
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1405858383-820x533.jpg" alt="" class="wp-image-512560" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1405858383-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1405858383-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1405858383-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1405858383-768x499.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1405858383-1536x998.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1405858383-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Cape Town South Africa, Aerial view of Table Mountain and city of Cape Town . In foreground passenger ferry bound for Robben Island. (Photo by: Peter Titmuss/UCG/Universal Images Group via Getty Images)</figcaption></figure>



<p>CAPE TOWN, July 29 (Reuters)&nbsp;&#8211;&nbsp;More equipment is being mobilised to contain an oil spill from the ship &#8220;Ultra Galaxy&#8221; which ran aground on South Africa&#8217;s west coast and started to break up in stormy weather, authorities said on Monday.</p>



<p>Rough sea swells have battered the Panama-flagged general cargo vessel since it drifted onto a sand bank three weeks ago close to Doring Bay, some 300 km (186 miles) north of Cape Town, after the ship&#8217;s crew abandoned the vessel when it started taking on water.</p>



<p>&#8220;Salvage operations are continuing and more equipment is being mobilized to contain the oil spill,&#8221; said Tebogo Ramatjie, spokesperson for the South African Maritime Safety Authority (SAMSA).</p>



<p>The spill took place over the weekend when the ship broke into four sections, with large waves almost seven metres (23 ft) high crashing into the wreck every 15 seconds at one stage, SAMSA said.</p>



<p>An oil spill contingency plan was immediately launched and about 125 people from local communities are helping with mopping up operations, Ramatjie added.</p>



<p>The salvage team has managed to remove several lube oil drums and about eight tons of marine gas oil from the wreck&#8217;s fuel tanks. SAMSA has said there were approximately 500 tons of fuel aboard the vessel that need to be removed.</p>



<p>(Reporting by Wendell Roelf, Editing by William Maclean)</p>


Cape Town South Africa, Aerial view of Table Mountain and city of Cape Town . In foreground passenger ferry bound for Robben Island.

South Africa steps up fight to contain oil spill from grounded ship


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



<p>July 29 (Reuters)&nbsp;&#8211;&nbsp;Emerging market stocks gained on Monday, while major currencies slipped against a stronger dollar as investors looked ahead to a week packed with key central bank policy decisions and assessed a potentially escalating conflict at the Israel-Lebanon border.</p>



<p>MSCI&#8217;s index of emerging markets (EM) stocks jumped 0.6%, tracking global stocks higher as equities recovered from a Wall Street led sell-off last week. </p>



<p>Meanwhile, the likelihood of widening conflict in the Middle East also weighed on sentiment, after the U.S. and Israel blamed a rocket strike in the Israeli-occupied Golan Heights on the Iran-backed Lebanese militant group Hezbollah.</p>



<p>Oil rose, while the shekel dropped to a more than three-week low against the dollar.</p>



<p>EM currencies broadly slipped against a strong dollar, with the Polish zloty and Hungarian forint down 0.5% and 0.4%, respectively. MSCI&#8217;s broader gauge of EM currencies was little changed on the day.</p>



<p>Rate decisions are due this week from a number of major central banks, with emerging market investors particularly focusing on the U.S. Federal Reserve and the Bank of Japan.</p>



<p>The Fed is widely expected to keep rates on hold at its meeting this week, with all focus on whether policymakers signal they could start easing policy in September, while the BOJ will be watched for a potential rate hike and any further changes to its bond-buying programme.</p>



<p>&#8220;Should the BoJ tighten monetary policy further, the yen would benefit from that and the selling pressure on high yielding EM currencies could resurface or intensify,&#8221; said Piotr Matys, senior FX analyst at InTouch Capital Markets.</p>



<p>&#8220;That said, the Fed may provide some relief if the overall message is relatively dovish (or) far less hawkish, cementing market expectations for a September rate cut.&#8221;</p>



<p>Meanwhile, the Czech crown edged 0.2% lower against the euro ahead of a central bank policy decision later this week.</p>



<p>&#8220;The consensus expectation is for the CNB to slow down the pace of easing at this week&#8217;s meeting by lowering the policy rate by 25 basis points, yet another 50 bps move cannot be completely excluded,&#8221; Matys said.</p>



<p>Emerging market stocks had clocked their second week of declines on Friday, losing more than 1.5%, as a move out of expensive U.S. technology megacaps sparked global equity declines. Wall Street indexes recovered some ground on Friday.</p>



<p>Wall Street&#8217;s recovery, combined with hopes for easing policy in the U.S., helped Asian stocks ex-Japan rise, though China&#8217;s Shanghai Composite index closed flat ahead of a key Politburo meeting this week.</p>



<p>Saudi Arabian stocks edged 0.1% lower, while Turkey&#8217;s BIST fell 0.5%.</p>



<p>Elsewhere, Indian stocks, briefly touched record highs, led by banking and energy stocks, and were last flat on the day.</p>



<p>Meanwhile, Ethiopia&#8217;s birr slumped 30% against the dollar after the central bank floated the currency.</p>



<p>(Reporting by Lisa Mattackal in Bengaluru; Editing by Alex Richardson)</p>


Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

Stocks gain, FX slips as rate decisions, Middle East conflict in focus


<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/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-820x547.jpg" alt="" class="wp-image-512525" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



<p>LAGOS, July 29 (Reuters)&nbsp;&#8211;&nbsp;Fuel queues lengthened across major Nigerian cities on Monday after state-oil company Nigerian National Petroleum Corp. faced problems supplying gasoline to local traders and depots.</p>



<p>Last year President Bola Tinubu&#8217;s government opened up gasoline imports to private companies but foreign currency shortages and a cap on the price of petrol has mean that NNPC remains the only importer. Nigeria&#8217;s new Dangote Refinery is yet to start processing gasoline.</p>



<p>&#8220;The NNPC Ltd wishes to state that the tightness in fuel supply and distribution witnessed in some parts of Lagos and the Federal Capital is as a result of a hitch in the discharge operations of a couple of vessels,” Olufemi Soneye, NNPC spokesperson said in a statement over the weekend when queues began forming.</p>



<p>Gasoline prices at retail stations have risen to over 800 naira ($0.5063) from around 617 naira per litre in May 2023 when the government announced it was ending gasoline subsidies. The price surge has added to already high inflation in Nigeria and a cost of living crisis.</p>



<p>The NNPC Ltd owes gasoline suppliers over $6 billion, thus affecting supplies, and is seeking to raise financing to settle the debts.</p>



<p>($1 = 1,580.0000 naira)</p>



<p>(Reporting by Isaac Anyaogu; Editing by Susan Fenton)</p>


https___cloudfront-us-east-2.images.arcpublishing.com_reuters_QHFBVC6NYNJHDBQD6MW4EKPU2E

Nigerians queue for fuel as NNPC blames operational hitch


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



<p>KAMPALA, July 29 (Reuters) &#8211; The Ugandan shilling was firmer on Monday on the back of inflows of dollars from non-governmental organisations and some commodity exporters such as coffee, traders said.</p>



<p>At 0846 GMT commercial banks quoted the shilling at 3,710/3,720, compared with Friday&#8217;s closing rate of 3,720/3,730.</p>



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


Ugandan Economy Following Rate Cut

Ugandan shilling strengthens; NGO dollar inflows help


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg" alt="" class="wp-image-422769" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Kenya Central Bank Governor Patrick Njoroge displays  Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. REUTERS/Baz Ratner</figcaption></figure>



<p>NAIROBI, July 29 (Reuters) &#8211; The Kenyan shilling slightly strengthened early on Monday, and traders anticipate further gains backed by expected dollar inflows from tea exports.</p>



<p>At 0807 GMT, commercial banks quoted the shilling at 130.50/131.50, a slight increase compared to Friday&#8217;s closing rate of 130.75/131.75.</p>



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


Kenya Central Bank Governor Patrick Njoroge displays the newly designed Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi

Kenya’s shilling firms, tea export dollars to add more lift


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, July 29 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand edged higher early on Monday, as risk sentiment remained positive ahead of the U.S. Federal Reserve&#8217;s policy decision later in the week.</p>



<p>At 0716 GMT, the rand traded at 18.27 against the dollar, 0.14% stronger than its previous close.</p>



<p>Emerging market currencies like the rand will look at the Fed&#8217;s decision on Wednesday for further direction, analysts said.</p>



<p>&#8220;The Fed is expected to keep rates on hold but markets are looking for a more dovish outlook going forward,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>Domestic investors are also awaiting South Africa&#8217;s June trade and budget balance figures due this week.</p>



<p>South African Reserve Bank data earlier showed South Africa&#8217;s June M3 money supply growth was at 4.19% and credit growth at 4.27% year-on-year.</p>



<p>M3 is a measure of money supply released by the central bank, which includes all currency in circulation, bank deposits and debt securities, among others.</p>



<p>On the stock market, the Top-40 index was up 0.4% in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was marginally stronger, with the yield down 1.7 basis points to 9.46%.</p>



<p>(Reporting by Bhargav Acharya; Editing by David Holmes)</p>


South African Economy As Inflation Rate Rises For First Time In 2017

South African rand edges higher with eyes on Fed


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



<p>JOHANNESBURG, July 29 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Monday.</p>



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



<p>June money supply data</p>



<p>Foreigners&#8217; weekly trading in South African bonds and equities</p>



<p>South African weekly Treasury bill auction</p>



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



<p>The South African rand gained against the dollar on Friday, after a reading of U.S. inflation did little to alter expectations of a September interest rate cut by the Federal Reserve.</p>



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



<p>Asian shares bounced on Monday into a week packed with earnings and a trio of central bank meetings that could see the United States and UK open the door to easing, while Japan might lift borrowing costs in a step toward &#8220;normality&#8221;.</p>



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



<p>Wall Street&#8217;s major indexes ended higher on Friday as investors flocked back to tech megacaps that had triggered broad sell-offs earlier in the week, and inflation data boosted optimism that the Federal Reserve will soon commence cutting interest rates.</p>



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



<p>Prices of safe-haven gold climbed on Monday on heightened geopolitical tensions in the Middle East and amid expectations of a U.S. rate cut in September, while focus shifted to the Federal Reserve&#8217;s policy meeting due later this week.</p>



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



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



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



<p>&#8211; ‘Unnecessarily tight’ policy may lead to recession, Investec warns</p>



<p>&#8211; Seize the moment, JPMorgan investment bank boss tells SA</p>



<p>(Compiled by Bhargav Acharya)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 29


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



<p>NAIROBI, July 29 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.</p>



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



<p>*Ethiopian Airlines Group expected to release its full year financial results for the period to end June.</p>



<p>*MOZAMBIQUE &#8211; London&#8217;s High Court will rule on Mozambique&#8217;s $3.1 billion lawsuit against Emirati-Lebanese shipbuilder Privinvest over the fallout from the decade-old &#8220;tuna bond&#8221; scandal, after a civil trial last year.</p>



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



<p>Asian shares bounced on Monday into a week packed with earnings and a trio of central bank meetings that could see the United States and UK open the door to easing, while Japan might lift borrowing costs in a step toward &#8220;normality&#8221;.</p>



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



<p>Oil prices rose on Monday, paring last week&#8217;s loss, on fears of a widening conflict in the Middle East following a rocket strike in the Israeli-occupied Golan Heights, which Israel and the United States blamed on Lebanese armed group Hezbollah.</p>



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



<p>The South African rand gained in early trade on Friday, as markets focused on a key U.S. inflation reading that could offer more cues on the Federal Reserve&#8217;s future interest rate path.</p>



<h2 class="wp-block-heading" id="h-nigeria-markets">NIGERIA MARKETS</h2>



<p>Nigeria&#8217;s central bank has sold $148 million in foreign exchange to 29 authorised dealer banks in the spot market to ease demand pressure, it said on Friday.</p>



<h2 class="wp-block-heading" id="h-nigeria-petroleum">NIGERIA PETROLEUM</h2>



<p>Nigeria&#8217;s major Dangote oil refinery is reselling cargoes of U.S. and Nigerian crude, four trade sources familiar with the matter said on Friday.</p>



<h2 class="wp-block-heading" id="h-nigeria-politics">NIGERIA POLITICS</h2>



<p>Days before a nationwide protest over bad governance and a high cost of living, Nigeria is offering its young people jobs in the state-oil company and billions of naira worth of grants among other incentives to discourage the action.</p>



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



<p>Kenya&#8217;s shilling gained ground on Friday, helped by dollar inflows from tea exporters, trader said.</p>



<h2 class="wp-block-heading" id="h-ethiopia-economy">ETHIOPIA ECONOMY</h2>



<p>Ethiopia&#8217;s central bank on Monday removed restrictions on the foreign currency market, it said, a crucial step towards securing funding from the International Monetary Fund and making progress on a long-delayed debt overhaul.</p>



<h2 class="wp-block-heading" id="h-uganda-politics">UGANDA POLITICS</h2>



<p>Police in Uganda arrested 104 people during anti-corruption protests this week and almost all of them have been charged with public order offences, a police statement said late on Friday.</p>



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



<p>Ghana&#8217;s central bank held its main interest rate steady at 29% for the third meeting in a row on Friday, saying a strong monetary stance was needed due to uncertainty over the inflation outlook.</p>



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


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 29


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="538" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2ULCJYYHB5OH5O2DRQ44X3IBDI-820x538.jpg" alt="" class="wp-image-512465" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2ULCJYYHB5OH5O2DRQ44X3IBDI-820x538.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2ULCJYYHB5OH5O2DRQ44X3IBDI-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2ULCJYYHB5OH5O2DRQ44X3IBDI-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2ULCJYYHB5OH5O2DRQ44X3IBDI-768x504.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2ULCJYYHB5OH5O2DRQ44X3IBDI-1536x1008.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2ULCJYYHB5OH5O2DRQ44X3IBDI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man counts Ethiopia&#8217;s birr notes in Merkato, one of Africa&#8217;s biggest open air market, in Addis Ababa, Ethiopia, April 25, 2024. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



<p>ADDIS ABABA, July 29 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia&#8217;s central bank floated the birr currency on Monday, a move it hopes will secure International Monetary Fund (IMF) support and&nbsp;enable&nbsp;progress on a long-delayed debt restructuring.</p>



<p>The birr&#8217;s value against the U.S. dollar slumped by 30% to 74.73 per dollar, the country&#8217;s biggest lender, Commercial Bank of Ethiopia said. The currency had been trading at 57.48 birr to the dollar on Friday.</p>



<p>The Horn of Africa nation, which has been struggling with soaring inflation and chronic foreign currency shortages, became the third economy on the continent in as many years to default on its government debt last December.</p>



<p>It has been in talks with the IMF to establish a new lending programme after the last programme,&nbsp;agreed in 2019,&nbsp;was abandoned due to conflict in the northern region of Tigray. Negotiations resumed after a November 2022 peace deal.</p>



<p>The central bank said in a statement on the float that &#8220;banks are henceforth allowed to buy and sell foreign currencies from/to their clients and among themselves at freely negotiated rates&#8221; and that it would only make &#8220;limited interventions&#8221; in the FX markets going forward.</p>



<p>The reforms were initially announced by Prime Minister Abiy Ahmed late on Sunday.</p>



<p>Central bank governor Mamo Mihretu said in an online video that,&nbsp;as part of the reforms, Ethiopia would get $10.7 billion in external financing from the IMF, the World Bank, and other creditors.</p>



<p>&#8220;The IMF and World Bank are both providing exceptional and front-loaded funding support that will be among their highest such allocations in the African continent,&#8221; he said.</p>



<p>Importers, who had been relying on the black market to secure dollars, expressed relief at the central bank&#8217;s move.</p>



<p>&#8220;Now I don&#8217;t need to go to black market to buy or sell dollars. It is now a market-based foreign exchange regime, so (we) will buy or sell based on the legal channels,&#8221; said a businessman in the capital Addis Ababa, who did not want to be named.</p>



<p>The IMF did not immediately respond to a request for comment. The fund&#8217;s executive board was scheduled to meet on Monday to discuss a new programme for Ethiopia, Bloomberg news agency reported. Reuters could not confirm the meeting.</p>



<p>Ethiopia&#8217;s main $1 billion dollar government bond edged higher to reach 75.42 cents on the dollar by 1400 GMT, its highest level since early 2022.</p>



<p>The United States welcomed the shift.</p>



<p>&#8220;Market-based FX is a difficult, but necessary step for Ethiopia to address macroeconomic distortions,&#8221; the U.S embassy in Addis Ababa posted on social media platform X.</p>



<p>Ethiopia, Africa&#8217;s second-most populous country, requested a debt restructuring under the Group of 20&#8217;s Common Framework process in early 2021, but&nbsp;the war in Tigray slowed&nbsp;progress.</p>



<p>The government previously announced other reforms that analysts say are linked to the IMF talks, including adopting an interest rate-based monetary policy earlier this month.</p>



<p>Some said the longer-term impact of the devaluation was less clear.</p>



<p>&#8220;The consequences of exchange rate regime change will take some time to be reflected on the economy,&#8221; Abdulmenan Mohammed, an Ethiopian economic analyst based in Britain, told Reuters. He said it could result in an increased cost of living &#8220;which will mainly affect the urban poor, the jobless, the pensioners, the low-paid employees.&#8221;</p>



<p>(Reporting by Dawit Endeshaw; Additional reporting by George Obulutsa in Nairobi and Marc Jones in London; Writing by Duncan Miriri; Editing by Ros Russell and Angus MacSwan)</p>


Ethiopia’s economy struggles due to shortage of foreign currency

Ethiopia’s birr drops 30% as central bank floats currency


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1387" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-scaled.jpg" alt="" class="wp-image-469888" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-1536x1040.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">People walk past the Bank of Ghana in Accra, Ghana, November 28, 2018. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



<p>ACCRA, July 26 (Reuters) &#8211; Ghana&#8217;s central bank held its main interest rate steady at 29% for the third meeting in a row on Friday, saying a strong monetary stance was needed due to uncertainty over the inflation outlook.</p>



<p>Economists polled by Reuters before Friday&#8217;s announcement predicted a 50-basis-point cut in its main rate. They expect Ghana to finish the year with interest rates 200 basis points lower.</p>



<p>&#8220;Even though inflation is expected to remain within the target year band, the risks have tilted slightly on the upside,&#8221; Bank of Ghana Governor Ernest Addison told a news conference.</p>



<p>&#8220;This will require maintaining a strong monetary policy stance, supported by strong fiscal consolidation efforts,&#8221; Addison said.</p>



<p>He added that there was some uncertainty regarding the inflation path for the year given the recent exchange rate pressures, upward adjustment in utility tariffs, and increases in export fuel prices.</p>



<p>Ghana&#8217;s consumer inflation slowed last month to 22.8% year on year in June from 23.1% in May, but it remains well above the central bank&#8217;s 8% target with a margin of error of 2 percentage points either side.</p>



<p>Finance minister Mohammed Amin Adam said on Tuesday the West African nation would be able to reach the target for the year of 15% by the end of 2024, adding that its economy was rebounding faster than expected.</p>



<p>&#8220;The central bank is clearly reacting to the stalling disinflation during the first half of 2024, which has put both its short- and medium-term inflation targets at risk,&#8221; said Leslie Dwight Mensah, economist and research fellow at the Institute for Fiscal Studies in Accra.</p>



<p>&#8220;The decision has also been made with an eye on the cedi exchange rate, which has had a bad run in recent months and remains prone to depreciation given the economy&#8217;s limited foreign financing options,&#8221; Mensah said.</p>



<p>The West African cocoa, gold and oil producer has been restructuring its $30 billion debt in an attempt to emerge from its worst economic crisis in a generation.</p>



<p>Central bank governor Addison said economic activity in Ghana remained resilient in the context of a generally tight policy stance.</p>



<p>Ghana&#8217;s trade balance improved in the first half of the year, driven by higher exports of gold and crude oil, he said.</p>



<p>Strong gold output, and soaring prices helped Ghana earn more from the precious metal in the first half of 2024.</p>



<p>&#8220;The value of gold exports increased by 46.4% to $5.04 billion, while earnings from crude oil increased to $2 billion from $1.7 billion in the same period last year,&#8221; Addison said.</p>



<p>(Reporting by Christian Akorlie, additonal reporting by Maxwell Akalaare Adombila Writing by Anait MiridzhanianEditing by Bate Felix, William Maclean and Ros Russell)</p>


People walk past the Bank of Ghana in Accra

Bank of Ghana keeps main rate unchanged over inflation concerns


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-820x576.jpg" alt="" class="wp-image-425778" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-1536x1079.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu waves to a crowd as he takes the traditional ride on top of a ceremonial vehicle, after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



<p>ABUJA, July 26 (Reuters)&nbsp;&#8211;&nbsp;Nigeria plans to issue a diaspora bond of up to $500 million, its Finance Minister Olawale Edun said, as part of its strategy to stabilise and grow the economy.</p>



<p>The domestic dollar-denominated bond, set for issuance in the third quarter, aims to attract investment from Nigerians living abroad and those with savings held overseas, but also to demonstrate the strength and resilience of the economy amidst ongoing economic reforms.</p>



<p>Nigeria&#8217;s move to issue the securities comes in the wake of ongoing reforms by President Bola Tinubu, which have seen significant strides including a projected budget deficit of 4% this year, Edun said in a statement late on Thursday.</p>



<p>Since taking office a little over a year ago, Tinubu has instituted landmark reforms cheered by investors, including slashing costly petrol and electricity subsidies and twice devaluing the naira currency with a year.</p>



<p>Edun said the reforms, and the issuance of securities as an integral part of them, represent a concerted push by the government to boost inclusive growth, potentially lifting millions out of poverty while attracting domestic and foreign investments.</p>



<p>(Writing by Elisha Bala-Gbogbo; Editing by Sharon Singleton)</p>


FILE PHOTO: Nigeria’s President Bola Tinubu waves to a crowd as he takes the traditional ride on top of a ceremonial vehicle after his swearing-in ceremony in Abuja

Nigeria to launch $500 million diaspora bond in economic growth push


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



<p>KAMPALA, July 26 (Reuters) &#8211; The Ugandan shilling was steady on Friday, but was expected to weaken on the back of increased demand for dollars from commercial banks, traders said.</p>



<p>At 0813 GMT, commercial banks quoted the shilling at 3,735/3,745, compared with Thursday&#8217;s closing rate of 3,732/3,742.</p>



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


GettyImages-924883576-1

Ugandan shilling stable; to ease due to commercial bank FX demand


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, July 26 (Reuters) &#8211; Kenya&#8217;s shilling gained ground on Friday, helped by dollar inflows from tea exporters, trader said.</p>



<p>At 0808 GMT, commercial banks quoted the shilling at 131.50/132.50, compared with Thursday&#8217;s closing rate of 132.50/133.50.</p>



<p>The central bank has also sold dollars during the week, traders said, helping to support the shilling.</p>



<p>(Reporting by George Obulutsa; Editing by Duncan Miriri)</p>


ANCK25OQIFMHTJYACOM5XU5T24

Kenya shilling firms, tea export dollar inflows help


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



<p>JOHANNESBURG, July 26 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained in early trade on Friday, as markets focused on a key U.S. inflation reading that could offer more cues on the Federal Reserve&#8217;s future interest rate path.</p>



<p>At 0730 GMT, the rand traded at 18.26 against the dollar, about 0.6% stronger than its previous close.</p>



<p>The U.S. personal consumption expenditure data for June &#8211; the Fed&#8217;s favoured measure of inflation &#8211; is due later on Friday and could give hints on the timing of interest rate cuts in the world&#8217;s biggest economy.</p>



<p>Data out of the U.S. on Thursday showed that the economy grew faster than expected in the second quarter, but inflation pressures subsided, leaving intact expectations of a September rate cut.</p>



<p>Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. economic data and monetary policy in addition to local factors.</p>



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



<p>South Africa&#8217;s benchmark 2030 government bond was slightly stronger in early deals, as the yield slipped 2.3 basis points to 9.452%.</p>



<p>(Reporting by Tannur Anders; Editing by Sharon Singleton)</p>


South African Rand coins are seen in this illustration picture

South African rand gains, focus on US inflation data


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



<p>NAIROBI, July 26 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.</p>



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



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



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



<p>The yen stabilized near a 12-week high against the dollar on Friday while Asia-Pacific equity markets remained on the back foot a day after their worst session since mid-April.</p>



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



<p>Oil prices rose slightly on Friday but remained on track for a third straight week of decline due to weak demand in China, the world&#8217;s largest crude importer, and expectations of a ceasefire deal for the Gaza war and related violence in the Middle East.</p>



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



<p>The South African rand strengthened against a weaker dollar on Thursday, after U.S. economic data readings left intact expectations of an interest rate cut by the Federal Reserve in September.</p>



<h2 class="wp-block-heading" id="h-africa-economy">AFRICA ECONOMY</h2>



<p>Inflation in key sub-Saharan African economies is unlikely to slow to targets even after recent aggressive interest rate hikes as central banks look to reverse those increases, a Reuters poll found.</p>



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



<p>Kenyan and Ugandan shilling are expected to be stable against the dollar in the next week to Thursday, while Ghana&#8217;s cedi and Zambia&#8217;s kwacha are seen weakening and Nigeria&#8217;s naira could strengthen, traders said.</p>



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



<p>Kenya&#8217;s shilling was stable on Thursday, but could to come under pressure due to offshore dollar demand, while any sales by the central bank could give it a boost, traders said.</p>



<h2 class="wp-block-heading" id="h-kenya-politics">KENYA POLITICS</h2>



<p>Kenyan police detained several people on Thursday who attempted to present a petition to the president&#8217;s office and lay flowers to honour those killed a month ago on the most violent day of anti-government protests, protesters said.</p>



<h2 class="wp-block-heading" id="h-zimbabwe-budget">ZIMBABWE BUDGET</h2>



<p>Zimbabwe&#8217;s 2024 budget deficit is forecast to be 1.3% of gross domestic product, Finance Minister Mthuli Ncube said on Thursday, but warned that concerns remained over the impact of a drought on finances</p>



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


African Markets – Factors to watch on July 26


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



<p>JOHANNESBURG, July 26 (Reuters)&nbsp;&#8211;&nbsp;The following economic event, equity and currency market moves may affect South African markets on Friday.</p>



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



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



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



<p>The South African rand strengthened against a weaker dollar on Thursday, after U.S. economic data readings left intact expectations of an interest rate cut by the Federal Reserve in September.</p>



<p>On the stock market, the Top-40 index closed 0.12% higher.</p>



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



<p>The yen stabilized near a 12-week high against the dollar on Friday while Asia-Pacific equity markets remained on the back foot a day after their worst session since mid-April.</p>



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



<p>The S&amp;P 500 and Nasdaq Composite ended a fickle session weaker on Thursday, failing to regain ground lost in the previous day&#8217;s tech-triggered sell-off as investors grappled with the likely direction of megacaps.</p>



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



<p>Gold was on track for a weekly loss, even as prices firmed on Friday ahead of a key U.S. inflation reading that could offer more cues on when the Federal Reserve will cut interest rates.</p>



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



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



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



<p>&#8211; SA banks face nearly R1-trillion exposure to energy transition risks</p>



<p>&#8211; SA pushes for relaxation of Agoa eligibility criteria</p>



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


South African Markets -Factors to watch on July 26


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="571" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-820x571.jpg" alt="" class="wp-image-511175" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-820x571.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-1536x1069.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">BLOEMFONTEIN, SOUTH AFRICA  JUNE 15: (SOUTH AFRICA OUT) President of the Supreme Court of Appeal (SCA) Mandisa Maya opens up during an interview at her offices on June 15, 2017 in Bloemfontein, South Africa. Maya is the first female to occupy the post of President of the SCA in South Africa. (Photo by Gallo Images / The Times / Simphiwe Nkwali)</figcaption></figure>



<p>JOHANNESBURG, July 25 (Reuters)&nbsp;&#8211;&nbsp;South African President Cyril Ramaphosa on Thursday named Mandisa Maya as the first female chief justice, effective on Sept. 1, following consultations with the Judicial Service Commission.</p>



<p>This is a significant milestone for the country, the presidency said in a statement.</p>



<p>Maya, the current deputy chief justice, will replace Raymond Zondo, whose term ends on Aug. 31.</p>



<p><em>This is a developing story&#8230;</em></p>



<p>(Reporting by Bhargav Acharya; Editing by Kevin Liffey and Richard Chang)</p>


Reuters

South Africa steps up fight to contain oil spill from grounded ship

Stocks gain, FX slips as rate decisions, Middle East conflict in focus

Nigerians queue for fuel as NNPC blames operational hitch

Ugandan shilling strengthens; NGO dollar inflows help

Kenya’s shilling firms, tea export dollars to add more lift

South African rand edges higher with eyes on Fed

South African Markets – Factors to watch on July 29

African Markets – Factors to watch on July 29

Ethiopia’s birr drops 30% as central bank floats currency

Bank of Ghana keeps main rate unchanged over inflation concerns

Nigeria to launch $500 million diaspora bond in economic growth push

Ugandan shilling stable; to ease due to commercial bank FX demand

Kenya shilling firms, tea export dollar inflows help

South African rand gains, focus on US inflation data

African Markets – Factors to watch on July 26

South African Markets -Factors to watch on July 26

South Africa appoints first woman chief justice

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Reuters

South Africa steps up fight to contain oil spill from grounded ship

Stocks gain, FX slips as rate decisions, Middle East conflict in focus

Nigerians queue for fuel as NNPC blames operational hitch

Ugandan shilling strengthens; NGO dollar inflows help

Kenya’s shilling firms, tea export dollars to add more lift

South African rand edges higher with eyes on Fed

South African Markets – Factors to watch on July 29

African Markets – Factors to watch on July 29

Ethiopia’s birr drops 30% as central bank floats currency

Bank of Ghana keeps main rate unchanged over inflation concerns

Nigeria to launch $500 million diaspora bond in economic growth push

Ugandan shilling stable; to ease due to commercial bank FX demand

Kenya shilling firms, tea export dollar inflows help

South African rand gains, focus on US inflation data

African Markets – Factors to watch on July 26

South African Markets -Factors to watch on July 26

South Africa appoints first woman chief justice

News Tips

Advertise With Us

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