<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/BQI34QFZORKWJOBUQ6WWLAU7QQ.avif" alt="" class="wp-image-581953"/><figcaption class="wp-element-caption">People walk past Ghana&#8217;s Ministry of Finance building in Accra, Ghana, December 13, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Feb 3 (Reuters) &#8211; Ghana&#8217;s consumer inflation dipped slightly to 23.5% year-on-year in January from 23.8% in December, the statistics service said on Monday.



Government statistician Samuel Kobina Annim told a news conference that the latest&nbsp;decline&nbsp;was&nbsp;driven by a slowdown in non-food inflation.



&#8220;Although rate of inflation has slowed down by 0.3 percentage points, the figure of 23.5% is the second highest in the last nine months,&#8221; Annim said,&nbsp;adding that food prices continued to rise.



The west African country is emerging from its worst economic crisis in a generation, with turmoil in the vital cocoa and gold industries.



However, its inflation remains well above Bank of Ghana&#8217;s 8% target with a margin of error of 2 percentage points either side.



The central bank said last week that it would take longer for inflation to return within the 6%-10% range.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian; Editing by Bate Felix)

BQI34QFZORKWJOBUQ6WWLAU7QQ

Ghana consumer inflation slows to 23.5% year-on-year in January

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



JOHANNESBURG, Feb 3 (Reuters) &#8211; South Africa&#8217;s rand, stocks and government bonds slumped on Monday after U.S. President Donald Trump said he would suspend aid to the country.



Trump said, without citing evidence, that &#8220;South Africa is confiscating land&#8221; and &#8220;certain classes of people&#8221; were being treated &#8220;very badly&#8221; on Sunday, adding that he would cut off funding until the matter was investigated.



South African President Cyril Ramaphosa, who recently signed into law legislation allowing land to be expropriated under specific conditions, said his government had not confiscated any and he would talk to Trump to foster a better understanding.



At 1330 GMT, the rand traded at 18.8450 against the U.S. dollar, 0.7% weaker than its closing level on Friday. Earlier in the day it was down almost 2%.



On the Johannesburg Stock Exchange, the Top-40 index was 0.5% lower, while the benchmark 2030 government bond price slid and the cost of insuring South African debt against default rose to its highest since early August.



U.S. funding to South Africa mainly involves supporting its HIV/AIDS programme, but Trump&#8217;s comments caused investor unease about the potential for a broad review of diplomatic and economic ties.



Casey Sprake, an investment analyst at Anchor Capital, said the autos and agriculture sectors were especially vulnerable as South Africa currently enjoys duty-free access to the U.S. market under a Clinton-era trade initiative.



Annabel Bishop, an Investec economist, said the rand was also under pressure due to Trump&#8217;s tariffs on Canada, Mexico and China, which sent global currencies to multi-year lows.



South African manufacturers, meanwhile, posted a deterioration in business conditions for a third month in a row.



(Additional reporting by Sfundo Parakozov in Johannesburg and Libby George in London; Editing by Alexander Winning, Bernadette Baum, Barbara Lewis and Alexander Smith)

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South African markets slump after Trump suspends US aid

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-820x547.jpg" alt="" class="wp-image-581853" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">WASHINGTON, DC &#8211; JANUARY 31: U.S. President Donald Trump talks to reporters after signing an executive order, &#8220;Unleashing prosperity through deregulation,&#8221; in the Oval Office on January 31, 2025 in Washington, DC. (Photo by Chip Somodevilla/Getty Images)</figcaption></figure>



WASHINGTON, Feb 2 (Reuters) &#8211; U.S. President Donald Trump said on Sunday, without citing evidence, that &#8220;certain classes of people&#8221; in South Africa were being treated &#8220;very badly&#8221; and that he would cut off funding for the country until the matter is investigated.



&#8220;South Africa is confiscating land, and treating certain classes of people VERY BADLY,&#8221; Trump said in a Truth Social post.



&#8220;The United States won&#8217;t stand for it, we will act. Also, I will be cutting off all future funding to South Africa until a full investigation of this situation has been completed!&#8221; he said.



It is unclear what led to Trump&#8217;s post.



The South African embassy in Washington D.C. did not respond to a request for comment outside of regular business hours.



The United States obligated nearly $440 million in assistance to South Africa in 2023, the most recent U.S. government data showed.



South Africa currently holds the G20 presidency, after which the U.S. takes over.



Last month, South African President Cyril Ramaphosa&nbsp;<a href="https://www.reuters.com/world/south-africa-not-worried-about-relationship-with-us-under-trump-ramaphosa-says-2025-01-22/">said</a>&nbsp;he was not worried about the country&#8217;s relationship with Trump. He said he had spoken to Trump after the latter&#8217;s election victory and looked forward to working with his administration.



During his&nbsp;<a href="https://www.reuters.com/article/world/trump-and-land-fears-boost-south-africas-white-right-state-idUSKCN1NQ0GG/">first</a>&nbsp;administration, Trump said the U.S. would investigate unproven large-scale killings of white farmers in South Africa and violent takeovers of land. Pretoria at the time said Trump was misinformed. It is unclear whether the Trump administration carried out an investigation.



Trump&#8217;s close ally Elon Musk was born in South Africa. In 2023, Musk replied on X to a video of a far-left South African political party singing an old anti-apartheid song, &#8220;Kill the Boer&#8221;, by stating: &#8220;They are openly pushing for genocide of white people in South Africa.&#8221;

President Trump Signs Executive Orders In The Oval Office

Trump to cut off funding for South Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="779" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_Z2U72NBTFJOA7NYCF4R6FI2NFM.avif" alt="" class="wp-image-580922"/><figcaption class="wp-element-caption">Maria Modiba cooks by a candlelight during one of the frequent power outages from South African utility Eskom, caused by its aging coal-fired plants, in Soweto, South Africa November 11, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Jan 31 (Reuters)&nbsp;&#8211;&nbsp;South African businesses and households will experience scheduled power cuts for the first time in 10 months due to a series of breakdowns at state power utility Eskom&#8217;s coal-fired power stations, officials said on Friday.



Energy minister Kgosientsho Ramokgopa told reporters that Eskom would implement &#8220;Stage 3&#8221; power cuts.



The outages will require up to 3,000 megawatts (MW) to be shed from the grid, starting from 1700 (1500 GMT) on Friday.



The utility&#8217;s power cuts, known locally as loadshedding, have curbed South Africa&#8217;s economic growth for more than a decade.



But there had been no blackouts since March last year after a dramatic turnaround in Eskom&#8217;s electricity supply, leading to over 300 days without outages.



(Reporting by Tannur Anders, Sfundo Parakozov and Bhargav Acharya; Editing by Alexander Winning)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_Z2U72NBTFJOA7NYCF4R6FI2NFM

South African power cuts return after 10 months of uninterrupted supply

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/J7ZZIHSEAFKQJBMLXDXRGA7KCQ.avif" alt="" class="wp-image-580859"/><figcaption class="wp-element-caption">U.S. President Donald Trump signs executive orders in the Oval Office at the White House in Washington, U.S., January 30, 2025. REUTERS/Elizabeth Frantz</figcaption></figure>



Jan 30 (Reuters)&nbsp;&#8211;&nbsp;President Donald Trump on Thursday warned off BRICS member countries from replacing the U.S. dollar as a reserve currency by repeating a 100%-tariffs threat he had made weeks after winning the November presidential elections.



&#8220;We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs,&#8221; Trump said on Truth Social in a statement nearly identical to one he posted on Nov. 30.



At the time, Russia said that any U.S. attempt to compel countries to use the dollar would backfire.



The BRICS grouping includes Brazil, Russia, India, China, and South Africa and a few other countries that joined in the past couple of year. The grouping does not have a common currency, but long-running discussions on the subject have gained some momentum after the West imposed sanctions on Russia over the war in Ukraine.



&#8220;There is no chance that BRICS will replace the U.S. Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!,&#8221; he said.



Trump posted his warning to the BRICS as Canada and Mexico await for his decision to follow through on a pledge to impose 25% tariffs on the United States&#8217; North American trading partner from Feb. 1.



Trump wants to use tariffs as a tool to get Mexico and Canada to help stem the flow of illegal drugs into the United States, particularly the deadly opioid fentanyl, and also migrants crossing illegally into the U.S.



Dollar dominance — the outsized role of the U.S. dollar in the world economy — has strengthened of late, thanks to the robust U.S. economy, tighter monetary policy and heightened geopolitical risks, even as economic fragmentation has boosted a push by BRICS countries to shift away from the dollar into other currencies.



A study by the Atlantic Council&#8217;s GeoEconomics Center last year showed that the U.S. dollar remains the world&#8217;s primary reserve currency, and neither the euro nor the so-called BRICS countries have been able to reduce global reliance on the dollar.



The acronym BRIC, which did not initially include South Africa, was coined in 2001 by then Goldman Sachs chief economist Jim O&#8217;Neill in a research paper that underlined the growth potential of Brazil, Russia, India and China.



The bloc was founded as an informal club in 2009 to provide a platform for its members to challenge a world order dominated by the United States and its Western allies. South Africa was the first beneficiary of an expansion of the bloc in 2010 when the grouping became known as BRICS.



The group added Egypt, Ethiopia, Iran and the United Arab Emirates in 2023, and Indonesia became member earlier this month.



(Reporting by Kanishka Singh and Ismail Shakil; Editing by Sandra Maler and Michael Perry)

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Trump repeats tariffs threat to dissuade BRICS nations from replacing US dollar

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/E6VGTQJGT5PWVIY65GTH6X443Q-1-820x547.jpg" alt="" class="wp-image-580544" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/E6VGTQJGT5PWVIY65GTH6X443Q-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/E6VGTQJGT5PWVIY65GTH6X443Q-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/E6VGTQJGT5PWVIY65GTH6X443Q-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/E6VGTQJGT5PWVIY65GTH6X443Q-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/E6VGTQJGT5PWVIY65GTH6X443Q-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/E6VGTQJGT5PWVIY65GTH6X443Q-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Governor of the South African Reserve Bank, Lesetja Kganyago, gestures during an interview with Reuters in Centurion, South Africa April 3, 2024 REUTERS/James Oatway/File Photo</figcaption></figure>



PRETORIA, Jan 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;Moving to consumer prices, headline inflation averaged 4.4% last year, near the middle of our target range. Inflation slowed to 3% in December, having started the year above 5%.&#8221;



&#8220;This was mainly due to favourable goods-price developments, including food inflation reaching 15-year lows, as well as lower fuel costs.&#8221;



&#8220;Because of these transitory factors, inflation is likely to remain in the bottom half of our target range through the first half of this year.&#8221;



&#8220;Headline inflation should revert to around 4.5% thereafter, aided by core inflation which remains at or below the midpoint over the forecast horizon.&#8221;



&#8220;The risks to the inflation outlook are assessed to the upside.&#8221;



&#8220;In the near term, inflation appears well contained. However, the medium-term outlook is more uncertain than usual, with material risks from the external environment. Domestic factors such as administered prices are also problematic.&#8221;



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



&#8220;For the fourth quarter, we anticipate a rebound. This will be supported by more normal agricultural production, as well as strong household spending, given tailwinds including lower inflation and Two-Pot pension withdrawals.&#8221;



&#8220;We expect potential growth to trend higher over the next few years. This gets growth to about 2% by 2027.&#8221;



&#8220;As growth picks up, we expect some rebalancing, with a recovery in investment, as well as improvements in the primary and secondary sectors.&#8221;



&#8220;The risks to the growth forecast are assessed as balanced.&#8221;



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



&#8220;The Monetary Policy Committee (MPC) decided to reduce the policy rate by 25 basis points, with effect from 31 January 2025. Four members preferred this action, while two supported an unchanged stance.&#8221;



&#8220;The committee ultimately agreed that it was possible to reduce the degree of policy restrictiveness, making the stance somewhat more neutral. However, all members were concerned about the uncertain global outlook.&#8221;



(Compiled by Sfundo Parakozov; Editing by Alexander Winning)

E6VGTQJGT5PWVIY65GTH6X443Q (1)

South African central bank governor’s comments on rate decision

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3253" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/37FGDAI5XNJEHG5XRZ5GUCM4NU.avif" alt="" class="wp-image-580498"/><figcaption class="wp-element-caption">A man rises a Nigeria Labour Congress flag during a protest rally on closure of Nigerian Universities at the National Assembly complex in Abuja, Nigeria July 27, 2022. REUTERS/Afolabi Sotunde </figcaption></figure>



ABUJA, Jan 30 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s main labour union has rejected a government-approved 50% hike in telecommunications tariffs and announced plans for a nationwide protest on Feb. 4.



The telecoms regulator last week approved the increase in mobile tariffs, the first such hike in more than a decade, bowing to pressure from operators struggling with surging costs amid high inflation and currency devaluation.



In a meeting of the Nigeria Labour Congress (NLC) late on Wednesday, union leaders called the increase &#8220;insensitive, unjustifiable, and a direct assault&#8221; on citizens already grappling with the worst cost-of-living crisis in a generation caused by reforms instituted by President Bola Tinubu.



&#8220;The rally will serve as a warning on the dangers of imposing such an unfair increase on a struggling population, NLC President Joe Ajaero said in a statement, citing high food costs and hikes in the prices of petrol and electricity.



The union demanded the immediate suspension of the tariff adjustment and called for dialogue between the government, the regulator and union leaders.



Ajaero threatened a nationwide boycott of telecommunications services and a possible strike if authorities refused to engage in dialogue.



The NLC, representing millions of workers, has repeatedly clashed with the government over economic reforms which it says exacerbate poverty, but officials argue the measures are necessary to stabilise the economy.



(Reporting by Camillus Eboh; Writing by Elisha Bala-Gbogbo; Editing by Kirsten Donovan)

37FGDAI5XNJEHG5XRZ5GUCM4NU

Nigeria union rejects telecom tariff hike, plans nationwide protest

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4372" height="2922" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/KEDTHZFAYBM77J7WBYLECY5O4E.avif" alt="" class="wp-image-580466"/><figcaption class="wp-element-caption">Members of the M23 rebel group gather at their position amid fighting between them and the Armed Forces of the Democratic Republic of the Congo (FARDC), in Goma, eastern Democratic Republic of the Congo, January 29, 2025. REUTERS/Stringer</figcaption></figure>



LONDON, Jan 30 (Reuters) &#8211; Britain has warned Rwanda that its involvement in an escalating conflict in the Democratic Republic of Congo could jeopardise the over $1 billion of aid it receives every year.



Rwanda-backed M23 rebels captured Goma, a city of 2 million people in the DRC, on Monday, ignoring widespread calls for them to halt their offensive and enact a ceasefire. They extended their advance on Wednesday.



Rwandan forces backed up M23 in Goma, according to Congo, the United States and other Western powers. Rwanda has denied its involvement.



British foreign minister David Lammy told parliament on Tuesday Rwanda received over 1 billion dollars in global aid every year, including around 32 million pounds ($39.80 million) of bilateral UK assistance but &#8220;all of that is under threat when you attack your neighbours&#8221;.



&#8220;We in this House are clear that we cannot have countries challenging the territorial integrity of other countries,&#8221; Lammy said. &#8220;Just as we will not tolerate it in the continent of Europe, we cannot tolerate it wherever in the world it happens.&#8221;



&#8220;We have to be clear about that,&#8221; Lammy added.



This week&#8217;s events represent the gravest escalation of the decades-old conflict in eastern Congo since 2012. The hostilities are rooted in the spillover of Rwanda&#8217;s 1994 genocide into Congo and the struggle for control of Congo&#8217;s lucrative minerals.



($1 = 0.8040 pounds)



(Reporting by Catarina Demony; Editing by Saad Sayeed)

KEDTHZFAYBM77J7WBYLECY5O4E

UK warns Rwanda of threat to aid over its involvement in DRC conflict

<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>



Jan 30 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



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



Democratic Republic of Congo&#8217;s central bank is expected to hold its first monetary policy committee meeting for the year.



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



Asian share markets rose in thin trading on Thursday as much of the region was on holiday for the Lunar New Year, while the U.S. dollar held its ground after the Federal Reserve signaled a pause in policy easing.



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



Oil prices were little changed on Thursday as markets braced for threatened tariffs by U.S. President Donald Trump on Mexico and Canada, the two largest suppliers of crude oil to United States, and awaited a meeting of OPEC+ producers.



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



South Africa&#8217;s rand was unchanged on Wednesday ahead of an interest rate decision by the U.S. Federal Reserve.



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



The Kenyan shilling was unchanged against the dollar on Wednesday, according to data from the London Stock Exchange Group.



<h2 class="wp-block-heading" id="h-congo-security">CONGO SECURITY</h2>



As an East African bloc urged an immediate ceasefire in eastern Democratic Republic of Congo, Rwandan-backed M23 rebels who seized the city of Goma extended their advance on Wednesday, and Congo said it planned a campaign to recover lost territory.



<h2 class="wp-block-heading" id="h-south-sudan-crash">SOUTH SUDAN CRASH</h2>



A small aircraft carrying oil workers in South Sudan&#8217;s Unity State crashed on takeoff from its oilfield airport on Wednesday, killing 20 people, the region&#8217;s information minister said.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Jan 30

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



JOHANNESBURG, Jan 30 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was little changed early on Thursday ahead of an interest rate decision by the South African Reserve Bank.



At 0650 GMT, the rand traded at 18.5675 against the dollar, near its previous close of 18.5750.



The dollar was also little changed as markets digested the Federal Reserve&#8217;s decision to hold interest rates steady on Wednesday.



The SARB will announce its first interest rate decision for the year later on Thursday, when it is expected to cut rates by 25 basis points to 7.50% according to economists polled by Reuters.



&#8220;Markets expect a 25bp cut, but recent financial market volatility, a strong ZAR, and Trump-related risks could push the SARB to hold,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



Local investors will also be looking at the December budget balance reading and producer inflation data, which could give clues on the health of Africa&#8217;s most industrialised economy.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, with the yield down 1.5 basis points to 8.955%.



(Reporting by Sfundo Parakozov, Editing by Bhargav Acharya and Kate Mayberry)

rand Dec

South African rand stable ahead of rate decision

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2.jpg" alt="" class="wp-image-573311" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/istockphoto-1076949610-612x612-1-2-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



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



South African December money supply data



South Africa December budget balance data



South Africa December producer inflation figures



South African central bank interest rate announcement



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



Energy regulator Nersa&#8217;s decision on Eskom&#8217;s electricity tariffs



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



South Africa&#8217;s rand was unchanged on Wednesday ahead of an interest rate decision by the U.S. Federal Reserve.



On the stock market, the Top-40 was last up about 1%. 



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



Asian share markets were mixed in thin trading on Thursday as much of the region was on holiday for the Lunar New Year, while the U.S. dollar trod water after the Federal Reserve signalled a pause in policy easing.



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



U.S. stocks ended lower on Wednesday, but off their lows of the day, with the Federal Reserve holding interest rates steady as expected and Fed Chair Jerome Powell offering soothing comments for investors. 



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



Gold traded in a relatively narrow price range on Thursday as investors focused on U.S. President Donald Trump&#8217;s tariff plans and a key inflation report for monetary policy cues. 



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



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



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



&#8211; Auditor-general slams Eskom’s continued lack of governance



&#8211; RMB winds down debt sponsor business



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



&#8211; Musk&#8217;s SpaceX says SA&#8217;s BEE rules are a big barrier



(Compiled by Sfundo Parakozov)

istockphoto-1076949610-612×612-1-2

South African Markets – Factors to watch on Jan 30

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3338" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/A7M7YHTKLZMKZHKW5UBBPCVSYQ.avif" alt="" class="wp-image-580185"/><figcaption class="wp-element-caption">Namibians queue to vote in an the extension of the presidential and national assembly elections after delays on the offical election day earlier this week in Windhoek, Namibia, November 29, 2024. REUTERS/Noah Tjijenda/File Photo</figcaption></figure>



WINDHOEK, Jan 29 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s unemployment rate rose to 36.9% in 2023 from 33.4% in 2018, the statistics office said on Wednesday.



The country of about three million people has one of the highest official unemployment levels in the world, having overtaken neighbouring South Africa whose unemployment rate fell to 32.1% in the third quarter of 2024 after the formation of a coalition government.



Statistician General Alex Shimuafeni said that 320,442 individuals were employed in Namibia in 2023, of the total 867,247 people in the labour force.



Namibia&#8217;s unemployment rate now excludes discouraged workers, making the actual number of people without jobs higher.



The broader unemployment rate stands at 54.8%, as reported in the 2023 Labour Force report, said Tannan Groenewald, head of data and analytics at Cirrus Capital.



Namibia&#8217;s President-elect Netumbo Nandi-Ndaitwah in December pledged &#8220;radical shifts&#8221; to fix the country&#8217;s high levels of poverty and unemployment.



(Reporting by Nyasha Nyaungwa; Editing by Tannur Anders and Peter Graff)

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Namibia’s unemployment rate rises to 36.9%

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3460" height="2202" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/JY3IL6MOW5MZZP4PQIU6XATSJE.avif" alt="" class="wp-image-580167"/><figcaption class="wp-element-caption">Delegates attend the Africa Energy Summit in Dar es Salaam, Tanzania January 27, 2025. REUTERS/Emmanuel Herman/File Photo</figcaption></figure>



DAR ES SALAAM, Jan 29 (Reuters)&nbsp;&#8211;&nbsp;An initiative to connect 300 million Africans to electricity in the next six years has won new pledges worth more than $8 billion from lenders including the Islamic Development Bank and the Asia Infrastructure Investment Bank.



The Mission 300 initiative, launched by the World Bank and the African Development Bank in April, is projected to cost $90 billion. Its implementation faces challenges because the economies of countries in the region are severely constrained, mainly due to sluggish revenue and high debt service costs.



&#8220;Our national balance sheets are insufficient&#8230; to achieve Mission 300&#8217;s objectives,&#8221; Zambian President Hakainde Hichilema told an Africa energy summit in Tanzania.



Funding for the project is expected to come from multilateral development banks, development agencies, private businesses and philanthropic organisations such as the Rockefeller Foundation, which is part of the initiative.



Muhammad al Jasser, chairman of the IsDb, said in a statement released during the summit that ended on Tuesday that the Jeddah-headquartered bank was committing $2.65 billion in project financing and another $2 billion to insure power projects in Africa.



Beijing-based AIIB is set to provide $1-1.5 billion in financing.



&#8220;Six hundred million people in Africa without access to electricity is intolerable,&#8221; said AIIB President Jin Liqun.



Others funding the project include the French Development Agency (AFD), which committed to providing 1 billion euros ($1.04 billion), and the OPEC Fund for International Development, which made an initial commitment of $1 billion, the AfDB said in a closing statement.



The additional finance builds on commitments of up to $48 billion from the World Bank and the AfDB, officials at the summit said. The two organisations&#8217; contributions could be increased during implementation, they said.



Provision of 300 million people with access to electricity, half of those currently without power on the continent, is a crucial building block for boosting Africa&#8217;s development by creating new jobs, said World Bank President Ajay Banga.



Half of the targeted new connections will get electricity from existing national grids, officials said at the summit, while the other half will be from renewable energy sources, including wind and solar mini-grids.



Apart from lighting up homes and businesses, Mission 300 is expected to boost the provision of clean cooking energy to homes, cutting reliance on wood and charcoal which are harmful, said Tanzania&#8217;s president, Samia Suluhu Hassan.



($1 = 0.9589 euros)



(Reporting by Duncan Miriri, Editing by Timothy Heritage)

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Plan to get electricity to more Africans wins $8 billion in new pledges

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3260" height="2173" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/7MYMOOPDYFJ6NMSH3YT5ODN52I.avif" alt="" class="wp-image-580094"/><figcaption class="wp-element-caption">Rwanda&#8217;s President Paul Kagame addresses the delegates at the FIA General Assembly at the Kigali Convention Center, in Kigali, Rwanda December 13, 2024. REUTERS/Jean Bizimana/File Photo</figcaption></figure>



GOMA, Democratic Republic of Congo, Jan 29 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s President Paul Kagame said he agreed with the U.S. government on the need for a ceasefire in eastern Congo but gave no indication of bowing to calls for Rwandan troops and the M23 rebels they support to withdraw from Goma.



The rebels marched into Goma, the largest city in Congo&#8217;s east, on Monday in the worst escalation of a long-running conflict in more than a decade, leaving hospitals overwhelmed treating patients with gunshot, mortar and shrapnel wounds.



The U.S. urged the United Nations Security Council on Tuesday to consider unspecified measures to halt the rebel offensive, which has forced tens of thousands from their homes. The council has the authority to impose sanctions.



In Goma, the capital of Democratic Republic of Congo&#8217;s (DRC) North Kivu province, shops and houses had been looted but, after several days of intense fighting, the city was largely calm apart from some sporadic gunfire on Wednesday, residents said.



&#8220;Had a productive conversation with Secretary (of State Marco) Rubio on the need to ensure a ceasefire in Eastern DRC and address the root causes of the conflict once and for all,&#8221; Kagame wrote on X on Wednesday.



Rubio told Kagame that Washington was &#8220;deeply troubled&#8221; by the escalation in the three-decade conflict, which is rooted in the long fallout from the Rwandan genocide and the struggle for control of Congo&#8217;s mineral resources.



Congo and the head of U.N. peacekeeping have said Rwandan troops are present in Goma, backing up their M23 allies. Rwanda has said it is defending itself against the threat from Congolese militias, without directly commenting on whether its troops have crossed the border.



&#8220;The Secretary urged an immediate ceasefire in the region, and for all parties to respect sovereign territorial integrity,&#8221; the U.S. State Department said in a statement.



The Congolese and Rwandan army exchanged fire across their shared border on Monday, UN sources said, as the rebels tried to consolidate control of Goma, a gateway for the trade of valuable tin and tantalum ores, for the second time in 13 years.



<h2 class="wp-block-heading" id="h-sporadic-gunfire-looting">SPORADIC GUNFIRE, LOOTING</h2>



At a stadium in Goma on Tuesday, hundreds of unarmed government soldiers and militia fighters sat on the football pitch while others lined up in what the M23 fighters described as a disarmament process, according to an unverified video seen by Reuters.



&#8220;Sporadic explosions and gunfire are still heard in the outlying districts of Goma. Quiet night after the rebels took over the city centre but looting of businesses. Airport, internet, electricity and water cut off,&#8221; one resident said in a phone message.



M23 is the latest in a string of ethnic Tutsi-led, Rwandan-backed insurgencies that have roiled Congo since the aftermath of the genocide in Rwanda 30 years ago, when Hutu extremists killed Tutsis and moderate Hutus, and then were toppled by the Tutsi-led forces led by Kagame.



Rwanda says some of the ousted perpetrators have been sheltering in Congo since the genocide, forming militias with alliances with the Congolese government, and pose a threat to Congolese Tutsis and Rwanda itself.



Congo rejects Rwanda&#8217;s complaints, and says Rwanda has used its proxy militias to control and loot lucrative minerals such as coltan, which is used in smartphones.



In the Congolese capital Kinshasa, 1,600 km (1,000 miles) west of Goma, protesters attacked a U.N. compound and embassies including those of Rwanda, France and the United States on Tuesday, angered at what they said was foreign interference.



(Reporting by Congo newsroom; Writing by Hereward Holland, Editing by Raju Gopalakrishnan)

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Rwanda’s Kagame says he agrees with US on need for ceasefire in Congo

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3335" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/7WPZDEJJ4VPPJOVLSDZQJHV4X4.avif" alt="" class="wp-image-580077"/><figcaption class="wp-element-caption">Marco Rubio speaks after he is sworn in as Secretary of State by U.S. Vice President JD Vance at the Eisenhower Executive Office Building in Washington, U.S., January 21, 2025. REUTERS/Kevin Lamarque/File Photo </figcaption></figure>



WASHINGTON, Jan 28 (Reuters)&nbsp;&#8211;&nbsp;U.S. Secretary of State Marco Rubio told Rwandan President Paul Kagame on Tuesday that Washington was &#8220;deeply troubled&#8221; by escalation in the conflict in the Democratic Republic of Congo, particularly the fall of the city of Goma to Rwandan-backed rebels.



<h2 class="wp-block-heading" id="h-why-it-s-important">WHY IT&#8217;S IMPORTANT</h2>



The call came as the United States urged the United Nations Security Council on Tuesday to consider measures to halt an offensive by Rwandan troops and M23 rebel forces in eastern Congo as a conflict there escalates.



The Rwandan-backed M23 rebels marched into Goma, the largest city in eastern Congo, on Monday in the worst escalation of a long-running conflict in more than a decade.



<h2 class="wp-block-heading" id="h-key-quotes">KEY QUOTES</h2>



&#8220;The Secretary urged an immediate ceasefire in the region, and for all parties to respect sovereign territorial integrity,&#8221; the State Department said in a statement.



&#8220;Secretary Rubio stressed the United States is deeply troubled by escalation of the ongoing conflict in eastern DRC, particularly the fall of Goma to the Rwandan-backed M23 armed group,&#8221; the State Department said in a statement.



<h2 class="wp-block-heading" id="h-context">CONTEXT</h2>



Congo accused Rwanda of sending its troops over the border, while Rwanda said fighting near the border threatened its security, without directly commenting on whether its troops were in Congo.



U.N. Secretary-General Antonio Guterres spoke to the Congolese and Rwandan presidents on Tuesday over the escalating conflict that has killed several U.N. peacekeepers, a U.N. spokesperson said earlier.



(Reporting by Kanishka Singh in Washington; Editing by Cynthia Osterman)

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Rubio tells Rwandan president US wants ceasefire in Congo

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/BBDPQPV6XFMSXA4NZNPNRY52FM.avif" alt="" class="wp-image-579816"/><figcaption class="wp-element-caption">People queue to withdraw money from a bank in Harare, Zimbabwe&#8217;s capital, March 8, 2017. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Jan 28 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s inflation rate rose sharply in January in both U.S. dollar and local currency terms, spurred by food and housing prices.



In dollar terms inflation accelerated to 14.6% year on year after rising by 2.5% in December. On a local currency basis inflation rose to 10.5% month on month in January compared to an increase of 3.7% in December, statistics agency data showed on Tuesday.



Independent economist Prosper Chitambara said last year&#8217;s severe regional drought and additional taxes introduced this month had likely contributed to the inflation increase.



&#8220;It could be the new taxes that have taken effect this month. The huge cost is passed on to consumers. Before the next harvest season we are likely to see an upward trend of inflation as drought continues to exert inflationary pressures,&#8221; Chitambara said.



In his latest budget Finance Minister Mthuli Ncube introduced a 0.5% tax on fast food and a 10% tax on all sports betting proceeds, which took effect this month.



Another independent economist, Tony Hawkins, said U.S. dollar inflation had been &#8220;grossly understated&#8221; and authorities in the Southern African country were playing catch-up.



Zimbabwe launched a new gold-backed currency in April last year, but it was sharply devalued in September and foreign currencies like the U.S. dollar are still used for most local transactions.



Since the devaluation, the Zimbabwe Gold currency has fallen further. It was trading around 26.3 to the dollar on Tuesday, according to the central bank&#8217;s website.



(Reporting by Nyasha Chingono and Bhargav Acharya; Editing by Alexander Winning, Sfundo Parakozov and Christina Fincher)

BBDPQPV6XFMSXA4NZNPNRY52FM

Zimbabwe inflation rises sharply, spurred by food and housing

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="455" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/H5UJYCYVIVJ5NOW5DBSYMDIX3Q.avif" alt="" class="wp-image-579812"/><figcaption class="wp-element-caption">A shopper makes her selection at a grocery store in Johannesburg July 7, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



PRETORIA, Jan 28 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s statistics agency has updated its consumer inflation basket for the first time since 2022, including items like rosé wine, air fryers and streaming services to reflect changes in spending habits.



Patrick Kelly, head of price statistics at Statistics South Africa, said it was difficult to gauge what impact the update would have on upcoming inflation releases given subtle shifts in the weighting of some items.



Consumer inflation currently sits at the bottom of the central bank&#8217;s target range, which has allowed it to cut interest rates at its last two meetings. Another rate cut is expected this week.



The update involved adding 71 products to the basket, removing 53 and reorganising 29 through merging, splitting or reclassification, the statistics agency said on Tuesday.



There are now 391 items in the basket, down from 396 previously.



Housing and utilities, food and non-alcoholic beverages, and transport continue to have the biggest weightings in the basket.



Statistics South Africa&#8217;s Kelly said the weight of the food and non-alcoholic beverages category had risen while it had fallen for housing and utilities, suggesting the overall impact on headline inflation was likely to be muted.



The changes were informed by the results of a 2022/23 household income and expenditure survey.



The survey showed real average annual household income fell to about 204,000 rand ($10,900) in 2023 from 206,000 rand in 2015.



It also highlighted persistent racial disparities more than three decades after apartheid ended, with more than 45% of Black African households spending less than around 25,000 annually, showing they experience the worst financial constraints.



($1 = 18.6665 rand)



(Reporting by Kopano Gumbi; Editing by Alexander Winning and Christina Fincher)

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Reuters

Ghana consumer inflation slows to 23.5% year-on-year in January

South African markets slump after Trump suspends US aid

Trump to cut off funding for South Africa

South African power cuts return after 10 months of uninterrupted supply

Trump repeats tariffs threat to dissuade BRICS nations from replacing US dollar

South African central bank governor’s comments on rate decision

Nigeria union rejects telecom tariff hike, plans nationwide protest

UK warns Rwanda of threat to aid over its involvement in DRC conflict

African Markets – Factors to watch on Jan 30

South African rand stable ahead of rate decision

South African Markets – Factors to watch on Jan 30

Namibia’s unemployment rate rises to 36.9%

Plan to get electricity to more Africans wins $8 billion in new pledges

Rwanda’s Kagame says he agrees with US on need for ceasefire in Congo

Rubio tells Rwandan president US wants ceasefire in Congo

Zimbabwe inflation rises sharply, spurred by food and housing

South African statistics agency updates its inflation basket

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