Operators have reported connectivity disruption across Africa after multiple subsea cables had been reported to be damaged off the coast in West Africa.
Subsea cables carry the bulk of connectivity traffic with a small part carried by satellites. Reports of internet connectivity being disrupted came in yesterday (March 14). Internet security company Cloudflare reported Liberia saw disruptions lasting more than 12 hours, while in Gambia and Guinea outages only lasted 30 minutes. In a statement to Developing Telecoms, Orange said the ACE, MainOne Sat 3, and WACS cables had been damaged along the West Coast of Africa. “Major impacts on international connectivity (voice and data) have been observed in several countries, particularly for Orange subsidiaries in the Ivory Coast, Liberia, Burkina Mali and Guinea,” said an Orange spokesperson. The operator said the cause of the outages is unknown at this time, and it is looking to reroute traffic and connect isolated countries through alternative routes. “Several terrestrial links have already been reinforced to improve the situation,” said Orange. Vodacom posted on X (formerly Twitter) that there had been “undersea cable failures between South Africa and Europe” which had affected South African MNOs”. The operator implemented alternative solutions and “normal service has been restored to customers”. Angola Cables detailed in a statement there had indeed been “cable breaks” off the coast of West Africa, specifically in the Ivory Coast. Traffic has been redirected to the SACS cable which connects Angola directly to Brazil, the US and Europe. “Angola Cables has network backup and restoration solutions available through cables that have not been affected by the faults off the Ivory Coast,” the cable company said.
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The world’s largest cocoa producers, Ivory Coast and Ghana, have halted or scaled down processing in major plants amid soaring bean costs, Reuters reported on Thursday, saying the situation has led to a global hike in chocolate prices.
The two West African nations produce nearly 60% of the world’s cocoa. However, both have been struggling with extreme weather changes and cocoa pod diseases for months, according to a report published on Tuesday by the African Export-Import Bank (Afreximbank). Cocoa supplies from the former French colony over the period of October 2023 to February 2024 were down by roughly 39% from the previous year, at 1.04 million metric tons, according to Afreximbank. Ghana’s exports dropped by about 35% to 341,000 metric tons between September 2023 and January 2024. Benchmark cocoa futures for March delivery on the Intercontinental Exchange (ICE) in New York rose above $6,000 per metric ton last Friday before easing to around $5,880 per ton, still exceeding the previous record high of $5,379 set in 1977. Bean prices are expected to rise further due to the threat to the global supply posed by the weather phenomenon El Nino, which caused droughts in West Africa in the third quarter of 2023 and is expected to last until April, industry analysts have warned. “We need massive demand destruction to catch up with the supply destruction,” Reuters quoted Steve Wateridge, director of Tropical Research Services, as saying. State-owned cocoa processor Transcao, which is one of Ivory Coast’s nine plants, said it is unable to purchase beans at current prices and is relying on existing stock. Global trader Cargill has also struggled to source beans for its major processing plant in Ivory Coast, shutting down operations for about a week last month, anonymous sources told Reuters. Ghana, the world’s second-largest cocoa grower, has seen the majority of its eight plants, including the state-owned Cocoa Processing Company (CPC), repeatedly suspend operations for weeks since last October, the news agency reported. CPC has said it is only operating at about 20% capacity due to the shortage. Last week, Michele Buck, CEO of American candy giant Hershey and one of the world’s largest chocolate manufacturers, predicted that “historic cocoa prices” will limit earnings growth in 2024, resulting in product price increases. Serie A side Juventus's French midfielder Paul Pogba was banned for four years by Italy's anti-doping court on Thursday. The disciplinary action came after the World Cup winner tested positive for testosterone.
Paul Pogba's positive test was announced in September, stemming from an exam that was carried out after Juventus' game at Udinese on August 20. Pogba opted not to make a plea bargain with Italy's anti-doping agency and so the case was tried before the country's anti-doping court. A person with direct knowledge of the case confirmed the verdict to The Associated Press on condition of anonymity because the sentence was not made public due to Italy's privacy laws. Pogba could appeal the decision to the Swiss-based Court of Arbitration for Sport. The sentence could end Pogba's career, as the France international turns 31 next month. Four-year bans are standard under the World Anti-Doping Code but can be reduced in cases where an athlete can prove their doping was not intentional, if the positive test was a result of contamination or if they provide substantial assistance to help investigators. Pogba rejoined Juventus from Manchester United in 2022 but struggled with injuries, playing in only six Serie A matches for Juventus last season and two this season. He was ruled out of France's run to the World Cup final that year due to a knee injury. Pogba helped France win the previous World Cup, scoring in the 4-2 win over Croatia in the final. He played in 178 matches for Juventus from 2012-16. Vladimir Putin reportedly ordered Yevgeny Prigozhin's demise last year — and he's now trying to do the same to his mercenary group.
Since Prigozhin's plane crashed last August, many have pondered the fate of the Wagner paramilitary organization without its leader. In the hours after Wagner's short-lived mutiny last June, the Kremlin began privately reassuring African and Middle Eastern governments that Russia would take full control of Prigozhin's global empire. Prigozhin crossed Africa in a frantic attempt to protect his global business empire, before his untimely demise. Six months after his death, experts say Wagner's days operating anywhere in the world could be numbered. Sergey Sukhankin, a senior fellow at the Jamestown Foundation, said there is no doubt that the Wagner Group has become "marginalized" and "de facto" subordinated to Russia's defense ministry following Prighozhin's death. "The fighters will do what they are told" by the ministry, he told BI. Wagner is shrinking in Ukraine In the months since Prigozhin's death, intelligence reports have offered clues about the Kremlin's efforts to take over his organization, which had been a major player in the war in Ukraine and also operated elsewhere. Former Wagner fighters have been absorbed into Russia's national guard, also known as Rosgvardia, according to a report by the UK government this month. Three former Wagner assault detachments are being integrated into its first Volunteer Corps formation with the likely goal of deploying them to Ukraine and Africa, the UK said. Another update last week said Wagner's plan to establish a new headquarters near a Russian barracks is likely a sign of its subordination. And Russia's efforts aren't stopping there. Russia is taking over Wagner's mercenaries in Africa The military formation has been actively recruiting former Wagner Group mercenaries and soldiers who fought in Ukraine for combat operations in Africa. In a Telegram post last week, it promised an unspecified "high monetary" allowance, payments in foreign currency, service under "competent commanders" with extensive combat experience, and medical care and social benefits. Fighters joining the new group is likely a sign of diminishing allegiance to Prigozhin's paramilitary organization, according to Raphael Parens, a fellow in the Foreign Policy Research Institute's Eurasia Program and an international security researcher specializing in small armed groups. "Wagner fighters likely have little loyalty to the company itself after Prigozhin's demise and would be willing to fight for whichever Kremlin-backed organization that exists in Africa," Parens told BI. "These mercenaries care about the bottom line rather than an ideological alignment with Prigozhin," he said. The Kremlin is likely using the Africa Corps to take over many of the functions of the Wagner Group, Parens added. However, it's unclear how successful Russia's efforts will be: "Prigozhin relied heavily on personal connections and a variety of shell corporations, which may be difficult for a state government to control," he said. Instead of being another attempt by Russia to subordinate Wagner, Sukhankin said its recruitment of Wagner fighters is about "making the best of professional mercenaries familiar with the African environment." Ukraine and Western allies may be trying to stop Russia Alessandro Arduino, the author of "Money for Mayhem: Mercenaries, Private Military Companies, Drones, and the Future of War," said the Wagner Group could either fall under Russia's control or split into smaller, heavily armed groups serving local warlords. "Regardless, in Africa, the perception that Wagner or the new creation Africa Corp is protecting territorial integrity against militant forces is on the rise," he told BI. Last week, in a video obtained by the Kyiv Post, Ukrainian special forces were shown interrogating captured Wagner mercenaries in Sudan. The undated video shows one soldier confessing to being part of a Wagner mercenary outfit sent to Sudan to overthrow the local government, per the outlet. According to Parens, the presence of Ukrainian special forces in Africa highlights that Ukraine is competing with Russia in a new area. "This signals the Ukrainian government's willingness to fight and defeat Russian forces via attrition regardless of their location," he said. Sukhankin suggested that the operation may be part of "some sort of tacit agreement" between Western allies and Ukraine to battle Russian mercenaries in Africa in exchange for certain military backing for Ukraine in its war against Russia. "Ukrainian special services have acquired considerable experience of waging non-linear warfare against the Russian side and especially against the Wagner Group," he said. "This is something the West does not have." In Sukhankin's view, this makes Ukrainians "the best option — both in terms of effectiveness/efficiency and cost-benefit basis — in confronting Russian mercenaries in Africa." The fate of the Wagner Group, it seems, still hangs in the balance.
Cocoa prices have roughly doubled since the start of last year. Experts attribute the spike to poor crops in Cote d’Ivoire and Ghana, the countries together responsible for two-thirds of the world’s cocoa beans. Both countries have been struggling with extreme weather changes and cocoa pod diseases for months. Shipments of cocoa from Cote d’Ivoire were down by roughly 39% from the previous year over the period of October 2023 to February 2024, at 1.04 million metric tons, Euronews reported. Exports from Ghana also plunged by some 35% to 341,000 metric tons during the period of September 2023 through January 2024. A Reuters cocoa poll last week projected the global cocoa bean deficit reaching 375,000 tons in the current agricultural season. Industry analysts note that bean costs are likely to keep growing due to the threat to global supply posed by the weather phenomenon El Nino, which caused draughts in West Africa during the third quarter of 2023, and is expected to continue at least until April.
Chocolate manufacturers have been warning that rising cocoa bean costs may force them to pass on the changes to consumers. On an earnings call on Thursday, the CEO of US candy giant Hershey, Michele Buck, said she expects “historic cocoa prices” to limit earnings growth in 2024 and translate into price rises on products. “We will be using every tool in our toolbox, including pricing, as a way to manage the business,” Buck stated. The company Mondelez, the owner of candy maker Cadbury, last month also warned that it would be hiking prices as a “last resort” to manage costs. Earlier this week, the head of the European Cocoa Association, Paul Davis, warned that the global cocoa market is likely to remain tight for another 18 months to three years. “We’ve got headwinds all over the place at the moment. Very expensive fertilizers, tough conditions for farmers, tough conditions for consumers… We are in a very tight balance. There is no cavalry that’s coming to the rescue,” he stated, as cited by the Business Insider. British insurance company Lloyd’s of London said it is “deeply sorry” for its strong links to the transatlantic slave trade and will now commit around £52 million ($63.8 million) to a program of initiatives as reparation for its past wrongdoings.
Lloyd’s, which began operating in 1688 as the trade in humans flourished, will invest £40 million ($49.1 million) in slave trade-affected regions and spend around £12 million ($14.7 million) on a diversity program to boost the recruitment of black and ethnic-minority employees in the commercial insurance market, as well as bursaries for black students to study in the UK. “We’re deeply sorry for this period of our history and the enormous suffering caused to individuals and communities both then and today,” Bruce Carnegie-Brown, Chairman of Lloyd’s said in a statement on Wednesday. The move comes after independent research discovered that the 335-year-old insurance market played a “significant role” in facilitating the 300-year transatlantic slave trade, labeled by the UN the largest forced migration in history. More than two million Africans were estimated to have died en route from their countries to the Americas, where slaves were used for forced labor between the years 1500 and 1800. Research published this month by Black Beyond Data, based at Johns Hopkins University, found Lloyd’s insured the largest slave-ship owners in the early 1800s and also facilitated relationships between slave-ship captains, ship owners, and insurance underwriters. According to the findings of the Mellon Foundation-funded investigation, the organization also actively protested the abolition of the slave trade across the British Empire in 1807. The Black Beyond Data team examined material from Lloyd’s archive, including ledgers where insurers recorded policies for ships leaving Liverpool as part of the trade, according to Alexandre White, assistant professor at Johns Hopkins University. The firm apologized in 2020 for its historical ties to the slave trade and authorized the independent report, over which it claimed it had no editorial control. In response to the findings, the British firm said on Wednesday that, while it cannot undo the past, its current interventions will address the vestiges of the trade, including inequalities. “We’re resolved to take action by addressing the inequalities still seen and experienced by Black and ethnically diverse individuals: which is why we’ve launched Inclusive Futures, a comprehensive programme of initiatives to help these individuals and communities progress from the classroom to the boardroom,” Bruce Carnegie-Brown said. The move is “completely inadequate,” according to Kehinde Andrews, Professor of Black Studies at the University of Birmingham, who has criticized Lloyd’s of “reparations washing.” “This is PR: giving an apology, making some commitments, but this is not serious. You’re talking about massive amounts of wealth that they owe back to people,” The Guardian quoted Andrews as saying. The professor has been quoted by the BBC as saying “If they were serious they would be proposing a transfer of wealth to the descendants of the enslaved, not a diversity scheme for so called ‘ethnically diverse’ people.” Llloyd’s of London declared a mid-year 2023 profit of about $4.8 billion (£3.9 billion). In the vast landscape of music, certain artists possess a rare ability to transcend generations, captivating listeners with their timeless melodies and indelible charisma. Among these luminaries, Sade Adu, simply known as Sade, stands as a paragon of enduring elegance and musical brilliance. With a career spanning over four decades, Sade has woven an enchanting tapestry of sultry, soulful tunes that have left an indelible mark on the world of music.
Born on January 16, 1959, in Ibadan, Nigeria, Sade Adu's journey to international stardom is a tale of determination, talent, and unwavering passion. Raised in both Nigeria and Essex, England, Sade's multicultural upbringing would later influence her unique musical style. Her father's Nigerian heritage and her mother's English roots offered her a rich cultural palette to draw upon in her music. Sade's journey into the world of music began in the early 1980s when she joined a London-based Latin-funk band called "Pride." This initial foray into the music industry laid the foundation for her career as she began to hone her craft and develop her distinct vocal style. Soon, she formed the band "Sade" along with Stuart Matthewman, Paul Denman, and Andrew Hale. This partnership marked the inception of something truly special. In 1984, Sade's debut album, "Diamond Life," was released to critical acclaim. The album's fusion of jazz, soul, and pop elements, coupled with Sade's smoky and velvety vocals, struck a chord with audiences worldwide. The single "Smooth Operator" became a massive hit and catapulted Sade to international stardom. Her ability to blend genres seamlessly and convey deep emotions through her music set her apart as a singular talent. Throughout the 1980s and '90s, Sade continued to release a series of successful albums, including "Promise" (1985), "Stronger Than Pride" (1988), and "Love Deluxe" (1992). Each of these albums showcased her ability to craft beautifully melancholic ballads and catchy, upbeat tracks with equal finesse. Sade's lyrics often explored themes of love, heartache, and resilience, resonating with listeners on a deeply emotional level. What sets Sade apart is not just her exceptional vocal talent but her mysterious aura and penchant for privacy. She has consistently shielded her personal life from the prying eyes of the media, focusing instead on her music. This enigmatic quality has only added to her allure, allowing her music to speak volumes on her behalf. Sade's influence extends far beyond the boundaries of her chart-topping albums. Her contributions to film soundtracks, such as "Your Love Is King" in "The Last King of Scotland" and "No Ordinary Love" in "Indecent Proposal," have further cemented her status as a musical icon. Her songs have also been sampled by numerous artists, attesting to her enduring impact on the industry. After a hiatus in the early 2000s, Sade returned to the music scene with "Lovers Rock" (2000) and "Soldier of Love" (2010), both of which garnered widespread acclaim. These albums showcased her ability to evolve while staying true to her signature style, proving that she remained as relevant and captivating as ever. Sade's accolades are as numerous as they are well-deserved. She has earned four Grammy Awards, including Best New Artist in 1986, and she continues to fill concert halls around the world with adoring fans eager to hear her perform live. In conclusion, Sade's life and career represent a remarkable journey through the annals of music history. Her ability to create music that transcends time, genre, and cultural boundaries is a testament to her artistic genius. With a voice that can soothe the soul and lyrics that touch the heart, Sade Adu has earned her place as an enduring icon in the world of music, leaving an indelible mark on generations of listeners who continue to be captivated by her enchanting melodies and timeless elegance. One of the leaders of last week’s coup in Niger has reportedly sought the assistance of Russian defense contractor Wagner Group PMC as the junta nears a deadline to either return the ousted president to power or face a possible military intervention by neighboring states.
General Salifou Moody allegedly made the request during a visit to Mali, where he met with a Wagner representative, the Associated Press reported on Saturday, citing French journalist Wassim Nasr, a senior research fellow at the Soufan Center. The meeting was first reported by France 24, and Nasr said he had confirmed the talks with a French diplomat and three people familiar with the matter in Mali. “They need (Wagner) because they will become their guarantee to hold onto power,” Nasr told AP, claiming that Wagner is considering the request. Neither Wagner nor Russian government officials have commented on the junta’s alleged request for help from the contractor. The Kremlin said on Friday that any interference in Niger from powers outside the region would be unlikely to improve the situation. “We continue to favor a swift return to constitutional normality without endangering human lives,” Kremlin spokesman Dmitry Peskov told reporters. Wagner chief Yevgeny Prigozhin has called the coup a “justified rebellion of the people against Western exploitation.” The Economic Community of West African States (ECOWAS) has threatened to send troops into Niger if the coup leaders don’t return President Mohamed Bazoum to power by Sunday. Bazoum has been under house arrest since his ouster and has asked the US “and the entire international community” to restore his government. The militaries of several ECOWAS members, including Nigeria, have agreed on a plan for their intervention in Niger. Wagner has become a major player in the African security landscape, though it’s unclear how its influence on the continent stands after its mutiny against Moscow in June. Russian Foreign Minister Sergey Lavrov has said that the future of the contracts Wagner signed with various African countries is a matter for those client governments to decide. The firm’s troops have reportedly operated in such countries as Mali, Burkina Faso, Sudan, Mozambique and the Central African Republic. Mali and Burkina Faso are among the ECOWAS member states that have sided with the Niger junta following the coup. Bazoum accused the two neighbors of employing “criminal Russian mercenaries.” African Freedom Institute President Franklin Nyamsi warned in an RT interview on Thursday that if ECOWAS carried out its threat to send troops into Niger, it would be seen as a declaration of war on the junta’s allies, including Mali and Burkina Faso. Such a conflict could escalate dramatically as the warring factions seek help from the world’s leading military powers, he said, adding, “We are now at the door of a world African war.” Going green and adopting environmentally friendly practices are important steps towards sustainability and mitigating climate change. However, it is true that some aspects of going green can have potential toxic costs. Here are a few examples:
It is crucial to acknowledge these toxic costs and strive for sustainable solutions that minimize or eliminate such risks. Constant research and development are essential to improve the environmental performance of green technologies and ensure that they are produced and disposed of responsibly. As I sat with my family watching the first half of France vs Morocco, a chant from Moroccan fans rumbled through the stadium.
“Are they saying ‘La ilaha il Allah’?” I asked my husband. “No way – but it sure sounds like it.” They were, in fact, repeating the first half of the Muslim declaration of faith, “There is no God but God,” and a few claps later, the second half: “Muhammad is the messenger of God.” A sort of collective rallying cry to both uplift spirits and express pride in Islam’s central creed among fellow believers. Our scepticism clearly had not caught up with the mesmerising spectacle that was the Atlas Lions. It was the winning streak that at least in this region, we could not look away from – the deeply satisfying underdog narrative of this World Cup, most deliciously for Arabs, Africans, the diaspora in the West, and Muslims collectively, rejoicing at an authentic representation of their lived faith and values on display in the most celebratory way. When some of the players showed the world just how much they love their mothers, many Muslims joked that it was only due to the “mother’s ‘dua’ [prayer]” that they were still hanging on. Others commented that their against-all-odds victories – against Belgium, Spain, Portugal – were a case of feeling more at home at the first World Cup in the Middle East, being in their neck of the woods (or the closest thing to it), and the energy of the fans, that propelled them to keep on keeping on. No one could deny the electrifying Moroccan fandom that to an outsider seemed to pop up in Qatar overnight. And that is the thing about this story in particular – it was as much about the fans as it was about the players. When Morocco beat Portugal last week, a colleague turned to me and asked an important editorial question: “So, the first African team to make it to the semis, or the first Arab team?” My answer did not skip a beat. “Both. All of it. And then some. Their win means whatever you want it to mean, for you.” We decided right there and then that our coverage would not delve into the very real identity ping-pong taking place over who gets to claim Morocco. It is not that these debates are not valid; it is that we simply chose to lean into a moment swirling in optimism and unity. We also chose a different conversation to spotlight: the power of football as a force for social change. I spoke to a few people who were merely supporting Morocco in solidarity with the Palestinian cause, as players and fans regularly waved the Palestinian flag. For them, the following message about Palestinians was enough: “They exist. Their struggle is real and felt beyond their homes. They will not be erased.” It is so much bigger than football. And the ability of the Atlas Lions to connect so many people from different backgrounds around a common desire to believe in miracles, shift the game when no one saw it coming, in a region ignored by football’s big guns (until now) – was a story worth telling, and one the world needed, however fleeting. Ghana’s government is working on a new policy to buy oil products with gold rather than US dollar reserves, Vice President Mahamudu Bawumia has said on Facebook. The move, announced on Thursday, is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs. Ghana’s Gross International Reserves stood at around $6.6bn at the end of September 2022, equating to less than three months of imports cover. That is down from around $9.7bn at the end of last year, according to the government. If implemented as planned for the first quarter of 2023, the new policy “will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency”, Bawumia said.
Using gold would prevent the exchange rate from directly impacting fuel or utility prices as domestic sellers would no longer need foreign exchange to import oil products, he explained. “The barter of gold for oil represents a major structural change,” he added. The proposed policy is uncommon. While countries sometimes trade oil for other goods or commodities, such deals typically involve an oil-producing nation receiving non-oil goods rather than the opposite. Ghana produces crude oil, but it has relied on imports for refined oil products since its only refinery shut down after an explosion in 2017. Bawumia’s announcement was posted as Finance Minister Ken Ofori-Atta announced measures to cut spending and boost revenues in a bid to tackle a spiralling debt crisis. In a 2023 budget presentation to parliament on Thursday, Ofori-Atta warned that the West African nation was at high risk of debt distress and that the cedi’s depreciation was seriously affecting Ghana’s ability to manage its public debt. The government is negotiating a relief package with the International Monetary Fund as the cocoa, gold and oil-producing nation faces its worst economic crisis in a generation. These are fraught times for the cryptocurrency and blockchain sector, so it isn’t surprising that industry proponents might seize upon any promising news to help charge flagging markets. A Reuters report out of Uganda last week about a massive gold ore discovery supplied just this kind of fuel. What does the state of gold mining in Africa have to do with the price of global Bitcoin (BTC)? Quite a bit, potentially. Bitcoin has periodically laid claim to being digital gold largely on the strength of its strict 21 million supply limit, which makes it non-inflationary and a good store of value — in theory. Gold, of course, is the store of value par excellence, with a limited supply and a solid track record that goes back millennia. But, if Uganda is sitting on 31 million metric tons of gold ore, as the government declared, might not that substantially boost the world’s gold supply? That in turn could lower the price of gold — and make it a less secure “store of value” generally. Gold’s loss could be the cryptocurrency’s gain. Some drew encouragement from this notion. MicroStrategy CEO Michael Saylor, for instance, posted a video on Twitter about the Ugandan discovery of “huge gold deposits” which might net 320,158 metric tons of refined gold “valued at $12.8 trillion.” As Saylor noted on June 17: “#Gold is plentiful. #Bitcoin is scarce," further telling CNBC: “Every commodity in the world has looked good in a hyperinflationary environment, but the dirty secret is you can make more oil, you can make more silver, you can make more gold. […] Bitcoin’s the only thing that looks like a commodity that is scarce and capped.” But, perhaps there is less here than meets the eye. The 320,158 metric tons of refined gold that the Ugandan mining ministry spokesman said could be produced from the new deposits in the country’s north-eastern corner would far exceed the 200,000 metric tons in above-ground gold that exist in the entire world today. One gold mining trade publication went so far as to suggest the Ugandan government may have been confusing metric tons with ounces in its projections.
On June 21, Malawi’s President Lazarus Chakwera fired the country’s chief of police, suspended several senior government officials and also took the extraordinary step of stripping his deputy, Saulos Chilima, of all powers after they were accused of receiving kickbacks from UK-based businessman Zuneth Sattar in exchange for government contracts worth more than $150m. While Chilima is the highest-ranking official in Malawi to be removed from power over alleged corruption to date, few were shocked by the accusations. After all, it was only in January that Chakwera had to dissolve the country’s cabinet after three prominent ministers – Lands Minister Kezzie Msukwa, Labour Minister Ken Kandodo and Energy Minister Newton Kambala – faced corruption charges.
Sadly, a corruption pandemic is raging in Malawi – and on the rest of the continent. Indeed, from Malawi to South Africa and Zimbabwe, from Angola to Mozambique and Namibia, in countries across Africa high-ranking civil servants and their relatives, in cahoots with industry and business leaders, seem to have long been shamelessly stealing from the long-suffering masses. South Africa, for instance, has recently been rocked by allegations that former President Jacob Zuma and a plethora of former ministers and CEOs of state-owned companies systematically planned and executed state capture to aid the wealthy Gupta family and line their pockets. On June 22, South Africa’s Chief Justice Raymond Zondo released the final instalment of the Judicial Commission of Inquiry into State Capture and found that the ruling African National Congress party, under Zuma, “permitted, supported and enabled corruption and state capture”. He also criticised current President Cyril Ramaphosa, who served as vice president under Zuma, for hesitating “to act with more urgency” to resist the emergence and establishment of state capture. Beyond the Gupta scandal, South Africa is battling to recover millions of dollars it lost through dodgy contracts linked to the nationwide campaign to combat the COVID-19 pandemic in 2020. In Zimbabwe, Kudakwashe Tagwirei, a businessman allied to President Emmerson Mnangagwa, stands accused of amassing $90m through a shady central bank deal. In Mozambique, ex-President Armando Guebuza’s son, Ndambi, former Finance Minister Manuel Chang, and several other senior governing party members stand accused of participating in the disappearance of loans – taken out to finance maritime surveillance, fishing, and shipyard projects – worth $2.2bn. In Namibia, former Fisheries Minister Bernhardt Esau and former Justice Minister Sacky Shanghala stand accused of taking bribes worth millions of dollars from an Icelandic fishing company. In Angola, Isabel dos Santos, the daughter of Angola’s former President José Eduardo dos Santos, is being accused of making billions of dollars through illicit activities. Zimbabwe is set to introduce gold coins that will enable investors to store value within the country as inflation spirals out of control and the local currency continues to rapidly devalue against major currencies. The move comes after inflation for June jumped to 191.6% from 132% in May. In a statement on Monday, the southern African country’s central bank chief John Mangudya announced the new gold coins would be available through normal banking institutions.
“The Reserve Bank of Zimbabwe’s Monetary Policy Committee (MPC) resolved to introduce gold coins into the market as an instrument that will enable investors to store value,” Mangudya said. “The gold coins will be minted by Fidelity Gold Refineries (Private) Limited and will be sold to the public through normal banking channels.” Fidelity Gold Refineries (Private) Limited is the sole gold buying entity and refining entity in the country and is owned by the central bank. The central bank’s monetary policy committee expressed “great concern on the recent rise in inflation”, which increased by 30.7% on a month-on-month basis for June 2022. Authorities are struggling to pull Zimbabwe from the grips of an economic crisis characterised by high inflation, a rapidly devaluing local currency, 90 percent unemployment and declining manufacturing output. The country’s inflation has been on an upward trend in the past three months as inflation pressures rise, driven by the continued weakening of the Zimbabwean dollar which is trading at $1:650 on the black market. The printing of new money by the central bank has also worsened the situation, reversing gains made in the past two years that saw inflation decrease from a peak of 800 percent in 2020 to 60 percent in January this year. As part of measures to stabilise the economy, the central bank will more than triple the lending rate from 80 percent to 200 percent per annum and raise the interest rate from 50 percent to 100 percent per annum. Hours after becoming the first Black African rider to win a Grand Tour stage, Eritrea's Biniam Girmay has been forced to abandon the Giro d'Italia after suffering an eye injury during the podium celebrations. The 22-year-old claimed stage 10 with an impressive sprint, his celebrations were brought to a premature end by a cork. The Intermarche-Wanty-Gobert rider appeared to be struck in the left eye while attempting to uncork a bottle of prosecco on the podium, following which he was taken for a hospital check-up. He later returned to the team hotel and was resting after his medical check, but this morning it was confirmed he will take no further part in the race as a precautionary measure. "Today I didn't start the race because of my eye. I need some rest to give more power to the eye," he said in a statement. "Yesterday when I arrived after the hospital, at a bad moment, I enjoyed a bit with my teammates and staff and everyone. I'm also happy now. I was a bit sad about what happened with the champagne but when I came back in hotel they were super happy. "They were a bit afraid, but when it looked ok, I really enjoyed it, I'm happy."Team doctor Piet Daneels said: "Following an incident on the podium, medical examinations revealed a hemorrhage in the anterior chamber of the left eye of Biniam Girmay. His injury is evolving in the right direction and will be followed up by a medical team in the next days." The 22-year-old had recovered from nearly missing a left turn with just over 6 km to go and fended off Mathieu van der Poel to win the 196-km ride from the coastal town of Pescara to Jesi.
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