News and deals from around Africa

Zambia’s first president, Kenneth Kaunda, an icon of Africa’s liberation struggle against colonial rule, has died of pneumonia in Lusaka. He was 97. Kaunda ruled Zambia for 27 years after independence from Britain in 1964. After leading the largely peaceful struggle, he helped to liberate his neighbours by providing a safe haven and logistical help to liberation movements from Zimbabwe, Namibia, Angola, Mozambique and South Africa. He stepped down after losing an election in 1991.

Mauritius launches first satellite

Mauritius has launched its first satellite. The imagery and radiocommunications nanosatellite, developed by the parastatal Mauritius Research and Innovation Council, was deployed by the Japan Aerospace Exploration Agency from the International Space Station in June after winning a contest for developing countries run by the United Nations Office for Outer Space Affairs. Positive results could lead to the development of a bigger nanosatellite to track fish depletion and frequent flooding and a future space programme.

S&P forecasts slow growth in Africa

Sub-Saharan Africa will likely be the among the world’s slowest growing regions in 2021, according to research by S&P Global Ratings. It predicts that the size of the economies of Ethiopia, Ghana, Kenya, Nigeria, and South Africa will be 6.6% smaller than the pre-pandemic long-run trend-based estimate by the end of 2024. Banking sector growth prospects will remain subdued due to the pandemic’s lingering impact, but profitability levels may recover to pre-crisis levels after

2022, while credit losses moderate.

Dutch development bank appoints CEO

Dutch development bank FMO has named Michael Jongeneel as its new chief executive officer to replace outgoing head Linda Broekhuizen. Jongeneel joins FMO from international consulting firm Bain & Company, where he served as a partner in the Amsterdam office and global lead for sustainable finance. The bank has a committed portfolio of €9.3bn spanning over 85 countries.