🔅 Europeans Flock to Mauritius & Kenyans Agree to Truce
Plus, Senegal's Social Media Cut Off & Gabon's Debt-for-Nature Swap
Photo of the day: Aerial view of the pink Lake Retba or Lac Rose in Senegal. Salt industry in West Africa.
Markets:
🔴 Nigerian SE: 64,337.52 (-1.10%)
🟢 Johannesburg SE: 78,977.89 (+0.60%)
🟢 Ghana SE: 2,976.77 (+0.24%)
🟢 Nairobi SE: 105.49 (+0.19%)
🔴 US S&P 500: 4,577.93 (-0.09%)
🟢 Shanghai Composite: 3,291.04 (+0.46%)
East Africa's Economy: Running Faster Than the Rest | East Africa is winning the economic race in Africa. According to the African Development Bank, the region's growth rate is expected to accelerate to 5.1% this year and 5.8% in 2024—outpacing other regions on the continent.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
🇳🇪 Coup in Niger: France vs. Russia
The ousted president of Niger has been spotted for the first time since the military coup last week, and it looks like a Cold War might be brewing. Chad’s leader, Mahamat Idriss Déby Itno, is in Niger’s capital of Niamey, trying to mediate between the coup leaders and the ousted president. He was sent to Niger by leaders of the West African regional bloc, Ecowas, who said it would "take all measures necessary to restore constitutional order [which] may include the use of force." Tensions are rising: the junta has accused the former government of authorizing a French attack to try free the former president, and protesters outside the French embassy have been chanting “Long live Russia!” Niger was a key Western ally in the fight against jihadist groups and in its supply of uranium, but now it looks like the country might pivot towards Russia.
🇸🇳 Senegal's Social Media Shut Down: When Oppositions Get Too Oppositional
The internet in Senegal is on pause. The country’s communications minister announced a temporary restriction on internet services due to “hateful messages” circulating on social media. This comes after a popular opposition leader, Ousmane Sonko, was charged with several offences, including plotting an insurrection, leading to outrage from his followers. So, the government’s solution? To shut down the internet.
🇰🇪 Kenya's Warring Parties Making Peace
After a few weeks of clashes between Kenya’s government and opposition coalition, the two sides have finally agreed to talk. After a series of protests that left more than two dozen people dead, the government and opposition are ready to sit down and try to come to a resolution. On the table are issues like the makeup of the election commission, the creation of an office for the leader of the opposition, and (not) discussing recent tax changes, which are already being reviewed before court.
🇲🇺 Mauritius, the Perfect Summer Getaway
Europeans, summer heat, protests and wars got you down? Pack your bags and get ready to explore the Indian Ocean island of Mauritius! Tourism revenue is skyrocketing on the island, and it's no surprise why. From the crystal-clear waters to the picturesque beaches, Mauritius has been the perfect destination for Europeans looking to escape the chaos of their home countries. In the first five months of this year, receipts surged by 70% (to almost $800 million) compared to the same period in 2022.
🇬🇦 Gabon's Debt-for-Nature Swap: Buy Low, Conserve High
Gabon is set to be the first African nation to get in on the debt-for-nature swap game, with a plan to buy up at least $450 million of its government debt and exchange it for eco-friendly blue bonds. For the unfamiliar, debt-for-nature swaps are basically when a country buys up its own debt, usually with the help of a multilateral development bank, and uses the savings to fund conservation efforts. The plan is already having an effect: Gabon's Eurobonds have risen as much as 2.2 cents on the dollar. The deal is backed by the US International Development Finance Corporation and Bank of America, with the European Investment Bank and African Development Bank also showing interest. This kind of deal is nothing new, with Ecuador having pulled off a record $1.1 billion debt-for-nature swap in May. Other African countries, Sri Lanka, and Caribbean and Indian Ocean islands are also looking to get in on the game.
Food for Thought
“How gently glides the married life away, When she who rules still seems but to obey.”
— Kenyan Proverb.
Are we hitting the mark?
Enjoying Baobab's updates? Spread the joy and share us with friends and colleagues — we'd be thrilled to have them join!
Feedback or thoughts? Just hit reply. We're all ears!