Egypt and China have signed three memorandums of understanding to encourage the usage of the Chinese yuan and broaden electronic payment cooperation. The signings occurred during a meeting between CBE Governor Hassan Abdalla and China’s People’s Bank of China counterpart, Pan Gongsheng. Key subjects covered included a currency swap arrangement, local currency settlement, Egypt’s issuing of “Panda” bonds in the Chinese market, and payment system integration. One agreement aims to increase the usage of the Chinese yuan in the China-Egypt Trade and Economic Cooperation Zone. Also, China’s UnionPay signed two protocols in order to enhance e-payment infrastructure and increase UnionPay card acceptance in the Egyptian market. The two executives also stressed the significance of strengthening the presence of their respective banks to stimulate cooperative investment.
Lesotho declares a national state of disaster due to significant youth unemployment and job losses caused by uncertainties about US tariffs. The country has the highest tariffs, at 50%, of any other country. The declaration, in accordance with the country’s Disaster Management Act, will enable the government to promptly deploy funding to programs targeted at reestablishing jobs and stimulating the economy. The first measures involve reducing business registration fees for small and medium-sized start-ups. The state of disaster will be in place until June 30, 2027.
A Tunisian court sentenced Rached Ghannouchi, the head of Tunisia’s Ennahda movement, to 14 years in prison on allegations of conspiring against state security. Ghannouchi, who formerly served as speaker of Tunisia’s assembly, is one of several opposition politicians facing prosecution since President Kais Saied entered office six years ago. He faces numerous more counts and refuses to appear in courts he believes are politically influenced. His defense team contested the charges, claiming that the proceedings did not follow fair trial standards. Notably, he has already received several prison sentences for various offenses, including money laundering.
South African President Cyril Ramaphosa received a letter from US President Donald Trump stating that he will levy a 30% trade tariff on South African imports beginning August 1, 2025. The tariff is based on a particular interpretation of the trade balance between the two countries. The presidency noted that 56% of commodities enter South Africa with a 0% most favored nation tariff, whereas 77% of US goods enter the South African market with a 0% charge. South Africa will continue its diplomatic efforts to establish a more balanced and mutually beneficial trading relationship with the United States.
Liberia’s president has offered a formal national apology to victims of the country’s two civil conflicts from 1989 to 2003, which killed an estimated 250,000 people. The apology seeks to unite the country, despite the fact that its leadership has faced criticism for failing to punish war criminals. However, Liberia has approved a referendum in 2024 to establish its own tribunal, with the primary obstacle being the projected $100 million financial requirement. The decision received international support, with individual countries and the United Nations urging Liberia’s political resolve to prosecute war crimes.
Gabon’s President, Brice Oligui Nguema, launched a new political party known as the Democratic Union of Builders (UDB), aiming to rebuild the social contract after the Bongo dynasty’s 56-year rule under the ruling Gabonese Democratic Party (PDG). The party’s motto, “inclusion, development, happiness,” aims to unite, transform, and elevate Gabon. Nguema won a presidential election with nearly 95% of the votes, and the party’s inaugural congress attracted thousands of supporters, including former Bongo government officials.
This week, US President Donald Trump met with leaders from five African countries, Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal, at the White House to discuss business opportunities and escalate a trade war. The meetings focus on Trump’s “trade, not aid” policy, with all countries facing 10% tariffs on goods exported to the US. African leaders praised Trump and encouraged US economic partnership, discussing their natural resources and raw materials, including rare earth minerals. Some made direct appeals to US investors and the president.
Kenya is facing protests over economic stagnation, police brutality, and corruption, with some resulting in violence and looting. On Monday, clashes occurred between protesters and police on the outskirts of Nairobi. President Ruto has issued tough remarks on the unrest, ordering officers to shoot protesters in the leg if they engage in looting. At least 38 people were killed in anti-government protests commemorating a 1990 uprising against autocratic rule, while at least 130 were injured. Rights groups blame the police for the violence and the number of protesters missing. Marchers accuse security forces of hiring criminals and paying vandals to discredit their movement.
Nigeria’s foreign minister, Yusuf Tuggar, has vowed not to accept Venezuelan deportees or third-country prisoners from the US under pressure from the Trump administration. The US Department of State has announced that nearly all non-immigrant and non-diplomatic visas issued to Nigeria, Cameroon, and Ethiopia will now be single-entry and valid for only three months. Tuggar emphasized that the threat of tariff hikes does not necessarily have to do with Nigeria participating in the BRICS. He also emphasized that the US is exerting pressure on African countries to accept Venezuelan deportees, some of whom are directly out of prison.
Cameroon is set to hold its presidential election on October 12, with President Paul Biya signing a decree. The election will determine who will lead the nation for the next seven years. Biya, the world’s oldest sitting head of state, has been in power for over 40 years and has not indicated whether he intends to seek re-election. In 2018, he won with over 70% of the vote in an election marred by irregularities and low turnout due to separatist and jihadist violence. A constitutional reform in 2008 allowed him to run for an indefinite number of terms. His main opponent is Maurice Kamto, who has been navigating the country despite police intimidation. The upcoming election could mark a turning point for Cameroon.
