🔅 Alcohol: The World's Top Consumer & ADB Calls Time on Africa's Risky Resource-Backed Loans
Plus: Idris Elba's Eco-City Dream & Africa's $3 Trillion Economy Explored
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Africa's Loan-for-Minerals: A Raw Deal According to the ADB
The head honcho of the African Development Bank, Akinwumi Adesina, says it's time to put an end to loans that have Africa forking over its treasure trove of natural resources like oil and critical smartphone and electric car battery minerals. These deals, more twisty than a fried plantain chip, have seen countries like the DRC getting a raw end of the bargain, while lenders gain a stranglehold on precious minerals.
Adesina pointed out that the major flaw in these deals lies largely in the fact that pricing these under-the-earth goodies for long-term contracts is like trying to nail jelly to a wall—a nearly impossible task. To what degree of certainty can you measure what lies beneath your feet?
With the world going gaga over green energy and electric vehicles, the demand for these minerals has skyrocketed, making Africa the belle of the ball but not necessarily in a good way.Â
Adesina is rallying for a change, spotlighting the shadowy corners of these agreements, which include unfair terms, lack of transparency, and corruption.
With at least 11 African countries tangled in these kinds of billion-dollar loans since the 2000s, Adesina believes it's high time to rewrite the narrative.
Visualising Africa's $3 Trillion Economy
Africa is not just a continent of cultural richness but also of vast economic diversity. As of 2024, it's projected to boast an economy worth $3 trillion. That's a lot of zeroes, each telling a story of progress, potential, and the perseverance of 1.4 billion people across its many nations.
But how does this economic giant break down when we zoom in? The International Monetary Fund's latest crystal ball gazing—minus Eritrea, Lesotho, Guinea-Bissau, São Tomé and PrÃncipe, and Burundi (due to the lack of space on the map)—gives us a peek into the future. And it's as varied as the continent's landscapes.
Tell us: What stands out to you?
Idris Elba's Sierra Leone Eco-City
Idris Elba, better known for his smouldering on-screen roles, is now taking on his most ambitious role yet: visionary city planner. Elba's latest project involves constructing a smart, eco-friendly city on Sherbro Island, Sierra Leone. And aside from himself, who else is co-starring in this venture? None other than Siaka Stevens, grandson to Sierra Leone's former president who shared the same name, alongside a renewable energy company, Octopus Energy Generation.
The city will include homes powered by renewable energy, with wind and solar farms providing the bulk of the electricity (currently, only one-third of houses in Sierra Leone have consistent access to power).
To Elba, profit isn't the main goal, and he doubts he'll make money from the venture. His dream is to craft a self-sustaining economy; a beacon of development. It is about rebranding Africa away from the stereotype of the continent being an aid project.
Zimbabwe: The Country With The Highest Per Capita Alcohol Consumption
Zimbabwe has skated past the usual suspects to clinch the title of the world's top alcohol consumer per capita. Forget the U.K.'s pub enthusiasts; Zimbabwe is out here breaking records with a staggering 62.8 litres of alcohol consumed per person. That's not just edging out the competition; it's lapping them, with the nearest rival, Tunisia, chugging behind at 36.6 litres.
Now, before you start envisioning centuries-old traditions of Zimbabwean breweries, let's pump the brakes. This is not the fruit of an age-old drinking culture. In fact, between 2000 and 2019, Zimbabwe's average per capita consumption hovered around a modest 3.26 litres.
So, what poured fuel on this fire?Â
It seems the pandemic brewed a storm in Zimbabwe's alcohol consumption habits. With restrictions and lockdowns and an economic crisis altering the fabric of daily life, Zimbabweans turned to local, often homemade, alcohol solutions. These backyard brewers, perhaps unwittingly, have distilled a new national pastime, skyrocketing Zimbabwe to the top of the global leaderboard in alcohol consumption.
Food for Thought
“Slander by the stream will be heard by the frogs."
— Mozambican Proverb
I expect better from an African centred publication than the western negativity around reporting on Zimbabwe. The zanu pf government led the taking back of our land and the west will never forgive us nor will they rest until zanu pf is gone. Seriously what study is this that puts Zimbabwe as number one ON THE PLANET in alcohol consumption. The study is not even named. And you link the alleged alcoholism to covid 19 job losses and school closures as if Zimbabwe was the ONLY country on earth that experienced such.
I challenge baobab to report the many positives about Zimbabwe. How about that we consistently punch above our weight in human capital development or that after land reform Zimbabwe is back in the TOP 5 of tobacco producing countries alongside the US Brazil India and China (a huge achievement for a country as shall as this) or that Zimbabwe currently leads in blueberry production in the world. Even our gdp as reported in your other story beats countries like Rwanda by a wide margin.
The west have decided to only report what is negative and to ALWAYS put Zimbabwe in every negative category- most alcohol consumption, most food insecure country alongside war torn countries like Ukraine, Sudan and gaza. Most child marriages. The economist magazine consistently rates harare one of the worst capital cities in the world alongside capitals in war torn countries such as kabul Damascus etc. Surely all these negatives cannot be true?Come on baobab you can do better than merely parroting lies from people with a regime change agenda.