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Cabinet reshuffle in Egypt amid power outages, economic strain

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Egypt’s President, Abdel Fattah al-Sisi, swore in a drastically reorganized cabinet on Wednesday, adding new finance and foreign ministers to a government beset by daily power outages, economic hardships, and the Gaza war on its border.

Prime Minister Mostafa Madbouly was reappointed by Sisi after the resignation of the previous cabinet was announced a month ago. Sisi stated that the main goals of his new government will be to increase investment and reduce inflation, which reached record highs last year.

Ahmed Kouchouk, a well-known individual who served as the World Bank’s chief economist before taking on the role of deputy finance minister in 2016 and leading negotiator for the International Monetary Fund, is the new minister of finance.

Following his oath of office, Kouchouk declared that Egypt would stick to its policies of reducing debt, adhering to fiscal restraint, and pursuing structural reform to facilitate growth in the private sector.

The re-appointment of Rania al-Mashat, the former minister of international cooperation who was responsible for securing development financing, came with the addition of planning and economic development to her portfolio.

Hassan El Khatib, a finance expert who had previously held positions at the European Bank for Reconstruction and Development, completed the revived post of investment minister. The longer-dated maturities of the bonds saw the biggest increase in value.

Egypt’s long-standing foreign exchange shortfall has been lessened by a recent infusion of capital and money from the UAE, the IMF, and the EU, among others; nevertheless, since then, power outages and gas shortages have made life difficult for both businesses and residents.

After being nominated petroleum minister, Karim Badawi, a manager at the oil services company SLB, stated that supplying fuel to power plants will be a top priority. Mohamed Shaker was succeeded at the Ministry of Energy by Mahmoud Esmat, a former minister of public enterprises.

At the supply ministry, which oversees wheat purchases, Sherif Farouk took over from his predecessor as chairman of Egypt Post, where he had overseen reforms to pension payments systems.

Aiming for reform, Farouk will oversee a food subsidy program that feeds over 60 million people and makes Egypt one of the world’s largest importers of wheat.

Over the previous two years, as Egypt struggled to control a dollar shortage and soaring inflation, there have been rumours that Madbouly himself may be replaced.
To put Egypt’s economy on a more stable foundation, analysts and businesses argue that significant changes are required, including the state and military making room for the private sector.

Mahmoud Mohieldin, a former Egyptian minister of investment, told the American Chamber of Commerce in Cairo on Monday that in addition to enabling much-increased exports and tax revenue, institutions also need to invest in human resources.

“We need to have a plan from now, which is a new growth model, a new development model,” he said.

Politics

Ghana’s Supreme Court reinstates ruling party’s majority

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The ruling New Patriotic Party regained its majority in the legislature ahead of the Dec. 7 election after Ghana’s Supreme Court declared on Tuesday that the speaker of parliament’s declaration of four seats as vacant was illegal.

 

Alexander Afenyo-Markin, the leader of the NPP caucus, petitioned the supreme court of the West African nation to reverse Speaker Alban Bagbin’s decision.

 

Bagbin had said that one member of the National Democratic Congress and two members of the NPP had resigned their seats when they registered to run as independents.

 

Another lawmaker with an NPP leaning filed as an NPP candidate to run for office.

 

Due to Bagbin’s decision, the NDC now holds 136 members in parliament, compared to the 135 held by the NPP, the party of outgoing President Nana Akufo-Addo.

 

The approval of Supreme Court nominees, loans, and bill enactments, as well as the presentation of a provisional budget for the first quarter of 2025, were all delayed by the indefinite postponement of two further parliamentary sessions.

 

In a televised decision, Chief Justice Gertrude Torkornoo declared that Afenyo-Markin’s appeal was successful by a majority vote of 5:2. She noted that the court will later submit the rationale for its ruling.

 

According to Afenyo-Markin, the decision permitted the parliament to return to its regular activities. Among other things, it is anticipated to approve a $250 million World Bank loan intended to support the financial industry and give corporations tax breaks.

 

 

A request for comment from Bagbin’s representative was not answered.

 

Although some observers predict a hotly contested election, opinion surveys suggest that primary opposition leader John Dramani Mahama will likely defeat NPP contender and incumbent Vice President Muhamudu Bawumia in next month’s election.

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Senegal: PM Sonko urges followers to avenge campaign violence

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Senegal’s Prime Minister, Ousmane Sonko, has advised Pastef party followers to exact retribution for claimed violence against them during the Sunday parliamentary election campaign.

 

Before a presidential election in March in some of the greatest disturbances in Senegal’s history, supporters of the prime minister, also president of Pastef, battled with police. Since Sonko’s ally, President Bassirou Diomaye Faye, won the vote, the nation has remained peaceful. He defeated then-president Macky Sall handily.

 

 

However, reports of periodic conflicts between various party supporters have surfaced recently as the nation gets ready for a legislative contest that will finally determine how much Faye and Sonko will be able to carry out their agenda.

 

Sonko claimed in a social media post attacks against Pastef supporters in the capital Dakar and other towns since campaigning began.

 

 

“May each patriot they have attacked and injured, be proportionally avenged. We will exercise our legitimate right to respond,” he wrote.

The text accompanied a photo of a young man showing a gashing wound on his forearm.

 

The first week of campaigning saw an increase in violence reported by a local civil society group involving conflicts between supporters in central Senegal and the burning of an opposition party headquarters in Dakar.

 

Calling for calm, the interior ministry said on Monday it had been notified of acts of violence and sabotage against party caravans and other campaign activity.

 

In order to stop damage, rights defender Alioune Tine asked politicians to exhibit “moderation and wisdom” in their speech and requested the interior ministry to invite various party representatives to meet.

 

 

“The verbal escalation has reached a critical threshold, we have the impression of going to war,” Tine posted on X.

 

 

Pastef is up against former ruling parties that have united ex-presidents Sall and Abdoulaye Wade into a coalition.

 

Dissolving the opposition-led national assembly in September, Faye accused legislators of not participating in substantive budget and other proposal debates.

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