🔅 Get Your Millionaire Map: Africa's Growing Wealth
Plus: Senegal's Third Term Trouble, Sudan's Power Struggle Continues, Eastern Congo: Rebels Kill 42, And much more... ☕
Photo of the day: Tea Plantations, Teza, Muramvya, Burundi
Markets:
🔻 Nigerian SE: 51,120.94 (-1.51%)
🔻 Johannesburg SE: 78,771.02 (-0.13%)
🔻 Ghana SE: 2,664.95 (-0.68%)
🔻 Nairobi SE: 109.74 (-1.63%)
🔻 US S&P 500: 4,131.51 (-0.15%)
🔺 Shanghai Composite: 3,385.61 (+1.42%)
🇹🇿 Tanzania's Economic Comeback | Tanzania’s economy is back and better than ever, with investments in the first quarter of 2023 skyrocketing by 52.4% compared to the same period last year. Tanzanians have a lot to be proud of: their government has been working hard to create a favourable business climate, domestic investments make up 76% of the total approved investments, the transport and logistics index is on the rise, and their cost of power is the lowest in the region. It’s no wonder then that the Transportation industry emerged as the leading participant, with $393.96 million in authorized investments, and Commercial construction and manufacturing following close behind.
*Data accurate as of the close of markets across the continent
ECONOMY
Get Your Millionaire Map: Africa's Growing Wealth
It's time to get the ball rolling, Africa!
Mauritius, Rwanda, and the Democratic Republic of Congo are expected to be the superstars of the next decade, with growth in millionaire numbers of at least 60% each.
Other countries like Namibia, Zambia, Seychelles, and Morocco will also become home to more millionaires.
Anyone being left behind?
Africa's biggest economies, unfortunately, won't have it as easy.
South Africa’s 37,800 millionaires are 21% less than in 2012, and Nigeria has seen a 30% decline in millionaires.
What's the takeaway?
It's not clear that an increasing number of wealthy individuals necessarily means a country is in good health.
Ghana has 24% more millionaires than a decade ago but the country is about to face harsh cuts in public services.
And Zambia, even with its projected 60% more millionaires in 2032, is at the centre of debt restructuring debates.
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OTHER HEADLINES
Across the Continent
🇸🇳 Senegal's Third Term Trouble | In Senegal, a coalition of political and civil society groups are calling on President Macky Sall to respect the constitution and not run for a third term. The elections are only ten months away. But Sall is not giving any indication of whether he’ll stay or go, and the coalition is getting serious about stopping him if he does decide to run. The F24 Movement of Vital Forces is mobilising members in May and inviting them to a big ol’ protest on May 12. Sonko, Sall’s main political opponent, is leading the charge and is involved in two separate court cases, which his supporters claim are just an attempt to prevent him from running for president.
🇸🇩 Sudan's Power Struggle Continues | Fierce clashes between the army and a paramilitary group called the Rapid Support Forces (RSF) have been raging for three days, leaving nearly 100 people dead and over a thousand injured. It’s part of a power struggle between the two men at the centre of Sudan’s military leadership, and it’s not looking good. The RSF has claimed to occupy key sites in the capital, Khartoum, but the army appears to be gaining ground, with air strikes blasting RSF bases. Residents are scared, with explosions and gunfire going off all around.
🇨🇩 Eastern Congo: Rebels Wreak Havoc, Killing 42 | The news out of eastern Congo isn’t great. On Friday last week, a rebel group called CODECO attacked three towns in Djugu territory, killing at least 42 people and burning down several homes. The Congolese army is on the hunt for the perpetrators, but this isn’t the first time CODECO has caused chaos. Back in February, the group killed 32 civilians, and in December, the UN said it was expanding its control, attacking people and taxing communities. Sadly, this is not unusual in eastern Congo, where over 120 armed groups fight for land and resources, and to protect their communities.
FOOD FOR THOUGHT
Proverb of the Day
“A wise man who knows the proverbs of the land reconciles difficulties.”
— Ashanti Proverb.