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



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



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



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



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



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



($1 = 18.1368 rand)



(Reporting by Nelson Banya, Editing by Louise Heavens)

download-49

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

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



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



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



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



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



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



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



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



(Reporting by Nqobile Dludla, Editing by Louise Heavens)

BMQRSYHVQ5KPZEVUFBZAFEVTYQ (1)

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

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



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



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



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



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



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



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



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



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



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



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



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



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

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

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



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



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



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



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



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



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



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



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



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



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



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



DECISION



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



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



(Compiled by Alexander Winning)

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South African central bank governor’s comments on rate decision

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



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



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



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



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



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



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



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



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



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

rand2 (1)

South African rand weakens as interest rate held steady as expected

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



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



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



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



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



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



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



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



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

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

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



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



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



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



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



(Reporting by Nelson Banya; Editing by Alex Richardson)

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

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

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



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



The announcement was made during a cabinet meeting on Friday.



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



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



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



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



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



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



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



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



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

AAGIZ6UVINNGHDGICOCSUFSH2U

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

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



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



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



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



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



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



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

1-952daa05

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

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



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



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



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



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



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



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



The bank subsequently settled the Mozambique case out of court.



($1 = 0.8774 Swiss francs)



(Reporting by Ariane Luthi. Editing by Mark Potter)

TRHNNI2YLFOJPALOZ2PBBVSKJ4

Switzerland fines former Credit Suisse executive over Mozambique case

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



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



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



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



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



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



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



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



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



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



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



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



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



($1 = 596.7500 CFA francs)



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

IY46OUZRCVPDBKKHN5YXHO5L3Q

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

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/LICCCZ2WGFMAHKMAXFS2TADMXM.avif" alt="" class="wp-image-599355"/><figcaption class="wp-element-caption">A man walks along a street in the Rwanda&#8217;s capital Kigali, May 11, 2016. REUTERS/Ed Cropley/File Photo</figcaption></figure>



KIGALI, March 19 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s economy grew 8.9% in 2024 compared&nbsp;with 8.2%the previous year, the country&#8217;s&nbsp;statistics office said&nbsp;on Wednesday,&nbsp;driven by good harvests, and a robust performance in the industrial and service sectors.



The economy expanded 8% in the fourth quarter of the year, said Ivan Murenzi, director general of the National Institute of Statistics of Rwanda.



Last year the agricultural sector grew 5%, while industry and services each grew 10%, Murenzi told a news conference.



Rwanda&#8217;s central bank kept its key interest rate unchanged at 6.5% RWREPO=ECI in February for the second monetary policy meeting in a row, saying that despite a recent pickup in inflation it expected it to remain within its target band.



(Reporting by Philbert Girinema; Writing by Hereward Holland; Editing by Bate Felix)

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Rwanda’s economy grew 8.9% in 2024, stats office says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="522" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KZ4R5MANMJIQPBC4GDTYRR7RTA-820x522.jpg" alt="" class="wp-image-550420" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KZ4R5MANMJIQPBC4GDTYRR7RTA-820x522.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KZ4R5MANMJIQPBC4GDTYRR7RTA-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KZ4R5MANMJIQPBC4GDTYRR7RTA-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KZ4R5MANMJIQPBC4GDTYRR7RTA-768x489.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KZ4R5MANMJIQPBC4GDTYRR7RTA-1536x977.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/KZ4R5MANMJIQPBC4GDTYRR7RTA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A teller is seen at a Pick n Pay store at Maponya mall in Soweto, South Africa, October 20, 2022. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



JOHANNESBURG, March 19 (Reuters) &#8211; South Africa&#8217;s inflation rate was steady at 3.2% year on year in February, the statistics agency said on Wednesday, a day before the central bank is expected to pause its rate-cutting cycle.



Economists had forecast annual inflation would pick up slightly to 3.3%, still well below 4.5% &#8211; the level the South African Reserve Bank aims for&nbsp;at the middle of its target range.



Analysts polled by Reuters think a rate pause is likely given risks emanating from U.S. President Donald Trump&#8217;s tariff war and a deadlock in the ruling coalition over the national budget.



But Wednesday&#8217;s lower-than-expected reading means some see the central bank delivering another cut.



&#8220;While the decision will be close, we expect policymakers to proceed with another 25-bp (basis point) cut to the repo rate,&#8221; David Omojomolo, Africa economist at Capital Economics, said.



Shaun Murison, senior market analyst at IG, said he thought the central bank would be reluctant to cut rates again on Thursday given the Federal Reserve is expected to keep rates unchanged on Wednesday.



&#8220;Doing so could introduce additional inflation risks and erode the interest rate differential that helps attract foreign capital,&#8221; he said.



In a Reuters poll published on March 14, 16 out of 22 economists thought the central bank would keep its repo rate at 7.50%, while six predicted a 25-bp reduction.



(Reporting by Bhargav Acharya and Sfundo Parakozov; Editing by Alexander Winning and Andrew Heavens)

A teller is seen at a Pick n Pay store

South Africa inflation steady, central bank seen holding rates

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/FR6EK3XJLBJTTH6TF2BLTMSD44-1.avif" alt="" class="wp-image-599216"/><figcaption class="wp-element-caption">Democratic Republic of the Congo&#8217;s President Felix Tshisekedi attends a meeting with U.S. President Joe Biden, at a Carrinho facility, near Lobito, Angola, December 4, 2024. REUTERS/Elizabeth Frantz/File Photo</figcaption></figure>



DOHA, (Reuters) &#8211; Democratic Republic of Congo President Felix Tshisekedi and his Rwandan counterpart Paul Kagame called for a ceasefire in eastern Congo on Tuesday during their first meeting since M23 rebels stepped up an offensive there in January.



A joint statement issued along with Qatar, whose emir mediated the sit-down in Doha, said the ceasefire should be &#8220;immediate and unconditional&#8221;.



But it was unclear whether that would stop the M23 insurgents who now control more territory than ever before in eastern Congo, including the region&#8217;s two biggest cities.



Congo accuses Rwanda of sending arms and Rwandan troops to support the rebels, whose offensive has plunged eastern Congo into its worst conflict in decades.



Rwanda has said its forces are acting in self-defence against Congo&#8217;s army and militias hostile to Kigali.



Neighbouring countries have been working to broker a ceasefire but an attempt to bring Congo&#8217;s government and M23 leaders together at a meeting in Angola on Tuesday failed when M23 pulled out on Monday afternoon.



At Tuesday&#8217;s meeting in Qatar, Tshisekedi and Kagame &#8220;agreed on the need to continue the discussions initiated in Doha in order to establish solid foundations for lasting peace,&#8221; the joint statement said.



A diplomat briefed on the talks said the meeting was &#8220;informal&#8221; and &#8220;not meant to replace any existing efforts.&#8221;



The conflict in east Congo is rooted in the fallout from Rwanda&#8217;s 1994 genocide and competition for mineral riches. It has spiralled since January, with thousands of people killed and hundreds of thousands forced from their homes.



The Gulf Arab state of Qatar has acted as a mediator in a number of conflicts, most recently working with Egypt and the U.S. to negotiate a ceasefire between Israel and Hamas in Gaza, which broke down earlier on Tuesday.



Qatar&#8217;s close ties with Rwanda mean Kagame would have had a hard time refusing an invitation to Tuesday&#8217;s meeting, something Tshisekedi would have also recognised, said Congolese analyst Bob Kabamba of the University of Liege in Belgium.



&#8220;Developments on the ground are making things difficult for Felix Tshisekedi. He needs to find a solution,&#8221; he said.



(Reporting by Andrew Mills and Aaron Ross; Additional reporting by Sonia Rolley; Writing by Robbie Corey-Boulet; Editing by Gareth Jones, Sharon Singleton and Daniel Wallis)

FR6EK3XJLBJTTH6TF2BLTMSD44

Congo and Rwanda presidents call for east Congo ceasefire during Qatar sit-down

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="960" height="640" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/FR6EK3XJLBJTTH6TF2BLTMSD44.avif" alt="" class="wp-image-599213"/><figcaption class="wp-element-caption">Democratic Republic of the Congo&#8217;s President Felix Tshisekedi attends a meeting with U.S. President Joe Biden, at a Carrinho facility, near Lobito, Angola, December 4, 2024. REUTERS/Elizabeth Frantz/File Photo</figcaption></figure>



DOHA, March 18 (Reuters) &#8211; Democratic Republic of Congo President Felix Tshisekedi and his Rwandan counterpart Paul Kagame called for a ceasefire in eastern Congo on Tuesday during their first meeting since M23 rebels stepped up an offensive there in January.



A joint statement issued along with Qatar, whose emir mediated the sit-down in Doha, said the ceasefire should be &#8220;immediate and unconditional&#8221;.



But it was unclear whether that would stop the M23 insurgents who now control more territory than ever before in eastern Congo, including the region&#8217;s two biggest cities.



Congo accuses Rwanda of sending arms and Rwandan troops to support the rebels, whose offensive has plunged eastern Congo into its worst conflict in decades.



Rwanda has said its forces are acting in self-defence against Congo&#8217;s army and militias hostile to Kigali.



Neighbouring countries have been working to broker a ceasefire but an attempt to bring Congo&#8217;s government and M23 leaders together at a meeting in Angola on Tuesday failed when M23 pulled out on Monday afternoon.



At Tuesday&#8217;s meeting in Qatar, Tshisekedi and Kagame &#8220;agreed on the need to continue the discussions initiated in Doha in order to establish solid foundations for lasting peace,&#8221; the joint statement said.



A diplomat briefed on the talks said the meeting was &#8220;informal&#8221; and &#8220;not meant to replace any existing efforts.&#8221;



The conflict in east Congo is rooted in the fallout from Rwanda&#8217;s 1994 genocide and competition for mineral riches. It has spiralled since January, with thousands of people killed and hundreds of thousands forced from their homes.



The Gulf Arab state of Qatar has acted as a mediator in a number of conflicts, most recently working with Egypt and the U.S. to negotiate a ceasefire between Israel and Hamas in Gaza, which broke down earlier on Tuesday.



Qatar&#8217;s close ties with Rwanda mean Kagame would have had a hard time refusing an invitation to Tuesday&#8217;s meeting, something Tshisekedi would have also recognised, said Congolese analyst Bob Kabamba of the University of Liege in Belgium.



&#8220;Developments on the ground are making things difficult for Felix Tshisekedi. He needs to find a solution,&#8221; he said.



(Reporting by Andrew Mills and Aaron Ross; Additional reporting by Sonia Rolley; Writing by Robbie Corey-Boulet; Editing by Gareth Jones, Sharon Singleton and Daniel Wallis)

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3347" height="2431" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/HS3BK3GUSZPOFDDR27NKM35YCQ.avif" alt="" class="wp-image-599180"/><figcaption class="wp-element-caption">Nigeria&#8217;s President Bola Ahmed Tinubu attends John Dramani Mahama&#8217;s swearing-in ceremony for his second term as Ghana&#8217;s president, in Accra, Ghana January 7, 2025. REUTERS/Francis Kokoroko/File Photo </figcaption></figure>



ABUJA, (Reuters) &#8211; Nigerian President Bola Tinubu declared a state of emergency on Tuesday in oil-producing Rivers State and suspended the state governor, his deputy and all lawmakers.



Tinubu, in a television broadcast, said he had received security reports in the last two days of &#8220;disturbing incidents of vandalization of pipelines by some militants without the governor taking any action to curtail them.&#8221;



&#8220;With all these and many more, no good and responsible president will standby and allow the grave situation to continue without taking remedial steps prescribed by the constitution to address the situation in the state,&#8221; added Tinubu.



Police said earlier they were investigating the cause of a blast in Rivers state that resulted in a fire on Nigeria&#8217;s Trans Niger Pipeline, a major oil artery transporting crude from onshore oilfields to the Bonny export terminal.



Rivers, in the Niger Delta, is a major source of crude oil and militants have in the past blown up pipelines, hampering production and exports.



The state has been embroiled in a political crisis pitting factions of the opposition People&#8217;s Democratic Party (PDP) against each other. The state lawmakers had also threatened to impeach the governor and his deputy.



Tinubu&#8217;s state of emergency enables the federal government to make regulations to run the state and also allow authorities to easily deploy security forces to bring order if needed.



Tinubu nominated a retired vice admiral as caretaker to run the affairs of Rivers State for an initial six months.



The president said he had sent a copy of his proclamation to the National Assembly, which can endorse or reject his decision.



&#8220;For the avoidance of doubt, this declaration does not affect the judicial arm of Rivers State, which shall continue to function in accordance with their constitutional mandate,&#8221; said Tinubu.



(Reporting by Camillus Eboh, writing by MacDonald Dzirutwe; Editing by Gareth Jones and Sandra Maler)

HS3BK3GUSZPOFDDR27NKM35YCQ

Nigeria declares state of emergency in Rivers State over pipeline vandalism

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="574" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/HE5WQ3UBCBN4FI2O2PXQLCGD6Q.avif" alt="" class="wp-image-598920"/><figcaption class="wp-element-caption">Shoppers stand at a Pick n Pay store at the Dobson Point Shopping Centre, in Soweto, South Africa, March 19, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, March 18 (Reuters) &#8211; South Africa&#8217;s Pick n Pay will broaden a rewards programme partnership with First National Bank (FNB) as part of an effort to tap the bank&#8217;s customer base and win back shoppers, the grocery retailer said.



Pick n Pay has ceded market share to larger rivals including Shoprite&nbsp;SHPJ.J&nbsp;over the past decade but is aiming to end years of poor performance&nbsp;following the appointment of&nbsp;chief executive Sean Summers in late 2023.



In the face of declining sales, the company rolled out several initiatives from mid-2022, including store revamps, the closure of unprofitable locations and&nbsp;new customer loyalty strategies.



&#8220;All of the things that we are doing &#8230; it&#8217;s what&#8217;s getting customers back into our stores, and we can already see it&#8217;s starting to turn,&#8221; Summers said at an event announcing the expanded partnership late on Monday.



Pick n Pay initially launched a version of the loyalty programme with FNB &#8211; the retail arm of FirstRand, South Africa&#8217;s second largest bank by assets &#8211; in November. But at the time it was only available to high-income clients.



Under the expanded programme, all FNB customers who shop at the grocer either in-store or online will be eligible to get back up to 30% of what they spend in the form of FNB&#8217;s eBucks loyalty points from April 1.&nbsp;Those points can be converted to cash.



FNB executives said the bank had already seen a rise in spending at Pick n Pay by those clients eligible for the programme since November.



FNB customers who had previously purchased less than a fifth of their groceries at Pick n Pay accounted for some 90% of that increase, said Pieter Woodhatch, CEO of FNB&#8217;s eBucks division, with many now making it their primary grocer.



The programme has also driven a 98% increase in online shopping among FNB&#8217;s eligible customers since November while spending on clothing has also risen, FNB executives added.



(Reporting by Nqobile Dludla; Editing by Joe Bavier)

Reuters

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Rwanda’s economy grew 8.9% in 2024, stats office says

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Congo and Rwanda presidents call for east Congo ceasefire during Qatar sit-down

Congo and Rwanda presidents call for east Congo ceasefire during Qatar sit-down

Nigeria declares state of emergency in Rivers State over pipeline vandalism

South Africa’s Pick n Pay targets FNB customers with expanded loyalty programme

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Advertise With Us

Reuters

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

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

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

South African central bank governor’s comments on rate decision

South African rand weakens as interest rate held steady as expected

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

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

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

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

Switzerland fines former Credit Suisse executive over Mozambique case

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

Rwanda’s economy grew 8.9% in 2024, stats office says

South Africa inflation steady, central bank seen holding rates

Congo and Rwanda presidents call for east Congo ceasefire during Qatar sit-down

Congo and Rwanda presidents call for east Congo ceasefire during Qatar sit-down

Nigeria declares state of emergency in Rivers State over pipeline vandalism

South Africa’s Pick n Pay targets FNB customers with expanded loyalty programme

News Tips

Advertise With Us

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