<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-501467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Aug 28 (Reuters)&nbsp;&#8211;&nbsp;The following company announcement, equity and currency market moves may affect South African markets on Wednesday.



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



S.Africa&#8217;s Bidcorp annual profit jumps 15.5%



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



The South African rand was broadly steady on Tuesday, ahead of several local data releases later this week.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 0.5% higher.



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



Global stocks were poised near record highs on Wednesday, with the next move riding on results at chipmaking market darling Nvidia, while sterling hovered near a 2-1/2-year high as traders bet that Britain will lag the U.S. in cutting interest rates.



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



The S&amp;P 500 ended higher on Tuesday and the Dow Jones notched a record-high close ahead of a much-anticipated quarterly report from Nvidia on Wednesday and economic data expected later in the week that could give clues about the path of interest rate cuts.



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



Gold prices slipped on Wednesday as the dollar ticked up, while investors awaited a key U.S. inflation report due this week for more clarity on the size of a likely September rate cut. 



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



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



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



&#8211; Transnet to rework private sector participation



&#8211; BHP says it can grow just fine without Anglo, thanks



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



&#8211; Naspers appeals for a &#8216;proactive&#8217; approach in stoking an SA digital boom



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Aug 28

<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>



NAIROBI, Aug 28 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



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



Global stocks were poised near record highs on Wednesday, with the next move riding on results at chipmaking market darling Nvidia, while sterling notched a 2-1/2 year high as traders bet that Britain will lag the U.S. in cutting interest rates.



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



Oil rebounded on Wednesday after a sharp drop in the previous session ended a three-day streak of gains as investors have whipsawed between concerns about potential supply losses from Libya and the Middle East and worries about global fuel demand.



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



South Africa could have no scheduled power cuts over the next seven months if state-owned utility Eskom&#8217;s unplanned electricity losses stay at their current level, its chief executive said on Monday.



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



The Kenyan shilling was steady on Tuesday, with foreign exchange inflows from the diaspora matching muted demand from fuel importers and manufacturers, traders said.



<h2 class="wp-block-heading" id="h-burkina-faso-security">BURKINA FASO SECURITY</h2>



Hundreds were killed in north-central Burkina Faso on Saturday after suspected jihadists opened fire on them as they were digging trenches around a town to protect it from attacks, victims&#8217; relatives and a source who spoke to wounded survivors said.



<h2 class="wp-block-heading" id="h-sudan-flood">SUDAN FLOOD</h2>



Emergency responders were scrambling on Tuesday to find out how many people remain missing after waters burst through a dam in eastern Sudan, resulting in the worst in a series of floods that have devastated a country already torn by 500 days of war.



<h2 class="wp-block-heading" id="h-cameroon-rights">CAMEROON RIGHTS</h2>



A Cameroonian social media activist and government critic who disappeared last month has been located in a security cell of the military court in Yaoundé, Cameroon&#8217;s capital, with signs of torture, Human Rights Watch said Tuesday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Aug 28

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-820x547.jpg" alt="" class="wp-image-524168" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view of the city and Christ Church in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko</figcaption></figure>



Aug 28 (Reuters)&nbsp;&#8211;&nbsp;The discovery of increased reserves of crude oil in Namibia has sparked interest in Namibian assets, with an index fund tracking local government bonds poised for its biggest annual jump on record.



The Exchange Traded Fund tracking local government bonds is listed on the Namibian Stock Exchange and in South Africa and has jumped over 20% in U.S. dollar terms since Portugal-based Galp&#8217;s discovery in April that the Mopane field could hold at least 10 billion barrels of oil.



Since then there has been interest from at least 12 other oil majors.



The fund is on track for its biggest annual gain &#8211; nearly 12% in U.S. dollar terms. Meanwhile, an ETF tracking the closely watched JPMorgan emerging markets bonds index has gained 3.6% year-to-date.



Yields on local sovereign bonds have dropped further following the discovery, with those on bonds maturing in 2037 declining around 150 bps since April, while those on papers maturing in 2050 down around 200 bps.



&#8220;Most of the bonds issued are held by Namibian pension funds, but we are seeing some foreign buying now. We have seen massive yield compression &#8230; since the oil discoveries were first announced,&#8221; said Rowland Brown, co-founder of Cirrus Capital based in Windhoek.



Brown added that Namibian government bonds were still paper- settled, leaving foreign investors looking to the ETF to increase exposure to the resource-rich country.



The southwest African nation has garnered attention from major international energy companies following several major discoveries in recent years along its coast, although the country has not yet produced any oil or gas.



TotalEnergies and Shell say they expect production in 2029-2030.



<h2 class="wp-block-heading" id="h-presidential-election">PRESIDENTIAL ELECTION</h2>



The local equities index has gained over 19% year-to-date in U.S. dollar terms, compared with a 7.5% gain in MSCI&#8217;s index tracking emerging markets equities.



On the currency front, the Namibian dollar has strengthened 4.5% against the greenback this year, snapping a four-year losing streak, with total central bank reserves soaring nearly $1 billion since December 2019, as per LSEG data.



Against the backdrop of Namibia&#8217;s economic potential following its oil discoveries, attention will be on any changes to the economic policy after a presidential election due at the end of the year.



Graham Hopwood, executive director at Institute for Public Policy Research in Windhoek, expects the ruling left-leaning South West Africa People&#8217;s Organisation candidate Netumbo Nandi-Ndaitwah to win.



&#8220;One signal to watch is whether she keeps the level-headed finance minister in his post. He is cautious and sees the importance of reducing debt and avoiding outlandish promises to the electorate,&#8221; he said.



Namibian debt stands at over 60% of its gross domestic product, but analysts say that the fact that a majority of the bonds are issued domestically still remains a positive for the country.



Earlier this year, ratings agency Fitch affirmed a &#8220;stable&#8221; outlook for Namibia on expectations that the government debt to GDP ratio will stabilise in the medium term, while Moody&#8217;s lifted the country&#8217;s outlook to &#8220;positive&#8221; from &#8220;stable&#8221;.



The Namibian economy is heavily dependent on mineral exports including diamonds and rare earths. But following recent discoveries, energy could eventually overtake mining in terms of significance to the middle-income country&#8217;s economy.



&#8220;Oil exports per capita out of Namibia will look like a Gulf state in the 2040s, provided they are competitive globally &#8230; which should be a positive for debt to GDP ratios in the country,&#8221; said Charlie Robertson, head of macro strategy at FIM Partners.



In South America, a similar oil boom in Guyana has been key to its economic growth that is expected to increase by 34.3% in 2024, its fifth straight year of GDP growth above 20%.



(Reporting by Johann M Cherian in Bengaluru; Editing by Alison Williams)

A general view of the city and Christ Church in Windhoek, Namibia

Namibian asset demand soars ahead of election and amid oil discoveries

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-820x547.jpg" alt="" class="wp-image-524150" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/NDWQ3HEJPFIQLCYNTPLMPYCPU4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Women wait with their children under a shed for food rations at a internally displaced persons (IDP) camp on the outskirts of Maiduguri, northeast Nigeria June 6, 2017. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



LAGOS, (Reuters) &#8211; More than 31.8 million Nigerians are acutely short of food due to security challenges and the removal of fuel subsidies, the government said on Tuesday, citing a study by several of the country&#8217;s international development partners.



The scale of the shortages, which have led to malnutrition among women and children, was set out by the development partners at a meeting with the government on Monday and Tuesday, the ministry of budget and economic planning said in a statement.



The findings indicate a sharp rise from the 18.6 million people assessed as vulnerable to acute food insecurity from October to December 2023 by the U.N. World Food Programme.



&#8220;The surge in food commodity prices, which is as a result of the removal of fuel subsidy in addition to security challenges, has placed millions of Nigerians in a precarious situation,&#8221; the ministry said.



Raids by bandits wielding guns and machetes have forced many farmers to leave their fields, contributing to higher food prices and soaring inflation as Nigeria faces the worst cost of living crisis in a generation.



President Bola Tinubu, who took office in May 2023, removed fuel subsidies to cut down on government spending, in a move that led to a rise in the cost of transportation.



The study was produced by development partners including the U.N. Food and Agriculture Organization, the Global Alliance for Improved Nutrition and the German development agency GIZ.



The study used statistics from a nutrition analysis by the Cadre Harmonise, a regional food security framework.



Sanjo Faniran, Nigeria&#8217;s national convener of Food Systems and director of social development in budget and economic planning ministry, said the study helped to identify gaps, successes and challenges, and offer recommendations.



(Reporting by Isaac Anyaogu, Editing by William Maclean)

Women wait with their children under a shed for food rations at a internally displaced persons (IDP) camp on the outskirts of Maiduguri, northeast Nigeria

Insecurity, rising costs push 31 mln Nigerians into acute food shortage, study says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/6FLFWUCIF5LRNMN67A7VWEWMLE-820x551.jpg" alt="" class="wp-image-523935" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/6FLFWUCIF5LRNMN67A7VWEWMLE-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/6FLFWUCIF5LRNMN67A7VWEWMLE-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/6FLFWUCIF5LRNMN67A7VWEWMLE-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/6FLFWUCIF5LRNMN67A7VWEWMLE-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/6FLFWUCIF5LRNMN67A7VWEWMLE-1536x1033.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/6FLFWUCIF5LRNMN67A7VWEWMLE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Internally displaced women listen to Nathalie Kipenzi, a hygiene promoter, during an awareness campaign for Mpox, an infectious disease caused by the Mpox virus that causes a painful rash, enlarged lymph nodes and fever, at the Muja camp for the internally displaced in Nyiragongo territory, near Goma in North Kivu province of the Democratic Republic of Congo August 19, 2024. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



MADRID, Aug 27 (Reuters)&nbsp;&#8211;&nbsp;Spain will donate 500,000&nbsp;doses of the mpox&nbsp;vaccine,&nbsp;or 20% of its stockpile,&nbsp;to combat an outbreak of the disease in Africa, the Health Ministry said in a statement on Tuesday.



It added that the country had urged the European Commission to propose that all EU member states donate 20% of their respective stock of the vaccine.



&#8220;It makes no sense to stockpile vaccines where there is no problem, and now is the time to prove it,&#8221; the ministry said. Spain&#8217;s donation consists of 100,000 vials, enough to provide 500,000 doses.



The World Health Organization has declared mpox a global public health emergency, after an outbreak in the Democratic Republic of the Congo spread to neighbouring countries and a new form of the virus, clade Ib, triggered concerns about the speed of transmission.



Last week, Health Minister Monica Garcia said Spain had &#8220;a very good stock&#8221; of the vaccines. Spain has registered 268 cases of the old strain so far this year, well below 7,500 cases recorded in a global outbreak of 2022. About 40,000 people have taken the vaccine so far.



(Reporting by Emma Pinedo, editing by Andrei Khalip)

FILE PHOTO: Why mpox vaccines, in use since 2022, are only just arriving in Africa

Spain to donate 500,000 mpox vaccine doses to combat outbreak in Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZILEI7OOWJMNBPRS4CLCVLYX3I-820x548.jpg" alt="" class="wp-image-523903" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZILEI7OOWJMNBPRS4CLCVLYX3I-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZILEI7OOWJMNBPRS4CLCVLYX3I-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZILEI7OOWJMNBPRS4CLCVLYX3I-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZILEI7OOWJMNBPRS4CLCVLYX3I-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZILEI7OOWJMNBPRS4CLCVLYX3I-1536x1027.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZILEI7OOWJMNBPRS4CLCVLYX3I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A test tube labelled &#8220;Mpox virus positive&#8221; is held in this illustration taken August 20, 2024. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



LONDON/CHICAGO, Aug 27 (Reuters)&nbsp;&#8211;&nbsp;Scientists studying the new mpox strain that has spread out of Democratic Republic of Congo say the virus is changing faster than expected, and often in areas where experts lack the funding and equipment to properly track it.



That means there are&nbsp;numerous&nbsp;unknowns about the virus itself, its severity and how it is transmitting, complicating the response, half a dozen scientists in Africa, Europe and the United States told Reuters.



Mpox, formerly known as monkeypox, has been a public health problem in parts of Africa since 1970, but received little global attention until it surged internationally in 2022, prompting the World Health Organization to declare a global health emergency. That declaration ended 10 months later.



A new strain of the virus, known as clade Ib, has the world&#8217;s attention again after the WHO declared a new health emergency.



The strain is a mutated version of clade I, a form of mpox spread by contact with infected animals that has been endemic in Congo for decades. Mpox typically causes flu-like symptoms and pus-filled lesions and can kill.



Congo has had more than 18,000 suspected clade I and clade Ib mpox cases and 615 deaths this year, according to the WHO. There have also been 222 confirmed clade Ib cases in four African countries in the last month, plus a case each in Sweden and Thailand in people with a travel history in Africa.



&#8220;I worry that in Africa, we are working blindly,&#8221;&nbsp;said Dr. Dimie Ogoina, an infectious diseases expert at Niger Delta University Hospital in Nigeria who chairs the&nbsp;WHO&#8217;s&nbsp;mpox emergency committee. He first raised the alarm about potential sexual transmission of mpox in 2017, now an accepted route of spread for the virus.



&#8220;We don’t understand our outbreak very well, and if we&nbsp;don&#8217;t&nbsp;understand our outbreak very well we will have difficulty addressing the problem in terms of transmission dynamics, the severity of the disease, risk factors of the disease,&#8221;&nbsp;Ogoina said. &#8220;And I worry about the fact that the virus seems to be mutating and producing new strains.&#8221;



He said it took clade IIb in Nigeria five years or more to evolve enough for sustained spread among humans, sparking the 2022 global outbreak. Clade Ib has done the same thing in less than a year.



<h2 class="wp-block-heading" id="h-mutating-more-rapidly">MUTATING &#8216;MORE RAPIDLY&#8217;</h2>



Mpox is an orthopoxvirus, from the family that causes smallpox. Population-wide protection from a global smallpox vaccine campaign 50 years ago has waned, as the vaccinating stopped when the disease was eradicated.



Genetic sequencing of clade Ib infections, which the WHO estimates emerged mid-September 2023, show they carry a mutation known as APOBEC3, a signature of adaptation in humans.



The virus that causes mpox has typically been fairly stable and slow to mutate, but APOBEC-driven mutations can accelerate viral evolution, said Dr. Miguel Paredes, who is studying the evolution of mpox and other viruses at Fred Hutchison Cancer Center in Seattle.



&#8220;All the human-to-human cases of mpox have this APOBEC signature of mutations, which means that it&#8217;s mutating a little bit more rapidly than we would expect,&#8221; he said.



Paredes and other scientists said a response was complicated by several mpox outbreaks happening at once.



In the past, mpox was predominantly acquired through human contact with infected animals. That is still driving a rise in Congo in clade I cases – also known as clade Ia &#8211; likely due in part to deforestation and increased consumption of bushmeat, scientists said.



The mutated versions, clade Ib and IIb, can now essentially be considered a sexually transmitted disease, said Dr. Salim Abdool Karim, a South African epidemiologist and chair of the Africa CDC’s mpox advisory committee. Most of the mutated clade Ib cases are among adults, driven at first by an epidemic among female sex workers in South Kivu, Congo.



The virus also can spread through close contact with an infected person, which is likely how clusters of children have been infected with clade Ib, particularly in Burundi and in eastern Congo’s displacement camps, where crowded living conditions may be contributing.



Children, pregnant women and people with weakened immune systems&nbsp;or other illnesses may&nbsp;be at greater risk of serious mpox disease and death,&nbsp;say&nbsp;the WHO&nbsp;and mpox scientists.



Clade I has typically caused more severe disease, with fatality rates of 4%-11%, compared to around 1% for clade II. Ogoina said data from Congo suggests few have died of the new Ib version, but he feared some data is being mixed up.



More research is urgently needed, but three teams tracking mpox outbreaks in Africa say they cannot even access chemicals needed for diagnostic tests.&nbsp;Clade Ib can also be missed by some diagnostic tests.



Planning a response, including vaccination strategies, without this is difficult, the scientists said.



Karim said around half of cases in eastern Congo, where Ib is particularly prevalent, are only being diagnosed by doctors, with no laboratory confirmation.



Getting samples to labs is difficult because the healthcare system is already under pressure, he said. And around 750,000 people have been displaced amid fighting between the M23 rebel group and the government.



Many African laboratories cannot get the supplies they need, said Dr. Emmanuel Nakoune, an mpox expert at the Institut Pasteur in Bangui, Central African Republic, which also has clade Ia cases.



&#8220;This is not a luxury,&#8221;&nbsp;he said, but necessary to track deadly outbreaks.



(Reporting by Jennifer Rigby in London, Julie Steenhuysen in Chicago and Catherine Schenck in Johannesburg; Editing by Caroline Humer, Bill Berkrot and Gareth Jones)

FILE PHOTO: Illustration shows test tubes with “Mpox virus positive” label

New mpox strain is changing fast; African scientists are ‘working blind’ to respond

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="582" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AXOWH46XAVPZDK2BMVHVSJZS4Y-820x582.jpg" alt="" class="wp-image-523900" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AXOWH46XAVPZDK2BMVHVSJZS4Y-820x582.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AXOWH46XAVPZDK2BMVHVSJZS4Y-300x213.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AXOWH46XAVPZDK2BMVHVSJZS4Y-127x90.jpg 127w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AXOWH46XAVPZDK2BMVHVSJZS4Y-768x545.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AXOWH46XAVPZDK2BMVHVSJZS4Y-1536x1090.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AXOWH46XAVPZDK2BMVHVSJZS4Y-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Power lines supplying electricity by stated owned Eskom run through sugar cane fields on a Tongaat Hulett farm in Shongweni, South Africa April 29, 2018. REUTERS/Rogan Ward/File Photo</figcaption></figure>



CAPE TOWN, Aug 27 (Reuters)&nbsp;&#8211;&nbsp;South African private power producers are seeking compensation for revenues lost when adhering to requests from state utility Eskom to limit electricity supply to the national grid, industry executives said.



Eskom has submitted a proposal to the country&#8217;s energy regulator to introduce a mechanism to compensate independent power producers (IPPs) for lost revenue resulting from curtailment rates of up to 10%.



The curtailment requests are due to a shortage of pylons and high voltage power lines that have caused choke points in Eskom&#8217;s transmission system.



The compensation mechanism is one of several proposed regulatory reforms as efforts to open up Africa&#8217;s largest electricity market gather pace.



&#8220;We are hoping that there will be adequate compensation for generation that is curtailed,&#8221; Ian Burger, a technical director at private power developer SOLA Group, told Reuters.



Burger said SOLA Group&#8217;s two Lichtenburg solar PV plants, which each produce just over 100 megawatts (MW), were requested in April and May by Eskom to cut output by up to 80% and produce only 20 MW per day.



SOLA Group supplies power to miner Tronox.



Eskom studies indicate that the costs of curtailing renewable energy are significantly lower than the billions of dollars required for upgrading the network to connect the same amount of renewable power to the grid.



By reducing generation from independent producers, Eskom hopes to immediately free up an estimated 3,470 MW of additional capacity on the constrained grid.



In July, energy regulator Nersa released a draft curtailment congestion policy based on Eskom&#8217;s application seeking approval to classify it as a &#8220;constrained ancillary generation service&#8221;.



This would enable Eskom to use specific formulae to reimburse renewable energy plants for the power curtailed because of grid congestion.



&#8220;The devil still is in the detail, but this raises the possibility of further minimising the cost borne by consumers by curtailing those IPPs with the lowest tariffs first, as opposed to everyone equally,&#8221; said Kilian Hagemann, CEO of G7 Renewable Energies.



Over the past five months, Eskom has provided continuous electricity, a feat last achieved in 2020, reducing its reliance on renewable energy to bolster the grid.



Eskom expects congestion curtailment to be implemented routinely from 2026 onwards, with curtailment levels increasing as more renewable projects come online.



(Reporting by Wendell Roelf; Editing by Olivia Kumwenda-Mtambo and Mark Potter)

FILE PHOTO: Power lines supplying electricity by stated owned Eskom run through sugar cane fields on a Tongaat Hulett farm in Shongweni

South African private power producers seek fair deal over output curbs

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg" alt="" class="wp-image-523852" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new logo of the privatised Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, Aug 27 (Reuters)&nbsp;&#8211;&nbsp;State-owned Nigerian oil company NNPC has expanded shipments of liquefied natural gas (LNG) cargoes to a port in China after its first delivery to Japan in June, it said on Monday.



Nigeria, Africa&#8217;s biggest oil producer, holds the continent&#8217;s largest gas reserves at more than 200 trillion cubic feet and has often shipped most of its LNG through Nigeria LNG, in which the NNPC has a 49% stake.



NNPC Ltd said it has been involved in LNG trading since 2021 with its first LNG cargo sale in November of that year. It said it has since traded over 20 cargoes into the European and Asian markets on Free On Board basis, where the buyer assumes risks once the seller ships the product.



But now the company says it will ship directly to ports in the countries ordering the cargoes bearing shipping and insurance costs, known as Delivered Ex-Ship (DES) in the industry, which it says is more profitable.



&#8220;The DES system, apart from being more financially rewarding, allows NNPC Ltd inroads into the downstream segment of the LNG sector and positions it to capture more market share, while building in-house capacity and ensuring that global customers are familiar with the NNPC Ltd brand,&#8221; said Dapo Segun, executive president of NNPC Downstream.



Since last year, the NNPC has been expanding its footprint in the LNG market, signing an agreement to build a new floating LNG plant in Nigeria that will boosts exports to Europe.



The NNPC said it achieved the feat in collaboration with its shipping subsidiary and they are scheduled to deliver at least two more LNG cargoes to ports in Asia by November.



(Reporting by Isaac Anyaogu; editing by David Evans)

XTUYFFOIU5I5JMOASXHMTVFSTI

Nigeria’s NNPC sending LNG cargoes to Japan and China

<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>



NAIROBI, Aug 27 (Reuters) &#8211; The Kenyan shilling was steady on Tuesday, with foreign exchange inflows from the diaspora matching muted demand from fuel importers and manufacturers, traders said.



At 0822 GMT, LSEG data showed the shilling at 128.25/129.25 to the U.S. dollar, the same level it closed on Monday.



(Reporting by Hereward Holland; Editing by Alexander Winning)

LYEEWJTJKRPK3GJPCKWFP3EK7E

Kenyan shilling steady as diaspora FX inflows match 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/2024/07/GettyImages-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Aug 27 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trading on Tuesday, ahead of several local data releases later this week.



At 0737 GMT, the rand traded at 17.7650 against the dollar, near its Monday closing level of 17.7575.



South African investors will focus on July&#8217;s producer inflation data on Thursday and money supply, budget and trade balance data on Friday, which could give clues on the health of Africa&#8217;s most industrialised economy.



Like other risk-sensitive currencies, the rand could also take direction from global drivers.



&#8220;The dollar-rand has encountered tough support around the 17.7000 mark&#8230; It is as if the currency pair is waiting for a catalyst that will open the door for another leg of rand appreciation,&#8221; said ETM Analytics in a research note.



&#8220;In the short term, it is unclear what that might be.&#8221;



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was about 0.2% up in early trade.



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, as the yield climbed 3 basis points to 9.115%.



(Reporting by Tannur Anders; Editing by Bernadette Baum)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand stable ahead of data-filled second half of week

<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-501467" style="width:764px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Aug 27 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, equity and currency market moves may affect South African markets on Tuesday.



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



South Africa&#8217;s government will hold its weekly auction of long-term bonds.



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



South Africa&#8217;s rand was stable on Monday, ahead of local economic data releases this week that could give hints on the health of the local economy.



On the stock market, the Top-40 index closed down 0.33%.



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



Asian stocks fell on Tuesday as investors pondered looming U.S. interest rate cuts and awaited earnings from AI darling Nvidia, while rising tensions in the Middle East and supply concerns checked risk sentiment and lifted oil prices.



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



The S&amp;P 500 finished lower on Monday, with AI heavyweight Nvidia dipping ahead of its quarterly report this week, while investors awaited inflation data for clues about the path of interest-rate cuts by the Federal Reserve.



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



Gold prices edged lower on Tuesday following a slight recovery in the dollar, although losses were capped by investor optimism for imminent U.S. rate cuts and lingering concerns about the Middle East crisis. 



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



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



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



&#8211; MTN closes in on goal of 135,000km fibre in Africa



&#8211; Cyril Ramaphosa moves public enterprises portfolio to line departments



(Compiled by Tannur Anders)

South African Markets – Factors to watch on Aug 27

<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>



NAIROBI, Aug 27 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



Asian stocks fell on Tuesday as investors pondered looming U.S. interest rate cuts and awaited earnings from AI darling Nvidia, while rising tensions in the Middle East and supply concerns checked risk sentiment and lifted oil prices.



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



Oil prices paused their recent advances, receding in Asian trading on Tuesday after surging more than 7% in the previous three sessions on supply concerns prompted by fears of a wider Middle East conflict and the shutdown of Libyan oil fields.



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



South Africa&#8217;s rand was stable on Monday, ahead of local economic data releases this week that could give hints on the health of the local economy.



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



The Kenyan shilling was stable on Monday, with traders saying market activity was muted despite S&amp;P Global downgrading the country&#8217;s sovereign credit rating late on Friday.



<h2 class="wp-block-heading" id="h-nigeria-economy">NIGERIA ECONOMY</h2>



Nigeria&#8217;s economy grew 3.19% in the second quarter of 2024 compared with the same quarter last year, lifted by higher crude oil production and the performance of its services sector, statistics agency data showed on Monday.



<h2 class="wp-block-heading" id="h-sudan-floods">SUDAN FLOODS</h2>



Surging waters have burst through a dam, wiped out at least 20 villages and left at least 30 people dead but probably many more in eastern Sudan, the United Nations said on Monday, devastating a region already reeling from months of civil war.



<h2 class="wp-block-heading" id="h-west-africa-migration">WEST AFRICA MIGRATION</h2>



Spain&#8217;s Prime Minister Pedro Sanchez starts his second visit this year to West Africa on Tuesday, aiming to curb migration to the Canary Islands and to counter the Russian presence in the Sahel region.



<h2 class="wp-block-heading" id="h-health-mpox">HEALTH MPOX</h2>



Democratic Republic of Congo no longer expects to receive its first delivery of mpox vaccines this week, the head of its response team said on Monday, as Congo battles a new variant of the virus that has spread beyond its borders.



<h2 class="wp-block-heading" id="h-ghana-election">GHANA ELECTION</h2>



The two main contenders in Ghana&#8217;s presidential election have launched duelling manifestos promising fiscal stability, jobs and a path out of the country&#8217;s worst economic downturn in a generation.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on Aug 27

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-820x547.jpg" alt="" class="wp-image-523796" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/VIQGVFK7CNODDPPNJJFUT2T2AM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Nigeria&#8217;s President Bola Tinubu speaks after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja</figcaption></figure>



ABUJA, (Reuters) &#8211; Nigerian President Bola Tinubu named new homeland security and foreign intelligence chiefs on Monday, a week after their predecessors resigned abruptly, as Africa&#8217;s most populous nation fights a northeastern insurgency and rampant kidnappings.



Mohammed Mohammed, who&nbsp;headed&nbsp;Nigeria&#8217;s mission to Libya, will lead the National Intelligence Agency. Adeola Ajayi will helm the Department of State Security.



The previous agency chiefs, appointed by ex-President Muhammadu Buhari in 2018, gave no reason for their resignations.



They could have taken the fall for the country&#8217;s poor security performance, or have been purged along with government personnel from the north to replace with Tinubu&#8217;s own&nbsp;Yoruba&nbsp;ethnic stock, said Confidence MacHarry, lead security analyst at consultancy SBM Intelligence.



Following incessant attacks by armed groups, Tinubu is boosting intelligence gathering&nbsp;to deal with nationwide kidnappings for ransom by armed gangs and a more than decade-old insurgency in the northeast.



(Reporting by Ope Adetayo and Felix Onuah; Editing by Chijioke Ohuocha and Richard Chang)

Nigeria’s President Bola Tinubu speaks after his swearing-in ceremony in Abuja

Nigeria’s president appoints new security and intelligence chiefs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="929" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour.jpg" alt="" class="wp-image-488636" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour.jpg 929w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107387754-1710442603582-Fort-Knox-Gold-Pour-768x432.jpg 768w" sizes="auto, (max-width: 929px) 100vw, 929px" /><figcaption class="wp-element-caption">The Fort Knox Alaska operations of mining company Kinross, which has a new gold mine in Tetlin, Alaska, that has led to lawmaker concerns about trucking’s impact.
Courtesy: Kinross</figcaption></figure>



Aug 26 (Reuters)&nbsp;&#8211;&nbsp;Harmony Gold&nbsp;HARJ.J, South Africa&#8217;s biggest gold producer by volume, said on Monday its profit probably doubled in the year ended June 30, buoyed by a rise in output of the precious metal, better grades and a price rally.



The Johannesburg-based miner reported preliminary headline earnings per share of $0.98 for the financial year, up from $0.45 per share a year earlier. It is due to release its final full-year results on Sept. 5.



Harmony is among South Africa&#8217;s few remaining gold miners squeezing profits from some of the world&#8217;s oldest and deepest gold mines. It said gold output is expected to have risen 6% to 1.56 million ounces in the year through June 30, surpassing an earlier target of 1.55 million ounces.



Still, Harmony&#8217;s profit was weighed down by a 2.8 billion rand ($157.51 million) writeoff of its Target North project in South Africa after recent studies showed its mineral reserves are less than previous assumptions.



The Target North project may no longer be viable, Harmony CEO Peter Steenkamp said, adding that additional studies are still ongoing.



Further investment in the project located in South Africa&#8217;s Free State province would be weighed against Harmony&#8217;s Eva Mine copper project in Australia and the Wafi-Golpu gold-copper project in Papua New Guinea, which it seeks to jointly develop with partner Newmont.



Harmony is among South African gold producers that have shifted focus to elsewhere in Africa, Australia and the Americas and to other metals as digging for gold in some of the world&#8217;s deepest mines becomes more costly and dangerous.



The Australian and PNG copper projects are part of Harmony&#8217;s pivot towards copper which is in demand for use in the production of electric vehicles and renewable energy systems, pushing its price to record highs this year.



($1 = 17.7326 rand)



(Reporting by Nelson Banya; editing by David Evans and Susan Fenton)

107387754-1710442603582-Fort-Knox-Gold-Pour

South Africa’s top gold miner sees profit surge as prices rally

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-820x547.jpg" alt="" class="wp-image-523532" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/V4N2FQ4N2VNUJMZZF6YENPZG2E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view of the central business district is seen from a roof-top in Lagos, Nigeria February 10, 2016. REUTERS/Akintunde Akinleye/File Photo</figcaption></figure>



ABUJA, Aug 26 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s economy grew 3.19% year on year in the second quarter of 2024, statistics agency data showed on Monday.



The growth rate was quicker than the 2.51% growth recorded in the second quarter of 2023 and the 2.98% growth seen in the first quarter of this year.



(Reporting by Chijioke Ohuocha; Editing by Alexander Winning)

A view of the central business district is seen from a roof-top in Lagos

Nigeria’s GDP growth rises to 3.19% year on year in Q2

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-820x547.jpg" alt="" class="wp-image-523529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UY34M72OC5KA3B3SYJZXMG6BME-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Spain&#8217;s Prime Minister Pedro Sanchez attends a press conference at Moncloa Palace in Madrid, Spain, July 31, 2024. REUTERS/Ana Beltran/File Photo</figcaption></figure>



MADRID/SANTA CRUZ DE TENERIFE, Aug 26 (Reuters)&nbsp;&#8211;&nbsp;Spain&#8217;s Prime Minister Pedro Sanchez starts his second visit this year to West Africa on Tuesday, aiming to curb migration to the Canary Islands and to counter the Russian presence in the Sahel region.



The West African migration route has seen a 154% surge this year, with 21,620 people crossing to the Canary Islands in the first seven months, according to data from the European Union border agency Frontex.



The wave has stretched resources on the Spanish archipelago, with local authorities saying they may have to house migrants in military camps or even in tents ahead of an expected rise in arrivals&nbsp;due to calmer conditions in the Atlantic Ocean.



Spanish authorities fear that as many as 150,000 more migrants from Africa may be set to make the perilous crossing in the coming months.



According to Frontex data, nearly half of the new arrivals are Malians, forced out of their country by a conflict and economic crisis in which the Russian mercenary group Wagner is involved.



Sanchez is focusing on strengthening relations with Mauritania, Senegal, and Gambia, the main departure points for migrant boats. The first two share land borders with Mali.



Spanish police have&nbsp;long&nbsp;operated in West Africa&nbsp;to strengthen&nbsp;border control&nbsp;as part of Madrid&#8217;s strategy to give financial and security aid to departure points for migrant boats.



<h2 class="wp-block-heading" id="h-return-to-mali">RETURN TO MALI</h2>



Spain is also planning a return to Mali following the closure of the EU military mission there last May. While France advocated for the mission&#8217;s termination, Spain is engaged in discussions with Bamako over bilateral military aid, according to a senior Spanish military officer.



&#8220;We cannot leave the ground empty for Russian forces to occupy. It is important to maintain a presence in the region,&#8221; the officer, who requested anonymity, told Reuters.



The Spanish mission could continue the training of the previous European mission, the source said.



Spain&#8217;s Defence Ministry confirmed that it was in talks over collaboration with Mali without providing further details.



Spain is advocating at the EU and NATO for a stronger focus on the global south, especially the Sahel, in light of the migration surge.



Jesus&nbsp;Nunez&nbsp;Villaverde, co-director of the Institute for Conflict Studies and Humanitarian Action, said that to resolve the Sahel&#8217;s problems, poverty and the effects of climate change need to be addressed.



&#8220;The solution is not military aid, which is a repetition of a failed model. A different kind of aid is needed,&#8221; he said.



Years of Islamist conflict in the Sahel have fuelled a humanitarian crisis with more than 3.1 million people displaced from their homes in Mali, Burkina Faso and Niger as of July, according to the International Organization for Migration (IOM).



In Mali, economic troubles have also worsened since the ruling junta seized power in 2020.



The conflict, unemployment and the impact of climate change on farming communities are the main drivers behind Malians&#8217; motivations to migrate, said Ousmane Diarre, head of a Malian NGO that defends migrant rights.



Moussa Diaby Wage, a 20-year-old from Mali, arrived in&nbsp;the&nbsp;Canaries in 2020&nbsp;in a boat from&nbsp;Mauritania.



Having secured Spanish nationality, his dream is to join the army. Meanwhile, he helps other migrant children in a centre for minors in Tenerife. Of the 50 teenagers living there, 30 came from Mali.



&#8220;We came here because Mali is at war, there is a lot of fighting in the north and many people have to make the decision to leave,&#8221; he told Reuters. &#8220;Most of those who come are young, very young, because it&#8217;s the only way to get a chance (in life)&#8221;.



(Reporting by Corina Pons in Canary Islands; Fadimata Kontao in Bamako; Belén Carreño in Madrid and Joan Faus in Barcelona; editing by Charlie Devereux and Angus MacSwan)

Spain’s PM Sanchez to hold press conference, in Madrid

Spain’s Sanchez visits West Africa aiming to stem migration surge

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-820x547.jpg" alt="" class="wp-image-523490" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ONNVXT2PNJOPTD2RGQADDQM6PQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Presidential candidate from the ruling New Patriotic Party (NPP) and Ghana&#8217;s Vice President, Dr. Mahamudu Bawumia, delivers a speech next to a poster with his picture, during his campaign launch event ahead of the 2024 presidential election in Accra, Ghana, February 7, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Aug 26 (Reuters)&nbsp;&#8211;&nbsp;The two main contenders in Ghana&#8217;s presidential election have launched duelling manifestos promising fiscal stability, jobs and a path out of the country&#8217;s worst economic downturn in a generation.



Voters will head to the polls on Dec. 7 to elect a successor to President Nana Akufo-Addo, who is stepping down at the end of the two terms he is allowed to serve as head of the West African gold, oil and cocoa-producing nation.



The election will pit ex-president John Dramani Mahama of the main opposition National Democratic Congress party against Vice President Mahamudu Bawumia, an economist and former central banker, from Akufo-Addo&#8217;s ruling New Patriotic Party.



No party has ever won more than two consecutive terms in government in Ghana&#8217;s democratic history.



Frustrations about economic hardship have tainted Akufo-Addo&#8217;s presidency. Ghana defaulted on most of its $30 billion external debt in 2022 &#8211; the culmination of years of overstretched borrowing compounded by the COVID pandemic, the knock-on impacts of the war in Ukraine and a rise in global interest rates.



The government sought help from the International Monetary Fund and is now restructuring its debt as a condition for a $3 billion support package.



Both Mahama and Bawumia laid out their policy promises over the weekend ahead of a vote analysts predict to be tight two-man contest, even though others are running.



Mahama, 65, vowed to scrap first-year university fees to boost tertiary education and reduce taxes during his first three months in office.



&#8220;I will lead a ruthless war against corruption&#8221; and recover misappropriated assets, he told supporters in the south central city of Winneba on Saturday.



Mahama invested heavily in infrastructure during his 2013-17 presidency but drew criticism over power shortages, economic instability and alleged state corruption. He was never directly accused of wrongdoing but oversaw the government that was. His government denied wrongdoing.



NPP critics say graft continued and grew worse under Akufo-Addo&#8217;s administration. His administration has also denied wrongdoing.



Bawumia promised to simplify the tax system, almost halve the number of ministers and cut public spending by 3% of GDP.



Addressing reporters in the capital Accra on Sunday, he outlined a plan to provide digital training to one million young people to help them find jobs.



Both candidates are from northern Ghana, a long-standing NDC stronghold in which the NPP has made inroads over the past years.



(Reporting by Maxwell Akalaare Adombila; Editing by Sofia Christensen, Portia Crowe and Alison Williams)

Reuters

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Reuters

South African Markets – Factors to watch on Aug 28

African Markets – Factors to watch on Aug 28

Namibian asset demand soars ahead of election and amid oil discoveries

Insecurity, rising costs push 31 mln Nigerians into acute food shortage, study says

Spain to donate 500,000 mpox vaccine doses to combat outbreak in Africa

New mpox strain is changing fast; African scientists are ‘working blind’ to respond

South African private power producers seek fair deal over output curbs

Nigeria’s NNPC sending LNG cargoes to Japan and China

Kenyan shilling steady as diaspora FX inflows match demand

South African rand stable ahead of data-filled second half of week

South African Markets – Factors to watch on Aug 27

African Markets – Factors to watch on Aug 27

Nigeria’s president appoints new security and intelligence chiefs

South Africa’s top gold miner sees profit surge as prices rally

Nigeria’s GDP growth rises to 3.19% year on year in Q2

Spain’s Sanchez visits West Africa aiming to stem migration surge

Ghana presidential contenders promise to ease hardship as campaign ramps up

News Tips

Advertise With Us

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