South Africa: No Arms Shipment to Russia, Rand Hits Record Low
The Minister of South Africa’s National Conventional Arms Control Committee, Mr. Mondli Gungubele has denied approving any shipment of arms to Russia, stating that no such request has been received. Meanwhile, the South African rand continues to hit record lows, with JPMorgan predicting a decline in the country’s GDP in 2023, citing deeper power cuts as the reason for the decline.
Sudan: Exports Halt and Fighting Continues
Sudan has been facing a widening humanitarian crisis as its export of goods grinds to a halt. Despite meetings between warring factions that led to an agreement to protect civilians and the movement of humanitarian aid, fighting continues in the country. There has been no agreement on a ceasefire yet.
Mali: Troops and Foreign Forces Executed 500 People in Village in 2022
A latest report from the U.N. Human Rights Office revealed that Malian troops and unidentified foreign military personnel likely executed at least 500 people during a five-day operation in the village of Moura in central Mali in March 2022. This raises concern about the country’s human rights record, particularly in light of the ongoing coup crisis with political implications.
Kenya: Manufacturers and Oil Importers Demand FX, Denial of Bail for Suspected Death Cult Leader
The Kenyan shilling continues to slide on account of the high demand for foreign exchange by manufacturers and oil importers. At the same time, a court in the country has denied bail to a suspected death cult leader, who is alleged to have killed several people in a ritualistic manner.
Advisory Firm Ankura Acquires Newstate Partners
Advisory and forensic accounting firm Ankura Consulting has acquired sovereign restructuring advisory Newstate Partners amidst growing demand from governments amid economic uncertainty.
IMF Staff Reaches Agreement with Senegal on $1.9 Billion Funding Package
IMF staff and Senegal have reached an agreement on a $1.9 billion funding package to help the country manage its debts and foster economic growth. The funding is expected to support projects that will benefit the country and help it to meet its development goals.
Global Markets and Commodities
The U.S. dollar continues to gain, with traders betting on a possible pause by the Federal Reserve. Meanwhile, oil prices have fallen for the fourth week in a row on the back of fears of reduced demand. AngloGold Ashanti, a mining company, has announced plans to shift its primary listing to the New York Stock Exchange.
In conclusion, Africa continues to face numerous political, economic and social challenges, particularly as many countries grapple with ongoing conflicts and instability. The role of international organizations such as the IMF remains pivotal in providing support to many of these countries as they navigate through uncertainties and strive for economic growth.
African Boulevard News – (2023-05-12)