John Campbell

Africa in Transition

Campbell tracks political and security developments across sub-Saharan Africa.

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Showing posts for "Economy"

Is the IMF Going to Save Ghana’s Troubled Economy?

by Guest Blogger for John Campbell
U.S. Secretary of State John Kerry (L) and President of Ghana John Dramani Mahama attend the Ghana Compact Signing Ceremony at the State Department in Washington, August 5, 2014. (Yuri Gripas/Courtesy Reuters) U.S. Secretary of State John Kerry (L) and President of Ghana John Dramani Mahama attend the Ghana Compact Signing Ceremony at the State Department in Washington, August 5, 2014. (Yuri Gripas/Courtesy Reuters)

This is a guest post by Cheryl Strauss Einhorn, a journalist and adjunct professor at the Columbia University Graduate School of Journalism

Long hailed as evidence of Africa’s growing political and economic stability, Ghana is suffering a reversal of fortune. One week ago as President John Mahama arrived in Washington for the U.S.-Africa Summit, his government finally admitted it needed urgent help to fix its faltering economy and contacted the International Monetary Fund for financial assistance. Read more »

Nigeria’s Oil Industry

by John Campbell
Men suspected to be involved in oil theft are paraded to the media at a military base in Yenagoa, March 28, 2014. (Stringer/Courtesy Reuters) Men suspected to be involved in oil theft are paraded to the media at a military base in Yenagoa, March 28, 2014. (Stringer/Courtesy Reuters)

The Nigerian Daily Independent recently published remarks by Mutiu Sunmonu, the managing director of Shell Petroleum Development Company of Nigeria (SPDC). The remarks provide insights into Nigeria’s oil industry. Read more »

Nigeria: What Time Is It?

by Guest Blogger for John Campbell
People crowd on a road near Balogun market to shop, a day before Christmas in Nigeria's commercial capital Lagos, December 24, 2012. (Akintunde Akinleye/Courtesy Reuters) People crowd on a road near Balogun market to shop, a day before Christmas in Nigeria's commercial capital Lagos, December 24, 2012. (Akintunde Akinleye/Courtesy Reuters)

This is a guest post by Jim Sanders, a career, now retired, West Africa watcher for various federal agencies. The views expressed below are his personal views and do not reflect those of his former employers.

Luxury watch sales are rising in Africa. Ulysse Nardin opened a shop in Abuja, as Nigeria is seen as “the force today” in that market. Yet time may be moving faster than horological devices can measure. Read more »

South Africa’s Jacob Zuma Stonewalls on Corruption Charges

by John Campbell
A member of the Economic Freedom Fighters stands on the roof of a house they built for an elderly woman, near the homestead of South African president Jacob Zuma (in the background), in Nkandla January 11, 2014. (Rogan Ward/Courtesy Reuters) A member of the Economic Freedom Fighters stands on the roof of a house they built for an elderly woman, near the homestead of South African president Jacob Zuma (in the background), in Nkandla January 11, 2014. (Rogan Ward/Courtesy Reuters)

South Africa’s Public Protector stated in a recent report that taxpayer money funded improvements to Nkandla, President Jacob Zuma’s private estate. The public protector found this “unconscionable, excessive, and caused a misappropriation of public funds.” President Zuma made his first public comment on March 31, in remarks carried by a TV station. He said, “I never did anything wrong.” In effect, he is blaming his subordinates within the governing African National Congress (ANC). Read more »

Nigeria is Officially “Africa’s Largest Economy”

by John Campbell
Trucks are seen parked around an automobile workshop overlooking the Lagos business district at the Orile-Iganmu in Lagos August 29, 2013. (Akintunde Akinleye/Courtesy Reuters) Trucks are seen parked around an automobile workshop overlooking the Lagos business district at the Orile-Iganmu in Lagos August 29, 2013. (Akintunde Akinleye/Courtesy Reuters)

On April 6, Nigeria’s National Bureau of Statistics announced that after “rebasing,” Nigeria’s Gross Domestic Product (GDP) almost doubled to U.S. $509.9 billion. That figure is dramatically larger than South Africa’s 2013 GDP of $370.3 billion, and bestows on Nigeria the bragging rights of being the largest economy in Africa. Read more »

Big Men: Ghana, Nigeria, and the United States

by Guest Blogger for John Campbell
Ebiowei, 48, carries an empty oil container on his head to a place where it would be filled with refined fuel at an illegal refinery site near river Nun in Nigeria's oil state of Bayelsa November 27, 2012. (Akintunde Akinleye/Courtesy Reuters) Ebiowei, 48, carries an empty oil container on his head to a place where it would be filled with refined fuel at an illegal refinery site near river Nun in Nigeria's oil state of Bayelsa November 27, 2012. (Akintunde Akinleye/Courtesy Reuters)

This is a guest post by Emily Mellgard, research associate for the Council on Foreign Relations Africa Studies program.

A great discovery often brings together strange bedfellows. Such is the case when the Jubilee Oil Field is discovered within Ghana’s national waters in the Gulf of Guinea. The heights and depths of the relationships between the people and groups pulled together around this oil field is the subject of the new Rachel Boyton (director) and Brad Pitt (producer) documentary Big Men. The documentary was filmed over five years from first discovery of the oil field to nearing “first oil” -when actual production begins. Read more »

Really, Really Rich People in Africa

by John Campbell
Nigeria's President Goodluck Jonathan (back L) looks on as Nigerian billionaire Aliko Dangote points to the site of a new cement plant branch during a commissioning ceremony at the Dangote cement factory in Obajana, Kogi state, June 11, 2012. (Akintunde Akinleye/Courtesy Reuters) Nigeria's President Goodluck Jonathan (back L) looks on as Nigerian billionaire Aliko Dangote points to the site of a new cement plant branch during a commissioning ceremony at the Dangote cement factory in Obajana, Kogi state, June 11, 2012. (Akintunde Akinleye/Courtesy Reuters)

According to Forbes, the first African ever has entered into the “top 25” of the world’s billionaires. He is Aliko Dangote, number 23. Forbes says that his net worth is now U.S. $25 billion up from $3.3 billion in 2007. His wealth is based on cement, but he is also investing in agriculture. Read more »

African Economies: Growing Quickly But Transforming Slowly

by Guest Blogger for John Campbell
Labourers work at a mine believed to contain gold in Minna, Niger State, June 23, 2013. (Afolabi Sotunde/Courtesy Reuters) Labourers work at a mine believed to contain gold in Minna, Niger State, June 23, 2013. (Afolabi Sotunde/Courtesy Reuters)

This is a guest post by Diptesh Soni. Diptesh is a master’s degree candidate at the Columbia University School of International Public Affairs (SIPA) studying economic and political development. You can read more by him at: https://dipteshsoni.contently.com/. Read more »

Lamido Sanusi Nigeria’s Central Bank Governor in Bombshell “Suspension”

by John Campbell
Nigeria's central bank governor Sanusi Lamido Sanusi poses for a photo after an interview with Reuters at the World Islamic Economic Forum in London, October 30, 2013. (Stefan Wermuth/Courtesy Reuters) Nigeria's central bank governor Sanusi Lamido Sanusi poses for a photo after an interview with Reuters at the World Islamic Economic Forum in London, October 30, 2013. (Stefan Wermuth/Courtesy Reuters)

Nigerian president, Goodluck Jonathan on Thursday ordered the immediate suspension of Lamido Sanusi, the governor of Nigeria’s Central Bank. According to the BBC, Reuters, and the Financial Times, trading in Nigeria’s foreign exchange, bond, and money markets, halted due to uncertainty over the president’s move. How long trading will be halted and what the consequences will be remains to be seen. Read more »

Ngozi Okonjo-Iweala on “Reforming Nigeria”

by John Campbell
Nigeria's finance minister Ngozi Okonjo-Iweala address the audience on the achievements of President Goodluck Jonathan's administration while delivering the mid-term report during Democracy Day celebrations in Abuja, May 29, 2013. (Afolabi Sotunde/Courtesy Reuters) Nigeria's finance minister Ngozi Okonjo-Iweala address the audience on the achievements of President Goodluck Jonathan's administration while delivering the mid-term report during Democracy Day celebrations in Abuja, May 29, 2013. (Afolabi Sotunde/Courtesy Reuters)

Stuart Reid published in the current issue of Foreign Affairs a fascinating interview with Nigeria Finance Minister Ngozi Okonjo-Iweala. The finance minister was educated at Harvard and MIT and is a former vice president of the World Bank. More recently she was a candidate for the presidency of the World Bank. International investors and business people associate her with many or most of Nigeria’s economic reforms in the administrations of Olusegun Obasanjo and Goodluck Jonathan. She is probably much more popular outside of Nigeria than at home, where her reforms have gored many oxes. Read more »