🔅 43,000 Dead in Somalia's Critical Drought
Plus: Bulk Shopping Groups Help Nigerians Beat Inflation, South Sudan's President and The Opposition's Leader are Back to their Power-Sharing Tug of War, The IMF is in Ethiopia, And much more... ☕
Photo of the day: Sudan
Markets:
🔺 Nigerian SE: 54,413.21 (+1.51%)
🔺 Johannesburg SE: 76,704.63 (+0.29%)
🔻 Ghana SE: 2,696.02 (-3.75%)
🔻 Nairobi SE: 111.74 (-0.66%)
🔺 US S&P 500: 4,045.66 (+0.44%)
🔺 Shanghai Composite: 3,261.25 (+0.65%)
Global Markets: It’s been a wild quarter in the financial world. Investors have had to keep their eyes peeled for all the news coming out about the banking sector, the economy, inflation, and interest rates. But with the dust settling, it looks like the big winners of this turbulent period are bonds, large tech companies, and global stocks, which are all up 4.9% these past 3 months. Investors are taking stock of the situation and the hope is that interest rates will no longer be increasing as steeply.
Uganda: Uganda’s parliament passed an anti-LGBTQ law last week, and now some of the biggest companies in the world are pushing back. Microsoft, Google, Mastercard, Unilever, Standard Chartered, PwC, and Deloitte are calling the legislation out for being bad for business. The Open for Business coalition warned that the law would hurt investment flows and tourism in Uganda, and undermine companies’ ability to recruit a diverse and talented workforce.
*Data accurate as of the close of markets across the continent
FAMINE
43,000 Dead in Somalia's Critical Drought
It’s an absolute tragedy:
A new report says 43,000 people have died in Somalia due to the longest drought on record and rising global food prices. And if the situation doesn’t improve, it is estimated that 18,000 more deaths may occur in the first six months of 2023 alone.
That’s not all: about 6 million people are hungry, 3.8 million are displaced, and nearly 500,000 children are severely malnourished. Millions of livestock that are central to people’s diets have died.
How did we get to this?
What’s worse is that the world appears to be turning a blind eye to the crisis. “Many of the traditional donors have washed their hands and focused on Ukraine,” the UN’s resident coordinator in Somalia said.
What’s being done about it?
The World Health Organisation and UNICEF are in talks to provide food, water, and medical aid to the affected areas, and the US is also lending a hand.
But the humanitarian efforts are in danger of being outmatched by the scale of the tragedy.
Indeed, while the holy month of Ramadan tends to bring about a sense of joy and peace to the Muslim world, many in Somalia are only able to break their daily fasts this time around with just water and relief food — not with the generous dinners they might have previously enjoyed.
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OTHER HEADLINES
Across the Continent
🇳🇬 Bulk Shopping Groups Help Nigerians Beat Inflation | In Nigeria, food inflation was at an all-time high of 24% in January, and has led to the rise of bulk-shopping WhatsApp groups. These groups source items in bulk directly from producers, and share among themselves. The result? Up to 22% cheaper than in regular markets. Plus, no more waiting in line! So, how does it work? Moderators upload photos of food items with their prices, interested members share a list of the things they want, make upfront payments to a designated bank account, and share receipts of the money transfers. Then, the moderators communicate with food producers to negotiate prices and oversee deliveries to members.
🇸🇸 South Sudan's Political Power Struggle | South Sudan's President Salva Kiir and opposition leader Riek Machar are back to their power-sharing tug of war. Kiir has appointed a member of his own party as defence minister, in violation of the peace deal, which stipulated that the role should be selected by Machar's party. Kiir also fired defence minister Angelina Teny, who is Machar's wife, along with the interior minister this month, which has set off alarm bells about the potential for further strife in the region. Both sides have dug their heels in, and there is likely to be a lot of politicking between now and the national elections in 2024.
🇪🇹 IMF in Ethiopia | The IMF is stepping in to help Ethiopia out of its crisis. After facing a slew of unfortunate events, like the COVID-19 pandemic, domestic conflicts, and Russia’s war in Ukraine, Ethiopia has asked the IMF for some financial assistance. And, this week, IMF officials are in the East African country to discuss a potential program that would help Ethiopia stabilize its economy, create jobs, and reduce poverty. The talks have been on-again, off-again, as progress was stalled due to the conflict in Tigray. But now that a peace accord has been reached, the US (which has the biggest stake in the IMF) is trying to repair ties with Ethiopia.
FOOD FOR THOUGHT
Proverb of the Day
“Those who end up accomplishing great things pay attention to little ones.”
— Malian Proverb.