4 African Business July 2024
Business Intelligence News
First tranche of Haiti’s international force is 400 Kenyan police
Nigeria has banned singleuse plastics in all ministries, departments, and agencies. This move comes ahead of a potential national ban next year, in a bid to reduce pollution – which is estimated at 2.5m tonnes a year. Iziaq Salako, minister of state for environment, said that plastic-induced drain blockage is a major source of flooding. “This is to ser ve as a leading by example to the Nigerian populace so that we know that we have to be environmentally responsible and use plastic waste ver y, ver y responsibly, ” he said.
Kenyan police have arrived in the Haitian capital of Port-au-Prince as part of a Kenyan-led, UN-approved taskforce to tackle gang violence in the troubled Caribbean nation. The 400 police frm fi rst tranche of a multinational force that could swell to 2,500 offi cers. The force will initially protect key infrastructure and clear the way for aid; later it is intended to work with Haitian police to secure neighbourhoods scarred by lawlessness. “Your presence in Haiti will bring hope and relief to communities torn apart by violence and ravaged by disorder,” President William Ruto told the offi cers.
Government of Nigeria abjures single-use plastic products
African sovereign bonds suffer a wave of credit downgrades
African countries saw 15 credit rating downgrades and only 4 upgrades to their sovereign bonds last year, according to reinsurer Chaucer. The wave of credit downgrades in African countries bucks the global trend of net upgrades – the rest of the world (excluding Africa) saw 20 downgrades and 48 upgrades last year. Over the past twelve months, African countries have accounted for 43% of global credit downgrades (15 downgrades out of 35), the fi rm said. Over a quarter of all downgrades of sovereign bonds (10 downgrades or 29% of the total) were in Sub-Saharan Africa alone. Critics argue that credit ratings agencies are too harsh on African countries.
South Africa’s government launches first coalition cabinet
South Africa’s government of national unity has unveiled its fi rst cabinet after the ANC and the Democratic Alliance (DA) broke the deadlock in fraught discussions over the division of portfolios. DA leader John Steenhuisen has been named minister of agriculture as his party enters government for the fi rst time; this is one of six DA positions in the 32-strong cabinet. The ANC retains twenty portfolios – including Enoch Godongwana as fi nance minister – while six other portfolios are shared among smaller parties. Naledi Pandor has been replaced as minister of international relations and cooperation by Ronald Lamola. The ministry of public enterprises has been scrapped, and electricity and energy have been merged.
A volunteer collects plastic debris at Lighthouse Beach plastic debris at Lighthouse Beac plastic debris at near Lagos.