Victor Oluwole

<ul><li>Moniepoint Inc. raises US$110 million in equity financing</li><li>Series C investment led by Development Partners International's African Development Partners (ADP) III fund</li><li>New investors include Google's Africa Investment Fund and Verod Capital</li></ul>

Founded in 2015 by <a href="https://africa.businessinsider.com/local/leaders/exclusive-from-creating-his-own-toys-to-creating-africas-second-fastest-growing/j7nmxph">Tosin Eniolorunda</a> and Felix Ike, Moniepoint (formerly known as TeamApt) which initially focused on providing infrastructure and payment solutions for banks and financial institutions, has grown into Nigeria's leading business banking provider, trusted by millions of businesses.

The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa.

Other new investors include Google’s Africa Investment Fund and Verod Capital - a leading African private equity firm. Global impact firm, Lightrock, an existing investor, also participated in the funding round.

READ ALSO: <a href="https://africa.businessinsider.com/local/markets/challenges-faced-by-women-entrepreneurs-in-nigeria/tvy6fvb">Women-owned businesses in Nigeria repay loans faster than men, according to new report</a>

The capital raised will be used to accelerate <a href="https://africa.businessinsider.com/local/markets/africas-fastest-growing-companies-2023-a-look-at-the-top-100-companies/tqz4nlr">Moniepoint’s growth across Africa</a>, building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.

Moniepoint's exceptional contributions to Nigeria’s financial services sector has been widely acknowledged alongside an enviable track record of serving customers across Africa.

Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding US$17 billion—all while operating profitably.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said: “Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible. We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.”

In this latest capital raise - DPI, Google’s Africa Investment Fund, and Verod join existing blue-chip investors in Moniepoint such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.

L-R: Tosin Eniolorunda, Co-founder/CEO Moniepoint Inc.; Felix Ike, Co-founder/CTO Moniepoint Inc.

Moniepoint Inc has successfully raised US$110 million in equity financing, to power the dreams of millions of businesses and their customers across Africa and the diaspora.

Moniepoint reaches African unicorn status with $110 million funding boost

The news was disclosed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, after a meeting between President Bola Tinubu and senior executives of the soft drinks maker on Thursday.

According to the statement signed by the Special Adviser to the President on Information and Strategy, President Tinubu met John Murphy, president and chief financial officer of Coca‑Cola, Zoran Bogdanovic, CEO of Coca-Cola HBC – one of Coca-Cola’s many bottlers worldwide – and several other company officials.

President Bola Tinubu receives Chief Executive Officer of Coca-Cola Hellenic Bottling Company, Mr Zoran Bogdanovic and President, Coca-Cola Company, Mr John Murphy, at Presidential Villa Abuja on Thursday [Presidency]

In the meeting, they discussed robust plans to <a href="https://africa.businessinsider.com/local/markets/nigerias-financial-sector-records-growth-despite-the-countrys-struggles/88dl462">capture growth in Nigeria through investments</a> in innovation, expansion of the distribution network, placement of cold drink equipment, and augmentation of manufacturing capacity.

Speaking to President Tinubu, Bogdanovic expressed optimism in Nigeria’s economy, saying that Coca-Cola had invested $1.5 billion in Nigeria since 2013 to expand its production capacity, improve its supply chain, and invest in training and development.

“I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years,” Bogdanovic was quoted as saying.

In the signed statement, President Tinubu praised Coca-Cola for its enduring partnership with Nigeria and for creating over 3,000 jobs across its nine production facilities.

He stated that his administration’s extensive reforms were aimed at improving the country's business landscape and that private-sector partnerships were crucial to the success of this development.

President Tinubu also assured senior executives that his government would continue collaborating with Coca-Cola to expand investments in Nigeria and address environmental issues, including climate change.

“The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” President Tinubu added, commending Coca-Cola for its commitment to scaling up skill development and community initiatives as part of its corporate social responsibility efforts.

Critics are, however, skeptical of the <a href="https://africa.businessinsider.com/local/markets/nigerias-debt-officially-becomes-a-cause-for-concern/vf8z6dk">economic policies and reforms being pushed by the current administration</a>, especially since many multinationals like Procter &amp; Gamble, GSK Plc, and Bayer AG have exited the country or changed their business models since the Tinubu regime started.

READ ALSO: <a href="https://africa.businessinsider.com/local/lifestyle/nigerian-business-mogul-tony-elumelu-calls-out-the-government/w3tz1w4">Nigerian business mogul Tony Elumelu calls out the government</a>

The investment announced today by Coca‑Cola is expected to catalyse economic growth and create new opportunities for local communities. With a population of more than 200 million, Nigeria is seen as a potential market for many global brands, but forex woes, red tape, and policy inconsistency may discourage some investors.

Coca-Cola ranked first on this year's American Opportunity Index.Justin Sullivan/Getty Images

Coca-Cola Hellenic Bottling Company has announced plans to invest an additional US $1 billion (N1,639,450,000,000.00) in Nigeria over the next five (5) years to further capture growth opportunities in the country's beverage market.

Coca‑Cola is planning to invest $1 billion to support long-term, sustainable growth in Nigeria

<ul><li>Quality of life, safety and security, healthcare, and economic competitiveness are key motivators for seeking a second citizenship</li><li>A survey indicated that 'Quality of Life' was the most important factor for 36.9% of high-net-worth individuals</li><li>The World Citizenship Report 2024 emphasizes the growing interest in second citizenship among high-net-worth individuals worldwide</li></ul>

According to the latest World Citizenship Report 2024, Africa’s appeal as a top continent for second citizenship is fast becoming more of a movement to high-net-worth individuals around the world, and the reasons are clear.

As the report highlights, the <a href="https://africa.businessinsider.com/lifestyle-these-are-the-cities-where-africas-wealthiest-live/j3q5xl8">HNWIs are no longer just looking for visa-free travel</a> or tax breaks. Instead, they found that that HNWIs are looking to <a href="https://africa.businessinsider.com/local/lifestyle/5-african-countries-with-the-best-quality-of-life-index-scores/5r00dbd#:~:text=1%201.%20South%20Africa%3A%20At%20136.02%2C%20South%20Africa,life%20index%20score%20of%2092.54.%20...%20More%20items">maintain a high standard of living</a> and not only grow their wealth but guard it against future threats.

To determine the motivators that drive the need for a second citizenship, the researchers employed a mixed-methods research design to understand the reasons for seeking a second citizenship and the value of each factor.

Quality of Life was HNWIs’ top concern when considering a second citizenship, and for good reason.

10 least powerful African passports in 2024

Data from the global survey of HNWIs’ priorities indicated that ‘Quality of Life’ was the most important factor when considering citizenship for 36.9 per cent of participants.

When asked, ‘In what areas, if any, do you feel your current government is failing?’ respondents indicated that healthcare, environmental sustainability, and a competitive economy were needs that were not being met by their governments.

Safety and Security was mentioned as <a href="https://africa.businessinsider.com/local/lifestyle/list-of-happiest-african-cities-in-2024/07mbr6g">another motivating factor for second citizenship</a>, as survey results showed that safety and security, which accounts for 25 per cent of a nation’s overall World Citizenship Index (WCI) score and measures the extent to which alternative citizenship can offer greater safety and security to the citizen.

Finally, the survey also highlighted that high-net-worth individuals (HNWIs) care deeply about <a href="https://africa.businessinsider.com/local/markets/african-cities-with-the-strongest-economic-power/hpwv2zc">currency stability and economic competitiveness</a>. According to the report, HNWIs across the globe point to economic competitiveness as a specific shortcoming of their current governments,

So, if you’re a global citizen seeking the perfect blend of business, lifestyle, and adventure, here are the top 10 African countries to consider

<table><tr><th colspan="null" rowspan="null">Country</th><th colspan="null" rowspan="null">Global Rank</th><th colspan="null" rowspan="null">Score</th></tr><tr><td colspan="null" rowspan="null">Mauritius</td><td colspan="null" rowspan="null">50</td><td colspan="null" rowspan="null">66.2</td></tr><tr><td colspan="null" rowspan="null">Seychelles</td><td colspan="null" rowspan="null">54</td><td colspan="null" rowspan="null">64.4</td></tr><tr><td colspan="null" rowspan="null">Cape Verde</td><td colspan="null" rowspan="null">55</td><td colspan="null" rowspan="null">63.8</td></tr><tr><td colspan="null" rowspan="null">Botswana</td><td colspan="null" rowspan="null">59</td><td colspan="null" rowspan="null">62.5</td></tr><tr><td colspan="null" rowspan="null">Malawi</td><td colspan="null" rowspan="null">80</td><td colspan="null" rowspan="null">55.9</td></tr><tr><td colspan="null" rowspan="null">Namibia</td><td colspan="null" rowspan="null">84</td><td colspan="null" rowspan="null">55.0</td></tr><tr><td colspan="null" rowspan="null">Sierra Leone</td><td colspan="null" rowspan="null">96</td><td colspan="null" rowspan="null">51.2</td></tr><tr><td colspan="null" rowspan="null">Ghana</td><td colspan="null" rowspan="null">100</td><td colspan="null" rowspan="null">49.8</td></tr><tr><td colspan="null" rowspan="null">Tunisia</td><td colspan="null" rowspan="null">100</td><td colspan="null" rowspan="null">49.8</td></tr><tr><td colspan="null" rowspan="null">Cote d'Ivoire</td><td colspan="null" rowspan="null">102</td><td colspan="null" rowspan="null">49.6</td></tr></table>

Strongest African passports [Ministry of foreign affairs, seychelles]

A second citizenship can open the door to better safety, security, education, and health outcomes. As some countries adopt sweeping changes to immigration laws, global citizens may seek to prioritise countries which honour the freedom of movement.

Top 10 African countries rich people consider for citizenship

<ul><li>Nomcebo Zuma is now engaged to become the 16th wife of the king of Eswatini</li><li>The engagement ceremony took place at the Ludzidzini royal village in Lobamba and was witnessed by over 5,000 people</li><li>King Mswati III has a history of marrying younger brides, with several of his marriages making headlines</li></ul>

The ceremony was held at the Ludzidzini royal village in Lobamba, as more than 5,000 people gathered to witness the historic occasion.

Nomcebo Zuma, 21, the now 16th wife of the 56-year-old King, was spotted performing the reed dance, a traditional rite of womanhood in which young women gather to sing and dance for the monarch with their bare chests exposed.

Nomcebo Zuma (3rd L) and one of the king’s daughters, Princess Sakhizwe (2nd L), sing and dance with other young women during the Umhlanga reed dance. Photograph: Emmanuel Croset/AFP/Getty Images

Some women who dance for the King are known as the liphovela—the royal fiancee or concubine. They wear traditional clothing that includes anklets and thick, colourful tassels while carrying mock swords and shields.

The days-long reed dance, also known as the Umhlanga, is celebrated as an example of Eswatini’s “graceful” culture. The country of 1.2 million has been ruled since 1986 by King Mswati III, who is no stranger to choosing younger brides for marriage.

According to reports, several of the king’s marriages have made headlines due to the age gap and his controversial reign.

In one <a href="https://www.theguardian.com/world/article/2024/sep/03/daughter-of-south-africas-ex-president-zuma-to-be-eswatini-kings-16th-wife">report by the BBC</a> in 2005, the King took in a 17-year-old Phindile Nkambule as his 13th fiancee at a reed dance after she had reportedly caught his eye at the main dance the previous month.

A few days before that event, the king was said to have rescinded a ban on sex for and with girls under 18, which he had implemented in an effort to fight HIV/Aids. However, two months after imposing the ban in 2001, Mswati fined himself a cow for breaking his own rule by taking a 17-year-old as his ninth wife.

The King rules the people by decree, with political parties banned and elected officials only existing in an advisory capacity. His monarchy has been heavily criticized for the lavish lifestyle and opulent ceremonies they organise while the majority of the population wallows in abject poverty.

Nomcebo Zuma was born into a polygamous family, as her father, Jacob Zuma, had multiple wives and over 20 children.

READ ALSO: <a href="https://africa.businessinsider.com/local/leaders/ex-south-africa-president-jacob-zuma-turns-himself-in-to-begin-15-month-jail-time/bqtm5s1">Ex-South Africa president Jacob Zuma turns himself in to begin 15-month jail time</a>

He served as <a href="https://africa.businessinsider.com/local/leaders/constitutional-court-bars-jacob-zuma-from-running-for-parliament/1j8n31t">President of South Africa from 2009 to 2018</a> until his African National Congress party forced him to resign after a series of corruption allegations.

Jacob Zuma’s daughter, Nomcebo Zuma, is officially the 16th wife of the <a href="https://africa.businessinsider.com/lifestyle/these-3-wealthy-african-kings-are-worth-dollar63-billion/89262c2">King of Eswatini, formerly Swaziland</a>, following a traditional ceremony on Monday night.

Jacob Zuma’s daughter becomes the 16th wife of Eswatini's King

<ul><li>Violent protests have erupted in major cities across Nigeria due to economic hardship and dissatisfaction with government policies</li><li>The Nigerian police are on red alert and may seek military intervention to maintain order</li><li>Protests, initially peaceful, turned violent leading to curfews and stringent measures being imposed by the authorities</li></ul>

The #EndbadGovernance demonstrations, sparked by widespread economic hardship and dissatisfaction with government policies, has left many Nigerians struggling to afford basic necessities, fueling public anger and frustration.

The protests, which began as peaceful demonstrations yesterday, quickly turned violent, prompting authorities to impose stringent measures to restore order in the country.

The clash between police and demonstrators in major cities like Abuja and Port Harcourt yesterday has led to several states imposing curfews to curb the violence and looting.

Clash in Bayelsa as youths pelt protesters with bottles, stones to disperse them [NAN]

READ ALSO: <a href="https://africa.businessinsider.com/local/lifestyle/protest-in-nigeria-takes-its-first-hit-from-the-government/t05exzw">Protest in Nigeria takes its first hit from the government</a>

The Inspector General of Police, Kayode Egbetokun, held a press conference, saying that all units are fully mobilised and restricting movement and gatherings to prevent further violence.

“In the light of the current situation, the Nigeria Police Force has placed all units on red alert,” Egbetokun said.

“The Police is equipped to respond appropriately to the unfolding situation and will get assistance from other security agencies, including the military, if the need arises.”

Reports indicate that several government buildings and vehicles have been set ablaze, with numerous injuries suffered on both sides.

The situation in Kano was similarly dire, as protesters looted and vandalised a section of the Nigerian Communication Commission (NCC) 's Digital Industrial Park (DIP) in the state.

<div class="embed"><blockquote class="twitter-tweet">After this protest, Kano will take a long time to heal completely. This is not a protest, but vandalism and destruction. <a href="https://t.co/AyoxkF6MKv">pic.twitter.com/AyoxkF6MKv</a>&mdash; Bashir Ahmad (@BashirAhmaad) <a href="https://twitter.com/BashirAhmaad/status/1818978115223195895?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
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According to the Minister of Digital Economy, Bosun Tijani, the centre is one of six in each of the country’s geo-political zones, with this particular one serving the northwest region.

In a post on his official X on Thursday, the minister conveyed his disappointment, saying that the centre was scheduled for commissioning on Wednesday, August 7.

<div class="embed"><blockquote class="twitter-tweet">Sad to learn that our Digital Innovation Park in Kano slated for launch next week to support our technical talent accelerator (3MTT) has been set ablaze and looted by protesters. Alongside <a href="https://twitter.com/hashtag/3MTT?src=hash&amp;ref_src=twsrc%5Etfw">#3MTT</a>, this building is set to host our buildathon holiday maker programme for secondary… <a href="https://t.co/UdVK1BFe3M">https://t.co/UdVK1BFe3M</a>&mdash; Dr. &#39;Bosun Tijani (@bosuntijani) <a href="https://twitter.com/bosuntijani/status/1818976388210143560?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
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The international community has yet to react to the violent protests in Nigeria.

Nigeria Police captures bandits [Daily Trust]

The Nigerian police are on red alert and may soon seek military intervention to maintain order following a wave of violent protests that have erupted in several major cities across Nigeria.

#EndbadGovernance: Nigeria police may seek military intervention to end violent protests

<ul><li>Osu Traditional Council urges President Akufo-Addo to act on the anti-LGBTQI bill due to concerns over divine retribution</li><li>Supporters of the bill plan to stage a protest on August 21, 2024, to expedite its passage</li><li>Signing the bill would make Ghana join 36 African countries where homosexuality is illegal</li></ul>

The bill, officially known as “The Promotion of Proper Human Sexual Rights and Ghanaian Family Values Bill 2021,” has been a subject of intense debate and controversy in the West African nation.

The traditional leaders cited concerns over divine retribution if the bill is not enacted, following the delays in transmitting the bill to the President for assent.

READ ALSO: <a href="https://africa.businessinsider.com/local/markets/ghanas-imf-assistance-at-risk-amidst-passage-of-anti-lgbtq-bill/mybcy4n">Ghana's IMF assistance at risk amidst passage of anti-LGBTQ+ bill</a>

During a courtesy call, Nuumo Gbelenfo III, the Acting President of the Osu Traditional Council, urged the president and the Chief Justice to do what is necessary to avert God's anger.

“If it were the norm that marriage was set between people of the same sex, we would have seen our president marry a man. But that is not the case. So, I am appealing to the president to ensure that the right thing is done by signing the bill into law so that Ghana does not incur the wrath of God.

"It is a filthy practice, so we are urging the president and the <a href="https://africa.businessinsider.com/local/lifestyle/ghanas-security-officials-shut-down-lgbtq-office-in-accra-following-orders-from-the/dycxmmz">Chief Justice</a> to do what is needed to avert the anger of God."

According to reports, supporters of the bill have announced plans to stage a protest on August 21, 2024, to expedite its passage and ensure its enforcement.

READ ALSO: <a href="https://africa.businessinsider.com/local/lifestyle/african-youths-are-divided-on-lgbtq-rights-new-survey-finds/j2tyn7r">African youths are divided on LGBTQ rights, new survey finds</a>

The bill has also garnered support from members of both the National Democratic Congress (NDC) and the New Patriotic Party (NPP), reflecting a broad political consensus on the issue.

The Supreme Court of Ghana is the highest judicial body in Ghana.

Ghana’s anti-LGBTQI bill, officially known as “The Promotion of Proper Human Sexual Rights and Ghanaian Family Values Bill 2021,”&nbsp;is a 36-page document that has been in the works since 2021 when it was tabled in parliament as a private member’s bill.

The bill serves to ensure proper human sexual rights and Ghanaian family values; proscribe LGBTQ+ and related activities; proscribe propaganda of, advocacy for or promotion of LGBTTQQIAAP+ and related activities; provide for the protection of and support for children, persons who are victims or accused of LGBTTQQIAAP+ and related activities.

<h2>Here are the key provisions of the anti-LGBTQI bill</h2>

Criminalization of Same-Sex Intercourse: Individuals engaging in same-sex sexual activities face fines between 50 and 5,000 penalty units or imprisonment for 3 to 5 years, or both.

Prohibition of LGBTQI+ Advocacy: Using any medium to promote LGBTQI+ activities can result in imprisonment for 5 to 10 years.

Disbandment of LGBTQI+ Organizations: All LGBTQI+ groups, associations, clubs, and organisations are to be disbanded, with violators facing 6 to 10 years in prison.

Ban on Same-Sex Marriage: Same-sex marriages and marriages involving individuals who have undergone sex reassignment are prohibited.

Proscription of Bestiality: Sexual relations with animals are explicitly banned.

Protection of Family Values: The bill aims to promote and protect what it defines as proper human sexual rights and Ghanaian family values.

These provisions have sparked significant debate and controversy, both within Ghana and internationally, due to their implications for human rights and freedoms.

If the president signs the bill, Ghana will join 36 African countries where homosexuality is illegal. In some countries like Nigeria and Mauritania, homosexuality is punishable by death.

The traditional leaders cited concerns over divine retribution if the bill is not enacted, following the delays in transmitting the bill to the President for assent.

Ghana's traditional leaders urge President to act on Anti-LGBTQI bill or face God's wrath

<ul><li>MTN Nigeria reported a substantial loss after tax of ₦519.1 billion in the first half of 2024</li><li>The losses were largely due to challenging macroeconomic conditions in Nigeria, including record-high inflation and a weaker naira</li><li>Despite the setbacks, MTN Nigeria reported revenue growth of 32.6% to ₦1.5 trillion</li></ul>

According to its unaudited results for the half-year ended June 2024, these losses arose from the revaluation of foreign currency-denominated obligations, exacerbated by the depreciation of the naira from ₦907/ in December 2023 to ₦1,505/in June 2024.

Despite the setbacks, MTN, Nigeria’s biggest company by market value, reported revenue growth of 32.6% to ₦1.5 trillion. However, the company’s financial performance was heavily impacted by net forex losses amounting to ₦887.7 billion.

Karl Toriola, Managing Director and Chief Executive Officer (MD/CEO) of MTN Nigeria Communications Ltd [PM News Nigeria]

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Commenting on the report, Karl Toriola, CEO of MTN Nigeria, highlighted the difficult economic environment, noting that the inflation rate reached 34.2% in June, with an average rate of 32.8% for the first half of the year.

He added that the company would have recorded a profit after tax of ₦102.3 billion if not for the forex losses.

The high inflation rate and the devaluation of the naira have significantly increased operational costs for businesses and telecom companies in Nigeria. These economic conditions have led to higher prices for imported equipment and services, affecting the overall cost structure of telecom operators.

READ ALSO: <a href="https://africa.businessinsider.com/local/markets/mtn-takes-proactive-steps-to-restore-internet-services-in-ghana/jrndjhd">MTN takes proactive steps to restore internet services in Ghana</a>

Furthermore, rising operational costs, driven by inflation and currency volatility, have impacted the profitability of major companies, forcing many of them to balance the need to maintain high-standard infrastructure with the challenge of providing affordable services to consumers.

MTN Nigeria would have recorded a profit after tax of ₦102.3 billion if not for the forex losses.

Looking at the impact on shareholders, MTN Nigeria’s financial loss may affect short-term dividend payouts, but the company’s revenue growth and strategic initiatives could restore profitability in the long run.

In addition, the economic pressures might lead to adjustments in pricing, but the company will aim to balance affordability with sustainability.

MTN Nigeria reported a substantial loss after tax of ₦519.1 billion in the first half of 2024, largely due to challenging macroeconomic conditions in Nigeria, including record-high inflation and a weaker naira.

MTN Nigeria reports ₦519.1 billion loss in first half of 2024

<ul><li>High court in Ghana blocked civil society groups from holding a protest in Accra</li><li>The police requested the ban due to lack of security personnel, and the court approved it</li><li>The protests aimed to address issues such as corruption, high cost of living, economic hardships, and delays in signing an anti-LGBT bill into law</li></ul>

In the early hours of today, High Court Justice Abena Afia Serwaa approved a request by Ghana’s police to ban demonstrators from carrying out protests due to a lack of security personnel.

According to reports, the youth-led demonstrations planned to be held between July 31 and August 6 were intended to address a range of pressing issues and concerns that resonate deeply with many citizens, who have been vocal about their dissatisfaction with the current state of affairs.

the youth-led demonstrations planned to be held between July 31 and August 6 were intended to address a range of pressing issues and concerns that resonate deeply with many citizens

___8226641___2018___4___9___13___half-day-accra-city-tour-in-accra-328397

These include widespread corruption within the government and public institutions, the high cost of living and economic hardships faced by many Ghanaians, and frustration over delays in signing an anti-LGBT bill into law.

READ ALSO: <a href="https://africa.businessinsider.com/local/leaders/ghanas-president-says-anti-lgbtq-bill-yet-to-arrive-at-his-desk/e5b2nwb">Ghana's president says anti-LGBTQ bill yet to arrive at his desk</a>

The Ghana Police Authority claimed it lacked the personnel necessary to provide security as many officers were already deployed to political rallies amid election campaigning.

The court’s ruling has also sparked a debate about the balance between maintaining public order and upholding the right to peaceful assembly.

One of the protest organisers, Mensah Thompson, said elections should not block citizens from exercising their right to demonstrate, as doing so has significant implications.

“Young people are poised to demonstrate with or without the approval of the authorities,” he said.

“A time will come when they spontaneously jump on the streets, and we will have a ‘Kenya’ on our hands.”

READ ALSO: <a href="https://africa.businessinsider.com/local/leaders/ghanas-finance-minister-has-been-dismissed-after-years-of-economic-turmoil/ds9d2lv">Ghana’s finance minister has been dismissed after years of economic turmoil</a>

Critics also argued that the decision to ban the protests could stifle public discourse and prevent citizens from expressing their grievances.

According to one critic, blocking these protests raises questions about the government’s commitment to democratic principles, such as freedom of speech and the right to peaceful assembly.

Surprisingly, the situation in Ghana is not unique. Similar youth-led demonstrations have been observed in other African countries, such as Kenya, Uganda, and Nigeria, where citizens have taken to the streets to protest the high cost of living and economic hardships they face.

READ ALSO: <a href="https://africa.businessinsider.com/local/lifestyle/ghana-resorts-to-load-shedding-due-to-gas-supply-shortfall-from-nigeria/xjvwdqq">Ghana resorts to load shedding due to gas supply shortfall from Nigeria</a>

In Kenya, more than 50 people have been killed, and hundreds were arrested in a clash between the police and demonstrators. The protesters took to the streets in mid-June to oppose tax increases proposed by President William Ruto.

President Ruto fired his cabinet as the protests intensified, eventually scrapping the tax bill.

Kenyans protesting tax propasals in the Finance Bill 2024

Kenyan protests were costly but largely effective

Last week, Ugandans also took to the streets to protest against alleged corruption and demanded the parliament speaker's resignation.

The Police managed to shut down the protests, arresting more than 70 people, according to a legal aid organisation.

These regional parallels underscore the challenges facing African nations as they strive for economic stability and democratic governance.

Ghana Police mourns the death of one of its horses, P/H Corporal Queen Mother

The youth-led demonstrations planned to be held between July 31 and August 6 were intended to address a range of pressing issues and concerns that resonate deeply with many citizens

Police in Ghana ban youths from protesting high cost of living crisis

<ul><li>President Museveni asserts that foreign influences do not threaten Uganda's sovereignty or economic progress</li><li>Museveni urges the East African community to work towards unity and adopt Common Market Protocol and Customs Union Protocols</li><li>Sanctions imposed by the UK and US on Uganda's Speaker of Parliament and ministers have been criticized for their enactment of the Anti-Homosexuality Act</li></ul>

While delivering his State of the Nation Address (SONA) yesterday, Museveni emphasised that no outsider has the power to intimidate the people of Uganda.

“Uganda’s economy and society are moving forward, the mistakes by some actors notwithstanding. The foreigners interfering in our internal affairs are not a threat at all. There is no foreigner who can threaten us…nobody can threaten us,” Museveni said.

The President also called upon the East African community to strive for unity by fully adopting the Common Market Protocol and Customs Union Protocols to consolidate the fragmented markets of East Africa into a single unified market. He added that a directive has been given to halt the export of raw minerals to encourage local processing and value addition.

Highlighting <a href="https://africa.businessinsider.com/local/markets/ugandas-to-receive-dollar500-million-loan-from-south-korea/wq0s2fk">Uganda’s economic milestones</a>, Museveni pointed out the country has attained the lower middle-income status with a per capita income of USD 1182. “We have just entered the ground floor of the middle income. Just the first floor…we are down there now,” Museveni noted.

Speaker of Parliament Annet Anita further bolstered the President’s points, saying that the State of the Nation Address was an opportunity to reflect on the country’s achievements in the previous year, the inherent challenges, and the government’s legislative agenda for the subsequent session.

She also reaffirmed Parliament’s commitment to achieving Uganda’s Vision, urging MPs not to be discouraged by what she described as the noise and actions of detractors and enemies of Uganda’s progress.

“We are aware that the call to leadership sometimes comes with the risk of being misunderstood, criticized, opposed, accused, sanctioned, or even rejected. But we owe it to our society to stand firm,” Among said.

This declaration comes in the wake of sanctions imposed by the United Kingdom and the United States on Uganda’s Speaker of Parliament, Anita Among, and ministers

President Museveni defends Uganda against foreign sanctions, says "nobody can threaten us"

<ul><li>Uganda signs $500 million loan agreement with South Korea for infrastructure building</li><li>Loan to be provided by South Korea's EXIM Bank for road and energy projects</li><li>Experts caution that the loan may worsen Uganda's already high debt</li></ul>

According to Reuters, South Korea's EXIM Bank will provide the loan, which is expected to be used for road and energy projects. The ministry did not specify which infrastructure projects the funds would support.

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Experts have cautioned that this new loan will exacerbate Uganda's already increasing debt, which amounted to $24.6 billion as of December 31, 2023. This development could further affect the country's financial standing, following Moody's recent downgrade of Uganda's credit rating. Last month, the ratings agency lowered Uganda’s rating from B2 to B3, citing "diminished debt affordability" and "increasingly constrained financing options."

In the report, Moody’s pointed out that the downgrade reflects Uganda's reliance on more expensive domestic and non-concessional external financing sources. It added that the country's external vulnerability risk remains high, with challenges in external debt servicing, tighter global financial conditions, and reduced foreign exchange reserve adequacy.

Despite the downgrade, Moody’s <a href="https://africa.businessinsider.com/local/markets/uganda-crowned-best-investment-destination-in-africa/skf9j8w">revised Uganda’s outlook to stable</a>, noting that the B3 rating level incorporates both the credit challenges and strengths. The rating agency emphasized risks related to debt affordability and external vulnerabilities, while also noting that sustained improvements in revenue mobilization could support fiscal consolidation and eventually alleviate debt affordability challenges, albeit with execution risks.

The agreement, announced on Thursday, was signed by Uganda's finance minister, Matia Kasaija, and South Korea's Minister of Foreign Affairs, Cho Tae-Yul, during the Korea-Africa summit in Seoul.

Uganda borrows another $500 million loan, this time from South Korea

<ul><li>Ugandan students are encouraged to learn Chinese for better career prospects</li><li>The teaching of Chinese language has been included in the curriculum since 2020</li><li>Ugandan students showcased their Chinese language skills and cultural understanding in the competition</li></ul>

At the "Chinese Bridge" language proficiency competition in Kampala, Uganda, on June 2, 2024, Hilda Ayebare said, "All our students should learn Chinese because most of the jobs or opportunities come when you know at least two foreign languages."

"We have already rolled out the teaching of the Chinese language in our curriculum, and it has been taught in both lower and upper secondary schools across Uganda since 2020."

Hilda Ayebare, assistant curriculum specialist for foreign languages at the Uganda National Curriculum Development Center (NCDC), speaks during the "Chinese Bridge" language proficiency competition in Kampala, Uganda, June 2, 2024.

The “Chinese Bridge” contest, which began 23 years ago, fosters exchange among Chinese language learners around the world to help people understand more about China and its culture.

According to Fan Xuecheng, minister counsellor of the Chinese Embassy in Uganda, the Confucius Institute at Makerere University has trained over 20,000 Ugandan students from around 80 secondary schools, and more than 145 local Ugandan teachers can now independently teach Chinese.

The Ugandan finals of the “Chinese Bridge” language proficiency competition took place at Kyambogo College School in Kampala. During the final round, 12 students showcased their Chinese language skills and understanding of Chinese culture through speeches, quizzes, and cultural performances.

Namulemo Leticia and Kamya Ivan emerged as winners in the secondary school and college categories, respectively. They will represent Uganda in the global finals in China later this year.

Gilbert Gumoshabe, co-director of the Confucius Institute of Makerere University, said that the competition helps Ugandan students showcase the skills they have learnt and enables them to experience Chinese culture.

Interestingly, China is becoming increasingly popular for African students heading abroad in the pursuit of higher education. According to reports, the rising volumes of<a href="https://africa.businessinsider.com/local/markets/chinese-companies-to-pour-dollar7-billion-into-mining-infrastructure-in-congo/zc3tw18"> Chinese investments</a> in Africa have sparked a keen interest among African youths in learning the Chinese language. This trend is gradually transforming the country into a<a href="https://africa.businessinsider.com/local/markets/china-and-tanzania-seal-a-sh25-billion-tourism-deal/6q14n1w"> popular destination</a> and could potentially overtake many European destinations in the coming years.

According to recent data, the rate of African students travelling to China to study abroad grew by 258% between 2011 and 2017. The report noted that the largest number of internationally mobile students from Africa were from lower-middle-income countries such as Nigeria.

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At the "Chinese Bridge" language proficiency competition in Kampala, Uganda, on June 2, 2024, Hilda Ayebare said, "All our students should learn Chinese because most of the jobs or opportunities come when you know at least two foreign languages."

Chinese language gains popularity in Ugandan schools

<ul><li>Palm oil is a versatile and widely-used ingredient in many products we use daily, due to its high melting point and relatively low cost.</li><li>The production of palm oil has resulted in devastating environmental damage and human rights abuses, despite providing income to rural communities in poorer nations.</li><li>Indonesia is the largest producer of palm oil, followed by Malaysia and Thailand, with several other African and South American countries also producing significant amounts.</li></ul>

Palm oil has become an essential ingredient in various products we use daily, from food to cosmetics and even biofuels. It is a versatile and inexpensive vegetable oil, and demand for it has skyrocketed in the past few decades. However, palm oil production has also been linked to environmental damage and human rights abuses. Despite these concerns, palm oil production remains an important industry providing jobs and contributing to economic growth in many countries, including several in Africa.

<h2>Here are the top 10 African countries producing palm oil, according to data from the World Agricultural Production</h2>

Top 10 African countries producing Palm Oil(Amount of Palm Oil produced in African countries in 2022/2023)

Nigeria: With a production of 1.4 million metric tons, Nigeria is the fifth-largest producer of palm oil in the world and the top producer in Africa. The country has a long history of palm oil production and is well-suited for its cultivation due to its tropical climate.

Cote d'Ivoire: Also known as Ivory Coast, this West African nation produced 600,000 metric tons of palm oil in the latest estimates. Palm oil is one of the country's main agricultural products, and the government is investing in expanding the industry.

Cameroon: Cameroon is another West African country that has been producing palm oil for decades. It is the 12th-largest producer in the world, with an output of 465,000 metric tons.

Ghana: Ghana's palm oil industry is still relatively small, with a production of 300,000 metric tons. However, the government has identified it as a priority sector for development, and investments are being made to expand the industry.

Congo (Kinshasa): Also known as the Democratic Republic of Congo, this country produced 300,000 metric tons of palm oil in the latest estimates. The industry has faced challenges due to political instability and a lack of infrastructure.

Sierra Leone: Sierra Leone produced 75,000 metric tons of palm oil in the latest estimates. The industry has been growing in recent years, and the government is promoting it as a way to diversify the country's economy.

Angola: Angola produced 55,000 metric tons of palm oil in the latest estimates. The industry has faced challenges due to a lack of investment and infrastructure, but the government is working to promote it as a priority sector.

Guinea: Guinea produced 50,000 metric tons of palm oil in the latest estimates. The industry has potential for growth, and the government is working to promote it as a way to create jobs and increase exports.

Liberia: Liberia produced 45,000 metric tons of palm oil in the latest estimates. The industry has been growing in recent years, and the government is investing in expanding it.

Senegal: Senegal produced 14,000 metric tons of palm oil in the latest estimates. The industry is still in its early stages, but the government is promoting it as a way to reduce the country's dependence on food imports.

Top producers of palm oil in the world [Google Images]

Here are the top 10 African countries producing palm oil, according to data from the United States Department of Agriculture: Nigeria, Cote d'Ivoire, Cameroon

Top 10 African countries producing Palm Oil

<ul><li>The University of the Witwatersrand takes first place in the first-ever Times Higher Education Sub-Saharan Africa University Rankings.</li><li>The top five is made up of universities from South Africa, Tanzania and Uganda.&nbsp;</li><li>While South Africa has the most institutions in the top 10 (four), Nigeria is the most-represented nation overall, with 37 ranked institutions.</li></ul>

The <a href="https://www.timeshighered-events.com/africa-universities-forum-2023">rankings</a> were officially announced at the organisation’s first forum in the region, which took place in partnership with Ashesi University in June 2023. According to the report, the list is led by South Africa’s University of the Witwatersrand. The University of Johannesburg, and Muhimbili University of Health and Allied Sciences in Tanzania came in second and third, respectively.

Despite South Africa having the most institutions in the top 10 (four), Nigeria is the most-represented nation overall, with 37 ranked institutions, led by Covenant University in seventh place. The ranking includes 88 institutions from 20 countries, including Nigeria, Ghana, Rwanda, Mauritius, Kenya and Mozambique.

Insights from the report showed that about two-thirds of participating universities are public institutions; a quarter are private, not-for-profit organisations; and about a tenth are private, for-profit organisations.

The ranking was put together<a href="https://www.timeshighereducation.com/world-university-rankings/sub-saharan-africa-university-rankings-2023-methodology-0"> with a hybrid methodology</a> covering teaching, impact and research elements. The methodology is made up of five key pillars: resources and finance; access and fairness; teaching skills; student engagement, and Africa impact.

A key part of the data collection was a survey of more than 20,000 students from 88 institutions. Students were asked a range of questions, including how challenged they felt by the teaching at the university, how much it supported critical thinking and the opportunities they had to interact with staff of <a data-link-role-code="open_new_tab" href="https://www.exam-labs.com/vendor/Microsoft">Exam-Labs</a> and peers.

<h2>Top universities in Sub-Saharan Africa according to Times Higher Education </h2>

Despite South Africa having the most institutions in the top 10 (four), Nigeria is the most-represented nation overall, with 37 ranked institutions, led by Covenant University in seventh place. The ranking includes 88 institutions from 20 countries, including Nigeria, Ghana, Rwanda, Mauritius, Kenya and Mozambique.

Victor Oluwole

Articles written by the author

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