Social value creation: African firms & the SDGs

By Rafiq Raji

1.0       Introduction

Many African businesses do ponder about how they can contribute to the development of their host economies. Firms can be integral parts of the development process. They can make direct investments in social welfare and do so profitably without being exploitative.[1] The application of market-based solutions to social problems is not without controversy. There are documented pros and cons.[2] Thus, the idea might not easily appeal to people in developed economies where things already work, where governments deliver public services efficiently and do so quite optimally, and where privatisations proved underwhelming in numerous cases. Still, in the African context, there are myriad problems that could be solved with private sector creativity, capital and drive. Public goods are likely to be delivered efficiently if there is a profit motive.

Nonetheless, there is always the risk of monopolistic or cartel behaviour. A firm or group of firms providing public goods could dominate an industry so much that they become uncontrollable. There is also the risk that the owners of such dominant firms extend their influence into politics and government. These concerns about “extraction” or “crony capitalism,” that is, “a political system in which the rich and the powerful get together to run the state – and the market – for their own benefit” are not unfounded.[3] Within the African context, there are other peculiar risks of a private sector-led social welfare system. Realising their importance in an environment with weak institutions, private firms may become law unto themselves.

Firms providing private goods and services could also contribute to African development by simply being excellent in their ordinary line of business.[4] For instance, a mobile telecommunication services provider might better serve its host economies by simply providing the best service at the best price. And as the case of Kenya’s M-Pesa mobile money service by the United Kingdom’s Vodafone shows, that excellence can manifest in excitingly impactful ways.[5] There are other examples. Singapore’s Dufil Prima successfully introduced a new and highly nutritious staple food – noodles – into the African diet that is affordable and beloved across classes.[6] Another example is Promasidor, which made milk accessible and affordable for the majority African poor with its Cowbell brand of milk products.[7] These are firms providing largely private goods but contributing in very profitable but mutually beneficial ways to social welfare.    

Thus, as a development paradigm within the African context, social value creation (SVC) extends beyond simply finding a market-based solution to a developmental problem. Sometimes, it is no more than a mindset change towards excellence in the core business of a firm that invariably ends up creating social value. This distinction is important to ensure that it is not confused with corporate social responsibility or philanthropy, which though are means towards some social value creation, are only so if that is the primary end in mind, and not some secondary after-thought owing to a guilty conscience.

Incidentally, Africa is ideally suited for firms looking to create social value at scale with relatively less effort and resources. Owing to dearth of capacity on many fronts, the continent is not likely to meet the United Nations’ Sustainable Development Goals (SDGs) on time. Thus, the purpose of the article is to provide a simple and yet encompassing framework to guide firms on how best they could help with filling the continent’s myriad developmental gaps and needs in a systematic, measurable, direct and yet profitable way.

2.0       Rethinking capitalism for development

Free-market capitalism is increasingly being criticized as not fit-for-purpose. When firms have been solely focused on maximizing shareholder value as in Western democracies, inequality rose disproportionately, underpinning the political dysfunction witnessed in America and elsehwere. In her 2020 book, Reimagining capitalism: How business can save the world, Harvard Business School professor, Rebecca Henderson, wonders “why and how we can build a profitable, equitable and sustainable capitalism by changing how we think about the purpose of firms, their role in society, and their relationship to government and the state (Henderson, 2020).”

This is a pertinent question for our time as “extractive elites monopolize economic activity and systematically underinvest (when they invest at all) in public goods such as roads, hospitals and schools (Henderson, 2020).” The subsisting “massive environmental degradation, economic inequality, and institutional collapse” are dysfunctions that may continue to endure if the western-type capitalism that underpins them is not rethinked (Henderson, 2020).

African countries, which see the increasing dysfunction in many Western capitalist societies, must now wonder if they should similarly adopt what had hitherto been dubbed the silver bullet for lifting their teeming populations out of poverty to prosperity. Multinational firms doing business on the continent may yet prove that is still the case. Besides, “states everywhere are failing. If we are to reimagine capitalism, we need the private sector to be part of the effort to rebuild our institutions and to fix government (Henderson, 2020).” There is nowhere in the world where this is more pertinent than in many African countries. And as Henderson (2020) asserts, “today’s firms have enormous power to influence governments if they choose to use it.” Africa is probably the one place where that influence could be most impactful.

These are not sentimental ideas.  For instance, “many of the central institutions of the nineteenth-century American economy – including the New York Stock Exchange, the Chicago Board of Trade, and the New Orleans Cotton Exchange – were voluntary associations formed to address the public goods problems thrown up by the maturing US economy (Henderson, 2020).” In Germany, business leaders made the informed decision to cooperate with labour leaders to institute new economic orders at critical post-war junctures that endure to this day (Henderson, 2020). Consequently, “Germany now has one of the world’s strongest and most equal economies (Henderson, 2020).”

Similar business-labour cooperation in the face of political vaccums has been associated with Denmark (Henderson, 2020). There is also a thriving African example. Cooperation between business and political leaders has been attributed for Mauritius’ relative economic success. Mauritius, which though “fractured along racial lines,” “was able to build a thriving, multicultural community and a strong free market”, making it “now one of the most successful countries in Africa (Henderson, 2020).”

Business can help in even more proactive ways. According to IE Business School global economy professor Daniel Lacalle in his 2020 book, Freedom or equality: The key to prosperity through social capitalism, the power of free markets can be applied to solve society’s myriad problems. “Capitalism has delivered the greatest increase in social welfare the world has ever seen, and it will continue to do so in all areas. We simply need to apply the power of free markets to solve society’s greatest problems (Lacalle, 2020).”

The main idea is the application of free market ideas towards solving social problems and making profits in tandem. According to Lacalle (2020), “social capitalism, which is private investment into the public good, is the best system for creating sustainable solutions that produce the maximum welfare for all.” The Nordic countries are good examples of where such an approach has proved to be remarkably successful.

That said, there are risks. Social value creation could be used instead as a ploy for value extraction by firms. University College London economics of innovation and public value professor, Mariana Mazzucato, shows clearly in her 2019 book The value of everything: Making and taking in the global economy how far and apart the two concepts of value creation and value extraction are.[8] And how governments and populations could easily be hoodwinked towards the latter, which is predatory, under the guise of the former, which is productive.

The financialization of the care home and water industries in the UK is a classical example of how “financial engineering of socially essential services can change the nature of an industry (Mazzucato, 2019). Thus, social capitalism could sometimes or inevitably result in the “transformation of public goods into private goods” owing to value extraction, as opposed to the intended social value creation of providing efficient and reliable services (Mazzucato, 2019). A better way might be for all firms, whether they produce private or public goods, to seek social value creation.

3.0 How do firms create social value?

In his 2020 book, Grow the pie: How great companies deliver both purpose and profit, Alex Edmans, a professor of finance and academic director of the Centre for Corporate Governance at London Business School, asserts a company’s primary objective should be “social value rather than profits.” Incidentally, firms that adopt this approach end up being more profitable over time than firms with a sole profit objective (Edmans, 2020). However, SVC is not corporate social responsibility (CSR). Nor is it philanthropy. Fundamentally, it starts with a firm asking itself “how is the world a better place by your company being here?” (Edmans, 2020). As firms control a lot of human and financial resources, they are very well-placed to create value for society. Edmans (2020) terms this positive sum approach to business as “pieconomics”. This is an approach to business in which creating value for society is the primary goal, with profits an inevitable consequence.

Figure 1: The SDGs-SVC-Development model

How is SVC different from CSR, though? “CSR typically refers to activities that are siloed in a CSR department, often to offset the harm created by a company’s core business (Edmans, 2020).” Instead, SVC is integrated into the core business with the primary objective of serving society. Still, CSR could also be used to create social value. A better distinction is shown in Table 1. Most CSR activities qualify as corporate philanthropy where activities tend to be special projects whereas SVC is more aligned with social responsibility and thus embedded in the day-to-day business of the firm. 

Table 1: Business & Society models
 Trade-off modelCorporate philanthropySocial responsibility
Ultimate purpose of firm existenceWealth creationWealth creationSocial & economic development
Financial v Social performanceTrade-off correlation < 0Jointly achievable Social => FinancialJointly achievable Social => Financial
Governance modeShareholders’ ruleShareholders’ ruleShareholders’ mode
Resource allocation criterionShareholders’ value maximization (SVM)SVM long-term + short-term social impactLT social impact ST financial impact
Type of social impact activitiesNone, unless necessaryAdd-on to normal (special projects)Embedded in normal activities
Economic logic of social actionsRisk protectionRevenue growth opportunitiesFully integrated
Source: Zollo (2004)[9]

According to Edmans (2020), social value creation is guided by the three principles of multiplication, comparative advantage and materiality. The firm’s spend on a stakeholder should create a surplus benefit to the stakeholder (multiplication). The firm should be the one best able to add value than others for the particular activity (comparative advantage). And the beneficiaries of this activity should be material to the firm’s business (materiality).

Edmans (2020) cites a few examples to illustrate how the principles work. Coca-Cola’s Last Mile intiative leverages its comparative advantage in last mile distribution and cold storage logistics to transport medicines across Africa, for instance. Another example is Singaporean-headquarted agribusiness Olam, which grows various crops across the continent. Olam’s ‘Growing Responsibly’ philosophy helps to ensure conservation and regeneration in its operations and the natural resources it exploits. Similarly, owing to its huge water consumption and the tandem effects on the environment, Coca-Cola invests in various safe drinking water projects across Africa. And simply in the pursuit of excellence, Vodafone’s M-Pesa mobile money service in Kenya has transformed many lives.

4.0       African businesses are well-placed for social value creation

The United Nations’ Sustainable Development Goals (SDGs) is a comprehensive framework for assessing the development needs of the continent. A firm, looking to create social value, would find the SDGs a good starting point. Where do African countries currently stand with respect to the SDGs? The continental scorecard is very poor (see Table 2).  According to the 2020 Africa SDG Index and Dashboards Report, no country had a good score for 13 of the 17 goals, for instance.[10]  The most pressing SDGs are good health and wellbeing (SDG 3), infrastructure (SDG 9) and peace, justice and strong institutions (SDG 16). Amongst the identified challenges in implementing the SDGs in Africa, the private sector could easily help with inadequate financial resources, lack of capacity in the civil service and civil society and lack of adequate data.[11]

Table 2: Status of the Sustainable Development Goals in Africa
GoalDescriptionCurrent status
1No poverty 2030 poverty target will not be met by any African region other than North Africa. In absolute numbers, poverty has increased.
2Zero hunger With the exception of North Africa, food insecurity in Africa persists at a rate of over 25%
3Good health and well-beingUnder-five mortality rates are highest in Africa and well above the global average
4Quality education 100% primary enrolment rate by 2030 likely if effort sustained. More than 50% of African countries already have over 90% primary enrolment rate. 
5Gender equality Sub-Saharan Africa average greater than global. Africa leads the world in appointing female legislators.
6Clean water & sanitation Access to improved drinking water within a 30-minute round trip is below world average and off-target
7Affordable & clean energy Half of Africa has electrification rates of less than 40%. North Africa on track to achieve 100% electrification by 2030
8Decent work & economic growth Over 40 African countries have unemployment rates of over 5%.
9Industry, innovation & infrastructure Internet usage in Africa remains very low. Nearly half of African countries have internet access of less than 20%.
10Reduced inequalities Growing evidence shows Africa is one of the most unequal regions in the world. In fact, inequality worsened in 25 African countries between 2000 and 2015.
11Sustainable cities & communities Africa is relatively less urbanized. 13 countries have formulated and 21 are in the process of implementing national urban policies.
12Sustainable consumption & production No data available on any of the indicators
13Climate action Africa is the best performing region in the world when it comes to CO2 emissions.
14Life below water No data available to assess progress
15Life on land Good amount of protected land dedicated to supporting diversity. With focused policy interventions, 2030 target could be met.
16Peace, justice & strong institutions Number of deaths owing to conflict or terrorism in Africa is significantly higher than the global average.
17Partnerships for the goals More than half of African countries have a national statistics plan that is fully funded and being implemented.

Source: The Sustainable Development Goals Center for Africa (2019). Africa 2030: Sustainable development goals three-year reality check. Kigali: SDG Centre for Africa. Retrieved from http://www.acsd.africa/static/site/pdf/africa/2.pdf 

According to The Sustainable Development Goals Center for Africa, the SDG financing gap for Africa is estimated at between US$500 billion to US$1.2 trillion annually. Juxtapose that with more than 400 companies with gross sales of at least US$1 billion annually on the continent.[12] Yes, these firms likely pay their fair share in taxes. But clearly, there is so much more they could do on financing alone. More than half of the world’s poor are in Africa, with over 60 million children stunted and almost 300 million of its 1.2 billion population malnourished.[13] Many African firms can create social value in this regard as well. As shown in Figure 2, there are many other ways African firms could create social value. Firms involved in sustainable agriculture, water infrastructure or renewable energy would be creating social value by virtue of their products and services. Incidentally, these examples speak to the predominant needs related to food, water, housing, transportation and energy on the continent. In other cases, it could simply be via how firms doing business on the continent conduct their operations. Do they seek sustainable production, an inclusive workforce, gender balance and so on?  

Figure 2: Framework to assess the impact of listed companies on the SDGs

Source: United Nations (2020). Financing for sustainable development report 2020. New York: United Nations. Retrieved from https://developmentfinance.un.org/sites/developmentfinance.un.org/files/FSDR_2020.pdf   

And the evidence increasingly show that even in the African case, SVC can be profitable in the long run and loss-making when ignored. As shown in Table 3, when southern African firms invested in HIV/AIDS prevention and treatment, they not only helped save lives but enjoyed increase staff productivity and higher returns on their human capital. The Fairtrade chocolate initiative in Ghana is another good example. Cocoa farmers got paid more and participating firms secured better margins in tandem. And in instances where firms chose to be unethical like the UK’s Thor Chemicals in South Africa, it ended up paying a higher price.

There are recent examples as well. Nigeria’s Dangote Cement is building a cement-only multi-carriage road to the country’s busiest sea port in Lagos, for instance.[14] And in January 2021, multinational oil company Shell was ordered by a Dutch court to pay significant compensation to host communities as damages for environmental degradation owing to its exploration activities in the Niger Delta.[15] So even if in the African context, SVC may need to be decidedly less ambitious than the ideal in some cases, there is a lot that firms can do with so little.

Because of the peculiar political and socioeconomic contexts in many African countries, even if a company desires to put society first, it may find itself out of business before it is ever able to do significant good. Even Edmans (2020) admonishes that “while a company’s primary goal should be to create value for society, it’s important that it does so in a discerning way.” This is because even as it is true that companies which deliver great social value tend to also do well financially, it is not always the case. This nuance is even more pertinent in the African context. 

Table 3: Social value creation in Africa 
ExampleBusiness case
Investments in prevention, treatment and care of HIV/AIDS by companies operating in southern Africa (such as Eskom) have led to reduced incidence of the disease and improvements in workers’ quality of lifeReductions in the cost of benefit payments, employee training, overtime and casual wages, insurance premiums, supervision and management; increases in productivity and employee motivation, and retention of trained employees
Fairtrade chocolate, which provides a market for initiatives such as Kuapa Kokoo, a cooperative involving 35,000 farmers in Ghana farming according to social and environmental principlesThe Fairtrade movement is based on consumers’ willingness to pay a premium on products that are produced with high social and environmental standards, thereby providing more secure income to the cooperative’s members
During the 1980s and early 1990s, UK-based company Thor Chemicals’ mercury reprocessing plant in South Africa gave rise to severe pollution and health impacts on employees, including the death of two workers in 1993.The company’s blatant pollution and health offences gave rise to numerous protest and legal actions. Business partners discontinued their relationship with the company. In 1993, the company and three of its directors were charged by the South African state (though charges were dropped after the payment of a small fine). In 1994, the plant was closed down by the government. The company was subsequently sued both in South Africa and in the UK, with settlement payments totalling over $3 million.
The Nairobi-based Serena Group of Hotels has built a number of lodges and tented camps in East Africa. It has implemented extensive environmental management, community involvement, and enterprise development programmesThe acceptance of the Group’s activities amongst local populations has significantly reduced theft incidents. The Group has also won a prestigious “Green Globe” award, thereby improving its reputation in the travel industry. Sensitive siting, protection of resources, and good community relations add to their visitors’ ecotourism experience.
Source: Hamann (2006), IFC et al. (2002)[16] [17]

But even in the difficult African terrain, there are many instances where an SVC mindset would have been clearly more profitable. Take the earlier mentioned case of Shell Nigeria, which was ordered by a Dutch court in late January 2021 to pay compensation to farmers affected by oil spills from its operations in the Niger Delta. In addition to the financial reparations, Shell has also been ordered to install equipment to prevent further leaks. And while Shell argues the oil pipeline leaks were due to sabotage, there is no gainsaying that an SVC mindset – e.g., a duty of care – would have made the firm more enthused to ensure the leakages did not persist despite the high infrastructure and security costs.

Besides, Shell could easily have created social value by aiming for the SDGs via its operations to prevent pollution, waste generation and abuse of human rights (see Figure 2). By the recent Dutch court indictment, it clearly failed in regard of SDG 1 (no poverty) since livelihoods were lost as fishermen could not fish, SDG 3 (good health & well-being) in light of health costs to members of the host communities, SDG 6 (clean water & sanitation) owing to pollution of water bodies for drinking water, bathing, and laundry, SDG 11 (sustainable cities & communities), and SDG 13 (climate action).   

Another case in point is the construction of the Apapa-Oshodi-Oworonsoki-Ojota highway in Lagos, Nigeria, by Dangote Industries. Perennially out of repair, the highway is the main access road to the busiest sea port in the country. And every time it was repaired in the past, it almost always unraveled during the rainy season, with a constant sight of long queues of heavy duty trucks parked by the side of the road for a considerable distance. And while Dangote Industries would enjoy a 10-year tax rebate from the Nigerian government, the value to the firm and the Nigerian economy owing to the wider and expectedly more resilient all-cement road, would be far greater than the estimated tax concessions of about US$180 million (72.9 billion naira).

The initiative is multiplicative, leverages on Dangote Cement’s comparative advantage, and is material to its business and stakeholders. And even as Dangote does not explicity say the intiative would help with the SDGs, it probably should have consciously sought to do so. Clearly, the Lagos port road would help with SDG 1 (no poverty), SDG 9 (industry, innovation, and infrastructure), SDG 11 (sustainable cities & communities), and SDG 17 (partnerships for the goals).

In sum, the above examples highlight how in spite of the peculiarly difficult African business environment, firms could aim for social value creation in a systematic, measurable and sustainable way by mirroring the SDGs in their operations, CSR and philanthropy. The upside to the African case is that firms have so many opportunities for social value creation with relatively less effort and financial resources. And there is almost an immediate, direct and easily discernible development impact. Where all firms operating on the continent to adopt our SDGs-SVC-Development model, the sum of the whole would almost certainly make the achievement of the SDGs in many African countries more feasible. 

5.0       Conclusion & Recommendations

African businesses can contribute to the economic development of their host economies by deliberately seeking to create social value. Market-based solutions to social problems have been found to produce optimal public goods. And even by simply pursuing excellence in the normal course of business, a private goods firm could create social value similarly. Incidentally, Africa is ideally suited for global, pan-African and local firms looking to create social value at scale.

Our SDGs-SVC-Development model is a simple but encompassing framework that guides firms on how they could easily help with filling the continent’s myriad developmental gaps and needs. It relies on the United Nations’ Sustainable Development Goals to scope the continent’s development needs. Relying on various literature, we show how aiming for the SDGs creates social value. We also highlight the unique African case where but for increased engagement by all stakeholders, especially the private sector, targets for the SDGs are not likely to be realised. How is Africa a better place by your firm being here? How can you use your firm’s expertise to solve this social problem? These are the pertinent questions our SDGs-SVC-Development model hopes to enable firms operating on the African continent scope and answer with action.

Since studies on the relationship between business and society in Africa is relatively scant, the article’s continental bias is apropos. In Mauritius, a synergistic relationship between business and government underpins its relatively shared prosperity. Vodafone’s M-pesa in Kenya increased financial inclusion, helped in reducing poverty and is now being replicated across the world. Coca-Cola’s usage of its cold logistics and last mile distribution infrastructure to transport medicines and vaccines is another excellent example of social value creation. We also highlight the risks inherent in the provision of social services or public goods by the private sector. Under the guise of social value creation, firms have instead resorted to value extraction in many instances.

With more than 400 companies on the continent earning at least US$1 billion annually, the US$500 billion to US$1.2 trillion annual SDGs financing gap for Africa could easily be met if most firms on the continent (if not all) adopt a social value creation mindset. Beyond financing, firms could also provide expertise to make up for the identified lack of capacity in the civil service and civil society and inadequate data in many African countries. Additionally, firms could also create social value by virtue of their product and services. And even when firms are not involved in such naturally SVC-themed ventures like sustainable agriculture, water infrastructure, renewable energy and so on, they could easily create social value by simply conducting their operations in an ethical and sustainable manner.

References


[1] Lacalle, D. (2020). Freedom or equality: The key to prosperity through social capitalism. New York: Post Hill Press

[2] Estrin, S. & Pelletier, A. (2015). Privatisation in developing countries: What are the lessons of experience? London: Economic & Private Sector Professional Evidence and Applied Knowledge Services. Retrieved from https://assets.publishing.service.gov.uk/media/57a08977ed915d3cfd000264/Topic_Guide_Privatisation_Nov.pdf

[3] Henderson, R. (2020). Reimagining capitalism: How business can save the world. UK: Penguin.

[4] Edmans, A. (2020) Grow the pie: How great companies deliver both purpose and profit. Cambridge: Cambridge University Press.

[5] M-pesa has completely transformed Kenya’s economy, this is how… (2017, January 4). CNBC Africa. Retrieved from https://www.cnbcafrica.com/2017/mpesa-economic-impact-on-kenya/

[6] Ojomo, E. (2016, May 5). Disruptive innovation: The most viable strategy for economic development in Africa. World Bank Blogs. Retrieved from https://blogs.worldbank.org/africacan/disruptive-innovation-the-most-viable-strategy-for-economic-development-in-africa 

[7] Meacham, M., Tymms, A., Moolman, T. & de Montgolfier, J. (2012, April 5). How companies overcome Africa’s five great challenges. Promasidor. Retrieved from https://www.forbes.com/sites/baininsights/2012/04/05/how-companies-overcome-africas-five-great-challenges/ 

[8] Mazzucato, M. (2019). The value of everything: Making and taking in the global economy. UK: Penguin Books

[9] Zollo, M. (2004). Philanthropy or CSR: a strategic choice. A special report by European Business Forum London 2004, pp. 18-19. Retrieved from https://www.academia.edu/download/3250521/Articles_Philanthropy_or_CSR.pdf

[10] The Sustainable Development Goals Center for Africa & Sustainable Development Solutions Network (2020). Africa SDG Index and Dashboards Report 2020. Kigali & New York: SDG Center for Africa and Sustainable Development Solutions Network. Retrieved from https://s3.amazonaws.com/sustainabledevelopment.report/2020/2020_africa_index_and_dashboards.pdf  

[11] The Sustainable Development Goals Center for Africa & Sustainable Development Solutions Network (2019). Africa SDG Index and Dashboards Report 2019. Kigali & New York: SDG Center for Africa and Sustainable Development Solutions Network. Retrieved from https://s3.amazonaws.com/sustainabledevelopment.report/2019/2019_africa_index_and_dashboards.pdf

[12] Leke, A. & Signe, L. (2019, January 11). Spotlighting opportunities for business in Africa and strategies to succeed in the world’s next big growth market. Brookings. Retrieved from https://www.brookings.edu/research/spotlighting-opportunities-for-business-in-africa-and-strategies-to-succeed-in-the-worlds-next-big-growth-market/

[13] The Sustainable Development Goals Center for Africa (2019). Africa 2030: Sustainable development goals three-year reality check. Kigali: SDG Centre for Africa. Retrieved from http://www.acsd.africa/static/site/pdf/africa/2.pdf 

[14] Dangote (2019, December 30). The Apapa-Oshodi road will last for 40 years when completed, Dangote [Press release]. Retrieved from https://dangote-group.africa-newsroom.com/press/the-apapaoshodi-road-will-last-for-40-years-when-completed-dangote 

[15] Shell Nigeria ordered to pay compensation for oil spills (2021, January 29). BBC. Retrieved from https://www.bbc.com/news/world-africa-55853024

[16] Hamann, R. (2006). Can business make decisive contributions to development? Towards a research agenda on corporate citizenship and beyond. Development Southern Africa, 23 (2), pp. 175-195. Retrieved from https://www.researchgate.net/profile/Ralph_Hamann/publication/227611039_Can_business_make_decisive_contributions_to_development_Toward_a_research_agenda_on_corporate_citizenship_and_beyond/links/57d1825608ae601b39a1d972/Can-business-make-decisive-contributions-to-development-Toward-a-research-agenda-on-corporate-citizenship-and-beyond.pdf   

[17] International Finance Corporation & Sustainability & Instituto Ethos (2002). The business case in emerging economies. Washington: International Finance Corporation

macroafricaintel Daily Brief | 23 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

• Nigeria senate conducts hearing on cryptocurrencies. Central bank recently banned banks from crypto transactions. CBN governor & SEC DG summoned.
• Kenya’s Uhuru & Raila campaign for BBI, amid Ruto pushback. Kenya counties debate & vote on BBI bill; 12 approvals thus far, 24 threshold could be crossed Tuesday
• South Africa state capture inquiry continues.Former transport minister Dipuo Peters testifies.
• Guinea begins ebola vaccinations. Vaccines arrived 1-day late due to bad weather.
• South Africa releases Q4-20 labour statistics. Q3 unemployed persons were 6.5 mln, an unemployment rate of 30.8%
• South Africa’s Mboweni delivers 2021 budget speech (24 Feb). Reuters survey suggests deficits expected to narrow to 9.7% of GDP (2021/22), 8.5% (2022/23) & 7.5% (2023/24) from an estimated 13.95% in 2020/21.
• South Africa producer inflation Jan-21 (25 Feb). Forecast is 3.0% yy from 3.0% in Dec-20.
• South Africa central bank releases Jan-21 monetary & credit statistics (26 Feb). M3 (fcst. 9.4% yy, prev. 9.5%), PSCE (fcst. 3.8% yy, prev. 3.6%)
• Kenya releases Feb-21 consumer inflation data (26 Feb). Forecast is 5.5% yy from 5.7% in Jan-21.
• Covid-19 updates by authorities. Focus still on acquisition of vaccines, South Africa already started vaccinations.

Africa headlines: https://www.reuters.com/news/archive/africa
Global headlines:https://www.reuters.com/theWire

macroafricaintel Daily Brief | 22 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets
• Shares turn cautious as bond yields, commodities surge
• UK’s Johnson to plot path out of lockdown today
• Oil rises as US output slowly returns after winter storms
• Brent up 1.2% at $61.67, WTI up 1.3% at $59.98 (0104GMT)
• Gold rises as dollar eases, higher yields cap gains
• Spot gold up 0.3% at $1,787.31/oz., futures up 0.4% at $1,784.20 (0100GMT)

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• Kenya’s Uhuru & Raila campaign for BBI, amid Ruto pushback
• Kenya counties debate & vote on BBI bill [11 approvals thus far, 13 more needed]
• South Africa state capture inquiry continues
• Guinea begins ebola vaccinations (23 Feb)
• South Africa releases labour statistics (23 Feb)
• South Africa’s Mboweni delivers 2021 budget speech (24 Feb)
• South Africa producer inflation Jan-21 (25 Feb)
• South Africa M3, PSCE Jan-21 (26 Feb)
• Kenya consumer inflation Feb-21 (26 Feb)
• Covid-19 updates by authorities across the continent

Key African events or data releases over the weekend & early a.m today
Reuters
• Libya interior minister’s convoy in shootout he calls assassination attempt
• Somalia’s Jubbaland region rejects national president’s inclusion in election talks
• Seven poll workers killed by landmine as Niger votes in presidential runoff
• Nigeria air force passenger plane crash kills 7 people
• Sudan devalues currency to meet key condition for debt relief
• Sudan took steps to streamline commodities, imports during devaluation – minister
• WHO’s Tedros says he still has no details from Tanzania on its covid response
• Italy authorities rescue 47 migrants after ship capsizes
• eSwatini king says had covid-19, recovered after Taiwan sent drugs
• Mali creates body to open talks with militants
• South Africa advisers back Pfizer covid-19 vaccine after study
• EU envisages 1 bln euros aid to Ivory Coast to meet sustainable cocoa laws
• Ghana approves Russia’s Sputnik V vaccine for emergency use – RDIF
• Two killed as Gabon citizens protest coronavirus restrictions
• Nigeria court freezes Shell accounts ahead of Aiteo lawsuit
• Russia aviation agency cannot confirm Egypt flights to resume
• Belgium creditor looks to seize Air Namibia’s assets
• Ghana expects delivery of around 350,000 AstraZeneca vaccine shots by end of next week
• Somalia govt forces opposition clash in Mogadishu over election protest
• AU says Russia offers 300 mln doses of Sputnik V vaccine
• Three more face charges in graft case against ANC’s Magashule – South Africa prosecutors
• Kenya’s WPP Scangroup shares plunge after CEO suspension
• South Africa’s Massmart plans further store closures, flags wider net loss this year
• South Africa’s economic rebound expected to trim budget deficits
• Violence still raging in South Sudan despite peace deal: UN
• Govts from Mongolia to Mali seek to reopen mining deals
• Egypt’s Sisi offers support to Libya’s new PM

Bloomberg
• Algeria replaces oil minister as discontent over economy grows
• Travel industry sees glimmers of recovery in Africa, Antarctica
• South Africa’s Mboweni must revive economy while trimming budget
• ‘Flexible’ marketing plan needed for Suez Canal, Sisi says
• Nigeria military plan crashes near capital airport, 7 dead
• Senegal set to begin vaccinations with frontline health staff
• Tanzania president now wants citizens to wear face masks
• Upheaval is coming to South Africa over the shift away from coal
• Sudan central bank moves to unify FX rate to aid economy
• Niger voters pick new president in historic runoff election
• South Africa high earners’ exodus may limit room for tax hikes
• Nigeria Instagram star aided North Korea cyber crime, US says
• South Africa – Banks, fund manager push to solve $32 bln Eskom debt crisis
• Angola revokes law banning oil exploration in Okavango basin
• Nigeria court freezes Shell accounts in dispute over oil deal
• Old Mutual’s Zimbabwe unit sees green shoots in ravaged economy
• South Africa adviser proposes Astra shot test for severe covid
• AU secures 300 mln doses of Sputnik V vaccine
• Police seize suspected covid-19 treatment drugs in South Africa
• Top South Afric ruling party official charged with more crimes
• Africa reaches 100,000 known covid-19 deaths as danger grows

N.B. Full stories of above headlines are available on Reuters & Bloomberg

macroafricaintel Daily Brief | 19 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets
• Biden debuts at G7 with vaccines, economy & China in focus
• Rich nations stockpiling a billion more covid-19 shots than needed: report
• Texas power plants back online, but 325,000 households still in the dark
• WhatsApp to move ahead with privacy update despite backlash
• Asia shares slip from record highs on rising bond yields, weak US data
• Oil drops as investors gauge big chill impact on US refineries, OPEC+ output rise
• Brent down 1.6% at $62.90, WTI down 1.9% at $59.38 (0421GMT)
• Gold slips to over 7-mth low as rising yields dent appeal
• Spot gold down 0.4% at $1,769.03/oz., futures down 0.6% at $1,765.30 (0250GMT)

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• Nigeria oil minister Sylva on OPEC+ compliance mission to Equatorial Guinea, Gabon, Congo Brazzaville & South Sudan
• Niger holds runoff presidential election (21 Feb)
• Nigeria’s security chiefs meet regional leaders over insecurity, ethnic tensions
• Kenya’s Uhuru & Raila campaign for BBI, amid Ruto pushback
• Kenya counties debate & vote on BBI bill [11 approvals thus far, 13 more needed]
• South Africa state capture inquiry continues
• Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today
Reuters
• Continuity vs. change as Niger votes in presidential run-off
• Pfizer study another worry for South Africa vaccine rollout
• World Bank names first African head of IFC private sector finance arm
• Pfizer plans to test covid-19 vaccine booster targeting the South Africa variant
• At least 18 killed in attacks in Burkina Faso and Mali
• Nigeria economy contracted 1.92% in 2020 – stats office
• Gunmen kill student, kidnap 42 in attack on Nigeria school
• Nigeria fuel subsidy hangover bodes ill for state finances
• Zimbabwe central bank raises main lending rate to 40%
• Zimbabwe starts covid-19 vaccinations, vice-president gets first shot
• Africa covid-19 deaths surpass 100,000 after 2nd wave
• Pfizer says South Africa variant could significantly reduce protective antibodies
• More than 11,000 ebola vaccines expected in Guinea this weekend
• Spain to make quarantine obligatory for travellers from South Africa, Brazil
• Kenya Nairobi airport seen ready to switch from fruit to vaccines

Bloomberg
• Bitcoin nears $1 tln value as crypto jump tops other assets
• South Africa vaccine rollout seen slower after Astra setback
• Guinea to receive ebola shots to quell new outbreak by April
• South Africa seeks to protect freight rail from extreme weather
• US leadership can help end the crisis in Ethiopia
• World Bank makes Diop first African to head private sector’s IFC
• Zimbabwe’s central bank raises key interest rate to 40%
• Nigeria unexpectedly exits recession
• South Africa wary of Sputnik, CanSino shots because of HIV risk
• Zimbabwe court bans mobile operator’s ‘depressing’ covid texts
• Nigeria approves AstraZeneca vaccines for emergency use
• Namibia proceeds with AstraZeneca shot despite covid-19 strain
• Egypt plan to supply Europe LNG gets boost as plant reopens

N.B. Full stories of above headlines are available on Reuters & Bloomberg

macroafricaintel Daily Brief | 18 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets
• Facebook unfriends Australia
• Researchers urge delay in administering Pfizer vaccine’s 2nd dose, cite strong data
• No electricity, no water, Texans struggle through historic cold with more dark days ahead
• Oil prices climb on fears Texas freeze may hamper US crude output
• Brent up 1.4% at $65.23, WTI up 1.1% at $61.80 (0524GMT)
• Gold prices off 2-1/2-mth low as US treasury yields pull back
• Spot gold up 0.4% at $1,782.64/oz., futures up 0.6% at $1,783.10 (0336GMT)

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• Nigeria GDP Q4-20 [fcst. -4.2% yy, prev. -3.6%]
• Nigeria GDP FY-20 [fcst. -3.1% yy, prev. 2.3%]
• Nigeria’s security chiefs meet regional leaders over insecurity, ethnic tensions
• Kenya’s Uhuru & Raila campaign for BBI, amid Ruto pushback
• Kenya counties debate & vote on BBI bill [7 approvals, 1 rejection thus far; 24 approvals required]
• South Africa state capture inquiry continues
• Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today
Reuters
• US calls for fair and transparent legal process for ‘Hotel Rwanda hero’
• India to test travellers from Brazil, South Africa, UK after detecting new virus strains
• Gunmen kill student, kidnap 42 in attack on Nigeria school
• South Africa’s Tiger Brands sees 20% recovery in 6-mth profit
• Trial of ‘Hotel Rwanda hero’ begins amid wrangles over jurisdiction
• Workers missing after ArcelorMittal South Africa site accident
• ‘I feel blessed’, says doctor as South Africa launches vaccination drive
• Sudan summons ambassador to Ethiopia for consultations – spokesman
• Nigeria’s president dispatches security chiefs to rescue abducted students
• Zambia scales back projects to reduce debt exposure, central bank says
• Nigeria students design coronavirus care robot
• Hunger increases in South Africa despite covid-19 welfare payments
• Egypt plans reopening of Libya embassy shut since 2014

Bloomberg
• Pfizer shot produces fewer antibodies versus South Africa strain
• Africa nations are already hiking rates with more to come
• South Africa covid variant tied to 16-fold boost in cases in Zambia
• Zimbabwe to register China’s Sinovac vaccine as program starts
• Billionaire Sawiris joins Egypt’s gold rush after rules relaxed
• Ghana pays half its debt to power producers with $750 mln
• Inflation bets put South Africa rate hike back on the table
• Namibia central bank holds interest rate at record-low 3.75%
• Gunmen abduct students, staff from school in central Nigeria
• Zanzibar’s vice president Maalim Seif Sharif Hamad dies
• Bitcoin’s $50,000 FOMO is overpowering bankers
• Illegally imported Cuba covid-19 drug to be trialed in South Africa
• Zambia central bank hikes as it sees inflation risks to upside
• More than 50% of South Africans may have had covid, insurer says

N.B. Full stories of above headlines are available on Reuters & Bloomberg

macroafricaintel Daily Brief | 17 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets
• Charge dropped against woman who made false claim to cops about Black man in Central Park
• Rising US yields takes edge off stocks rally
• US shale could face weeks of depressed oil production due to cold
• Oil steady amid Texas supply disruptions, potential OPEC+ moves
• Brent up 11 cents at $63.46, WTI down 3 cents at $60.02 (0510GMT)
• Gold drops to near 2-wk low as dollar, Treasury yields rise
• Spot gold down 0.2% at $1,791.36/oz., futures down 0.6% at $1,788.40 (0118GMT)

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• South Africa starts covid-19 vaccinations with J&J doses
• ‘Hotel Rwanda hero’ trial starts in Kigali
• Nigeria sells 150 bln naira worth of bonds
• Nigeria’s security chiefs meet regional leaders over insecurity, ethnic tensions
• Kenya’s Uhuru & Raila campaign for BBI, amid Ruto pushback
• Kenya counties debate BBI, vote on bill during the week
• South Africa inflation Jan-21 [fcst. 3.0% yy, prev. 3.1%]
• South Africa retail sales Dec-20 [fcst. -4.4% yy, prev. -4.0%]
• Bank of Namibia decides interest rates [fcst. 3.75%, prev. 3.75%]
• Bank of Zambia decides interest rates [fcst. 8.0%, prev. 8.0%]
• Nigeria GDP Q4-20 [fcst. -4.2% yy, prev. -3.6%] (18 Feb)
• Nigeria GDP FY-20 [fcst. -3.1% yy, prev. 2.3%] (18 Feb)
• Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

Reuters
• WHO alerts six Africa countries after ebola outbreaks
• Ebola outbreaks in Africa must be stopped, White House says
• Ten years on, Libya revolutionaries live with wounds and unfulfilled dreams
• India detects South Africa, Brazil covid variants
• Africa countries interested in South Africa’s AstraZeneca doses, minister says
• Thousands protest in Algeria, hoping to rekindle mass demos
• South Africa plans to share AstraZeneca shots via African Union
• Citi takes profits in South Africa currency trade
• France rules out immediate troop cuts in Sahel, Chad deploys reinforcements
• Cameroon detains eight soldiers after torture video emerges
• At least 60 killed after passenger barge crashes on Congo river
• Congo averts recession in 2020 thanks to mining sector strength
• Suspected militia leaders plead not guilty to CAR war crimes
• South Africa’s Renergen to start production of ultra-cold covid-19 vaccine storage
• Five dead in new ebola outbreak in Guinea
• South Africa Airways gets $346 mln from govt to pay laid-off workers – statement
• Nigeria annual inflation rises in January as pandemic weighs
• IMF, Kenya reach agreement on 3-yr, $2.4 bln financing package
• South Africa says documentation on Russia’s Sputnik V vaccine submitted to regulator
• WHO sounds regional warning over ebola outbreaks in Congo, Guinea

Bloomberg
• South Africa begins vaccine rollout after J&J shots arrive
• Registration for Sputnik vaccine sought in South Africa
• Upheaval is coming to South Africa over the shift away from coal
• ImmunityBio covid-19 vaccine to be trialed in South Africa
• BNP Paribas to face human rights claims over Sudan work
• South Africa court rules Eskom can recover 10 bln rand in tariffs
• West Africa braces for new ebola outbreak as Guinea cases rise
• Nigeria president replaces head of anti-corruption agency
• Nigeria to convert $25 bln of CBN financing to 30-yr debt
• Macron cautions against reducing Sahel anti-insurgent force
• South Africa offers its AstraZeneca vaccines to African Union
• Ghana plans to relax telecom licensing rules to lower data costs
• StanChart’s Kenya unit to harness customers’ savings as security

N.B. Full stories of above headlines are available on Reuters & Bloomberg

macroafricaintel Daily Brief | 16 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets
• Asia share rally keeps global bull run on track
• Dollar in doldrums as vaccines fan recovery bets
• Oil prices climb as deep freeze shuts US oil wells, curbs refineries
• Brent up 0.6% at $63.65, WTI up 1.4% at $60.29 (0434GMT)
• Platinum extends rally to near 6-1/2-year peak on recovery hopes
• Spot gold up 0.3% at $1,824.02/oz., futures up 0.1% at $1,824.10 (0335GMT)

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• Sahel leaders confer on security in N’Djamena; France’s Macron attends via video (15-16 Feb)
• Nigeria’s security chiefs meet regional leaders over insecurity, ethnic tensions
• Nigeria inflation Jan-21 [act. 16.5% yy, fcst. 16.4%, prev. 15.8%]
• Kenya’s Uhuru & Raila campaign for BBI, amid Ruto pushback
• Kenya counties debate BBI, vote on bill during the week
• South Africa starts covid-19 vaccinations (17 Feb)
• South Africa inflation Jan-21 [fcst. 3.0% yy, prev. 3.1%] (17 Feb)
• South Africa retail sales Dec-20 [fcst. -4.4% yy, prev. -4.0%] (17 Feb)
• Bank of Namibia decides interest rates [fcst. 3.75%, prev. 3.75%] (17 Feb)
• Bank of Zambia decides interest rates [fcst. 8.0%, prev. 8.0%] (17 Feb)
• Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today
Reuters
• Guinea tracks potential ebola contacts, says it can overcome new outbreak
• Cameroon detains eight soldiers after torture video emerges
• At least 60 killed after passenger barge crashes on Congo river
• South Africa asks Serum Institute to take back 1 mln vaccine doses – report
• Nigeria’s Okonjo-Iweala makes history as head of WTO
• South Africa’s Zuma could be jailed after no-show at corruption inquiry
• Former soccer executive on trial at ICC for CAR violence
• Steinhoff’s former auditor Deloitte to pay $85 mln to settle certain claims
• Congo’s Tshisekedi appoints new PM, further sidelining Kabila
• Ebola vaccination campaign begins in DRC
• Robots at reception: South Africa hotel turns to machines to beat pandemic
• Zimbabwe receives 200,000 doses of Sinopharm covid-19 vaccines
• KPMG’s South Africa arm to stop offering “non-audit-related services”
• Shell files int’l arbitration against Nigeria over oil spill case
• Retailer Shoprite sees half-year profits growing by up to 22.5%

Bloomberg
• Zimbabwe receives vaccines donation from China
• Gulf fund raises $75 mln for mideast, North Africa startups
• Burundi, Tanzania seek to raise $1.9 bln for railway project
• IMF, Kenya reach staff-level agreement on $2.4 bln loan
• WTO formally picks Okonjo-Iweala as its first female leader
• DRC president names mining company CEO as prime minister
• Zuma defies South Africa court order, faces contempt charge
• Rand’s world-beating rally masks South Africa’s fiscal risks
• Rebel Liberia commander accused of cannibalism faces landmark Swiss trial
• Sibanye mulls boosting platinum metals output in South Africa
• KPMG to end consulting services for South Africa listed clients
• Kenya eyes $2.27 bln eurobond in shift back to foreign debt
• Sudan accuses Ethiopia of incursion, escalating land dispute
• Shoprite sales growth slows as South Africa liquor bans weigh

N.B. Full stories of above headlines are available on Reuters & Bloomberg

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macroafricaintel Daily Brief | 15 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets
• Asia shares hit new peaks, oil up on Middle East tensions
• Bitcoin pulls back from brink of $50,000
• Oil hits 13-mth highs on fears of Middle East tensions
• Brent up 1.8% at $63.52, WTI up 2.2% at $60.75 (0428GMT)
• Economic recovery bets push platinum to over 6-yr peak
• Spot gold down 0.2% at $1,820.16/oz., futures steady at $1,823.30 (0633GMT)

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• South Africa schools, land borders reopen after Covid-induced closures
• South Africa’s state capture inquiry continues; Zuma to appear
• Sahel leaders confer on security in N’Djamena; France’s Macron attends via video (15-16 Feb)
• Nigeria’s govt meets regional leaders over insecurity, ethnic tensions
• Nigeria inflation Jan-21 [fcst. 16.4% yy, prev. 15.8%]
• Kenya’s Uhuru & Raila campaign for BBI, amid Ruto pushback
• Kenya counties debate BBI, vote on bill during the week
• Liberia on high alert, after new ebola outbreak in neighbouring Guinea
• South Africa starts covid-19 vaccinations (17 Feb)
• South Africa inflation Jan-21 [fcst. 3.0% yy, prev. 3.1%] (17 Feb)
• South Africa retail sales Dec-20 [fcst. -4.4% yy, prev. -4.0%] (17 Feb)
• Covid-19 updates by authorities across the continent

Key African events or data releases over the weekend & early a.m today
Reuters
• Guinea declares new ebola outbreak
• Nigeria’s president calls for calm after clashes in southwest Oyo state
• Sudan says Ethiopa forces crossed border, raising tensions
• Tunisia police abuse allegations cloud democratic gains
• Sailors kidnapped off Nigeria return to Turkey, describe death threats and forest captivity
• South Africa to reopen 20 land border crossing points next week
• Nigeria police beat, arrest protesters at site of Lekki shootings: witnesses
• Senegal pays $3.7 mln for 200,000 doses of China’s Sinopharm vaccine
• S&P joins Fitch in downgrade of Ethiopia on potential debt restructuring
• First woman, first African: Nigeria’s ‘troublemaker’ on track to run WTO
• Algeria president returns home after hospitalization in Germany
• Nigerians win UK court OK to sue Shell over oil spills
• DRC confirms 3rd ebola case in North Kivu province
• Nigeria president approves set up of $2.6 bln infrastructure firm
• Chad reinforces tropps against militants in Sahel as France mulls changes
• Ethiopia closes camps housing Ertirea refugees in Tigray after reports of attacks
• Nollywood meets Bollywood in love tale ‘Namaste Wahala’
• Kenya has to raise its debt ceiling, finance ministry says
• Ethiopia confirms widespread rape in conflict-hit north
• Digging for victory: Algeria turns to bananas in trade gap battle
• France’s Macron to attend Sahel summit in Chad by video due to pandemic
• South Africa to start vaccinating millions against local covid-19 variant: Ramaphosa
• Sudan cracking down on ex-ruling party after violent protests

Bloomberg
• Ramaphosa says South Africa can’t afford virus relief indefinitely
• Biden faces South Africa push ot extend trade concessions
• Ghana finance minister heads to US for post-covid health check
• Ethiopia politicians in hunger strike urge end to impasse
• Ebola deaths rise to four in Guinea as disease flares again
• Ghana’s energy debt could jump to $12.5 bln if not addressed
• Shell files arbitration against Nigeria over spill dispute
• Thousands rally in Mauritius, calling on govt to step down
• Botswana names Canada firm as preferred bidder for copper mine
• South Africa banks provide funding for Beitbridge border revamp
• Car bomb kills at least 7 near presidential palace in Somalia
• Kenya says it will get first coronavirus vaccines this month
• 60-yr old rand trades far outside South Africa’s borders
• Mars, Nestle among companies named in labor abuse suit
• South Africa is close to pickinig airline partner, Gordhan says
• Nigeria approves creation of $2.4 bln infrastructure firm
• Nigerians can sue Shell in UK over oil spills, top court says
• South Africa’s Ramaphosa heralds end to private power generation hiatus
• Nigeria delays plans to regulate cryptocurrencies and dealers
• Covid-19 crisis grows in Tanzania as president rejects risks

N.B. Full stories of above headlines are available on Reuters & Bloomberg

macroafricaintel Daily Brief | 12 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets
• China will ‘eat our lunch,’ Biden warns after clashing with Xi on most fronts
• Global fuel prices jump as Asia, US to rev up demand in Q2
• Asian stocks on hold for Lunar New Year, bitcoin eyes record highs
• Oil’s losses deepen as OPEC, IEA caution ends rally
• Brent down 0.8% at $60.67, WTI down 0.9% at $57.71 (0309GMT)
• Gold eases as dollar ticks up, still on track for best week in three
• Spot gold down 0.2% at $1,822.69/oz., futures down 0.2% at $1,823.30 (0539GMT)

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• Kenya’s Uhuru & Raila campaign for BBI, amid Ruto pushback
• Kenya receives first batch of 24 mln doses of AstraZeneca covid vaccine (13 Feb)
• Nigeria’s security services brace up for 2nd police brutality protests (13 Feb)
• Kenya counties debate BBI, some to pass bill during the week
• South Africa state capture inquiry continues
• Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today
Reuters
• Ethiopia closes camps housing Eritrea refugees in Tigray after reports of attacks
• Sudan cracking down on ex-ruling party after violent protests
• Africa not ‘walking away’ from AstraZeneca vaccine, CDC says
• Nigeria govt warns against protest at Lekki shooting site
• Uganda projects public debt to surge to nearly 50% of GDP by June
• DRC confirms 2 ebola cases in resurgence of major outbreak
• An election, a mine deal and China loom over Zambia’s IMF talks
• Air Namibia cancels all operations amid liquidation rumours
• Kenya says it will move ahead with AstraZeneca covid-19 vaccine
• Africa CDC says countries without ‘South Africa’ variant should use AstraZeneca vaccine
• Tanzania experiencing surge in covid-19 cases, says US
• Zimbabwe purchases 600,000 Sinopharm covid-19 vaccinations – info min

Bloomberg
• Covid-19 crisis grows in Tanzania as president rejects risk
• Oil extends drop below $58 after IEA cuts 2021 demand forecast
• Vaccines, energy supply top South Africa leader’s priority list
• Somalia opposes Kenya’s call to further delay border case
• Nigeria bank stocks take a beating as traders chase high yields
• AU task team has 20 countries lining up for vaccines
• Ethiopia will approach private creditors only as last resort
• Sudan blames Bashir loyalists after rioting rocks several cities
• Libya’s oil port of Hariga reopens as guards end pay strike
• Nigeria raises borrowing limit in new debt management plan
• Africa startup investments fall for first time in almost a decade
• South Africa bank rally has legs as JPMorgan sees payouts resuming
• More Africa nations seen tapping G20 debt plan on revenue drop

N.B. Full stories of above headlines are available on Reuters & Bloomberg

macroafricaintel Daily Brief | 11 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets
• Yellen eyes innovation to battle misuse of cryptocurrencies, narrow digital gaps
• Dozens of former Republican officials in talks to form anti-Trump third party
• Asia stocks hold at highs, sustained by bottomless stimulus
• Oil drops after strong rally, demand hopes limit losses
• Brent down 0.7% at $61.07, WTI down 0.6% at $58.33 (0350GMT)
• Gold edges lower on dollar rebound, softer US inflation data
• Spot gold down 0.3% at $1,835.99/oz., futures down 0.3% at $1,836.60 (0328GMT)

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• South Africa’s Ramaphosa delivers state of the nation address
• Ghana supreme court rules on potential electoral chief testimony
• South Africa manufacturing production Dec-20 [act. -1.3% yy, prev. -3.5%]
• South Africa mining production Dec-20 [act. -0.5% yy, prev. -11.6%]
• Kenya’s Uhuru & Raila campaign for BBI, amid Ruto pushback
• Kenya counties debate BBI, some to pass bill during the week
• South Africa state capture inquiry continues
• Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today
Reuters
• Twenty UN peacekeepers wounded in central Mali attack
• Kenya Airways receives $92 mln from govt – paper
• South Africa may sell AstraZeneca shots as it switches to J&J vaccine to fight variant
• South Africa’s Gold Fields sees 2020 earnings jump thanks to gold price
• Pfizer could directly deliver covid-19 shot to South Africa vaccination points
• Kenya launches $34 mln project to tacke effects of climate change

Bloomberg
• Paris Club sees private creditor relief varying in G20 plan
• Egypt’s shift to gas-powered driving gets another incentive
• Nigeria court ends freeze on accounts linked to protests
• Russia diamond giant to donate vaccines to Angola, Zimbabwe
• Oxford-AstraZeneca vaccine recommended for all adults by WHO panel
• Uganda unblocks internet, social media after election clampdown
• Kenya banks seen facing more bad loan woes than Nigeria peers
• Hedge funds enter Credit Suisse bribery fight with Mozambique
• South Africa business group urges vaccines, reforms as mood plunges
• Ethiopia Airlines to resume Boeing 737 Max flights after thorough review
• Egypt inflation slows for a 2nd month as food prices fall
• Ethiopia to close two refugee camps damaged in Tigray conflict

N.B. Full stories of above headlines are available on Reuters & Bloomberg