<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-820x547.jpg" alt="" class="wp-image-559648" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Bank of Uganda, Uganda&#8217;s central bank, in Kampala, Uganda, on Wednesday, May 17, 2023. Uganda estimates that it will need $28.1 billion to adapt to the effects of climate change and cut emissions until the end of the decade. Photographer: Katumba Badru Sultan/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Jan 6 (Reuters)&nbsp;&#8211;&nbsp;The Bank of Uganda (BoU) said on Monday it would change&nbsp;the release of its&nbsp;benchmark policy rate from every two months to quarterly, starting this year.



Interest rate meetings by the central bank&#8217;s Monetary Policy Committee (MPC) will now be conducted in February, May, August, and November, the bank said in a statement.



&#8220;This change allows the MPC to conduct more comprehensive economic analysis, leveraging additional data to enhance forecasting accuracy and build upon its established track record of effective policy decisions,&#8221;&nbsp;the&nbsp;BoU said.



At its last meeting in December, the bank left the benchmark rate unchanged at 9.75%, saying risks to the inflation outlook were balanced.



(Reporting by Elias Biryabarema, Editing by Bhargav Acharya and Kevin Liffey)

Katumba Badru Sultan/Bloomberg

Uganda’s central bank changes policy rate meetings to quarterly

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3038" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LGH7TDQ2DNN3FKFRGO2SVYRP34.avif" alt="" class="wp-image-572751"/><figcaption class="wp-element-caption">A view shows the Nairobi Expressway undertaken by the China Road and Bridge Corporation (CRBC) on a public-private partnership (PPP) basis, in Nairobi, Kenya May 8, 2022. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Jan 6 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector activity expanded very slightly in December, with growth slowing a little from a month earlier but remaining supported by increased customer sales, a survey showed on Monday.



The Stanbic Bank Kenya Purchasing Managers&#8217; Index (PMI) dipped to 50.6 in December from 50.9 a month earlier. Readings above 50.0 signal an expansion in activity.



&#8220;Positively, this is the first quarter of expansion in output since (the fourth quarter of 2021), suggesting that the private sector is showing signs of turning around with new orders and employment also in expansionary territory,&#8221; said Christopher Legilisho, an economist at Stanbic Bank.



The economy is estimated to have grown 5.2% in 2024 and projected to expand 5.4% in 2025, the finance ministry says. The economy grew 5.6% in 2023.



(Reporting by George Obulutsa; Editing by Hugh Lawson)

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Kenya private sector activity expands at slower pace in December, PMI shows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="2986" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/FFF7V4LQRJNTLLSYNGSJLO2CEU.avif" alt="" class="wp-image-572748"/><figcaption class="wp-element-caption">An employee sorts out clothing at a retail store in Sandton, near Johannesburg, South Africa, October 15, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Jan 6 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s private sector activity contracted in December for the first time since August, as muted demand and rising inflationary pressures weighed on growth, a survey showed on Monday.



The S&amp;P Global South Africa Purchasing Managers&#8217; Index (PMI) fell to 49.9 in December from 50.9 in November, slipping below the 50.0 threshold that separates growth from contraction.



New orders stalled, ending a four-month growth streak, as subdued market conditions and a further decline in export business dampened sales.



&#8220;December&#8217;s PMI data suggest that the South African economy may have lost a little bit of steam at the end of 2024,&#8221; said David Owen, senior economist at S&amp;P Global Market Intelligence.



He highlighted a &#8220;more muted demand environment&#8221; and &#8220;accelerated cost pressures&#8221; as key challenges.



Inflationary pressures intensified, with input costs rising at the fastest rate in four months, driven by higher wages and increased material and transport prices. However, the rate of inflation remained below long-term trends.



Despite the downturn, supply chain pressures eased, encouraging firms to increase input purchases for the third consecutive month.



Employment remained stable, following a slight increase in November, while output and sales contracted across most sectors, particularly in construction. The services sector, however, showed a slight uptick in new work.



Overall, the PMI&#8217;s fourth quarter average of 50.5 was the strongest since third quarter in 2022, providing some optimism for gross domestic product growth recovery after a contraction last quarter.



(Reporting by Johannesburg bureau; Editing by Hugh Lawson)

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South African business activity slips into contraction in December, PMI shows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2588" height="1697" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GIP2AWDTGVOW3LFUFHTPXIMOFQ.avif" alt="" class="wp-image-572733"/><figcaption class="wp-element-caption">A reflection from the windows show Kenya Airways planes parked at terminal within the Jomo Kenyatta International Airport near Nairobi, Kenya March 7, 2023. REUTERS/Thomas Mukoya/File photo</figcaption></figure>



NAIROBI, Jan 6 (Reuters) &#8211; Nairobi Securities Exchange has lifted a suspension on trading shares of national carrier Kenya Airways, the bourse said on Monday.



&#8220;The suspension on the trading of Kenya Airways PLC shares was lifted following the company’s recent performance which saw the company record a profit after tax and the withdrawal of the



National Aviation Management Bill 2020,&#8221; the bourse said in a statement.



Kenya Airways&#8217; shares were suspended from trading in 2020, when at the time the government had announced plans to renationalise the airline. The plan did not take off.



One of Africa&#8217;s three biggest carriers, Kenya Airways slid into insolvency in 2018 after an expansion drive left it with hundreds of millions of dollars in debt.



On its last day of trade on March 2, 2020, the stock closed at 3.83 shillings a share.



It posted an operating profit of 10.53 billion shillings ($80.38 million) in 2023, the first since 2017.



(Reporting by George Obulutsa; Editing by Tom Hogue and Kim Coghill)

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Nairobi Securities Exchange allows Kenya Airways shares to trade again

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/HN5HXC2VO5KTJGF2LIADJSUSWE.avif" alt="" class="wp-image-572708"/><figcaption class="wp-element-caption">Foreign Minister of the People&#8217;s Republic of China Wang Yi addresses the &#8220;Summit of the Future&#8221; in the General Assembly hall at United Nations headquarters in New York City, U.S., September 23, 2024. REUTERS/David Dee Delgado/File Photo</figcaption></figure>



BEIJING, Jan 6 (Reuters)&nbsp;&#8211;&nbsp;China&#8217;s top diplomat began his annual New Year tour of Africa on Sunday, maintaining a 35-year-long tradition, to quietly advance Beijing&#8217;s already sizeable influence across the resource-rich continent as Europe&#8217;s presence wanes and America&#8217;s wavers.



While global capitals and investors brace for the return of U.S. President-elect Donald Trump to the White House, and wars in Ukraine and the Middle East and domestic politics keep German and French ministers occupied, Foreign Minister Wang Yi being in Namibia, the Republic of Congo, Chad and Nigeria highlights the consistency of China&#8217;s engagement with Africa, analysts say.



Wang&#8217;s visit through to Saturday also comes as the world&#8217;s No.2 economy ramps up its financial support for the debt-laden continent and looks to strike more critical minerals deals and find markets to absorb its exports.



&#8220;The decision on which countries to go to each year rarely follows any external logic,&#8221; said Eric Orlander, co-founder of the China-Global South Project. &#8220;(But) it resonates in Africa as a reminder of China&#8217;s consistent commitment to the continent, in contrast to the approaches of the U.S., United Kingdom and European Union.&#8221;



Mao Ning, Chinese foreign ministry spokesperson, announced the visit at a news conference on Friday, saying it aimed to deepen practical cooperation across the board for sustained and substantive growth of China-Africa relations.



As China&#8217;s economy slows, Africa offers a much-needed avenue for its state-owned infrastructure firms struggling for projects as indebted local governments hold off on spending, and a market for its electric vehicles and solar panels, areas where the U.S. and EU say it has over-capacity.



Africa&#8217;s 50-plus votes at the United Nations could also help advance Beijing&#8217;s efforts to reshape multilateral institutions and reinterpret global norms so that they are more in line with its interests, particularly on issues such as human rights.



While current U.S. President Joe Biden&#8217;s December trip to Angola was his only visit to sub-Saharan Africa in his presidency, China puts Africa at the front of its diplomatic calendar.



&#8220;China has become central to Africa&#8217;s policy, as an actor and an inspiration,&#8221; said Hannah Ryder, founder of Development Reimagined, an African-owned consultancy, referring to how candidates vying to chair the African Union Commission have talked up Beijing&#8217;s ability to improve Africa&#8217;s manufacturing capabilities and China&#8217;s track record in mass education ahead of February&#8217;s election. The commission is the secretariat of the 55-nation African Union.



<h2 class="wp-block-heading" id="h-security-issues">SECURITY ISSUES</h2>



Wang&#8217;s decision to visit the Republic of Congo, which this year takes over as co-chair of the Forum on China-Africa Cooperation(FOCAC) that sets the agenda for China-Africa relations, also points to China&#8217;s commitment to implementing the outcomes of last year&#8217;s summit, Ryder said, where China pledged $51 billion in fresh financial assistance.



Beijing is also beginning to make its presence felt on pressing regional security issues, analysts say, which partly explains why Wang will travel to Chad.



France last month began the withdrawal of its military from the Central African country, after its government unexpectedly ended a defence cooperation pact that had made it a key Western ally in the fight against Islamic militants in the region.



&#8220;China has been a reliable and stable partner for the new military juntas in the Sahel and West Africa,&#8221; Orland said.



&#8220;For the French and U.S., who see a dilution of Western power in the region, China&#8217;s presence is seen as &#8216;controversial,&#8217; but it&#8217;s a very different view from African perspectives.&#8221;



(Reporting by Joe Cash; Editing by Raju Gopalakrishnan)

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China’s top diplomat heads to Africa as West’s attention dwindles

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/I7GSHMVDBNLKVBLVYGRHKIEEVI.avif" alt="" class="wp-image-571674"/><figcaption class="wp-element-caption">Nigerian President Bola Tinubu looks on as he meets with South African President Cyril Ramaphosa on the day of the 11th Bi-National Commission between the two countries at Tuynhuys, in Cape Town, South Africa, December 3, 2024.REUTERS/Esa Alexander/File Photo</figcaption></figure>



LAGOS, (Reuters) &#8211; Nigeria will establish a national credit guarantee company in May to lend to businesses and individuals, President Bola Tinubu said in an speech on Wednesday.



Tinubu, who took office in May 2023, campaigned on economic reforms including expanding credit access to boost economic growth.



&#8220;To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.



Tinubu said the company would partner with government institutions such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, as well as the private sector and multilateral institutions.



&#8220;This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people,&#8221; Tinubu said.



Eight months ago, Tinubu launched the Nigerian Consumer Credit Corporation, to enhance access to credit to employed Nigerians.



The implementation of the programme was planned in stages, beginning with Federal civil service employees and now the general public.



(Reporting by Isaac Anyaogu; Editing by Kirsten Donovan)

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Nigeria to expand credit access to citizens

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/JKSKPU3LJRIWNCOF4JQUE5QPHE.avif" alt="" class="wp-image-571113"/><figcaption class="wp-element-caption">Labourers harvest cocoa pods at a farm in Assin Foso, Ghana, November 21, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



SINGAPORE, Dec 31 (Reuters)&nbsp;&#8211;&nbsp;Cocoa and coffee are poised to close 2024 as the biggest gainers among commodities for a second year on a global supply deficit, while steel-making coal will end as the worst performer, hit by slow growth in China.



Looking ahead, global trade tensions are likely to dominate the commodities landscape in 2025 as Donald Trump returns to the White House threatening hefty tariffs, analysts said.



A strong dollar and gold&#8217;s appeal as a safe haven for investors are likely to support precious metals prices, while ample supply could depress oil for a third year, they added.



In bad news for chocolate lovers, cocoa nearly tripled in price over 2024, far outpacing gains in other commodities. It hit a record high of $12,931 a metric ton in New York earlier this month on forecasts of lower supply for a fourth successive season in West Africa following dry weather.



&#8220;The softs sector, led by cocoa and coffee, has been the main winner amid adverse weather in key growing regions, highlighting the risk to prices when products like these are produced and sourced from relatively small geographical areas,&#8221; said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.



Top cocoa producers Ivory Coast and Ghana have suffered crop losses due to adverse weather, bean disease, smuggling and reduced plantations in favour of illegal gold mining.



Dryness has strained coffee supplies as well. ICE Arabica coffee prices soared to their highest in more than 40 years amid fears that severe drought earlier this year damaged the upcoming crop in top producer Brazil.



<h2 class="wp-block-heading" id="h-china-growth-worries-hit-oil-iron-ore">CHINA GROWTH WORRIES HIT OIL, IRON ORE</h2>



Crude oil and bulk metals faced headwinds in 2024 as China, the world&#8217;s second-biggest economy and top commodities buyer, struggled mainly due to a property crisis.



Brent and West Texas Intermediate crude could post a third consecutive annual decline in 2025 as supply outstrips a rebound in demand growth, analysts said, although Trump&#8217;s policies on major producers Russia and Iran could curb supply.



Spare capacity in the Organization of the Petroleum Exporting Countries (OPEC) reached an unprecedented 5 million barrels per day (bpd), analysts estimated, with the group having extended production cuts to March.



&#8220;The bleak inventory path next year suggests that OPEC+ will be challenged to bring back barrels into the market,&#8221; Harry Tchilinguirian, head of research at Onyx Capital Group, said in a note.



Iron ore prices in China recouped some losses in recent months but are still headed for a 15% decline in 2024. Prices could fall again next year as iron ore supply grows and Chinese steel demand falls, analysts said, despite Beijing&#8217;s stimulus measures.



&#8220;We expect the increase in iron ore supply from major miners will be higher than that in 2024, but steel output in China will likely slide,&#8221; Pei Hao, senior analyst at brokerage Freight Investor Services, said, forecasting an average price of $100 a ton in 2025, down from an average of $110 in 2024.



Gold and silver rose more than 25% in 2024 and could climb further in the year ahead depending on the U.S. Federal Reserve&#8217;s interest rate cuts and Trump&#8217;s tariff, tax and foreign policies, analysts said.



&#8220;Gold is the standout for us in 2025,&#8221; ING&#8217;s head of commodity research Warren Patterson said, adding that strong gold purchases by central banks will support demand.



Copper and aluminium prices are set to end 2024 higher, driven by tight supplies, the energy transition and hopes that China&#8217;s stimulus measures will boost demand.



<h2 class="wp-block-heading" id="h-palm-oil-rubber-and-grains">PALM OIL, RUBBER AND GRAINS</h2>



For agricultural products, Malaysian palm oil futures&nbsp;FCPOc3&nbsp;jumped around 20% in 2024, snapping two consecutive years of losses, lifted by Indonesia&#8217;s biodiesel mandate and adverse weather in Indonesia and Malaysia.



Crop-threatening weather also drove a 42% gain in Tokyo rubber futures&nbsp;JRUc6.



In contrast, soybeans Sv1, corn Cv1 and wheat Wv1 were in plentiful supply, all on track for losses in 2024. However, wheat prices could find some support in 2025 as warmer weather in Russia, the biggest exporter, threatens to reduce output.



Top soybean exporter Brazil is poised to deliver record supplies in 2025, positioning it to meet a rise in Chinese demand if a Washington-Beijing trade war erupts.



(Reporting by Naveen Thukral, Florence Tan and Gabrielle Ng in Singapore; Additional reporting by Amy Lv in Beijing, Violet Li in Shanghai, Ashitha Shivaprasad and Sherin Elizabeth Varghese in Bengaluru and Ashley Tang in Kuala Lumpur; Editing by Sonali Paul)

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Cocoa tops global commodities rally for 2nd year, steel ingredients struggle on China 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/2024/12/GettyImages-2186808593-820x547.jpg" alt="" class="wp-image-569805" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2186808593-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2186808593-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2186808593-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2186808593-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2186808593-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2186808593-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Military police patrol the streets following protests in Maputo, Mozambique, on Thursday, Nov. 28, 2024. The continued disruption following election results disputes is hitting the already strained state finances with annual inflation in Mozambique edged up to 2.7% in October. Photographer: Kang-Chun Cheng/Bloomberg via Getty Images</figcaption></figure>



CAPE TOWN, Dec 26 (Reuters) &#8211; South African petrochemical company Sasol has reduced natural gas production at its central processing facility in Temane, Mozambique, to ensure the safety of its staff and assets amid widespread post-election unrest, its spokesperson said.



South Africa receives the bulk of its gas imports via the Rompco pipeline that links onshore gas fields in Mozambique to Sasol&#8217;s Secunda industrial complex in Mpumalanga province, before being piped onwards to clients in Gauteng and KwaZulu-Natal regions.



&#8220;We have informed various gas users and our customers that we are not able to supply gas at full production rates to maintain stability of the gas value chain infrastructure and pipeline network,&#8221; Alex Anderson, a Sasol spokesperson said late on Wednesday.



Mozambique has been wracked by unrest following a disputed election in October that saw ruling party candidate Daniel Chapo elected as president.



The unrest has already affected the operations of foreign companies including the Australian mining firm South32 and led to the temporary closure of the main border crossing with neighbouring South Africa.



Civil unrest escalated when the Constitutional Council on Monday confirmed long-ruling party Frelimo&#8217;s victory.



On Tuesday, at least 21 people were killed in the unrest which on Wednesday spread to some prisons and saw 33 people killed.



Western observers said the election was not free and fair, saying there were irregularities in the tabulation process and a lack of transparency in the election period.



&#8220;The situation around the central processing facility is calm and there has been no security or perimeter breach,&#8221; Anderson said, adding that the safety of staff, service providers and communities was their main priority.



(Reporting by Wendell Roelf; Editing by Olivia Kumwenda-Mtambo, Alexandra Hudson)

Mozambique Sees Renewed Election Unrest Raising Inflationary Risks

Sasol reduces gas output at Mozambique plant due to unrest

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/DANGOTE-REFINERY.avif" alt="" class="wp-image-568268"/><figcaption class="wp-element-caption">A view of the newly-commissioned Dangote petroleum refinery is pictured in Ibeju-Lekki, Lagos, Nigeria May 22, 2023. REUTERS/Temilade Adelaja/File Photo </figcaption></figure>



LAGOS, Dec 20 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Dangote Refinery is now operating at 85% capacity and is on course to deliver European-standard products by January, an executive said on Friday.



The 650,000-barrel-per-day Dangote oil refinery built by Nigerian billionaire Aliko Dangote in Lagos aims to compete with European refiners when operating at full capacity but had been struggling to secure sufficient crude locally.



&#8220;We have gone up to 550,000 bpd, that is 85% capacity in crude distillation,&#8221; Edwin Devakumar, head of the refinery, told Reuters.



The refinery was forced to source crude from international markets following a dispute with the Nigerian state-oil firm the NNPC over a crude supply deal under which Dangote had agreed to sell a 20% stake in the refinery to NNPC for $2.76 billion.



&#8220;Of this, we agreed that they will only pay $1 billion while the balance will be recovered over a period of five years through deductions on crude oil that they supply to us and from dividends due to them,&#8221; a Dangote spokesperson said.



&#8220;Unfortunately, NNPCL was later unable to supply the agreed 300,000 barrels a day of crude given that they had committed a greater part of their crude cargoes to financiers with the expectation of higher production which they were unable to achieve,&#8221; the spokesperson said in a statement on Wednesday.



Dangote Refinery began processing crude in January into products including diesel, naphtha and jet fuel, and started processing petrol in September.



It still faces challenges distributing the products at home with local fuel traders and even the NNPC&nbsp;importing&nbsp;refined products. The NNPC recently said it had restarted its 60,000 bpd Port Harcourt refinery.



Dangote Refinery cut the price of its petrol to 899.50 naira ($0.58) per litre on Thursday from 970 naira &#8220;to alleviate transport cost during the holiday season&#8221;.



($1 = 1,541.4300 naira)



(Reporting by Isaac Anyaogu; Editing by Emelia Sithole-Matarise)

DANGOTE REFINERY

Nigeria’s Dangote Refinery hits 85% refining capacity, executive says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/ORANO.avif" alt="" class="wp-image-568252"/><figcaption class="wp-element-caption">The Orano logo is seen on a jacket of an employee on the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France, June 14, 2022. REUTERS/Sarah Meyssonnier/File Photo</figcaption></figure>



PARIS, Dec 20 (Reuters)&nbsp;&#8211;&nbsp;French nuclear fuels company Orano said on Friday it had started arbitration proceedings against Niger, after Niger&nbsp;withdrew the mining licence of Orano&#8217;s subsidiary Imouraren.



Niger&#8217;s military-led government has stepped up pressure in recent months on foreign investors. A representative for the government did not immediately respond to a request for comment.



Orano said in June that Niger had removed the mining permit for Imouraren, and the following month Canada&#8217;s GoviEx Uranium GXU.V said it too had been stripped of its right to develop a uranium project in Niger.



Earlier this month, Orano said authorities in Niger had seized control of its Somair uranium mine.



Niger accounts for about 4% of global output of uranium, the most widely used fuel for nuclear energy.



Barrick Gold said on Wednesday it would initiate arbitration in its dispute with neighbouring Mali.



(Reporting by Benjamin Mallet and Sudip Kar-Gupta; Writing by Makini Brice; Editing by Susan Fenton)

ORANO

France’s Orano launches arbitration against Niger over mining licence

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="439" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand-Dec.avif" alt="" class="wp-image-568249"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Dec 20 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand recovered some losses on Friday after a slight improvement in risk sentiment.



At 1406 GMT, the rand traded at 18.355 against the dollar&nbsp;ZAR=D3, about 0.3% stronger than its previous close.



Trade in the rand, like most emerging market currencies, has been volatile this week after the U.S. Federal Reserve on Wednesday struck a hawkish tone in its interest rate outlook for the year ahead.



Andre Cilliers, currency strategist at TreasuryONE, said liquidity constraints during the holiday season could amplify swings in the local currency.



&#8220;Near-term volatility (is) likely to persist,&#8221; Cilliers said.



There are no major local economic data releases scheduled for next week.



On the stock market, the Top-40&nbsp;.JTOPI&nbsp;index was little changed.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was weaker, with the yield up 2 basis points to 9.135%.



(Reporting by Bhargav Acharya; Editing by Angus MacSwan and Shailesh Kuber)

rand Dec

South African rand recovers some ground against dollar

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="473" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QPQQ77FJE5JRTNVTB23SO7K7RM.avif" alt="" class="wp-image-568246"/><figcaption class="wp-element-caption">A view shows Nigeria&#8217;s Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. REUTERS/Afolabi Sotunde//File Photo</figcaption></figure>



ABUJA, Dec 20 (Reuters)&nbsp;&#8211;&nbsp;The Central Bank of Nigeria (CBN) has granted the country&#8217;s Bureau de Change (BDC)&nbsp;operators temporary access to the official foreign exchange market from December 19 to January 30, 2025, it said in a statement on Thursday.



Operators will be allowed to purchase a maximum of $25,000 weekly from authorised dealers. All transactions require upfront funding at prevailing rates and must adhere to a maximum spread of 1%, the CBN said.



Nigeria&#8217;s central bank typically sells foreign exchange directly to BDCs at a subsidised rate. The bank&#8217;s statement did not explain the reasoning behind the move, which would give the BDCs access to a new automated FX trading system launched this month to replace a decade-old over-the-counter system.



(Reporting by Elisha Bala-Gbogbo; Editing by Peter Graff)

QPQQ77FJE5JRTNVTB23SO7K7RM

Nigeria central bank grants exchange bureaus temporary access to FX spot market

<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, Dec 20 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.



ECONOMIC EVENTS



Energy regulator Nersa meeting on Eskom&#8217;s tariff application



SOUTH AFRICAN MARKETS



South Africa&#8217;s rand slipped on Thursday, a day after the Federal Reserve struck a hawkish tone on interest rate cuts in the coming year.&nbsp;.JZAR/



GLOBAL MARKETS



Asian shares hit a fresh three-month low on Friday as investors awaited key U.S. inflation data that could either ease or worsen concerns about stubbornly high price pressures, while the dollar towered at two-year peaks.&nbsp;MKTS/GLOB



WALL STREET



U.S. stocks ended little changed on Thursday, giving up an initial rebound from a sharp drop in the prior session after the Federal Reserve forecast fewer-than-expected interest rate cuts and higher inflation next year.&nbsp;.N



GOLD



Gold prices were set for a weekly decline on Friday after the Federal Reserve&#8217;s verdict on its monetary policy-easing cycle signalled a slowdown in rate cuts, while focus shifted to U.S. Personal Consumption Expenditure data later in the day.&nbsp;GOL/



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



BUSINESS DAY



&#8211; Treasury makes proposals to tighten laws in bid to exit greylist



&#8211; Grindrod hit hard by disruption after Mozambican election



FIN 24



&#8211; As power theft cripples Eskom, it discovers a massive racket involving its staff



(Compiled by Alexander Winning)

rand2 (1)

South African Markets – Factors to watch on Dec 20

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-820x546.jpg" alt="" class="wp-image-412999" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-1536x1022.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/10/GettyImages-462743612-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view of the headquarter of the embattled South African main electricity provider ESKOM is pictured on February 4, 2015 in Johannesburg. South Africa power supply was under &#8220;extreme&#8221; pressure on February 2, 2015 and likely to remain so until end of the week after a technical fault at the country&#8217;s sole nuclear plant, electricity utility Eskom said. AFP PHOTO/GIANLUIGI GUERCIA (Photo by Gianluigi GUERCIA / AFP) (Photo by GIANLUIGI GUERCIA/AFP via Getty Images)</figcaption></figure>



JOHANNESBURG, Dec 19 (Reuters)&nbsp;&#8211;&nbsp;South African state power utility Eskom on Thursday reported a higher loss after tax of 55 billion rand ($3 billion) in the financial year to the end of March because of an accounting adjustment linked to the separation of its transmission unit.



The loss after tax was up from 26.1 billion rand in the year to the end of March 2023.



Revenue in the year to end-March 2024 grew 14% to 295.8 billion rand, a presentation on the company&#8217;s website showed. Sales volumes dipped 3% to 183.3 Terawatt hours, as the company implemented power cuts on 329 days during the reporting year.



($1 = 18.2461 rand)



(Reporting by Nqobile Dludla and Bhargav Acharya; Editing by Alexander Winning)

SAFRICA-ELECTRICITY-NUCLEAR-ECONOMY-ENERGY

South Africa’s Eskom reports $3 bln loss on split of transmission unit

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4653" height="3100" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AD5EWZPFCVLJ3MS7VAUAZFF3SA.avif" alt="" class="wp-image-567761"/><figcaption class="wp-element-caption">A sign adorns the building where Australian miner South32 has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo</figcaption></figure>



Dec 19 (Reuters) &#8211; Australian miner South32 said on Thursday it expects to rebuild alumina stocks in the coming days if trucking conditions remain favourable at the Mozal Aluminium smelter in Mozambique after operational disruptions at the site due to post-election civil unrest.



Earlier this month, the company retracted its output prediction for its Mozal Aluminium smelter in Mozambique, following protests by opposition supporters after a disputed election result in October, which led to increasing violence in the country.



According to South32, which owns 63.7% of the Mozal Aluminium smelter, the disturbances caused road closures that have made it more difficult to get raw materials to the smelter.



&#8220;Over the past few days, road blockages have largely cleared and we have been able to safely transport alumina from port to Mozal Aluminium,&#8221; South32 said.



The company adds that while the situation in Mozambique has improved, any escalation in civil unrest, which is likely after the election results by the Mozambique Constitutional Council on Dec. 23, can potentially impact trucking activity and operations at Mozal.



(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Alan Barona)

AD5EWZPFCVLJ3MS7VAUAZFF3SA

South32 expects to start rebuilding at Mozambique project after post-election hit

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/NXWKCDUVZNLTBAFY4YNDDH4KKA.avif" alt="" class="wp-image-567479"/><figcaption class="wp-element-caption">A woman receives a bag of food from the government during the distribution of food items by the government to cushion the high cost of living in Abuja, Nigeria, September 20, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Dec 18 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s inflation is expected to fall sharply to around 15% next year from 34.6% in November, helped by lower imports of petroleum products, President Bola Tinubu said on Wednesday.



In his second budget speech since being elected, Tinubu said spending priorities in 2025 would include security, infrastructure and measures to ease a cost-of-living crisis.



He said the 2025 spending plan of 47.90 trillion naira included&nbsp;a budget deficit of 3.89% of gross domestic product, approximately 13.0 trillion naira.



&#8220;The reforms we have instituted are beginning to yield results, no reversals,&#8221; Tinubu said in a televised speech.



Inflation quickened sharply in the second half of last year after Tinubu devalued the naira currency and cut subsidies on petrol to try to lift economic growth and shore up public finances.



These actions intensified the most severe cost-of-living crisis in decades in Africa&#8217;s most populous country.



To combat rising inflation, the central bank has raised interest rates six times this year, totalling an increase of 875 basis points.



Tinubu said foreign exchange reserves stood at around $42 billion against a healthy trade surplus, but that 15.18 trillion naira would be needed in 2025 for debt service.



(Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by Christina Fincher and Alex Richardson)

NXWKCDUVZNLTBAFY4YNDDH4KKA

Nigeria inflation to fall to 15% next year, president says in budget speech

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/NIGERIA-INFLATION.avif" alt="" class="wp-image-567461"/><figcaption class="wp-element-caption">A woman stands near the bread stand at Cherries Hypermarket in Abuja, Nigeria March 15, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Dec 18 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s inflation is expected to fall sharply to around 15% next year from 34.6% in November, helped by lower imports of petroleum products, President Bola Tinubu said on Wednesday.



In his second budget speech since being elected, Tinubu said spending priorities in 2025 would include security, infrastructure and measures to ease a cost-of-living crisis.



He said the 2025 spending plan of 47.90 trillion naira included&nbsp;a budget deficit of 3.89% of gross domestic product, approximately 13.0 trillion naira.



&#8220;The reforms we have instituted are beginning to yield results, no reversals,&#8221; Tinubu said in a televised speech.



Inflation quickened sharply in the second half of last year after Tinubu devalued the naira currency&nbsp;NGN=D1&nbsp;and cut subsidies on petrol to try to lift economic growth and shore up public finances.



These actions intensified the most severe cost-of-living crisis in decades in Africa&#8217;s most populous country.



To combat rising inflation, the central bank has raised interest rates six times this year, totalling an increase of 875 basis points.



Tinubu said foreign exchange reserves stood at around $42 billion against a healthy trade surplus, but that 15.18 trillion naira would be needed in 2025 for debt service.



(Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by Christina Fincher and Alex Richardson)

Reuters

Uganda’s central bank changes policy rate meetings to quarterly

Kenya private sector activity expands at slower pace in December, PMI shows

South African business activity slips into contraction in December, PMI shows

Nairobi Securities Exchange allows Kenya Airways shares to trade again

China’s top diplomat heads to Africa as West’s attention dwindles

Nigeria to expand credit access to citizens

Cocoa tops global commodities rally for 2nd year, steel ingredients struggle on China demand

Sasol reduces gas output at Mozambique plant due to unrest

Nigeria’s Dangote Refinery hits 85% refining capacity, executive says

France’s Orano launches arbitration against Niger over mining licence

South African rand recovers some ground against dollar

Nigeria central bank grants exchange bureaus temporary access to FX spot market

South African Markets – Factors to watch on Dec 20

South Africa’s Eskom reports $3 bln loss on split of transmission unit

South32 expects to start rebuilding at Mozambique project after post-election hit

Nigeria inflation to fall to 15% next year, president says in budget speech

Nigeria inflation to fall to 15% next year, president says in budget speech

News Tips

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Reuters

Uganda’s central bank changes policy rate meetings to quarterly

Kenya private sector activity expands at slower pace in December, PMI shows

South African business activity slips into contraction in December, PMI shows

Nairobi Securities Exchange allows Kenya Airways shares to trade again

China’s top diplomat heads to Africa as West’s attention dwindles

Nigeria to expand credit access to citizens

Cocoa tops global commodities rally for 2nd year, steel ingredients struggle on China demand

Sasol reduces gas output at Mozambique plant due to unrest

Nigeria’s Dangote Refinery hits 85% refining capacity, executive says

France’s Orano launches arbitration against Niger over mining licence

South African rand recovers some ground against dollar

Nigeria central bank grants exchange bureaus temporary access to FX spot market

South African Markets – Factors to watch on Dec 20

South Africa’s Eskom reports $3 bln loss on split of transmission unit

South32 expects to start rebuilding at Mozambique project after post-election hit

Nigeria inflation to fall to 15% next year, president says in budget speech

Nigeria inflation to fall to 15% next year, president says in budget speech

News Tips

Advertise With Us

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