Democratic Republic of Congo: Latest News
Dana Sanchez, 5:23 pm
DRC responds to illegal rebel activities such as smuggling and poaching, but little is done to stop the illegal charcoal trade deforesting Virunga, Africa’s oldest national park. Millions of households depend on charcoal as their main fuel source. Any efforts to end the illegal charcoal trade and save the forests must be backed by alternative fuels. The carbon-intensive systems now driving economic growth have taken the world to an environmental tipping point. Africa is being asked to lead the transition to avert a disaster.
Dana Sanchez, 7:46 pm
Goodluck Jonathan seems to have met the criteria for the Mo Ibrahim $5 million prize. He was democratically elected, served a constitutionally mandated term, and “demonstrated exceptional leadership,” according to a local media outlet. Ibrahim had some tough words for African leaders. “Excellence is excellence,” he said. He criticized leaders who crack down on gays instead of focusing on issues, like Kenyatta in Kenya, where gay sex is a crime. “Don’t tell people whom they should love,” he said.
Keren Mikva, 11:44 am
The Tutsi are often associated with the horrific events of the 1994 Rwandan genocide, known officially as the genocide against the Tutsi. The richness and diversity of Tutsi culture is less well known. The Tutsi and Hutu people were mainly friendly until European colonization. The Tutsi dominated the region beginning in the 14th century, but established friendly relations with the Hutu in feudal relationships owing to their vast cattle herds and warfare knowledge. With the colonial period in the late 1800s, favorable treatment of one group over another intensified animosities.
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.
- Real Estate