Daily Watch – African countries paying 500% higher interest above others, Sudanese army attacks rival

4th September 2023

Gunmen have killed seven Muslim worshippers and injured three others in two separate attacks on mosques in Kaduna state, police said Saturday. Suspects from criminal gangs referred to as bandits opened fire Friday on worshippers in Saya-Saya community in Ikara district during evening prayers, killing six people, Kaduna state police spokesman Mansir Hassan said. The gunmen then moved to neighbouring Tashar Dauda village where they attacked another mosque, killing one person and injuring three others, he said. The assailants took four motorcycles before fleeing into the bush. Abdulrahman Yusuf, the local chief of Saya-Saya said the head of vigilantes in the village was among the worshippers killed in the mosque. The authorities in Kaduna have expressed concern over a growing alliance between the bandits and jihadists waging a 14-year insurgency to establish a Caliphate in the northeast.

A combination of rising interest rates and lack of sufficient affordable capital from the World Bank is increasing economic pressures on vulnerable countries already at high risk of debt distress, a report by the ONE Campaign has shown. ONE’s research shows that borrowing from capital markets is costing African countries 500 per cent of what they would pay if sufficient capital were available from the World Bank. It says this could result in African countries paying an additional $56 billion in repayment costs on new debt raised between 2017 and 2021. ONE’s analysis also shows that a lack of affordable capital will impact the whole world. Africa alone possesses vast renewable energy resources and carbon capture potential that could fuel its economic growth and transform global efforts to tackle climate change, but this potential cannot be realised without access to affordable capital. In his comment on findings of the report, the Chief Executive of ONE Campaign, Gayle Smith, said: “It makes neither political nor economic sense that low- and low-middle income countries are being forced to pay premium prices for capital at the very moment they are trying to recover from the pandemic, deal with the fallout from Russia’s invasion of Ukraine, and respond to growing threat from climate change. It is even more stunning to consider that solutions are at hand if the world’s wealthy and most powerful countries choose to pursue them – solutions that would enable developing economies to recover and grow and would also deliver big-time to a global green energy future.”

The Minority caucus in parliament has filed its affidavit to oppose the Greater Accra Regional Police Command’s injunction application against their planned protest against the Bank of Ghana Governor and his deputies. The affidavit was filed by their lawyers on Friday, 1 September, at the registry of the Accra High Court.  The Greater Accra Regional Police Command on Wednesday filed for an injunction against the Minority’s proposed routes for the protest.The NDC MPs are seeking to march on Tuesday, 5 September, from Makola, through Rawlings Park and Opera Square to the frontage of the Bank of Ghana. The march is aimed at getting the Bank of Ghana Governor and his two deputies to resign from office due to the over GH¢60.8 billion losses the central bank recorded in 2022.

The Sudanese army staged a large-scale attack on its paramilitary rival’s supply routes on Sunday, eyewitnesses said, as its leader appeared to reject a negotiated solution. The almost five-month war since 15 April has devastated Sudan, worsening hunger, destroying infrastructure, and killing hundreds of civilians. The army sent volleys of air strikes into the city of Omdurman on Sunday, one day after military sources said it had also deployed large numbers of ground forces and heavy weaponry in an effort to cement control of the city.