Democratic Republic of Congo: Latest News
Kevin Mwanza, 7:03 am
Rwanda does not have any known oil or gas deposits, but the tiny landlocked East African nation has just passed its national petroleum law that will guide investments and exploration in oil. Located in the middle of Kenya, Uganda, Tanzania and the Democratic Republic of Congo (DRC), all of which have discovered oil or gas in the last few years, there is a high likelihood that Rwanda too could also be holding some undiscovered deposits.
Dana Sanchez, 8:50 pm
Ghana is the world’s No. 2 cocoa producer. The country issued its first Eurobond in 2007, successfully raising $750 million at a coupon rate 8.5 percent. Now the government needs the cash to retire it — it matures in 2017. A second Eurobond followed with another $750 million in 2013, while 2014 and 2015 each saw another $1 billion added to the debt. “Ghana is already in the market…So we have to think about the way to pay for the debts,” the finance minister said.
Staff, 12:01 am
U.S. professional boxer Muhammad Ali died June 3 at the age of 74. One of his greatest boxing bouts was in Africa. In 1974, Ali was in DRC to challenge George Foreman. The fight was famously named “Rumble in the Jungle.” At a three-day music festival — “Zaire ‘74″ Ali celebration the shared heritage between black Americans forcibly removed from Africa and native Africans who remained on the continent. It was, as promoter Don King put it, “a family gathering, a welcoming back home.”
Dana Sanchez, 4:17 pm
South Africa lost its spot as No. 1 economy in Africa to Nigeria in 2014, and its No. 2 spot to Egypt in 2016. So who has best shot next at bypassing the South African economy? These are 21 of the International Monetary Fund’s top performing economies in Africa based on gross domestic product. You’ll be surprised who’s absent from this list: Rwanda.
Dana Sanchez, 3:29 pm
As of 2016, Mauritius has the highest per capita GDP in Africa, with 5.7 percent growth predicted in 2016-2017. Its stock exchange is widely regarded as one of the best in Africa for a country of 1.2 million. There’s an entire business strategy known as “the Mauritius Route” used by investors as a conduit to connect them to Indian markets. In fact, 39.6 percent of foreign direct investment to India between 2001 and 2011 made its way via Mauritius. However, this money does not pass through Mauritius in a vacuum.
Dana Sanchez, 6:02 pm
Intra-African trade is a key driver for economic growth, and represents just a fraction of Africa’s total trade in the past decade — mainly because of the growing shortfall in infrastructure development, said Mara Group Founder, Ashish Thakkar. The venture unites three businesses committed to Africa with infrastructure expertise, said Jay Ireland, CEO of GE Africa.
Dana Sanchez, 2:38 pm
In the last five years, fishing grounds have been the site of intensifying border disputes between Uganda and DRC. Each side has detained soldiers and security officers from the other. This is the first fatal exchange between security officers. The two countries share a border on Lake Albert that is not clearly marked. A DRC spokesman said the exchange of fire between the forces of two friendly countries was regrettable. Uganda is calling it an ambush. Major oil reserves have been found in the Lake Albert basin — possibly the largest onshore oil field in sub-Sahara.
Kevin Mwanza, 10:42 am
The Chinese government has signed a deal with Sudan, an African country with questionable human rights history, to help it build a nuclear power plant for “peaceful use”, Xinhua reported on Tuesday. This will be the first nuclear energy station for Sudan that could help the North-Eastern African nation meet its growing energy need, while China steps towards increasing its technological footprint on the continent.
Kevin Mwanza, 4:38 am
A majority of Africa’s most powerful militaries ranked by the latest report by Global Fire Power (GFP) are from the northern part of the continent indicating increased spending in the region after the Arab Spring of 2011. The report shows that six out of the top 12 countries on the continent surveyed are from North Africa. Egypt and Algeria maintained their position at the top the chart of 30 African countries included in the index.
Dana Sanchez, 11:31 am
SA authorities pursued nine Chinese fishing vessels over the weekend in marine protected waters, detained one, then on Monday welcomed a Chinese destroyer to the Simon’s Town naval base for a friendly four-day visit. “It is going to be interesting to see how this is explained away,” said an online commentator. The Chinese fishing fleet makes headlines in many parts of the world. Their activities are designed to stay below the threshold of conflict, but gradually assert claims that other countries dispute, said a U.S. defense official.
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