Crypto crackdown

Greetings all ?????

As is so often the case with technology, the pace of change far exceeds governments’ ability to regulate. While the use of virtual currencies have soared across the continent, officials have struggled to adapt. Nigeria took the abrupt step of banning cryptocurrency behemoth Binance in March, and is now planning to issue new rules governing person-to-person crypto trading in naira. Regulators have crypto in their sights after the central bank realised that citizens were (ab)using bitcoin to move hard currency offshore. This severely weakened the naira, driving even more Nigerians to use crypto to hedge against currency depreciation. Elsewhere on the continent, South Africa has taken steps to assert control over the digital currency trade through the issuance of crypto licences, with the first batch of 75 permits issued earlier this year. The Financial Intelligence Centre also issued a draft directive to govern cryptocurrency transactions – requiring platforms in South Africa to identify the parties involved. The continent remains home to one of the fastest growing cryptomarkets in the world, but mounting regulatory action indicates that concerns persist around currency destabilisation and money laundering.?

Yours in payments by any means,

AP editorial team

?? 9

Nine athletes from six African countries have been selected for the IOC Refugee Olympic Team, which is set to participate in the 2024 Paris Olympics. The refugee team – comprising 36 athletes from 11 different countries competing across 12 sports – represents more than 100 million forcibly displaced people worldwide. The nine African athletes originate from Cameroon, DRC, Eritrea, Ethiopia, South Sudan, and Sudan.

??Localisation of aid

Localisation – or locally led development – is one of the biggest topics in global development today. Senior Consultant Elliott O’Carroll argues that the funding ecosystem needs to recognise that partners in Africa can deliver the local expertise, delivery capability and outcomes envisaged, while also being informed by global development programming.?

???? Frelimo frontrunner

Mozambique’s ruling party Frelimo has confirmed its presidential candidate for the 9 October polls: Daniel Chapo. His appointment comes as a surprise: Chapo is a relative unknown, currently serving as governor of Inhambane province. He was born after independence, depriving him of liberation struggle credentials, and he has no experience of serving in cabinet or on the party’s powerful Political Commission. Frelimo Secretary-General Roque Silva – rumoured to be President Filipe Nyusi’s preferred successor in the absence of agriculture minister Celso Correia – tendered his resignation in response to news that Chapo had emerged as the party’s compromise candidate. Meanwhile, opposition party Renamo is embroiled in its own succession battle, having instituted a new rule that disqualifies candidates with less than 15 years’ membership. This curtails the ambitions of the charismatic Venancio Mondlane, who previously stood to be Mayor of Maputo with another party, the MDM.

???? Power play

Togo’s ruling party, the Union for the Republic, won 108 of 113 seats in parliamentary elections that were framed as a referendum on constitutional reform. Amendments to the basic law were signed into law on 6 May, two days after the victory, and will see Togo switch from a presidential to parliamentary system. Henceforth, an indirectly-elected President of the Council of Ministers will assume many of the responsibilities of the head of state. The new role could enable President Faure Gnassingbé, in power since 2005, to pivot to parliament when his mandate expires in 2025.?

???? ???? ???? ???? Cursed rains?

Heavy rains persist across East Africa, resulting in widespread devastation. The confirmed death toll across Tanzania, Kenya, and Burundi exceeds 300, with more than 350,000 displaced. The floods have exposed infrastructure vulnerabilities and underscored existing inequities across the region. For instance, in Kenya, the government has resorted to demolishing homes built in flood-prone areas, taking aim at informal settlements. In Tanzania, the closure of power plants due to excess supply contrasts sharply with the hydropower challenges faced by Zambia and Zimbabwe, where inconsistent rainfall patterns present obstacles to their electricity generation. While governments are providing immediate assistance to those affected by flooding, sustainable solutions necessitate collaborative efforts and investment in infrastructure improvements.

???? Family matters

Chad held a presidential election on 6 May, marking the first Sahelian vote to determine the head of state since the region was hit by a wave of military coups. Mahamat Déby Itno, who has served as transitional president since the passing of his father, Idriss Déby, three years ago, remains the heavy favourite to win. While the elections bring a formal end to military rule there are doubts as to whether the ballot marks a step toward democracy or simply legitimises dynastic rule. Despite nine opponents being on the ballot, a further ten candidates were disqualified, resulting in protests and leading opposition parties to call for a boycott. With the electoral commission afforded four weeks before it has to announce the results, doubts hang over the credibility of the process.

?? Finding Solace

When the civil war began in 2023, Sudanese artists were forced to abandon their homes and their art, seeking a fresh start elsewhere. Nairobi emerged as an important destination, primarily due to its accessibility and hospitality. For many displaced artists, Nairobi symbolises a new beginning, where they can regroup among the city's vibrant art communities. Venues such as Unseen Nairobi have played a pivotal role in this artistic renaissance, hosting events like Aflam-Sudan – a week-long celebration of Sudanese cinema. Additionally, emerging spaces such as the Ngara Art District have provided platforms for women artists like Amani Azhari. In Nairobi, these spaces are more than mere galleries – they are hubs of cultural exchange, fostering dialogue and collaboration among artists from diverse backgrounds.?

??? Africa CEO Forum

The Africa CEO Forum takes place in Kigali, Rwanda, on 16-17 May, convening over 2,000 business leaders, investors and policy-makers from Africa and around the world. This edition considers whether the continent is “At the Table or On the Menu?”. Heads of states set to attend include President Paul Kagame of Rwanda and President William Ruto of Kenya.

?? BRICS PLUS Africa Thought Series

The Africa Policy Research Institute, in partnership with the University of Johannesburg Department of Politics and International Relations, invites the submission of thought pieces ahead of the BRICS 2024 Summit. Contributors are encouraged to submit a full article of 1,500-3,500 words, or a 250-word abstract, by 31 May 2024.

??An African History of Africa – Zeinab Badawi

Author and broadcaster Zeinab Badawi’s ambitious undertaking in An African History of Africa sees her visiting over 30 countries to trace the history of the continent through the voices of Africans themselves. Too often dominated by western narratives of slavery and colonialism – or ignored entirely – this book unearths buried histories from across the continent in a gripping new account of Africa.

?? Kampire – Boiler Room x Nyege Nyege Festival

?We're turning up the heat with DJ Kampire’s legendary 2019 Boiler Room set at Nyege Nyege. Kampire delivers an eclectic one-hour mix that will keep you grooving non-stop. The Ugandan DJ explores a wide range of genres including hip-hop, dancehall, benga, and Afro-dance. This mix is the perfect prelude to her Boiler Room True Music 10th-anniversary takeover, alongside fellow East African powerhouse Coco Em, scheduled for 11 May in Johannesburg, South Africa.

Copyright ? 2024 Africa Practice, All rights reserved.

Enquiries: [email protected]