This Week, Botswana signed several agreements with Oman focusing on energy, mining, and infrastructure as part of its strategy to diversify its economy away from diamonds, which have seen declining global demand. Key initiatives include a plan for a 500-megawatt solar power plant to enhance energy security and a joint mining exploration agreement for essential minerals like copper and gold. Additionally, improvements to infrastructure, such as logistics at Namibia’s port, are aimed at boosting supply chain efficiency. The agreements signify a significant move towards economic diversification and reflect ongoing governmental efforts to attract international investment, despite challenges in the diamond sector.
Denis Sassou-N’guesso was inaugurated as president of the Republic of Congo after winning 94.90% of the vote in the March election. In his speech, he promised to focus on economic revitalization, job creation, and infrastructure development, particularly in agriculture and industry. Despite observers noting a “peaceful and orderly” election, some candidates alleged fraud and low voter turnout. Sassou-N’guesso, who first took power in 1979, faces challenges including high national debt at 94.5% of GDP and significant poverty affecting over half of the population. His administration aims to modernize infrastructure and promote self-sufficiency in the economy, predominantly driven by oil and gas revenues, with growth projected at 2.9% for 2025.
Togo’s foreign minister announced plans to urge United Nations member states to adopt a new world map that accurately represents Africa’s size, moving away from the outdated Mercator projection. Critics argue that the Mercator projection distorts Africa’s true size, which is about 14 times larger than Greenland, and perpetuates narratives of the continent’s marginalization. Togo leads the ‘Correct The Map’ campaign, initiated by advocacy groups Africa No Filter and Speak Up Africa, advocating for the adoption of the 2018 Equal Earth projection. This campaign highlights the importance of accurate geographical representation for Africa’s agency and progress.
India is considering energy supply requests from Mauritius and Seychelles, seeking a government-to-government pact for energy cooperation. This move underscores India’s increasing role in regional energy diplomacy, as it already supplies fuel to countries like Bangladesh, Nepal, Bhutan, and Sri Lanka, with a recent request from the Maldives. India’s strategy is influenced by its dependence on the Strait of Hormuz for 40% of crude imports, prompting diplomatic efforts including invitations from Britain and France to participate in initiatives to ensure safe oil passage amidst regional volatility.
Commodities trader Trafigura has signed a $1 billion prepayment agreement with Gabon, allowing it to receive crude oil deliveries over a seven-year period. This agreement aims to strengthen Gabon’s cash flow and boost foreign-exchange reserves amid high oil prices. Trafigura will provide upfront financing in exchange for future crude oil deliveries and will be the exclusive offtaker of Gabon’s profit oil. The funds will be used for investment programs and social needs. The oil will be sourced from various petroleum-sharing contracts and operators. Dave Gallagher of Trafigura expressed satisfaction with the deal, emphasizing their ongoing relationship with Gabon.
This Week, DRC receives in Kinshasa the first set of deportees from the United States. The arrival of the migrants, who are primarily from Colombia, Peru, and Ecuador, marks the initial phase of deportations, with expectations for more than 30 migrants in coming weeks. However, a U.S. lawyer representing one migrant noted that fewer individuals arrived due to federal judges intervening in some cases. The deportation agreement aligns with U.S. efforts to mediate a peace deal between Congo and Rwanda regarding conflicts with M23 rebels in eastern Congo and follows a strategic partnership allowing the U.S. access to Congo’s critical minerals.
South African President Cyril Ramaphosa has appointed Roelf Meyer as the country’s ambassador to the United States, aiming to alleviate diplomatic tensions. Meyer, a veteran politician and former defense minister, played a key role in negotiating the end of apartheid and served under Nelson Mandela. His appointment comes amid strained relations with the Trump administration, which has criticized South Africa and cut financial assistance due to claims of racial targeting of Afrikaners. Meyer’s role is seen as a strategic move to ensure diplomatic acceptance during this contentious period.
Israel has appointed its first ambassador to Somaliland, Michael Lotem, following its recognition of the breakaway region in Somalia. This marks a significant step in the partnership that began in December when Israel became the first country to acknowledge Somaliland, which has been diplomatically isolated for over 30 years. Somaliland’s president praised Israel as a “reliable partner,” but Somalia’s foreign ministry condemned the appointment as a violation of its sovereignty. The move has also faced criticism from various international organizations, including the UN Security Council and the African Union, as Somalia has never recognized Somaliland’s independence, declared in 1991 after a civil war.
The U.N. has raised concerns about escalating violence in Akobo, South Sudan, where opposition forces have retaken the town from government troops. Spokesman Lam Paul Gabriel announced the capture, including military equipment, following government withdrawal. The public service minister condemned the attacks as “senseless,” indicating civilian endangerment. UNMISS warned of deteriorating humanitarian conditions and urged a ceasefire, while preparing to close its Akobo base due to budget cuts. The conflict follows a breakdown of a peace deal from 2018, with Akobo being a key stronghold for opposition leader Riek Machar.
This Week, Morocco’s phosphates and fertilizer firm, OCP, has raised $1.5 billion through its inaugural international hybrid bond, marking it as the first African entity to issue a U.S. dollar-denominated hybrid on global markets. The hybrid bond, comprising two tranches with a 6.74% coupon maturing in April 2031 and a 7.37% coupon maturing in April 2036, experienced strong demand, oversubscribed at nearly $7 billion, witnessing the participation of 176 investors from 23 countries. This issuance comes amid global fertilizer market constraints exacerbated by geopolitical tensions impacting supply, particularly with sulphur prices rising significantly due to disruptions following the closure of the Strait of Hormuz.
