<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1931982369-820x547.jpg" alt="" class="wp-image-578192" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1931982369-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1931982369-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1931982369-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1931982369-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1931982369-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1931982369-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Wale Edun, Nigeria&#8217;s finance minister, during a Bloomberg Television interview on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 17, 2024. The annual Davos gathering of political leaders, top executives and celebrities runs from January 15 to 19. Photographer: Stefan Wermuth/Bloomberg via Getty Images</figcaption></figure>



DAVOS, Switzerland, (Reuters) &#8211; Nigeria needs to double economic growth within the next year or two from an annualized rate of 3.5% in the third quarter to lift its population out of poverty, its finance minister told Reuters on Thursday at the World Economic Forum&#8217;s annual meeting.



Finance Minister and Coordinating Minister for the Economy Wale Edun said Nigeria was on the path to growth after a year of tough economic reforms that sent inflation soaring, but should open the door for more investment.



Edun said he had been meeting in Davos this week with business leaders in the areas of consumer goods, food and beverages, financial services and infrastructure to promote investments, he said in a Thursday interview.



&#8220;It&#8217;s a steady trickle now. What we want is a stream and at the end of the day a flood of investment,&#8221; he said.



Nigeria has been trying to encourage private investment rather than rely on borrowing to create jobs, as the government searches for a solution to sluggish growth, double-digit inflation and a heavy debt burden.



President Bola Tinubu has vowed to expand the economy by at least 6% a year, create jobs and unify the exchange rate, while also tackling rampant insecurity.



Tinubu scrapped a popular but costly petrol subsidy and lifted foreign exchange trading restrictions. That contributed to consumer inflation, but Edun expressed confidence that Nigerians would soon be past their cost of living crisis.



Central Bank Governor Olayemi Cardoso on Thursday said he expected the economy to expand by 4.17% this year, driven by ongoing reforms and stabilising inflation.



(Writing by Chijioke Ohuocha; Editing by Mark Potter)

Day Two Of The World Economic Forum (WEF) 2024

Nigeria needs to double economic growth within a year or two, finance minister says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JMH4QG7UXFNEBLQ2OHFWN3ZYEQ-820x573.jpg" alt="" class="wp-image-578172" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JMH4QG7UXFNEBLQ2OHFWN3ZYEQ-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JMH4QG7UXFNEBLQ2OHFWN3ZYEQ-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JMH4QG7UXFNEBLQ2OHFWN3ZYEQ-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JMH4QG7UXFNEBLQ2OHFWN3ZYEQ-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JMH4QG7UXFNEBLQ2OHFWN3ZYEQ-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JMH4QG7UXFNEBLQ2OHFWN3ZYEQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Solar panels are seen near the cooling towers of a retired coal-fired Komati Power Station, operated by Eskom, near Komati village, in the Mpumalanga province in South Africa, May 9, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Jan 24 (Thomson Reuters Foundation)&nbsp;&#8211;&nbsp;Inconsistent government and corporate climate strategies may see poorer regions left behind in the transition away from polluting industries to green jobs, according to new research.



Wealthier cities like Durban, Cape Town and Johannesburg, have more advanced plans to cut emissions and adapt to climate impacts than less affluent regions, said the analysis of more than 50 government and corporate entities by South African non-profit SouthSouthNorth (SSN).



&#8220;If poorer provinces are left behind, the socio-economic divide will widen, disproportionately affecting vulnerable groups such as miners, informal workers and women,&#8221; said Samson Mbewe, an SSN project lead.



The northeastern province of Mpumalanga, for example, is the heartland of South Africa&#8217;s coal production. The closure of coal plants there could lead to sharp rises in unemployment if new green jobs do not fill the void, Mbewe said.



The country&#8217;s new Climate Change Act requires all levels of government to align their policies and actions with its goals of a low-carbon economy through, for example, setting and mandating greenhouse gas emission targets for companies.



But the analysis of these entities showed significantly different levels of preparation, a discrepancy that could lead to the regions with already high levels of unemployment being left behind when it comes to new jobs in the clean energy economy, the report warns.



South Africa is Africa&#8217;s most industrialised nation, with more than 80% of its power drawn from its coal reserves, according to the Department of Mineral Resources and Energy. It is also one of the top 15 greenhouse gas emitters worldwide, ahead of France and Britain.



In 2021, South Africa became the first country to accept the Just Energy Transition Partnership (JETP) deal in which richer nations pledged $8.5 billion to accelerate the country&#8217;s shift away from coal to renewables, while protecting local employment.



The term &#8220;just transition&#8221; refers to ensuring job creation in clean energy sectors as countries phase out polluting industries and move towards renewable energy, according to the presidential climate commission.



South Africa&#8217;s vast areas of sun-soaked land make it ideal for renewable energy projects that promise new jobs in a country suffering from 32% unemployment.



But communities are nervous that this type of work may be scarce and struggle to replace coal sector employment of some 90,000 people.



<h2 class="wp-block-heading" id="h-climate-change-act">CLIMATE CHANGE ACT</h2>



South Africa&#8217;s Climate Change Act was signed into law in July last year, but the SSN analysis found multinational firms and different layers of government had all made varied levels of progress.



&#8220;Our analysis of the climate plans of the key engines of South Africa&#8217;s economy reveals a patchwork of different approaches to achieving a fair, people-focused transition,&#8221; said Camilla Hyslop, data lead at Net Zero Tracker, a report partner.



Some companies&#8217; climate strategies make broad, sweeping pledges linked to achieving net zero emissions by 2050, but lack any wording around local employment and decent wages that need to be protected in the process, the analysis found.



&#8220;Some companies entirely overlook the need for a transition &#8211; just or otherwise,&#8221; Hyslop said.



The SSN analysis also found that the major cities were surpassing provincial climate policy strategies, which should learn from successful city actions.



For example, Durban&#8217;s plan goes into detail about reforestation projects that it says will help capture carbon.



But Kwazulu-Natal province, where Durban is found, speaks little about new, clean jobs that could replace those lost in polluting sectors such as petrochemical industries.



Less affluent, coal-dependent regions found in Mpumalanga have no formal net zero targets with no long-term structured plan on how the transition away from coal will take place.



<h2 class="wp-block-heading" id="h-patchwork-plans">PATCHWORK PLANS</h2>



The analysis recommendations include creating committees between different levels of government to better align climate plans, increased funding and technical support for poorer regions and incentivising companies to adopt robust transition plans.



Coordination between different government tiers would tackle a &#8220;missed opportunity&#8221; for provinces to draw inspiration from cities&#8217; climate plans said Ian Steuart, a senior economist at the Trade and Industrial Policy Strategies (TIPS).



But placing communities at the heart of these plans through bringing the policies to them in local forums is key, said Chantal Naidoo, executive director of Rabia Transitions, a South African transitions finance research and advisory non-profit.



&#8220;We work through civil society groups &#8230; saying to them, you need to help government understand what justice looks like at your level,&#8221; said Naidoo, who also worked on the JETP presidential investment plan.



(Reporting by Kim Harrisberg @KimHarrisberg; Editing by Jack Graham and Jon Hemming. The Thomson Reuters Foundation is the charitable arm of Thomson Reuters.)

FILE PHOTO: South Africa’s ANC walks political tight rope over coal plant shutdowns

South Africa’s patchwork climate plans risk widening inequality

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/54279620516_c7afabe6a8_o-820x547.jpg" alt="" class="wp-image-577956" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/54279620516_c7afabe6a8_o-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/54279620516_c7afabe6a8_o-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/54279620516_c7afabe6a8_o-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/54279620516_c7afabe6a8_o-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/54279620516_c7afabe6a8_o-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/54279620516_c7afabe6a8_o-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Duma Gideon Boko, President of Botswana; Godfrey Mutizwa, Chief Editor, CNBC Africa, South Africa; Leila Fourie, Group Chief Executive Officer, Johannesburg Stock Exchange, South Africa; Samaila Zubairu, President and Chief Executive Officer, Africa Finance Corporation &#8211; AFC, Lagos; Wamkele Keabetswe Mene, Secretary-General, African Continental Free Trade Area Secretariat, Accra; speaking in Africa’s Economy: Young and Fast session at the World Economic Forum Annual Meeting 2025 in Davos-Klosters, Switzerland, 21/1/2025, 17:30 – 18:15 at Congress Centre &#8211; Aspen 2. Stakeholder Dialogue. Copyright: World Economic Forum / Chris Heeney</figcaption></figure>



DAVOS, Switzerland, Jan 23 (Reuters)&nbsp;&#8211;&nbsp;Top diamond producer Botswana&#8217;s new President Duma Boko said on Thursday that he hoped to clinch a long-delayed sales pact with industry giant De Beers as early as Friday but underlined the need to diversify the Southern African nation&#8217;s economy.



Boko, a 55-year-old lawyer, took the reins of Botswana &#8211; one of Africa&#8217;s richest countries &#8211; in November following a landslide election upset that ended nearly six decades of rule by the Botswana Democratic Party (BDP).



He has made the task of finalising the deal with Anglo American&#8217;s De Beers unit an early priority.



Speaking at a Reuters NEXT Newsmaker at the World Economic Forum&#8217;s annual meeting in Davos, Switzerland, Boko said his government was in agreement with De Beers on most issues. All that remained was &#8220;tidying up&#8221;, he added.



Asked by Reuters Editor-in-Chief Alessandra Galloni when the deal would be signed, Boko said: &#8220;I&#8217;m hoping it is tomorrow. I mean it literally.&#8221;



Botswana and De Beers agreed a new pact in 2023, which would see the government&#8217;s share of diamonds from the Debswana joint venture gradually increase to 50% over the next decade. But it was never signed under Boko&#8217;s predecessor Mokgweetsi Masisi.



Debswana currently sells 75% of its output to De Beers.



In addition, Boko said talks aimed at increasing Botswana&#8217;s ownership stake in De Beers &#8211; currently at 15% &#8211; were &#8220;going well&#8221;.



Anglo American is looking to divest De Beers as part of a broader restructuring of its sprawling business.



<h2 class="wp-block-heading" id="h-challenges-and-opportunities">CHALLENGES AND OPPORTUNITIES</h2>



Like many African countries, Botswana&#8217;s economy is largely dependent on the export of a single commodity &#8211; in its case, diamonds, of which it is the world&#8217;s leading producer by value.



Unlike many of its continental neighbours, its leaders have invested their commodity windfall in health, education and social welfare.



The strategy has largely paid off. Botswana&#8217;s GDP per capita was $7,250 in 2023 &#8211; compared with an average for sub-Saharan Africa of $4,800, World Bank data shows.



Analysts, however, blamed mounting economic grievances, particularly among young people, for the downfall of the BDP, which had governed the nation of around 2.5 million people since independence from Britain in 1966.



&#8220;The so-called liberation parties did the best they could,&#8221; Boko said. &#8220;It seems to me that many of them have now outlived their welcome and their usefulness.&#8221;



On the campaign trail, Boko&#8217;s coalition pledged to more than double the minimum wage, improve social services and create a more independent judiciary, among other measures.



But the new president faces headwinds.



The economy likely contracted last year on a downturn in the global diamond market and unemployment has been on the rise.



The finance ministry is now forecasting a diamond rebound and GDP growth of 3% to 4% this year. However, Boko told the Reuters event that Botswana could not rely solely on diamonds.



&#8220;We are looking to power the economy of Botswana. We&#8217;re looking to diversify it,&#8221; he said, adding that his government would focus on the green economy, climate-smart agriculture, renewable energy and diversifying the mining sector.



While many world leaders are viewing the return to power of U.S. President Donald Trump with concern, Boko said the new Washington administration&#8217;s vow to bring its foreign policy in line with American self-interest was not necessarily a threat.



&#8220;(The) West has every reason to play its part in Africa, because if it doesn&#8217;t, there are others who will want to play some part. We have China in the wings, and it&#8217;s seeking&#8230; to exert influence on Africa,&#8221; he said.



(Additional reporting by Bhargav Acharya and Sfundo Parakozov in Johannesburg; Writing by Tannur Anders and Joe Bavier Editing by Alexander Winning, William Maclean)

World Economic Forum Annual Meeting 2025 in Davos-Klosters

Botswana president aims to clinch De Beers deal, diversify economy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1091184376-820x547.jpg" alt="" class="wp-image-577776" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1091184376-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1091184376-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1091184376-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1091184376-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1091184376-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-1091184376-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">DAVOS, CANTON OF GRAUBüNDEN, SWITZERLAND &#8211; 2019/01/24: Cyril Ramaphosa, president of South Africa, attends a panel at the 2019 World Economic Forum which took place in Davos from January 22 to 25. (Photo by Thierry Falise/LightRocket via Getty Images)</figcaption></figure>



DAVOS, Switzerland, (Reuters) &#8211; South Africa&#8217;s President Cyril Ramaphosa said on Wednesday that he was not worried about the country&#8217;s relationship with the U.S. under President Donald Trump.



Ramaphosa said he spoke to Trump after his U.S. election victory and looked forward to working with his administration.



&#8220;I&#8217;m not worried about our relations. I spoke to him soon after he was elected, congratulated him, and we both said we are looking forward to continued dealings and engagements,&#8221; he told reporters on the sidelines of the World Economic Forum&#8217;s annual meeting in Davos, Switzerland.



South Africa currently holds the G20 presidency, after which the U.S. takes over.



Ramaphosa said South Africa would work with the U.S. to prepare it for its G20 presidency. 



(Reporting by Brad Haynes; Writing by Bhargav Acharya; Editing by Alexander Winning)

Cyril Ramaphosa, president of South Africa, attends a panel

South Africa not worried about relationship with US under Trump, Ramaphosa says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1908" height="1363" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/DPL3JG6BMVNRRNWVIDNA74R5A4.avif" alt="" class="wp-image-577510"/><figcaption class="wp-element-caption">Zimbabwe Finance Minister Mthuli Ncube arrives to present the 2020 National Budget at Parliament Building in Harare, Zimbabwe, November 14, 2019. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



Jan 22 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s finance minister expressed concern on Wednesday that a U.S. withdrawal from the World Health Organization will lead to aid cuts to countries such as his that are most affected by HIV/AIDS.



President Donald Trump signed an executive order on the U.S. withdrawal after his inauguration to a second term on Monday.



Warning that a U.S. withdrawal could signal cuts in health aid to countries such as Zimbabwe, Finance Minister Mthuli Ncube said: &#8220;Any country with an HIV/AIDS challenge will be impacted.&#8221;



&#8220;This is a concern, a fear we are expressing,&#8221; Ncube told an online briefing from the Swiss resort of Davos, where was attending the World Economic Forum.



Zimbabwe receives over $200 million annually from the U.S. President&#8217;s Emergency Plan for AIDS Relief (PEPFAR), and the U.S government has given Zimbabwe over $1.7 billion since 2006 to strengthen health systems and support people living with HIV, according the U.S. embassy in Harare.



PEPFAR contributes nearly $90 million a year to support salaries and incentives for healthcare workers in Zimbabwe, in addition to funding HIV and viral load testing, prevention, cervical cancer screening and tuberculosis treatment.



Zimbabwe is struggling to fund its public health system, and the government introduced a sugar tax on beverages last year to help raise funds for cancer treatment. Another tax on fast foods was introduced this year.



&#8220;We need to scale up our funding for health. The earmarked taxes should be directed towards health as we build our capacity to fill the gap should any funding recede,&#8221; Ncube said.



(Reporting by Nyasha Chingono; Editing by Tannur Anders and Timothy Heritage)

DPL3JG6BMVNRRNWVIDNA74R5A4

Zimbabwe fears US withdrawal from WHO will hit HIV/AIDS programmes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194473623-820x547.jpg" alt="" class="wp-image-577169" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194473623-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194473623-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194473623-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194473623-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194473623-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194473623-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Lesetja Kganyago, governor of South Africa&#8217;s Reserve Bank, during a Bloomberg Television interview at the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 21, 2025. The annual Davos gathering of political leaders, top executives and celebrities runs from January 20 to 24. Photographer: Hollie Adams/Bloomberg via Getty Images</figcaption></figure>



DAVOS, Switzerland, Jan 21 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s economic outlook is better this year than last, but the inflation picture is more muddied as risks abound, its central bank governor said on Tuesday.



South African Reserve Bank (SARB) Governor Lesetja Kganyago told Reuters in an interview at the World Economic Forum&#8217;s annual meeting in Davos, Switzerland, that growth in Africa&#8217;s most industrialised economy could be close to 2% in 2025, versus the 1.1% growth projected for 2024.



&#8220;Depending on who is forecasting, growth varies between 1.6% and 2% (this year). We think &#8230; it would be closer to 2% than closer to 1.6%,&#8221; he told the Reuters Global Markets Forum.



Kganyago cited the formation of a broad coalition government last year as one of the key enablers of faster growth.



&#8220;The structural reform agenda has gained momentum, and it has been given impetus by this Government of National Unity with a very clear focus on taking South Africa&#8217;s economic trajectory to the next level,&#8221; he said.



The coalition that emerged after the long-ruling African National Congress lost its parliamentary majority includes the business-friendly Democratic Alliance and a host of other smaller parties from across the political spectrum.



Investors are optimistic that reforms in key sectors such as electricity, freight rail and the visa system will accelerate and lift the annual growth rate beyond the meagre 1% it has averaged over the past decade.



Kganyago warned that South Africa&#8217;s inflation outlook could be muddied by factors including protectionist policies with the return of U.S. President Donald Trump to the White House.



With other risks including the rand exchange rate, the global oil price and local food prices, there are &#8220;too many moving parts&#8221; to have a clear view on price pressures, he said.



Annual consumer inflation was at 2.9% in November, below the SARB&#8217;s target range of 3%-6%, although it is expected to rise in December and this year average about 4.5%, the midpoint of the range which the bank aims for.



The SARB cut interest rates at its last two meetings of 2024, and many analysts expect a further cut at its first announcement of the year next Thursday.



(Reporting by Divya Chowdhury in Davos; Additional reporting and writing by Kopano Gumbi in Johannesburg; Editing by Alexander Winning and Alex Richardson)

Opening Day Of World Economic Forum (WEF) 2025

South African growth outlook has improved but inflation risks abound, central bank says at Davos

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="504" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/23WCRTIR7NLJLLNGJAAE2KWBSQ-820x504.jpg" alt="" class="wp-image-577142" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/23WCRTIR7NLJLLNGJAAE2KWBSQ-820x504.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/23WCRTIR7NLJLLNGJAAE2KWBSQ-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/23WCRTIR7NLJLLNGJAAE2KWBSQ-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/23WCRTIR7NLJLLNGJAAE2KWBSQ-768x472.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/23WCRTIR7NLJLLNGJAAE2KWBSQ-1536x945.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/23WCRTIR7NLJLLNGJAAE2KWBSQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Protesters throw stones during a &#8220;national shutdown&#8221; against the election outcome, at Luis Cabral township in Maputo, Mozambique, November 7, 2024. REUTERS/Siphiwe Sibeko</figcaption></figure>



Jan 21 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s largest port, Maputo, reported a 1% decline in volumes in 2024 mainly due to post-election protests that forced border closures and road blockages, the port operator said on Tuesday.



The southeast African country was rocked by opposition protests after a disputed Oct. 9 vote won by Daniel Chapo and his Frelimo party, which has governed Mozambique since 1975. The unrest has left more than 300 people dead following a crackdown by security forces.



Maputo port volumes for 2024 dipped to 30.9 million metric tons, from a record 31.2 million metric tons in 2023, the Maputo Port Development Company (MPDC) said in a statement.



&#8220;The slight decrease in total volumes &#8230; was primarily due to the post-electoral protests and road blockages in the Maputo corridor, including border closure for several days and conditioned border and road operations for more than a month consolidated,&#8221; MPDC said.



The rail corridor from South Africa to Mozambique was also affected by the protests and blockages, paired with a derailment in October and November, which shut the line for a month, MPDC added.



The Maputo port is handling growing volumes mainly driven by commodity exporters increasingly sending cargo through Mozambique to get around logistics bottlenecks in South Africa. Goods handled include coal, chrome, copper, and grains such as maize and wheat.



The MPDC is a consortium including multinational logistics firm DP World, South Africa&#8217;s Grindrod Ltd, and Mozambique&#8217;s state-owned rail operator Caminhos de Ferro de Moçambique.



The consortium, first granted the Maputo port concession in 2003, was last year granted an extension to 2058. The port is also set to be expanded to handle 58 million tons of cargo, from 37 million tons currently.



(Reporting by Nelson Banya; Editing by Mark Potter)

Mozambique opposition party leads national shutdown against election outcome

Mozambique’s Maputo port volumes dip after post-election unrest

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-820x576.jpg" alt="" class="wp-image-424954" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-1536x1079.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/LA24V6GG4VKUROZCEGVVO63DKQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A street money changer counts South African Rands in Harare, Zimbabwe, file. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



JOHANNESBURG, Jan 21 (Reuters) &#8211; South Africa&#8217;s rand retreated early on Tuesday against a buoyant dollar after U.S. President Donald Trump announced a flurry of policy changes following his Monday inauguration.



At 0712 GMT, the rand traded at 18.6150 against the U.S. dollar, about 0.6% weaker than its previous close. It gained about 1% on Monday ahead of Trump&#8217;s swearing in.



The dollar last traded about 0.4% stronger against a basket of currencies.



Trump did not take immediate action to raise tariffs, a focus for global markets, but said the world&#8217;s biggest economy could impose tariffs on Canada and Mexico in the near future.



&#8220;I think we need to wait until Trump&#8217;s government is fully installed before decisions come on tariffs,&#8221; said Adam Phillips, treasury specialist at Umkhulu Treasury.



Like other risk-sensitive currencies, the rand often takes direction from global drivers like U.S. fiscal policy in addition to local factors.



Domestically focused investors will on Tuesday look to November mining production data expected at 0930 GMT and South African President Cyril Ramaphosa&#8217;s address to the World Economic Forum later in the day.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index last traded about 0.1% down.



South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 2.5 basis points to 9.145%.



(Reporting by Tannur Anders: Editing by Neil Fullick)

FILE PHOTO: A street money changer counts South African Rands in Harare

South African rand retreats against sturdy dollar after Trump swearing in

<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, Jan 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand strengthened in cautious trade on Friday, as investor focus shifted towards U.S. President-elect Donald Trump&#8217;s inauguration on Monday.



At 0808 GMT, the rand traded at 18.755 against the dollar, about 0.4% stronger than its previous close.



&#8220;Trump&#8217;s policies and U.S. Treasury movements will dominate sentiment in the short term, with limited market activity expected until after his inauguration,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



A sturdy labour market, sticky inflation and uncertainty over the potential impact of Trump&#8217;s tariffs and tax plans have led the U.S. Federal Reserve to project two interest rate cuts this year.



However, Fed Governor Christopher Waller said on Thursday three or four rate cuts are still possible if economic data weakens further.



On the stock market, South Africa&#8217;s Top-40 index was up about 0.6%.



Its benchmark 2030 government bond also strengthened, with the yield down 5.5 basis points to 9.15%.



(Reporting by Sfundo Parakozov. Editing by Bhargav Acharya and Mark Potter)

rand2 (1)

South African rand firms ahead of Trump inauguration

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" style="width:840px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, Jan 15 (Reuters) &#8211; South African assets gained on Wednesday, after a key U.S. inflation report showed consumer prices rose slightly more than expected last month in the world&#8217;s biggest economy.



At 1449 GMT, the rand traded at 18.7550 against the U.S. dollar, about 1% firmer than its previous close.



The dollar last traded about 0.45% weaker against a basket of currencies.



The U.S. consumer price index rose 0.4% last month while economists polled by Reuters had forecast the CPI gaining 0.3%. In the 12 months through December, the CPI advanced 2.9%, in line with expectations.



As markets remain wary of incoming U.S. President Donald Trump&#8217;s policies on tariffs, the latest data points to still elevated inflation, strengthening the case for the Federal Reserve&#8217;s cautious stance on interest rates.



&#8220;Volatility is expected to persist&#8230; with the rand&#8217;s value largely influenced by external factors such as U.S. trade and monetary policies,&#8221; said Zain Vawda, market analyst at MarketPulse by OANDA.



On the stock market, the blue-chip Top-40 index was last up about 1.9%.



South Africa&#8217;s benchmark 2030 government bond was also stronger, with the yield down 13 basis points at 9.175%. 



(Reporting by Bhargav Acharya and Tannur Anders; Editing by Frances Kerry and Emelia Sithole-Matarise)

Illustration photo of South African rand

South African rand, stocks surge after US consumer inflation data

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1200" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/IOK54TH7FJKRLMOMWWYDBQD7VM.avif" alt="" class="wp-image-575384"/><figcaption class="wp-element-caption">People shop at Cherries Hypermarket in Abuja, Nigeria March 15, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Jan 15 (Reuters) &#8211; Nigeria&#8217;s inflation rate rose for the fourth straight month in December, advancing to 34.80% in annual terms from 34.60% in November, data from the statistics agency showed on Wednesday.



The agency said in a report that the uptick in December was due to increased demand associated with the festive period. Food and non-alcoholic beverages contributed the most to price pressures.



Inflation rose sharply after President Bola Tinubu devalued the naira currency and cut subsidies in 2023 to try to lift economic growth and shore up public finances.



It started to ease in July last year as the impact of the naira devaluation began to fade, before a series of petrol price increases again spurred inflationary pressures, exacerbating the worst cost of living crisis in decades in Africa&#8217;s most populous nation.



Food inflation was 39.84% year-on-year in December, compared with 39.93% the previous month, due to price rises for items such as yam, sweet potatoes, beer, corn, rice and fish, the National Bureau of Statistics said.



The central bank hiked interest rates six times last year to try to get inflation under control.



Nigeria&#8217;s government expects inflation to fall to 15% this year, helped by lower imports of petroleum products, Tinubu said during a budget speech in December.



(Reporting by Chijioke Ohuocha and Mohd Shamsuddin. Editing by Alexander Winning and Mark Potter)

IOK54TH7FJKRLMOMWWYDBQD7VM

Nigerian inflation rises for fourth straight month in December

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="473" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYNXMPED4U1W6-820x473.jpg" alt="" class="wp-image-575323" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYNXMPED4U1W6-820x473.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYNXMPED4U1W6-300x173.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYNXMPED4U1W6-156x90.jpg 156w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYNXMPED4U1W6-768x443.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYNXMPED4U1W6-1536x886.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYNXMPED4U1W6-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A train launched to operate on the Standard Gauge Railway (SGR) line constructed by the China Road and Bridge Corporation (CRBC) and financed by Chinese government arrives at the Nairobi Terminus on the outskirts of Nairobi, Kenya May 31, 2017. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI/ABU DHABI, Jan 15 (Reuters)&nbsp;&#8211;&nbsp;Kenya has started discussions with the United Arab Emirates to secure financing to complete a regional railway, President William Ruto said, after China cut infrastructure funding to the project.



The railway connecting the Kenyan port of Mombasa with landlocked neighbours, as part of China&#8217;s Belt and Road Initiative, ended in the Rift Valley in 2019, 468 kilometres (290 miles) short of the border with Uganda, after Beijing withdrew support.



&#8220;We are exploring a partnership agreement with the United Arab Emirates to extend the Standard Gauge Railway to connect Kenya, Uganda and South Sudan,&#8221; Ruto said on X late on Tuesday, after meeting UAE officials in Abu Dhabi.



Both sides will carry out a feasibility study on the extension of the railway, he said, &#8220;due to its capacity to foster regional integration and promote trade&#8221;.



Ruto&#8217;s office did not respond to Reuters&#8217; request for more details.



Ruto, who took over in September 2022, has pursued closer ties with the UAE, and Kenya is also finalising a $1.5 billion commercial loan from the UAE for budget support.



The East African nation and the UAE signed a comprehensive economic partnership agreement on Tuesday, aiming to boost trade volumes by removing barriers, simplifying customs processes and promoting investments.



&#8220;Kenya is going to be a gateway for sure for East Africa,&#8221; Thani Al Zeyoudi, the UAE&#8217;s minister of trade, told Reuters on Tuesday.



Trade between Kenya and the UAE has more than doubled over the last decade, Ruto&#8217;s office said. The UAE is the sixth biggest export market for Kenyan goods, and its second biggest source of imports.



The value of the trade stood at 445 billion shillings ($3.44 billion) in 2023, with the UAE buying agricultural products, while Kenya gets petroleum products, machinery and chemicals.



The UAE&#8217;s Abu Dhabi National Oil Company (ADNOC) and Emirates National Oil Company were among three Gulf firms Ruto&#8217;s government picked in 2023 to supply Kenya with oil on longer credit terms, in a shift from an open tender system.



($1 = 129.2500 Kenyan shillings)



(Reporting by Duncan Miriri in Nairobi and Rachna Uppal in Abu Dhabi; Editing by Barbara Lewis)

A train launched to operate on the SGR line constructed by the CRBC and financed by Chinese government arrives at the Nairobi Terminus in Nairobi

Kenya turns to the UAE for railway funds after China cut financing

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="566" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/CPZWR5HQKJL7PCMFS7ZRBGYOBE-820x566.jpg" alt="" class="wp-image-575299" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/CPZWR5HQKJL7PCMFS7ZRBGYOBE-820x566.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/CPZWR5HQKJL7PCMFS7ZRBGYOBE-300x207.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/CPZWR5HQKJL7PCMFS7ZRBGYOBE-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/CPZWR5HQKJL7PCMFS7ZRBGYOBE-768x530.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/CPZWR5HQKJL7PCMFS7ZRBGYOBE-1536x1060.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/CPZWR5HQKJL7PCMFS7ZRBGYOBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Delivery bikes ride along a waterlogged road on the beach front, after heavy rains, in Durban, South Africa, May 22, 2022. REUTERS/Rogan Ward</figcaption></figure>



JOHANNESBURG, Jan 15 (Reuters)&nbsp;&#8211;&nbsp;South Africa has temporarily closed a key border crossing with Botswana due to heavy rainfall and flooding, the country&#8217;s border authority said.



The Grobler&#8217;s Bridge crossing in northern South Africa is used for trade, especially by miners in the Copperbelt region straddling Zambia and the Democratic Republic of Congo moving cargo to the port of Durban.



&#8220;Following consultations with our Botswana counterparts and thorough deliberation by the Port Management Committee, it has been decided that the temporary suspension of operations is necessary to prioritise safety,&#8221; the Border Management Authority said in a statement.



The agency urged travellers and truck operators to use alternative routes.



The crossing links Botswana with South Africa&#8217;s northern Limpopo province, which witnessed heavy rainfall last weekend.



(Reporting by Bhargav Acharya; Editing by Alexander Winning and Angus MacSwan)

Delivery bikes ride along a waterlogged road on the beach front after heavy rains, in Durban

Rains force South Africa to close border crossing with Botswana

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/WHL3PMZZNBJG7KMG7OAQESM3PM.avif" alt="" class="wp-image-574986"/><figcaption class="wp-element-caption">People attend a demonstration against Kenya&#8217;s proposed finance bill in Nairobi, Kenya, June 25. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI/LAGOS/MAPUTO/JOHANNESBURG, Jan 14 (Thomson Reuters Foundation)&nbsp;&#8211;&nbsp;Kenyan activist Boniface Mwangi has been part of countless demonstrations over the years, but the anti-government protests that hit the country last June and July defied all expectations.



Mwangi said he witnessed something unprecedented &#8211; a powerful awakening of the Kenyan youth who leveraged social media to mobilise against a finance bill which proposed a raft of tax hikes.



&#8220;The biggest mobilisers of the protest were the Gen Zs. They were on TikTok, Instagram and on X. The majority of the people in the streets were young people,&#8221; Mwangi told the Thomson Reuters Foundation.



&#8220;For the first time in history, Kenyans were united for one purpose, to defeat the finance bill,&#8221; he said. &#8220;It was us waking up to the power we have and becoming active citizens to demand accountability and meaningful change in our country.&#8221;



The nationwide protests forced President William Ruto to make a historic U-turn by scrapping his reviled law, sacking cabinet ministers and pledging a slate of measures to cut wasteful spending of public funds.



Africa, home to the world&#8217;s youngest population, has seen a wave of youth-led protests fuelled by frustrations over rampant corruption, poor governance, high living costs and rising unemployment.



Gen Z and millennials protested in Kenya, Ghana, Uganda, Nigeria and Mozambique in 2024, and some analysts expect this activism to intensify in 2025 as grievances persist.



Murithi Mutiga, program director for Africa for the International Crisis Group, said frustrations partly arise from Africa&#8217;s struggle to recover from economic shocks like COVID-19 and the Russia-Ukraine war, which has driven up food and fuel prices.



There is also growing resentment among a generation increasingly aware of its rights, empowered by the internet to take action for change, said Mutiga.



&#8220;The young want more than their parents. They are more informed. They are more politically active,&#8221; he said. &#8220;I think it&#8217;s possible that you&#8217;ll see more protests in 2025.&#8221;



<h2 class="wp-block-heading" id="h-youth-disillusionment">YOUTH DISILLUSIONMENT</h2>



Africa has the fastest growing, youngest population of any continent, with 70% of sub-Saharan Africa&#8217;s people under the age of 30.



Fueling their growing wave of disillusionment are scarce job opportunities. Some 53 million youth &#8211; more than one in five &#8211; in sub-Saharan Africa are not engaged in any form of employment, education or training, says the U.N.&#8217;s International Labour Organization.



A 2024 survey of African youth found three-quarters of respondents said it was difficult to find a job, and two-thirds were dissatisfied with their governments&#8217; efforts to create employment opportunities.



The survey, which polled more than 5,600 Africans ages 18 to 25 in 13 countries, also found that four in five were worried about corruption, most notably in the government, private sector and the police.



&#8220;Most are dissatisfied with efforts to tackle corruption and there is widespread support for a range of policies to address it,&#8221; the Africa Youth Survey said.



Political analysts and observers said it was not surprising to see youth beginning to push back against their governments.



Aslak Orre, a senior researcher at Chr. Michelsen Institute, a development research institute based in Norway, said young people across the region were exasperated with poor economic growth, few jobs, high public debt and austerity measures.



&#8220;And for that, they blame the politicians from a different generation, who they see as working for themselves rather than the public good,&#8221; Orre said.



In Mozambique, a disputed October election that extended the Frelimo party&#8217;s 49-year rule sparked more than three months of protests against corruption, living costs and unemployment.



&#8220;We are demanding change,&#8221; said Ronaldo António, a 25-year-old street vendor in Maputo, during December protests when crowds marched, whistled and chanted, blocking traffic with trash bins, stones and tyres.



&#8220;We eat chicken feet and necks while government officials are eating the chickens,&#8221; he added.



In Ghana, ahead of Dec. 7 presidential and parliamentary elections, young people mounted street protests against the nation’s debt crisis and high inflation, which have triggered the worst economic crisis in a generation.



Ghanaian filmmaker Kwame Addae, 26, said he voted for businessman Nana Kwame Bediako, even though he knew the newcomer would not win against seasoned politician and former president John Mahama.



&#8220;We are tired of the status quo, and I wanted someone like him (Bediako) that was thinking of the digital economy as a means to provide jobs and move us to a modern Ghana,&#8221; said Addae, adding that Bediako’s political message resonated with young voters.



Activists noted that the protests across Africa had particularly significant impact because young people can skillfully wield digital activism.



In Mozambique, Ângelo do Rosário, who is known as Maxh on social media, said he used his 1.2 million Facebook and more than 300,000 TikTok, Instagram and YouTube followers respectively to encourage young Mozambicans to demand their rights.



&#8220;(We demand) quality education in Mozambique, the availability of a decent health service and all of this the people believe is the result of the bad governance we have in Mozambique,&#8221; said Rosário.



<h2 class="wp-block-heading" id="h-police-killings-abductions">POLICE KILLINGS, ABDUCTIONS</h2>



The protests across the continent have not been without consequence.



Hundreds of young people have been detained or killed in clashes with police, and scores of protesters remain missing.



In Kenya, some prominent rights groups have accused authorities of a cover-up of dozens of alleged police killings, unexplained abductions and illegal detentions related to the Gen Z protests.



Kenya&#8217;s National Commission on Human Rights, a government-funded body, recorded 82 cases of enforced disappearances in the period between the protests, from June and December. Of those, 29 people remain unaccounted for. At least 40 people have been killed.



In Mozambique, at least 278 people have been killed in police crackdowns against protesters, and more than 2,000 families have fled and sought refuge in neighbouring Malawi.



In November, Nigeria charged 76 people, including children, with treason and inciting a military coup after deadly August protests erupted against economic hardship and spiralling inflation.



Nigerian activist Rinu Oduala &#8211; one of the organisers of prominent #EndSARS protests against police brutality in 2020 &#8211; warned that youth uprisings are unlikely to die down anytime soon.



&#8220;Protests by young people aren&#8217;t a crime, we are doing it out of love for our countries and hope for a better future &#8211; they must be seen as calls for change and what&#8217;s rightfully ours,&#8221; said Oduala, 24, who has more than 800,000 followers on X.



&#8220;But the lesson is clear: ignoring youth voices will be a huge political risk to any government going forward,&#8221; she added.



(Reporting by Nita Bhalla @nitabhalla; Bukola Adebayo @BUKAdebayo; Samuel Comé and Kim Harrisberg @KimHarrisberg. Editing by Ellen Wulfhorst. The Thomson Reuters Foundation is the charitable arm of Thomson Reuters.)

WHL3PMZZNBJG7KMG7OAQESM3PM

Africa’s youth protests: A storm brewing for 2025?

<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>



Jan 13 (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>



Stocks slid broadly in Asia on Monday while the dollar hit 14-month peaks in the wake of an unambiguously strong payrolls report that pushed up bond yields and tested lofty equity valuations just as the earnings season gets under way.



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



Oil prices extended gains for a third session on Monday, with Brent rising above $81 a barrel to its highest in more than four months, as wider U.S. sanctions are expected to affect Russian crude exports to top buyers China and India.



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



The South African rand weakened to an eight-month low on Friday after U.S. non-farm payrolls data reinforced bets that the Federal Reserve will pause its rate-cutting cycle later this month.



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



Kenya&#8217;s shilling firmed slightly against the dollar on Friday, data from the London Stock Exchange Group showed.



<h2 class="wp-block-heading" id="h-zambia-banking">ZAMBIA BANKING</h2>



Zambia&#8217;s Securities and Exchange Commission (SEC) has sanctioned Standard Chartered for mis-selling a Chinese property company&#8217;s bonds to one of the bank&#8217;s local wealth clients at the height of the Asian country&#8217;s real-estate crisis, according to a source.



<h2 class="wp-block-heading" id="h-somalia-diplomacy">SOMALIA DIPLOMACY</h2>



Somalia&#8217;s president visited Ethiopia on Saturday, his office said, the strongest sign yet of improving relations between the two neighbours after a year of tensions over Addis Ababa&#8217;s plans to build a naval base in a breakaway Somali region.



<h2 class="wp-block-heading" id="h-chad-election">CHAD ELECTION</h2>



Chad&#8217;s ruling party won two-thirds of the seats in the legislative election which was boycotted by many in the opposition last month, provisional results showed on Sunday, reinforcing President Mahamat Idriss Deby&#8217;s hold on power.



<h2 class="wp-block-heading" id="h-sudan-security">SUDAN SECURITY</h2>



Sudan&#8217;s army said on Saturday it had entered the central city of Wad Madani and was pushing out its paramilitary rivals the Rapid Support Forces (RSF), a step which if completed successfully would be its biggest gain in nearly two years of war.



<h2 class="wp-block-heading" id="h-tanzania-justice">TANZANIA JUSTICE</h2>



A prominent Tanzanian activist has been released after being &#8220;kidnapped&#8221; on Sunday by three armed men on the streets of Kenya&#8217;s capital Nairobi, her husband said, accusing Tanzania&#8217;s national intelligence service of responsibility.



((Compiled by Nairobi Newsroom))

istockphoto-1076949610-612×612-1-2

African Markets – Factors to watch on Jan 13

<figure class="wp-block-image size-large is-resized"><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" style="width:840px;height:auto" 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, Jan 13 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand hovered near a nine-month low early on Monday against a buoyant dollar, amid an uncertain outlook for further interest rate cuts by the Federal Reserve.



At 0721 GMT, the rand traded at 19.1525 against the dollar, about 0.3% softer than its previous close. It hit 19.2050 per dollar on Friday, its weakest level since late April.



The dollar was last trading about 0.21% stronger against a basket of currencies, after surging to its highest in over two years at the expense of emerging market currencies such as the rand.



Data on Friday showed U.S. job growth unexpectedly accelerated in December while the unemployment rate fell, underscoring the strength of the world&#8217;s largest economy and leaving traders heavily scaling back bets of Fed rate cuts in 2025.



On the stock market, the Top-40 index was down about 1%.



South Africa&#8217;s benchmark 2030 government bond was weaker, with the yield up 5.5 basis points to 9.32%.



(Reporting by Bhargav Acharya; Editing by Alison Williams)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand hovers near 9-month low against buoyant dollar

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3694" height="2271" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/J5PMZMRCRFI65GQ2B62NYABQDM.avif" alt="" class="wp-image-574712"/><figcaption class="wp-element-caption">The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls/File Photo</figcaption></figure>



LONDON, Jan 11 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s Securities and Exchange Commission (SEC) has sanctioned Standard Chartered for mis-selling a Chinese property company&#8217;s bonds to one of the bank&#8217;s local wealth clients at the height of the Asian country&#8217;s real-estate crisis, according to a source.



The source familiar with the matter told Reuters that the UK-headquartered bank, which is currently looking to sell its wealth and retail banking businesses in Zambia, was facing &#8220;enforcement action&#8221; for two breaches of SEC rules following a months-long investigation.



The first was that it had failed to disclose &#8220;material information&#8221; about the bonds it sold in March 2022. Those bonds, issued by state-backed Chinese developer Sino-Ocean, defaulted just over a year later and are now, like many in the sector, almost worthless.



In addition, the SEC found Standard Chartered had also used &#8220;exclusionary&#8221; contract clauses, which meant the client held all responsibility for the risks, which goes against Zambia&#8217;s securities rules.



In a statement to Reuters, Standard Chartered said: &#8220;We respect the outcome of the Securities Exchange Commission in Zambia, however, in accordance with appropriate local procedures we will respectfully be exercising our right to appeal.&#8221;



&#8220;We are fully aware of this matter, and we are reviewing the necessary details to clarify the situation. It is our priority at the Bank to ensure compliance with regulatory standards across all of our markets.&#8221;



The SEC, which started its investigation of the case in April, said it was not able to comment on the matter when asked by Reuters. Under Zambia&#8217;s Securities Act, Standard Chartered now has 30 days to lodge its appeal.



Zambia&#8217;s SEC has the power to fine, or publicly or privately &#8220;censure or reprimand&#8221; lenders, although it can&#8217;t formally order them to compensate customers for mis-selling.



Reuters wasn&#8217;t able to establish what penalty the regulator is planning to impose on Standard Chartered.



The lender announced in November it was looking to sell its Zambian wealth and retail banking businesses alongside those in nearby Botswana and Uganda.



It has operated in Zambia for nearly 120 years making it the country&#8217;s oldest bank.



It is currently reducing its overall footprint in Africa, however, having also sold its Tanzania business and subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone in the last couple of years.



(Additional reporting by Chris Mfula in Lusaka. Editing by Elisa Martinuzzi and Mark Potter)

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Reuters

Nigeria needs to double economic growth within a year or two, finance minister says

South Africa’s patchwork climate plans risk widening inequality

Botswana president aims to clinch De Beers deal, diversify economy

South Africa not worried about relationship with US under Trump, Ramaphosa says

Zimbabwe fears US withdrawal from WHO will hit HIV/AIDS programmes

South African growth outlook has improved but inflation risks abound, central bank says at Davos

Mozambique’s Maputo port volumes dip after post-election unrest

South African rand retreats against sturdy dollar after Trump swearing in

South African rand firms ahead of Trump inauguration

South African rand, stocks surge after US consumer inflation data

Nigerian inflation rises for fourth straight month in December

Kenya turns to the UAE for railway funds after China cut financing

Rains force South Africa to close border crossing with Botswana

Africa’s youth protests: A storm brewing for 2025?

African Markets – Factors to watch on Jan 13

South African rand hovers near 9-month low against buoyant dollar

Zambia’s SEC sanctions Standard Chartered over China property bond mis-selling, source says

News Tips

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