotiation of a controversial genocide deal between Namibia and Germany.
Good morning.
With inflation, African countries are continuing to feel the bite, and climate change is costing us even more...
Markets Today
📈 Johannesburg Stock Exchange: 13,374.48 (-2.04%)
📈 Nigerian Stock Exchange: 13,374.48 (-2.04%)
📉 Nairobi Securities Exchange: 139.82 (-1.28%)
📈 S&P 500: 3,985.21 (-3.05%)
📈 Shanghai Composite: 3,263.80 (+0.05%)
🍃 Climate change is costing Africa 5% to 15% of its per capita economic development and creating a massive climate finance gap according to the African Development Bank (AfDB). The AfDB is ready to invest $3 billion in climate finance between 2016 and 2019. Rich countries offered $100 billion in climate finance in 2009.
Inflation
Cost of Living Crisis
As African currencies weaken against the dollar and central banks push rates up, countries are faced with dramatic increases in cost of living. South Africans have been facing record high food and fuel prices throughout this year: as many as 81% of South Africans are cutting down on daily meals as they can no longer afford them. Over in East Africa, Rwanda has seen food prices rise by 29% during August compared to the same period last year. In Kenya, prices surged to a 19-month high in food and fuel costs.
In Nigeria, the inflation rate climbed to a 17-year high in July to 19. 64%, fuelled by bread, cereal, gas and transport costs. with its currency, the cedi, depreciating by 30% against the dollar.
High diesel costs and continued currency weakness are likely to place continued upward pressure on prices in the coming months.
Across the Continent
Other Headlines
🇳🇦 The Namibian opposition is demanding the renegotiation of a controversial genocide deal between Namibia and Germany. But, the German government rejects these demands. The opposition leader McHenry Venaani describes the terms — 1.3 billion dollars over 30 years — as an insult. He also wants a clear, legal recognition of the genocide.
🇪🇹 One person was injured in drone strikes on Mekelle University and a TV station in Ethiopia’s Tigray region, the station and a hospital official said, after Tigrayan forces voiced readiness for another ceasefire with the federal government. The TPLF accuses Abiy of centralising power at the expense of Ethiopia's regions. Two Amhara journalists who publicly criticised the federal government were arrested last week.
🇺🇬 Uganda has given the Democratic Republic of the Congo $65 million in reparations for the invasion and looting committed by the Uganda People's Defence Forces (UPDF) during the Congo conflict, which lasted from the late 1990s until 2003. Kinshasa had sought $11 billion, but the International Court of Justice (ICJ) ordered Uganda to pay $325 million.
Around the World
Russia loses ground
Russia has conceded to losing major cities in the north-eastern Kharkiv area, which some military analysts regard as a potential turning point in the war. Later that day, US Secretary of State Antony Blinken claimed Ukraine's counter-offensive had made "substantial progress," but that it was too early to determine the conclusion.
President Zelensky stated in a late video message on Monday, "From the beginning of September till today, our fighters have already freed more than 6,000 square kilometers of Ukrainian land - in the east and south."
Russia's military already confirmed that its forces had to evacuate the Kharkiv region's main cities of Balakliya, Izyum, and Kupiansk.