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Author Archive | nkcindependent

A Coup in Burkina Faso

The situation in Burkina Faso has turned into a coup d’état, as we thought was likely. On the morning of Thursday, September 17, a military official announced on television that the army, acting as the ‘National Democracy Council’, had deposed the interim government of President Michel Kafando and Prime Minister Isaac Zida, whose transition government […]

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JPMorgan boots Nigeria from influential bond index

Bloomberg reported late on Tuesday, September 8 that JPMorgan has decided to eject Nigeria from its Government Bond Index-Emerging Markets (GBI-EM). Justifying its decision, the investment bank stated: “Investors who track the GBI-EM series continue to face challenges and uncertainty while transacting in the naira due to the lack of a fully functional two-way forex […]

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New Suez Canal opening highlights conformity, rights restrictions in Egypt

The Suez Canal’s new extension was inaugurated on Thursday, August 6, in a ceremony that burst with nationalist pride. The extension involved dredging a 37 km waterway that runs parallel to the existing 193 km canal and deepening and widening another 35 km section of the old canal, so that ships can pass each other […]

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Nigeria – Reasons to expect some policy liberalisation

Structural factors, recent news and upcoming events give reason to believe that Nigeria is about to take a liberal turn on policy. The most important structural factors are the catastrophic state of public finances and the naira’s unsustainable strength on the official currency market. Important recent news has included President Muhammadu Buhari’s sacking of the […]

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Delay in Burundi’s presidential elections, Rwandan parliament wants referendum on Kagame’s third term

Burundi’s presidential election has been postponed by five days, and the first round will now be held on Tuesday, July 21. Authorities thus want to look as though they are meeting international diplomats halfway: the heads of State of the East African Community (EAC) had urged the presidency to push the poll back to July […]

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Ghardaia violence is a particular worry for Algeria right now

Violence in Ghardaia is a symptom of Algeria’s stagnant polity, but also shows up a dangerous, exploitable fault line. The most recent violence between Mozabite (Berber) and Arab communities, who belong to different sects of Islam, respectively observing the Ibadite and Malekite rites, flared up in the week, and reportedly caused 19 deaths in the […]

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New capital controls in Nigeria and Angola

The Central Bank of Nigeria (CBN) announced additional capital controls on June 24. CBN Governor Godwin Emefiele listed up to 40 items that would henceforth not be eligible for the purpose of purchasing foreign exchange on the interbank market. These items comprise food-related products, manufacturing inputs, textiles & clothes, certain household goods and cement. The […]

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South Africa flouts rule of law with Al-Bashir incident

At some point before or during the 25th African Union (AU) summit held in Gauteng during June 7-15, the South African government crossed an extremely dangerous line. The executive took a decision to override any judicial actions that might occur during the course of the event, or afterward, and imposed a political solution. Omar Al-Bashir, […]

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