🔅 West Africa's regional peacekeeping force
Today’s Issue: Wakanda Forever!, Dakar fashion week, a power sharing deal in Sudan, and protests in the Congo... ☕
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Photo of the day: Porto-Novo, Bénin
Markets
🔺 Nigerian SE: 48,270.23 (+0.24%)
🔺 Johannesburg SE: 74,693.42 (+0.50%)
— Ghana SE: 2,463.44 (0.00%)
🔻 Nairobi SE: 124.42 (-1.58%)
🔻 US S&P 500: 4,005.16 (-1.63%)
🔺 Shanghai Composite: 3,211.81 (+1.76%)
*Data accurate as of the close of markets across the continent
Oil: Oil prices are rising after the G7 group of major economies imposed a cap of $60 a barrel on Russian crude oil, which means no imports of Russian oil can be made using G7 and EU tankers, insurance companies, or credit institutions. Russia isn't happy about this, threatening to cut off its exports to countries that adopt the measures.
SECURITY
West African leaders plan for a regional peacekeeping force
What's happening?
West African leaders have had enough. After a series of coups in the region over the past two years, the Economic Commission for West African States (ECOWAS) is setting up a regional peacekeeping force to help restore security and constitutional order.
The region has a bit of a reputation as a “coup belt”, and the ECOWAS wants to do more to make sure that doesn’t happen again.
The leaders are determined to establish a regional force that will intervene in the event of need, whether in the area of security, terrorism, or restoring constitutional order.
How serious are they?
They're not messing around. Defence chiefs are meeting next month to work out the details, and if Mali does not release 46 Ivorian soldiers by the end of the month, ECOWAS has already “reserved the right” to take specific measures.
The leaders are also calling for an inclusive dialogue between the military and all parties in Guinea, and expressed grave concern about the security situation in Burkina Faso.
How will it be implemented?
That's still TBD. ECOWAS has not given any details on how the force will be constituted, so stay tuned.
ACROSS THE CONTINENT
Other Headlines
🇸🇩 On Monday, Sudan's ruling generals and the leading pro-democracy group signed a framework deal to help resolve the crisis and get the country to the next elections. The agreement pledges to establish a new, civilian-led transitional government but guarantees the military a significant role in the security and defence council. Sounds like a sweet deal for the generals, but it's not sitting well with everyone. Some rebel groups and reformists have stayed out of the agreement, and the grassroots pro-democracy network is calling for protests. Meanwhile, a prominent Sudanese politician was released from jail on Sunday, a day before the civilian coalition he belonged to was due to sign the deal.
🇨🇩 Tens of thousands of Christians in the Democratic Republic of Congo took to the streets on Sunday in a massive protest against the violence in the country's eastern regions. The protest was called for by the conference of Catholic bishops and saw churchgoers in Kinshasa and other major cities singing and carrying banners with slogans like “No to balkanisation, no to the hypocrisy of the international community.” Many in Congo have long accused the West of failing to hold Rwanda to account for its alleged role in stoking insecurity in the east, a sentiment that the protesters echoed. Father Theophile Landu said at the end of the march in Montgafula, “It is the small country that is fighting us. Behind it are the United States and the European Union. We tell them that they must stop the hypocrisy.” The protests came as Congo and Rwanda took part in talks to find solutions to the conflict, and negotiations led by the East African Community are ongoing.
🌍 "Black Panther: Wakanda Forever" is still supreme at the box office, earning $17.6 million in the US and Canada this weekend. This makes four weekends in a row at the top of the North American box office, with a total of $393.7 million earned domestically, plus an additional $339 million internationally. The Afro-futuristic sequel to the 2018 hit is a tribute to the late Chadwick Boseman. Wakanda forever!
Elsewhere:
🇸🇳 Check out photos from this weekend's Dakar's fashion week.
IN TECH
Kapu raises $8m to help you reduce your cost of living
Food prices in Kenya are skyrocketing, and social commerce startup Kapu is here to help. Kapu founder, Sam Chappatte, is a former Jumia Group executive vice president, and has raised $8 million in seed funding to make food shopping more affordable for Kenyan consumers. Kapu has been sourcing directly from manufacturers and producers, allowing customers to bulk-buy groceries and save up to 30% of their spend on fresh produce and packaged goods. Kapu has also set up a network of local agents that consumers can place orders with, and soon, it’ll even be supporting WhatsApp orders.
FOOD FOR THOUGHT
Proverb of the Day
“If you see that a town respects a calf, then cut the grass and feed it.”
— Ethiopian Proverb.