🔅 What is The Mandela Effect?! & Kenya's Fuel Price Reversal
Plus, The Golden Voice of Africa Becomes Political & Nigeria's 'Japa Syndrome'
Photo of the day: Harare, Zimbabwe
Markets:
🔴 Nigerian SE: 64,625.28 (-0.47%)
🔴 Johannesburg SE: 74,914.52 (-0.89%)
🟢 Ghana SE: 3,061.81 (+0.09%)
🔴 Nairobi SE: 100.02 (-2.68%)
🔴 US S&P 500: 4,432.24 (-0.13%)
🔴 Shanghai Composite: 3,150.13 (-0.82%)
Uganda’s Rate Cut | Uganda just made an unexpected move: It cut interest rates for the first time in two years, even though the shilling has taken a beating in the wake of the World Bank suspending new funding in protest of the country’s new anti-LGBTQ laws. The central bank said it’s ready to step in if the currency weakens further or price pressures increase. The World Bank’s decision to withhold funds was a clear message that it doesn’t agree with the law, which includes the death penalty for “aggravated homosexuality.”
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
The Mandela Effect: When You Swear You Remember It, But You Don't
Remember that time Nelson Mandela died in prison? Oh wait, that never happened. That’s right, we’re talking about the Mandela Effect. Named after the former South African president who, despite what many kids may have been taught in school, was actually released from prison and became president, the Mandela Effect is when a whole bunch of people share a false memory of a particular event or fact. Curious about other examples of the Mandela Effect? Check out this article to explore 12 more incredible false memories that people can’t believe are untrue.
South Africa's Struggling Economy: The Lights are Out and No One's Home
South Africa’s economy is in a dark place. Despite the government’s best efforts to keep the lights on (and there has been an improvement in recent weeks), energy shortages continue to cast a shadow over the continent’s most industrialized economy. In fact, the economy is expected to stay stagnant in the second quarter. Unemployment is through the roof, with warnings that jobless rate could reach above 38%. It’s a tough time for South Africa, but President Cyril Ramaphosa is doing what he can to bring the economy back to life. He’s set up special units to reduce red tape and cut down on investment time, and even brought in some of the business world’s top dogs to tackle the country’s most pressing problems. But analysts warn that these measures could take years to bear fruit. It looks like it's going to take a while for one of Africa's leading economies to make a turnaround.
Safaricom Launches M-Pesa in Ethiopia
Kenyan telecoms giant Safaricom has launched its M-Pesa mobile money service in Ethiopia, where it’s been making moves since 2019. The company is keen to tap into the East African nation’s huge population and young demographic. But, with state-controlled Ethio Telecom already dominating the sector, Safaricom is in for a challenge. The company’s core earnings took a hit due to the costs of setting up in Ethiopia, and Ethio Telecom’s mobile money service Telebirr is proving tough competition with more than 34 million subscribers. Still, the market is ripe for the picking, and Safaricom is determined to make a splash with its M-Pesa service, which has been a game-changer for financial inclusion in other countries.
Nigeria's 'Japa Syndrome': When Doctors and Nurses Search For Better Opportunities
“Japa” is the buzzword in Nigeria these days, and in Yoruba, it means to run, flee or escape. That's exactly what’s happening: doctors and nurses are fleeing the country in droves, leaving the government scrambling to find a way to get them to stay. The problem? Nigeria’s highly subsidized medical education system has made it a prime target for recruitment drives in countries like the US, the UK, Canada, and Saudi Arabia. In response, the government has proposed a law that would require new doctors to stay in Nigeria for five years after qualifying. But it’s not just doctors and nurses looking to leave—it’s Nigerians from all walks of life. And the ones who can’t get a visa often put their lives in the hands of smugglers and traffickers, taking perilous voyages across the Mediterranean to Europe. It’s a sad reality, but the ones who do make it abroad send back a huge inflow of remittances—over $20 billion last year alone. Japa syndrome is strong in Nigeria—with corruption, physical insecurity, and 23% inflation, it’s no wonder that 73% of Nigerians, when surveyed in 2021, said they wanted to go.
The Golden Voice of Africa Gets Political
The Malian music star Salif Keïta, known as the “Golden Voice of Africa” (see above), has just been appointed special adviser to the head of Mali's military junta. We don’t know what his exact role will be yet, but Keïta’s been an outspoken supporter of the junta, calling for the departure of UN peacekeeping troops. Last week, the 73-year-old singer-songwriter stepped down from a junta-appointed legislature, but it looks like he’s still intent on taking his activism to the next level.
Food for Thought
“Once you have been tossed by a buffalo, a black ox looks like a buffalo.”
— Kenyan Proverb.
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