🔅 The ATM That Kept on Giving & South Sudan's Schools Shut Down Due to Heat Wave
Plus, A Missed Opportunity for Africa & Debt is The New Black
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Spotlight Stories
Ethiopia's Surprise Early Christmas: The ATM That Kept on Giving
Ethiopia's largest bank, the Commercial Bank of Ethiopia (CBE), found itself playing the unwilling role of generous benefactor thanks to a "systems glitch" at its ATMs. Early risers last Saturday discovered a financial fairy tale at their fingertips, with ATMs doling out more cash than the magic beans in their bank accounts were worth. $40 million was spirited away by opportunists faster than you could say "jackpot!"
CBE, a venerable institution with 82 years under its belt and over 38 million people clutching its bank cards, was caught with its digital pants down. The glitch turned university campuses into the hottest venues in town, as news spread through the grapevine—also known as messaging apps and frantic phone calls.
The central bank chalked up the glitch to a hiccup during "maintenance and inspection activities," glossing over the minor detail of the millions that had taken a walk. Meanwhile, CBE's president, Abe Sano, tried to put a brave face on it, insisting the loss was but a drop in the bank's vast ocean of assets.
In a bid to get their money back, CBE turned to the honour system, promising not to wag a legal finger at anyone returning their windfall. The effectiveness of this strategy remains to be seen.
South Sudan's Schools Shut Down Due to Heat Wave
South Sudan, the world’s youngest country, is facing a new challenge: a heat wave so intense that schools are being shut down for two whole weeks. Parents are being advised to keep their kids inside as temperatures are expected to reach a scorching 45 degrees Celsius (113 Fahrenheit).
And don’t think about sending your little ones to school during this time—the government has threatened to take away the school’s registration if they’re found open.
Houthi Rebels and the Cape of Good Hope: A Missed Opportunity for Africa
The Houthi rebels causing disruption in the Red Sea are actually giving Africa a chance to shine in the global trade game. But unfortunately, the continent is missing out on the windfall.
While more ships are taking the longer route around the Cape of Good Hope, they're struggling to find ports to restock and refuel. South African ports like Cape Town and Durban should be reaping the benefits, but they're too congested and inefficient. Other options, like Namibia's Walvis Bay and Madagascar's Toamasina, are reaping some rewards, but their smaller size is a limitation. None of these ports is winning any efficiency awards, either.
It's time for Africa to step up and invest in improving its ports, even though it may take some time. Who knows, the current disruption to the Suez Canal may not last forever, but it might not be the last time its seas get choppy.
Nigeria's Eurobond Sale: Debt is the New Black
After years of being priced out of the market due to high global interest rates, African countries are finally getting back into the borrowing game. Nigeria, Africa's biggest oil producer, is planning to raise $1 billion through its first Eurobond sale since 2022.
They're not the only ones—Angola is also jumping on the bandwagon with their own foreign-currency bonds. Meanwhile, the Nigerian currency seems to finally be getting its act together, with the official and parallel-market naira rates converging after a surge in capital inflows.
Food for Thought
“A flea can trouble a lion more than a lion can trouble a flea."
— Kenyan Proverb