<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, May 31 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. 



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



*Kenya and Uganda&#8217;s statistics offices are due to release their respective consumer inflation data for May. *Democratic Republic of Congo&#8217;s central bank holds its first monetary policy committee meeting for the year. 



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



Asian stocks rose on Friday and were poised for the fourth month of gains, while the dollar drifted lower, keeping the yen steady as investors await inflation readings from Europe and the U.S. that will likely dictate the path of interest rates globally. 



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



Oil prices fell early on Friday as investors responded to comments from U.S. Fed officials who said it was too soon to start considering rate cuts, and following a surprise build in U.S. gasoline stocks that weighed on the market. 



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



South Africa&#8217;s currency, stocks and bonds fell on Thursday amid political uncertainty after election projections showed the African National Congress (ANC) was set to lose its parliamentary majority for the first time in 30 years. 



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



Kenya&#8217;s shilling and Zambia&#8217;s kwacha are expected to gain ground against the dollar and Ghana&#8217;s cedi will weaken, while Nigeria&#8217;s naira and Uganda&#8217;s shilling are forecast to hold steady in the next week to Thursday, traders said. 



<h2 class="wp-block-heading" id="h-nigeria-world-bank-loan">NIGERIA WORLD BANK LOAN </h2>



Nigeria has secured a $500 million World Bank loan for its electricity sector to boost power distribution, after last month&#8217;s hike in tariffs for top consumers in Africa&#8217;s most populous nation. 



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



Kenya&#8217;s shilling strengthened on Thursday, lifted by dollar inflows from tea exporters, traders said. 



<h2 class="wp-block-heading" id="h-kenya-world-bank-loan">KENYA WORLD BANK LOAN </h2>



The World Bank on Thursday approved the first of three budget support packages for Kenya worth $1.2 billion, to help the East African country address short-term fiscal pressures and accelerate green policies. 



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



Senegalese President Bassirou Diomaye Faye, on his first official visit to Mali on Thursday, said he raised the question of remaining in regional bloc ECOWAS with his Malian counterpart, who was &#8220;not totally inflexible&#8221; on the matter. 



<h2 class="wp-block-heading" id="h-ivory-coast-cocoa">IVORY COAST COCOA </h2>



Ivory Coast&#8217;s cocoa regulator has told exporters that a discount for the grading of beans from the mid-crop will not be offered for deferred contracts, according to a letter from the Coffee and Cocoa Council (CCC) dated May 24. 



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on May 31

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/444PLG6PDNKKFA6UKQOPJROONE-820x547.jpg" alt="" class="wp-image-492714" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/444PLG6PDNKKFA6UKQOPJROONE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/444PLG6PDNKKFA6UKQOPJROONE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/444PLG6PDNKKFA6UKQOPJROONE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/444PLG6PDNKKFA6UKQOPJROONE-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/444PLG6PDNKKFA6UKQOPJROONE-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/444PLG6PDNKKFA6UKQOPJROONE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The result board at the National Results Operation Centre of the Electoral Commission of South Africa (IEC), which serves as an operational hub where results of the national election are displayed, in Midrand, South Africa, May 30, 2024. REUTERS/Alet Pretorius</figcaption></figure>



MIDRAND, South Africa, May 31 (Reuters) &#8211; South African parties geared up for coalition talks on Friday as the governing African National Congress (ANC) looked set to fall well short of a majority for the first time in 30 years of democracy.



While the party of the late Nelson Mandela looked likely to remain the largest political force, voters appeared to have punished the former liberation movement for years of decline.



With results in from 57.3% of polling stations, the ANC had 41.9% of votes, a precipitous drop from the 57.5% it secured in the last national election in 2019.



The pro-business Democratic Alliance (DA) was in second place on 23.4%. uMkhonto we Sizwe (MK), a new party led by former president Jacob Zuma, was at 11.3% and eating into ANC support, particularly in KwaZulu-Natal, Zuma&#8217;s home province.



MK had overtaken the Marxist Economic Freedom Fighters (EFF), currently the third biggest party in parliament, which was sitting on 9.5%.



&#8220;I think it&#8217;s a very good day for South Africa. We said for the last 30 years the way to rescue South Africa was to break the ANC majority. We&#8217;ve done that,&#8221; DA leader John Steenhuisen told reporters at the results centre in Midrand, north of Johannesburg.



The ANC had won every previous national election since the historic 1994 vote that ended white minority rule, but over the last decade South Africans have watched the economy stagnate, unemployment and poverty climb and infrastructure crumble, leading to regular power outages.



Speculation was intense about which party or parties the ANC may approach to form a coalition and remain in government, or what other negotiations might be going on behind closed doors.



Asked if his party was in coalition talks, Steenhuisen said &#8220;no&#8221;.



&#8220;We&#8217;ve got to wait for the results to end before we can start with any major discussions but my first port of call is going to be with my Multi-Party Charter conference,&#8221; he said, referring to an alliance of opposition parties formed before the election.



The uncertainty impacted the government bond market, with prices of the country&#8217;s main internationally traded bonds down as much as 1.3 cents on the U.S. dollar. The falls were the third in a row and left the bonds at their lowest level in almost a month.&nbsp;US836205AR58=TEUS836205AZ74=TE



<h2 class="wp-block-heading" id="h-doomsday-coalition">&#8216;DOOMSDAY COALITION&#8217;</h2>



Projections by South Africa&#8217;s Council for Scientific and Industrial Research indicated the ANC would get 40.5% when full results are in.



The ruling party&#8217;s performance looked particularly dire in KwaZulu-Natal, where MK was on 44.1% to just 18.8% for the ANC, according to partial results as of 0830 GMT.



By law the election commission has seven days to release full provisional results, but election officials have said they are planning for a Sunday announcement.



The results page on the electoral commission&#8217;s website, which had been updating seamlessly since the start of the count, went blank for roughly two hours early on Friday due to a technical problem. The data reappeared shortly after 0700 GMT.



&#8220;The data in the data centre remains intact and the results have not been compromised &#8230; Result processing continues unaffected,&#8221; the commission said in a statement.



Political parties&#8217; share of the vote will determine the number of seats they get in the National Assembly, which then elects the next president.



That could still be the ANC&#8217;s leader, incumbent President Cyril Ramaphosa. However, an embarrassing showing at the polls risks fuelling a leadership challenge.



Investors and the business community have voiced concern over the prospect of the ANC entering a coalition with the EFF, which is calling for the seizure of white-owned farms and the nationalisation of mines and banks, or with Zuma&#8217;s MK which also talks about land confiscation.



Though the DA says it wants to oust the ruling party, Steenhuisen has not ruled out a partnership to block what he has called a &#8220;doomsday coalition&#8221; with the ANC bringing the EFF or MK into government.



(Additional reporting by Nqobile Dludla, Tannur Anders and Bate Felix; Writing by Alexander Winning and Estelle Shirbon; Editing by Stephen Coates and Emelia Sithole-Matarise)

National Results Operation Centre of the Electoral Commission of South Africa

South Africa heads for coalition as ANC set for big fall

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/5UHZBSDOAZMGXBEPEGYG4OCQHU-820x547.jpg" alt="" class="wp-image-492427" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/5UHZBSDOAZMGXBEPEGYG4OCQHU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/5UHZBSDOAZMGXBEPEGYG4OCQHU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/5UHZBSDOAZMGXBEPEGYG4OCQHU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/5UHZBSDOAZMGXBEPEGYG4OCQHU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/5UHZBSDOAZMGXBEPEGYG4OCQHU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/5UHZBSDOAZMGXBEPEGYG4OCQHU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Supporters of the African National Congress (ANC) wave party flags during their final rally ahead of the upcoming election at FNB stadium in Johannesburg, South Africa, May 25, 2024. REUTERS/Alaister Russell/File Photo</figcaption></figure>



MIDRAND, South Africa, May 30 (Reuters) &#8211; The African National Congress looked set on Thursday to lose the parliamentary majority it has held for 30 years, as partial election results suggested it would need a partner to stay in power &#8211; a first in South Africa&#8217;s post-apartheid history.



If the final results confirm the loss of its majority, the ANC will be forced to make a deal with one or more other parties to govern &#8211; a situation that could lead to political volatility in the coming weeks or months.



&#8220;The ANC might have to consider forming an alliance with one of its major rivals in order to maintain its hold on power,&#8221; said Andrew Bahlmann, a senior executive at M&amp;A advisory firm Deal Leaders International.



&#8220;The key area of uncertainty is the make-up of a future coalition.&#8221;



With results in from 20.4% of polling stations, the ANC&#8217;s share of the vote in Wednesday&#8217;s election stood at 43.4%, with the pro-business Democratic Alliance (DA) on 24.9%, data from the electoral commission showed on Thursday.



The Marxist Economic Freedom Fighters (EFF) party was on 8.8%, while uMkhonto we Sizwe (MK), a new party led by former president Jacob Zuma, was snapping at its heels on 8.1%, with support concentrated in Zuma&#8217;s home province of KwaZulu-Natal.



The ANC has won national elections held every five years since the landmark 1994&nbsp;vote, which marked the end of white minority rule and the ascent of Nelson Mandela as president.



But since those heady days the ANC&#8217;s support has declined because of discontent over high unemployment and poverty, rampant crime, frequent power blackouts and corruption.



While early results skew towards rural areas where the ANC is relatively strong, results from urban centres where it is weaker build up later.



Pollsters and two of the country&#8217;s three main broadcasters were predicting that the final results would confirm that the ANC &#8211; which won 57.5% of the vote in the previous election in 2019 &#8211; had&nbsp;lost its majority.



Under South Africa&#8217;s&nbsp;proportional voting system, parties&#8217; shares of the vote determine the number of seats they get in the National Assembly, which then elects&nbsp;the next president.



With the ANC still on course to be the largest party, that is likely to be its leader Cyril Ramaphosa, the incumbent.



However, a poor showing could make him vulnerable to a leadership challenge from within party ranks, whether in the immediate future or at some point during his term.



<h2 class="wp-block-heading" id="h-risk-of-gridlock">RISK OF GRIDLOCK</h2>



Which of the opposition parties the ANC may seek out as a potential coalition partner was the subject of intense speculation.



&#8220;(These results) give the ANC the option of partnering with the market-friendly DA, which markets would undoubtedly prefer, or one of the two populist parties that advocate for the nationalisation of mines and banks,&#8221; said Bahlmann, referring to the EFF and MK.



&#8220;The possibility of an unstable coalition is causing concern in financial markets, as such a coalition would likely demand policy changes that could discourage investment.&#8221;



The rand slipped more than 1% against the U.S. dollar while the wider equity index&nbsp;.JTOPI&nbsp;dropped more than 2%. The country&#8217;s international bonds also fell.



The ANC&nbsp;has&nbsp;some policy similarities&nbsp;with the EFF and MK, but both are led by former ANC figures who have fallen out with the ruling party&#8217;s leadership.



Talks with the DA&nbsp;could&nbsp;also&nbsp;prove&nbsp;challenging&nbsp;as the parties are far apart on policy and fiercely antagonistic.



Simon Harvey, head of foreign exchange analysis at Monex Europe, said the speed at which a coalition could be formed would be an indication of what was to come.



&#8220;If it is protracted, you may start to worry about a political gridlock going forward,&#8221; he said.



The ruling party issued a statement that gave little away.



&#8220;The ANC looks forward to a clear mandate from voters to continue the work of transforming South Africa,&#8221; it said.



Zuma&#8217;s MK, in contrast, adopted a triumphant tone, slamming what it called &#8220;Ramaphosa&#8217;s dismal regime&#8221; and setting out its own policy stall, which echoed some of the goals the ANC pursued during Zuma&#8217;s term as president.



&#8220;The MK party remains committed to honouring your trust and working tirelessly to ensure that the vision of free education, expropriation of land, job creation, poverty eradication, youth entrepreneurship and the ushering in of a new Constitution &#8230; becomes a reality for all South Africans,&#8221; it said.



Zuma was forced to quit as president in 2018 after a string of scandals and has since thrown his weight behind MK. The party, named after the ANC&#8217;s armed wing from the apartheid era, appeared to be costing both the ANC and the EFF votes.



By law, the electoral commission has seven days to declare full results, but in practice it is usually faster than that.



The new parliament must convene within 14 days of final results being declared and its first act must be to elect the nation&#8217;s president.



(Additional reporting by Kopano Gumbi, Tannur Anders, Alexander Winning, Nellie Peyton, Bate Felix, Sruthi Shankar and Karin Strohecker; Writing by Estelle ShirbonEditing by Gareth Jones, Toby Chopra and Emelia Sithole-Matarise)

President of the ANC Cyril Ramaphosa attends a rally ahead of the upcoming election at FNB stadium in Johannesburg

ANC on course to lose majority in South Africa’s seismic election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-820x547.jpg" alt="" class="wp-image-430849" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/3K2CS37WYNNUVIVKGJN5PCM5CM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian President Bola Tinubu arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo</figcaption></figure>



LAGOS, May 30 (Reuters)&nbsp;&#8211;&nbsp;Nigerian Josephine Akiga looks around her empty restaurant in Abuja, where a sole customer sits eating, longing for the days when the place was filled with people.



Business has been so tough since President Bola Tinubu took office a year ago that she sometimes lets customers pay what they have for a meal just to keep business ticking along.



&#8220;When &#8230; you have not sold anything since morning, it&#8217;s better to have that money than to allow the person to go,&#8221; said Akiga. &#8220;So you just ask the person to sit and then give him food for the money he has.&#8221;



Since taking office in May last year, Tinubu has implemented reforms including slashing fuel and electricity subsidies and devaluing the naira currency twice NGN=D1 to try to increase investment and boost output. He says the policies are necessary to put Nigeria on a long-term growth path.



But the economy is growing well short of the 6% annual expansion targeted by Tinubu, while the reforms have driven inflation to a 28-year high, worsening a cost-of-living crisis.



Analysts&nbsp;say&nbsp;economic hardship&nbsp;is&nbsp;also fuelling crime which in turn is hurting people&#8217;s livelihoods.



Bismarck Rewane, a prominent economic analyst who was appointed to Tinubu&#8217;s economic council in March, agreed with the need for economic reforms but said more attention should have been paid to their implementation.



&#8220;The reforms came too quickly but there was no concrete plan to deal with the impact these reforms would have on the people,&#8221;&nbsp;he said.



The end of the fuel subsidy, which for decades made petrol very cheap for Nigerians, has hit people particularly hard. Petrol is widely used in the country to power not only cars but also generators for small businesses and homes.



Anthony Idowu, a 47-year-old bank employee, said the cost of filling his car had nearly quadrupled to 36,000 naira ($30) since the petrol subsidy was removed&nbsp;last year.



He now runs his petrol generator at home for only four hours a day to save money even if it means sleeping without a fan in the sweltering heat of Lagos, he said.



<h2 class="wp-block-heading" id="h-vicious-cycle">VICIOUS CYCLE</h2>



The government has also been criticised for not doing enough to sort out the country&#8217;s security problem, which&nbsp;some people&nbsp;say is affecting their livelihoods.&nbsp;The government insists the security situation is improving, saying it has eliminated thousands of armed gang members and Islamist fighters.



Abdulrasheed Isa Gora, a 32-year-old petty trader and farmer in the Birnin Magaji area of northwest Zamfara state, said attacks by armed gangs were on the rise, making it difficult to farm or travel to other communities to sell his wares.



Earlier this week, he and members of his community paid 50 million naira ($42,000) to free 18 family members and some residents who were kidnapped on March 10. Some 40 others remain missing, he said.



&#8220;We are living by God&#8217;s favour, not the government&#8217;s,&#8221; said Gora.



Nigeria has long struggled with insurgency and attacks by armed gangs who kidnap for ransom in the north, where poverty levels are higher.



But data from the Armed Conflict Location &amp; Event Data Project showed the number of kidnappings doubled to 7,086 in Tinubu&#8217;s first year in office.



Security analysts say economic hardship and the allure of ransom payments are driving mass abductions.



&#8220;That could well be the case,&#8221; said Information Minister Mohammed Idris, when contacted by Reuters.



&#8220;That is why the president is encouraging everyone not to pay ransom because when you pay ransom you are going to continue on this cycle of violence,&#8221; he said.



Back in the restaurant, it was economic uncertainty that was at the&nbsp;top&nbsp;of Akiga&#8217;s worries.



From daily sales of 100,000 naira ($84) a year ago, she was hardly making 20,000 naira ($17) now and that was quickly used up buying more stock.



&#8220;Any money you make you take it back to the market,&#8221; she said.



(Reporting by MacDonald Dzirutwe in Lagos and Abraham Achirga in Abuja, additional reporting by Ahmed Kingimi in Maiduguri; Editing by Ana Nicolaci da Costa)

FILE PHOTO: Summit for a new global financing pact takes place in Paris

Hardship, insecurity cloud Nigeria president’s first year in office

<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>



May 30 (Reuters) &#8211; Kenya&#8217;s shilling and Zambia&#8217;s kwacha are expected to gain ground against the dollar and Ghana&#8217;s cedi will weaken, while Nigeria&#8217;s naira and Uganda&#8217;s shilling are forecast to hold steady in the next week to Thursday, traders said.



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



Kenya&#8217;s shilling is expected to gain ground, supported by dollar inflows from tea exporters and remittances, and low demand from importers waiting for better rates.



Commercial banks quoted the shilling at 130.50/131.50 per dollar, compared with last Thursday&#8217;s close of 131.50/132.50.



&#8220;I see importers staying away for now hoping for better rates. If they keep off and CBK (central bank) stays away, I see it taking down (the) 130 mark,&#8221; a trader at one commercial bank said.



The central bank says it only intervenes to smooth out volatility when the shilling is moving too fast in either direction, and has no preferred level.



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



Nigeria&#8217;s naira could trade around current levels next week, after the central bank intervened in the market, and its Open Market Operations (OMO) auctions also attracted foreign inflows that helped ease pressure from futures contracts that paid out this week.



LSEG data showed the naira trading at 1,421 to the dollar on the official market on Thursday, around the same range a week ago. The unit was quoted at 1,485 on the parallel market on Thursday.



&#8220;The exchange rate will remain volatile because the fundamentals such as crude oil receipts remain low,&#8221; one trader said. &#8220;But there is scope to appreciate because the central bank is keen for the naira not to fall below a certain threshold.&#8221;



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



Ghana&#8217;s cedi is expected to extend its decline against the dollar on persistent strong demand from local businesses.



LSEG data showed the cedi was bid at 14.69 per dollar, compared with last Thursday&#8217;s closing rate of 14.55.



&#8220;The local unit continued to face headwinds in recent sessions as FX illiquidity persists. Flows have been hard to come by, while demand for the greenback remains elevated — mainly from the manufacturing and commerce sectors,&#8221; said Sedem Dornoo, senior trader Absa Bank Ghana.



&#8220;Up ahead, it is likely the cedi will remain under pressure as FX demand remains firm.&#8221;



Chris Nettey, head of trading at Stanbic Bank Ghana, said the cedi continued to weaken despite the central bank&#8217;s assurances it would take steps to curb the decline and news the government had secured a draft memorandum of understanding on debt restructuring from bilateral creditors.



&#8220;We expect the narrative to continue with an eye on the actions of the central bank in the coming sessions,&#8221; he added.



The cedi is down by 19% so far this year against the dollar. The Bank of Ghana says this is due to high import demand, low export revenue and currency speculation.



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



The Ugandan shilling is seen trading in a stable range in the coming days, with most players staying on the sidelines as they await reading of the 2024/2025 (July-June) budget, traders said.



At 0955 GMT commercial banks quoted the shilling at 3,810/3,820,compared to last Thursday&#8217;s close of 3,820/3,830.



Uganda&#8217;s finance minister is expected to present the next financial year&#8217;s budget early June although the date has not yet been set.



&#8220;We&#8217;re unlikely to see a lot of activity before the budget,&#8221; said a trader at one commercial bank adding the shilling will mostly remain in a stable range around 3,800 against the dollar before then.



<h2 class="wp-block-heading" id="h-zambia">ZAMBIA</h2>



The kwacha may gain marginally against the dollar next week due to positive sentiment after bondholders accepted Zambia&#8217;s debt restructuring proposal.



On Thursday, the currency of Africa&#8217;s second-largest copper producer was trading at 27.10 per dollar from 26.20 a week ago.



&#8220;The short-term outlook for the local currency is modest gains owing to bondholder support for debt restructuring,&#8221; Access Bank said in a note. 



(Reporting by George Obulutsa, Christian Akorlie, Chris Mfula, Elisha Bala-Gbogbo; Editing by Bate Felix)

Kenyan shilling to firm, Ghana cedi expected to weaken

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VZCH2MQACZMNTKMXQUEJ4MJKCM-820x541.jpg" alt="" class="wp-image-492460" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VZCH2MQACZMNTKMXQUEJ4MJKCM-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VZCH2MQACZMNTKMXQUEJ4MJKCM-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VZCH2MQACZMNTKMXQUEJ4MJKCM-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VZCH2MQACZMNTKMXQUEJ4MJKCM-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VZCH2MQACZMNTKMXQUEJ4MJKCM-1536x1013.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VZCH2MQACZMNTKMXQUEJ4MJKCM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Africa&#8217;s central bank governor, Lesetja Kganyago, delivers a keynote address on monetary policy, growth and jobs at the University of the Witwatersrand in Johannesburg, South Africa, November 1, 2022. REUTERS/Siphiwe Sibeko</figcaption></figure>



PRETORIA, May 30 (Reuters)&nbsp;&#8211;&nbsp;Below are some quotes from South African Reserve Bank Governor Lesetja Kganyago at a news conference to announce the central bank&#8217;s latest interest rate decision.



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



&#8220;We now see inflation stabilising at our 4.5% objective in the second quarter of next year. This is an improvement on our March forecast, which only reached this milestone at the end of 2025.&#8221;



&#8220;The changes to the outlook, however, are not large when compared to our March forecast. Average inflation for 2025 is only a tenth of a percentage point lower. The task of achieving our inflation objective is not yet done.&#8221;



&#8220;The Committee remains concerned that inflation expectations are elevated. After three years of inflation being above 4.5%, few survey respondents, especially from businesses and trade unions, now believe that inflation will be at 4.5% in two years&#8217; time.&#8221;



&#8220;Although the Monetary Policy Committee (MPC) assesses the inflation forecast risks to be broadly balanced at present, high inflation expectations require that we deliver on our target sooner rather than later, to re-anchor expectations.&#8221;



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



&#8220;Economic activity indicators for the first quarter have been coming in worse than expected, despite reduced electricity load-shedding (power cuts). However, these higher-frequency data can be volatile.&#8221;



&#8220;We still forecast GDP growth of 1.2% this year. The growth numbers for the outer years also remain unchanged. We assess the risks to the growth outlook as balanced.&#8221;



&#8220;The recent improvement in the power supply, with no load-shedding since 26 March, is a welcome development. We have revised our load-shedding assumption down, but additional revisions may be required if this performance is sustained.&#8221;



<h2 class="wp-block-heading" id="h-decision">DECISION</h2>



&#8220;The MPC decided to keep the repo rate unchanged at 8.25%. The decision was unanimous.&#8221;



&#8220;The forecast continues to see policy normalisation, with rates easing into more neutral territory by next year.&#8221;



&#8220;Decisions of the MPC will continue to be data dependent, and sensitive to the balance of risks to the outlook. We are committed to stabilising inflation at the mid-point of the target band.&#8221;



(Compiled by Alexander Winning)

South Africa’s central bank governor to delivers keynote address

South African central bank governor’s comments on rate decision

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/PPA7LZHDAZIPJMJ7KHMLZAMWME-1-820x536.jpg" alt="" class="wp-image-479372" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/PPA7LZHDAZIPJMJ7KHMLZAMWME-1-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/PPA7LZHDAZIPJMJ7KHMLZAMWME-1-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/PPA7LZHDAZIPJMJ7KHMLZAMWME-1-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/PPA7LZHDAZIPJMJ7KHMLZAMWME-1-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/PPA7LZHDAZIPJMJ7KHMLZAMWME-1-1536x1003.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/PPA7LZHDAZIPJMJ7KHMLZAMWME-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows the logo of South Africa&#8217;s central reserve bank, at the reserve bank offices in Pretoria, South Africa, January 26, 2023. REUTERS/Siphiwe Sibeko</figcaption></figure>



PRETORIA, May 30 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s central bank kept its main interest rate unchanged at 8.25%&nbsp;on Thursday,&nbsp;saying that high inflation expectations required &#8220;that we deliver on our target sooner rather than later&#8221;.



The decision was unanimous and came a day after the country held a pivotal general election. Early results show the ruling African National Congress was on course to lose a majority it has held for 30 years.



All 20 economists in a May 20-23 Reuters poll predicted there would be no change in the repo rate ZAREPO=ECI.



The South African Reserve Bank has kept monetary policy tight to try to steer inflation back towards the midpoint of its 3%-6% inflation target range.



Consumer inflation stood at 5.2% year on year&nbsp;ZACPIY=ECI&nbsp;in April, the latest month for which data is available, down slightly from 5.3% in March.



(Reporting by Kopano Gumbi and Alexander Winning; Additional reporting by Tannur Anders; Editing by Bate Felix)

South Africa trims rate hikes as power cuts slash growth prospects

South African central bank leaves key rate on hold as expected

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/HKHJ5EZWR5O3TEDZQXQKIQJWWE-820x547.jpg" alt="" class="wp-image-492340" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/HKHJ5EZWR5O3TEDZQXQKIQJWWE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/HKHJ5EZWR5O3TEDZQXQKIQJWWE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/HKHJ5EZWR5O3TEDZQXQKIQJWWE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/HKHJ5EZWR5O3TEDZQXQKIQJWWE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/HKHJ5EZWR5O3TEDZQXQKIQJWWE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/HKHJ5EZWR5O3TEDZQXQKIQJWWE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Julius Malema, the leader of South African opposition party, the Economic Freedom Fighters (EFF), waves to supporters at a rally in Dobsonville, Soweto near Johannesburg, South Africa, March 2, 2024. REUTERS/James Oatway/File Photo</figcaption></figure>



JOHANNESBURG, May 30 (Reuters) &#8211; South Africa&#8217;s Julius Malema, who quit the ruling African National Congress to form a radical leftist party, could potentially become a kingmaker or even deputy president if the ANC loses its majority as early election results suggest.



The prospect of the ANC co-opting Malema and his Economic Freedom Fighters (EFF) to stay in power after Wednesday&#8217;s election strikes fear into investors and the white upper-middle class he rails against.



The EFF&#8217;s promises to nationalise the country&#8217;s gold and platinum mines and seize land from white farmers are among proposals they fear threaten not just their privileges but also Africa&#8217;s most industrialised economy.



Malema&#8217;s pledge to redress persistent racial and economic disparities resonates with his constituents which include tens of thousands of unemployed, disenfranchised urban Black youths and middle class students struggling to afford fees or graduates unable to find decent jobs in a stagnant economy.



The ANC liberated Black South Africans from white minority rule, but the widespread prosperity it promised three decades ago has yet to materialise. Meanwhile the very richest &#8211; both Black and white &#8211; have seen their share of the wealth expand.



A third of South Africans, including many Black voters with college degrees, are out of work.



&#8220;The EFF points out accurately &#8230; that we haven&#8217;t solved the racial issue in this country,&#8221; Steven Friedman, director of South Africa&#8217;s Centre for the Study of Democracy, said.



Yet, he added that Malema had failed to broaden the party&#8217;s appeal to those in extreme poverty in rural areas.



The EFF, reminiscent of socialist movements of the past with its trademark red shirts and berets, captured more than 10% of the vote in national polls in 2019 and 2021 local ones.



However, Malema&#8217;s wealth and lifestyle have attracted criticism from political rivals who deride his penchant for flashy cars, gold watches, champagne and luxury mansions in leafy suburbs. He sold one such mansion, complete with a cinema and a cigar lounge to pay off $1 million in tax arrears.



He has also faced allegations of corruption, which he denies. In 2015, a court threw out money laundering charges against him relating to government contracts.



<h2 class="wp-block-heading" id="h-sowing-division">&#8216;SOWING DIVISION&#8217;</h2>



At a late 2020 rally in Senekal, in the largely agrarian Free State province, dozens of Malema&#8217;s Black supporters in red shirts were facing off with a small group of white supremacists, some donning apartheid-era army uniforms.



The tension was palpable until an EFF security guard called over one of the white counter-protestors with a friendly gesture. After talking, each then faced their side and made calming hand signals, defusing the row.



It was typical of Malema&#8217;s ability to turn up the heat on the country&#8217;s simmering racial and class tensions without them boiling over.



Born the son of a domestic worker for an Indian family in Limpopo, north of Johannesburg, Malema was politically active from a young age and rose through the ranks to ANC Youth League president in 2008.



He founded his breakaway party after the ruling ANC suspended him as youth leader in 2011 for &#8220;sowing division&#8221;.



While his followers affectionately call him &#8220;Juju&#8221; &#8211; short for Julius &#8211; Malema&#8217;s detractors prefer names like &#8220;firebrand&#8221;, &#8220;militant&#8221; &#8220;clown&#8221; or &#8220;populist&#8221;.



Yet in a nation in which the main populist issue is hostility towards migrants from other African countries, his party is the only one that seeks to repeal policies that hinder the free movement of Africans.



&#8220;The EFF is swimming against the tide when it comes to immigration,&#8221; Chris Ogunmodede, analyst and editor of World Politics Review, said. &#8220;(It) will likely lose out (on) many votes it might otherwise get.&#8221;



Although Malema briefly flirted with xenophobia in January 2022, when he announced visits to restaurants to check they were not employing too many foreigners, he never repeated the stunt.



(Additional reporting by Anait Miridzhanian; Editing by Estelle Shirbon and Emelia Sithole-Matarise)

FILE PHOTO: South African opposition party rally

South Africa’s divisive Malema could be post-election kingmaker

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, May 30 (Reuters) &#8211; The South African rand fell on Thursday as early <a href="https://www.cnbcafrica.com/2024/early-results-in-south-africas-election-show-anc-losing-majority/">poll results</a> showed the governing African National Congress was on course to lose its majority, a scenario that could lead to weeks of uncertainty as it tries to negotiate a coalition with one or more smaller parties.



At 0716 GMT, the rand traded at 18.6525 against the dollar&nbsp;ZAR=D3, over 1% weaker than its previous close. The dollar&nbsp;=USD&nbsp;last traded around 0.1% weaker against a basket of global currencies.



Vote counting was underway on Thursday after South Africans took to the polls on Wednesday in the most contested election since the end of apartheid.



The governing African National Congress is projected to get roughly 42% of the national vote, the country&#8217;s Council for Scientific and Industrial Research told the public broadcaster on Thursday.



Around 11.37% of the votes had been tallied at 0716 GMT, and markets are likely to get a clearer picture of the outcome as counting continues.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was weaker in early deals, with the yield up 17 basis points to 10.695%.



(Reporting by Tannur Anders; Editing by David Holmes)

Illustration photo of South African rand

South African rand falls as election vote count gets underway

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN-820x461.jpeg" alt="" class="wp-image-491921" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The company logo adorns the side of the BHP gobal headquarters in Melbourne on February 21, 2023. &#8211; The Australian multinational, a leading producer of metallurgical coal, iron ore, nickel, copper and potash, said net profit slumped 32 percent year-on-year to 6.46 billion US dollars in the six months to December 31. (Photo by William WEST / AFP) (Photo by WILLIAM WEST/AFP via Getty Images)
William West | Afp | Getty Images</figcaption></figure>



May 29 (Reuters)&nbsp;&#8211;&nbsp;BHP Group&nbsp;BHP.AX&nbsp;said on Wednesday it did not intend to make a formal offer for Anglo American&nbsp;AAL.L, walking away from its $49 billion takeover deal, after the London-listed rival refused to extend the bid deadline.



&#8220;We were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost,&#8221; BHP said in a statement, adding that it did not get &#8220;key information&#8221; from Anglo to address these risks.



Anglo <a href="https://www.reutersconnect.com/all?search=all%3AL4N3HW1DF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">rejected</a> BHP&#8217;s last-ditch request for more time to discuss a takeover offer, dismissing it as highly complex, after the miner had granted BHP a one-week extension to its original May 22 deadline to submit a binding offer.



This is a developing story&#8230;



(Reporting by Yadarisa Shabong and Pushkala Aripaka in Bengaluru; Editing by Shinjini Ganguli)

107406138-1714028301272-gettyimages-1247341097-AFP_339P4DN

BHP walks away from $49 billion takeover offer for Anglo American

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5DSIOVXMUFLQ5NBH22D3TKPXYU-820x547.jpg" alt="" class="wp-image-425151" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5DSIOVXMUFLQ5NBH22D3TKPXYU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5DSIOVXMUFLQ5NBH22D3TKPXYU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5DSIOVXMUFLQ5NBH22D3TKPXYU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5DSIOVXMUFLQ5NBH22D3TKPXYU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5DSIOVXMUFLQ5NBH22D3TKPXYU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/5DSIOVXMUFLQ5NBH22D3TKPXYU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: President of the Republic of Botswana, Mokgweetsi Eric Keabetswe Masisi, speaks prior to the official talks with the delegation members of Switzerland and Botswana, in Bern, Switzerland, May 1, 2023. Peter Klaunzer/Keystone/Pool via REUTERS/</figcaption></figure>



GABORONE, May 29 (Reuters)&nbsp;&#8211;&nbsp;Botswana is hoping for a quick separation of De Beers from the Anglo American Plc&nbsp;AAL.L&nbsp;group before the UK-listed diversified mining giant is exposed to a possible hostile takeover, President Mokgweetsi Masisi said on Wednesday.



Botswana, the world&#8217;s top diamond producer by value, is finalising a new ten-year gem sales deal agreed last June with De Beers. The two parties had agreed to finalise the deal by June 28 this year, but the proposed takeover of Anglo by the BHP Group BHP.AX has brought uncertainty to the sales agreement.



Anglo has rebuffed BHP and on Wednesday rejected the Australian company&#8217;s request for more time to discuss its latest $49 billion takeover offer.



Anglo plans to divest from De Beers and its other coal, nickel and platinum assets to focus on energy transition metal copper.



Masisi said he would meet Anglo and De Beers executives at jewellery industry trade event the JCK Show in the United States this week.



“One thing we don’t want is a hostile owner. We are watching this very closely because whoever buys Anglo, if it is sold, will then be the owner of De Beers and De Beers is our strategic partner with whom we are at the tail end of our negotiations,” Masisi told reporters as he departed for the United States.



Botswana is a 15% shareholder in De Beers and accounts for 70% of the company&#8217;s annual rough diamond supply.



The renewal of the sales deal and mining rights for Botswana and De Beers&#8217; joint venture mining company, Debswana, is vital to the southern African country, which gets about 40% of its revenue, 75% of its foreign exchange earnings and a third of national output from diamonds.



“We have received some assurances and the reason for travelling is to go and get that first hand from the principals of Anglo and De Beers that they are committed to separating De Beers from Anglo before Anglo is sold, if it is sold,” Masisi said.



Botswana needs to finalise the deal with De Beers so that it can begin to benefit from the renegotiated terms agreed in June 2023, which include a higher allocation of rough diamonds from Debswana to the state-owned Okavango Diamond Company (ODC) and a $750 million investment by De Beers into other economic sectors over the next ten years.



(Reporting by Brian Benza; Editing by Nelson Banya and Mark Potter)

FILE PHOTO: Botswana’s President Masisi visits Switzerland

Botswana wants quick separation of De Beers from Anglo, president says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/KWU57PCES5KMPLXRN6DA4Y32LI-820x533.jpg" alt="" class="wp-image-490133" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/KWU57PCES5KMPLXRN6DA4Y32LI-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/KWU57PCES5KMPLXRN6DA4Y32LI-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/KWU57PCES5KMPLXRN6DA4Y32LI-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/KWU57PCES5KMPLXRN6DA4Y32LI-768x499.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/KWU57PCES5KMPLXRN6DA4Y32LI-1536x998.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/KWU57PCES5KMPLXRN6DA4Y32LI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man walks past election posters of the ruling African National Congress (ANC), as South Africa prepares for the May 29 general elections, in Soweto, South Africa, May 24, 2024. REUTERS/Siphiwe Sibeko</figcaption></figure>



KWAMASHU, South Africa, May 29 (Reuters) &#8211; South Africans voted on Wednesday in the most competitive election since the end of apartheid, with opinion polls suggesting the African National Congress could lose its parliamentary majority after 30 years in government.



Queues formed in the main cities of Johannesburg, Cape Town and Durban as polling got underway around 7 a.m. (0500 GMT), with lines also seen in the morning cold in townships on the outskirts of cities and in rural areas.



&#8220;I grew up loving the ANC because of how they fought for the freedom we have today,&#8221; said business owner Skhumbuzo Mnyandu, 48, who came out to vote in KwaMashu, a township close to Durban. &#8220;That is why I voted for them all these years.&#8221;



&#8220;But this year, I have changed because of the problems with the ruling party, and so I have become a member of the MK party,&#8221; he said, referring to uMkhonto we Sizwe, a new party backed by former president Jacob Zuma.



Voters at polling stations across the country cited high rates of unemployment and crime, frequent power blackouts and corruption in ANC ranks as reasons why they would vote for opposition parties, but others were wary of change.



Pensioner Charles Louw, 62, said he would remain loyal to the ANC as he distrusted the promises made by opposition parties to create jobs, end power cuts or crack down on crime.



&#8220;The ANC have been trying to do it, they are there, they have got experience, they know how to accommodate everything. But the new parties, where will they start?&#8221; he said after voting in Alexandra, a sprawling township east of Johannesburg.



Then led by Nelson Mandela, the ANC swept to power in South Africa&#8217;s first multi-racial election in 1994 and has won a majority in national elections held every five years since then, though its share of the vote has gradually declined.



If it falls short of 50% this time, the ANC will have to make a deal with one or more smaller parties to govern &#8211; uncharted and potentially choppy waters for a young democracy that has so far been dominated by a single party.



Voters are electing provincial assemblies in each of the country&#8217;s nine provinces, and a new national parliament which will then choose the next president.



With the ANC still on course to win the largest share of the vote, its leader President Cyril Ramaphosa is likely to remain in office.



More than 27 million South Africans are registered to vote at more than 23,000 polling stations where voting will continue until 9 p.m. (1900 GMT).



&#8220;If early indications are anything to go by, we may match or just surpass the 66% voter turnout (seen in the last election in 2019),&#8221; said Masego Sheburi, a senior official at the electoral commission, at a briefing about six hours into the election.



Turnout has steadily fallen since the start of the democratic era and is one of the key variables this time.



The election appeared to be going smoothly in most places, with Sheburi saying 93% of polling stations had opened on time.



Reuters reporters witnessed isolated incidents, such as voters being turned away from a Johannesburg polling station because they were not registered to vote there, and in one Alexandra location voting was delayed for hours due to the late arrival of ballot papers.



<h2 class="wp-block-heading" id="h-most-consequential-election">&#8216;MOST CONSEQUENTIAL ELECTION&#8217;</h2>



After voting at a polling station in Soweto, a huge township outside Johannesburg, Ramaphosa said the ANC had run a strong campaign.



&#8220;I have no doubt whatsoever in my heart of hearts that the people will invest their confidence in the African National Congress,&#8221; he said.



John Steenhuisen, leader of the pro-business Democratic Alliance (DA) party which won the second-largest share of the vote in the last election in 2019, urged voters to turn out in large numbers to bring change to South Africa.



&#8220;This is the most consequential election since 1994,&#8221; he said after casting his ballot in Durban.



Other opposition parties hoping to loosen the ANC&#8217;s grip on power include the Economic Freedom Fighters (EFF), founded by Julius Malema, a firebrand former leader of the ANC&#8217;s youth wing. The EFF wants to nationalise mines and banks and seize land from white farmers to address racial and economic disparities.



&#8220;We see ourselves overtaking the ANC, not the DA. The DA is small boys. We have no time for small boys,&#8221; a typically combative Malema told reporters as he arrived to cast his ballot in Seshego, in the northern province of Limpopo.



&#8220;We&#8217;re going for the real giant, which is the ANC. We are in an election to remove the ANC,&#8221; he said. &#8220;We are here to take over government.&#8221;



Opinion polls suggest EFF support has been hovering between 10 and 12%, far short of the ANC on 37-44%, but Malema could find himself in position to be a kingmaker depending on the election results.



Zuma&#8217;s new MK party looks set to eat into both ANC and EFF support, especially in his home province of KwaZulu-Natal where he has enduring influence despite being forced to quit as president in 2018 after a string of scandals.



The election commission is expected to start releasing partial results within hours of polling stations closing and final results within three or four days at most.



(Additional reporting by Wendell Roelf, Tannur Anders, Nqobile Dludla, Anait Miridzhanian, Bhargav Acharya, Joe Bavier, Tim Cocks, Olivia Kumwenda, Bate Felix and Sfundo ParakozovWriting by Estelle Shirbon and Alexander WinningEditing by Gareth Jones, Andrew Heavens and Emelia Sithole-Matarise)

South Africa prepares for the May 29 general elections, in Soweto

South Africans vote in most competitive election since end of apartheid

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XBUX3KKTWRL4XAUGPJYRWVH7WQ-820x534.jpg" alt="" class="wp-image-491984" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XBUX3KKTWRL4XAUGPJYRWVH7WQ-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XBUX3KKTWRL4XAUGPJYRWVH7WQ-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XBUX3KKTWRL4XAUGPJYRWVH7WQ-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XBUX3KKTWRL4XAUGPJYRWVH7WQ-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XBUX3KKTWRL4XAUGPJYRWVH7WQ-1536x1001.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XBUX3KKTWRL4XAUGPJYRWVH7WQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



KIGALI, May 29 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s central bank cut its key interest rate&nbsp;RWREPO=ECI&nbsp;by 50 basis points to 7.0% on Wednesday, saying inflation was projected to remain within its target band at around 5% this year and next.



The rate cut followed two monetary policy meetings at which the Central Bank Rate was left unchanged.



In February, Governor John Rwangombwa said the bank could reduce the rate at upcoming meetings if inflation dynamics remained positive.



Annual inflation&nbsp;RWCPIY=ECI&nbsp;peaked at 21.7% in November 2022. It fell to 4.5% in April, well within policymakers&#8217; 2%-8% target range.



Rwangombwa told a news conference on Wednesday that risks to the inflation outlook included global geopolitical tensions that could affect international commodity prices and adverse weather conditions in Africa.



He said the economy continued to expand in the first quarter, helped by a strong performance by the agriculture, services and industry sectors.



This month Finance Minister Uzziel Ndagijimana reiterated the government&#8217;s economic growth forecasts of 6.6% this year, 6.5% in 2025, 6.8% a year later and 7.2% in 2027. The economy expanded 8.2% in 2023.



(Reporting by Philbert Girinema; Writing by George Obulutsa; Editing by Alexander Winning and Emelia Sithole-Matarise)

XBUX3KKTWRL4XAUGPJYRWVH7WQ

Rwanda central bank cuts key rate as inflation seen within target

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="515" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/E3QSTNRI5NLCHAEJURPRJHWWEI-820x515.jpg" alt="" class="wp-image-489417" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/E3QSTNRI5NLCHAEJURPRJHWWEI-820x515.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/E3QSTNRI5NLCHAEJURPRJHWWEI-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/E3QSTNRI5NLCHAEJURPRJHWWEI-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/E3QSTNRI5NLCHAEJURPRJHWWEI-768x482.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/E3QSTNRI5NLCHAEJURPRJHWWEI-1536x964.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/E3QSTNRI5NLCHAEJURPRJHWWEI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: FILE PHOTO: The Anglo American logo is seen in Rusternburg October 5, 2015. Picture taken October 5, 2015. REUTERS/Siphiwe Sibeko//File Photo</figcaption></figure>



LONDON/JOHANNESBURG/MELBOURNE, May 29 (Reuters)&nbsp;&#8211;&nbsp;Anglo American&nbsp;AAL.L&nbsp;on Wednesday rejected BHP Group&#8217;s&nbsp;BHP.AX&nbsp;last-ditch request for more time to discuss a $49 billion takeover offer, dismissing it as highly complex and likely ending a five-week pursuit by the bigger rival.



Anglo had granted BHP a one week extension until 1600 GMT on Wednesday to its original May 22 deadline to submit a binding offer, after rejecting a third takeover proposal that it dismissed as difficult to execute.



BHP still has until then to make a firm offer or walk away. It did not immediately respond to a request for comment, but has previously indicated it would not make a hostile bid.



BHP&#8217;s shares closed flat on Wednesday at A$45.08. Anglo&#8217;s were little changed at 0950 GMT.



London-listed Anglo agreed to hold talks with BHP to try to iron out concerns over the structure of the proposed deal, namely its condition that Anglo unbundle its South African platinum and iron ore units before the takeover.



In an earlier statement, BHP said it needed more time to engage with Anglo, while outlining commitments to minimise regulatory risk in South Africa.



Those commitments included job security for employees in South Africa. BHP also said it would shoulder the costs of increased South African employee ownership that is expected to be required in any demerger.



But Anglo signalled those commitments were not enough.



&#8220;BHP continues to restate its belief that the risks of its complex structure are not material, yet has repeatedly and consistently stated both publicly and during the engagements that it is unwilling to amend its proposed structure to assume these risks,&#8221; Anglo said in its statement.



Anglo was founded in Johannesburg in 1917 and employs more than 40,000 South Africans, so any withdrawal would be a further economic blow to the country whose miners have been cutting jobs and investment as platinum especially falls out of favour.



South Africans are voting in an election on Wednesday, with polls suggesting the African National Congress could lose its majority after 30 years in power, in part due to anger about high unemployment and a stagnant economy.



JP Morgan analysts have estimated a takeover of Anglo by BHP could lead to outflows of $4.3 billion from South Africa and weaken the rand.



&#8220;Today&#8217;s announcement says to me that BHP are doing all they can to placate any concerns Anglo&#8217;s board could have from a South Africa jobs, and regulatory point of view,&#8221; said analyst Hayden Bairstow of broker Argonaut in Perth about BHP&#8217;s request for more time.



However, a source close to Anglo&#8217;s thinking said its investors shared its reservations about BHP&#8217;s proposal.



&#8220;The majority of the Anglo shareholders fully understand the concerns that are being expressed and I don&#8217;t believe that they feel that the risks in the structure and the price are fully taken into consideration by BHP,&#8221; the source said.



BHP&#8217;s latest proposal values Anglo at 29.34 pounds per share or 38.6 billion pounds ($49 billion).



One person familiar with the situation said it was virtually impossible for BHP to put in an offer by Wednesday&#8217;s deadline and Anglo&#8217;s statement could effectively have killed the deal.



Buying Anglo would strengthen BHP&#8217;s position in copper and other metals central to the world&#8217;s clean energy shift. Anglo, meanwhile, has outlined its own plan to divest less profitable assets and focus on expanding copper output.



(Reporting by Clara Denina in London, Felix Njini in Johannesburg, Melanie Burton in Melbourne and Scott Murdoch in Sydney; Additional reporting by Amy-Jo Crowley, Sameer Manekar; Editing by Christopher Cushing and Mark Potter)

FILE PHOTO: BHP-Anglo American deal raises alarm in Japan’s steel industry

Anglo rejects BHP’s last-ditch attempt to continue takeover talks

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="512" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/IEOR3BGJSROL5KFMYTELQHZUDI-820x512.jpg" alt="" class="wp-image-491950" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/IEOR3BGJSROL5KFMYTELQHZUDI-820x512.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/IEOR3BGJSROL5KFMYTELQHZUDI-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/IEOR3BGJSROL5KFMYTELQHZUDI-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/IEOR3BGJSROL5KFMYTELQHZUDI-768x480.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/IEOR3BGJSROL5KFMYTELQHZUDI-1536x959.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/IEOR3BGJSROL5KFMYTELQHZUDI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: African Development Bank President Akinwumi Adesina addresses delegates during the Africa Climate Summit (ACS) 2023 at the Kenyatta International Convention Centre (KICC) in Nairobi, Kenya, September 5, 2023. REUTERS/Monicah Mwangi/file photo</figcaption></figure>



NAIROBI, May 29 (Reuters)&nbsp;&#8211;&nbsp;Africa&#8217;s economic growth is&nbsp;set&nbsp;to accelerate to 3.7% this year and 4.3%&nbsp;next&nbsp;from 3.1% in 2023, African Development Bank (AfDB) President Akinwumi Adesina said on Wednesday, expressing hope that the bank can boost infrastructure investment with IMF help.



&#8220;African economies are experiencing great resilience despite the challenges posed by climate change, geopolitical tensions, global inflation, rising debt, among others,&#8221; Adesina told the annual meeting of the bank.



In the past nine years the bank has&nbsp;invested over $50 billion in infrastructure projects on the continent, he said.



Adesina said two weeks ago that the International Monetary Fund had approved multilateral banks such as the AfDB lending against the Fund&#8217;s Special Drawing Rights (SDRs) monetary reserves.



SDRs are interest-bearing international reserve assets granted to IMF member countries in proportion to their shareholding.



&#8220;If the approved limit of $20 billion of the SDRs is channelled to multilateral development banks like us, we&nbsp;[the AfDB]&nbsp;can leverage this to deliver at least $80 billion of new financial support,&#8221; Adesina said.



The&nbsp;bank is helping to raise $3.2 billion for the East Africa standard gauge railway linking Tanzania, Democratic Republic of Congo and Burundi, he&nbsp;added.



It is also providing $500 million towards the development of the Lobito Corridor to connect Zambia, Angola and the Democratic Republic of Congo.



(Reporting by George Obulutsa; Editing by Bate Felix and Kevin Liffey)

Kenya to host first Africa Climate Summit in Nairobi

AfDB aims to boost infrastructure funding as African growth accelerates

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="768" height="512" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IFC-World-Bank-edited.jpg" alt="" class="wp-image-428524" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IFC-World-Bank-edited.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IFC-World-Bank-edited-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IFC-World-Bank-edited-135x90.jpg 135w" sizes="auto, (max-width: 768px) 100vw, 768px" /><figcaption class="wp-element-caption">IFC World Bank Photo: via Flickr</figcaption></figure>



LONDON, May 28 (Reuters)&nbsp;&#8211;&nbsp;The World Bank&#8217;s private finance arm on Tuesday launched a programme to provide up to $4 billion to small businesses in emerging markets, with a focus on women-owned firms and those in the agriculture and climate sectors.



The International Finance Corporation said it would advance the funds to banks, non-bank financial institutions, microfinance institutions, and innovative digital lenders that loan to micro, small and medium-sized businesses.



The MSME Financing Platform would aim to attract a further $4 billion by using credit enhancements to attract private sector capital.



&#8220;Micro, small, and medium enterprises form the backbone of most developing economies, yet they face significant financial barriers that hinder their potential,&#8221; said IFC Managing Director Makhtar Diop in a statement.



MSMEs make up more than 90% of all firms and account, on average, for 60-70% of total employment and 50% of GDP worldwide, the IFC said, yet the SME Finance Forum puts the annual financing gap at around $5.7 trillion.



Access to finance has been hampered by tighter credit conditions, rising interest rates and a decline in risk appetite among mainstream lenders, the IFC said, something it hoped to reverse by offering to take the first loss on loans.



Up to $100 million of finance to help the platform de-risk the credit and foreign currency exposures will come from the International Development Association, it added. I



&#8220;Our new financing platform addresses these challenges head-on, empowering financial service providers to extend critical support to these businesses, particularly those that are women-led or environmentally focused.&#8221;



(Reporting by Simon Jessop; Editing by Sriraj Kalluvila)

IFC World Bank Photo: via Flickr

IFC launches $4 bln platform to support small firms in developing markets

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GEHCKBE6DZLYNKSPJ6M6MCXGOE-820x547.jpg" alt="" class="wp-image-491568" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GEHCKBE6DZLYNKSPJ6M6MCXGOE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GEHCKBE6DZLYNKSPJ6M6MCXGOE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GEHCKBE6DZLYNKSPJ6M6MCXGOE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GEHCKBE6DZLYNKSPJ6M6MCXGOE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GEHCKBE6DZLYNKSPJ6M6MCXGOE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GEHCKBE6DZLYNKSPJ6M6MCXGOE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: President of the African National Congress (ANC) Cyril Ramaphosa delivers an address to supporters during the political party’s final rally ahead of the upcoming election at FNB stadium in Johannesburg, South Africa, May 25, 2024. REUTERS/Alaister Russell/File Photo</figcaption></figure>



JOHANNESBURG, May 28 (Reuters) &#8211; South African President Cyril Ramaphosa, who has staked his reputation on cleaning up the image of the ruling African National Congress, will lead the party toward its biggest test of the democratic era when South Africans vote on Wednesday.



Ramaphosa, who helped found the country&#8217;s biggest mining union and later became one of its wealthiest businessmen, took on the presidency in 2018 and survived a misconduct scandal to be re-elected to the ANC&#8217;s helm in 2022.



He has struggled to lift economic growth, make a dent in high unemployment with a third of South Africans jobless, or end crippling power cuts &#8211; all of which voters are expected to punish the ANC for at the ballot box on May 29.



If the party loses its majority for the first time in 30 years, as opinion polls predict, some political analysts say 71-year-old Ramaphosa will be unlikely to see out a second term.



Ramaphosa was the ANC&#8217;s lead negotiator during talks that led to a peaceful end to apartheid, which enabled Nelson Mandela to become South Africa&#8217;s first Black president after 1994&#8217;s historic all-race vote.



He also played an important role in the drafting of South Africa&#8217;s progressive constitution.



Despite his evident gifts, Ramaphosa gave up politics in 1996 and entered business, as Mandela&#8217;s newly elected ANC sought to dilute the dominance of the white minority in the boardrooms of the new South Africa.



Some say he was pushed by Mandela&#8217;s protege and eventual successor, former President Thabo Mbeki. Ramaphosa withdrew from politics under Mbeki and set up an investment vehicle called Shanduka &#8211; which means &#8220;change&#8221; in the language of his Venda people.



Shanduka grew into one of the biggest Black-owned investment vehicles in South Africa. Ramaphosa was one of the main beneficiaries of the ANC&#8217;s policy of Black Economic Empowerment, which was meant to reduce inequality but which critics say led to people with ANC connections acquiring assets at knock-down prices.



<h2 class="wp-block-heading" id="h-silver-tongued-negotiator">SILVER-TONGUED NEGOTIATOR</h2>



The son of a retired policeman, Ramaphosa was a thorn in the side of white mine bosses in the 1980s, leading the National Union of Mineworkers (NUM) that he co-founded in one of the largest strikes in the country&#8217;s history.



He left the NUM in 1991 and was elected secretary-general of the ANC, in charge of the day-to-day running of the party, a year after it was unbanned by the apartheid government.



Ramaphosa&#8217;s negotiating skills at constitutional talks in the early 1990s won him grudging respect from South Africa&#8217;s last white president, F.W. de Klerk, who said Ramaphosa&#8217;s &#8220;silver tongue and honeyed phrases lulled potential victims while his arguments relentlessly tightened around them&#8221;.



Ramaphosa started winding down his business interests in 2012, when he became the ANC&#8217;s No. 2 official under former President Jacob Zuma.



He replaced Zuma as ANC leader in 2017, vowing to rid the ruling party of graft and revitalise the economy.



But just as he was about to start campaigning for his second term as party chief, he faced calls to quit after an advisory panel found preliminary evidence that he may have violated the constitution over a large amount of cash found hidden in furniture at his game farm.



He has denied wrongdoing and was not charged with any crimes but his reputation took a hit from the incident dubbed &#8220;Farmgate&#8221;.



<h2 class="wp-block-heading" id="h-champion-of-global-south">CHAMPION OF GLOBAL SOUTH</h2>



Ramaphosa has been criticised for appearing to prevaricate on crucial reforms to avoid rifts within his party &#8211; a far cry from the decisiveness he showed as a union leader in the 1980s.



Policy changes on energy security, jobs and the green energy transition stumbled on internal party divisions, and several committees he created have only dragged out these disagreements.



But his supporters applaud his ability to preserve consensus and say he has made important achievements advancing South Africa&#8217;s reputation as a champion of the so-called &#8220;Global South&#8221;, shorthand for some low- and middle-income countries including India.



During the COVID-19 pandemic Ramaphosa was one of the most prominent voices globally calling for fairer distribution of vaccines.



More recently South Africa filed a genocide case against Israel at the International Court of Justice, leading judges to rule last week that Israel must halt its military assault on the Gaza city of Rafah. Israel has vehemently rejected the allegations.



Ramaphosa has campaigned on the ANC&#8217;s successes over the last 30 years, but critics say he has offered little in the way of new solutions to South Africa&#8217;s biggest challenges, including high crime and stark inequality.



At the ANC&#8217;s final campaign rally before the election, he promised to &#8220;do better&#8221; before a crowd of tens of thousands of supporters gathered at a Soweto soccer stadium. Many filed out before he had finished his speech.



(Editing by Emelia Sithole-Matarise)

Reuters

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South African rand falls as election vote count gets underway

BHP walks away from $49 billion takeover offer for Anglo American

Botswana wants quick separation of De Beers from Anglo, president says

South Africans vote in most competitive election since end of apartheid

Rwanda central bank cuts key rate as inflation seen within target

Anglo rejects BHP’s last-ditch attempt to continue takeover talks

AfDB aims to boost infrastructure funding as African growth accelerates

IFC launches $4 bln platform to support small firms in developing markets

South Africa’s Ramaphosa steers ANC into potentially pivotal election

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Reuters

African Markets – Factors to watch on May 31

South Africa heads for coalition as ANC set for big fall

ANC on course to lose majority in South Africa’s seismic election

Hardship, insecurity cloud Nigeria president’s first year in office

Kenyan shilling to firm, Ghana cedi expected to weaken

South African central bank governor’s comments on rate decision

South African central bank leaves key rate on hold as expected

South Africa’s divisive Malema could be post-election kingmaker

South African rand falls as election vote count gets underway

BHP walks away from $49 billion takeover offer for Anglo American

Botswana wants quick separation of De Beers from Anglo, president says

South Africans vote in most competitive election since end of apartheid

Rwanda central bank cuts key rate as inflation seen within target

Anglo rejects BHP’s last-ditch attempt to continue takeover talks

AfDB aims to boost infrastructure funding as African growth accelerates

IFC launches $4 bln platform to support small firms in developing markets

South Africa’s Ramaphosa steers ANC into potentially pivotal election

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