Welcome to the African Weekly Roundup, where we bring you the most impactful news, deep-dive analysis and consultancy opportunities from across Africa. Published weekly, you can subscribe today via LinkedIn to stay up to date on African news.
Photo by Balou46 via WikiVoyage
Here’s a snapshot of the key events from this week:
News Highlights
🇿🇼 May 10, 2024 | Zimbabwe to fine businesses not using new official exchange rate: Zimbabwe introduces fines for businesses using exchange rates higher than the official rate of 13.5 ZiG per U.S. dollar to stabilize its new gold-backed currency, the Zimbabwe Gold (ZiG). Any business found violating this regulation will face fines of up to 200,000 ZiG ($14,815), aiming to curb inflation and maintain currency stability. Despite efforts to enforce the ZiG as the official currency, challenges persist as some businesses charge premiums for transactions in the new currency, while informal traders reject its usage. Read more on CNBC.
🇹🇩 May 9, 2024 | Chad’s President Deby wins election against prime minister in heated race: Mahamat Idriss Deby secures a decisive victory in Chad's presidential election, garnering more than 61% of the vote and avoiding a runoff. Nevertheless, the election is overshadowed by allegations of election rigging, violence, and political unrest, as Deby's main rival, Prime Minister Succes Masra, refuses to accept the results and accuses the government of manipulating the outcome. The outcome underscores ongoing challenges to democracy in Chad, raising concerns about the credibility of the electoral process and the stability of the country. Read more on Al Jazeera.
🇪🇬 May 9, 2024 | Egypt's foreign debt rises $3.5 billion in last quarter of 2023: Egypt's foreign debt increased by $3.5 billion in the last quarter of 2023, reaching a total of $168.0 billion, driven by investments in infrastructure, defense, and currency stabilization efforts. This surge in debt, quadrupling since 2015, reflects Egypt's reliance on external financing to support its economic development initiatives, exacerbated by a chronic shortage of foreign currency. The government, facing pressure to stabilize its economy, has sought support from the International Monetary Fund, agreeing to spending cuts on large-scale projects as part of an $8 billion package. Read more on Reuters.
🇩🇿🇫🇷 May 8, 2024 | Algeria’s leader demands justice over French colonial-era wrongdoing: Algeria marked the anniversary of a brutal crackdown by French colonial forces in 1945, contrasting with France's celebration of victory over the Nazis on the same day. President Tebboune demanded justice for the atrocities committed during the colonial era, emphasizing the need for an objective treatment of historical truth and reconciliation efforts between Algeria and France. Despite close ties, historical tensions persist, with Algeria seeking financial reparations and an official apology from France for colonial-era crimes. Read more on AP.
🇹🇬 May 5, 2024 | Togo ruling party wins legislative vote: Togo's ruling party, UNIR, secured a parliamentary majority in the legislative elections following a controversial constitutional reform criticized for potentially extending President Faure Gnassingbé's tenure. Gnassingbé's new role as president of the council of ministers allows him to maintain power after nearly 20 years in office, despite opposition claims of an "institutional coup." The electoral process saw a 61 percent participation rate, but opposition parties have raised concerns about irregularities and the legality of the constitutional changes. Read more on Le Monde.
Analysis
🇺🇬 Uganda crowned best investment destination in Africa | Uganda has been recognized as the top investment destination in Africa at the Annual Investment Meeting (AIM) in Abu Dhabi, UAE. The country's strategies to attract FDI include creating a favorable business environment with reliable infrastructure and tax incentives, contributing over 4% to its GDP. Uganda's economic growth is projected to increase from 5.3% in 2023 to 6.0% in 2024, despite challenges like Western sanctions. Read more on Business Insider Africa.
🇿🇦 Can Jacob Zuma emerge as kingmaker in South Africa’s election? | Jacob Zuma, the divisive former president of South Africa, has aligned himself with the uMkhonto weSizwe (MK) party ahead of the upcoming elections, posing a potential threat to the ruling African National Congress (ANC). While some see Zuma's popularity in his home province of KwaZulu-Natal (KZN) as a chance for him to become a kingmaker in coalition talks, others doubt the extent of his influence outside the ANC. Despite the ANC's declining support and the MK's rise in polls, opinions are divided on whether Zuma's return to power would benefit or harm South Africa. Read more on Al Jazeera.
Opportunities
🇿🇦 South Africa | International Consultant, Change Management Facilitator | United Nations Population Fund (UNFPA)
🇷🇼 Rwanda | EOI - International Consulting Firm to Conduct Full Feasibility Study and Design of Programme for the Creative Industry in Rwanda | African Development Bank Group
🇳🇬 Home based, Nigeria | National Consultant - Private Sector Partnerships, Home Based | UNDP
🇺🇬 Uganda | Consultancy - Inclusion Researcher | Oxford Policy Management
🇰🇪 Kenya | Short-Term Consultancy- Analytical and Operational Support | The World Bank
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