<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3534" height="2160" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ZIIXQ6OSDZNIDMT4XSSBJ756JM.avif" alt="" class="wp-image-601515"/><figcaption class="wp-element-caption">Members of the M23 rebel group stand guard as people attend a rally addressed by Corneille Nangaa, Congolese rebel leader and coordinator of the AFC-M23 movement, in Bukavu, eastern Democratic Republic of Congo February 27, 2025. REUTERS/File Photo</figcaption></figure>



NAIROBI, March 25 (Reuters)&nbsp;&#8211;&nbsp;The political blocs of Southern and Eastern Africa have expanded the mediation team for negotiating an end to the Rwanda-backed M23 rebel offensive in eastern Congo, at a heads of state meeting on Monday that Rwanda described as fruitful.



Diplomatic efforts to resolve eastern Congo&#8217;s biggest conflict in decades appeared to have stalled last week when the M23 failed to attend peace talks with the Congolese government in Angola, and later captured the strategic town of Walikale.



The violence, rooted in the long fallout from the 1994 genocide in Rwanda and competition for control of mineral riches, has led to rebel control of eastern Congo&#8217;s two largest cities, thousands of deaths and fears of a wider regional war.



The Southern and Eastern Africa blocs appointed five former heads of state, including Nigeria&#8217;s Olusegun Obasanjo, South Africa&#8217;s Kgalema Motlanthe and Ethiopia&#8217;s Sahle-Work Zewde to &#8220;facilitate&#8221; the peace process, they said in a statement early on Tuesday.



Congo&#8217;s presidency said on X the new panel would appoint a mediator to replace the president of Angola, who withdrew on Monday following years of faltering efforts to ease tensions between Rwanda and Congo.



Rwanda&#8217;s government, which is facing sanctions and had some aid suspended over its reported provision of arms and troops to M23, said on X the leaders attending Monday&#8217;s summit &#8220;committed to a political solution that addresses the security concerns of all parties.&#8221;



Congo accuses M23 of being a Rwandan proxy. Rwanda denies involvement, but also says its forces are acting in self defence against Congo&#8217;s army and militias hostile to Kigali.



The Angolan government expressed frustration last week about a surprise meeting arranged by Qatar&#8217;s emir between Congo President Felix Tshisekedi and his Rwandan counterpart Paul Kagame, the first face-to-face meeting between the two men since the conflict escalated towards the end of last year.



Tshisekedi and Kagame issued a joint statement along with Qatar that called for an &#8220;immediate and unconditional&#8221; ceasefire, but which failed to halt the violence.



M23 withdrew from what could have been its first direct negotiations with Kinshasa last week after the European Union imposed sanctions against rebel and Rwandan officials.



(Reporting by Congo Newsroom; Writing by Hereward Holland; Editing by Kim Coghill)

ZIIXQ6OSDZNIDMT4XSSBJ756JM

African blocs expand mediation team for Congo conflict

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-820x547.jpg" alt="" class="wp-image-524999" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows part of Dangote oil refinery in Ibeju Lekki district, on the outskirts of Lagos, Nigeria August 7, 2019. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



NEW YORK, March 24 (Reuters)&nbsp;&#8211;&nbsp;U.S. jet fuel imports are set to hit a two-year high in March after Nigeria&#8217;s Dangote refinery pushed barrels to North America,&nbsp;which should lower prices of the aviation fuel in the peak summer travel season, trade analysts and storage brokers said.



The shipments by the 650,000 barrels-per-day (bpd) Dangote refinery, Africa&#8217;s largest, highlight its potential to reshape global fuel trading dynamics by creating a new swing supplier in the Atlantic Basin.



It has already shown signs of success in competing with European refiners on gasoline exports, and the jet fuel shipments to the United States could challenge domestic producers&#8217; economics in the largest fuel consuming nation.



Six vessels carrying about 1.7 million barrels of jet fuel from the Dangote refinery arrived at U.S. ports this month, data from ship-tracking service Kpler showed. Another vessel, Hafnia Andromeda, is set to arrive at the Everglades terminal on March 29 with a load of about 348,000 barrels of jet fuel, the data showed.



Total U.S. jet fuel imports so far in March stood at around 226,000 bpd, the most since February 2023, the data showed.



The Dangote refinery started production last January after years of construction delays, and ramped up to about 85% of capacity in early February, allowing it to sell more fuel to international markets.



Dangote is unlikely to be a regular jet fuel supplier to the U.S., but a maintenance-related shutdown of the Phillips 66 PSX.N Bayway refinery in New Jersey helped open a rare arbitrage opportunity for flows from Nigeria to the U.S., Sparta Commodities analyst James Noel-Beswick said.



The window is likely to close soon or shrink significantly due to elevated U.S. inventories of the aviation fuel, Noel-Beswick added.



Demand to lease storage tanks for jet fuel in Houston and New York Harbor in April is averaging around 700,000 barrels on storage broker TankTiger&#8217;s platform, five to six times the average monthly demand, TankTiger Chief Operating Officer Steven Barsamian said.



The surge in demand, partly due to the influx of supply from Nigeria, is likely to lower jet fuel prices in the U.S. ahead of peak summer travel season, Barsamian said.



Despite lower prices, air travel over the summer could be dampened by economic headwinds from a stock market selloff and waning consumer confidence, Sparta&#8217;s Noel-Beswick said.



U.S. jet fuel stocks ended February at 45.2 million barrels, the highest for the month since 1999, data from the U.S. Energy Information Administration showed.



U.S. refiners&#8217; yield of jet fuel hit a record last year, reflecting stronger demand relative to other transportation fuels, the EIA said on Monday. The agency expects U.S. jet fuel consumption to touch a record in 2026.



(Reporting by Shariq Khan in New YorkEditing by Nick Zieminski)

FILE PHOTO: A view shows part of Dangote oil refinery in Ibeju Lekki district

US jet fuel imports surge as Nigeria’s Dangote refinery pushes barrels west

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg" alt="" class="wp-image-529685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



NAIROBI, March 24 (Reuters)&nbsp;&#8211;&nbsp;Kenya has applied for a new lending programme from the International Monetary Fund in order to factor in unused money from the current programme, which both sides walked away from last week, Finance Minister John Mbadi said on Monday.



The East African nation and the IMF agreed last week to scupper the ninth and final review of the current programme, which was set to expire next month. Mbadi said the decision to do so was down to time limitations.



&#8220;Because there is a carryover, there is some money that we have not utilized in the ninth review, then we agreed that there&#8217;s a possibility of a funded programme,&#8221; he told Reuters.



Mbadi said there was roughly $800 million left on the table.



President William Ruto&#8217;s government has struggled to get its finances back on track after a borrowing spree led to a surge in debt-servicing costs.



(Reporting by Duncan Miriri, editing by Libby George and Alex Richardson)

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

Kenya has applied for new IMF lending programme, finance minister says

<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/ZDLMSIGEBBPQBOFRWSNUUJYYMY.avif" alt="" class="wp-image-601146"/><figcaption class="wp-element-caption">M23 rebels sit on a truck during the escort of captured FDLR members (not pictured) to Rwanda for repatriation, at the Goma-Gisenyi Grande Barrier border crossing, March 1, 2025. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



March 24 (Reuters)&nbsp;&#8211;&nbsp;Angola will step down from its position as a mediator between parties involved in an escalating Rwanda-backed rebel offensive in eastern Congo, the presidency said on Monday, with another African state set to lead efforts to get peace talks back on track.



The ethnic Tutsi-led M23 escalated their long-standing rebellion this year, seizing east Congo&#8217;s two biggest cities since January and encroaching into territory rich in minerals such as gold and tantalum.



As the current rotating African Union (AU) Chairperson, Angola&#8217;s President Joao Lourenco had been trying to mediate a lasting ceasefire and lower tensions between Congo and neighbouring Rwanda, which has been accused of backing M23. Rwanda denies this.



Congo and M23 were scheduled to hold direct talks for the first time in Angola&#8217;s capital Luanda last week after Congo&#8217;s President Felix Tshisekedi, who had long refused dialogue with the rebels, agreed to send a delegation.



M23 pulled out at the last minute, following European Union sanctions against M23 and Rwandan officials.



&#8220;Angola considers the need to free itself from the responsibility of the mediator of this conflict&#8221; to &#8220;devote itself more&#8221; to the AU&#8217;s overall priorities, the presidency said in a statement that mentioned the &#8220;aborted&#8221; meeting in Luanda.



Another head of state will be appointed to the task in coming days, the statement said.



There have been several attempts to resolve the conflict, rooted in the fallout from Rwanda&#8217;s 1994 genocide and competition for mineral riches, including several ceasefires that were violated, international condemnations, sanctions and regional summits.



The regional blocs of southern and eastern Africa will hold a second joint summit on Monday to address the crisis. Kenya&#8217;s President William Ruto and his Zimbabwean counterpart Emmerson Mnangagwa will co-chair the virtual event.



M23 last week dismissed a joint call for an immediate ceasefire by Congo and Rwanda and reiterated demands for direct talks with Kinshasa, saying it was the only way to resolve the conflict.



The rebel group said over the weekend that it would withdraw forces from the seized town of Walikale in support of peace efforts.



In response, Congo&#8217;s army said it would observe the announced withdrawal and refrain from any offensives against enemy forces to encourage de-escalation.



A civil society source and a resident in Walikale said on Monday that M23 were still in the town.



(Reporting by Congo newsroom; Writing by Sofia Christensen; Editing by Hereward Holland and Toby Chopra)

ZDLMSIGEBBPQBOFRWSNUUJYYMY

Angola to end east Congo conflict mediation role, presidency says

<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-1161864874-820x547.jpg" alt="" class="wp-image-505638" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-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, March 24 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand strengthened on Monday as investors awaited clarity on the next round of tariffs from U.S. President Donald Trump.



At 0738 GMT, the rand traded at 18.17 per dollar, about 0.3% stronger than its previous close.



While the rand has gained about 4% against the dollar this year, trade in the local currency has often been volatile as both domestic and international factors weigh.



South Africa&#8217;s central bank kept its main interest rate unchanged last week despite cooling inflation amid risks stemming from Trump&#8217;s global trade war and the country&#8217;s deadlocked national budget.



The next round of tariffs is due on April 2, when the White House will announce reciprocal levies on many countries.



On the stock market, the Top-40 index was last up about 0.2%.



South Africa&#8217;s benchmark 2030 government bond was weaker, with the yield up 3 basis points to 9.09%.



(Reporting by Bhargav Acharya; Editing by Toby Chopra)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand firms as markets await US tariff clarity

<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>



March 24 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.



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



Financial markets made an mixed start on Monday with U.S. stock futures rising but the dollar wavering ahead of a week driven by data, Chinese earnings and the threat of steep U.S. tariff hikes on the horizon.



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



Oil prices slipped on Monday as investors assessed the outlook for ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian oil to global markets.



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



The Kenyan shilling was flat in early trading on Friday, compared with its performance in the previous session, according to data from the London Stock Exchange Group (LSEG).



<h2 class="wp-block-heading" id="h-sudan-war">SUDAN WAR</h2>



The Sudanese army seized full control of the presidential palace in downtown Khartoum on Friday, it said in a statement, in what would be a major gain in a two-year-old conflict with a rival armed group that has threatened to partition the country.



<h2 class="wp-block-heading" id="h-ethiopia-security">ETHIOPIA SECURITY</h2>



Ethiopia&#8217;s army said on Friday its troops had killed more than 300 fighters from the Fano armed group in two days of clashes in the northern Amhara region, as fears have emerged of a wider regional war.



<h2 class="wp-block-heading" id="h-ethiopia-debt">ETHIOPIA DEBT</h2>



Ethiopia has reached an agreement in principle with its official creditors on restructuring $8.4 billion of debt, the finance ministry said on Friday, adding it hoped the deal could boost difficult talks with other creditors including bondholders.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on March 24

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/download-49.jpg" alt="" class="wp-image-419287" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/download-49.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/download-49-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/download-49-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/download-49-768x502.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: Chickens for sale are seen in cages in a shop in Sao Paulo, Brazil August 18, 2017. REUTERS/Paulo Whitaker/File photo</figcaption></figure>



March 24 (Reuters) &#8211; Astral Foods said on Monday it expects its half-year profit to decline by as much as 60%, with a recent cybersecurity incident compounding the impact of lower chicken prices and higher input costs.



South Africa&#8217;s top poultry producer said its flagship division was negatively affected by downtime in processing and deliveries to customers following a cybersecurity incident on March 16, which impacted its half-year profit by about 20 million rand ($1.10 million).



This was due to revenue losses and the added costs of clearing the production backlog, Astral said in an initial trading update.



All business units were now operating normally and &#8220;no confidential information or sensitive data of customers, suppliers or individual stakeholders was compromised as a result of the cyber intrusion,&#8221; the company added.



Astral said it expects its profit to decline by as much as 60% in the six months to March 31 on the back of lower prices for chicken amid constrained consumer spending and higher feed input costs following last year&#8217;s drought.



($1 = 18.1368 rand)



(Reporting by Nelson Banya, Editing by Louise Heavens)

download-49

S.Africa’s Astral Foods flags sharp profit fall, reports cyber attack

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="504" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/BMQRSYHVQ5KPZEVUFBZAFEVTYQ-1.avif" alt="" class="wp-image-601101"/><figcaption class="wp-element-caption">Delegates walk past the Transnet logo at the Investing in African Mining Indaba 2024 conference in Cape Town, South Africa February 7, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, (Reuters) &#8211; South Africa&#8217;s government and state-owned logistics group Transnet are looking at new ways to attract private investment in the country&#8217;s ailing freight rail network, the Transport Minister said on Sunday.



Transnet has struggled to provide adequate freight rail and port services because of equipment shortages and maintenance backlogs after years of under-investment, with rampant cable theft and vandalism also damaging the network.



&#8220;The limited availability of state resources to fund infrastructure development and address backlogs has intensified these challenges, severely restricting the ability of state-owned entities to fulfil their critical mandates,&#8221; Transport Minister Barbara Creecy said in a televised speech, adding that an online request for information (RFI) to private sector investors has been launched.



The RFI focuses on, amongst others, the Northern-Cape to Saldanha Bulk Minerals Corridor primarily for iron ore and manganese exports, and the Northern-Cape to Nelson Mandela Bay Corridor, primarily for manganese exports, she said.



The focus will also be the Limpopo and Mpumalanga to Richards Bay Bulk Minerals Corridor project for coal and chrome exports, including provision for magnetite exports in port.



&#8220;Together with Transnet, Government has received numerous unsolicited proposals from the private sector offering investment, skills, and expertise to support the rehabilitation and reform of our struggling rail and port systems,&#8221; Creecy said.



After the request for information process, the government and Transnet will issue requests for proposals in August, she added



(Reporting by Nqobile Dludla, Editing by Louise Heavens)

BMQRSYHVQ5KPZEVUFBZAFEVTYQ (1)

South Africa to issue request for proposals for private-sector rail investment in Aug

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="410" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108099964-1739192857747-gettyimages-1499178181-vcg111441609233-820x410.jpeg" alt="" class="wp-image-599301" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108099964-1739192857747-gettyimages-1499178181-vcg111441609233-820x410.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108099964-1739192857747-gettyimages-1499178181-vcg111441609233-300x150.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108099964-1739192857747-gettyimages-1499178181-vcg111441609233-160x80.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108099964-1739192857747-gettyimages-1499178181-vcg111441609233-768x384.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108099964-1739192857747-gettyimages-1499178181-vcg111441609233.jpeg 884w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Chinese national flag fluttering with the Lujiazui Financial District in the background.
Vcg | Visual China Group | Getty Images</figcaption></figure>



NAIROBI, March 20 (Reuters)&nbsp;&#8211;&nbsp;The China Civil Engineering Construction Corporation (CCECC) will invest $1.4 billion to upgrade the Tanzania-Zambia railway, the line&#8217;s operator said on Thursday,&nbsp;improving a key route for copper exports from central Africa.



The railway, widely known by its initials, TAZARA,&nbsp;also offers&nbsp;a way to bypass logistics bottlenecks in South Africa that have slowed copper and cobalt exports.



&#8220;The decision to grant a concession follows an in-depth evaluation of TAZARA&#8217;s challenges over the years, which necessitated urgent intervention,&#8221;&nbsp;TAZARA Authority CEO&nbsp;Bruno Ching&#8217;andu&nbsp;said&nbsp;in a statement.



China signed a deal to revive the 50-year-old TAZARA last year, as the United States was throwing its financial weight behind a rival transport corridor for minerals called Lobito, after an Angolan port.



Some $1 billion of CCECC&#8217;s investment will go towards the rehabilitation of the TAZARA&#8217;s rail tracks, while the balance will be used to purchase 32 new locomotives and 762 new wagons to boost capacity, Ching&#8217;andu said.



TAZARA released the statement on the sidelines of the Zambia International Mining and Energy Conference, where Ching&#8217;andu made a presentation to investors and executives.



The 30-year concession will be structured into three years of construction work and 27 years of operation and maintenance, Ching&#8217;andu said, adding that negotiations between both sides have not yet been completed.



Former President Joe Biden visited Lobito at the end of his term to highlight the $550 million U.S. loan for the corridor, which links mineral-rich Democratic Republic of the Congo and Zambia to Angola&#8217;s Atlantic coast, but current President Donald Trump has not publicly indicated his plans for the project.



The Africa Finance Corporation, which also backs Lobito alongside commodities trader Trafigura and others, said the project will go forward regardless of U.S. involvement.



The CCECC investment in TAZARA is a significant boost to China&#8217;s lending to Africa, which hit a 20-year low in 2022 after peaking at $28.4 billion in 2016.



The country, which bankrolled more than $5 billion to construct a modern rail line in Kenya and secured some railway construction contracts in Nigeria, has adopted a more cautious approach to big-ticket lending to projects in Africa after some countries struggled to repay debt and Zambia and Ghana defaulted.



(Reporting by Duncan Miriri, editing by Libby George, Alex Richardson and Sharon Singleton)

108099964-1739192857747-gettyimages-1499178181-vcg111441609233

China’s CCECC to invest $1.4 billion in Tanzania-Zambia railway

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3733" height="2489" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Y6YSPI5ZE5IDDLR3MSOYZZ7X7U.avif" alt="" class="wp-image-599748"/><figcaption class="wp-element-caption">South African Reserve Bank Governor Lesetja Kganyago attends the inauguration ceremony of South Africa&#8217;s president-elect Cyril Ramaphosa at the Union Buildings in Pretoria, South Africa, June 19, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



PRETORIA, March 20 (Reuters)&nbsp;&#8211;&nbsp;Below are some quotes from South African Reserve Bank Governor Lesetja Kganyago at a news conference to announce the central bank&#8217;s latest interest rate decision.



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



&#8220;While inflation is still in the bottom half of our target range, it has edged higher over the past few months.&#8221;



&#8220;We continue to see low inflation for goods, which is likely to be temporary. Services inflation is somewhat higher, but still below the 4.5% target midpoint. Inflation expectations are close to the midpoint. For now, inflation appears contained.&#8221;



&#8220;A marginally lower inflation outlook &#8230; is mainly due to the better fuel-price projections. It also reflects a more benign path for administered prices, given the lower electricity tariffs announced by NERSA in February.&#8221;



&#8220;These factors offset pressure from the proposed VAT increases, which we think will add about 0.2 percentage points to headline inflation.&#8221;



&#8220;We see risks to this forecast on both the upside and the downside, with the balance of risks in the medium term skewed to the upside.&#8221;



<h2 class="wp-block-heading" id="h-economic-growth">ECONOMIC GROWTH</h2>



&#8220;The overall growth picture (for last year) was disappointing. &#8230; Growth for 2024 as a whole was 0.6%, marginally below our expectations, and slightly worse than in 2023.&#8221;



&#8220;We have now revised down our 2025 growth forecast slightly, to 1.7%, while leaving the outer years unchanged. We attribute lower growth partly to subdued demand, and partly to lingering supply-side fragilities.&#8221;



&#8220;We assess that the risks to growth are to the downside.&#8221;



DECISION



&#8220;Against this backdrop, the MPC (Monetary Policy Committee) decided to keep the policy rate unchanged, at 7.5%. Four members preferred this action, while two favoured a cut of 25 basis points.&#8221;



&#8220;For several quarters we have enjoyed rising confidence in South Africa, with a smaller country risk premium and lower bond yields. However, the global economy is not on a stable footing and there are also domestic uncertainties, which put these favourable trends at risk. This calls for a cautious policy approach.&#8221;



(Compiled by Alexander Winning)

Y6YSPI5ZE5IDDLR3MSOYZZ7X7U

South African central bank governor’s comments on rate decision

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg" alt="" class="wp-image-568119" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, March 20 (Reuters) &#8211; South Africa&#8217;s rand remained on the back foot on Thursday after the country&#8217;s central bank left its main interest rate unchanged as expected.



At 1352 GMT, the rand traded at 18.22 against the dollar, about 0.5% weaker than its previous close.



The dollar last traded up about 0.7% against a basket of other currencies as markets digested the U.S. Federal Reserve&#8217;s decision to hold interest rates and lower the nation&#8217;s growth forecast on Wednesday.



The South African Reserve Bank (SARB) paused its rate-cutting cycle, keeping the repo rate at 7.50%, as risks stemming from U.S. President Donald Trump&#8217;s global trade war and the country&#8217;s deadlocked national budget overshadowed its success in keeping inflation low.



&#8220;Some policy adjustments by major central banks are still expected this year, but rates are likely to remain high for longer, given new inflation risks,&#8221; central bank Governor Lesetja Kganyago told a press conference.



Economists polled by Reuters had expected the central bank to hold rates steady.



On the stock market, the Top-40 index was last trading around 0.8% lower.



South Africa&#8217;s benchmark 2030 government bond was slightly stronger, with the yield down 3.5 basis points at 9.05%.



(Reporting by Sfundo Parakozov and Bhargav Acharya, Editing by David Evans, Kirsten Donovan)

rand2 (1)

South African rand weakens as interest rate held steady as expected

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3265" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PPA7LZHDAZIPJMJ7KHMLZAMWME.avif" alt="" class="wp-image-559698"/><figcaption class="wp-element-caption">A view shows the logo of South Africa&#8217;s central reserve bank, at the reserve bank offices in Pretoria, South Africa, January 26, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



PRETORIA, March 20 (Reuters) &#8211; South Africa&#8217;s central bank paused its rate-cutting cycle on Thursday as risks stemming from U.S. President Donald Trump&#8217;s global trade war and the country&#8217;s deadlocked national budget overshadowed its success keeping inflation low.



The South African Reserve Bank&#8217;s split decision to keep the repo rate at 7.50% was in line with the median forecast of economists polled by Reuters and follows rate cuts at the previous three monetary policy meetings.



Four members supported an unchanged stance and two preferred a 25 basis point cut.



Governor Lesetja Kganyago told a press conference: &#8220;The global economy is not on a stable footing and there are also domestic uncertainties, &#8230; this calls for a cautious policy approach.&#8221;



Annual inflation was unchanged at 3.2% in February, staying near the bottom of the central bank&#8217;s target range of 3% to 6%.



The rand has proved resilient so far this year, gaining more than 3% against the U.S. currency in 2025 despite relations with the Trump administration souring badly over South Africa&#8217;s land reform policies and genocide case against Washington&#8217;s ally Israel at the World Court.



The most contentious part of the budget, which does not yet have enough support in parliament to pass, is a proposed increase in value-added tax of 1 percentage point spread over two years, which is expected to add to inflation.



(Additional reporting by Bhargav Acharya; Editing by Alexander Winning)

PPA7LZHDAZIPJMJ7KHMLZAMWME

South Africa pauses rate cuts as trade and budget risks overshadow low inflation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg" alt="" class="wp-image-408693" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A sign stands at the entrance to the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



March 20 (Reuters) &#8211; Anglo American Platinum (Amplats) has proposed to change its name to Valterra Platinum ahead of its planned spin-off into a standalone unit, the company said on Thursday.



The world&#8217;s top producer of platinum group metals (PGM) by volume expects to be hived off parent company Anglo American Plc by June as the global mining giant narrows its focus to energy transition metal copper and iron ore.



Amplats&#8217; proposed new name would be put up to a shareholder vote at its annual general meeting on May 8, the company said in a statement.



The company will retain its primary listing in Johannesburg, with a secondary listing on the London Stock Exchange.



(Reporting by Nelson Banya; Editing by Alex Richardson)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo American Platinum proposes name change to Valterra ahead of spin-off

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="525" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/AAGIZ6UVINNGHDGICOCSUFSH2U.avif" alt="" class="wp-image-599628"/><figcaption class="wp-element-caption">Judith Tuluka Suminwa, Prime Minister of the Democratic Republic of Congo attends a meeting during the 38th Ordinary Session of the Heads of State and Government of the African Union at the African Union Commision (AUC) Headquarters in Addis Ababa, Ethiopia, February 14, 2025. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



March 19 (Reuters) &#8211; The Democratic Republic of Congo intends to impose export quotas on cobalt following a four-month export ban, and plans to partner with Indonesia, another key producer, to manage global supply and pricing, according to DRC&#8217;s prime minister.



The announcement was made during a cabinet meeting on Friday.



In a bid to curb a global supply glut, the quotas will be enforced in two parts, one focusing on exports and the other on local mineral transformation, according to the cabinet meeting minutes seen by Reuters on Wednesday.



Sources told Reuters in February that DRC, the world&#8217;s leading cobalt producer, was contemplating export quotas following the imposition of an export ban.



Cobalt, a crucial component in batteries for electric vehicles and mobile phones, has seen its prices fall to historically low levels due to weak demand from automakers and increased copper production, from which cobalt is a by-product.



Prime Minister Judith Suminwa Tuluka said that plans were afoot to collaborate with Indonesia, another significant cobalt producer, to better regulate the supply and price of cobalt on the global market.



Indonesia conducted initial discussions with the DRC during a visit by the DRC delegation to Jakarta before the DRC launched its export restrictions, Energy and Mineral Resources Ministry senior official Dadan Kusdiana told Reuters.



&#8220;Discussions were held regarding the global cobalt supply policy strategy and initial discussions to explore various potential opportunities for cooperation,&#8221; he said.



Dadan said cobalt is among the minerals that will be affected by Indonesia&#8217;s plan to increase production royalty fees. Cobalt content in nickel matte production would see a 2% royalty fee.



Cobalt is a byproduct from Indonesia&#8217;s nickel, which typically contains 1% to 2% cobalt, he said.



(Reporting by Sonia Rolley Additional reporting by Fransiska Nangoy in Jakarta; Writing by Bate Felix; Editing by Mark Potter)

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Congo plans cobalt export quotas, partnership with Indonesia to tackle glut

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/1-952daa05-1-820x547.jpg" alt="" class="wp-image-599625" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/1-952daa05-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/1-952daa05-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/1-952daa05-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/1-952daa05-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/1-952daa05-1.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Sudan&#8217;s army soldiers celebrate the army&#8217;s liberation of an oil refinery, in North Bahri, Sudan, January 25, 2025. REUTERS/El Tayeb Siddig</figcaption></figure>



DUBAI, March 20 (Reuters)&nbsp;&#8211;&nbsp;Sudan&#8217;s state TV said on Thursday that the army is close to taking control of the Presidential Palace in Khartoum from the paramilitary Rapid Support Forces, marking a significant shift in the two-year-old conflict that threatens to fracture the country.



Late on Wednesday, heavy clashes erupted near the palace, with explosions heard and airstrikes by the army targeting central Khartoum, witnesses and military sources told Reuters.



After nearly two years of war, the RSF controls most of the west of Sudan and parts of the capital Khartoum, but has been losing ground in central Sudan to the army.



The two military factions staged a coup in 2021, derailing a transition to civilian rule, and warfare broke out in April 2023 after plans for a new transition triggered violent conflict.



The war has led to what the U.N. calls the world&#8217;s largest humanitarian crisis, with both the RSF and the army accused of widespread human rights abuses.



(Reporting by Khalid Abdelaziz; Writing by Jana Choukeir; Editing by Tom Hogue and Michael Perry)

1-952daa05

Sudan TV says army close to taking control of Presidential Palace from paramilitary RSF group

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/TRHNNI2YLFOJPALOZ2PBBVSKJ4.avif" alt="" class="wp-image-599361"/><figcaption class="wp-element-caption">Lara Warner, Group Chief Risk Officer of Credit Suisse, speaks during the Milken Institute&#8217;s 22nd annual Global Conference in Beverly Hills, California, U.S., April 29, 2019. REUTERS/Mike Blake/File Photo</figcaption></figure>



ZURICH, March 19 (Reuters)&nbsp;&#8211;&nbsp;Switzerland&#8217;s finance ministry has fined Lara Warner, former compliance chief of collapsed lender Credit Suisse, 100,000 Swiss francs ($114,000), according to a Swiss government order seen by Reuters on Wednesday.



The bank executive failed to notify Switzerland&#8217;s anti-money laundering authorities of a suspicious 2016 transaction for 7.9 million francs handled by Credit Suisse and involving the finance ministry of Mozambique.



The case related to the $1.5 billion-plus &#8220;tuna bond&#8221; scandal that triggered a default crisis in Mozambique, the order said.



Warner, who worked at Credit Suisse between 2015 and 2021, is challenging the fine and assumed the charges would be dismissed in court, her lawyer told Reuters.



&#8220;The decision not to file a money laundering report was not made by Ms. Warner,&#8221; her lawyer said in a statement.



Credit Suisse was bought in 2023 by rival UBS&nbsp;UBSG.S&nbsp;in a government-engineered takeover.



The bank subsequently settled the Mozambique case out of court.



($1 = 0.8774 Swiss francs)



(Reporting by Ariane Luthi. Editing by Mark Potter)

TRHNNI2YLFOJPALOZ2PBBVSKJ4

Switzerland fines former Credit Suisse executive over Mozambique case

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/IY46OUZRCVPDBKKHN5YXHO5L3Q.jpg" alt="" class="wp-image-599358" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/IY46OUZRCVPDBKKHN5YXHO5L3Q.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/IY46OUZRCVPDBKKHN5YXHO5L3Q-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/IY46OUZRCVPDBKKHN5YXHO5L3Q-135x90.jpg 135w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">A fly rests on sun-dried cocoa beans at a warehouse in Kwabeng in the Eastern Region, Ghana, February 28, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ABIDJAN, March 19 (Reuters)&nbsp;&#8211;&nbsp;Ivory Coast&#8217;s Coffee and Cocoa Council (CCC) is expected to increase the state-guaranteed price paid to its cocoa farmers by at least 11% ahead of the mid-crop season starting in April, according to two officials who spoke on condition of anonymity.



The world&#8217;s top cocoa grower will set its farmgate price at between 2,000 and 2,300 CFA francs ($3.35-$3.85) per kg, up from 1,800 CFA francs, the sources from the market regulator told Reuters.



One of the officials said President Alassane Ouattara had instructed the regulator to set the farmgate price in line with the market.



Despite cocoa futures on the ICE exchange hitting four-month lows last week, the regulator still plans to increase the guaranteed price paid to farmers, the official said.



The second official added that the hike was justified because the regulator was able to make good sales at a time when the market was fairly bullish.



Both sources also said Ivory Coast was about to experience its worst mid-crop output in the last 10 years due to an unusually long dry season.



They acknowledged concerns raised by exporters and pod counters who expect the mid-crop to drop to between 280,000 and 300,000 metric tons of cocoa.



Rains started falling in some growing regions at the end of February but the officials said it wasn&#8217;t enough to reverse the current trend.



This is why the regulator decided to reserve the mid-crop harvest for locally based grinders, the sources said, adding that the CCC had sold them contracts for 275,000 metric tons.



Despite negative predictions, export contracts are not expected to be postponed, the sources said. Last season, the regulator had to roll over contracts for around 150,000 tons due to a poor main crop and the exclusive sale of the mid-crop to grinders.



The country&#8217;s annual production is expected to be similar to last year&#8217;s 1.75 million metric tons.



&#8220;Today, our main concern is next season. It&#8217;s still a long way off, but we&#8217;re already thinking about it to anticipate the future,&#8221; one of the officials said.



($1 = 596.7500 CFA francs)



(Reporting by Ange Aboa; Editing by Anait Miridzhanian, Kirsten Donovan)

Reuters

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South African central bank governor’s comments on rate decision

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South Africa pauses rate cuts as trade and budget risks overshadow low inflation

Anglo American Platinum proposes name change to Valterra ahead of spin-off

Congo plans cobalt export quotas, partnership with Indonesia to tackle glut

Sudan TV says army close to taking control of Presidential Palace from paramilitary RSF group

Switzerland fines former Credit Suisse executive over Mozambique case

Ivory Coast to increase cocoa farmgate price by at least 11%, sources say

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Reuters

African blocs expand mediation team for Congo conflict

US jet fuel imports surge as Nigeria’s Dangote refinery pushes barrels west

Kenya has applied for new IMF lending programme, finance minister says

Angola to end east Congo conflict mediation role, presidency says

South African rand firms as markets await US tariff clarity

African Markets – Factors to watch on March 24

S.Africa’s Astral Foods flags sharp profit fall, reports cyber attack

South Africa to issue request for proposals for private-sector rail investment in Aug

China’s CCECC to invest $1.4 billion in Tanzania-Zambia railway

South African central bank governor’s comments on rate decision

South African rand weakens as interest rate held steady as expected

South Africa pauses rate cuts as trade and budget risks overshadow low inflation

Anglo American Platinum proposes name change to Valterra ahead of spin-off

Congo plans cobalt export quotas, partnership with Indonesia to tackle glut

Sudan TV says army close to taking control of Presidential Palace from paramilitary RSF group

Switzerland fines former Credit Suisse executive over Mozambique case

Ivory Coast to increase cocoa farmgate price by at least 11%, sources say

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