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This week, democracy takes a critical step forward in Senegal. Plus, Zambia’s debt deal finally nears completion, and cocoa prices surge to record highs. |
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Top newsVictory for democracy: Bassirou Diomaye Faye is the presumed victor in Senegal’s presidential election, winning 54% of the vote. A young opposition candidate and former tax inspector, he pledged to repair the country’s institutions, renegotiate mining contracts, and achieve “monetary sovereignty” vis-a-vis Europe. He was tapped to run by opposition leader Ousmane Sonko after Sonko was barred from running due to defamation charges. Outgoing President Macky Sall called the election a “victory for Senegalese democracy.” After electoral delays, violent protests, and fears that Sall might not step down willingly, we agree that this is worth celebrating. 🥳 New year, new deal: Zambia made a preliminary deal to restructure US$3.5 billion in debt under the G20’s Common Framework. It comes more than three years after the country defaulted on its loans. While the deal is more favourable than an agreement struck down late last year – and is a promising move overall – it has drawbacks. There isn’t a mechanism to automatically reduce payments if economic conditions worsen, and payments can increase based on evaluations from the International Monetary Fund and World Bank, including small changes in global growth. Next, remaining bondholders will have to sign off on the deal before it is official. Pipeline down: Fighting in Sudan has compromised South Sudan’s key oil pipeline for over a month. Experts warn that continued disruption could ignite violence, lawlessness, and a more rapid currency depreciation. The pipeline accounts for at least 60% of South Sudan’s revenue. 👀 Yet very little of that money funds the national budget; instead, much of it goes to oil companies, settlement payments to Sudan, and “special projects” overseen by the office of President Salva Kiir, like the upcoming election. Kiir’s office has been accused of corruption and diverting funds, and the international community is concerned that the government is already ill-prepared to hold a credible election process this December. Without oil money to finance an election – even one that’s a sham – observers warn that it could be cancelled, which could “trigger disappointment and lead people to pick up guns.” First among the worst: Gambian lawmakers advanced a bill that aims to re-legalise female genital mutilation in the name of “culture and religion.” All of the lawmakers are men. If passed, Gambia would be the first country to roll back vital legal protections against this internationally recognized human rights abuse, which Gambia had previously banned in 2015. Activists warn this could embolden challenges to other laws, like one banning child marriage. Female genital mutilation kills an estimated 44,320 girls and young women every year, and is a leading cause of death in countries where it is practised. Registration granted: South African courts upheld the uMkhonto weSizwe (MK) Party’s right to participate in the country’s upcoming election. The ruling party, the African National Congress (ANC), contested its registration in an apparent bid to wipe out a key competitor before voters even get to the polls. Former President Jacob Zuma heads the MK Party after years at the ANC’s helm. The move signals vital judicial independence at a time when the ANC’s corruption is coming under increased scrutiny. It also highlights that the ANC’s best opportunity to hold Zuma accountable was during any one of multiple corruption scandals during his presidency... while he was head of the ANC. Surge pricing: Cocoa prices hit record highs this week, doubling since early 2024. Sweltering heat, disease, and other climate shocks have slashed yields in Côte d'Ivoire and Ghana, which produce two-thirds of the world’s beans. While US- and Europe-based chocolate companies eye consumer price hikes, profits may not roll down to cash-strapped cocoa farmers. Decades of low prices and unscrupulous practices by rich companies have diminished farmers’ capacity to invest in their plantations; in turn, they’ve relied more on old and decaying trees that are more vulnerable to climate shocks. From the ONE Team
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Quote of the week
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What you should read, watch, and listen to:
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A look ahead7 April: World Health Day 9-12 April: Skoll World Forum |
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The ONE Campaign’s data.one.org provides cutting edge data and analysis on the economic, political, and social changes impacting Africa. Check it out HERE. |
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