Welcome to The Rio Times’ essential African news source, offering an overview of the continent’s most impactful stories.
The following news have been the focal point of discussions in local African media.
New National Minimum Wage in Angola Takes Effect in September
Starting in September, Angola’s minimum wage will be 70,000 kwanzas (78.3 euros), with an exception for micro-enterprises and startups, which can pay 50,000 kwanzas (52.7 euros).
This change is outlined in a Presidential Decree dated July 17 and will take effect 60 days after its publication.
After 12 months, the minimum wage will be updated again to 100,000 kwanzas (105.5 euros), up from the current 32,000 kwanzas.
Cabo Verde Stock Exchange Hits Record Secondary Market Transactions
The Cabo Verde Stock Exchange (BVC) reported a tenfold increase in secondary market transactions for the first half of the year.
This period has been the most dynamic since inception, with transactions exceeding the five-year average by over five times.
Top companies involved include
- Banco Comercial do Atlântico (BCA),
- Caixa Económica de Cabo Verde (CECV),
- Empresa Nacional de Combustíveis (ENACOL), and
- Sociedade Cabo-verdiana de Tabacos (SCT).
In 2023, there were 117 secondary market transactions totaling 160 million escudos (1.4 million euros).
The number of CECV shareholders increased from 173 to 1,102 following a public offering in February 2024.
Changes in Mali’s Agricultural Sector Leadership
In Mali, significant changes in agricultural leadership occurred on July 16.
Lassine Dembélé, Minister of Agriculture, and Nango Dembélé, CEO of CMDT, were dismissed after criticism over Mali’s fall from being Africa’s top cotton producer.
Daniel Simion Keleman, the department’s secretary general, replaced Lassine Dembélé, while Moustapha Diarra, an engineer, replaced Nango Dembélé.
In 2021-2022, Mali produced over 760,000 tons of cotton, but production fell to 390,000 tons in 2022-2023, trailing behind Benin and Burkina Faso.
Ghana Supreme Court Defers Ruling on Anti-Gay Bill
The Supreme Court of Ghana has deferred its ruling on an application to prevent Parliament from sending the anti-gay bill to President Akufo-Addo for approval.
The five-member panel will address the interlocutory application during the substantive case judgment, aiming to clarify constitutional issues.
Chief Justice Gertrude Sackey Torkornoo indicated the decision would follow the outcome of the main suit.
Nigeria Records 22 Building Collapses, 33 Deaths in 7 Months
Nigeria reported 22 building collapses between January and July 2024, resulting in 33 deaths, according to the Council for the Regulation of Engineering in Nigeria (COREN).
Lagos accounted for 27.27% of these incidents, followed by Abuja and Anambra with 18.18% each.
COREN highlighted that since 2012, Lagos has seen 91 building collapses, causing over 354 deaths, while Abuja recorded 30 collapses since 1993, leading to 64 deaths.
Africa Loses $50 Billion Annually to Illicit Financial Outflows
Nigeria and other African countries lose $50 billion annually to illicit financial outflows, according to the Nigerian Shippers’ Council.
This loss hampers poverty alleviation and basic service provision in Africa. Effective whistleblower protection mechanisms were emphasized as crucial in combating corruption.
Mali Soldiers Accused of Cannibalism
A disturbing video shows a Malian soldier dismembering a corpse and stating he will eat its liver, with fellow soldiers present.
The video’s origin is unclear but believed to be from military operations against JNIM between June 2022 and May 2024.
Human rights organizations condemned these actions, marking another instance of severe violations following a similar 2019 incident.
Ethiopia Central Bank Reports Record Annual Profit
Ethiopia’s Commercial Bank reported a record annual profit of 25.6 billion Birr for the fiscal year ending in June 2023/24, with annual revenue at 135.4 billion Birr.
The bank’s success is attributed to cost-saving measures and reforms. The bank’s nonperforming loans dropped to 2.3%, and it issued 218 billion Birr in new loans, primarily to the private sector.
Total deposits grew to 1.17 trillion Birr, with 1.56 billion transactions worth 31.6 trillion Birr, mostly through digital services.
Starlink Faces Regulatory Challenges in Africa
Starlink, owned by Elon Musk, ceased operations in Cameroon following a government directive citing licensing and security issues.
Critics say the move protects Camtel, accused of stalling industry progress by underusing undersea cables and overcharging telecoms.
South Africa’s Ramaphosa Opens New Parliament
South African President Cyril Ramaphosa will open a new parliamentary session, marking the start of his 11-party coalition after the ANC lost its majority..
The new government faces significant challenges, including high unemployment and failing public services.
African Development Bank Loans $1 Billion to Transnet
The African Development Bank approved a $1 billion loan to South Africa’s state-owned Transnet to improve railway and port infrastructure.
This loan, guaranteed by the South African government, is part of an $8.1 billion investment plan. Transnet has faced scrutiny for corruption and mismanagement.
Mozambique’s Former Finance Minister on Trial in US
Manuel Chang, Mozambique’s former finance minister, is on trial in the US over the “tuna bond” scandal.
He is accused of accepting bribes and committing the country to secret loans, leading to a financial crisis when the $2 billion debt was uncovered.
Prosecutors allege that large portions of the loans went to bribes and kickbacks.
More: Angola news in English, every day from The Rio Times.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
Part of our ongoing coverage
Africa: The New Scramble — the great-power contest over the continent.