World
Russia Reaffirms Commitment to Help Solve Endless Conflicts in Africa
By Kester Kenn Klomegah
On July 14, 2018, Russian President, Mr Vladimir Putin, warmly received two African leaders, Gabonese Ali Bongo Ondimba and Sudanese Omar al-Bashir, within the framework of the 2018 FIFA World Cup.
The two were on a three-day working visit part of which was to attend in the FIFA World Cup final match between France and Croatia at Luzhniki Stadium in Moscow. Together 12 presidents, prime ministers and many high-ranking representatives of foreign states attended the final match.
While meeting them separately in the Kremlin, Putin reaffirmed Russia’s role in and support for solving endless conflicts specifically in Central African Republic (CAR) and in Sudan, and other regional conflicts in parts of Africa. The meetings were also to consolidate the existing diplomatic relations.
Despite its significant mineral deposits and other resources, such as uranium reserves, crude oil, gold, diamonds, cobalt, lumber and as well as significantly large arable land, the CAR is among the ten poorest countries in the world.
Nearly 90% is among the most impoverished of the estimated population of around 4.6 million as of 2016. CAR has been engulfed in political and ethnic conflict.
“There is naturally a lot of work to do for us, including the regional settlement in Central Africa. We know that Gabon takes the most active part in this, making a significant contribution to this joint work,” he stressed at the meeting with Ali Bongo.
In this context, Gabon is now chairing the Economic Community of Central African States and this community or regional organization is directly involved in settling the conflict in the Central African Republic.
Gabon bordered by Equitorial Guinea to the west, Cameroon to the north and Republic of Congo on the east and south, and the Gulf of Guinea to the west. Since its independence from France in 1960, Gabon has had three presidents.
Abundant petroleum and foreign private investment have helped make Gabon one of the most prosperous countries in sub-Sahara Africa. Gabon’s economy is dominated by oil. Oil revenues constitute roughly 46% of the government’s budget, 43% of the gross domestic product (GDP), and 81% of exports.
During the meeting, Ali Bongo argued that “Russia is a huge country, which has enormous capabilities and which can, of course, contribute a lot to the continent. Everyone talks about Africa today, from most various angles. The continent is rich in resources, and we observe how many major states fight each other to gain access to these resources.”
From above statement, Ali Bongo was encouraging the Kremlin authorities, flex muscles to face risks and high competition, in order to raise Russia’s economic profile on the continent to match with its global status. As already known, African countries have seriously adopted “economic diplomacy” and are looking to find pragmatic solutions to issues relating to infrastructure development, foreign trade and investment cooperation.
The transcript posted to Kremlin official website did not say anything about oil business, but understandably, Russia seeks to cooperate in this sphere.
The Kremlin press service said that trade between Russia and Gabon doubled in 2017 to $47.7 (from $29.1 in 2016). Last October, Russia’s oil giant Rosneft signed a profile protocol of understanding with Gabon’s Oil and Hydrocarbon Ministry.
In June 2017, Zarubezhneft and the Gabonese oil company signed a Memorandum of Understanding – a framework agreement on key aspects of cooperation, including joint exploration of deposits and construction of oil and gas facilities in Gabon.
In his discussion with Putin, Al-Bashir noted that Russia and Sudan relations really demonstrated positive dynamics. “As for the economic sphere, we are developing a programme to share information and opinions on how we can develop these relations. Russian companies, including those producing mineral resources, actively work in Sudan. There will also be a meeting devoted to the agricultural sphere in September,” the Sudanese leader said.
Sudanese leader hopes to start tourist exchanges soon. He also encourages the participation of Russian oil and gas companies so that they would work in Sudan.
There are positive shifts in the military-technical sphere and in military cooperation. “We see big exchanges between specialists of Russia and Sudan. A big number of Russian specialists work in our country and this is why we highly praise the role that your country plays in preparing Sudanese military personnel,” Al-Bashir told Putin.
In fact, Putin and Al-Bashir last met and had a comprehensive business discussion November 2017 in Sochi. According to Kremlin website, the two sides have signed agreements and memos of understanding in the field of oil, gold mining, the peaceful use of nuclear power, higher education, external relations and agriculture.
In Sochi, Al-Bashir affirmed that Sudan is opening its doors for all countries and companies to invest in the country, indicating that Russian, Chinese and Arab companies are now operating in Sudan.
Interestingly, Al-Bashir has offered to help Russia in Africa. “Sudan has extensive ties in Africa and can help Russia develop relations with African countries. Sudan may become Russian’s key to Africa. We are a member of the African Union,” he promised Putin.
“We have great relations with all African nations and we are ready to help. We are also interested in developing relations with BRICS,” he concluded assertively. The BRICS group of emerging economies comprises Brazil, Russia, India, China and South Africa. South Africa will host a summit of BRICS countries on July 26-27.
Despite the fact that bilateral relations between Russia and with both Gabon and Sudan still below expectation, the three leaders Putin, Ali Bongo and Al-Bashir in their separate discussions expressed high optimism to take practical effective steps working towards its growth and sustainability.
It is worthy to note that Africa, indeed, has emerged as a playground for foreign powers especially Asian powers including China, India and Japan; each with its economic interests in the region and trying to expand its influence in strategic ways. In principle, all three leaders (Putin, Ali Bongo and Al-Bashir) have agreed that relations, in anyway, be developed in all directions between their individual states and Russia. *Kester Kenn Klomegah writes about Russia, Africa and BRICS.
By Adedapo Adesanya
The United Arab Emirates-based multi-billion-dollar tech powerhouse, Phoenix Group, has announced a major strategic expansion into the African market with the acquisition of an 80-megawatt (MW) power purchase agreement (PPA) in Ethiopia to boost its Bitcoin mining capacity.
The deal forged in partnership with Abu Dhabi-based cybersecurity firm, Data7, marks a significant step in Phoenix Group’s global diversification strategy and secures a reliable and sustainable energy source to fuel its long-term growth and underscores a commitment to responsible digital asset infrastructure development.
The new Ethiopian site, slated for energization in Q2 2025, will dramatically enhance Phoenix Group’s operational capacity, significantly increasing the exahash rate of its rapidly expanding mining portfolio.
“This move solidifies Phoenix Group’s position as one of the world’s largest Bitcoin miners and reinforces its commitment to scaling operations and delivering cutting-edge, globally distributed digital asset infrastructure. Phoenix Group is poised to build on this momentum, with further announcements of new sites and increased capacity in 2025, including continued expansion in Ethiopia and a strategic entry into the South American market,” the statement shared with Business Post said.
Speaking on the development, Mr Munaf Ali, CEO of Phoenix Group said- “This 80MW expansion in Ethiopia, on the heels of our North Dakota site announcement, is a powerful testament to Phoenix Group’s accelerating global momentum.
“We are aggressively building out our mining capabilities, and this added capacity further solidifies our position as one of the world’s largest Bitcoin miners, fueling our growth trajectory as we prepare for our listing on Nasdaq. We’re not just expanding our operations; we’re strategically positioning ourselves at the forefront of a financial revolution where cryptocurrencies will play a central role in creating a more inclusive and dynamic global economy.”
Mr Reza Nejatian, CEO of Global Mining Operations at Phoenix Group, added: “This project in Ethiopia, significantly increasing our exahash rate, is a clear signal of our ambition to not just participate in, but to lead, the global Bitcoin mining landscape. Ethiopia’s emergence as a key crypto-mining hub provides the perfect platform for our continued expansion, and this is just the first phase of our growth in the country.
“Our strategic partnership with Data7, enabling the deployment of the latest S21 Hydros, underscores our commitment to leveraging cutting-edge technology to maximize efficiency and solidify our competitive advantage”, adding that, “Our ambitions extend beyond Africa; we’re actively preparing to launch operations in South America in 2025, further diversifying our global footprint. This is how we execute on a global scale, and this is how we build the future of decentralized finance.”
By Aduragbemi Omiyale
A Memorandum of Understanding (MoU) to support sustainable food production at a range of scales towards climate adaptation while protecting and preserving soil health, biodiversity, and water resources has been sealed between Olam Agri and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).
The deal provides a framework that will facilitate collaboration between the two organisations across staple agriculture supply chains that include rice, cotton, and rubber in developing markets in Asia, Africa, and Latin America.
The aim is to improve the livelihoods of smallholder farmers, provide them with access to key services and inclusive opportunities; and establish sustainability and traceability across agriculture supply chains, aligning with Olam Agri’s purpose to transform food and agriculture for a more sustainable and food-secure future.
For joint projects, GIZ and Olam Agri have identified six priority intervention areas: nutrition-sensitive regenerative agriculture; harvest and post-harvest loss reduction; access to finance for smallholders; economic inclusion and rights; management of crop residues and reuse; and ecosystem services, including protection and restoration of ecosystems and carbon initiatives.
Both partners will continue to identify topics relevant across value chains and regions to drive innovation and scaling, with possible cross-sectoral issues including climate and carbon credits, landscape-scale approaches, and digitisation.
“We’ve shared a strong and fruitful relationship with GIZ over the years during which we’ve made significant inroads in transforming smallholder farming in several supply chains across many geographies to be more productive, profitable, and sustainable.
“I am thrilled to be signing this MoU with such a valuable partner that is GIZ and commit to collaborate even further to scale up our sustainability programmes in developing and emerging agriculture economies,” the co-founder of Olam Agri, Mr Sunny Verghese, said.
Also commenting, the Managing Director of GIZ, Anna Sophie Herken, said, “The signing of this MoU with Olam Agri marks a pivotal step forward in our collaborative efforts towards sustainable food production.
“I am very happy and grateful that we can deepen and broaden our cooperation efforts simultaneously. We look forward to enhancing the scope and impact of our successful projects in climate-smart farming.”
By Adedapo Adesanya
Bitcoin (BTC), the world’s best-known digital currency, reached a fresh record high of $108,943 on Monday morning as Mr Donald Trump prepared to return to the White House.
The support from Mr Trump has boosted the crypto industry and after mentioning the asset’s record performance in a Sunday speech alongside gains in the broader US stock market, the prices have been heading north.
“Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high. Bitcoin has shattered one record high after another,” Mr Trump said.
Business Post reports that some other tokens making gains include Ethereum (ETH), the second most valued coin which has gained 5.9 per cent to $3,349.93, Ripple (XPR) added 6.2 per cent to sell at $3.31, and Cardano (ADA) added 3.3 per cent to $1.07.
Mr Trump, who over the weekend launched a coin, has been vocal about his support for cryptocurrencies during his campaign and promised to make the US the crypto capital of the planet and create a strategic national bitcoin reserve, moves that have fueled investor optimism.
There are hopes that new policies and regulators will send the price of BTC and by extension, other coins much further this year as the US economy continues to show strength in the long term.
BTC reversed losses from earlier in the day when it fell to nearly $100,000 from a high over $102,000 on Sunday as incoming first lady Melania Trump issued a memecoin, drawing liquidity away from major assets.
Mrs Trump followed her husband’s lead by launching a multibillion-dollar cryptocurrency meme coin – briefly tanking the price of $TRUMP coin in the process.
A meme coin is a type of cryptocurrency inspired by trends such as internet memes with no inherent utility, and are often susceptible to price swings and crashes. Meme coins have been described by traders as a pure form of gambling and akin to buying a lottery ticket.
However, some crypto enthusiasts hailed the Trump meme coin’s release, saying it was symbolic of the incoming president’s support for an industry that felt unfairly targeted by the Biden administration.
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