Business & Tech News
African Debt for Nature Deal Proposed: According to a Reuters report, there are potentially five African countries working on creating a world-first joint “debt-for-nature” swap to preserve the greater African West Coats ocean areas. Debt-for Nature deals have been structured in the past but none have been multi-national deals. The concept is that economically challenged countries raise money for conservation projects via cheaper loans that replace the countries bonds, and the savings are then used to fun the conservation projects. Countries such as Belize, Gabon and Seychelles have all made such swaps in recent years. Thomas Sberna, regional head for coastal and ocean resilience at the International Union for the Conservation of Nature said that countries currently backing the broader “Great Blue Wall” conservation plan include Kenya, Madagascar, Mauritius, Mozambique, Seychelles, Somalia, South Africa, Tanzania and the Comoros.
Oil Prices hit the Skids: In what some African countries will see as a relief and others a problem, Oil prices have continued to slide to year low numbers. On a weekly basis, Brent crude has dropped by around 3.7%, while WTI has hit nearly a 6% drop so far. This despite the Chinese releasing a massive economic stimulus package this week, aimed at restarting the Asian giant’s stagnant economy. China is one of the largest fossil fuel consumers globally. The recent decision by OPEC+ to increase oil production has only added to the gloom around a possible oil price stabilisation with oil markets seeing widespread weakening demand over the past few months. Economies In Africa such as Nigeria and Angola, who are Oil-based, are likely to see economic headwinds for a while.
Women in Mining Rights Project: In a virtual meeting held this week, calls were made by the “Women in Mining Africa” advocacy group for improvements in the harsh working conditions in mining operations in African rural communities. The group who operate in 36-countries in Africa, are working to promote gender equity and social justice in the mining sector as demand for African resources continues. Comfort Asokoro Ogaji, the founder of the advocacy group stated that “We seek to empower women in mining by advocating for equal access to resources, opportunities, and leadership roles across the continent”. World Bank statements claim that women represent 30% of the industry known as Artisanal and Small-scale Mining, but are often barred from entering the mines and relegated to lower-paying jobs.
Market News
Markets: Yesterday saw US markets closed in positive territory yesterday with the Nasdaq closing 0,72% up, the S&P500 closed 0,40% up and the Dow Jones 0,62% up. in Asia markets this morning, the Nikkei closed a further 2,32% up after big gains on Wednesday at 39829 while the Hang Seng has climbed 4% in early trade this morning, boosted by further stimulus packages released by the Chinese authorities and has broken through the 20000 level, and is currently at 20710.
Currencies: The US Dollar is currently trading softer at 1.113 against the Euro, at 1,337 against the Pound, and at 143,20 against the Yen. The rand continues its form against the dollar and is currently trading at R17.19.
Commodities: Gold has held its ground in early trade today and is currently trading at $2,665, while Platinum has maintained prices above the $1000 level and is currently trading at $1004, in line with Asian market growth expectations. Palladium is currently trading a little softer at $1029. Brent crude prices are flat this morning and is currently trading at $71.22 with WTI trading lower at $67.81 currently.
Other News in Africa Today
Congo Calls for Rwandan Sanction: Congolese President Felix Tshisekedi addressed the UN General Asembly and called on the international community to sanction Rwanda for its role in “destabilizing” his country. Tshisekedi said that “The resurgence of terrorist group M23, supported by Rwanda, has provoked a humanitarian crisis without precedent,”, adding more than 7 million people in the DRC had been internally displaced by the fighting. There are an estimated 3000 Rwandan troops in Congo who are believed to be operating with the M23 rebel group. These militias have been fighting with Congolese national armed forces for over a decade. Tshisekedi called on the UN to “intensify its actions to implement the recommendations” of the global coalition against the Islamic State, of which DRC is a member, and deplored the fact that terrorism “now seems to be taking root in Africa.”. As part of the Congo’s battle against this military action, the East African Court of Justice has started proceedings on a case filed by the Democratic Republic of Congo (DRC) against Rwanda, accusing it of violating its sovereignty and sending troops to support rebel groups in the country’s eastern region.
Ghana Lock-down Planned: A nationwide lockdown is set to be implemented in Ghana this coming Monday (September 30). Civil servants, media and labour unions have called for the action as they intensify their campaign against large illegal mining operations in the country. The illegal mining has resulted in widespread environmental devastation and there are growing demands for urgent government intervention, including calling for a state of emergency to be declared in mining areas and the cancellation of mining licenses. Water shortages are commonplace with illegal mining activities the cause of major water contamination. The Ghana Water Company Limited’s latest report indicated that 60% of the country’s major water bodies have been polluted, and water treatment systems are being overwhelmed by the pollution and turbidity levels.
Sudan Airstrike Targets Rebels: Sudan’s army’s 17-month war with the Rapid Support Forces, took a new turn yesterday when the Sudanese artillery launched a massive airstrike in Sudan’s capital Khartoum on Thursday. This was the largest operation yet since the conflict started in a move aimed to regain strategic ground around the capital. The military push by the army, which lost control of most of the capital at the start of the conflict, came ahead of an address by its commander, General Abdel Fattah al-Burhan, at the United Nations General Assembly in New York.
