🔅 Sudan's Electrifying Keyboard Maestro & A Local Mining Win in Congo
Plus, Nigeria's Got a Bone to Pick With Britain & Senegal Intercepts Over 600 Migrants
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Niamey, Niger
Markets:
🔴 Nigerian SE: 66,382.14 (-0.10%)
🔴 Johannesburg SE: 72,382.89 (-1.27%)
🔴 Ghana SE: 3,172.35 (-0.40%)
🟢 Nairobi SE: 95.54 (+0.34%)
🔴 US S&P 500: 4,262.50 (-0.60%)
🟢 Shanghai Composite: 3,110.48 (+0.10%)
Zimbabwe's Inflation Rate Takes a Dive | Inflation in Zimbabwe has dropped from a terrifying 77.2% to a slightly less scary 18.4%. But before you start celebrating, there's a catch: the stats agency changed its methodology to reflect the fact that people are using more US dollars in the economy. Basically, things are still not great. The central bank also kept its key interest rate at a whopping 150%.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five
Sudan's Electrifying Keyboard Maestro: From Street Parties to the World Stage
Imagine playing music so wild and infectious that it causes people to fight, draw swords, and fire bullets in the air — all without alcohol. That's just another day in the life of Jantra, the Sudanese keyboard player whose energetic performances have caught the attention of New York-based label Ostinato Records, who recently recorded his music. But life in Sudan isn't easy, especially an ongoing civil war and lack of access to basic services. As a result, Jantra doesn't even own a copy of his own album, which has been hailed as one of the best global releases of the year. Despite the challenges, Jantra continues to create his unique blend of cosmic keyboard melodies and lively beats, bringing people into a state of rapture at street-side raves. While places like New York and London may have been the epicentres of electronic music in the past, Jantra proves that innovation can come from unexpected places, like rural Sudan. Recording his music was no easy feat, with a military coup and power cuts adding to the chaos. But the team persevered, capturing the intensity and spontaneity of Jantra's performances (he does not have pre-written songs) and bringing his music to the world stage. So next time you're at a party and someone pulls out a sword or a handgun, just remember: that's just the kind of frenzy that Jantra's music can create.
"Blue Bonds" No More: The Nature Conservancy Changes Its Tune
The Nature Conservancy is ditching the term "blue bonds" after facing criticism for overhyping their environmental impact. The US-based non-profit has raised over $1 billion through these bonds, which aim to lower debt costs for countries like Belize, Barbados, Seychelles, and Gabon while directing some of the savings towards protecting coastlines. But their most recent bond, arranged by Bank of America for Gabon, received backlash for using the "blue" label when the funds were actually going towards refinancing general purpose debt - not as much would be going for marine conservation. Despite Gabon's promise to use some of the savings for marine conservation, the country still heavily relies on its oil industry for revenue.
Senegal Intercepts Over 600 Migrants Attempting to Reach Europe
Senegal's navy has intercepted four boats over the past three days, carrying over 600 people trying to make the dangerous journey to Europe. Some were even caught jumping off a boat that ran aground, hoping to avoid arrest. This is a common occurrence in Senegal, and the government is trying to put a stop to it with a 10-year plan to combat irregular migration. The UN reports that at least 140 migrants have died or gone missing while attempting the Atlantic crossing since early 2023. Over 2,690 people made it to the Canary Islands from Senegal and Morocco in August alone, more than double the number from the same month last year.
Nigeria's Got a Bone to Pick with Britain Over Convicted Politician's Confiscated Funds
It's not every day that a politician actually gets caught for their shady dealings, so when it does happen, it's a big deal. Take James Ibori, for example. He was a Nigerian politician who got caught for fraud and money laundering in London back in 2012. But the thing is that even after conviction, the British government is still holding onto the funds they confiscated from him. And now, a coalition of NGOs is calling them out for not giving it back to Nigeria, where it could actually do some good. The NGOs are demanding transparency and monitoring to ensure the funds go to projects that benefit the people of Delta State, where Ibori was governor.
Congo's Local Mining Ambitions
DRC is about to get a new copper-cobalt plant, and it’s going to be locally owned. This is big news for the country, which supplies 70% of the world’s cobalt and is a top-three copper producer. The project, backed by the government and a US financial consulting firm, is expected to cost $350 million and will help formalize artisanal mining in the country. Plus, it’s a strategic move for the US, which wants to reduce its reliance on China for crucial minerals used in electric vehicles. This is a win-win for those involved, including Congolese businessman Eddy Kioni, who will own the plant and work with the state-owned company responsible for all of Congo’s hand-dug cobalt. But it’s a blow to China, which currently refines most of Congo’s minerals.
Food for Thought
“Do not call to a dog with a whip in your hand.”
— Zulu Proverb.