GOOD MORNING CHOP FAMILY!
The Blue Sharks almost did the impossible, but they should keep their fins up, because they showed the world that they and African nations BELONG at the World Cup. Haters were saying that they were watering down the competition by “allowing” more African nations enter the Cup - but now look, Cape Verde took the defending Champs to the brink!
"The wave does not ask the rock if it is ready before it crashes."
Don’t let the amazing World Cup matches keep you in the dark. There is a lot going on in the world. Ukraine and Russia are still at it, Israel too is clapping back, Ebola is still killing hundreds of people, and the people of Venezuela are reeling from a devastating earthquake. Stay woke my people.
How Market?
BUSINESS
Big Oil -The $4.5 Billion Lag at Africa's Largest Refinery
Gif by lilmayo on Giphy
With global crude oil prices taking a sharp dive down to $75 a barrel following recent international peace agreements, motorists across the continent have been demanding immediate relief at the pumps.
However, the management team at the mega Dangote Petroleum Refinery dropped a masterclass in supply-chain transparency to explain why domestic fuel prices don’t instantly plummet when global crude crashes.
The refinery claimed that it spent a whopping $4.48 billion importing 40.4 million barrels of crude oil during May and June. Because crude supply contracts are negotiated and locked in weeks or months before the oil actually arrives and hits the refining units, the price you see at the pump today reflects yesterday’s expensive procurement costs.
Dangote confirmed that average landed crude costs fell nearly 24% between May and June, meaning that as long as international prices remain stable, Nigerians can expect substantial fuel price moderation to filter down to the local pumps very soon.
FINANCE
Golden Rollercoaster
Gold fell to $3,959 on June 30, its lowest in weeks, on fears of a September Fed rate hike, then ripped back above $4,175 by the weekend after a weak US jobs report (just 57,000 new payrolls) revived rate-cut hopes.
For South Africa, Ghana, and Mali, all major gold producers, the swing matters. We noticed a lot of African leaders positioning themselves to be gold dominant, by trying to dramatically increasing production and mining, kicking out the Europeans (Mali/France) and essentially trying to put all their eggs in one basket.
There is risk that that. Gold obviously is a strong long term bet and a great hedge, but like any other commodity, it is subject to fluctuation, world events and finicky human behavior. The old adage rings true here - Diversify, Diversify, Diversify.
Brent, meanwhile, hit a four-month low of $70.23.
Quick Bites
The Indian Ocean Convergence: The Corporate Council on Africa and the Government of Mauritius officially finalized logistical frameworks for the upcoming 18th U.S.-Africa Business Summit, preparing to host over 3,000 global executives and heads of state in Port Louis from July 26–29.
The Freight Relief Wave: Regional manufacturing indexes are predicting a sharp, sustained recovery in corporate business confidence as falling international freight costs begin to filter cleanly into East and Southern African industrial hubs.
What Else is Cooking?
→ Remittances to Africa topped $100 billion again, and they now beat foreign investment as the continent's biggest external money source.
Business360, citing African Development Bank data, reports remittance flows rose more than 14% to $104.6 billion in 2024 and again exceeded $100 billion in 2025, surpassing both foreign direct investment and official aid in many countries. Harvard Business School research finds that cutting payment frictions in these corridors by 50% could add $3 billion in remote-work exports and generate up to 1.1 million jobs.
So those little $100 a month monies you send to uncle Emmanuel are adding up!
Dish of the Day 🥘
GROGUE
There is still reason to celebrate the Cape Verde national team. And what better way than to make a toast with their national drink - Grogue. This is a potent, artisanal sugarcane rum drink that is a favorite for the locals. The black sugarcane is pressed fresh and allowed to distill and ferment in pots. It is drank “neat” or mixed with a variety of juices. Cheers we love it!
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