Two African countries admitted to BRICS 

August 24th, the 15th year of the annual BRICS summit reached a historic milestone. After a year-long deliberation, the summit resulted in a momentous decision to include six new permanent members – Egypt, Ethiopia Argentina, Iran, Saudi Arabia, and the United Arab Emirates – in the group.  This momentous step follows a proposition from leaders of the global south, aimed at forging a strategic pathway for their admission.

For Egypt and Ethiopia, this significant inclusion holds the promise of unlocking unprecedented trade opportunities as they are set to engage with some of the world’s largest and most rapidly expanding economies. However, the impact goes beyond mere economics. These nations will also gain heightened political influence, enabling them to establish strategic partnerships concerning critical global matters. Together, these countries are poised to contribute to the collective advancement of the BRICS summit’s objectives and the resolution of complex global issues.

President Emmerson Mnangagwa wins elections

Emmerson Mnangagwa has won a second term as Zimbabwe’s president in a poll marred by electoral malpractice. The Zimbabwe Electoral Commission (ZEC) declared Mnangagwa the winner, with 52.6% of the vote, beating Nelson Chamisa of the Citizens’ Coalition for Change (CCC), who trailed at 44%. On August 23rd, 2023 Zimbabweans voted to choose their next president. The election was the second general election since the ouster of longtime ruler Robert Mugabe in a coup in 2017. 

Sadly, the economic crisis in Zimbabwe has worsened in the past few months, as the annual inflation rate soared to 175% in June 2023, more than doubling from the previous year. Economic growth has been slow, and the IMF forecasts it to remain under 3% for the next five years. Yet it needs foreign investments more than ever. This election is Zimbabwe’s best chance at getting urgent relief for its economy.

Internet shutdown and curfew in Gabon amid election delays

On Saturday, 26th of August, Gabon’s government blocked internet access and imposed a curfew in the wake of a general election marked by major voting delays. The opposition cried foul over a poll they hoped would halt President Ali Bongo’s bid to extend his family’s 56-year grip on power. 

Pointing to the risk of online misinformation, the Gabonese authorities indefinitely discontinued internet services. They also enacted a night-time curfew starting Sunday, August 28th to preempt any defiant behaviours and maintain national security.

The Central African nation was holding presidential, legislative, and local polls simultaneously for the first time with tensions running high amid fears that electoral system changes could sow doubt about the legitimacy of the result and provoke unrest.

ICYMI: Market roundup

• The NGX All-Share Index rose by +156.96 (+0.24%) last week, 25th of August, to close at 65,558.91 points.         
• The top gainers include SFS Reit +9.97%, Nascon Allied Industries +9.95%, FTN Cocoa Processors +9.94%, N.E.M, Insurance +9.90% and Red Star Express +9.89%. The top decliners were Prestige Assurance -9.43%, Tantalizers -9.38%, Omatek Ventures -9.09%, Mutual Benefits Assurance -8.89% and Guinea Insurance -7.41%.
• The Nigerian naira started the week at N765.43/ $1 to close the week in a decline at N772.34/ $1.
• Brent crude closed the week at $84.30, while US West Texas Intermediate (WTI) crude closed at $79.83.
• According to data from Coinmarketcap, the global cryptocurrency market cap stood at $1.05 trillion on Sunday, 27th of August, a 0.28% increase over the last day. Bitcoin rose by 0.24% to trade at $26,077.48, Ethereum rose by 0.41% to trade at $1,653.47, and Binance Coin rose by 4.11% to trade at $218.26 -over the last day.
• Nigerian fintech startup Moniepoint enters the personal banking market.
• Egypt’s Flat6Labs launches an accelerator programme for construction-tech startups.
• Ten African sustainability startups were selected for the Ecosystem Restoration Africa programme.
• South Africa’s Ukheshe partners with Diamond Trust Bank to deliver BaaS in East Africa.
• Nigeria’s SeerBit launches a new platform for businesses to launch fintech solutions.