Business & Tech News
Ghana – GDP Growth Gains: The Q2, 2024 Gross Domestic Product (GDP) numbers for Ghana were released yesterday (18 Sept.). Data showed that Ghana’s economy had grown by a significant 6.9% year-on-year, the highest growth rate experienced since 2019. The strong growth represents a significant recovery in economic growth for the north African state that is a producer of gold, oil and cocoa “The 6.9% growth rate is highest since the second quarter of 2019 and it was driven largely by strong expansion in the extractive sector, just as we saw in the second quarter of 2019,” government statistician Samuel Kobina Annim stated. Ghana’s industrial sector grew by 9.3%, with the gold sector growing by an impressive 23.6% in the quarter. The services sector grew 5.8%, while agriculture rose 5.4%, according to Annim.
Rapid Rail Transit Investment for Johannesburg: The Gauteng government has announced it will invest R120 billion for the expansion of the local rapid rail service, the Gautrain, in an ambitious project that will see the current 80km rail network expanded to 230km. This will encompass extending the rail network to include new areas such as Soweto, Fourways, Mamelodi, Atteridgeville, Vaal, Lanseria and Springs. Gauteng Premier, Panyana Lesufi says that “The expansion is expected to create 125,000 jobs over a five-year period,” the current network that was launched in 2010 and cost R25 billion, covers Pretoria, Centurion, Midrand, Johannesburg North and Central, Kempton Park, and O.R. Tambo International Airport.
X Back in Brazil for a Bit: Social Media Platform X was available to users yesterday, despite a ban by the Brazilian Judiciary, in what has become a battle for freedom of speech. Reports indicate that users in Brazil, flooded the X site after a server update changed how its servers within the country are accessed. The platform’s restoration in Brazil was unintended, an X spokesperson said in a statement late on Wednesday. “To continue providing optimal service to our users, we changed network providers. This change resulted in an inadvertent and temporary service restoration to Brazilian users.” “While we expect the platform to be inaccessible again in Brazil soon, we continue efforts to work with the Brazilian government to return very soon for the people of Brazil,” an X spokesperson said in a statement.
Pokémon Patent Provocation: Nintendo and partner The Pokémon Company are proceeding with a legal challenge against the maker of the hit survival adventure game Palworld,. The case revolves around alleged patent infringement in their game. Palworld, earned the nickname “Pokémon with guns” when its first trailer was unveiled in 2021 and Nintendo announced it would be investigating possible copyright infringements after the release of Palworld in Jan.2024. Palworld’s developer, Pocketpair Inc, has previously said the game had passed all legal checks.
Market News
Markets: The US FED announced a 0,5% rate cut yesterday, along the expectations of most analysts, and this seems to have provided some direction for the markets. The dollar has firmed and while the US markets closed slightly softer yesterday, in Asia this morning, Japan’s Nikkei jumped just over 2% to close at 37155, while the Hang Seng in Hong Kong is currently up 1 ,37% up at 17660.
Currencies: The US Dollar is currently trading stronger at 1.1144 against the Euro, at 1,325 against the Pound, and at 142,25 against the Yen. The rand slightly stronger at R17.46 against the Dollar at a new best exchange rate level against the Dollar in 18 months.
Commodities: Gold is trending upwards and is currently trading at $2,578, while Platinum is currently trading at $988 with Palladium trading at $1083. Brent crude is gaining ground and currently trading at $74.46 with WTI again trading above the $70 mark at $70.71 currently.
Other News in Africa Today
New Tuberculosis (TB) Treatment a Winner: A six-year South African medical research study on drug resistant TB, called the Beat Tuberculosis Study has formulated a winning new treatment protocol that has seen success rates of treatment increase from around 50% to an 85% success rate, without the terrible side effects experience by previous treatment programs. This is a monumental shift in the fight against TB. The treatment has been accepted and endorsed by the World Health Organisation (WHO) and Dr Pauline Howell, head of the study, says that the results and WHO approval means that other countries can basically just take the basis of their new treatment regimen and run with it, which is fantastic”, she commented. The treatment has significant potential in moving towards the eradication of the dreadful disease that kills more than a million people each year with roughly 33% of them in Africa.
MPOX Vaccine Boost for Africa: A batch of 500,000 Mpox vaccines has been purchased by the vaccine alliance Gavi, that will be made available to various virus-affected regions in Africa that have scarce resources to fight the disease. Estimates are that millions of vaccines may be required to meet demand, however there has not been widespread infections experienced for much of the continent so far, and this number may be on the high end of projections. The Democratic Republic of the Congo, that has been the epi-centre of Mpox outbreaks in Africa, accounts for most cases, and have only received 100,000 vaccines earlier this month despite having had more than 700 deaths this year and 22,000 cases reported in 2024. Other African States have only seen a small number of cases.
