🔅 Fan Frenzy in the AFCON Press Box & The Future of African Urbanization
Plus, Somali Truckers' Cross-Continental Community & South Africa's Continued Legal Challenge to Israel
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Markets — Year-to-Date:
🟢 Nigerian SE: 104,421.23 (+39.65%)
🔴 Johannesburg SE: 74,381.96 (-3.27%)
🟢 Ghana SE: 3,172.43 (+1.35%)
🟢 Nairobi SE: 92.37 (+0.28%)
🟢 US S&P 500: 4,958.61 (+4.55%)
🔴 Shanghai Composite: 2,730.15 (-7.84%)
The U.S. Economy Flexes, World Sighs in Relief: The International Monetary Fund (IMF) has decided to sprinkle a bit of optimism on its forecast, thanks to the economic muscle-flexing of the United States. The IMF, essentially the U.N.'s finance geek squad, now believes the world's economy will puff up by 3.1% this year. Uncle Sam's economy decided to throw a curveball at the doom and gloom club, growing a surprising 3.3% in the last quarter of 2023.
Nigeria's naira just took a wild dive, hitting a record low against the dollar. This daring plunge, a hefty 31%, happened after some tinkering with the exchange rate calculation. Think of it as the naira's second makeover in just seven months, only this time the makeover was more of a make-under. Now, the naira is cosying up closer to the rate found on the streets.
Ghana's central bank dialled down the interest rate to 29% from 30% in a push to boost the economy. They hit pause on rate changes since September, and the latest move is happening as inflation cools.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five
Africa Cup of Nations' Press Box Condemned for Unprofessionalism
Journalists at the Africa Cup of Nations have been throwing professionalism out the window. The International Sports Press Association (AIPS) has had to wag its finger at the press, scolding them for turning the tournament into a personal fan zone, complete with jersey-wearing, goal-celebrating, and even a shirtless victory dance courtesy of an overly enthusiastic Ivorian reporter.
It seems the line between reporter and fan has blurred beyond recognition, with accredited media members cheering their teams on from the stands and engaging in arguments that have escalated into full-blown scuffles and wild celebrations. The press areas, designed for quiet contemplation and furious typing, have been completely reimagined.
AIPS, in its plea for sanity, has called for better training and capacity building for journalists. Perhaps a reminder that covering the game means observing from the sidelines, not leading the cheer squad. But if nothing else, this tournament has proven that when it comes to football in Africa, the passion knows no bounds—not even the press box.
Satellite Cities: Africa's Urbanization Game-Changer or Just Castles in the Air?
African cities are bursting at the seams, with people flocking in from rural areas, hoping to hit the jackpot in the urban lottery. But instead of streets paved with gold, they often find themselves navigating through a maze of traffic jams and dimly lit alleys with cramped living spaces. Despite these challenges, the urban allure remains irresistible, and by 2100, Africa could be hosting some of the world's most populous cities.
Enter the idea of satellite cities.
The Charter Cities Institute believes these shiny new cities on the outskirts of existing urban areas could be the silver bullet for Africa's urban woes. Think job creation, economic growth, and poverty alleviation. That said, Africa's track record with these ambitious projects is, well, not exactly stellar. Hope City in Ghana and Akright City in Uganda were supposed to be the stuff of dreams, but they turned out to be more like mirages. Incomplete, plagued by debt, and sometimes not even making it past the drawing board, these projects are the urban equivalent of a "fail" meme.
In Kenya, however, you can find a different story. While Konza Technopolis was supposed to be Kenya's answer to Silicon Valley and is, years later, more Savannah than Silicon, Tatu City, on the other hand, is living the dream. With thousands of residents, businesses setting up shop, and a vibe that screams, "We made it!" Tatu City is the poster child for successful satellite city development. Why does one project thrive while another flounders? It's all about the secret sauce: Tatu City exhibits clear ownership, is in a strategic location, has top infrastructure, and guarantees the rule of law, unlike Konz. The takeaway? If Africa wants to play the satellite city game successfully, it needs to learn from Tatu -- build smarter, not bigger.
On the Road with Somali Truckers: Navigating a New Nomadic Life a World Away
In a coffee shop in Edmonton, Canada, Abdi Ali, a 28-year-old Somali trucker, sits to unveil a hidden world inside his phone. Part of a 40-strong group chat of Somali truckers, Ali represents a fresh face in North America's trucking scene. These drivers, scattered across the continent, have never met but share road updates and camaraderie through voice notes.
This isn't just about driving big rigs. It's a modern spin on the Somali nomadic tradition, trading camels for trucks and pastoral routes for highways. Amidst industry challenges like labour shortages, these truckers navigate the roads with a sense of community, turning their solitary cabins into hubs of connection. They keep in touch through social media, forming bonds over shared experiences of life on the move.
It's about maintaining cultural ties in motion. They've transformed the solitary trucking profession into a dynamic, cross-continental brotherhood, and Atlas Obscura has an interesting article on it. So, next time you spot an 18-wheeler on the highway, remember: it might be a slice of Somalia on wheels, a testament to resilience and the enduring power of community.
Gaza: South Africa Throws Down the Legal Gauntlet
Amidst the backdrop of Israel's continued military offensive in Gaza, South Africa's Foreign Minister Naledi Pandor has thrown down the legal gauntlet, questioning why the world's courtroom—the International Criminal Court (ICC)—hasn't issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu, especially after the U.N.'s International Court of Justice (ICJ) ruled against Israel's actions in Gaza. The ICJ's preliminary ruling ordered Israel to prevent death and destruction in Gaza and to ensure humanitarian aid reaches the territory. Yet, despite this directive, the death toll in Gaza continues to rise.
South Africa claims that there is a disparity in the ICC's actions—or lack thereof—towards Netanyahu compared to its previous issuance of an arrest warrant for another high-profile leader, Russian President Vladimir Putin. As a result, Pandor says South Africa is now mulling over "proposing other measures" to the global community, though she kept the details close to her chest.
Streaming Wars: Africa Edition
Canal+, part of the media empire Vivendi, has thrown a massive $2.5 billion hat into the ring with a bid to snatch up South Africa's MultiChoice, Africa's pay-TV heavyweight. Canal+, already clutching a 32% stake in MultiChoice, now wants the whole pie, offering a premium of 40% per share to gobble up the rest.
MultiChoice, standing tall with its streaming platform Showmax, has been duking it out with Netflix for the title of Africa's streaming champ. Now, with Sky and Comcast's NBCUniversal backing it up and the news of Canal+'s cash splash, shares for MultiChoice went soaring by 27%.
Food for Thought
“Even as the archer loves the arrow that flies, so too he loves the bow that remains constant in his hands."
— Nigerian Proverb
Great proverb. Thanks.