🔅 What is Biden doing to increase US attention to Africa?
Today’s Issue: A Ghana-Burkina Faso feud is brewing, and a Nobel peace laureate accuses the West of double standards over Congo's troubles… ☕
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Photo of the day: Gulf of Guinea
Markets — Year to date:
🔺 Nigerian SE: 49,316.29 (+15.45%)
🔻 Johannesburg SE: 72,989.34 (-0.98%)
🔻 Ghana SE: 2,449.43 (-12.19%)
🔻 Nairobi SE: 128.49 (-22.81%)
🔻 US S&P 500: 3,852.36 (-19.68%)
🔻 Shanghai Composite: 3,167.86 (-12.79%)
*Data accurate as of the close of markets across the continent
Ghana: The country just struck a deal with the IMF for a $3 billion loan to help prop up its debt-laden economy, and according to the terms of the agreement, the west African nation needs to implement some austerity measures and restructure its bonds. The good news? Investors are feeling optimistic about the economy's future. The bad news? The plan has been met with resistance from Ghanaian banks, asset managers, and insurance companies, which own a third of the government bonds and aren’t thrilled with the debt swap offer. Without their full participation, the government won’t get the cash it’s counting on, so its work is cut out.
GEOPOLITICS
Biden to visit Africa
What's the story?
The President announced on Thursday last week that he’ll be visiting the continent sometime next year, making him the first U.S. president to do so in a decade (Trump was the first not to set foot on the continent since Ronald Reagan).
Biden made the announcement at the end of a three-day U.S.-Africa Leaders Summit, during which he made it clear he’s serious about increasing U.S. attention to the continent.
What else is he serious about?
Well, Biden pledged $2 billion to help bolster food security on the continent and $165 million to help African nations hold peaceful and transparent elections next year.
He even said he would support the African Union becoming a permanent member of the Group of 20 nations, which is significant because only South Africa has a permanent seat at the G20.
Sounds a little like a charm offensive, doesn’t it?
It really is. It comes at a time when China has gained serious traction in the region. It has already surpassed the U.S. in trade with Africa and aims to grow its military presence on the continent.
But African nations are wary of being forced to align themselves with the U.S. or other global competitors. Besides, with a rapidly growing population and significant natural resources, the continent is becoming a key player in the global economy in its own right.
So, when can we expect to see him on the continent?
It’s still unclear when Biden will be visiting, but he certainly sounds serious about it.
ACROSS THE CONTINENT
Other Headlines
🇨🇩 Dr Denis Mukwege, Nobel Peace Prize winner and a major player in the fight against sexual violence in the Democratic Republic of Congo (DRC), is not here for the West’s “double standards.” Mukwege is calling on Britain and its allies to impose sanctions on neighbouring Rwanda for allegedly supporting the M23 rebel militia in DRC. According to the United Nations, the M23 has seized a large chunk of DRC’s eastern territory and forced more than 390,000 people from their homes. Mukwege's claim is denied by Kigali. He believes that the West’s inaction is perpetuating the violence in DRC and fueling support among many young Africans for the old foe of western imperialism. He pointed out that in protests, they are flying the Russian flag.
🇸🇳 Senegal authorities detained two legislators for an assault that took place in the National Assembly earlier this month. Massata Samb of the opposition party slapped Amy Ndiaye Gniby of the ruling party after she scoffed at him during his address. Gniby, who is pregnant, threw a chair back at Samb, and then was kicked in the stomach by another opposition member, Mamadou Niang. Samb and Niang have now been charged with voluntarily causing hurt. Their lawyer claims the detention violates their right to parliamentary immunity. The brawl comes amid political tensions over whether President Macky Sall will seek a third term in 2024, a move the opposition says would breach term limits and an earlier promise that he would not. So far, Sall has been coy about his plans.
🇬🇭🇧🇫 On Wednesday, Ghana’s President Nana Akufo-Addo alleged that Burkina Faso had hired a Russian mercenary group called Wagner and offered them a mine as payment. On Friday, Burkina Faso’s foreign ministry summoned the Ghanaian ambassador for “explanations” and said it “expressed disapproval” about the statements. They also recalled their ambassador from Ghana for a meeting. While they didn’t confirm or deny Akufo-Addo’s claims, the spokesperson said, “In any case, Burkina has not called on Wagner.” Wagner is no stranger to controversy. Western powers have accused the mercenary group of exploiting mineral resources and committing human rights abuses in the countries they’re hired to operate in. In response to Akufo-Addo’s remarks, Wagner’s founder Yevgeny Prigozhin blamed Western governments and armed UN missions for some of the offences Wagner has been accused of in Africa. Burkina Faso is facing an Islamist insurgency and is currently ruled by a military junta.
FOOD FOR THOUGHT
Proverb of the Day
“We have not inherited this land from our ancestors; rather we have borrowed it from our children.”
— Kenyan Proverb.