🔅 F1 South Africa Cancelled, Africa Rises in Economic Freedom Index, Nigeria's Central Bank Governor Arrested, and Protecting Crops with Bees in Kenya
Get informed about Africa's latest headlines, including the arrest of Nigeria's central bank governor, the cancellation of the S. African Grand Prix, insights into economic freedom in Africa, and more
Photo of the day: Viewpoint of the Moon, Angola
Markets:
🔴 Nigerian SE: 55,930.97 (-0.05%)
🔴 Johannesburg SE: 76,936.11 (-0.94%)
— Ghana SE: 2,637.55 (+0.00%)
🔴 Nairobi SE: 103.82 (-1.91)
🟢 US S&P 500: 4,313.77 (+0.35%)
🟢 Shanghai Composite: 3,228.83 (+0.08%)
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
🇳🇬 Nigeria's Central Bank Governor Arrested | Drama in Nigeria: Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria, was taken into custody by the Department of State Services (DSS) on Saturday. Emefiele had been serving as governor for nine years before President Bola Tinubu suspended him, citing an “ongoing investigation of his office and the planned reforms in the banking sector.” Tinubu came to power in May on the promise of reforming the country, and this seems to be his first step in doing so. What led to Emefiele's arrest? The DSS attempted to arrest Emefiele in December on suspicion of terrorism funding and other economic crimes, but the court blocked it. It’s still unclear whether new evidence has come to light or not. In any case, Emefiele was criticized for a number of decisions made while running the Central Bank, including a shortage of cash bills in the country. He also ran against Tinubu in the presidential nomination race. Tinubu’s tenure as president has gotten off to a rocky start, slashing fuel subsidies and facing a number of economic challenges. Emefiele was replaced by Folashodun Adebisi Shonubi, a deputy governor.
🇿🇦 F1: South African Grand Prix Cancelled (It's Complicated) | South Africa’s Grand Prix dreams have been put on ice. That’s right, we’re not talking about the World Cup or the Rugby Championship. We’re talking about Formula 1, which was set to make its return to the African continent after a 27-year absence. It seemed like a done deal, but then some politics got in the way. Turns out South Africa’s close relationship with Russia has put a kink in the works. The US is accusing South Africa of supplying arms to the Kremlin, and the F1 powers-that-be have deemed it untenable for the South African Grand Prix to go ahead in the near future.
🌍 The Scorecard for Economic Freedom in 2023: Africa Rises | ‘Tis the season for report cards, and it looks like Africa is rising when it comes to economic freedom. The Heritage Foundation’s annual Index of Economic Freedom uses four broad categories and 12 indicators to score countries on a scale of 0-100. The rankings classify scores of 80+ as free economies, 70-79.9 as mostly free, 60-69.9 as moderately free, 50-59.9 as mostly unfree, and 0-49.9 as repressed. Europe has the strongest economic freedom score of any region, but Africa is the continent with the least economic freedom... but the most potential for growth. Sudan is the lowest-scoring country, with civil conflict and rampant corruption causing further strain. But Botswana scored the highest on the continent (64.9) - higher than France and Italy. Take a closer look at the index, by following this link.
🇪🇹 Ethiopia's Gumma Awards Red Carpet Drama | Last week's Gumma Awards got spicier than anyone expected. Film director Yonas Berhane and his wife were detained by security after the event for an alleged political message conveyed by social media influencer Lij Magna's makeup. The TikToker had her forehead painted with a gunshot wound and a stitched mouth, plus her jano (a traditional Ethiopian clothing item) was decorated with the Ethiopian flag. Depending on who you ask, this was either a reflection of the current state of Ethiopia or an act of self-promotion. But one thing's for sure: the creative power of art knows no bounds. This isn't the first time that political and social issues have come up at the Gumma Awards. Two years ago, Isayas Tadesse spoke out against the conflict in Tigray, and last year, Betelhem Akalework highlighted her stance against the mistreatment of women.
🇰🇪 Buzz Off, Elephants! | Move over, scarecrows—bees are the new protectors of Kenya’s crops! As humans encroach on elephant habitat, it’s created tension between the two species. In order to protect crops from hungry elephants, farmers in the area are now using beehives as a “fence” to keep the pachyderms away. The bees are a win-win, as they’re also pollinators, and farmers can collect honey and beeswax for an additional source of income. Plus, elephants hate them! In fact, it’s been found that the giant mammals are terrified of the swarming insects. The UK-based charity, Save The Elephants, is providing hives for free and says it is receiving requests for more installations from the communities it deals with. Elephants need protecting too—hopefully this non-lethal method of conflict resolution will help protect both humans and the giant mammals.
FOOD FOR THOUGHT
Proverb of the Day
“A hyena does not change its spots even if it moves to a different forest.”
— Malawian Proverb.
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