After the guns fall silent🔫
Issue #135: "No one wins a war. It is true, there are degrees of loss, but no one wins.” - Brock Chisholm
Hello Venturer,
I never knew the true ramifications of war until I read Half of a Yellow Sun, a novel by Nigerian author Chimamanda Ngozi Adichie. It tells the story of the Biafran War in 1967. I had always read and talked about the Nigerian civil war glibly. But when seventeen-year-old me read this book, I was hit with a wave of understanding of how truly devastating war is.
It's 2023, and we are witnessing the most internet-accessible war in history - the Russian-Ukraine war. The war has created the fastest displacement crisis in Europe since World War II. It has also caused food and fuel insecurity in Africa. Interestingly, technology has helped Ukraine offset Russia’s conventional military advantage by increasing the participation of ordinary citizens, but that is not the same for every war.
On the flip side, in November 2020, a war broke out in Ethiopia between Tigrayan rebels and government forces. In November 2022, the warring sides signed a ceasefire agreement. But, by then, the war had claimed 600,000 lives, displaced millions from their homes, and left over 5 million people without internet, telecommunications, and banking.
This week we delve into how a war-induced internet shutdown is affecting Ethiopia’s economy.
Boluwatife Areola
Content Developer, Ventures Africa
What’s new?
Ethiopia Has Lost $410 Million To A War-induced Internet Shutdown
A new report by Top10VPN, a London-based VPN review firm that assesses internet privacy, security, and freedom, shows that Ethiopian businesses lost $145.8 million in 2022 alone. In 2020, the country lost $100 million to its internet blackout. Then, the number rose to $164.5 million in 2021, affecting 21.3 million users. Read more.
Weekly Economic Index: Competition for Safaricom, salary increase in Ghana, and a gloomy future for SSA
Earlier this year, Canadian-based telecom Iristel announced its decision to fully venture into Kenya, after operating under Safaricom for years. However, Safaricom has legally contested Iristel’s entry into Kenya. Safaricom alleged that Iristel intends to engage in SIM boxing, which would threaten national security. Read more.
The world bank expects all west African countries to grow in 2023, except one
According to Bloomberg’s December 2022 survey of economists, there is a 70% chance of a recession in 2023. And the World Bank shares the same sentiment. That is why it slashed its global growth forecasts from 3% to 1.7% for 2023. Learn more.
These platforms are helping shape the creative industry in Africa
The creative industry is a significant source of employment in Africa, with various sectors such as digital creation, film, music, and fashion providing jobs for many young people. Here are platforms changing the game for African creatives. Learn more.
Looming global inflation and the implication of fuel subsidy removal for Africa.
International lenders such as the World Bank and the International Monetary Fund have issued warnings of a potential global recession. This situation would be particularly dire for emerging economies, particularly those in Sub-Saharan Africa. Read more.
What the CBN’s card payment scheme means for the financial sector
Recently, the Central Bank of Nigeria (CBN) has implemented various policies and introduced new products to revitalize the country’s financial sector. Read more.
East and West Africa are in a race to launch single currencies
East Africa is looking to make history by launching a single currency. According to an announcement by Peter Mathuk, Secretary General of the East African Community (EAC), the region wants to achieve this feat by 2031. At the same time, the Economic Community of West African States (ECOWAS) Commission wants to launch the Eco, its regional currency, by 2027. Read more.
Here is how an IPO alters the trajectory of a business
An IPO is the process of listing shares of a private corporation to the public in a new stock issuance for the first time. The process allows a company to raise equity capital from public investors. Learn more.
My Pivot Journal: How Adeola Aderounmu found a new passion in product design
Adeola Esther Aderounmu has always been passionate about teaching. But when she found it challenging to practice teaching in a small town, she quickly turned her lemons into lemonade and found a new passion in tech. Here is Adeola’s pivot journal. Read more.
Twelve popular markets you should visit when in Africa
A significant portion of Africa’s informal economy comprises these vendors. Here’s a list of some notable African markets you should visit whenever you are in Africa: Read more.
Can a $2 billion solar project light up Zambia?
$2 billion. This is the worth of solar projects to be developed by Zambia’s state-owned power utility Zesco and the United Arab Emirates renewable energy company Masdar after the companies signed an agreement earlier this week. Aimed at facilitating investment in Zambia’s renewable energy, the project is expected to commence immediately, starting with the phased installation of 500 megawatts (MW). Learn more.
Ethiopia is in a currency devaluation dilemma
It’ll be an understatement to say Ethiopia is going through a rough patch. The reality is that Ethiopia’s economy is in turmoil, and it needs a bailout. But saving it will come at a cost. Read more.
How global expansion would benefit Access Bank customers
In its recently released 5-year strategy document, Access Bank announced a plan to expand into 26 countries, up from its current 17 markets, by 2027. Learn more.
Holiday Jollof
Read our special holiday issue on the events, businesses, people, and policies that impacted Africa in 2022. Click the image below to read.
Is AI coming for your job?
Artificial Intelligence (AI) is a rapidly growing field with the potential to transform many industries and improve people's lives. In Africa, there is a growing recognition of the importance of AI and its potential to drive economic and social development, and you shouldn’t be left out.
Join us on Wednesday, 25th of January, at 4 pm (WAT), @Ventures Africa’s Twitter Space to discuss “How AI is affecting modern life and business.” Set a reminder here.
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