🔅 Zambia's Debt Relief, Bill Gates Gets Schooled on Afrobeats, Leicester Exhibition Wins Museum 'Oscars', Sierra Leone Heads to the Polls
From Debt Relief to Cultural Celebrations: Exciting Updates from Africa's Economies, Music Scene, Museums, Elections, and Green Initiatives!
Photo of the day: Kinshasa, DRC
Markets: Year-to-Date
🟢 Nigerian SE: 59,206.63 (+15.52%)
🟢 Johannesburg SE: 74,402.90 (+1.85%)
🟢 Ghana SE: 2,736.34 (+11.97%)
🔴 Nairobi SE: 107.24 (-15.87%)
🟢 US S&P 500: 4,348.33 (+13.71%)
🟢 Shanghai Composite: 3,197.90 (+2.61%)
Kenya's Eurobond Promise | Kenya's President William Ruto just promised to pay back at least half of its $2 billion Eurobond before the end of the year. Investors have been sweating it out, unsure if the East African nation had enough money to settle the debt. But Ruto is all, “Don’t worry, we got this!” He told Bloomberg TV that Kenya is in a “good space” and that they’ll pay it back before the deadline. So, don’t worry, debtors—Kenya’s got your back.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
🇿🇲 Zambia's Debt Relief: A Major Breakthrough for Developing Nations | Zambia is the first African country to get debt relief from its creditors in a big win for the developing world. The southern African nation negotiated with the Group of 20 nations and China to extend repayments on $6.3 billion of its bilateral liabilities over 20 years and with a three-year grace period to start. The news is a relief for Zambia, who saw its currency plunge and inflation soar after it defaulted on its debt during the pandemic. It’s also a sign of hope for other developing nations struggling with debt. But the relief isn’t without its costs. The money hasn’t gone away; it’s just on easier terms, so it wasn’t forgiven as many advocates had hoped for. And, there may be some projects excluded from the debt relief package. The lesson here? Nations taking on easy money to pay for projects and win elections should think twice, because it could come at a steep price. Mark Malloch-Brown, president of Open Society Foundations, says it’s “a scar that society will bear for that generation.” Zambia’s debt relief is just the beginning. With 70 low-income countries facing a debt burden of $326 billion and more than half of them in debt distress, there’s a lot more debt relief to be had.
🕺🏽 Bill Gates Gets Hip: A Billionaire Does His Homework Before Heading to Nigeria | Bill Gates has been around the block a few times, but when it comes to Afrobeats, he was a rookie. The Microsoft co-founder had to look up Burna Boy and Rema before coming to Nigeria on a visit, as his daughter told him he was “lucky” to be able to see them. “My kids think I’ve come to a very hip place,” Gates said at an event in Lagos. He’d seen Davido and Wizkid perform the last time he was in the country, and was “quite impressed.” We can only assume he was even more impressed after doing his homework on Rema and Burna Boy. After all, he was visiting a country where Afrobeats has reached international stardom—so it’s no surprise that his kids think he’s visiting a “hip” place.
🇺🇬 Ugandan-Asians in Leicester Receive the 'Oscars' of Museums | An exhibition commemorating the 50th anniversary of the arrival of Ugandan Asians in Leicester, Rebuilding Lives - 50 Years of Ugandan Asians in Leicester, has won the ‘Oscars’ of Museums - the prestigious Museums and Heritage Award. It’s no surprise that the exhibition, organized by Navrang Arts, was a hit: it featured memorabilia, photos, and artefacts, and was seen by 167,000 visitors during its run at the Leicester Museum. The project was supported by the National Lottery Heritage Fund, Leicester City Council, the Navrang team, and dedicated volunteers, and the City Mayor, Peter Soulsby, said he was “absolutely delighted” with the exhibition, which celebrated the Ugandan Asian population’s contribution to Leicester’s culture and identity. The recognition won’t end there: later this year, a sculpture will be put up in Belgrave Circle to commemorate this time in history.
🇸🇱 It's Election Time in Sierra Leone | It was election time in Sierra Leone this weekend! On Saturday, 3.4 million citizens headed to the polls to elect their president, members of parliament, and local councilors. The main contenders are current President Julius Maada Bio and the All People’s Congress’ Samura Kamara, who came in second in the 2018 election. The two have traded jabs over the rising cost of living, with Kamara blaming Bio and Bio citing the COVID-19 pandemic and the impact of the war in Ukraine. The political campaigns were mainly peaceful (save for a protest that left one person dead last Wednesday). Kamara called for the electoral commissioners to resign, and actor Idris Elba even weighed in on social media, calling for a peaceful election. The winner must secure 55% of valid votes in the first ballot. If no candidate meets that threshold, the top two candidates will head to a run-off vote.
🇳🇬 Nigeria's Green Cement Revolution | Cement production just got a green makeover. The International Finance Corporation, alongside Africa Finance Corp, African Development Bank, and others, recently invested in BUA, a Nigerian cement manufacturer. The funds will help create two new production lines that will add 6 million tons to BUA’s 11-million-ton capacity. It’s estimated that the new lines will create up to 12,000 jobs in the region, and they’ll be powered by renewable sources like waste and solar power. BUA is one of the three biggest cement producers in Africa (alongside Dangote and Lafarge), and their green energy revamp is sure to set a positive example for the industry.
Food for Thought
“Even as the archer loves the arrow that flies, so too he loves the bow that remains constant in his hands.”
— Nigerian Proverb.
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