🔅 'Good News' From Ghana & A $10 Handout in Nigeria
Plus, Violent Protests in Kenya & Nestle Goes Local in South Africa
Photo of the day: The earth’s third largest monolith captured from third longest train(2.8km). Both located in the “red zone” of Mauritania.
Markets:
🔴 Nigerian SE: 63,757.23 (-0.01%)
🔴 Johannesburg SE: 77,080.97 (-0.02%)
🔴 Ghana SE: 2,861.29 (-0.01%)
🔴 Nairobi SE: 111.63 (-1.18%)
🟢 US S&P 500: 4,570.26 (+0.34%)
🟢 Shanghai Composite: 3,197.82 (+0.032%)
Ethiopia's Telebirr and Ethio Telecom Making Bank | Ethiopia's state-owned telecoms company, Ethio Telecom, is raking in the dough. Profits more than doubled last financial year, reaching $344 million. But don't think that the telecoms industry in the East African country is an easy gig - a nearly two-year war in the north has caused the Prime Minister's plan to open up the economy to foreign investment to slow down. Despite the setback, Ethio Telecom's subscribers rose 8% to 72 million, while Telebirr's (Ethio Telecom's financial service) rose to 34.3 million from 27.2 million six months earlier. Revenue increased by more than 23%, too. But the government isn't stopping there: they're planning to issue a third telecoms licence to compete with Ethio Telecom. So far, only Kenya's Safaricom has stepped up to the plate.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
🇬🇭 Photographer Kyle Weeks Captures Ghana's 'Good News' | The question “Why is there never good news?” has been haunting photographer Kyle Weeks since he was a kid in Namibia. His mission to answer it led him to Ghana, where he spent six years capturing the creative energy of its vibrant youth culture. He called the project Good News, inspired by the “plastic bags with catchphrases like ‘Good News’” he saw all around him, as well as the taxis “regularly decorated with catchphrases stuck [to] their back windows.” Weeks’ stunning images of Ghanaian youth – from Accra’s Chale Wote Festival to Surf Ghana and Ghana’s first skatepark – are as timeless as they are hopeful. His work reflects a cosmopolitan, fluid youth culture that’s bursting with creative energy – definitely good news.
🌊 "An Entire Plane Full of Children" Lost at Sea | This year, 289 children have already died at sea while trying to reach Europe. That’s almost double the number recorded in the same period last year. The UNICEF estimates that this figure is likely higher, since many shipwrecks are never reported. Unaccompanied minors are particularly vulnerable on these journeys, which can cost up to $7,000. Along the way, they can be exposed to detention, deprivation, torture, trafficking, violence, exploitation, and rape. UNICEF has called for urgent action to save the lives of these children, noting that nearly 300 children – “an entire plane full of children” – have perished in just six months. The agency is calling on world leaders to demonstrate the worth of children’s lives and pursue effective solutions.
🇳🇬 Nigeria's Plan to Tackle Poverty: A $10 Handout | The new President of Nigeria, Bola Tinubu, is trying to help out his citizens who have been hit hard by the scrapping of subsidies on gasoline. His solution? A $10 monthly handout for 12 million households. The plan is to get the cash from an $800 million World Bank loan, and Tinubu is hoping the Senate will approve it. He’s also declared a state of emergency on food security and is releasing grains to households. But some Nigerians are less than thrilled, with some calling the handout inadequate and unsustainable. The cost of transportation has increased by more than 100%.
🇰🇪 Kenyan Protests | The president of Kenya, William Ruto, may have declared that no protests would take place in the country, but he clearly didn’t count on his citizens’ determination. Yesterday five people were injured and several more arrested in the capital of Nairobi, as protesters took to the streets to demand the repeal of a new finance law that has jacked up fuel prices to their highest level ever. Day schools were closed in Nairobi and Mombasa, and religious leaders have called for dialogue between the government and the opposition. Human Rights Watch has called out the police for using force and live bullets against protesters. The International Monetary Fund, on the other hand, thinks the law is a “crucial” step towards reducing Kenya’s debt.
🇿🇦 Nestle Gets Local in South Africa | Nestle is taking a page from the “buy local” playbook in South Africa. The Swiss food company announced that it will be sourcing over 40% of its raw materials from local suppliers for a new processing plant near Pretoria. It’s part of a larger strategy to reduce costs and mitigate the impact of supply chain challenges, such as foreign exchange exposure, diesel generator-induced power outages, and a weakened domestic currency. Nestle has five factories in South Africa, and is already producing Cremora coffee creamer and Maggi instant noodles with locally sourced materials. The company aims to hit 90% local sourcing in the “immediate near future.” With the pandemic increasing demand for Nestle’s products, localizing materials helps to reduce environmental impact, create jobs, and get goods to customers faster.
Food for Thought
“To be without a friend is to be poor indeed.”
— Tanzanian Proverb.
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