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Published 3rd March 2017

Vol 58 No 5

Ghana

A racing start in spite of the rocky finances

Chart Copyright © Africa Confidential 2017
Chart Copyright © Africa Confidential 2017

Several hefty economic obstacles will test the government's determination to push ahead with education and health reforms

Harsh financial realities are starting to impinge on the bold programme to modernise the economy, and boost education and health, which swept the new government to power after December's elections. So, in his first state of the nation address on 21 February, President Nana Addo Dankwa Akufo-Addo pushed ahead with his ambitious agenda for social and economic reform, after first sounding some grave warnings about his government's economic inheritance. His years as a campaigner and courtroom advocate showed as Akufo-Addo set out his strategy and principles to a packed Parliament. 'Some amongst us seem to be flirting with authoritarianism and romanticising it as an acceptable price to pay to achieve rapid development.' Having won the presidency on his third attempt, Akufo-Addo reiterated his rejection of autocratic methods: 'I have an unshakeable belief in freedom and the democratic process and their capacity to inspire rapid development.'

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Zuma's anti-Gordhan play

President Jacob Zuma is hesitating over a reshuffle which could tear the African National Congress apart

President Jacob Zuma has become increasingly irritated with his respected Minister of Finance, Pravin Gordhan, who was widely praised after presenting a balanced budget on 22 Febru...

Museveni goes for gold

The official launch of African Gold Refinery comes amid concerns that its raw material comes from neighbouring conflict zones

President Yoweri Museveni has inaugurated East Africa's first refinery capable of refining gold to international standards of 99.9% purity. Speaking on 21 February at its ceremonia...

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THE INSIDE VIEW

A vote by the United States House of Representatives to end the legal requirement that compels oil and mining companies to disclose all payments to foreign governments is a tactical defeat for anti-corruption campaigners. That's partly because of highly effective lobbying by US oil giant ExxonMobil. All this lobbying was on the watch of Rex Tillerson as Chief Executive of ExxonMobil, who is now President
A vote by the United States House of Representatives to end the legal requirement that compels oil and mining companies to disclose all payments to foreign governments is a tactical defeat for anti-corruption campaigners. That's partly because of highly effective lobbying by US oil giant ExxonMobil. All this lobbying was on the watch of Rex Tillerson as Chief Executive of ExxonMobil, who is now President Donald Trump's Secretary of State.

The company’s filings with the US Securities and Exchange Commission do not reveal any direct role by Tillerson in the lobbying but evidently he didn't support the 'Publish What You Pay' law. In fact, the start of the Publish What You Pay campaign dates back to ExxonMobil's involvement in one of the most egregious examples of corporate-state collusion in diverting resources revenue in Equatorial Guinea (AC Vol 45 No 15, Private estate). The scandal was the subject of a detailed US Senate investigation, which tracked payments said to have originated from ExxonMobil, Marathon Oil and Amerada Hess to individuals representing President Teodoro Obiang and family. The funds ended up in special accounts in Riggs Bank in Washington DC. At the time, companies could make payments to foreign governments at will under US law, but Riggs Bank was found complicit in money laundering and went out of business shortly afterwards. The next target in some US politicians' sights is the groundbreaking Foreign Corrupt Practices Act of 1977.  
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Health checks

More flexibility on the exchange rate could bring down the cost of borrowing

The tribulations of the Nigerian currency, the naira, might offer some respite to President Muhammadu Buhari, currently in London under doctor's orders. The prospect of a change in...

Aides with agendas

The influence of President Lungu's staff worries many. Business deals and dirty tricks against the opposition are multiplying

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Whose judge is it anyway?

A battle royal is in progress over selecting the new Chief Justice; he or she could end up deciding who becomes the next president

The Chief Justice of Zimbabwe, Godfrey Chidyausiku, reaches the compulsory retirement age of 70 during February, which has set the cat among the factional pigeons of the ruling Zim...

Hot-money boost for economy

The Egyptian pound rallied strongly last month, but relying on short-term capital inflows also carries risks

When the Central Bank of Egypt (CBE) decided to float the currency at the start of November in order to unlock US$12 billion of finance from the International Monetary Fund, it wou...

Sour fate of sugar project

The government claims it wants self-sufficiency in sugar but importers seem once more to have triumphed

The demise of the sugar production company Bagamoyo EcoEnergy (BEE) after millions of dollars of investment over ten years is being seen as much as a test of President John Maguful...

Bouteflika unbowed

Could Algeria's power-brokers really be serious about engineering a fifth term for their infirm and wheelchair-bound President? 

Since winning since a fourth term in April 2014, 79-year-old President Abdelaziz Bouteflika has shown little appetite for giving up the reins of power, at least until a succession ...

Pointers

Power before food

President Salva Kiir Mayardit's beleaguered government seems not to grasp the seriousness of the 20 February official declaration of famine, jointly by Juba and the United Nations,...

Compromise in Conakry

Protests organised by teachers' unions on 20 February left eight people dead and more than 50 injured, said reports from Conakry. The protesters' demands for salary increases were ...

Registering interest

The opposition National Super Alliance (Nasa) electoral pact has had an early setback in its bid to win power at the August general elections. After a 30-day electoral registration...

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