<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/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-820x547.jpg" alt="" class="wp-image-428991" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AIFLZ6H3FJJ7LBTWCWOBKCFBCM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, Feb 15 (Reuters)&nbsp;&#8211;&nbsp;Nigeria is considering the introduction of state police in its 36 states to bolster its national police force as it struggles to contain widespread violence and insecurity, the information minister said on Thursday.



An Islamist insurgency in the northeast, kidnappings for ransom, deadly farmer-herder clashes in the central belt and separatist and gang violence in the southeast are some of the challenges faced by Nigeria&#8217;s police force.



President Bola Tinubu met the country&#8217;s state governors to discuss insecurity, which is hurting farmers and contributing to high food prices and inflation.



The federal government and the state governments agreed that a state police force was necessary, marking &#8220;a significant shift&#8221; in approach, Information Minister Mohammed Idris told reporters after the meeting.



This is the first time that Nigeria&#8217;s federal and state governments have agreed on the need to set up state police to reinforce the more than 300,000-strong national police force in Africa&#8217;s most populous nation.



Nigerian Police Inspector General Kayode Egbetokun said last year at least 190,000 more officers were needed to secure the country adequately. He said the force was well below the United Nations&#8217; recommended ratio of one police officer to about 450 citizens.



Some states, like Lagos, have annual budgets the size of small African countries, and have long advocated for their own state police, saying this would help combat insecurity.



Ikemesit Effiong of risk consultancy SBM Intelligence said establishing state police would not solve the whole problem.



&#8220;Expanding the police force is one thing, fundamentally reframing the architecture and focus of policing from retribution and state control to investigation and crime prevention is quite another,&#8221; Effiong said.



(Reporting by Felix Onuah; Editing by Ros Russell)

FILE PHOTO: Nigeria’s President Bola Tinubu looks on after his swearing-in ceremony in Abuja

Nigeria mulls state policing to combat growing insecurity

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/N3Y547ISMFMVHN57UVOVL7X2Y4-820x615.jpg" alt="" class="wp-image-456424" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/N3Y547ISMFMVHN57UVOVL7X2Y4-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/N3Y547ISMFMVHN57UVOVL7X2Y4-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/N3Y547ISMFMVHN57UVOVL7X2Y4-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/N3Y547ISMFMVHN57UVOVL7X2Y4-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/N3Y547ISMFMVHN57UVOVL7X2Y4-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/N3Y547ISMFMVHN57UVOVL7X2Y4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Workers help their colleague to carry a bag of cocoa beans on his head in San-Pedro, Ivory Coast October 1, 2023. REUTERS/Ange Aboa/File Photo</figcaption></figure>



ABIDJAN, Feb 15 (Reuters)&nbsp;&#8211;&nbsp;Ivory Coast&#8217;s Cocoa and Coffee Council will not default on its export contracts despite a drop in cocoa production since the start of the October-to-March main crop, CCC&#8217;s managing director Yves Brahima Kone said on Thursday.



His remarks followed reports that as traders are scrambling for beans, industry experts are predicting ever wider deficits this season and have growing concerns for the next. Last week, a Reuters cocoa poll forecast a global deficit of 375,000 tons in the 2023/24 season.



Bean supply is tight in the world&#8217;s top producer of the commodity. Cocoa arrivals at ports were 33% lower between Oct. 1 and Feb. 11 compared to the same period last season.



Kone said in an interview on Thursday that the Cocoa and Coffee Council regulator would still meet all its commitments made to exporters last year.



He said the amount of beans available on cocoa plantations across the country would still be enough to meet export contracts despite a sharp drop in supply recorded since the start of the 2023-24 season.



&#8220;I can tell you that there are no and will be no defaults this year in Ivory Coast,&#8221; Kone said.



&#8220;We have been cautious and have sold volumes we were able to produce this season, both for the main and mid crops, so we are calm and serene,&#8221; he said.



Several industry sources, including exporters, have said the April-to-September mid crop would be more or less in line with usual production patterns, which would compensate for low main crop output.



Pod counters, exporters and analysts estimate mid crop production to sit between 450,000 and 500,000 tonnes.



Kone said export contracts that could not be met with main crop harvests would be pushed back to the mid crop&#8217;s harvest period, which has already happened in the past.



&#8220;We can see that the mid crop harvest is developing much better than we expected, and that&#8217;s reassuring. We have sold less and have a good margin,&#8221; he said.



&#8220;We are going to postpone any contracts that need to be postponed, but it&#8217;s important to remember that we have sold just under 300,000 tonnes in mid crop contracts. This gives us some leeway in relation to production forecasts,&#8221; he added.



&#8220;There is less cocoa available this year, but there is plenty for those who have contracts.&#8221;



(Reporting by Ange Aboa; Editing by Sofia Christensen and Susan Fenton)

FILE PHOTO: Workers help their colleague to carry a bag of cocoa beans on his head in San-Pedro

Ivory Coast cocoa council says it will not default on contracts despite bean shortage

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg" alt="" class="wp-image-427563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



ACCRA, Feb 15 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s new finance minister, Mohammed Amin Adam, pledged on Thursday to keep its $3 billion International Monetary Fund (IMF) programme on track as it aims to finish restructuring its overseas debt before an election in December.



President Nana Akufo-Addo replaced Ken Ofori-Atta with Adam, a petroleum economist who was minister of state at the finance ministry, in a cabinet reshuffle after criticism of the ex-banker&#8217;s leadership during the West African country&#8217;s worst economic crisis in a generation.



Ofori-Atta negotiated the IMF bailout loan to address the crisis, which saw inflation and debt servicing costs spiral upwards in 2022. He was, alongside Adam, seeking relief on about $13 billion owed to private bondholders when he was removed.



&#8220;There will not be any delays in the ongoing debt negotiations with bondholders because I have been part of the process,&#8221; Adam, once deputy minister of energy in charge of petroleum, said in a telephone interview.



&#8220;The advisers remain the same and the targets have not changed,&#8221; he said, noting that he was involved in talks from the start.



With national elections approaching in December, some analysts fear the new minister could relax fiscal consolidation to bolster the electoral fortunes of the ruling party.



&#8220;There will be no reversal on the IMF programme of fiscal consolidation. Revenue mobilization will be aggressive, backed by new reforms at the Ghana Revenue Authority,&#8221; Adam said.



He also said spending would be efficient and directly benefit Ghanaians.



&#8220;I am a pro-reform person,&#8221; Adam said. &#8220;And therefore strongly support the structural benchmarks under the IMF programme&#8221;.



The IMF has expressed its support for the new minister.



The World Bank board last month approved $300 million for Ghana, after it reached a deal to restructure $5.4 billion of loans with its official creditors.



Ghana is entitled to a three-part, $900 million Development Policy Operation loan from the World Bank and Adam told a local radio station earlier on Thursday that negotiations for the next disbursement were about to start.



(Reporting by Maxwell Akalaare Adombila, Editing by Rachel Savage, Alison Williams and Alex Richardson)

FILE PHOTO: The IMF logo is seen outside the headquarters building in Washington

Ghana’s new finance minister pledges to keep IMF programme on track

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-820x462.jpeg" alt="" class="wp-image-420118" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new economic measures laid out by the U.K. government “will likely increase inequality”, according to a spokesperson from the International Monetary Fund.
Yuri Gripas | Reuters</figcaption></figure>



JOHANNESBURG, Feb 15 (Reuters)&nbsp;&#8211;&nbsp;Senegal&#8217;s diversified funding sources mean it could be better placed than some countries to navigate investor concerns sparked by political uncertainty, after President Macky Sall delayed a presidential election, the International Monetary Fund said.



A significant portion of Senegal&#8217;s funding is on concessional terms, and a planned reduction in issuing more expensive syndicated loans will minimise its dependence on volatile private debt, a spokesperson for the fund said in emailed comments.



The abrupt postponement of the Feb. 25 vote until December plunged the once-stable country into crisis, intensifying a backlash against what many see as a bid to extend Sall&#8217;s mandate and undermine one of the remaining democracies in coup-hit west Africa.



Three people were killed and around 270 reportedly detained during the protests that swept the capital Dakar and several other Senegalese cities late last week, raising fears of protracted unrest.



&#8220;Recent political developments in Senegal have created some uncertainty, potentially impacting investor confidence and economic activity,&#8221; the IMF spokesperson said.



&#8220;While potential investor caution could lead to higher interest rates and tighter financial conditions, &#8230; Senegal may be better positioned than some to navigate potential investor concerns due to its diversified and less volatile funding sources.&#8221;



In a December report, the IMF noted that Senegal had borrowed more in 2023 to cover its 2024 financing needs, &#8220;in order to avoid interest rate spikes as the 2024 presidential elections approach&#8221;.



That caution could pay dividends.



&#8220;Senegal does not plan further debt issuance in 2024, a move that would require parliamentary approval,&#8221; the IMF spokesperson said.



Nonetheless, Senegal needs to stay on track with planned economic reforms in order to maintain debt sustainability, the IMF said.



Senegal&#8217;s public debt-to-GDP ratio climbed to an estimated 79.6% last year but was forecast to fall to 72.5% this year, the IMF said in December.



Senegal secured a three-year loan of about $1.9 billion from the IMF in June last year.



(Reporting by Rachel Savage; Editing by Alexander Winning and Michael Perry)

107004870-16427966702022-01-21t201709z_969185203_rc2w3s99wb9o_rtrmadp_0_argentina-imf-mexico

Senegal ‘better positioned than some’ to navigate investor concern, says IMF

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/YIOWDZP565M7BIVJMFIUBVBNVQ-820x547.jpg" alt="" class="wp-image-456343" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/YIOWDZP565M7BIVJMFIUBVBNVQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/YIOWDZP565M7BIVJMFIUBVBNVQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/YIOWDZP565M7BIVJMFIUBVBNVQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/YIOWDZP565M7BIVJMFIUBVBNVQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/YIOWDZP565M7BIVJMFIUBVBNVQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/YIOWDZP565M7BIVJMFIUBVBNVQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Judges at the International Court of Justice (ICJ) rule on emergency measures against Israel following accusations by South Africa that the Israeli military operation in Gaza is a state-led genocide, in The Hague, Netherlands, January 26, 2024. REUTERS/Piroschka van de Wouw/File Photo</figcaption></figure>



JERUSALEM, Feb 14 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s latest request to the World Court against a possible offensive&nbsp;by Israel&nbsp;in southern Gaza serves Hamas and is an attempt to stop Israel from defending itself, the Israeli Foreign Ministry said on Wednesday.



South Africa on Tuesday asked The International Court of Justice (ICJ) to consider whether Israel&#8217;s plan to extend its offensive in Gaza into the city of Rafah requires additional emergency measures to protect Palestinians&#8217; rights.



Israel has said it is planning to expand its ground assault into Rafah, where over a million Palestinians have sought refuge from the offensive that has laid waste to much of the Gaza Strip since Hamas militants attacked Israel on Oct. 7.



&#8220;South Africa continues to represent the interests of the Hamas terrorist organization and is trying to deny Israel the fundamental right to defend itself and its citizens,&#8221; said Foreign Ministry spokesperson Lior Haiat.



The ICJ last month ordered Israel to take all measures within its power to prevent its troops from committing genocide against Palestinians in Gaza, in a case brought by South Africa.



&#8220;Israel is committed to upholding international law, including facilitating the transfer of humanitarian aid and preventing harm to innocents, while the Hamas terrorists are hiding behind the civilian population in the Gaza Strip and are holding 134 people hostage,&#8221; Haiat said on X.



Israel has denied all allegations of genocide in connection with its war against Islamist armed group Hamas, which is sworn to Israel&#8217;s destruction, and has asked the court to reject the case outright, saying it was baseless.



The court has not yet ruled on the core of the case brought by South Africa &#8211; whether genocide has occurred in Gaza. But it recognised the right of Palestinians in Gaza to be protected from acts of genocide.



(Reporting by Maayan Lubell; editing by Diane Craft)

FILE PHOTO: World Court rules on Gaza emergency measures in Israel genocide case, in The Hague

Israel says South Africa serving Hamas in latest bid to World Court

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7KVHJR6UA5PHZGXNL4DBLFNXXE-1-820x547.jpg" alt="" class="wp-image-428233" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7KVHJR6UA5PHZGXNL4DBLFNXXE-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7KVHJR6UA5PHZGXNL4DBLFNXXE-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7KVHJR6UA5PHZGXNL4DBLFNXXE-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7KVHJR6UA5PHZGXNL4DBLFNXXE-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7KVHJR6UA5PHZGXNL4DBLFNXXE-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7KVHJR6UA5PHZGXNL4DBLFNXXE-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People buy and sell vegetables at Mile 12 International Market in Lagos, Nigeria May 13, 2022. REUTERS/Temilade Adelaja</figcaption></figure>



ABUJA, Feb 14 (Reuters)&nbsp;&#8211;&nbsp;Nigeria is planning to set up a national commodity board to regulate the price of grains and other items, as rising food costs stoke double-digit inflation in a country where smallholder farmers dominate production.



Nigeria&#8217;s annual inflation hit a nearly three-decade high of 28.92% in December as food prices surged, adding to a worsening cost of living crisis. Inflation data for January is due on Thursday.



Vice President Kashim Shettima said on Tuesday that the National Commodity Board would maintain a strategic food reserve that could be used to reduce volatility and stabilise prices and tackle escalating food inflation in Africa&#8217;s most populous nation.



Food inflation, which accounts for the bulk of Nigeria&#8217;s inflation basket, rose to 33.93% in December from 32.84% a month earlier, with higher prices across a broad range of items including bread, fish, meat, fruit and eggs.



Shettima said the government will revitalise food supply in the short-term through measures such as the distribution of fertiliser and grain to farmers and households, to counter the effect of removing a costly but popular fuel subsidy.



President Bola Tinubu last May embarked on Nigeria&#8217;s boldest reforms in decades by scrapping the fuel subsidy and devaluing the currency to try to revive economic growth.



But growth is yet to pick up while inflation has worsened.



Widespread kidnapping and banditry in farming areas has also pushed up food prices.



Shettima said the government will engage its &#8220;security architecture&#8221; to protect both farms and farmers, so they can return and work without fear of attack.



He added that concessionary funds will be granted to farmers while the government will drive irrigation to ensure year-round food production.



Nigeria scrapped marketing boards that guaranteed farmers minimum prices in the 1980s as part of reforms to end subsidies, promote exports and stabilise markets after prices rose on informal channels.



(Reporting by Felix Onuah; Writing by Chijioke Ohuocha; Editing by Kirsten Donovan)

People buy and sell vegetables at Mile 12 International Market in Lagos

Nigeria plans commodity board to regulate food prices as inflation soars

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="613" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/RIELM4GLH5MVFJ5WWSKVIFDXJM-1-820x613.jpg" alt="" class="wp-image-456099" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/RIELM4GLH5MVFJ5WWSKVIFDXJM-1-820x613.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/RIELM4GLH5MVFJ5WWSKVIFDXJM-1-300x224.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/RIELM4GLH5MVFJ5WWSKVIFDXJM-1-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/RIELM4GLH5MVFJ5WWSKVIFDXJM-1-768x574.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/RIELM4GLH5MVFJ5WWSKVIFDXJM-1-1536x1148.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/RIELM4GLH5MVFJ5WWSKVIFDXJM-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People queue to withdraw money from a local bank in central Harare, Zimbabwe, August 24, 2023. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, Feb 14 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund (IMF) on Wednesday encouraged Zimbabwe to speed up currency reforms at the end of a staff visit, saying authorities should move towards a market-driven exchange rate and remove distortions currently in place.



The visit discussed Zimbabwe&#8217;s request for an IMF staff-monitored programme, part of the southern African country&#8217;s efforts to re-engage with the international financial community by demonstrating a track record of sound economic policies.



Zimbabwe has not been able to secure financing from the likes of the IMF for more than two decades due to arrears in servicing its debt to lenders including the World Bank, the African Development Bank and European Investment Bank.



&#8220;The IMF is currently precluded from providing financial support to Zimbabwe due to its unsustainable debt situation &#8230; and official external arrears,&#8221; the IMF said in a statement.



&#8220;An IMF financial arrangement would require a clear path to comprehensive restructuring of Zimbabwe&#8217;s external debt, including the clearance of arrears and a reform plan that is consistent with durably restoring macroeconomic stability.&#8221;



Zimbabwe&#8217;s central bank and finance ministry have said they are working on measures to stabilise the Zimbabwean dollar, which has fallen about 40% against the U.S. dollar since the start of the year.



One option being considered is linking the exchange rate to assets such as gold.



The IMF said policymakers should eliminate a restriction on the 10% allowable trading margin for pricing domestic transactions and narrow the central bank&#8217;s legal mandate to core functions.



Addressing a joint press conference with the IMF, Zimbabwe&#8217;s Finance Minister Mthuli Ncube said officials agreed the local currency needed to be more reflective of market conditions.



The Zimbabwean dollar was relaunched in 2019 after a decade of dollarisation, but it rapidly lost value and the use of foreign currencies in domestic transactions was reauthorised soon after.



Central bank Governor John Mangudya said the focus of an upcoming monetary policy statement would be stabilising the exchange rate.



(Editing by Alexander Winning, Kirsten Donovan)

People queue to withdraw money from a local bank in central Harare

IMF says Zimbabwe should speed up currency reforms

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="484" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E.jpg" alt="" class="wp-image-422637" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/U7GSX2DBZNPOLFHLJ3TVW2S62E-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Ghana&#8217;s Finance Minister Ken Ofori-Atta speaks during a news conference in Accra, Ghana December 13, 2022. REUTERS/Cooper Inveen</figcaption></figure>



ACCRA, Feb 14 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s President Nana Akufo-Addo has replaced the finance minister in a cabinet reshuffle amid criticism of his handling of the country&#8217;s economic&nbsp;problems.



The move, announced on Wednesday by the president&#8217;s office, comes ahead of an election in December.



Outgoing finance minister Ken Ofori-Atta has been overseeing the government&#8217;s debt restructuring efforts as the West African country tries to emerge from its worst economic crisis in a generation.



Akufo-Addo&#8217;s office said Ofori-Atta would be replaced by Mohammed Amin Adam, currently the minister of state at the finance ministry.



Amin Adam previously served as the deputy energy minister responsible for the petroleum sector.



Akufo-Addo chose Ofori-Atta as his finance minister when he became head of state in 2017, pledging to create jobs, fight poverty and boost economic growth by cutting taxes and red tape.



Ofori-Atta has been heavily criticised by protesters and lawmakers from the opposition and his own party for his handling of&nbsp;Ghana&#8217;s&nbsp;economic woes.



(Reporting by Christian Akorlie and Maxwell Akalaare Adombila; Writing by Anait Miridzhanian and Nellie Peyton; Editing by Alexander Winning and Angus MacSwan)

Ghana’s Finance Minister Ken Ofori-Atta speaks during a news conference in Accra

Ghana president replaces finance minister in reshuffle

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107352936-1704115855740-gettyimages-1460414638-vcg111420025727-820x461.jpeg" alt="" class="wp-image-442452" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107352936-1704115855740-gettyimages-1460414638-vcg111420025727-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107352936-1704115855740-gettyimages-1460414638-vcg111420025727-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107352936-1704115855740-gettyimages-1460414638-vcg111420025727-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107352936-1704115855740-gettyimages-1460414638-vcg111420025727-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107352936-1704115855740-gettyimages-1460414638-vcg111420025727-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/107352936-1704115855740-gettyimages-1460414638-vcg111420025727.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker tying copper wire rods before loading them onto a truck in Huai’an, Jiangsu Province of China.
Vcg | Visual China Group | Getty Images</figcaption></figure>



Feb 14 (Reuters)&nbsp;&#8211;&nbsp;Prices of most non-ferrous metals eased on Wednesday, weighed down by a stronger dollar after hotter-than-expected U.S. inflation data dampened expectations for early interest rate cuts from the Federal Reserve.



Three-month copper on the London Metal Exchange&nbsp;CMCU3&nbsp;was down 0.8% at $8,195.50 a metric ton, as of 0531 GMT.



The dollar traded near three-month highs against major peers as traders pushed back bets for a first Fed rate cut following surprisingly hot U.S. inflation figures overnight.&nbsp;USD/



A stronger U.S. currency makes dollar-priced metals more expensive for holders of other currencies.



&#8220;Base metals prices are trading lower due to strong U.S. CPI numbers which weighed on expectations of sooner and deeper rate cuts,&#8221; ANZ analyst Soni Kumari said.



Federal funds futures currently price in no rate cut in March and a lower than 50% chance of easing in May, according to LSEG&#8217;s rate probability app.



Data on Tuesday showed U.S. consumer prices increased more than expected in January amid rises in the costs of shelter and healthcare.



Copper, widely used in power and construction, is down more than 4% this month on concerns about demand from top consumer China and its property sector in particular, though activity is muted this week as China celebrates the Lunar New Year.



&#8220;We remain positive on copper due to renewed supply challenges. Tight concentrate market, created by recent mine closures, have seen smelter processing fees falling sharply,&#8221; ANZ&#8217;s Kumari said.



&#8220;Following years of relentless growth, Chinese smelters are now being forced to postpone new plants, bring forward maintenance and even cut production outright amid heavy financial losses. This could impact refined copper production.&#8221;



In other metals, LME aluminium&nbsp;CMAL3&nbsp;slipped 0.6% to $2,212 a ton, nickel&nbsp;CMNI3&nbsp;was steady at $16,270, zinc&nbsp;CMZN3&nbsp;fell 0.7% to $2,299.50, while lead&nbsp;CMPB3&nbsp;rose 0.4% to $2,005. Tin&nbsp;CMSN3&nbsp;dropped 1.4% to $27,200.



For the top stories in metals and other news, click



TOP/MTL&nbsp;or&nbsp;MET/L



(Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu and Mrigank Dhaniwala)

107352936-1704115855740-gettyimages-1460414638-vcg111420025727

Most base metals fall on stronger dollar after US inflation data

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="524" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/WPW75XVHCBK5VLWJPUHDR5PTJM-820x524.jpg" alt="" class="wp-image-455807" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/WPW75XVHCBK5VLWJPUHDR5PTJM-820x524.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/WPW75XVHCBK5VLWJPUHDR5PTJM-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/WPW75XVHCBK5VLWJPUHDR5PTJM-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/WPW75XVHCBK5VLWJPUHDR5PTJM-768x491.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/WPW75XVHCBK5VLWJPUHDR5PTJM-1536x981.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/WPW75XVHCBK5VLWJPUHDR5PTJM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A women uses an iPhone mobile device as she passes a lighted Apple logo at the Apple store at Grand Central Terminal in New York City, U.S., April 14, 2023. REUTERS/Mike Segar</figcaption></figure>



BRUSSELS, Feb 13 (Reuters)&nbsp;&#8211;&nbsp;Apple&nbsp;AAPL.O&nbsp;has won an exemption for its iMessage and Microsoft&nbsp;MSFT.O&nbsp;for its Bing search engine from new EU tech rules after the companies convinced antitrust regulators their services are not gateways for businesses to reach end-users.



The European Union&#8217;s Digital Markets Act&nbsp;(DMA), which takes effect in three weeks&#8217; time, requires Microsoft, Apple, Alphabet&#8217;s&nbsp;GOOGL.O&nbsp;Google, Amazon&nbsp;AMZN.O, Meta Platforms&nbsp;META.O&nbsp;and ByteDance to allow third-party apps or app stores on their platforms and make it easier for people to switch to rivals.



The companies are also prohibited from favouring their services over rivals.



Following a five-month investigation, the European Commission found iMessage, Bing, Edge and Microsoft Advertising &#8220;did not qualify as gatekeeper services,&#8221; the EU executive said in a statement.



The Commission said Apple&#8217;s App Store, iOS operating system and Safari browser will continue to be classified as gatekeepers as will Microsoft&#8217;s Linkedin social network and Windows operating system.



It made &#8220;a thorough assessment of all arguments, taking into account input by relevant stakeholders&#8221;, the Commission said without providing details of the companies&#8217; arguments.



Apple had said iMessage usage is negligible, even on its devices, compared to rival messaging services in the EU and that iMessage is not an important channel for businesses to reach users in the bloc.



&#8220;Consumers today have access to a wide variety of messaging apps, and often use many at once, which reflects how easy it is to switch between them,&#8221; an Apple spokesperson said.



Microsoft said that Bing, Edge and Microsoft Advertising operate as challengers in the market and are of relatively small scale, meaning they are not important gateways for business users.



&#8220;We will continue to engage with the Commission and industry at large to ensure Microsoft&#8217;s other designated platforms comply fully with the DMA,&#8221; a Microsoft spokesperson said.



Lazar Radic, an antitrust expert at the International Center for Law and Economics, said: &#8220;It is a good sign that the Commission has considered market realities, instead of just slapping the &#8216;gatekeeper&#8217; label on iMessage because it fulfills certain quantitative thresholds.



&#8220;This suggests the Commission is capable of avoiding the temptation to over-regulate.&#8221;



However, the&nbsp;Coalition for Open Digital Ecosystems (CODE), whose members include Google, Meta Platforms&nbsp;META.O&nbsp;and Qualcomm&nbsp;QCOM.O,&nbsp;disagreed with the&nbsp;Commission&#8217;s decision&nbsp;to exempt&nbsp;services such as iMessage.



&#8220;Today’s surprising decision undermines the objectives of the DMA, as well as its potential to improve choice and contestability for all Europeans,&#8221; it said in a statement.



(Reporting by Bart Meijer and Foo Yun Chee; Editing by Barbara Lewis and Keith Weir)

women uses her iPhone mobile device as she passes a lighted Apple logo at the Apple store in New York

Apple, Microsoft win exemptions for iMessage, Bing from EU rules

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/SASCQ4QDRBPHVFIDDQZIJW3XRM-820x548.jpg" alt="" class="wp-image-455760" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/SASCQ4QDRBPHVFIDDQZIJW3XRM-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/SASCQ4QDRBPHVFIDDQZIJW3XRM-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/SASCQ4QDRBPHVFIDDQZIJW3XRM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/SASCQ4QDRBPHVFIDDQZIJW3XRM-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/SASCQ4QDRBPHVFIDDQZIJW3XRM-1536x1027.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/SASCQ4QDRBPHVFIDDQZIJW3XRM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: President of Senegal Macky Sall delivers a national statement at the World Climate Action Summit during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. REUTERS/Amr Alfiky</figcaption></figure>



DAKAR, Feb 13 (Reuters) &#8211; Senegal&#8217;s communications ministry told mobile operators to suspend internet access on Tuesday, ahead of a planned silent march by activist groups, which was banned by authorities, over the abrupt postponement of a presidential election.



The announcement just weeks ahead of the planned Feb. 25 vote that it would be postponed, triggered violent clashes last week that resulted in the death of three young people and multiple arrests.



Parliament has voted to hold the election on Dec. 15.



The delay spurred opposition members&#8217; concerns as it extended President Macky Sall&#8217;s mandate in an unprecedented break with Senegal&#8217;s democratic tradition.



It was unclear whether the march would take place after authorities on Monday banned it, citing logistical concerns.



The civil society and religious groups that called the demonstration will hold a press conference later on Tuesday to announce next steps, spokesman Amadou Samb told Reuters.



The vote&#8217;s postponement dismayed many in Senegal, one of West Africa&#8217;s more stable democracies, in a region where military takeovers and constitutional manoeuvring have forced democracy into retreat in many countries in recent years.



In a statement, the ministry blamed hateful online messages for the deaths and material damage incurred during the recent demonstrations.



In the capital Dakar, police in riot gear on Friday fired tear gas, stun grenades and what appeared to be rubber bullets at protesters who were burning tyres and throwing stones, a Reuters reporter said.



Amnesty International and the U.N. human rights office called on the Senegalese government to investigate the killings and police brutality against protesters.



At least 266 people have been arrested across the country, including journalists, spokesperson for the U.N. High Commissioner for Human Rights Liz Throssell said.



West Africa&#8217;s regional bloc ECOWAS on Monday sent a parliamentary diplomatic mission to Senegal to discuss the political situation in the country.



(Reporting by Bate Felix, Alessandra Prentice, Emma Farge and Portia Crowe; Writing by Anait Miridzhanian; Editing by Bernadette Baum)

FILE PHOTO: Senegal President Macky Sall

Ahead of planned march over vote delay, Senegal suspends internet access

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/THZQRJPZIFI3JPNGWNL6YVEHR4-820x547.jpg" alt="" class="wp-image-455675" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/THZQRJPZIFI3JPNGWNL6YVEHR4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/THZQRJPZIFI3JPNGWNL6YVEHR4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/THZQRJPZIFI3JPNGWNL6YVEHR4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/THZQRJPZIFI3JPNGWNL6YVEHR4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/THZQRJPZIFI3JPNGWNL6YVEHR4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/THZQRJPZIFI3JPNGWNL6YVEHR4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Burkina Faso&#8217;s interim President Ibrahim Traore attends a meeting with Russia&#8217;s President Vladimir Putin following the Russia-Africa summit in Saint Petersburg, Russia, July 29, 2023. Alexander Ryumin/TASS Host Photo Agency via REUTERS/File Photo</figcaption></figure>



JOHANNESBURG/NIAMEY, Feb 13 (Reuters)&nbsp;&#8211;&nbsp;Days after Burkina Faso, Mali and Niger announced last month they were quitting the West Africa political union ECOWAS, Burkina Faso&#8217;s military ruler Ibrahim Traore was already naming his next target: the region&#8217;s CFA franc currency.



&#8220;It&#8217;s not just the currency. Anything that maintains us in slavery, we&#8217;ll break those bonds,&#8221; the 35-year-old army captain turned coup leader said in an interview, posted on YouTube.



The three countries jointly announced on Jan. 28 they were pulling out of the Economic Community of West African States (ECOWAS) after it pressured them to restore constitutional order following a string of coups.



Having already kicked out French soldiers and rolled back a U.N. mission in Mali, these states have consistently shown they value sovereignty over expediency.



Their attitude towards the euro-pegged CFA franc appears no different, although economists and experts say dumping the CFA franc would be riskier and significantly more complicated than withdrawing from ECOWAS, a move seen as a bold, if potentially ill-advised, act of defiance.



Last November, the finance ministers of Burkina Faso, Mali and Niger said they would weigh the option of setting up a monetary union and top officials from all three countries have, to varying degrees, voiced support for abandoning the currency.



The head of the Niger junta, Abdourahamane Tiani, said in an interview on state television on Sunday that abandoning the CFA franc would be a sign of sovereignty and a necessary step in moving away from French &#8220;colonisation&#8221;.



To do so, however, would mean much more than simply printing new banknotes.



A newly created central bank would need to manage a delicate transition away from the CFA franc, formulate monetary policy, and decide what to do about more than $4.6 billion in outstanding CFA-denominated regional bonds.



<h2 class="wp-block-heading" id="h-the-french-robbed-us">&#8216;THE FRENCH ROBBED US&#8217;</h2>



The CFA franc currencies &#8211; one West African and another for Central Africa &#8211; sit at the heart of an emotional debate over sovereignty and development in French-speaking Africa.



Proponents hail the CFA franc&#8217;s peg to the euro as a guarantee of macroeconomic stability in one of the world&#8217;s most volatile regions.



Critics denounce it as a brake on growth and an outdated vestige of French colonial rule: until a 2019 reform, countries were required to hold a portion of their foreign reserves with the French Treasury.



But never since its inception in 1945 has there been the prospect of such a mass exodus.



&#8220;The French have robbed us with the CFA franc. African countries must definitively break with this currency,&#8221; said Omar Issoufou, a 25-year-old Nigerien who is studying electrical engineering in the capital Niamey.



The military takeovers that have swept across the arid Sahel region were driven by anger over Islamist violence, which Mali&#8217;s U.N. mission and a sprawling French anti-militant operation had failed to snuff out.



Punishment for the putsches &#8211; the imposition of economic sanctions by ECOWAS, including freezing of some of Mali and Niger&#8217;s assets held by the regional central bank &#8211; fuelled tensions between the new regimes and the West African Economic and Monetary Union, known by its French acronym UEMOA.



&#8220;The moment UEMOA became a weapon of war &#8230; I can understand why these three countries moved to clearly free themselves from their engagements towards the Union,&#8221; Hamma Hamadou, a former head of Niger&#8217;s tax authority, told Reuters.



Beyond ideological issues of sovereignty and practical concerns related to sanctions, some view moving away from the CFA franc as an opportunity.



&#8220;The CFA franc has been very detrimental to these countries over the long run,&#8221; said Ndongo Samba Sylla of International Development Economics Associates, a network of economists focused on the Global South. &#8220;They have lower inflation and extra exchange rate stability, but they&#8217;ve suffered from an over-valued currency.&#8221;



All three countries have largely agricultural economies. But their inability to set monetary policy has left their exports uncompetitive, he said, and hindered industrial development.



The peg to the euro, meanwhile, makes little sense when the bulk of West Africa&#8217;s external trade is done in dollars, he added.



<h2 class="wp-block-heading" id="h-great-depression">&#8216;GREAT DEPRESSION&#8217;</h2>



Withdrawing from ECOWAS is already looking easier said than done. Disentangling their economies and finances from UEMOA will be even more delicate.



UEMOA&#8217;s eight members deposit their foreign exchange reserves with the Dakar-based regional central bank. Those reserves are mutualised as are liabilities, making a determination of how much each country would be able to walk away with a difficult calculation.



Then there&#8217;s the question of CFA-denominated debt. Burkina Faso has over 1.2 trillion CFA francs ($1.99 billion) in outstanding bonds. Mali has slightly over 1 trillion CFA francs, while it&#8217;s 498 billion CFA francs for Niger.



&#8220;We will enter into a zone of turbulence if these countries pull out,&#8221; said one financial expert involved in regional debt issuances, who asked not to be named due to market sensitivity.



There was no clarity, he said, on where the bonds would be listed, whether they would remain in CFA francs or even if the new currency would be convertible.



&#8220;There would be a lot of problems for the holders of these sovereign bonds,&#8221; he said.



The turmoil would likely leave the three states cut off from future financing from regional and international capital markets, experts said. Burkina Faso already called off a bond auction in the wake of its ECOWAS withdrawal announcement due to a lack of interest.



Uncertainty could provoke capital flight and an immediate depreciation of a new currency. Imports could become prohibitively expensive, fuelling run-away inflation.



&#8220;I think you&#8217;re taking 10% to 20% off your GDP,&#8221; said Charlie Robertson, head of macro strategy at London-based FIM Partners. &#8220;Leaving the single currency is bringing on the Great Depression,&#8221; he said, adding it would be the worst policy mistake the countries could make.



In light of these risks, the juntas are approaching the currency question more carefully than their ECOWAS withdrawal.



Two government officials from the countries told Reuters that the committee charged with studying a new monetary union, while still planned, had not yet met.



Prime Minister Choguel Maiga of Mali &#8211; the only one of the three to have ever issued its own currency &#8211; has urged patience.



When Mali exited UEMOA in 1962 in the wake of independence, its new currency was at parity with the CFA franc, but upon its return to the union in 1984 was worth only half as much.



To ensure lessons have been learned, Maiga says the committee needs time to assess all the implications before the country draws up plans for a new currency with its two neighbours.



&#8220;This is what I say to the Malians,&#8221; Maiga told business leaders last month. &#8220;Sure, you have this passion. You want it. But this is strategic.&#8221;



($1 = 604.0000 CFA francs)



(Reporting by Joe Bavier and Boureima Balima; Additional reporting by Loucoumane Coulibaly in Abidjan, Moussa Aksar in Niamey, Giulia Paravicini in Nairobi and Leigh Thomas in Paris; Editing by Susan Fenton)

FILE PHOTO: Russia’s President Putin and Burkina Faso’s interim President Traore meet in St Petersburg

For West African juntas, CFA franc pits sovereignty against expediency

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="511" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/JKREOAPTKNJGHK4TSAYLUIJ7NA-820x511.jpg" alt="" class="wp-image-455659" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/JKREOAPTKNJGHK4TSAYLUIJ7NA-820x511.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/JKREOAPTKNJGHK4TSAYLUIJ7NA-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/JKREOAPTKNJGHK4TSAYLUIJ7NA-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/JKREOAPTKNJGHK4TSAYLUIJ7NA-768x479.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/JKREOAPTKNJGHK4TSAYLUIJ7NA-1536x958.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/JKREOAPTKNJGHK4TSAYLUIJ7NA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Displaced Congolese people are reflected on a puddle, at the Muchacha primary school, where they live after recently fleeing from their Shasha village following clashes between M23 rebels and the Armed Forces of the Democratic Republic of the Congo (FARDC) in Sake, the Democratic Republic of Congo February 6, 2024. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



JOHANNESBURG, Feb 12 (Reuters)&nbsp;&#8211;&nbsp;South Africa will send 2,900 troops as part of its contribution to the Southern African Development Community (SADC) force deployed to tackle armed groups in eastern Democratic Republic of Congo, the president&#8217;s office said in a statement on Monday.



The one-year deployment will cover the period between Dec. 15. 2023 and Dec. 15, 2024, and will cost around 2 billion rand ($105.75 million), the statement said.



The 16-member state SADC approved the eastern Congo mission in May last year to help Congo, the world&#8217;s top supplier of cobalt and Africa&#8217;s top copper producer, address instability and deteriorating security in its restive eastern region.



Decades of conflicts in eastern Congo between myriad rival armed groups over land and resources has killed hundreds of thousands of people and displaced more than 7 million.



The SADC force has an offensive mandate to support Congo&#8217;s army fight armed groups. It will include troops from Malawi, South Africa and Tanzania.



The deployment comes as Congo battles Tutsi-led M23 rebels whose attacks and advances in recent days, is threatening the North Kivu provincial capital, Goma.



($1 = 18.9133 rand)



(Writing by Bate Felix; Editing by Marguerita Choy)

Thousands more flee rebel advance in eastern Congo

South Africa to deploy 2,900 troops to fight armed groups in eastern Congo

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="584" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/62G224WUNFIBRLU2K6S7VS3YFE-820x584.jpg" alt="" class="wp-image-455387" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/62G224WUNFIBRLU2K6S7VS3YFE-820x584.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/62G224WUNFIBRLU2K6S7VS3YFE-300x214.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/62G224WUNFIBRLU2K6S7VS3YFE-126x90.jpg 126w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/62G224WUNFIBRLU2K6S7VS3YFE-768x547.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/62G224WUNFIBRLU2K6S7VS3YFE-1536x1094.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/62G224WUNFIBRLU2K6S7VS3YFE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Zimbabwe&#8217;s Finance Minister Mthuli Ncube stands with a briefcase at the Parliament Building in Mt Hampden on the day he presents the 2024 National Budget, Harare, Zimbabwe November 30, 2023.REUTERS/Philimon Bulawayo/FILE PHOTO</figcaption></figure>



HARARE, Feb 12 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&nbsp;is working on new&nbsp;measures to stabilise its local currency including linking the exchange rate to hard assets such as gold and creating a currency board, Finance Minister Mthuli Ncube said on Monday.



The Zimbabwean dollar has fallen about 40% since the start of the year,&nbsp;hurt by increased foreign-currency demand from civil servants being paid December bonuses and weaker commodity prices denting inflows.



Last week President Emmerson Mnangagwa said authorities were looking to introduce a &#8220;structured currency&#8221;, without explaining how that would work, and the central bank governor said that work was ongoing.



&#8220;The idea going forward is to make sure that we manage the growth of liquidity which has a high correlation to money supply growth and inflation. The way to do that is to link the exchange rate to some hard asset such as gold,&#8221; said Ncube.



&#8220;To do that you have to have some sort of currency board type system in place where the growth of the domestic liquidity is constrained by the value of the asset that is backing the currency,&#8221; he said in a press briefing.



More announcements will come in due course, he said, adding that he believed the new measures would offer &#8220;a lasting solution to the currency volatility&#8221;.



The Southern African country is still scarred by memories of hyperinflation under longtime leader Robert Mugabe.



The government relaunched a local currency in 2019 after a decade of dollarisation, but it rapidly lost value and authorities reauthorised the use of foreign currencies in domestic transactions soon after.



(Reporting by Nyasha Chingono; Writing by Nellie Peyton, Editing by Gareth Jones and Ed Osmond)

Zimbabwe’s Finance Minister Mthuli Ncube stands with a briefcase at the Parliament Building in Mt Hampden on the day he presents the 2024 National Budget, Harare

Zimbabwe to link exchange rate to hard assets, create currency board

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



Feb 12 (Reuters)&nbsp;&#8211;&nbsp;A gauge of emerging market stocks was marginally lower in light trading on Monday, with Indian shares amongst leading fallers, while Israel&#8217;s shekel dipped after ratings agency Moody&#8217;s downgraded the country&#8217;s credit rating.



MSCI&#8217;s index for EM stocks&nbsp;.MSCIEF&nbsp;edged 0.1% lower by 0918 GMT, on track for its third straight session decline, while currencies&nbsp;.MIEM00000CUS&nbsp;were largely flat on the day.



Israel&#8217;s shekel ILS= fell 0.4% against the dollar after Moody&#8217;s on Friday downgraded the country&#8217;s credit rating, citing material political and fiscal risks from its war with the Palestinian militant group Hamas.



The rating was cut to &#8220;A2&#8221;, which is five notches above investment grade, while its credit outlook was kept at negative, meaning a further downgrade is possible.



&#8220;Against the background of the security situation, a notch decrease in creditworthiness appears also rather unspectacular and would only follow market pricing rather than cause it,&#8221; Michel Nies, an economist at Citi, wrote in a note.



&#8220;However, the negative outlook and the statement for the latter might be more concerning in the sense that an end to hostilities would not necessarily lead to a reversal of the downgrade.&#8221;



Activity was mostly muted due to holidays in major hubs including mainland China, Singapore, South Korea, Taiwan and Malaysia.



In Europe, official data showed Turkey&#8217;s unemployment rate fell 0.1 percentage point month-on-month to 8.8% in December, edging back towards the lowest level in a decade which it hit in October.



The lira&nbsp;TRY=&nbsp;was mostly stable against the dollar, while equities&nbsp;.XU100&nbsp;gained 0.9%, lifted by rising materials shares.



Hungary&#8217;s forint&nbsp;EURHUF=&nbsp;eased 0.3% against the Euro after rising as much as 0.6% in the previous session, while South Africa&#8217;s rand&nbsp;ZAR=&nbsp;edged 0.1% higher, on track for its first daily advance in four sessions.



In the Gulf, Saudi Arabia&#8217;s benchmark stock index .TASI gained 0.2% after Israel said it had &#8220;concluded&#8221; a series of strikes on southern Gaza.



The International Monetary Fund said on Sunday Middle East economies were lagging below growth projections due to oil production cuts and the Israel-Hamas conflict, even as the global economic outlook remained resilient.



Meanwhile, stocks in Pakistan .KSE fell as much as 2.8% after the country&#8217;s national elections ended with no party winning a majority in parliament.



Equities in India .NSEI were down 0.6%, dragged lower by declining energy shares. .BO



(Reporting by Shashwat Chauhan in Bengaluru; Editing by Ros Russell)

istockphoto-1076949610-612×612-1

Stocks edge lower in holiday affected trade; Israel’s shekel down after rating cut

<figure class="wp-block-image size-large"><img decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/05/Herbert-Wigwe-Group-CEO-Access-Bank-Plc1-781x800.jpg" alt="" class="wp-image-417434"/></figure>



Feb 10 (Reuters)&nbsp;&#8211;&nbsp;Six people, including the group chief executive of one of Nigeria&#8217;s largest banks, were killed in a helicopter crash in Southern California on Friday, authorities and the banking group said.



Six people were on board the helicopter when it crashed around 10 p.m. Friday (0600 GMT Saturday) near Nipton, California, the U.S. Federal Aviation Administration said in a statement.



Access Holdings said its CEO&nbsp;Herbert&nbsp;Wigwe, his wife and son were among those who died in the crash.



&#8220;We extend our deep and sincere sympathies to his family and loved ones,&#8221; Access Holdings Chairman Abubakar Jimoh said in a statement on Sunday, adding that the company will soon appoint an acting CEO.



Local media reported that the Nigerian Exchange Group&#8217;s former Chairman Abimbola Ogunbanjo also died in the crash.



The San Bernardino County Sheriff’s Department said the scene of the crash was determined to be east of the 15-Freeway, near Halloran Springs Road, adding that no survivors had been located as of Saturday.



The FAA identified the helicopter as a Eurocopter EC 130 and said it would investigate along with the National Transportation Safety Board.



The helicopter was headed to Las Vegas when it crashed near a border city between Nevada and California, according to multiple reports.



(Reporting by Surbhi Misra, Jyoti Narayan in Bengaluru and MacDonald Dzirutwe in Lagos; Editing by Andrea Ricci and Sharon Singleton)

Herbert-Wigwe-Group-CEO-Access-Bank-Plc1

Nigeria’s Access Bank Group CEO among six dead in California helicopter crash

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-71.jpg" alt="" class="wp-image-427693" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-71.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-71-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-71-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/download-71-768x512.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, August 14, 2019. REUTERS/Michael Dalder</figcaption></figure>



Feb 9 (Reuters)&nbsp;&#8211;&nbsp;Gold&nbsp;prices were subdued on Friday, hurt by a stronger dollar and higher Treasury yields, while investors looked ahead to next week&#8217;s U.S. inflation reading for clues on when the Federal Reserve could begin cutting interest rates.



Spot&nbsp;gold&nbsp;XAU=&nbsp;was down 0.2% to $2,029.80 per ounce at 1236 GMT, with prices down 0.5% over the week. U.S.&nbsp;gold&nbsp;futures&nbsp;GCcv1&nbsp;also lost 0.2% to $2,044.50 per ounce.



The dollar index&nbsp;.DXY&nbsp;remained on track for a weekly rise, making&nbsp;gold&nbsp;more expensive for holders of other currencies, while the U.S. 10-year Treasury yield&nbsp;US10YT=RR&nbsp;also edged higher.&nbsp;USD/US/



Jigar Trivedi, a senior analyst at Reliance Securities, said that Fed Chair Jerome Powell&#8217;s recent comments had reduced the probability of an interest rate cut in March, putting a cap on&nbsp;gold&nbsp;prices.



After several Fed policymakers this week said they would&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3ARR:333&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">wait to cut</a>&nbsp;rates until they were more confident that inflation would fall to 2%, all eyes will be on Tuesday&#8217;s U.S. consumer price index report.



Traders now see about a 61% chance of an interest rate cut in May, according to the&nbsp;<a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noreferrer noopener">CME Fedwatch tool</a>. Lower interest rates decrease the opportunity cost of holding non-yielding bullion.



On the physical front, physical&nbsp;gold&nbsp;dealers in India charged premiums this week for the first time in four months, encouraged by a pick-up in purchases as local prices eased, while the approaching Lunar New Year festival boosted activity in China and elsewhere.



Elsewhere, palladium&nbsp;XPD=&nbsp;rose 0.3% to $889.62 per ounce and platinum&nbsp;XPT=&nbsp;was down 0.5% to $880.56. Prices of both metals were heading for a second weekly dip.



Prices of auto-catalyst metal palladium&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3ET0R9&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">fell</a>&nbsp;below those of platinum for the first time since April 2018 on Thursday.



&#8220;Challenging supply backdrop, heavy platinum loadings and substitution away from palladium are boding well for platinum,&#8221; analysts at ANZ Research wrote in a note.



Spot silver&nbsp;XAG=&nbsp;rose 0.2% to $22.62.



Platinum-to-palladium ratio&nbsp;<a href="https://reut.rs/3weVJli" target="_blank" rel="noreferrer noopener">https://reut.rs/3weVJli</a>



Spot&nbsp;gold&nbsp;price in USD per oz&nbsp;<a href="https://reut.rs/3wdw8Jq" target="_blank" rel="noreferrer noopener">https://reut.rs/3wdw8Jq</a>



(Reporting by Sherin Elizabeth Varghese and Brijesh Patel in Bengaluru; Editing by Kirsten Donovan and Mark Potter)

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Stocks edge lower in holiday affected trade; Israel’s shekel down after rating cut

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Reuters

Nigeria mulls state policing to combat growing insecurity

Ivory Coast cocoa council says it will not default on contracts despite bean shortage

Ghana’s new finance minister pledges to keep IMF programme on track

Senegal ‘better positioned than some’ to navigate investor concern, says IMF

Israel says South Africa serving Hamas in latest bid to World Court

Nigeria plans commodity board to regulate food prices as inflation soars

IMF says Zimbabwe should speed up currency reforms

Ghana president replaces finance minister in reshuffle

Most base metals fall on stronger dollar after US inflation data

Apple, Microsoft win exemptions for iMessage, Bing from EU rules

Ahead of planned march over vote delay, Senegal suspends internet access

For West African juntas, CFA franc pits sovereignty against expediency

South Africa to deploy 2,900 troops to fight armed groups in eastern Congo

Zimbabwe to link exchange rate to hard assets, create currency board

Stocks edge lower in holiday affected trade; Israel’s shekel down after rating cut

Nigeria’s Access Bank Group CEO among six dead in California helicopter crash

Gold pressured by firm dollar, higher yields as traders seek Fed clues

News Tips

Advertise With Us

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