
<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-1604532392-820x547.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



<p>KAMPALA, Sept 20 (Reuters) &#8211; The Ugandan shilling posted gains on Friday, helped by a drop in hard-currency appetite from commercial banks and merchandise importers, traders said.</p>



<p>At 0925 GMT commercial banks quoted the shilling at 3,700/3,710 to the U.S. dollar, compared to Thursday&#8217;s closing level of 3,710/3,720.</p>



<p>(Reporting by Elias Biryabarema; Editing by Alexander Winning)</p>


Ugandan Economy Following Rate Cut

Ugandan shilling stronger as foreign-currency appetite drops


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg" alt="" class="wp-image-516586" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-1536x976.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller handles U.S. dollar banknotes and Kenya shilling banknotes inside the cashier&#8217;s booth at a forex exchange bureau in downtown Nairobi, Kenya, February 16, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, Sept 20 (Reuters) &#8211; Kenya&#8217;s shilling was unchanged on Friday, with dollar inflows from companies preparing to pay taxes matching foreign-currency demand from importers, traders said.</p>



<p>At 0752 GMT, commercial banks quoted the shilling at 128.50/129.50 per dollar, the same as Thursday&#8217;s closing rate.</p>



<p>(Reporting by George Obulutsa; Editing by Alexander Winning)</p>


RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling stable as dollar supply matches importer demand


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="444" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA.jpg" alt="" class="wp-image-422268" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA-148x90.jpg 148w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020.  REUTERS/Mike Hutchings</figcaption></figure>



<p>JOHANNESBURG, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;The South African rand softened in early trade on Friday, cooling off after strong gains in a week that saw interest rate cuts by both the U.S. Federal Reserve and the South African Reserve Bank (SARB), plus a local inflation print.</p>



<p>At 0715 GMT, the rand traded at 17.50 against the dollar, about 0.1% weaker than its previous close.</p>



<p>The local unit has gained about 1.4% against the greenback this week.</p>



<p>&#8220;The rand is likely to remain within a R17.40/R17.70 range in the short term as it tracks international moves but we could see further profit-taking, given the rand&#8217;s recent strong run,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>The Fed cut interest rates by 50 bps on Wednesday, weakening the dollar and boosting the risk-sensitive rand.</p>



<p>Also on Wednesday, data showed that South Africa&#8217;s annual inflation rate fell to 4.4% last month, the lowest since April 2021 and just below the mid-point of the central bank&#8217;s 3% to 6% target range.</p>



<p>The SARB joined the easing club when it announced a 25 basis point (bps) rate cut on Thursday, the first time interest rates have been reduced in four years.</p>



<p>&#8220;We believe that the SARB has now entered a cycle of rate cuts,&#8221; said Volkmar Baur, Commerzbank FX analyst, in a research note.</p>



<p>&#8220;Further rate cuts are likely to follow, but these should not weigh on the rand if they are accompanied by structural improvements in the economy,&#8221; Baur added.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index was little changed in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was slightly weaker in early deals, as the yield gained 3 basis points to 8.88%.</p>



<p>(Reporting by Tannur Anders; Editing by Ros Russell)</p>


South African Rand coins are seen in this illustration picture

South African rand cools after strong gains in data-filled week


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcement, equity and currency market moves may affect South African markets on Friday.</p>



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



<p>South Africa&#8217;s government will hold its weekly auction of inflation-linked bonds.</p>



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



<p>South African petrochemicals company Sasol and state-owned power utility Eskom will sign agreement on sustainable energy solutions.</p>



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



<p>The South African rand held onto early gains on Thursday following the South African Reserve Bank&#8217;s (SARB) decision to cut interest rates for the first time in over four years, after a super-sized interest rate cut by the U.S. Federal Reserve.</p>



<p>On the Johannesburg Stock Exchange, the Top-40 index .JTOPI closed about 1.3% higher.</p>



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



<p>Asian shares extended their rally on Friday, bathing in the afterglow of an outsized interest U.S. rate cut, while the yen edged higher as the Bank of Japan held rates steady and stayed upbeat on the economy.</p>



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



<p>The S&amp;P 500 surged to a record high close on Thursday, the day after the Federal Reserve cut interest rates by 50 basis points and indicated more rate cuts were on the horizon.</p>



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



<p>Gold lingered near record high levels on Friday and was on track for a weekly gain after the Federal Reserve&#8217;s recent super-sized interest rate reduction and on signs that further cuts were on the horizon.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; Reserve Bank eases into cutting cycle as inflation outlook improves</p>



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



<p>&#8211; Regulatory delays in Vodacom tie-up may have cost SA R4bn in new fibre, says Rupert&#8217;s Remgro</p>



<p>(Compiled by Tannur Anders)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 20


<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>



<p>NAIROBI, Sept 20 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.</p>



<h2 class="wp-block-heading" id="h-events">EVENTS:</h2>



<p>*Mauritius&#8217; central bank to announce its latest benchmark lending rate decision.</p>



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



<p>Asian shares extended their rally on Friday, bathing in the afterglow of an outsized interest rate cut in the United States, while the yen edged higher as the Bank of Japan held rates steady and stayed upbeat on the economy.</p>



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



<p>Oil prices, which were little changed in early Asian trade on Friday, were on track to end higher for a second straight week following a large cut in U.S. interest rates and declining global stockpiles.</p>



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



<p>The South African rand held onto early gains on Thursday following the South African Reserve Bank&#8217;s (SARB) decision to cut interest rates for the first time in over four years, after a super-sized interest rate cut by the U.S. Federal Reserve.</p>



<h2 class="wp-block-heading" id="h-africa-currencies">AFRICA CURRENCIES</h2>



<p>The Kenyan, Nigerian and Ghanaian currencies are expected to be broadly stable against the dollar in the next week to Thursday, while Zambia&#8217;s is seen under pressure and Uganda&#8217;s could strengthen, traders said.</p>



<h2 class="wp-block-heading" id="h-nigeria-coca-cola">NIGERIA COCA COLA</h2>



<p>Coca-Cola plans to invest $1 billion in its Nigeria operations over the next five years, the country&#8217;s presidency said after a meeting between President Bola Tinubu and senior executives of the soft drinks maker on Thursday.</p>



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



<p>Kenya&#8217;s shilling was unchanged against the U.S. dollar on Thursday, data from the London Stock Exchange Group showed.</p>



<h2 class="wp-block-heading" id="h-zimbabwe-currency">ZIMBABWE CURRENCY</h2>



<p>Five months after its launch, Zimbabwe&#8217;s new currency is under pressure as increased grain imports eat away at foreign reserves, putting at risk the government&#8217;s plan to make it the only currency in the market by 2026.</p>



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



<p>Angola&#8217;s central bank left its main interest rate unchanged at 19.50% in a decision announced on Thursday, after inflation started easing last month.</p>



<p>((Compiled by Nairobi Newsroom))</p>


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 20


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="592" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-820x592.jpg" alt="" class="wp-image-532758" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-820x592.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-300x217.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-768x555.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-1536x1109.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past shelves of Coca-Cola bottles and cans at a Shoprite store inside Palms shopping mall in Lagos, Nigeria November 5, 2019. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



<p>ABUJA, (Reuters) &#8211; Coca-Cola plans to invest $1 billion in its Nigeria operations over the next five years, the country&#8217;s presidency said after a meeting between President Bola Tinubu and senior executives of the soft drinks maker on Thursday.</p>



<p>Tinubu met John Murphy, president and chief financial officer of Coca‑Cola, Zoran Bogdanovic, CEO of Coca-Cola HBC &#8211; one of Coca-Cola&#8217;s many bottlers worldwide &#8211; and several other company officials as he seeks to attract investment into the economy.</p>



<p>Bogdanovic told Tinubu that Coca-Cola had since 2013 invested $1.5 billion in Nigeria to expand its production capacity, improve its supply chain and on training and development, the Nigerian presidency said in a statement.</p>



<p>&#8220;I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years,&#8221; Bogdanovic was quoted as saying.</p>



<p>The investment announcement comes after Tinubu&#8217;s government saw several multinationals like Procter &amp; Gamble, GSK Plc and Bayer AG leave the country or appoint third parties to distribute their products due to foreign exchange shortages.</p>



<p>Tinubu, in office since May last year, said his government wanted to create an environment open to businesses.</p>



<p>&#8220;We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that,&#8221; he said.</p>



<p>Nigeria, with a population of more than 200 million is seen as a potential market for many global brands, but forex woes, red tape and policy inconsistency discourages some investors.</p>



<p>Bottler Coca-Cola HBC in April said its operating profit would rise this year, supported by strong demand for its coffee, energy and sparkling drinks even as prices were hiked to keep up with high costs and currency devaluation in countries like Egypt and Nigeria.</p>



<p>(Reporting by Felix Onuah, writing by MacDonald Dzirutwe; Editing by Aurora Ellis)</p>


FILE PHOTO: A man walks past shelves of Coca-Cola bottles and cans at a Shoprite store inside Palms shopping mall in Lagos

Coca-Cola plans to invest $1 billion in Nigeria operations, 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/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q-820x547.jpg" alt="" class="wp-image-532541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Governor of the South African Reserve Bank, Lesetja Kganyago, gestures during an interview with Reuters in Centurion, South Africa April 3, 2024 REUTERS/James Oatway/File Photo</figcaption></figure>



<p>PRETORIA, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s central bank cut its main interest rate for the first time in more than four years&nbsp;on Thursday, as it said it saw inflation staying below the midpoint of its target range as far out as 2026.</p>



<p>The South African Reserve Bank (SARB) lowered the repo rate by 25 basis points to 8.00%, as predicted by economists polled by Reuters.</p>



<p>South Africa&#8217;s headline consumer inflation came in at 4.4% year-on-year in August, just below the 4.5% midpoint of the target range the central bank aims for.</p>



<p>The rate cut follows the U.S. Federal Reserve&#8217;s decision on Wednesday to begin lowering rates, and makes South Africa the latest emerging market to embark on an easing cycle after early movers in Latin America and central Europe.</p>



<p>Prior to Thursday&#8217;s cut, the SARB had kept the repo rate unchanged at seven policy meetings in a row. Before that it raised rates 10 times consecutively.</p>



<p>For much of the past three years annual inflation has been near the top of the central bank&#8217;s target band or above it, averaging 5.9% in 2023 and 6.9% in 2022.</p>



<p>But it dropped sharply in July and further in August.</p>



<p>The SARB said on Thursday that it thought progress bringing down inflation would be sustained, &#8220;with inflation contained below the 4.5% midpoint of our range through to the end of the forecast horizon, in 2026&#8221;.</p>



<p>On inflation expectations the bank noted they were slowly moving in the right direction, as shown in a recent quarterly survey.</p>



<p>&#8220;As long as headline inflation stabilises at lower levels, we anticipate further progress in re-anchoring expectations around the middle of our target range,&#8221; the SARB said in a statement.</p>



<p>Economic growth is expected to improve in the final two quarters of this year, bolstered by power utility Eskom suspending rolling power blackouts and higher consumer spending spurred by the government&#8217;s &#8220;two-pot&#8221; pension reform.</p>



<p>The rand currency has also benefited from confidence linked to the formation of a coalition government following May&#8217;s election, when the African National Congress party lost its majority in parliament.</p>



<p>(Reporting by Tannur Anders, Bhargav Acharya and Kopano Gumbi; Editing by Alexander Winning and Emelia Sithole-Matarise)</p>


E6VGTQJGT5PWVIY65GTH6X443Q

South Africa central bank joins easing club with 25 basis point rate cut


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1317" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/R5IFRXYGKRJAJJVUQVPJG5LLYI-scaled.jpg" alt="" class="wp-image-532488" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/R5IFRXYGKRJAJJVUQVPJG5LLYI-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/R5IFRXYGKRJAJJVUQVPJG5LLYI-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/R5IFRXYGKRJAJJVUQVPJG5LLYI-820x527.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/R5IFRXYGKRJAJJVUQVPJG5LLYI-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/R5IFRXYGKRJAJJVUQVPJG5LLYI-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/R5IFRXYGKRJAJJVUQVPJG5LLYI-1536x988.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A man cycles past a chimney giving off emissions in an industrial area of Singapore January 5, 2016. REUTERS/Tim Wimborne/File Photo</figcaption></figure>



<p>SINGAPORE, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;Singapore&#8217;s low carbon, state-backed investment firm GenZero will collaborate with Rwanda on projects to generate carbon credits to offset emissions, it said on Thursday.</p>



<p>Countries such as Australia and Britain have ruled out the use of offsets, which have been widely criticised, to meet their net zero targets, but Singapore is relying on them because the city state lacks the space to build large-scale renewable projects.</p>



<p>The deal, signed by GenZero, the Rwanda Green Fund and carbon certification body Gold Standard that pledges to ensure project integrity, falls under Article 6 of the Paris Agreement on climate change.</p>



<p>The clause sets out ways for countries to meet climate targets by investing in low-carbon projects in other nations, either through bilateral arrangements or a yet-to-be finalised U.N. trading scheme.</p>



<p>&#8220;We will review potential projects with the Rwandan Green Fund and the Rwanda Environment Management Authority over the coming months, to determine their eligibility and suitability to be included in the collaboration,&#8221; Frederick Teo, chief executive of GenZero, an arm of the state investment fund Temasek, said.</p>



<p>&#8220;Projects can be nature-based solutions such as nature restoration, or technology-based solutions such as improved waste management.&#8221;</p>



<p>Though Article 6 negotiations are ongoing, Singapore has signed memoranda of understanding with Laos and the Philippines as well as legally binding &#8220;implementation agreements&#8221; with Ghana and Papua New Guinea.</p>



<p>Negotiations have also been completed on pacts with Bhutan, Paraguay and Vietnam, Ravi Menon, Singapore&#8217;s Ambassador for Climate Action, told a conference last week.</p>



<p>Singapore firms can offset up to 5% of taxable carbon emissions by buying credits through Article 6 deals.</p>



<p>Article 6 will be a priority during COP29 climate talks in Azerbaijan in November after negotiations on a final text broke down in Dubai last year.</p>



<p>Parties have struggled to reach consensus on how a U.N.-run carbon market should operate and some worry that bilateral agreements could impact national sovereignty.</p>



<p>(Reporting by David Stanway; editing by Barbara Lewis)</p>


FILE PHOTO: A man cycles past a chimney giving off emissions in an industrial area of Singapore

Singapore’s GenZero to work with Rwanda on carbon offset projects


<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-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



<p>KAMPALA, Sept 19 (Reuters) &#8211; The Ugandan shilling was firmer on Thursday, underpinned by inflows of dollars from commodity exporters and remittances, traders said.</p>



<p>At 0853 GMT, commercial banks quoted the shilling at 3,709/3,719, compared with Wednesday&#8217;s closing rate of 3,715/3,725.</p>



<p>(Reporting by Elias Biryabarema; Editing by George Obulutsa)</p>


Ugandan shilling firms; commodity, remittance dollar flows help


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-scaled.jpg" alt="" class="wp-image-532434" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-1536x1071.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A vendor shows a ten Zimbabwe gold-backed (ZiG) note along a street in Harare, Zimbabwe, July 17, 2024. REUTERS/Philimon Bulawayo</figcaption></figure>



<p>HARARE, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;Five months after its launch, Zimbabwe&#8217;s new currency is under pressure as increased grain imports eat away at foreign reserves, putting at risk the government&#8217;s plan to make it the only currency in the market by 2026.</p>



<p>The gold-backed ZiG, which stands for Zimbabwe Gold, is the country&#8217;s sixth attempt at a stable currency in 15 years. It was introduced in April at a rate of 13.6 ZiG per U.S. dollar and has since lost almost 80% of its value on the black market.</p>



<p>Independent economist Prosper Chitambara said the devaluation pointed to a lack of confidence in the new currency, that locals have been reluctant to embrace.</p>



<p>Persistence Gwanyanya, a member of the Reserve Bank of Zimbabwe&#8217;s Monetary Policy Committee, told Reuters that although uptake had been slow, it was too soon to consider the new currency a failure.</p>



<p>Gwanyanya said the government could increase use of the ZiG by charging more taxes in the local currency. &#8220;Government more than any other should show preference for its own currency and there is need for urgent intervention by injecting more foreign currency on the market,&#8221; he said.</p>



<p>But market traders are not convinced.</p>



<p>&#8220;The ZiG has been getting weaker so it does not make business sense to transact with it. I do not have faith in the ZiG. We have been here before with the Zimdollar,&#8221; Maynard Maketo, a street hawker selling candy and recharge cards said.</p>



<p>According to Pricecheck, a website that tracks the exchange rate, the ZiG is trading between 20 ZiG and 26 ZiG to $1 on the black market and 13.9 ZiG to $1 on the official exchange.</p>



<p>Carol Munjoma, a trader in downtown Harare who sells groceries, transacts exclusively in U.S dollars.</p>



<p>&#8220;Where I buy these groceries, they do not accept ZiG. So to protect my business I charge in U.S dollars. The ZiG would have to be stable to be accepted here,&#8221; the mother of two said.</p>



<p>In July, central bank chief John Mushayavanhu told Reuters that authorities would stick to promises to build trust in the new currency, a sentiment echoed by Gwanyanya.</p>



<p>&#8220;It is too early to consider that this may be the death of the ZiG,&#8221; said Gwanyanya.</p>



<p>(Reporting by Nyasha Chingono; editing by Kopano Gumbi and Christina Fincher)</p>


A vendor shows a ten Zimbabwe gold-backed (ZiG) note along a street in Harare

Zimbabwe’s new currency faces headwinds five months on


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429.jpg" alt="" class="wp-image-519304" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, Sept 19 (Reuters) &#8211; Kenya&#8217;s shilling was unchanged against the U.S. dollar on Thursday, data from the London Stock Exchange Group showed.</p>



<p>At 0748 GMT, the shilling traded at 128.50/129.50 per dollar, the same as Wednesday&#8217;s closing rate.</p>



<p>(Reporting by George Obulutsa; Editing by Alexander Winning)</p>


LYEEWJTJKRPK3GJPCKWFP3EK7E

Kenyan shilling stable, LSEG data shows


<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>



<p>JOHANNESBURG, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained in early trade on Thursday after a super-sized interest rate cut by the U.S. Federal Reserve, and as local investors awaited a rate decision by the South African Reserve Bank (SARB) later in the day.</p>



<p>At 0735 GMT, the rand traded at 17.4650 against the dollar, about 0.4% stronger than its previous close.</p>



<p>The U.S. currency was down around 0.3% against a basket of peers.</p>



<p>The SARB is also widely expected to cut rates on Thursday in what would be its first easing step in more than four years.</p>



<p>Data showed on Wednesday that South Africa&#8217;s annual inflation rate fell to 4.4% last month, its lowest level since April 2021 and just below the mid-point of the SARB&#8217;s 3% to 6% target range.</p>



<p>Even before August&#8217;s inflation figures were released, economists polled by Reuters predicted the SARB&#8217;s repo rate would be lowered by 25 basis points (bps).</p>



<p>&#8220;Markets (are) expecting the central bank to cut by 25 bps. However, there are growing calls for a 50 bps cut after local inflation fell below the mid-point of the SARB&#8217;s target range and on the back of the larger Fed rate cut,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>The Fed cut interest rates by 50 bps on Wednesday, weakening the dollar and boosting the risk-sensitive rand, which hit a 14-month high after the announcement.</p>



<p>On the Johannesburg Stock Exchange, the Top-40 index was up about 1% in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was little changed in early deals, with the yield at 8.83%.</p>



<p>(Reporting by Tannur Anders; Editing by Alexander Winning and Barbara Lewis)</p>


South African Rand Rebound Snaps Streak of Weekly Losses

South African rand on front foot post-Fed, SARB decision up next


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcement, equity and currency market moves may affect South African markets on Thursday.</p>



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



<p>The South African Reserve Bank will announce its interest rate decision.</p>



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



<p>South African insurer Discovery will report its full-year results.</p>



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



<p>The South African rand firmed to a near 14-month high on Wednesday ahead of the U.S. Federal Reserve&#8217;s interest rate cut and after the local inflation rate fell more than expected.</p>



<p>On the stock market, the Top-40 index closed 0.44% lower.</p>



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



<p>The U.S. dollar bounced, long-dated bond yields were up and Asian stocks rose after the Federal Reserve announced a 50 basis point rate reduction and flagged that its easing cycle would be measured.</p>



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



<p>U.S. stocks closed with modest losses on Wednesday, well off their intraday highs, after the Federal Reserve cut interest rates by 50 basis points, the high side of estimates for its first cut in more than four years.</p>



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



<p>Gold prices held steady on Thursday after hitting a record high in the previous session, following the Federal Reserve&#8217;s super-sized interest rate cut.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; Reserve Bank has ‘ample space’ to cut rates</p>



<p>&#8211; Consumers get relief from a drop in blackouts but battle with rising prices</p>



<p>(Compiled by Tannur Anders; Editing by Sumana Nandy)</p>


South African Markets-Factors to watch on Sept 19


<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>



<p>NAIROBI, Sept 19 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.</p>



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



<p>The dollar bounced, long-dated bond yields were up and Asian stocks rose after the U.S. Federal Reserve announced a 50-basis-point rate cut and flagged that its easing cycle would be measured.</p>



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



<p>Oil prices fell in Asian trading on Thursday after a larger-than-expected Federal Reserve interest rate cut sparked concerns about the U.S. economy.</p>



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



<p>The South African rand firmed to a near 14-month high on Wednesday ahead of an expected U.S. Federal Reserve interest rate cut and after the local inflation rate fell more than expected.</p>



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



<p>The Kenyan shilling fell against the dollar on Wednesday, data from the London Stock Exchange Group showed.</p>



<h2 class="wp-block-heading" id="h-standard-bank-mauritius">STANDARD BANK MAURITIUS</h2>



<p>Standard Bank, Africa&#8217;s largest bank by assets said on Wednesday it will allow small to mid-sized businesses operating on the continent to do their banking with the lender in Mauritius.</p>



<h2 class="wp-block-heading" id="h-botswana-mining">BOTSWANA MINING</h2>



<p>Botswana has awarded Giyani Metals a 15-year mining licence, the company announced on Wednesday, paving the way for it to become the country&#8217;s first battery-grade manganese producer.</p>



<h2 class="wp-block-heading" id="h-ghana-economy">GHANA ECONOMY</h2>



<p>Ghana&#8217;s economy grew by 6.9% year-on-year in the second quarter of 2024, the fastest rate in five years, boosted by expansion in several key sectors, the country&#8217;s statistics agency said on Wednesday.</p>



<p>((Compiled by Nairobi Newsroom))</p>


African Markets – Factors to watch on Sept 19


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



<p>KAMPALA, Sept 18 (Reuters) &#8211; The Ugandan shilling was marginally weaker on Wednesday, undercut by some appetite for hard currency from the manufacturing and energy sector, traders said.</p>



<p>At 1040 GMT commercial banks quoted the shilling at 3,715/3,725, compared to Tuesday&#8217;s close of 3,712/3,722.</p>



<p>(Reporting by Elias Biryabarema; Editing by Hereward Holland)</p>


GettyImages-924883576-1

Ugandan shilling slightly weaker on importer demand


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2Y3MQNCNXRJJDAT2KV7WMS3SLE-820x547.jpg" alt="" class="wp-image-532087" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2Y3MQNCNXRJJDAT2KV7WMS3SLE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2Y3MQNCNXRJJDAT2KV7WMS3SLE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2Y3MQNCNXRJJDAT2KV7WMS3SLE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2Y3MQNCNXRJJDAT2KV7WMS3SLE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2Y3MQNCNXRJJDAT2KV7WMS3SLE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2Y3MQNCNXRJJDAT2KV7WMS3SLE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Street view of Adum market at nightfall in Kumasi, Ghana, July 22, 2019. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



<p>ACCRA, Sept 18 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s economy grew&nbsp;by&nbsp;6.9% year-on-year in the second quarter of 2024, the fastest rate in five years, boosted by expansion in several key sectors, the country&#8217;s statistics agency said on Wednesday.</p>



<p>The strong growth represents a significant recovery for the producer of gold, oil and cocoa which has been grappling with its worst economic crisis in a generation due to skyrocketing public debt.</p>



<p>&#8220;The 6.9% growth rate is highest since the second quarter of 2019 and it was driven largely by strong expansion in the extractive sector, just as we saw in the second quarter of 2019,&#8221; government statistician Samuel Kobina Annim said.</p>



<p>Ghana&#8217;s overall industry sector grew by 9.3%, driven by mining and quarrying, while the gold sector expanded for the third consecutive period, by 23.6% in the quarter. The services sector grew 5.8%, while agriculture rose 5.4%, Annim said.</p>



<p>The cocoa sector in the world&#8217;s second biggest producer, however, contracted for the fourth consecutive quarter by 26.2%, highlighting the impact of a steady decline in crop output due to disease and poor weather.</p>



<p>The economic rebound is another boost to the West African state as it restructures its debt. It has invited holders of roughly $13 billion of its international bonds to swap their holdings for new instruments after reaching a preliminary restructuring agreement with two bondholder groups.</p>



<p>Bondholders have until Sept. 30 to accept the offer though those who agree to do so before an early deadline on Sept. 20 will be eligible for a 1% consent fee.</p>



<p>(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian; Editing by Bate Felix and Keith Weir</p>


Street view of Adum market at nightfall in Kumasi, Ghana

Ghana’s economy surges 6.9% in Q2 2024, fastest in five years


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg" alt="" class="wp-image-516586" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-1536x976.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller handles U.S. dollar banknotes and Kenya shilling banknotes inside the cashier&#8217;s booth at a forex exchange bureau in downtown Nairobi, Kenya, February 16, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, Sept 18 (Reuters) &#8211; The Kenyan shilling fell against the dollar on Wednesday, data from the London Stock Exchange Group showed.</p>



<p>At 0747 GMT, the shilling traded at 129.05/125.25, compared with Tuesday&#8217;s closing rate of 128.50/129.50.</p>



<p>(Reporting by George Obulutsa; Editing by Bate Felix)</p>


Reuters

Ugandan shilling stronger as foreign-currency appetite drops

Kenyan shilling stable as dollar supply matches importer demand

South African rand cools after strong gains in data-filled week

South African Markets – Factors to watch on Sept 20

African Markets – Factors to watch on Sept 20

Coca-Cola plans to invest $1 billion in Nigeria operations, presidency says

South Africa central bank joins easing club with 25 basis point rate cut

Singapore’s GenZero to work with Rwanda on carbon offset projects

Ugandan shilling firms; commodity, remittance dollar flows help

Zimbabwe’s new currency faces headwinds five months on

Kenyan shilling stable, LSEG data shows

South African rand on front foot post-Fed, SARB decision up next

South African Markets-Factors to watch on Sept 19

African Markets – Factors to watch on Sept 19

Ugandan shilling slightly weaker on importer demand

Ghana’s economy surges 6.9% in Q2 2024, fastest in five years

Kenya’s shilling eases versus dollar – LSEG data

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Reuters

Ugandan shilling stronger as foreign-currency appetite drops

Kenyan shilling stable as dollar supply matches importer demand

South African rand cools after strong gains in data-filled week

South African Markets – Factors to watch on Sept 20

African Markets – Factors to watch on Sept 20

Coca-Cola plans to invest $1 billion in Nigeria operations, presidency says

South Africa central bank joins easing club with 25 basis point rate cut

Singapore’s GenZero to work with Rwanda on carbon offset projects

Ugandan shilling firms; commodity, remittance dollar flows help

Zimbabwe’s new currency faces headwinds five months on

Kenyan shilling stable, LSEG data shows

South African rand on front foot post-Fed, SARB decision up next

South African Markets-Factors to watch on Sept 19

African Markets – Factors to watch on Sept 19

Ugandan shilling slightly weaker on importer demand

Ghana’s economy surges 6.9% in Q2 2024, fastest in five years

Kenya’s shilling eases versus dollar – LSEG data

News Tips

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