FEBRUARY 2024
Dear Friends,
The start of the new year has been a busy one for the Carnegie Africa program. At the end of January, the Carnegie Africa team traveled to Cape Town, South Africa for the 30th annual Investing in African Mining Indaba, one of the world’s largest mining conferences, bringing together over 10,000 government officials, industry experts, and stakeholders. During the conference, the U.S. announced the signing of a Memorandum of Understanding (MoU) between Congolese mining company GECAMINES and the Japan Organization for Metals and Energy Security (JOGMEC), through the Minerals Security Partnership. The MoU was signed just days before the U.S. International Development Finance Corporation announced new funding in support of the Lobito Corridor, of which GECAMINES will be a major player.
In collaboration with our non-resident scholar, Folashadé Soulé-Kohndou, the Carnegie Africa program hosted a private, closed-door workshop titled “Maximizing the Benefits of the Renewed Global Interest in Africa’s Strategic Minerals.” The workshop brought together more than 40 government officials, representatives from nongovernmental and multilateral organizations, and key stakeholders for engaging discussion on the government and investor perspective on the negotiation process for mining deals for minerals essential to the low-carbon transition and bridging the capacity gap of African governments. We also had the honor of hosting a fireside chat with Honorable Muhammad Lutfi, former Minister of Trade of Indonesia, discussing lessons to be taken from Indonesia’s engagement with foreign investors and efforts to increase export revenues and other benefits from its mineral resources endowments.
Our research analyst Ebelechukwu Monye’s article from last month considers why Nigeria’s naira redesign policy hasn’t met its objectives. Monye provides insights into the policy’s limitations. Additionally, she shares recommendations based on lessons from understanding the Nigerian context, and other countries like India and Sweden who have successfully implemented similar policies. Our Chart of the Month, below, highlights the timeline of key actions taken between October 2022 and November 2023 concerning naira redesign policy. Earlier this month, the Carnegie Africa team published “An African Agenda for World Bank Reform”, based on recommendations from a high-level roundtable hosted by the Carnegie Africa program and the African Climate Foundation in April 2023. Be on the lookout for more exciting publications in the month to come.
At the end of January, U.S. Secretary of State Antony Blinken completed a trip to Cabo Verde, Côte d’Ivoire, Nigeria, and Angola to demonstrate the U.S. priority of deepening relations with Africa. Blinken described the U.S.’s commitment to “deepening, strengthening, and broadening partnerships across Africa”, citing work and positive impact of U.S. funding for African priorities, including infrastructure and economic development.
Finally, on our radar is South Africa’s case against Israel at the International Court of Justice (ICJ). In late December 2023, South Africa accused Israel of “genocidal acts” toward Gaza. When Germany offered to defend Israel, late Namibian President Hage Geingob urged Germany to “reconsider” its position, stating that Germany had not yet “fully atone[d]” for its genocide in Namibia. After the ICJ ordered Israel to take action to prevent genocide in Gaza, Algeria called on the U.N. Security Council to enforce the Court’s decision. On February 13th, the South African presidency made an urgent request for the ICJ to consider Israel’s military offensive against Rafah, describing the potential for a “serious and irreparable breach” of the Genocide Convention. This request comes after a new bill, the “U.S.-South Africa Bilateral Relations Review Act” was introduced to the U.S. House of Representatives. If passed, it would require the Biden administration to complete a comprehensive review of the U.S.-South Africa relationship, including whether South Africa has “engaged in activities that undermine United States national security or foreign policy interests.”
The Africa Program has exciting developments to come in the following months. To stay up to date on our publications and programming, be sure to subscribe to our newsletter, and follow us on X, formerly known as Twitter, @AfricaCarnegie.
Sincerely,
Zainab Usman
Director, Carnegie Africa Program
CHART OF THE MONTH
Our Chart of the Month, below, highlights the timeline of key actions taken between October 2022 and November 2023 concerning Nigeria’s redesign policy. It is taken from our research analyst Ebelechukwu Monye’s article from last month that considers why the policy hasn’t met its objectives.
Chart of the Month
FEATURES
Recommendations from a high-level roundtable on an African Agenda for World Bank reform hosted by the Carnegie Africa Program and the African Climate Foundation. Zainab Usman, Ebelechukwu Monye, Aline Abayo, & Andrew Danik
The redesign policy for Nigeria’s currency, the naira, still hasn't met its objectives. However, the policy still has a chance for success if policymakers consider several recommendations. Ebelechukwu Monye
The African Growth and Opportunity Act should be reimagined and made fit for an era of renewed great power competition. Zainab Usman
Africa received an average of $35 billion per year for fossil fuel and clean energy projects over the past decade. That amount was enough to address the continent’s energy finance gap, but unequal distribution has left many countries behind. Oyintarelado Moses
DEVELOPMENTS ON OUR RADAR
- The Minerals Security Partnership Announces Collaboration in Minerals Exploration, Production, and Processing Between GECAMINES in the Democratic Republic of the Congo and JOGMEC in Japan [U.S. Department of State]
- Senegal constitutional council finds election delay was unlawful [Reuters]
- Kenya ’s President William Ruto and First Lady Rachel Ruto of Kenya to be Hosted by President Biden [The White House]
- New Bill at the U.S. Congress Calls on the Biden Administration to Review America's Relations with South Africa [Daily Maverick]
- The African Union ’s Theme of the Year "Educate and Skill Africa for the 21st Century" [African Union]
Chart of the Month