Tag: Zambia debt

Who/What did we Celebrate in Africa in 2023?

On By Dr. Y.In Great Moments1 Comment

There was a lot to celebrate in Africa in 2023. Below are just a few in the sea of celebrations.

The different ministers of Mali, Guinea and Burkina Faso met to sign the agreement (Source: https://thenews-chronicle.com)

1. In January, Mali, Guinea, and Burkina Faso, three West African countries , all of whom have recently undergone military takeovers amid rising public national anger against France, have agreed to a Bamako-Conakry -Ouagadougou axis, with enhanced cooperation on matters ranging from trade to the fight against insecurity. 

FESPACO 2023

2. The biennial African film festival, FESPACO, took place this year from 25 February to March 4. On March 4, the winner, Tunisian Youssef Chebbi won the Golden Stallion of Yennenga (Etalon d’or de Yennenga) for his film ‘Ashkal‘ which centres on the investigation into the killing of a caretaker on a construction site in Carthage on the outskirts of his hometown. This year, women directors were celebrated and took home the second and third prizes, with Burkinabe filmwriter Apolline Traore, who picked up the Silver Stallion of Yennenga for the film ‘Sira‘, while the Bronze Stallion was awarded to Kenya’s Angela Wamai for ‘Shimoni.‘ FESPACO 2023: Tunisian Film ‘Ashkal’ Wins the Golden Stallion of Yennenga, and Women Filmmakers are Recognized

Papal bull from Nicholas V (Source: © Arquivo Nacional da Torre do Tombo (Lisboa, Portugal) – Uhem-Mesut.com)

3. In March, the Vatican rejected the ‘Doctrine of Discovery’ used to Justify Colonial Quest and Theft of Land. A Vatican statement said the papal bulls, or decrees, “did not adequately reflect the equal dignity and rights of Indigenous peoples” and “therefore [the Vatican] repudiates those concepts that fail to recognize the inherent human rights of Indigenous peoples, including what has become known as the legal and political ‘doctrine of discovery.’” This is the first official acknowledgment of the Catholic Church for his first place participation in the enslavement of people around the globe, and particularly of Africans. We had published here Dum Diversas or The Vatican’s Authorization of Slavery, which highlighted the major role played by the Vatican in the slave trade of Africans over the centuries.

Inauguration of the Place des Tirailleurs-Sénégalais with Tirailleurs aged over 90-years-old on 10 March 2023 (Source: Sylvie Koffi, RFI)

4. Nine Senegalese tirailleurs, men who served for France for its liberation during the wars, have now won the right to receive their pension while living in Senegal. These men, aged 85 to 96 years, have served in the French army during the wars of Indochina and Algeria, and were forced to live in France at least 6 months per year to get their retirement pension! Can you imagine serving for a country that does not even want to pay you a dime for your services (remember Thiaroye?)? As a result, most of them never returned home. This year, they were able to finally go home. At Last: Senegalese Tirailleurs now allowed to receive their pension while living in Senegal

Zambian flag
Zambian flag

5. Following months of talks, Zambia successfully agreed new repayment terms with its state creditors on up to $6.3bn (£5bn) debt, including over $4bn owed to China. … Although the details of the deal have not yet been released [as always, populations are kept in the dark, while their future is being signed over], it appears that Zambia will be granted an extended repayment time of over 20 years, including a three-year grace period with interest-only payments. In recent years, the economic debt of Zambia has been making the locals apprehensive; this is a positive step. Zambia breathes a Sigh of Relief after $6bn Debt Deal.

Anatoli Kirigwajjo (Source: 256businessnews.com)

6. Anatoli Kirigwajjo from Uganda, the founder and CEO of Yunga, a local digital security network that enhances neighbor-to-neighbor safety, was awarded “The Africa Prize for Engineering Innovation” dedicated to developing African innovators, an award, founded by the Royal Academy of Engineering in the UK. In a modern world where drums are no longer used to alert communities, it is imperative to find a solution that will be used to alert all neighbors within a community of some impending issue. His innovation is based on the ancestral drum tradition, and the “10,000 household model” – a traditional practice where people use drums to alert their community in case of an emergency. Ugandan Engineer takes Africa’s Top Innovation Award for His Safety Invention.

Faith Kipyegon (Source: WorldAthletics.org)

7.  Africans made us Proud at the 2023 World Athletics Championships in Budapest, Hungary. There were so many outstanding contributions, and amazing firsts. Hugues Fabrice Zango of Burkina Faso who took home the gold medal in the men’s triple jump, thereby offering his country its first gold at the World Championships. Letsile Tebogo of Botswana made us proud by becoming the first African to win a silver medal at the World Championships ever in the men’s 100 m, and a bronze medal in the 200 m. Faith Kipyegon of Kenya delivered! There isn’t another athlete as consistently dominant over such a range as Kipyegon, and she was rightfully selected among the best African athlete of the year; at the world championships, she won gold medals in the women’s 1,500 m and 5,000 m in Budapest. Ladies Gudaf Tsegay, Letesenbet Gidey, and Ejgayehu Taye of Ethiopia dominated their events to give us a trio winning gold, silver, and bronze medals respectively in the women’s 10,000 m. Please check out the exhaustive list of winners.

Francis Ngannou knocking down Tyson Fury in the 3rd round (Source: Eurosport)

8. Francis Ngannou, professional mixed martial artist and professional boxer, of Cameroon made us proud in the “Battle of the Baddest” against the undefeated world heavyweight champion Tyson Fury, which place on October 28, 2023, in Riyadh, Saudi Arabia. Ngannou was able to knock down Fury in the third round, taking the fight all the way to the scorecards, in which the judges awarded Fury the victory in a controversial split decision. To many, not just Africans, the real winner was Ngannou.

Map of Liptako-Gourma region (Source: aha-international.org)

9. Mali, Burkina Faso, and Niger signed a Mutual Defence Pact called the Liptako-Gourma Charter, to protect their countries, and fight effectively against terrorists which have been occupying the northern parts of their territories. The Liptako-Gourma Charter establishes the Alliance of Sahel States (AES), which aims to “establish an architecture of collective defence and mutual assistance for the benefit of our populations“, Colonel and leader of Mali, Assimi Goïta wrote on X. These countries have shown that we, Africans, can take care of ourselves, without the need of puppet organizations such as ECOWAS.

Flag of Ethiopia

10. Ethiopian-American Scientist Gebisa Ejeta receives US National Medal of Science, the highest state honor attainable by scientists in the United States for his work on sorghum, and he has developed a sorghum hybrid that is resistant to drought and parasites. Thanks to the conflict in Ukraine, a lot of Africans are turning back to ancestral grains native to their lands and alternatives to wheat. How Africa Copes with the War in Ukraine : Alternatives to Wheat and How Africa Copes with The War in Ukraine: Alternatives to Wheat – Ancient Grains? We applaud Gebisa Ejeta for his contributions.

Ibrahim Traore, President of the Transition, raises the new plate renaming the boulevard after President Thomas Sankara (Source: LeFaso.net)

11. On the 36th anniversary of Thomas Sankara’s assassination, Burkina Faso renamed Boulevard in Honor of Thomas Sankara; the boulevard, one of the main streets of the capital Ouagadougou, was previously known as General Charles de Gaulle Boulevard. Thus, Burkina Faso has replaced the country’s former colonial ruler with its very own leader and inspiration to the nation, Thomas Sankara. We applaud Burkinabes for doing this, and hope to see many African countries follow in their tracks, as many streets and cities still wear the names of European men who wiped out entire peoples (Brazzaville, Port-Gentil, etc).

Woppa Diallo and Mame Bougouma Diene (Source: The Caine Prize/Guardian)

12. Senegalese couple, Mame Bougouma Diene and Woppa Diallo, has made history this week by winning the Caine Prize for African Writing [Senegalese Couple Makes History by Winning Literary Caine Prize for African Writing]. It is the first time in the history of the prize that it is awarded to a couple. Diallo is a lawyer and activist while French-Senegalese American Diene is a humanitarian and a short-story writer. There were also lots of African writers who published acclaimed work this year.

Map of Mali with its capital Bamako

13. Mali military forces succeeded in Kidal where France and Allies could not! The forces were able to liberate the city of Kidal from terrorist groups where France and its allies and the MINUSMA could not. They succeeded in a few days, where it took years for France and co. On November 14 2023, president Assimi Goïta of Mali announced the liberation of Kidal, stronghold of terrorist groups for the past few years. The news was so stunning that even the BBC who has been calling the Mali government, ‘the junta’ and all sorts of names, and always showing ugly pictures of Assimi Goïta, had to, begrudgingly write the article and for once showed him in a decent image :).

Flag of Cameroon

14. Two Cameroonian Women win the L’Oreal-UNESCO Award for Women in Science. The two scientists are Sabine Adeline Fanta Yadang, a doctor of neuroscience, and Hadidjatou Daïrou, a doctor of cellular physiology, have won the prestigious L’Oréal-Unesco Young Talent Award for Women in Science for their work on the power of medicinal plants. Congratulations to those ladies.

DRC and Zambia Sign Over Cobalt and Copper Resources Rights to the United States?

On By Dr. Y.In Great EconomyLeave a comment
Flag of the Democratic Republic of Congo

I was stunned by the recent signing of the DRC and Zambia cobalt and copper mines to the USA!!! You heard me right! Last month during the US-Africa summit, the puppets that are the African leaders, leaders of Zambia and DRC, Hakainde Hichilema and Felix Tshisekedi, signed the total surrender of the supply chain and production of cobalt and copper. Hello? Is this 2023 or what? Did Tshisekedi or Hilema ask the people of their countries before signing these treaties? Was this discussed at the parliament? Not that the parliament is any better, but still, is it not my country? We know that these countries are deep in debt (Zambia Sovereign Debt Crisis), but shouldn’t the citizens know that their lives and resources are being signed away to foreigners? Shouldn’t they have a say? As you know, the DRC supplies 70% of the world’s cobalt, while Zambia supplies 70% of the world’s copper. In the west we are being told that the future is the electric car, which everyone should embrace with the Teslas and all those car brands, but none of this is possible without the DRC resources. The claim is that the agreement is to manufacture electric batteries near the mines or rather facilitate the development of value chain in electric battery and clean energy… but in a place where there are no roads, how much of it will be done on the ground? How much of it is real? It’s like the signing of the trade agreements between the EU and Africa in recent years, where the idea on ‘paper’ was the opening of African markets to Europe and vice versa, but instead the reality is that Africa is submerged with uncontrolled European products, and the local farmers/industries suffer, while there is no real export of African products to Europe.

Zambian flag
Zambian flag

The worst part is that these big multinationals will make billions, but will not even build roads in these countries, not even a single road or hospital! In some countries, when the locals asked for roads or hospitals (Niger, Guinea, etc) they were beaten up, imprisoned, killed, and more. When one learns about the 999-year lease in Kenya (Did You Know about the 999-year Lease granted to Europeans in Kenya ?), one thinks, it happened over a century ago, the locals were illiterate, or not versed in European languages, or in the particular case of the 999-year lease the locals were not even present at the signing table; but today… what is the excuse? Except that maybe we have a lot of traitors, spineless leaders, corrupt leaders, and puppets in our ranks? It is unacceptable!

For the press release of the document, go to the state department website; more articles can be found here, and check out the article by Conor Gallagher via NakedCapitalism on Markets Insider about the race for resources in Congo.

@lesothotribune

MoU was signed that will have the governments of DRC & Zambia surrender the supply chain and production of copper and cobalt to American control for EV market #lesothotribune #zambiantiktok🇿🇲 #drctiktok

♬ original sound – LesothoTribune

Zambia Sovereign Debt Crisis

On By Dr. Y.In Great Moments4 Comments
Zambian flag
Zambian flag

When we talk about Zambia these days, there is no way to avoid the elephant in the room: its debt. In 2020, Zambia became the first African country to declare bankruptcy (possibly worldwide) as the pandemic had brought it to its knees: the coffers were empty, and the country owed China, its main creditor, over $3 billion with no clear way to pay it back. This past Tuesday, the IMF announced that Zambia was seeking as much as $8.4 billion in debt relief in preparation for discussion on restructuring foreign liabilities. African debt as Thomas Sankara pointed a while back is a tricky subject… so there is already that fundamental question of debts owed to European countries (like France) which milk Africa via fake currencies such as the FCFA, and treacherous partnerships signed decades ago which benefited only the West. For today though, how did Zambia get here in the first place?

President Edgar Lungu (Source: AllInZimbabwe.com)

The country’s debts quadrupled between 2014 and 2019 amid a surge in infrastructure borrowing under Edgar Lungu, the former president, who lost elections last year to Hichilema. Needless to say that right before Lungu came into power, there had been a collaboration between Norway and Zambia to help the country get better hold of its revenues, via a mineral mining monitoring project aimed at boosting tax revenues. As we learned at the beginning of the week, Zambia is rich in minerals, particularly copper. However, upon arrival in power, president Lungu stopped the program (aimed at helping its country negotiate better deals for its mines), and went into an infrastructure shopping spree with no real regards for what was in his treasury’s coffers; no wonder he got the boots at the end of his first term. This, added to all previous debts, and the pandemic which hit just as the new president was getting into office, made for the perfect storm.

Excerpts below are from the Times talking about Zambia’s discussions this week, and hopefully the start of a better way to close on the debt. Let’s not veil ourselves though, since its creation has the IMF ever helped a single African country come out of problems? Hard to believe that it will – maybe the case of Zambia will be different? You can also read articles from Bloomberg, Atlantic Council, and Financial Times.

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Map of Zambia
Map of Zambia

Not that long ago Chinese credit was easy to get in Zambia. A government department could contact a Beijing lender directly without needing to get it signed off by finance ministers.

Millions of dollars were squandered or used to line pockets. Ministers campaigned in helicopters and the president had a Gulfstream jet. All the while the debts were racking up. It could not last.

“We have lost an obscene amount of money on corruption — money that could have been used to feed, house, clothe and educate our children,” said Hakainde Hichilema, a man once mocked as “calculator boy” for his head for dry numbers.

President Hakainde Hichilema (Source: FaceofMalawi.com)

A year after securing the presidency — at his sixth attempt — in a landslide, Hichilema is unpicking the ruinous rule of his predecessor, Edgar Lungu, who threatened to turn Zambia into the new Zimbabwe.

Under Lungu’s administration, international debt quadrupled to more than 120 per cent of Zambia’s GDP. He failed to negotiate a lifeline from the International Monetary Fund (IMF) after it became the first African state to default since the 2005 agreement to wipe clean the debts of 30 of the continent’s poorest states.

The $1.3 billion IMF bailout secured by Hichilema’s government last week was seen as a huge vote of confidence in his commitment to restraint and reform. A successful exit from default could make Zambia a model for other states in Africa, where China is the biggest lender and the threat of debt distress is high. China has overtaken the World Bank as the biggest foreign creditor to developing countries.

… Zambia’s debt of $6 billion to 18 different lenders was twice previous estimates.

… New laws on transparency and a cap on future borrowing will keep things honest, [Hichilema] said. “The only change we can probably say is that we have just raised the bar in terms of engagement.”

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