African Union Plans to Launch New Credit Rating Agency in 2024

The African Union (AU) is gearing up to establish a new African credit rating agency in 2024, aimed at addressing concerns that ratings assigned to African countries are often perceived as unfair. The agency will be headquartered in Africa and will provide its own evaluations of the lending risks associated with African nations, offering additional context for investors considering the purchase of African bonds or private lending to these countries. Misheck Mutize, the lead expert for country support on rating agencies within the African Union, revealed that there is already significant interest from the private sector to support the agency’s implementation.

Critics within the AU, as well as leaders of member nations, including Ghana, Senegal, and Zambia, argue that the “big three” global ratings agencies—Moody’s, Fitch, and S&P Global Ratings—do not consistently and fairly assess the risk of lending to African nations. They also claim that these agencies are quicker to downgrade African countries during crises, such as the COVID-19 pandemic. In response, the AU aims to create a credit rating agency that will offer a fresh perspective.

The AU’s goal with this new agency is not to replace the major global agencies but to increase the diversity of opinions available to investors. They believe that the big three often follow the assessments of smaller ratings agencies, which may have a better understanding of domestic dynamics. The plan for this new agency received endorsement from AU finance ministers over the summer and is being spearheaded by the African Peer Review Mechanism (APRM), a branch of the AU focused on improving governance across the continent. The AU’s executive council is expected to formally adopt the resolution in February.

The agency will be self-funded and overseen by the AU, with significant private sector involvement. A pitch book is currently being developed to attract potential investors and collaborators, although specific private sector and multilateral organizations that will run the agency have not yet been announced. Investors have expressed interest in the initiative, as it promises to provide them with valuable information for decision-making.

While Moody’s, Fitch, and S&P Global Ratings have not immediately responded to these developments, they have consistently maintained that their ratings follow the same criteria consistently across regions and do not exhibit bias. Ravi Bhatia, S&P’s lead analyst for sovereign ratings, recently stated that the agency applies its criteria consistently across all regions.

 

Source: Reuters

Isonga Project: Unveiling Rwanda’s Sporting Talents for a Bright Future

In a declaration of commitment to nurturing young sporting talents, Rwanda’s Director General in charge of Sports Development at the Ministry of Sports, Rwego Ngarambe, has affirmed that the ‘Isonga Project’ is here to stay. Describing it as a platform where Rwanda’s future sporting stars are being groomed, Ngarambe’s remarks came during the closing ceremony of the ‘Isonga Training Camp’ in Nyanza district on Friday, September 8.

The ‘Isonga Project’ is a sports talent development initiative initiated by the Ministry of Sports, in collaboration with the French Development Agency (AFD). Its primary objective is to unearth, develop, and promote young talents, both male and female, in various sporting disciplines, including Football, Volleyball, Basketball, Handball, Cycling, and Athletics.

Despite facing challenges, including disruptions caused by the COVID-19 pandemic, the program was relaunched in June 2022 when the Ministry of Sports and its partners provided equipment to the selected schools participating in the program.

The inaugural ‘Isonga Training Camp’ saw the participation of 502 children from 17 schools across Rwanda. These budding talents were trained by a team of 12 coaches and 37 trained teachers during the week-long camp at College du Christ Roi Nyanza.

Beyond honing their sporting skills, the program also emphasized civic education, encouraging the youngsters to embrace Rwandan values in their careers. Ngarambe expressed satisfaction with the camp’s outcome, praising the talented children and their promising futures.

The success of this inaugural edition has inspired plans for more training camps and expanded program implementation in additional schools. The Ministry of Sports, in collaboration with the Ministry of Education, is actively exploring ways to support children who may transition to new schools not initially part of the ‘Isonga Project.’

During the closing ceremony, young students aged under 13 years showcased their talents in a demonstration football game. Elie Ariel Impano, a 13-year-old beneficiary of the Isonga-AFD program, shared his appreciation for the camp, highlighting the importance of more extensive training camps and regular competitions.

The ‘Isonga Project’ initially began in 2009 as a talent pool approach for male footballers. In 2019, it underwent revision to encompass a broader scope of sporting disciplines and include both genders. To support program implementation, the Ministry of Sports secured financing worth Euros 1.5 million from AFD. This funding will primarily be utilized for repairing and upgrading sports infrastructure in schools and training sports education teachers directly involved in the program.

The government’s vision through this initiative is to identify, nurture, and promote young talents, ensuring inclusivity and equality for boys and girls. It aims to prepare them for participation in major sporting events in the near future.

Director General Ngarambe emphasized the importance of this developmental phase, stating, “The future belongs here, and you can’t expect it when you skip the development phase.” The ‘Isonga Project’ serves as a beacon of hope for Rwanda’s aspiring young athletes, offering them the support and opportunities they need to shine on the global stage.

Rema’s ‘Calm Down’ Makes History on Streaming Platform

Nigerian artist Rema has achieved a remarkable milestone with his hit single ‘Calm Down’ featuring Selena Gomez, reaching one billion streams on Spotify. This makes him the first African lead artist to have a song reach 1 billion Spotify streams, joining the prestigious Billions Club of the platform.

Rema, whose real name is Divine Ikubor, is a 22-year-old Nigerian singer, rapper, and songwriter. He gained prominence in 2019 with his self-titled debut EP, which featured the hit single ‘Dumebi.’ Since then, he has released several other successful songs, including ‘Iron Man,’ ‘Lady,’ and ‘Bounce.’

‘Calm Down’ was released in 2022 and quickly became a fan favorite, with its catchy beat and infectious lyrics. The song’s success on Spotify is a testament to Rema’s talent and the growing popularity of Afrobeats music around the world.

Don Jazzy, the founder of Mavin Records, the label that signed Rema, congratulated the artist on his achievement. He said, “This is a huge milestone for Rema and for African music as a whole. It shows that our music is resonating with audiences around the world, and I’m proud to be a part of this movement.”

Rema’s success on Spotify is just the latest in a string of achievements for Afrobeats music in 2023. Earlier this year, Nigerian artists Burna Boy and Wizkid won Grammy Awards, and several other Afrobeats artists have been making waves on the international music scene.

As Afrobeats continues to gain popularity, it’s clear that Rema and other African artists are poised for even greater success in the years to come.

Morocco Earthquake Postpones AFCON Qualifier Match, Hearts Go Out to Victims

A devastating earthquake in Marrakech, Morocco, has had far-reaching consequences, including the postponement of a highly anticipated African Cup of Nations (AFCON) qualifier match between Liberia and Morocco. The match was originally scheduled to take place on Saturday, September 9th, in the Moroccan city of Agadir, but the earthquake’s impact on the region forced a reconsideration.

The earthquake, measuring 6.8 on the Richter scale, struck near Marrakech late on Friday night, leaving a tragic toll in its wake. Reports indicate that over 1,000 lives have been lost, with more than 1,400 individuals sustaining serious injuries. The catastrophe prompted swift action and decisions from the Royal Moroccan Football Federation and the Confederation of African Football (CAF).

In a joint announcement, the Royal Moroccan Football Federation and CAF stated, “Following the earthquake that affected some regions in Morocco, the Royal Moroccan Football Federation announces the postponement of the match that was to take place on Saturday evening, September 9, 2023, between the national team and its Liberian counterpart, in the final round of the qualifiers for the 2024 African Cup of Nations – Côte d’Ivoire; until a later time, in agreement with the Confederation of African Football.”

The statement further conveyed the heartfelt condolences of the Moroccan football family to the bereaved families and expressed hope for the swift recovery of the injured. It is a somber moment for Morocco, and the nation’s football authorities have taken the compassionate decision to prioritize the well-being of their citizens.

While the match has been postponed, the Liberia Football Association (LFA) confirmed that all members of its delegation in Morocco were safe. The LFA issued a statement extending its deepest sympathies and heartfelt condolences to the people of Morocco in light of the devastating earthquake. The earthquake’s destructive force has left a lasting impact on the nation, and Liberia stands in solidarity with its African counterpart during this challenging period.

The LFA also reassured the families and loved ones of its delegation in Agadir, Morocco, that each member of the delegation was safe following the disaster.

Nigerian Weightlifter Ruth Ayodele Shines Bright with Three Medals at IWF World Championship

Nigerian weightlifter Ruth Ayodele etched her name in the annals of the sport by clinching three medals at the prestigious IWF World Championship held in Riyadh, Saudi Arabia. The 23-year-old athlete’s remarkable feat brought glory to Nigeria and showcased her prowess on the international stage.

Competing in the women’s 64kg category, Ayodele’s performance was nothing short of exceptional. She secured two silver medals and one bronze, demonstrating her extraordinary abilities. In the Snatch event, she lifted an impressive 100kg, setting the tone for her remarkable campaign. Her Clean and Jerk performance saw her hoisting a formidable 122kg, further solidifying her position as a top contender. With a total lift of 222kg, Ayodele’s consistency and determination earned her another medal, securing her place in weightlifting history.

While Ayodele’s achievements were monumental, she faced formidable competition. Mosquera Llamosa of Colombia emerged as a formidable adversary, clinching three gold medals by lifting 101kg in the Snatch, 122kg in the Clean and Jerk, and 223kg in the Total category. Korea’s Minkyung Park also showcased her prowess, securing one silver and two bronze medals in the women’s 64kg.

In the women’s 59kg category, Nigeria’s Rafiatu Lawal, a 2022 Commonwealth gold medallist, displayed her dedication, finishing in the sixth position. Her lifts included 100kg in the Snatch, 125kg in the Clean and Jerk, and 225kg in the Total. Adijat Olarinoye, another talented Nigerian weightlifter, secured the 15th position with lifts of 95kg in the Snatch, 120kg in the Clean and Jerk, and 215kg in the Total.

In the men’s 73kg category, Edidiong Umoafia represented Nigeria with a strong performance. His lifts included 140kg in the Snatch, 170kg in the Clean and Jerk, and 310kg in the Total, earning him the 18th position.

Ruth Ayodele’s remarkable achievements at the IWF World Championship serve as an inspiration to aspiring sportswomen in Nigeria and around the world. Her discipline, and relentless pursuit have earned her a place among the sport’s elite.

British Warship Returns to Nigeria to Enhance Maritime Security

In a bid to combat maritime insecurity in the Gulf of Guinea, a Royal Navy warship, HMS Trent, has made its second visit to Nigeria in three years. The vessel arrived in Lagos on Sunday, and its crew is set to meet with Nigerian Navy authorities.

HMS Trent’s first visit to Lagos in 2021 marked the ship’s first port of call in the Gulf of Guinea. This return visit reaffirms the United Kingdom’s commitment to maritime security cooperation with West African nations to counter piracy, armed robbery, and other maritime crimes.

Commander Tim Langford, the commanding officer of HMS Trent, expressed his team’s readiness to work closely with the Nigerian Navy to identify potential solutions for safeguarding the Gulf of Guinea and the wider region. The focus will be on counter-piracy, counter-terrorism, and addressing illegal activities at sea.

Counter-piracy remains a major concern, and Commander Langford stressed the importance of international collaboration to combat this issue effectively. He emphasised the friendly nature of the exercise and the historical ties between the Royal Navy and the Nigerian Navy.

HMS Trent is equipped with surveillance drones to enhance its operational capabilities, allowing officers on board to identify potential threats from a distance.

Mr. Jonny Baxter, the British Deputy High Commissioner, acknowledged the support of the Nigerian Navy during the visit. He highlighted the tangible evidence of the UK’s relationship with countries like Nigeria and the importance of working together to address maritime security challenges in the Gulf of Guinea.

Maritime security is a significant concern, and the stability and prosperity of Nigeria, as a populous and economically vital country, are essential for the region’s overall stability. The visit of HMS Trent underscores the UK’s commitment to promoting security and cooperation in the Gulf of Guinea.

HMS Trent’s mission involves enhancing stability in the Gulf of Guinea through training, working alongside African allies, and representing the UK and Royal Navy. The warship has integrated a boarding team from 42 Commando and collaborated with the 700X Naval Air Squadron to learn about drone technology deployment.

As maritime security threats persist in the region, cooperation between nations is crucial in addressing these challenges effectively. HMS Trent’s visit reaffirms the commitment of the UK and its partners to securing the vital maritime routes of the Gulf of Guinea.

Springboks Roar to Victory Against Scotland at Rugby World Cup

The Springboks secured a statement-making win against Scotland at the Rugby World Cup. The match, which took place at Stade Vélodrome in France with temperatures soaring to 28C and high humidity, witnessed the Springboks’ dominance from the very first kick-off.

Manie Libbok, with his strategic kicks, kept the Scots under pressure right from the start. While the high up-and-unders to the wings posed a challenge for Scotland, they managed to hold their ground initially. South Africa earned a crucial scrum penalty, but Libbok missed the penalty, leaving the score at 0-0. However, he redeemed himself with a penalty conversion, giving the Springboks a 3-0 lead.

Scotland, struggling in the set pieces, narrowly avoided conceding points due to their own lineout errors. The Springboks, applying consistent pressure, earned another penalty, which Libbok converted, extending their lead to 6-0.

The game saw a temporary setback for the Springboks as Eben Etzebeth left the field due to injury. Scotland’s Finn Russell escaped with a marginal shoulder charge on Kurt-Lee Arendse.

Despite neither team making significant gains over the advantage line, the Springboks appeared more organised. On the half-hour mark, Darcy Graham’s clever dummy put Scotland in a promising position, but a try-saving tackle from Libbok prevented Scotland from scoring. Scotland started finding their footing and competing effectively in all phases.

As halftime approached, a rare sight unfolded as the Springbok scrum conceded a penalty, allowing Russell to convert and reducing the deficit to three points.

The second half began with a clear scrum penalty in South Africa’s favor, but Libbok’s range fell short. The Springboks regrouped and launched a determined attack, finally breaking through with a dominant try from Pieter-Steph du Toit.

Libbok, who had struggled with kicking accuracy, found his rhythm with a sublime kick pass to Kurt-Lee Arendse, who scored in the corner. Adding to the spectacle, Faf de Klerk nailed the conversion from the edge of the field, extending South Africa’s lead to 18-3.

Scotland displayed determination but struggled to gain ground as the Springbok forwards asserted their dominance. Despite a brief period of Scottish control, Cheslin Kolbe’s electrifying run shifted the momentum back in South Africa’s favour.

A thrilling moment came when Grant Williams embarked on a remarkable break, sprinting the full length of the field before being halted by a desperate ankle tap from Finn Russell.

In the end, the Springboks not only secured a convincing victory but also delivered a powerful statement to their competitors. Scotland, known for their bravery and resilience, found themselves facing an uphill battle as South Africa’s dominance shone through.

With two tries to their name, the Springboks emerged victorious with a final score of 18-3 against Scotland. This impressive performance sets the stage for an exciting Rugby World Cup journey, with South Africa making a resounding statement of their tournament-winning ambitions.

Super Eagles Soar to Victory: Nigeria 6-0 São Tomé and Príncipe

The Super Eagles of Nigeria closed their Africa Cup of Nations qualifying series with a resounding 6-0 triumph over São Tomé and Príncipe. The match, held at the Godswill Akpabio Stadium in Uyo, was a testament to the team’s unwavering spirit and exceptional talent. With this victory, Nigeria secured their place at the top of Group A, amassing an impressive 15 points and a staggering 22 goals throughout the campaign.

From the very first whistle, it was clear that the Super Eagles meant business. The game was marked by relentless attacks and precision passing that left their opponents struggling to keep up. Leading the charge was Victor Osimhen, whose stellar performance earned him a well-deserved hat-trick.

The first half of the game showcased the Super Eagles’ dominance as they swiftly took control of the field. Victor Osimhen, a prolific striker currently plying his trade with Napoli in Italy, demonstrated his goal-scoring prowess. His clinical finishing and impeccable positioning resulted in two well-taken goals that set the tone for the match.

Adding to the spectacle was Ademola Lookman, an Italy-based talent whose contribution was pivotal in the first 45 minutes. Lookman’s finesse and creativity added an extra dimension to Nigeria’s attacking play, leaving the opposing defence bewildered and unable to contain the relentless onslaught.

If the first half was impressive, the second half was nothing short of sensational. The Super Eagles continued their relentless pursuit of goals, and Victor Osimhen was far from finished. The Napoli star struck twice more, bringing his tally for the game to an astounding three goals.

But Osimhen wasn’t the only hero of the day. Taiwo Awoniyi and Samuel Chukwueze joined the scoring spree, each finding the back of the net to further solidify Nigeria’s dominance. The synergy among the players was evident, with seamless passes and coordinated attacks that São Tomé and Príncipe simply couldn’t withstand.

With this resounding victory, Nigeria not only secured their place in the Africa Cup of Nations but also claimed the top spot in Group A. The Super Eagles accumulated 15 points, leaving no doubt about their supremacy in the group. What’s even more astonishing is their goal-scoring record, with a staggering 22 goals over the course of the campaign.

As Nigeria prepares for the Africa Cup of Nations, this sends a clear message to the competition. The Super Eagles are ready to take flight and soar to new heights. With a blend of experienced stars and emerging talents, the future looks promising for the Nigerian football team.

Nigerian Appeals Court Rejects Majority of Petitions Challenging President’s Election Victory

An appeals court in Nigeria has dismissed two of the three petitions challenging the legitimacy of President Bola Tinubu’s victory in the February election. The remaining petition is still under deliberation, causing tension in Africa’s most populous country.

Three opposition parties had contested the election results, alleging illegal announcements and arguing that Tinubu was not qualified to run for president due to his alleged Guinean citizenship and purported lack of academic credentials. The opposition had hinted at potential protests if the court ruled in favour of Tinubu.

In Abuja’s Court of Appeal, a five-member justice panel ruled that Peter Obi, the third-place finisher, and his Labour Party could not prove their claims of irregularities in the election results or that Tinubu had been indicted on drug charges in the United States, which would disqualify him from the presidency.

The court also rejected a petition by the Allied Peoples Movement, which sought to nullify Tinubu’s victory based on the alleged improper nomination of his running mate, Vice President Kashim Shettima.

President Tinubu, who is attending the G20 summit in India, has denied all the allegations against him.

Security was heightened in Abuja, with support groups demonstrating near the court premises to express their solidarity with their political parties and to urge the judiciary to make a just decision.

The tribunal has the authority to uphold Tinubu’s election win, declare another candidate the winner, annul the vote, or call for a new election. Any decision made can be appealed at Nigeria’s Supreme Court within 60 days.

If the last petition is upheld and the presidential election is annulled, it would be unprecedented in Nigeria’s history. Presidential elections have been contested in court since the country’s return to democracy in 1999, but none have been overturned.

Nigeria’s police issued a statement warning citizens to be cautious in their actions and statements, emphasizing that security forces would not tolerate activities that could incite violence or lead to anarchy.

Tinubu won the election with less than 50% of the vote, marking another first in Nigeria’s history. Opposition candidates argue that delays in announcing election results may have provided opportunities for ballot tampering.

Critics have also accused the president of introducing economic reforms that have exacerbated the plight of millions of poor and hungry Nigerians during his first 100 days in office.

In response, Nigeria Labor Congress workers staged a two-day “warning strike” to protest rising living costs due to the removal of gas subsidies. They threatened to “shut down” Africa’s largest economy if their demands for improved welfare were not met.

The Nigerian government has urged citizens to be patient with President Tinubu, stating that the current inconveniences are necessary to save the country from crisis.

Tunisia’s Boxing Contenders Chase Olympic Dreams in Dakar Qualifier

The stage is set, the stakes are high, and Tunisia’s national boxing team is gearing up for an intense battle at the Boxing Africa Qualifier, a critical stepping stone on the path to the Paris 2024 Olympic Games. Hosted by Dakar, Senegal, from September 9-13, this tournament is where dreams are forged and futures determined.

Heading the Tunisian delegation is Zied Barbouche, President of the Tunisian Boxing Federation, whose dedicated support for the team reflects the nation’s collective aspiration. Alongside him are key figures like Montassar Guennouni, the national technical director, and Khemais Arfaoui, the national coach, all working tirelessly to guide their talented boxers towards Olympic glory.

Ten determined pugilists have journeyed to Dakar, each carrying the hopes of a nation on their shoulders. The roster includes Hamza Ghazouani (71 kg), Youssef Rafrafi (80 kg), Mehdi Dridi (63.5 kg), Amor Khelifa (57 kg), Alaeddine Zidi (51 kg), Khouloud Hlimi (57 kg), Wafa Hafsaoui (50 kg), Chedha Jelassi (54 kg), Islam Ferchichi (60 kg), and Molka Ben Mabrouk (75 kg).

The competition in Dakar is fierce, as boxers from across Africa vie for coveted spots at the Paris 2024 Olympics. This is a trial by fire, where resilience, skill, and determination will determine who secures those precious quota seats.

For the athletes who miss out on qualification in Dakar, all hope is not lost. They will have another opportunity to clinch their Olympic dreams at the two world qualification competitions set to unfold in Busto Arzizio, Italy.

The journey to the Olympics is a relentless pursuit of excellence, and these Tunisian boxers are prepared to go the distance. Every punch, every jab, every round is a testament to their dedication and the unwavering support of their nation.

As they step into the ring in Dakar, Tunisia rallies behind its boxing heroes, wishing them the strength, courage, and skill needed to secure those golden tickets to the Paris 2024 Olympic Games. Whatever the outcome, these athletes are already champions, embodying the spirit of determination and representing Tunisia on the world stage.