<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU.jpg" alt="" class="wp-image-610556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/E5GSUAFYBFMNLBT3RJYNBKBCIU-768x512.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: High-tension electrical power lines are seen at the Azura-Edo Independent Power Plant (IPP) on the outskirt of Benin City in Edo state, Nigeria June 13, 2018. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



LAGOS, April 17 (Reuters)&nbsp;&#8211;&nbsp;Nigeria has achieved a 35% reduction in electricity subsidies following a tariff increase implemented last year for some users, Power Minister Adebayo Adelabu said on Thursday, easing some pressure on public finances in Africa&#8217;s most populous nation.



Nigeria&#8217;s power sector is burdened by a failing grid, gas shortages, high debt and vandalism, leading to a reliance on expensive generators for many.



The country was spending nearly 200 billion naira ($125.01 million) monthly on electricity subsidies because existing tariffs were not commercially viable.



The government last year eliminated subsidies for the 15% of customers classified as heavier users, including households and businesses consuming larger amounts of electricity.



Adelabu told a press briefing in Abuja that this targeted tariff adjustment has yielded significant results, with &#8220;the market generating an additional 700 billion naira in revenue, reflecting a 70% increase&#8221;.



This has helped alleviate the substantial financial strain on public finances, improve generation, and reduce the government&#8217;s tariff shortfall from 3 trillion naira to 1.9 trillion naira.



But the power sector still faces deep-rooted challenges. The country has an installed capacity of 13,000 megawatts, but typically produces only about a third of that, exacerbating the reliance on costly alternatives.



This situation is compounded by state-controlled power tariffs that have historically been too low for distribution companies to cover their costs and pay generating companies, leading to ballooning debts within the sector.



Debt owed to power generating companies has reached 4 trillion naira ($2.50 billion), prompting threats of plant shutdowns.



Adelabu said there were plans underway to help ease the debt burden, with the government intending to pay half of the debt this year through budgetary allocations and promissory notes that companies can discount as needed.



($1 = 1,599.8300 naira)



(Reporting by Isaac Anyaogu; Editing by Frances Kerry)

FILE PHOTO: High-tension electrical power lines are seen at the Azura-Edo IPP on the outskirt of Benin City

Nigeria cuts electricity subsidies by 35% after tariff hike

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-820x547.jpg" alt="" class="wp-image-610507" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SVTODISKMNMFVOIO35WWZLCT7E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A logo is seen at the entrance of the building of the Bank of Botswana in the capital Gaborone in Botswana, November 26, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



GABORONE, April 17 (Reuters) &#8211; Botswana&#8217;s central bank kept its monetary policy rate unchanged for the fourth meeting in a row at 1.90% in a decision announced on Thursday.



Inflation in the Southern African country edged up to 2.8% year-on-year in March from 2.7% a month earlier.



The Bank of Botswana prefers inflation between 3% and 6% in the medium term.



(Reporting by Brian Benza and Bhargav Acharya; Writing by Tannur Anders; Editing by Sharon Singleton)

A logo is seen at the entrance of the building of the Bank of Botswana in the capital Gaborone in Botswana

Botswana central bank holds main interest rate at 1.90%

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/TK6CHSZXDJPLLBYFHHDN2UBZGY.avif" alt="" class="wp-image-596859"/><figcaption class="wp-element-caption">South Africa&#8217;s Finance Minister Enoch Godongwana delivers his 2025 budget speech in Cape Town, South Africa, March 12, 2025. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, April 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s finance minister has said that failing to raise the value-added tax rate from May would cause severe harm to state finances, court papers showed, after a stand-off over the proposal risked the stability of the coalition government.



The two biggest parties in the coalition government, the African National Congress and the Democratic Alliance have been at odds over the proposal to raise VAT by 0.5 percentage points on May 1 and another 0.5 points next year.



VAT is currently at 15%.



In response to the pro-business DA challenging the legality of the VAT hike plan in court, Finance Minister Enoch Godongwana argued that any delay or removal of the VAT hike would have dire consequences on the country&#8217;s finances.



&#8220;If the rate increase is halted now, that revenue will be lost, and the state will be left without the funds needed to meet already-budgeted spending commitments,&#8221; Godongwana said in papers lodged with the court on Wednesday.



&#8220;The consequences would be severe and far-reaching. Government would be immediately forced either to cut expenditure or to increase borrowing.&#8221;



Lawmakers have the power to amend or withdraw the impending VAT hike through upcoming budget votes.



Some smaller political parties have put forward proposals that would include deeper expenditure cuts instead of a VAT hike.



Local news headlines last weekend had suggested the ANC was likely to drop its insistence on a VAT hike this year after indications that none of the parties it had been talking to would support it.



Godongwana also conceded on state broadcaster SABC on Wednesday that wrangling over a 0.5 percentage point increase in VAT might not be in the broader public interest.



South Africa&#8217;s National Treasury estimates that raising VAT will generate about 13.5 billion rand in additional revenue for the 2025/26 financial year.



(Reporting by Tannur Anders and Kopano Gumbi; Editing by Alison Williams)

TK6CHSZXDJPLLBYFHHDN2UBZGY

South Africa finance minister says dropping VAT hike would have severe consequences

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4896" height="3264" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Q3NXJVS5NBOAXBD3CUPARMV36I.avif" alt="" class="wp-image-610485"/><figcaption class="wp-element-caption">Miners process fine dust and soil as they search for gold at a miners settlement in Anka, Zamfara, Nigeria. April 21, 2016, REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, April 17 (Reuters)&nbsp;&#8211;&nbsp;Nigeria and South Africa have signed an accord to boost cooperation in mining, Nigeria&#8217;s mines minister said on Thursday, highlighting Abuja&#8217;s push to diversify its economy away from oil.



Mines Minister Dele Alake said the two countries will partner on mining, including geological mapping using drones, share mineral data, and jointly explore agro and energy minerals in Nigeria.



Besides oil, Nigeria is also rich in gold, limestone, lithium, iron ore and zinc. Nigeria has around 23 mineral deposits in commercial quantities.



Nigeria is seeking to revamp a mining sector that has long been underdeveloped, contributing less than 1% to its gross domestic product.



South Africa&#8217;s established mining expertise makes it a key partner in this effort, Alake said.



(Reporting by Camillus Eboh; Editing by Elisha Bala-Gbogbo and David Evans)

Q3NXJVS5NBOAXBD3CUPARMV36I

Nigeria signs minerals pact with South Africa in diversification push

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="718" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BTMAPI2PDRK5HKOIM4OI44VDUI.avif" alt="" class="wp-image-610467"/><figcaption class="wp-element-caption">Members of the Kimasas cooperative society, accused by Eastern Produce Kenya (EPK) of invading the Sitoi Tea Estate causing substantial financial losses to the company, pluck tea leaves at a plantation in Mosine village of Nandi County, Kenya, January 22, 2025. REUTERS/Monicah Mwang</figcaption></figure>



NANDI HILLS, Kenya, April 17 (Reuters) &#8211; A dispute between a British-owned tea plantation and a local community in western Kenya has come to the boil in what could be a sign of turbulent times ahead for tea producers facing a growing backlash over colonial-era injustices.



On the rolling green hills of the Sitoi estate in Nandi County, more than 100 residents are occupying 350 acres (140 hectares) of land, picking tea and living in huts made of mud and rusty iron sheets while grazing their cattle.



They say the land was gifted to them in 1986 by Eastern Produce Kenya. EPK, which is majority owned by London-listed Camellia Plc, says the gift was for 202 acres (82 hectares), not the 550 acres (222 hectares) that the local Kimasas farmers&#8217; cooperative claims.



Kimasas chairman Daniel Biwott said his grandfather lived on the land before it was seized by British colonists around 1905 and that reclaiming the disputed 350 acres would right a historical wrong.



&#8220;Nothing has happened all these years,&#8221; said Biwott, standing among knee-high bushes where he, his father and his grandfather once worked as EPK employees. &#8220;This is the time to solve it.&#8221;



The standoff follows several violent incidents at estates in Kenya, the world&#8217;s fourth-leading tea producer. In January, a farm belonging to Sri Lankan-owned Browns Plantations was attacked and more than 100 eucalyptus trees uprooted, according to the Kenya Tea Growers Association (KTGA).



The industry group said in a statement that &#8220;criminal gangs who appear to enjoy political cover&#8221; were behind the &#8220;Zimbabwe-like illegal land invasion&#8221; of Sitoi, referring to seizures of white-owned farms in the early 2000s.



It said EPK was losing over $200,000 per month and the incidents threaten an industry that accounts for nearly a quarter of Kenya&#8217;s export revenues and supports 5 million livelihoods.



Several people working on land issues said the attacks reflect broader frustration with a failure to remedy colonial land grabs.



&#8220;I have tried hard to use the legal system,&#8221; said Joel Kimutai Bosek, a lawyer who has brought litigation against tea companies and the UK government on behalf of local communities without success. &#8220;I think the new or coming generation will be more aggressive.&#8221;



<h2 class="wp-block-heading" id="h-few-remedies">FEW REMEDIES</h2>



During the colonial era from 1895-1963, British authorities seized vast tracts of land, much of which became tea plantations, according to a 2021 U.N. report.



Awareness of historical injustices has grown since 2010, when Kenya established the National Land Commission (NLC) to address the issue, said Samuel Tororei, who was a commissioner until 2019.



But Tororei said the commission&#8217;s effectiveness was undermined by its limited mandate and an &#8220;unholy marriage&#8221; between tea companies and political elites.



Under Kenya&#8217;s 2010 constitution, tea companies&#8217; previous 999-year leases were reduced to 99 years but activists complain the government has not used its ownership of the land to extract meaningful concessions&nbsp;in land or money for local communities.



&#8220;The underlying cause of tension is that you have overseas owners of large-scale plantations which are based on land that was taken from the community,&#8221; said Guy Chambers, managing director from 2015-2022 of Britain&#8217;s James Finlay, which had tea estates in Kenya until 2023.



Kenyan government spokespeople did not respond to requests for comment. The companies say they comply with Kenyan law&nbsp;and accuse some politicians of exploiting historical tensions to undermine their land tenures and advance personal business interests.



Other community attempts to reclaim land have yielded little. Legal options are constrained by statutes of limitations and official immunities, the U.N. report said.



The private equity firm Chambers runs and a community group in the tea-growing county of Kericho jointly bid last year for estates belonging to CVC Capital-owned CVC Lipton in an arrangement that would have fully transferred control to the community within two decades.



Lipton eventually sold to Browns. A spokesperson for Lipton said it chose the best bidder who could help raise standards in the industry. Browns did not respond to a request for comment.



In a 2019 report, the NLC called on the British government to apologise to communities in Kericho and provide reparations.



The British government has not directly responded to that call. Asked for comment, the Foreign, Commonwealth &amp; Development Office said: &#8220;We are concerned by the attacks on tea farms in Nandi and are in contact with the Kenyan authorities.&#8221;



<h2 class="wp-block-heading" id="h-dangerous-precedent">&#8216;DANGEROUS PRECEDENT&#8217;</h2>



EPK first acquired land in Nandi in 1948. It said the current dispute is not over a historical land injustice but rather a gift made on a &#8220;willing donor, willing donee basis&#8221;.



The NLC found in 2019 that all 550 acres belonged to Kimasas. EPK contested that in court, saying Kimasas&#8217; evidence was forged.



As litigation proceeded, more than 200 people,&nbsp;including a national lawmaker from the area,&nbsp;overran the disputed plot on August 3, 2023 and began plucking tea. A court issued an injunction the following day, ordering them to leave.



Most did, but many then returned. In January, squatters attacked a company car and employees, EPK said.



The company said police have not enforced the injunction, while the public prosecutor&#8217;s office told it that any prosecutions risked interfering with the civil case.



&#8220;If we allow this kind of situation where the younger generations now start saying they don&#8217;t have enough and they want more, then it is a dangerous precedent that should be stopped at all costs,&#8221; said EPK general manager Peter Goin.



The police and prosecutor&#8217;s office did not respond to requests for comment. Biwott said Kimasas felt justified occupying the land because there was no final ruling against it.



(Reporting by Jefferson Kahinju, Aaron Ross and Monicah Mwangi; Editing by Giles Elgood)

BTMAPI2PDRK5HKOIM4OI44VDUI

Kenya land standoff sends warning to foreign-owned tea estates

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, April 17 (Reuters) &#8211; South Africa&#8217;s rand weakened early on Thursday against a firmer dollar, as markets awaited information on U.S. tariffs and local investors looked for news on the future of the coalition government.



At 0635 GMT, the rand traded at 18.8550 against the U.S. dollar, about 0.2% weaker than its previous close.



The dollar last traded about 0.3% stronger against a basket of currencies.



&#8220;Ahead of the Easter long weekend, investors will be reluctant to take on any significant market position. There are so many daily changes that doing so would be risky,&#8221; ETM Analytics said in a research note.



U.S. President Donald Trump met with Japanese officials on Wednesday, in one of the first rounds of face-to-face talks since his tariffs on most countries roiled markets and stoked recession fears.



Markets were also processing comments from Federal Reserve Chair Jerome Powell, who warned of the risk of slowing growth and rising prices due to tariffs.



Like other risk-sensitive currencies, the rand takes direction from global drivers such as U.S. economic policy in addition to domestic factors.



Local investors will eye developments around a budget stand-off between the two biggest parties in the coalition government, the African National Congress (ANC) and the Democratic Alliance (DA), over a proposed value-added tax (VAT) hike on May 1.



The pro-business DA voted against the budget&#8217;s fiscal framework in parliament and is challenging the VAT hike in court, raising concerns among investors over the stability of the coalition government.



&#8220;All of (South Africa&#8217;s) domestic political developments are not taking place in isolation. On the contrary, if left unresolved, they may compound an already uncertain international environment,&#8221; ETM Analytics said.



&#8220;The ZAR is therefore expected to trade cautiously with one eye on local developments and the other on the performance of the USD.&#8221;



South Africa&#8217;s benchmark 2030 government bond was firmer in early deals, with the yield down 2 basis points to 9.16%.



(Reporting by Tannur Anders; Editing by Jamie Freed)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand weaker as markets await tariff, local government news

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, April 17 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian stocks wavered on Thursday after Federal Reserve Chair Jerome Powell warned of the risk of slowing growth and rising prices due to tariffs, while the uncertainty around U.S. trade policies kept the dollar rooted near three-year lows.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices extended gains on Thursday on the prospect of tighter supply after Washington imposed further sanctions to curb Iranian oil trade and as some OPEC producers pledged more output cuts to compensate for pumping above agreed quotas.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



South African assets firmed on Wednesday as uncertainty around U.S. tariffs lifted gold prices to record highs and depressed the dollar.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



The Kenyan shilling was marginally stronger against the dollar on Wednesday, LSEG data showed.



<h2 class="wp-block-heading" id="h-kenya-banking">KENYA BANKING</h2>



The Central Bank of Kenya (CBK) will lift a decade-long moratorium on licensing new commercial banks on July 1, it said on Wednesday.



<h2 class="wp-block-heading" id="h-kenya-roads-funding">KENYA ROADS FUNDING</h2>



Kenya has received $600 million in short-term financing from commercial banks, backed by the country&#8217;s fuel levy collections from motorists, the finance minister said on Wednesday, to fund construction of roads in the face of budgetary constraints.



<h2 class="wp-block-heading" id="h-mali-economy">MALI ECONOMY</h2>



The IMF on Wednesday said it would release $129 million to Mali from its Rapid Credit Facility that will help the country address balance of payment needs following floods there.



<h2 class="wp-block-heading" id="h-gambia-economy">GAMBIA ECONOMY</h2>



The International Monetary Fund and Gambian authorities reached a staff-level agreement that would give the West African nation access to part of $100.9 mln in funding approved in 2024, the IMF said in a statement.



<h2 class="wp-block-heading" id="h-ghana-mining">GHANA MINING</h2>



Ghana has assumed operational control of Gold Fields&#8217; Damang mine after it rejected an application from the South African company to renew its lease, the government said on Wednesday, breaking a tradition of automatically renewing licenses and calling it a critical step in the country&#8217;s &#8220;economic reset.&#8221;



<h2 class="wp-block-heading" id="h-namibia-central-bank-rate">NAMIBIA CENTRAL BANK RATE</h2>



Namibia&#8217;s central bank held its main interest rate on Wednesday, citing heightened global policy uncertainty as it raised its inflation forecasts for this year and next.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on April 17

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3834" height="2402" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/5OMVZV4VZBNBNI3UP6TQZXKT2M.avif" alt="" class="wp-image-583183"/><figcaption class="wp-element-caption">A general view shows people walking past the Central Bank of Kenya headquarters building along Haile Selassie avenue in Nairobi, Kenya October 9, 2017. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, April 16 (Reuters)&nbsp;&#8211;&nbsp;The Central Bank of Kenya (CBK) will lift a decade-long moratorium on licensing new commercial banks on July 1, it said on Wednesday.



The prohibition was imposed in 2015 against a backdrop of governance, risk management and operational challenges, the central bank said in a statement.



&#8220;Since then, significant strides have been made in strengthening the legal and regulatory framework for Kenya&#8217;s banking sector,&#8221; the CBK said.



A tenfold increase in the minimum core capital requirements for commercial banks to 10 billion Kenyan shillings ($77 million), which was introduced last December, will further strengthen the sector, the bank said.



($1 = 129.3500 Kenyan shillings)



(Reporting by Duncan Miriri; Writing by Hereward Holland)

5OMVZV4VZBNBNI3UP6TQZXKT2M

Kenya’s cenbank to lift moratorium on new commercial bank licenses

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Q335SYI6PFKZ7CGQZHEPIZ7L6Q.avif" alt="" class="wp-image-610166"/><figcaption class="wp-element-caption">Commonwealth Games &#8211; Closing Ceremony &#8211; Alexander Stadium, Birmingham, Britain &#8211; August 8, 2022 General view of fireworks during the closing ceremony REUTERS/Phil Noble/File Photo</figcaption></figure>



LONDON, April 16&nbsp;&#8211;&nbsp;Commonwealth sport has hit the jackpot with seven nations across four continents jostling to host future editions of the Commonwealth Games, as the race for the prestigious centennial 2030 celebration heats up.



Canada, India, and Nigeria had already publicly thrown their hats into the 2030 ring, with two mystery nations also now in the mix, the governing body said on Wednesday.



Meanwhile, two additional expressions of interest target future Games, including New Zealand, which has set its sights on 2034.



&#8220;We are thrilled with the incredible interest from around the Commonwealth,&#8221; CEO Katie Sadleir said on Wednesday.



&#8220;This positive response from four of our six regions underlines the importance and significance of the Commonwealth Games and its position as the major multi-sport event in the world sporting calendar alongside the Olympic Games and Paralympics.&#8221;



The flurry of interest follows a challenging period for the event after Australia&#8217;s Victoria state withdrew as 2026 hosts, citing cost concerns. Scotland stepped in with Glasgow taking the reins for 2026.



&#8220;We cannot understate the hugely significant role Scotland has played in this change,&#8221; Sadleir added.



&#8220;Glasgow 2026 will be a bridge to the Games of tomorrow – an important first step in our journey to reimagine and redefine the Games.&#8221;



Commonwealth Sport launched a new collaborative selection process in January, moving away from traditional bidding to allow potential hosts more flexibility and innovation.



&#8220;Considering the high level of interest, we will now discuss each submission further,&#8221; said Darren Hall, Director of Games and Assurance.



The next five months will see candidates developing detailed proposals, with Commonwealth Sport aiming to recommend a 2030 host for approval at its General Assembly in Glasgow in November 2025.



The new hosting framework promises reduced costs, flexible programming, and continued commitment to Para sports, with organisers hoping the reimagined model will enable more diverse nations to stage the Games in future.



The Commonwealth Games, first held in 1930 as the British Empire Games in Hamilton, Canada, brings together athletes from Commonwealth nations and territories every four years.



The event has grown to feature over 70 teams competing in more than 20 sports, with the most recent Games held in Birmingham, England in 2022.



(Repoorting by Ossian Shine; Editing by Ken Ferris)

Q335SYI6PFKZ7CGQZHEPIZ7L6Q

Commonwealth jackpot as seven nations battle for future Games

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/N7NTFVJZNNKH5L7JQ3FQOLPYO4.avif" alt="" class="wp-image-610095"/><figcaption class="wp-element-caption">A view shows a PwC Australia logo in Melbourne, Australia, March 24, 2025. REUTERS/Hollie Adams/File Photo</figcaption></figure>



April 16 (Reuters)&nbsp;&#8211;&nbsp;PwC shut operations in nine Sub-Saharan African countries last month following a strategic review, the Big Four accounting firm said, in response to a media report that said the company exited over a dozen countries to avoid scandals.



PwC, which operates as a global network of locally owned partnerships, has shut operations in the Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo (DRC), Congo Republic, Republic of Guinea and Equatorial Guinea, it said in a statement published on its website on March 31.



The accounting firm directed Reuters to the statement in response to queries on a Financial Times article published earlier in the day that said PwC had exited multiple countries that were deemed too small, risky or unprofitable.



The decision came due to mounting differences with local partners, who said they lost over a third of their business in recent years after pressure from PwC&#8217;s global executives to drop risky clients, the FT said, citing people familiar with the matter.



The PwC statement did not give a reason for the move.



The FT report, citing a register of PwC entities and local news reports, said PwC had also cut ties with member firms in Zimbabwe, Malawi and Fiji.



PwC has faced an exodus of clientele and layoffs across countries since last year.



PwC&#8217;s mainland China unit was hit with a $62 million fine and six-month suspension for audit failures related to property developer China Evergrande&#8217;s&nbsp;3333.HK&nbsp;$78 billion fraud.



Last month, Britain fined PwC about $6 million in relation to the audit of Wyelands Bank for financial year 2019.



The firm is working with Saudi Arabia and its sovereign wealth fund to mend relations after the kingdom suspended activities between the $925 billion fund&#8217;s holding company and PwC. ($1 = 0.7531 pounds)



(Reporting by Bipasha Dey, Kanjyik Ghosh and Harshita Meenaktshi in Bengaluru; Editing by Savio D&#8217;Souza and Mrigank Dhaniwala)

N7NTFVJZNNKH5L7JQ3FQOLPYO4

PwC shuts operations in nine African countries

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-820x539.jpg" alt="" class="wp-image-542871" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YWWKJYXNFNKNXNNTA7PVQVR7QU-1.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A logo of the Bank of Namibia is seen at the company&#8217;s headquarters in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



WINDHOEK, April 16 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s central bank held its main interest rate on Wednesday, citing heightened global policy uncertainty as it raised its inflation forecasts for this year and next.



The decision to maintain the repo rate at 6.75% followed four consecutive rate cuts.



The Bank of Namibia estimated the Southern African country&#8217;s economy would grow 3.5% to 4.0% this year, weaker than its projection for 4.0% growth at its last policy meeting in February.



&#8220;Downside risks to the outlook have intensified, primarily driven by elevated global policy uncertainty and escalating trade wars,&#8221; it said in a statement.



U.S. President Donald Trump&#8217;s tariffs have rocked financial markets and sparked fears of a global recession.



Namibia&#8217;s central bank said its latest policy decision also aimed to safeguard the peg between the Namibian dollar and the South African rand.



It revised up its average inflation forecast for this year to 4.2% from 4.0% previously, and for 2026 to 4.5% from 4.4%.



&#8220;The upward revision is primarily due to a weaker exchange rate and higher administered price assumptions,&#8221; it said.



Annual consumer inflation rose to 4.2% in March from 3.6% in February.



(Reporting by Nyasha Nyaungwa; Writing by Tannur Anders; Editing by Alexander Winning and Emelia Sithole-Matarise)

YWWKJYXNFNKNXNNTA7PVQVR7QU (1)

Namibia holds key lending rate on global policy uncertainty

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg" alt="" class="wp-image-425202" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-1536x1028.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/7E5H4JHT7JIDHHBALK7PSZDXSI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration . REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, April 16 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand gained on Wednesday as the dollar was shaken by market uncertainty around U.S. tariffs and local investors awaited news on the future of the coalition government.



At 0757 GMT, the rand traded at 18.9425 against the U.S. dollar, about 0.4% stronger than its previous close.



The dollar last traded about 0.7% weaker against a basket of currencies.



U.S. President Donald Trump&#8217;s tariffs have escalated tensions between the U.S. and China, South Africa&#8217;s biggest trading partner, driving uncertainty and hurting the greenback over recent weeks.



&#8220;There has been little change on the tariff front overnight, but the trade war between the US and China continues to escalate,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



Domestic-focused investors will look to South Africa&#8217;s business confidence index for March at 0930 GMT and retail sales data for February at 1100 GMT, in addition to developments over the country&#8217;s budget impasse.



The two biggest parties in South Africa&#8217;s government of national unity (GNU) have been at odds over a proposed value-added tax hike on May 1.



&#8220;The ZAR&#8217;s near-term recovery has largely played out, but it could extend to any more positive news from the GNU regarding a budget most parties can support,&#8221; said ETM Analytics in a research note.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was little changed in early deals.



South Africa&#8217;s benchmark 2030 government bond was slightly firmer, with the yield down 1 basis points to 9.21%.



(Reporting by Tannur Anders; Editing by Sharon Singleton)

South African Rand coins are seen in this photo illustration

South African rand gains as dollar slumps on tariff uncertainty

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, April 16 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Shares fell in Asia on Wednesday as AI darling Nvidia took a hit from U.S. curbs on chip sales to China, highlighting the damage to come in a tit-for-tat global trade war, while gold hit a record and the dollar stayed under pressure.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices edged lower on Wednesday, as shifting U.S. tariff policies fuelled uncertainty, prompting traders to weigh the potential impact of the U.S.-China trade war on economic growth and energy demand.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



The South African rand retreated on Tuesday after the country&#8217;s central bank warned in a biannual review that the scope for monetary policy easing had narrowed because of global economic uncertainty.



<h2 class="wp-block-heading" id="h-nigeria-inflation">NIGERIA INFLATION</h2>



Nigeria&#8217;s headline consumer inflation edged up to 24.23% year-on-year in March from 23.18% in February, its statistics agency said on Tuesday.



<h2 class="wp-block-heading" id="h-nigeria-petroleum">NIGERIA PETROLEUM</h2>



Nigeria plans to establish a national strategic petroleum products stockpile this year to safeguard its economy against disruptions in the international market, the petroleum products regulator said at a press briefing on Tuesday.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



Kenya&#8217;s shilling was little changed against the U.S. dollar on Tuesday, data from the London Stock Exchange Group showed.



<h2 class="wp-block-heading" id="h-tullow-oil-kenya">TULLOW OIL KENYA</h2>



West Africa-focused oil and gas explorer Tullow Oil said on Tuesday it would sell its assets in Kenya to Gulf Energy Ltd for at least $120 million as it works to reduce its debt.



<h2 class="wp-block-heading" id="h-tanzania-politics">TANZANIA POLITICS</h2>



Tanzania&#8217;s main opposition party CHADEMA said on Tuesday its disqualification from elections due later this year was unconstitutional, days after its leader was arrested and charged with treason.



<h2 class="wp-block-heading" id="h-africa-crude-oil">AFRICA CRUDE OIL</h2>



A steep drop in crude oil prices largely due to U.S. President Donald Trump&#8217;s tariffs will squeeze budgets of emerging market oil exporters, analysts said, while the potential economic slowdown could also curb any benefits for importers.



<h2 class="wp-block-heading" id="h-barrick-gold-mali">BARRICK GOLD MALI</h2>



Malian authorities have shut the Canadian miner Barrick Gold&#8217;s office in the capital Bamako over the alleged non-payment of taxes, two sources close to the matter told Reuters, in the latest escalation of a protracted dispute over mining revenues.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on April 16

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3527" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/WNZGV2SZIZJ25LFIJCLTHNYU2A.avif" alt="" class="wp-image-610056"/><figcaption class="wp-element-caption">A man walks inside a branch of the South African drug retailer Clicks, at the Mall of the North, in Polokwane in the Limpopo province of South Africa, March 31, 2024. REUTERS/Siphiwe Sibeko/ File Photo</figcaption></figure>



JOHANNESBURG, April 16 (Reuters) &#8211; South African pharmacy chain Clicks Group reported a 13.2% rise in half-year profit on Wednesday, helped by a growing market share in core health and beauty categories.



Basic headline earnings per share, a key metric in South Africa, rose to 603.9 cents in the six months to February 28, up from 533.6 cents over the same period a year earlier.



The company said it saw strong growth in retail health and pharmacy, higher sales of private label products and



increased promotional sales.



&#8220;Long-term organic growth opportunities in Clicks and the increasing scale of the business should ensure that the group continues to deliver on its medium-term financial targets,&#8221; Clicks said in a statement.



Clicks also said the trading environment could remain constrained in the second half of the 2025 financial year as consumer spending is expected to be affected by a proposed value-added tax increase effective from May 1.



Clicks, which has 950 stores, declared&nbsp;an interim dividend of 238.0 cents per share.



(Reporting by Siyanda Mthethwa; Editing by Tannur Anders, David Goodman and Sharon Singleton)

WNZGV2SZIZJ25LFIJCLTHNYU2A

South African pharmacy chain Clicks Group posts 13% rise in half-year profit

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/TAOPHOKM7NIDBDA6H6FJ4X5RX4.avif" alt="" class="wp-image-609776"/><figcaption class="wp-element-caption">A general view of Tejuosho Market in Yaba, in Nigeria&#8217;s commercial capital Lagos, Nigeria, April 15, 2025. REUTERS/Sodiq Adelakun</figcaption></figure>



ABUJA, April 15 (Reuters) &#8211; Nigeria&#8217;s headline consumer inflation edged up to 24.23% year-on-year in March from 23.18% in February, its statistics agency said on Tuesday.



A report by the National Bureau of Statistics showed price rises for food and non-alcoholic beverages were the biggest contributor to annual inflation.



Inflation in Africa&#8217;s most populous country soared to repeated 28-year peaks last year, spurred by President Bola Tinubu&#8217;s moves to curb costly subsidies and devalue the naira currency after he came to power in 2023.



A rebasing exercise by the statistics bureau, in which the items in its reference basket were reweighted and the comparison period was updated from 2009 to 2024, saw the annual inflation rate fall from 34.80% in December to 24.48% in January.



(Reporting by Elisha Bala-Gbogbo; Additional reporting by Mohd Edrees and Bhargav Acharya; Editing by Alexander Winning)

TAOPHOKM7NIDBDA6H6FJ4X5RX4

Nigeria’s annual inflation picks up to 24.23% in March

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-820x547.jpg" alt="" class="wp-image-478968" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-2147860031-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">WASHINGTON DC, USA &#8211; APRIL 16: Financial Counsellor and Director of the Monetary and Capital Markets Department Tobias Adrian hold the press briefing of the Global Financial Stability Report at the International Monetary Fund during the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington DC, United States on April 16, 2024. (Photo by Celal Gunes/Anadolu via Getty Images)</figcaption></figure>



ACCRA, April 15 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund and Ghana&#8217;s government have reached a staff-level agreement on a fourth review of its $3 billion loan programme, unlocking another $370 million on completion by the Fund&#8217;s Executive Board.



The gold, oil, and cocoa-producing nation is recovering from its most severe economic crisis in decades, with its cocoa and gold industries facing challenges.



The IMF said in a statement on Tuesday that Ghana&#8217;s overall performance under the programme had deteriorated markedly at the end of 2024. However, authorities had since taken measures to address policy and reform slippages, it added.



&#8220;Discussions with the authorities centred on possible additional measures needed to address structural weaknesses in the public financial management,&#8221; the statement said.



(Reporting by Christian Akorlie; Writing by Anait Miridzhanian; Editing by Alexander Winning)

2024 Spring Meetings of the World Bank and International Monetary Fund

IMF and Ghana agree programme review that will unlock $370 million

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/V6NUKK56AFOQRIE7VW57VUR2DU.avif" alt="" class="wp-image-609645"/><figcaption class="wp-element-caption">Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2025. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



LONDON, April 15 (Reuters)&nbsp;&#8211;&nbsp;Global investors have slashed their holdings of U.S. stocks by a record amount in the past two months, a trend that is likely to continue given a record number of managers say they plan to keep cutting their exposure, BofA Global Research said on Tuesday.



Respondents to BofA&#8217;s monthly survey of fund managers were a net 36% underweight U.S. equities, the most in nearly two years, a number that has plunged by 53 percentage points since February, the biggest such fall on their records.



A majority think a trade war that triggers global recession is the biggest risk for markets, according to the survey.



U.S. President Donald Trump&#8217;s aggressive tariff plans have sparked a selloff in U.S. assets, including stocks, the dollar and Treasury bonds. The market rebounded on Monday, but the broad-market S&amp;P 500 index is still down about 8% so far this year.



BofA polled 164 investors with $386 billion of assets under management.



There were further signs of nervousness in the survey, particularly about U.S assets.



A net 42% of investors said they expected a global recession, the most since June 2023 and the fourth-highest level in the past 20 years.



In addition, 73% said they thought the theme of &#8220;U.S. exceptionalism&#8221; has peaked &#8211; the idea has powered markets in recent months &#8211; and relatedly 49% said they thought the most crowded trade in markets was now &#8220;long gold&#8221;, displacing bets on U.S. tech giants for the first time in 24 months.



A net 61% expect the U.S. dollar to depreciate over the next 12 months, the most since May 2006. The currency has tumbled sharply against most others in the past few weeks, with the euro, Japanese yen and Swiss franc all gaining sharply.



(Reporting by Alun John; Editing by Amanda Cooper and Hugh Lawson)

Reuters

Nigeria cuts electricity subsidies by 35% after tariff hike

Botswana central bank holds main interest rate at 1.90%

South Africa finance minister says dropping VAT hike would have severe consequences

Nigeria signs minerals pact with South Africa in diversification push

Kenya land standoff sends warning to foreign-owned tea estates

South African rand weaker as markets await tariff, local government news

African Markets – Factors to watch on April 17

Kenya’s cenbank to lift moratorium on new commercial bank licenses

Commonwealth jackpot as seven nations battle for future Games

PwC shuts operations in nine African countries

Namibia holds key lending rate on global policy uncertainty

South African rand gains as dollar slumps on tariff uncertainty

African Markets – Factors to watch on April 16

South African pharmacy chain Clicks Group posts 13% rise in half-year profit

Nigeria’s annual inflation picks up to 24.23% in March

IMF and Ghana agree programme review that will unlock $370 million

Global investors dump US stocks at record pace, BofA survey says

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Reuters

Nigeria cuts electricity subsidies by 35% after tariff hike

Botswana central bank holds main interest rate at 1.90%

South Africa finance minister says dropping VAT hike would have severe consequences

Nigeria signs minerals pact with South Africa in diversification push

Kenya land standoff sends warning to foreign-owned tea estates

South African rand weaker as markets await tariff, local government news

African Markets – Factors to watch on April 17

Kenya’s cenbank to lift moratorium on new commercial bank licenses

Commonwealth jackpot as seven nations battle for future Games

PwC shuts operations in nine African countries

Namibia holds key lending rate on global policy uncertainty

South African rand gains as dollar slumps on tariff uncertainty

African Markets – Factors to watch on April 16

South African pharmacy chain Clicks Group posts 13% rise in half-year profit

Nigeria’s annual inflation picks up to 24.23% in March

IMF and Ghana agree programme review that will unlock $370 million

Global investors dump US stocks at record pace, BofA survey says

News Tips

Advertise With Us

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