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Africa advances toward financial integration with new currency exchange marketplace{Business Africa}

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Africa is making a significant stride toward financial integration with the launch of the Africa Currency Marketplace by the Pan-African Payment and Settlement System (PAPSS). This innovative platform is set to facilitate direct currency exchanges across the continent, reducing reliance on the US dollar and fostering a unified African capital market.

In an exclusive discussion on this development, Stan Zézé, CEO & Chairman of Bloomfield Investment, shared insights into the impact of this initiative on Africa’s financial landscape.

Zézé highlighted how the Africa Currency Marketplace could enhance liquidity and stabilize currencies within African markets. He also addressed the challenges associated with implementing such a system, citing the need for robust financial infrastructure and regulatory alignment among participating nations.

The initiative could also serve as a catalyst for the establishment of a unified African capital market. Zézé emphasized the crucial role of private rating agencies, such as Bloomfield, in providing credible assessments of financial risks and ensuring investor confidence. He argued that independent agencies offer unbiased ratings, contrasting with the African Union’s proposal for a publicly controlled agency, which might raise concerns over impartiality.

Zimbabwean Inventor Unveils Self-Powering Car

In what could be a revolutionary breakthrough in renewable energy, a Zimbabwean inventor claims to have developed a vehicle that generates its own electricity, eliminating the need for fuel or external charging. The technology reportedly harnesses the sun’s radio waves to produce power, a concept reminiscent of Nikola Tesla’s early vision.

While full technical details are yet to be disclosed, the invention has sparked excitement and curiosity in the scientific community. If proven viable, this innovation could significantly advance sustainable energy solutions, particularly in regions struggling with power shortages. Keith Baptist reports on the development, with experts calling for further research and investment to validate and potentially scale this technology.

Nigerians Spend 59% of Income on Food Amid Cost-of-Living Crisis

A new report by Picodi reveals that Nigerians are spending a staggering 59% of their household income on food, highlighting the country’s deepening economic crisis. Rising inflation, currency devaluation, and supply chain disruptions have contributed to soaring food prices, placing a heavy financial burden on citizens.

Economic analysts stress that addressing insecurity and supporting local farmers are key measures to reducing food costs. Many farmers face challenges such as banditry, poor infrastructure, and limited access to credit, all of which hinder production and distribution. Experts urge the Nigerian government to implement policies that promote agricultural investment and stabilize the nation’s economy.

As the crisis persists, many Nigerians are forced to make difficult financial choices, underscoring the urgent need for sustainable solutions to improve food security and overall economic stability.



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Africa

Unprecedented trial for apartheid atrocities opens in South Africa

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A significant step by South Africa’s legal system in confronting the atrocities of the country’s dark political past. 

A judge this week approved the trial of two apartheid-era police officers for their involvement in the 1982 assassination of three student activists.

The prosecution is unprecedented. Until now, no individual had been held accountable for the crime of apartheid.

The case centers around three young freedome fighters killed in an explosion in 1982. The victims were part of a resistance movement opposed to the apartheid regime which enforced White-only rule and domination over the Black majority.

Experts say the trial could open the door for others.

Also this week, South Africa reopened an investigation into the death Albert Luthuli, a former president of the African National Congress (ANC) and Nobel Peace Prize laureate, who was killed in 1967.

The prosecuting authority seeks to have the findings of previous inquests into Luthuli overturned.

The authorities at the time had concluded that Luthuli’s death the result of an accident.

The development comes more than 30 years since South Africa became a democracy and after a Truth commission unearted numerous atrocities.



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Tunisia jails opponents, critics of President Saied

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Tunisia on Friday handed opponents of President Kais Saied lengthy jail terms after convicting them of plotting against state security.

Issam Chebbi and Jawhar Ben Mbarek of the opposition National Salvation Front coalition, as well as lawyer Ridha Belhaj and activist Chaima Issa, were sentenced to 18 years behind bars, their lawyer said.

Businessman Kamel Eltaief received the harshest penalty of 66 years in prison.

They are among forty people, including high-profile politicians, businessmen and journalists, who who were being prosecuted on security and terrorism charges.

Critics say the charges lacked merit, and only served to consolidate Saied’s power grab.

The president won re-election virtually unchallenged last year after the jailing or disqualification on flimsy grounds of his opponents.

Saied has ruled mostly by decree since dismissing parliament in 2022 and promulgating a revised constitution giving himself wideranging powers in 2023.



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Tanzania opposition says jailed leader not seen by family, lawyers

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Tanzania’s main opposition party said it had failed to get access to its leader who is in detention on treason charges.

CHADEMA said Friday that the family and lawyers of Tundu Lissu had failed to see him at a Dar es salaam jail where he had been kept since his arrest on April 9.

In a statement, the party said it held the Tanzanian government and Prisons Service responsible ble for Lissu’s safety.

The Prisons Service quickly denied that Lissu had been moved from jail.

In a statement, the agency dismissed CHADEMA’s concerns as misinformation.

“We would like to inform the public that Tundu Lissu is safe and he is still detained at Keko Prison in Dar es Salaam according to the country’s laws and procedures,” the Service said in a statement.

Lissu came second in Tanzania’s 2020 presidential election. Last week, he was arrested and later charged with treason after a speech demanding election reforms.

Prosecutors said the speech called for an uprising.

With another presidential vote on the horizon, critics say President Samia Suluhu Hassan’s government has ramped repression against the opposition.

This week, the election commission banned CHADEMA from taking part in elections after the party refused to sign a document pledging to obey the commission’s orders.



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