Filed under: africa | Tags: Bain Capital, Bain Company, consulting, Finance, FTAlphaville, hedge funds, investment banking, Mitt Romney, private equity
Davos envy and Romney’s income in the last two years (and tax rate) have got quite a few people thinking and talking about the morality and usefulness of the financial sector. The odd thing, however, is that ever more brilliant college leavers (including from my alma mater) continue to be attracted to the financial sector and not the real economy (there was a brief decline after the 2008 recession but it appears that the trend is picking up again?
So why do college graduates want to be on the street or racking up lifetime miles in consulting? The simple answer is that returns are great, as shown in this illustration from theiBanker.
HT FTAlphaville.
Filed under: africa | Tags: Egypt, How africa tweets, interenet penetration in africa, internet traffic in Africa, internet use in Africa, Kenya, Morocco, Nigeria, south africa, twitter, twitter use in Africa
Click on image to enlarge.
Just out of curiosity I did a quick calculation of per capita tweets based on the figures from Portland Communications. The biggest difference between the two rankings is Gabon. My guess is that the rather slight variation in the right and left columns (especially for the top ten) is a reflection of the fact that about 57% of tweets geolocated in the region are from the ever ubiquitous cell phones.
Ghana’s ranking on either column was rather surprising.
| Top 20 (by volume) | Top 20 (per capita) | ||||||||||||||||||||||||||||||||||||||||
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HT Jason Stearns.
Filed under: africa | Tags: Abdoulaye Wade, dakar, groundnuts, karim wade, Ma Waxoon ? Waxeet !, Marabout, peanuts, St. Louis, Touba, Yourssou Ndour
It looks like Senegalese may be forced to live with their country’s model of soft authoritarianism with reasonable levels of political competition for a few more years….
FT reports:
He may be at least 86 years old with 11 years as president behind him, but Abdoulaye Wade, Senegal’s president, says “he does not feel his age”, and is determined to serve another term and preside over a “generational transition” before retiring.
“In Africa we do not reason in terms of age. You find village chiefs who are 100 years old. So long as you have your wits about you, in African tradition age has advantages: wisdom (for example).” After seeing off rival veterans in polls scheduled for February 26 he would be the “last barracuda among the little fish”, he predicted in an interview in Dakar.
Senegal’s constitutional court will decide on Friday if the President can indeed run for a third term. Mr. Wade pins his hopes on legal gymnastics, insisting that the constitutional term limits enacted during his first term in office only went into force at the beginning of his second term.
Perhaps anticipating the outcome of the court ruling, the government has instituted a five-day ban on public protests beginning tomorrow (Thursday 26/1/2012). The opposition has vowed to carry on with protests should the five-judge panel of the constitutional court approve of Wade’s candidacy.
Many suspect that Wade’s insistence on running for reelection this year is part of an elaborate plan to have his unpopular son, Karim, succeed him. Karim unsuccessful tried to become Mayor of Dakar, the capital, in 2009. He is presently a “super minister” in his father’s government, overseeing dockets as diverse as energy and power, international cooperation, regional development, aviation and infrastructure.
The truth be told, the fact that Wade could even contemplate a third term is an indictment of the Senegalese opposition. They have consistently failed at uniting against Wade and have been more than willing to be bought off. Mr. Wade is well aware of this and did pass a law which permits the President of Senegal to be elected with only 25% of the vote.
It is still possible that the unpopular Mr. Wade may lose even if he gets his way in the courts.
More on the FT report here.
Filed under: africa | Tags: Attiya Waris, Bringing the billions back, capital flows, capital inflows, capital outflows, development economics, Global Financial Integrity, Kristina Froberg, migration, remittances, Sub-Saharan Africa, World Bank
According to this figure FDI and recorded remittances appear to be trending in the right direction. Official aid and portfolio equity and private debt are not.
For more on this check out the World Bank’s new book (digital copy) on how Africa can leverage immigration to boost its growth prospects.
It’s important to remember that while overall these numbers may look encouraging, the problem of illicit capital outflows still plagues Sub-Saharan Africa (and other developing regions); and serves as an impediment to growth. Between 1970-2008 the region hemorrhaged an average of over $22b annually. Various studies (including this one) estimate that the private wealth held by Africans in tax havens and other shady depositories abroad may be upwards of $270b.
Filed under: africa | Tags: african arguments, Ekaterina Trendafilova, Francis Muthaura, ICC, Kenya, Mwai Kibaki, Nairobi, Raila Odinga, royal african society, Uhuru Kenyatta, willaim ruto
Here is an excerpt of a piece I have written over at African Arguments:
“While it might be too early to ascertain the full political impact of the ICC’s ruling, there is no doubt that it will provide a real test to Kenyan institutions – especially the judiciary. The courts will have to decide, amid intense political pressure, whether or not the accused are fit to hold public office and by extension whether those that want to can run for president. Ultimately, however, a lot will turn on the decisions made by President Kibaki. Will he stand by his trusted lieutenants in Muthaura and Kenyatta or will he bow to public pressure and ditch them in an attempt to secure his legacy?”
Filed under: africa | Tags: Francis Muthaura, Henry Kosgey, ICC, Joshua Sang, Kenya, Nairobi, Ocampo 6, Post-election violence, Rift Valley, Uhuru Kenyatta, william Ruto
That the ICC’s website crashed an hour before the ruling was given underscores the importance of today’s ICC ruling.
In the end it emerged that charges against Deputy Prime Minister Uhuru Kenyatta, Head of Civil Service Francis Muthaura, MP William Ruto and radio Presenter Joshua Sang were confirmed. Former police commissioner Husein Ali and MP Henry Kosgey will walk, at least for now.
The political implications of the decision will be huge.
Firstly, President Kibaki must decide whether or not to retain two of his most trusted lieutenants in the government (Messrs Kenyatta and Muthaura) even as they face charges with regard to the death of 1300 Kenyans and the displacement of hundreds of thousands. Should the president decide to stand with them I suspect that soon the courts will have to decide whether these two are fit to hold public office.
Remember that Kenya has a resurgent judiciary eager to stamp its authority as an independent institution. There will be intense political pressure from Civil Society groups to see the two step aside.
Equally interesting will be whether the Independent Electoral and Boundaries Commission will allow Ruto and Kenyatta to run for president in light of these developments. Again, the case might go all the way to the Supreme Court. The Kenyan constitution has a clause banning those accused of certain crimes from holding public office. The vagueness of the wording in the constitution will give the courts discretion in reaching a verdict. I suspect some activism here was well.
Secondly, Ruto and Kenyatta will find it hard to sell their candidacy to Kenyans ahead of the general elections later this year. As the process continues, it will be hard for both (whether guilty or not) to hide from the gruesome crimes that were committed in 2007-08. I therefore doubt the viability of either one running for president at the top of a ticket. If they want to be on a winning team in this year’s election they must be part of a coalition.
But coalition building will be hard. For one, cracks are already appearing in either camp. Ruto recently got kicked out of a party he tried to commandeer after defecting from ODM. Mr. Kenyatta is also facing a simmering insurgency within his Central Kenya camp. The other thing is that the Kenyan economic and political upper class has revealed a willingness to throw the two under the bus if they become too much of a baggage. It is telling that a group of Central Kenyan tycoons have started warming up to Prime Minister Raila Odinga, the man to beat in this year’s general election.
I expect a flurry of press conferences to follow shortly. But I must go to bed for now. It is 3:15 AM…
Filed under: africa | Tags: Ahmed Ali, Ekaterina Trendafilova, Eldoret, Electoral Violence, Electoral Violence in kenya, Francis Muthaura, Hague, Henry Kosgey, ICC, ICC and Kenya, ICC Kenya, international criminal court, kalenjin, Kalonzo Musyoka, Kenya, Kenya Cases at the ICC, kenyan politics, Kikuyu, Luo, Mt. Kenya Mafia, Mwai Kibaki, Nairobi, Nakuru, Netherlands, paul sang, Post-election violence, post-election violence in Kenya, Raila Odinga, Rift Valley Province, Uhuru Kenyatta, william Ruto
A panel of judges at the ICC will issue their ruling tomorrow afternoon on whether or not six accused Kenyans will stand trial. The six include two declared presidential candidates. Either way the ruling will have a non-trivial impact on the pursuit of justice for the victims of the 2007-08 post-election violence (PEV). It will also significantly shape the politics of coalition building in this year’s general elections.
Because of the ICC process, the Kenyan justice system has put on ice its own process of holding the perpetrators of the PEV to account. A non-confirmation of the charges against at least some of the six co-accused will add the 2007-08 PEV to the long list of crimes against Kenyans, many of which have been committed by the high and mighty, that have gone unpunished.
Justice is political. Therefore, there is no doubt that if the process of prosecuting the crimes committed in the PEV returns to Kenya none of the big fish will be held accountable. That is the sad truth.
This is why despite the noisy political environment, a majority of the PEV victims (and other Kenyans) still back the ICC process. At the very minimum they want justice to appear to be served.
At the moment the problem of justice remains a worry largely monopolized by the 300,000 or so Kenyans in IDP camps and the relatives of the over 1,300 who were killed. [The media and the political class are squarely to blame for this shameful situation.] For the rest of the country, focus has shifted to the politics of the general elections due later this year. To this we now turn.
Two of the accused, William Ruto and Uhuru Kenyatta have declared their interest in the presidency. Mr. Kenyatta is currently the second most preferred presidential candidate after Prime Minister Raila Odinga. Mr. Ruto, while not as popular nationally, still commands a sizeable chunk of the votes in the country’s most populous province – the Rift Valley. The Rift Valley has also been the hotbed of political violence in country’s history, most of it over land.
A confirmation of the charges will seriously dent the presidential ambitions of Messrs Ruto and Kenyatta. It will make it harder for either of them to sell their candidacy outside of their immediate ethnic constituency. It will also give their opponents (and there are plenty) an opportunity to hold themselves as the clean candidates that ought to succeed Kibaki. Needless to say, a non-confirmation would bolster the duo’s campaigns. What will this mean for the general election?
It is common knowledge that the man to beat in the 2012 election will be Mr. Odinga. The two scenarios above will impact the outcome of the election mainly through their influence on the coalition building abilities of the anti-Odinga crowd.
More on this tomorrow in reaction to the ICC ruling.
Filed under: africa | Tags: Bacai Sanha, Bissau, Guienea-Bissau, Joao Bernado Vieira
Bacai Sanha, President of Guinea-Bissau has died in a Paris hospital.
Mr. Sanha was elected president in July 2009 following the assassination of former president Joao Bernardo Vieira by elements in the military.
Guinea Bissau has in the recent past experienced drug-trafficking-related political instability. Mr. Vieira’s murder was linked to a dispute between him and his military chief over drug connections. Last month’s arrest of the head of the navy on suspicion of plotting a coup was also drug related. It remains unclear whether Mr. Sanha’s succession will follow constitutional channels or whether the military will take over.
Filed under: africa | Tags: KCPE, Kenya, kenya certificate of primary education, kenya national examinations council, Prof. Samuel Ongeri, Sam Ongeri
The Kenyan ministry of education will release the results of this year’s Kenyan Certificate of Primary Education (KCPE) exam. At the end of primary school all students sit the national exam to determine which high schools they will attend.
For the first time, in the announcement will be ranked by Kenya’s 47 counties. In the past wealthier and more urban areas of the country have done better than poorer rural areas. For many critics the current education system in Kenya serves little more than replicate the existing class structure – with wealthier kids doing better in primary school, going to better high schools and then getting subsidized university education. Most poor students – the vast majority of KCPE candidates – never make it beyond high school.

