🔅 UN Votes to Extend Congo Peacekeeping Mission and Ease Arms Purchases Restrictions
Today’s Issue: Central African Republic's crypto plans and the Sango Coin, Did Qatar benefit from the World Cup? And Burkina Faso defends itself against Ghana's allegations... ☕
We’re nearing the end of the year, and this newsletter is looking for readers! If you like the direction we’ve been heading in, help us spread the word by sharing the gift of Baobab with friends and colleagues! Before you scroll on down to the news, simply click the link below, and you're done! 🎄
Photo of the day: Lesotho
Markets:
🔺 Nigerian SE: 49,475.43 (+0.12%)
🔺 Johannesburg SE: 73,836.91 (+1.09%)
— Ghana SE: 2,444.54 (-0.00%)
🔻 Nairobi SE: 128.16 (-0.15%)
🔺 US S&P 500: 3,874.87 (+1.39%)
🔻 Shanghai Composite: 3,068.41 (-0.17%)
*Data accurate as of the close of markets across the continent
World Cup: Argentina won the World Cup, and Qatar was the big winner—in terms of how much money it spent. The tiny Middle Eastern nation is said to have dropped anywhere between $220B and $300B on the tournament, and now that it’s over, the question is, Was it worth it? Qatar was looking to boost its reputation as a global business hub and get its name out there, and did it work? Maybe… but not without many pointing out the country’s LGBTQ+ rights and migrant worker issues. Did it get its money back? Probably not. A recent study found that hosting a World Cup doesn’t have a significant effect on a host country’s GDP.
SECURITY
UN Votes to Extend Congo Peacekeeping Mission and Ease Arms Purchases Restrictions
What's the story?
The UN Security Council unanimously voted to extend the UN peacekeeping mission in Congo with an eye to its eventual exit, and to lift a notification requirement on some arms purchases.
This comes after months of worsening security due to the presence of rebel groups and militia violence, which has led to an estimated 27 million Congolese in need of aid, 5.7 million internally displaced people, 523,000 refugees from other nearby countries, and 1 million refugees from Congo elsewhere in Africa.
Because of this, east African leaders decided to deploy a regional force to eastern Congo in recent months to tackle the violence.
So what exactly did the UN vote on?
The UN had a lot to say:
It condemns all domestic and foreign armed groups operating in the country, and demands they immediately cease all violence and destabilising actions. It also demands the immediate withdrawal of M23 rebels and expresses concern about reported links between Uganda-based Allied Democratic Forces rebels and “terrorist networks” in eastern Congo.
It also maintains MONUSCO’s (the UN peacekeeping mission) troop ceiling at 13,500 military personnel, 600 military observers and staff officers, and about 2,000 police. And while it recommends players work alongside MONUSCO, it encourages the U.N. and Congo’s government, in collaboration with civil society, to identify steps to allow for its eventual exit.
The resolution also urges all Congolese political players to implement “critical governance, security and economic reforms,” and to deliver on President Felix Tshisekedi’s commitments to pursue national unity, strengthen the rule of law and respect for human rights, fight against corruption, and launch development programs to reduce poverty.
Oh, and it also crucially lifts the requirement for the government to notify the Security Council sanctions committee of certain weapons purchases, a decision welcomed by the Congolese, the US, and other Security Council members.
ACROSS THE CONTINENT
Other Headlines
🇨🇫 The Central African Republic's ambitious plan to launch its own cryptocurrency, the Sango Coin, has hit a roadblock. The coin, which was supposed to launch on crypto exchanges and offer foreign investors the chance to buy citizenship for $60,000 worth of Sango Coins, has been delayed until the first quarter of next year. This is due to both "current market conditions" and "marketing reasons", according to an official statement. The Sango Coin raised $1.66 million since its launch in July, but it's far from its goal of $1 billion. That's partly due to the general crypto market downturn over the past few months, which has lost more than $2 trillion since its peak in November 2021, and the collapse of several crypto firms. But the rise in global interest rates and recession fears have also spooked investors.
🇬🇲 Maiden Pharmaceuticals, an India-based drugmaker, is in hot water. A Gambian parliamentary committee has concluded that at least 70 children died from acute kidney injury linked to the company's medicines, and they're calling on the government to take legal action. The World Health Organization made a similar conclusion in October after lab tests revealed that Maiden's meds had "unacceptable" amounts of toxic chemicals. The company's managing director denied any wrongdoing, but India has since told the WHO that samples from the same batches complied with their government specifications.
🇧🇫 Burkina Faso is facing some heat after Ghana’s president said the country had hired Russian mercenaries—the infamous Wagner group—and paid them with a mining permit. The Burkinabe government’s official response: *crickets*, until Tuesday when the country’s mines minister stepped in to deny the allegation, saying that no permit had been granted to a Russian company in southern Burkina. He added that the government had recently awarded a license to a Russian company but that it had been operating in the country for over a decade.
FOOD FOR THOUGHT
Proverb of the Day
“Sticks in a bundle are unbreakable.”
— Kenyan Proverb.