Photo : Jose Luis Magana, AP Photo
NIAS Area Studies
AFRICA MONITOR
Photo : Jose Luis Magana, AP Photo
IN BRIEF
by Jerry Franklin, Ryan Marcus, Sneha Surendran, Nithyashree RB and Prerana P
Ghana: The country lifts its interest rate to 30 per cent
On 24 July, BBC reported that Ghana's interest rate surged to 30 per cent. Due to the country’s soaring inflation, the Ghana Central Bank decided to increase its interest rates, resulting in a climb of 0.5 per cent. The decision was announced on 24 July 2023, after the monetary policy meeting. The hike would make it difficult to borrow money due to its raised expense and would gradually reduce customer spending. The West African nation has witnessed over 45 per cent of huge public debts and a tremendous cost-of-living crisis. On 21 July, the World Bank stated that more than 8,50,000 Ghanaians were pushed into poverty within 2022, which resulted in the loss of purchasing power and high food prices. Africa’s largest gold producer has managed to gain USD 600 million and the initial tranche of the USD 3 billion bailout programme from the IMF aimed to stabilise the country’s barred economy. Further, the listed economic policies and debt restructuring strategies aim at boosting revenues. (Nkechi Ogbonna, “Ghana hikes interest rate to 30%,” BBC, 24 July 2023)
Somalia: Around 25 soldiers dies after a mass blast
On 24 July, BBC reported on the death of 25 soldiers at the Jale Siad College camp. The incident happened after a man disguised himself as a military soldier with a false identity, and detonated himself. Although the military has not made any official announcement regarding the incident, over 48 were reportedly injured and were taken to the hospitals in Mogadishu. Further, an Islamist militant group al-Shabab, declared that one of its fighters had carried out a similar bombing incident, killing over 73 soldiers and injuring around 124 people. (Ibrahim Aden, “Twenty-five soldiers killed by Somali bomb- army source,” BBC, 24 July 2023)
Africa: Russian President claims moscow can replace Ukraine grain
On 24 July, BBC reported that Russian President Putin stated that Russia is capable of replacing exports of grains from Ukraine to Africa. The statement was issued following Russia's withdrawal from the Black Sea Grain agreement. Additionally, President Putin stated that Russia is expected to have a record harvest in 2023. Reports have indicated that Moscowis pushing to supply grains in a scheme involving Qatar and Turkey. ("Russia can replace Ukraine grain to Africa - Putin," BBC, 24 July 2023)
Mali: US sanctions top military officials
On 24 July, Al Jazeera reported that the US sanctioned Malian Defence Minister Colonel Sadio Camara, Air Force Chief Colonel Alou Boi Diarra, and Deputy Chief of Staff Lieutenant Colonel Adama Bagaoyoka, for enabling the Wagner Group’s rise in Western Africa. US Secretary of State Anthony Blinken stated that the expansion of the Wagner Group in Mali had resulted in a 278 per cent increase in civilian deaths in Mali. Blinken tweeted: “We're imposing sanctions on three Malian officials who have coordinated with the Wagner Group to facilitate and expand Wagner’s presence in Mali. Civilian fatalities have surged more than threefold since Wagner forces deployed to Mali in December 2021.” (US sanctions Mali’s defence minister, officials over Wagner ties,” Al Jazeera, 24 July 2023)