
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3338" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/FICYWLXYY5O65HYMVPAS2YUHJ4-reuters.avif" alt="" class="wp-image-558451"/><figcaption class="wp-element-caption">SWAPO presidential candidate Netumbo Nandi-Ndaitwah attends a rally ahead of the upcoming elections in Windhoek, Namibia , November 24, 2024. REUTERS/Noah Tjijenda</figcaption></figure>



<p>WINDHOEK, Nov 25 (Reuters)&nbsp;&#8211;&nbsp;Namibians will vote on Wednesday in what is expected to be the most competitive election yet for the ruling SWAPO party, which has governed the southern African nation for 34 years.</p>



<p>If SWAPO candidate Netumbo Nandi-Ndaitwah wins, she will become the country&#8217;s first female president. A SWAPO loss would mean the first transition of power to a new party since Namibia gained independence from apartheid South Africa in 1990.</p>



<p>High unemployment, corruption allegations and inequality have eroded SWAPO&#8217;s support, which fell to 56% in the 2019 presidential election from 87% in 2014. There are no reliable polls on how it might fare this time.</p>



<p>The frontrunner among 14 opposition candidates is Panduleni Itula, a former dentist who won 29% of votes in 2019 after splitting from SWAPO and now leads a new political party, the Independent Patriots for Change.</p>



<p>Namibians vote separately for members of parliament and for the president, who needs more than 50% of votes to win.</p>



<p>&#8220;This will be the most challenging and significant election after the first one of 1989,&#8221; Rui Tyitende, a lecturer at the University of Namibia, said.</p>



<p>He said the outcome would largely hinge on the turnout of young voters, who make up more than half the electorate and are more likely to back the opposition.</p>



<p>&#8220;Young people are disproportionately affected by unemployment, poverty and consumed with a deep sense of hopelessness,&#8221; Tyitende said.</p>



<p>&#8220;If they do not pitch, SWAPO will win.&#8221;</p>



<h2 class="wp-block-heading" id="h-independence-era-parties-challenged">INDEPENDENCE-ERA PARTIES CHALLENGED</h2>



<p>Namibia is currently led by interim president Nangolo Mbumba, who took over in February after the death of former president Hage Geingob but is not contesting the election.</p>



<p>Namibia is an upper-middle-income country but has high levels of poverty and inequality, according to the World Bank.</p>



<p>A 2021 government report found that 43% of the population were living in &#8220;multidimensional poverty&#8221;, a measure that takes into account income as well as access to education and public services among other factors.</p>



<p>Namibia ranks second in the world for income inequality after neighbouring South Africa, World Bank figures show. Both countries spent decades under white minority rule.</p>



<p>SWAPO has struggled to distance itself from corruption scandals, although Nandi-Ndaitwah has never been implicated. Two former ministers are still on trial in the &#8220;fishrot&#8221; case, a major bribery scandal that surfaced in 2019.</p>



<p>&#8220;There is a possibility that the ruling party SWAPO could face a fate similar to the ANC in South Africa or the BDP in Botswana,&#8221; political analyst Ndumba Kamwanyah said.</p>



<p>South Africa&#8217;s African National Congress (ANC) lost its parliamentary majority in May and was forced into a coalition after 30 years in power, while the Botswana Democratic Party (BDP) lost an October election which ended its 58-year rule.</p>



<p>Across southern Africa, independence-era parties are contending with a younger population that does not remember the liberation struggle and is more likely to judge them on their record of service delivery and job creation, analysts say.</p>



<p>On SWAPO&#8217;s side are its deep roots in rural areas, well-established party machinery and the legacy of its fight against apartheid which still resonates with some voters, Kamwanyah said.</p>



<p>Election observers have generally said past polls in Namibia were fair and credible.</p>



<p>(Additional reporting and writing by Nellie Peyton, Editing by Olivia Kumwenda-Mtambo and Andrew Heavens)</p>


FICYWLXYY5O65HYMVPAS2YUHJ4 reuters

Namibia to vote in toughest election yet for ruling party


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3454" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/Q6WVUVN6WZNWTDJRVRCBW4TRQI.avif" alt="" class="wp-image-558403"/><figcaption class="wp-element-caption">Zimbabwe&#8217;s President Emmerson Mnangagwa delivers his State of the Nation address at the State House in Harare, Zimbabwe, April 3,2024.REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



<p>HARARE, Nov 25 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s president hosted creditors and finance executives on Monday to discuss ambitious goals to clear debt arrears and restructure $12.7 billion in external debt, as the country aims to eventually tap international capital markets for the first time in more than two decades.</p>



<p>The Southern African nation&#8217;s debt pile accounts for 81% of gross domestic product, and clearing it will be a tough challenge for a country that has faced numerous financial crises in recent decades, from repeated bouts of hyperinflation to multiple unsuccessful attempts to launch new currency regimes.</p>



<p>President Emmerson Mnangagwa told the conference that Zimbabwe is negotiating a Staff Monitored Program (SMP) with the International Monetary Fund.</p>



<p>Securing an SMP would set the stage for required policy reforms, African Development Bank (AfDB) President Akinwumi Adesina told the conference.</p>



<p>&#8220;That is the key,&#8221; he said, adding that AfDB stood ready to offer financial support to cushion Zimbabwe&#8217;s economy against potential adverse effects of reforms.</p>



<p>Adesina said the AfDB also had money available from a special fund to help settle Zimbabwe&#8217;s arrears. He did not provide any figures.</p>



<p>Finance Minister Mthuli Ncube said timelines would become clear by mid-2025, once Zimbabwe secured bridge financing commitments from lenders to help clear the arrears.</p>



<p>Analysts say paying off arrears is essential for an economy that currently cannot even access money from the IMF &#8211; the lender of last resort.</p>



<p>&#8220;The issue of arrears is a major albatross around our neck,&#8221; said Prosper Chitambara, a Harare-based independent economist.</p>



<p>&#8220;Once the arrears are cleared it will be cheaper to borrow and easier to attract investment.&#8221;</p>



<h2 class="wp-block-heading" id="h-unsustainable-situation">UNSUSTAINABLE SITUATION</h2>



<p>Getting on track with bilateral creditors – and clearing arrears with the AfDB, the World Bank and the European Investment Bank – is necessary to unlock funding for Zimbabwe, once a regional breadbasket that now struggles to feed its own people.</p>



<p>&#8220;The IMF is currently precluded from providing financial support to Zimbabwe&#8221; due to an unsustainable debt situation and external arrears, an IMF spokesperson said.</p>



<p>The IMF SMP that Zimbabwe is targeting does not include financial assistance or require approval by the Fund&#8217;s executive board.</p>



<p>But government officials say it would help Zimbabwe demonstrate a return to sound economic policies. The government already missed its initial goal to have an SMP in place by April, as well as a second deadline last month.</p>



<p>This has limited IMF engagement to technical assistance, such as budget preparation.</p>



<h2 class="wp-block-heading" id="h-debt-and-default">DEBT AND DEFAULT</h2>



<p>The United Nations estimates 24 out of Africa&#8217;s 35 low-income countries are at high risk of debt distress, and since 2020, Zambia and Chad have finalised debt reworks. Ghana is wrapping up its own debt rework and Ethiopia is in the midst of a restructuring.</p>



<p>But Zimbabwe is no ordinary default. While 45% of its burden is outstanding debt, the rest is arrears and penalties, according to a 2023 government presentation.</p>



<p>The Africa Legal Support, an AfDB facility that helps countries deal with debt distress, is paying for two firms &#8211; the Global Sovereign Advisory Company and law firm Kepler-Karst &#8211; to help advise the government, Ncube said ahead of the conference.</p>



<p>Zimbabwe has only been paying token amounts to debtors, including 16 bilateral creditors, Ncube said, but gave no further details.</p>



<p>(Reporting by Nyasha Chingono and Duncan Miriri; Editing by Libby George and Susan Fenton)</p>


Q6WVUVN6WZNWTDJRVRCBW4TRQI

Zimbabwe charts ambitious return to global finance at debt conference


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-820x547.jpg" alt="" class="wp-image-557402" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/5JWBGJOACVIETB7IX3CXKYDIAM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019.  REUTERS/Angus Mordant</figcaption></figure>



<p>LAGOS, Nov 22 (Reuters)&nbsp;&#8211;&nbsp;The Nigerian government&#8217;s plan to sell crude priced in the local currency is faltering, with refiners, including the giant Dangote Oil Refinery, saying they are still unable to secure adequate supplies.</p>



<p>To address challenges in accessing foreign currency, the government in July said it would sell crude priced in naira to local refineries for an initial six months starting in October.</p>



<p>&#8220;We need 650,000 barrels per day, (state oil firm NNPC Ltd) agreed to give a minimum of 385,000 bpd but they are not even delivering that,&#8221; said Edwin Devakumar, head of the Dangote refinery.</p>



<p>The refinery built by Nigerian billionaire Aliko Dangote in Lagos aims to compete with European refiners when operating at full capacity but it has struggled to secure sufficient crude supplies to run optimally.</p>



<p>While Devakumar declined to give specific figures, he described deliveries from NNPC under the scheme as &#8220;peanuts&#8221;.</p>



<p>Still, Dangote is the only one of 8 operational refineries in Nigeria to have benefited from the naira-denominated crude sale arrangement, said Mathins Obaze, an acting executive director of the Crude Oil Refinery-owners Association of Nigeria (CORAN), a trade group of refiners.</p>



<p>&#8220;Members are still unable to access crude in naira and are currently engaging the government for a resolution,&#8221; Obaze said.</p>



<p>The reason for the shortfall was not immediately clear. NNPC did not respond to a request for comment.</p>



<p>The Dangote refinery in August urged the oil regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to enforce a rule that compels oil producers to supply local refineries.</p>



<p>NUPRC did not respond to a request for comment on the matter.</p>



<p>Dangote, with a current capacity of 425,000 bpd and a year-end target of 85% operational capacity, has turned to international markets for supplies.</p>



<p>It purchased two million barrels of U.S. WTI Midland crude on Wednesday, its first U.S. crude purchase since August, according to trade sources and shipping data.</p>



<p>Meanwhile NNPC is pursuing new markets for its crude oil. The company was in London on Wednesday seeking term customers for its new Utapate crude oil grade.</p>



<p>(Reporting by Isaac Anyaogu; Editing by Kirsten Donovan)</p>


The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County

Nigeria’s local currency crude sales fall short of target, Dangote refinery says


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



<p>NAIROBI, Nov 22 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.</p>



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



<p>Gold was headed for its largest weekly gain in nearly eight months on Friday and the euro hovered at a 13-month low as Russia lowered its threshold for using nuclear weapons and fired a hypersonic ballistic missile at Ukraine.</p>



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



<p>Oil prices rose on Friday after Russia said it had fired a ballistic missile at Ukraine and warned of a broadening conflict, raising the prospect of tightening crude supplies.</p>



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



<p>South Africa&#8217;s rand firmed on Thursday after the central bank opted for another small cut to its main interest, quashing hopes of a bigger move.</p>



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



<p>Kenya&#8217;s and Nigeria&#8217;s currencies are forecast to weaken against the dollar in the next week, traders said.</p>



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



<p>Nigeria&#8217;s parliament on Thursday approved the government&#8217;s request to borrow $2.209 billion from the Eurobond market or other sources to plug funding gaps in its 2024 budget.</p>



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



<p>The Kenyan shilling was steady on Thursday as dollar inflows from exports matched rising demand from the manufacturing sector, one trader said.</p>



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



<p>Kenyan President William Ruto said on Thursday he had ordered the cancellation of a procurement process that had been expected to award control of the country&#8217;s main airport to India&#8217;s Adani Group after its founder was indicted in the United States.</p>



<h2 class="wp-block-heading" id="h-ethiopia-budget">ETHIOPIA BUDGET</h2>



<p>Ethiopia plans to spend an extra 581.98 billion Ethiopian birr ($4.8 billion) in its 2024/25 fiscal year, Prime Minister Abiy Ahmed&#8217;s office said on Thursday.</p>



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



<p>Rwanda&#8217;s central bank held its key interest rate at 6.5% on Thursday after cutting it at the previous two rate-setting meetings this year.</p>



<h2 class="wp-block-heading" id="h-senegal-election">SENEGAL ELECTION</h2>



<p>Senegalese President Bassirou Diomaye Faye&#8217;s Pastef party has won 130 out of 165 seats in legislative elections, securing a clear majority in parliament and a mandate to pursue promised reforms, provisional results showed on Thursday.</p>



<h2 class="wp-block-heading" id="h-mali-politics">MALI POLITICS</h2>



<p>Mali&#8217;s ruling junta on Thursday appointed spokesperson Abdoulaye Maiga as prime minister after firing Choguel Maiga, state television ORTM said on Thursday.</p>



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



<p>Ghana&#8217;s graded and sealed (G&amp;S) cocoa arrivals stood at 182,937 metric tons by Nov. 7 since the start of this year&#8217;s harvest on Sept. 11, up 49% from 122,699 tons over the same period last season, figures from marketing board COCOBOD showed on Thursday.</p>



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


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Nov 22


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Nov 22 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.</p>



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



<p>Inflation-linked bond auction</p>



<p>Financial regulator updates on two-pot pension reform</p>



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



<p>South Africa&#8217;s rand firmed on Thursday after the central bank opted for another small cut to its main interest rate, quashing hopes of a bigger move.</p>



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



<p>Gold was headed for its largest weekly gain in nearly eight months on Friday and the euro hovered at a 13-month low as Russia lowered its threshold for using nuclear weapons and fired a hypersonic ballistic missile at Ukraine.</p>



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



<p>Wall Street&#8217;s main indexes closed higher after choppy trading on Thursday, with the blue-chip Dow and the S&amp;P 500 hitting one-week tops.</p>



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



<p>Gold prices were headed for their best week in a year on Friday, supported by safe-haven demand amid further escalations in the Russia-Ukraine war, while investors assessed the outlook for U.S. interest rate cuts.</p>



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



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



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



<p>&#8211; Pandemic treaty by December &#8216;is still doable&#8217;</p>



<p>&#8211; Ninety One to add 400 bln rand in assets in Sanlam deal</p>



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



<p>&#8211; US sanctions PetroSA&#8217;s Russian partner</p>



<p>&#8211; Mr Price thinks tax clampdown on Shein and Temu is working</p>



<p>(Compiled by Alexander Winning)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Nov 22


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3299" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/YHAEHYTU3FKTXKQPXGYAMT4ESQ.avif" alt="" class="wp-image-557099"/><figcaption class="wp-element-caption">The logo of South Africa&#8217;s central reserve bank is seen during the delivery of a keynote address by South Africa&#8217;s central bank governor, Lesetja Kganyago, at the University of the Witwatersrand in Johannesburg, South Africa, November 1, 2022. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



<p>PRETORIA, Nov 21 (Reuters) &#8211; South Africa&#8217;s central bank opted for another small cut to its main interest rate on Thursday, stressing the global economic backdrop was tough and the outlook highly uncertain despite domestic inflation falling below its target.</p>



<p>The decision to lower the repo rate by 25 basis points (bps) to 7.75% was unanimous, with the Monetary Policy Committee not discussing a larger 50 bps cut, South African Reserve Bank Governor Lesetja Kganyago told reporters.</p>



<p>The majority of economists in a Reuters poll published last week had predicted a 25 bps cut, the same size of cut as in September.</p>



<p>Annual inflation slowed sharply to 2.8% in October, its lowest level in over four years, dropping below the central bank&#8217;s 3% to 6% target range.</p>



<p>&#8220;The Committee agreed that reducing the level of policy restrictiveness is still consistent with achieving the inflation target. The risk outlook, however, requires a cautious approach,&#8221; Kganyago said.</p>



<p>&#8220;Global interest rates could well shift higher again, and the recent rand depreciation demonstrates how rapidly changes in the global environment can affect South Africa.&#8221;</p>



<p>Alongside other emerging market currencies, the rand has sold off since Donald Trump&#8217;s U.S. election win, losing more than 3% against the dollar.</p>



<p>(Reporting by Tannur Anders, Bhargav Acharya and Kopano Gumbi; Editing by Alexander Winning)</p>


YHAEHYTU3FKTXKQPXGYAMT4ESQ

South African central bank trims key rate but stresses tough backdrop


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1556188599-820x547.jpg" alt="" class="wp-image-521585" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1556188599-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1556188599-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1556188599-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1556188599-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1556188599-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1556188599-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The headquarters of the National Bank of Rwanda, Rwanda&#8217;s central bank, in the Nyarugenge district of Kigali, Rwanda on Thursday, July 20, 2023. The World Bank cut Rwanda&#8217;s GDP growth estimate to 5.8% from 6.2%, as it expected flooding during April and May to result in slowed economic expansion. Photographer: Bing Guan/Bloomberg via Getty Images</figcaption></figure>



<p>KIGALI, Nov 21 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s central bank held its key interest rate at 6.5% on Thursday after cutting it at the last two rate decisions this year.</p>



<p>Governor John Rwangombwa told reporters that the decision was based on uncertainties in the performance of the agriculture sector and that the central bank felt its policy stance could keep inflation within its 3%-8% target range.</p>



<p>&#8220;We think for now (the rate) is good enough to maintain inflation within our band,&#8221; he told a news conference.</p>



<p>Annual inflation has remained under 6% this year and stood at 3.8% in October.</p>



<p>The decision follows a 50-basis-point cut to the National Bank of Rwanda&#8217;s Central Bank Rate in August, and a similar-sized cut in May.</p>



<p>(Reporting by Philbert Girinema; Writing by Hereward Holland; Editing by Alexander Winning)</p>


Rwandan Economy as World Bank Cuts Growth Estimate on Floods

Rwanda central bank maintains key rate, sees inflation within target


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg" alt="" class="wp-image-534014" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-768x402.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier’s booth at a forex exchange bureau in Kenya’s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, Nov 21 (Reuters) &#8211; The Kenyan shilling was steady on Thursday as dollar inflows from exports matched rising demand from the manufacturing sector, one trader said.</p>



<p>The shilling traded at 129.00/130.00 at 06:52 GMT, according to LSEG data, the same as Wednesday&#8217;s closing rate.</p>



<p>The East African currency weakened slightly in the past week, after remaining rangebound since early August.</p>



<p>(Reporting by Sonia Rao; Editing by Hereward Holland)</p>


LYEEWJTJKRPK3GJPCKWFP3EK7E

Kenyan shilling steady as export dollar inflows match rising demand


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Nov 21 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcements, equity and currency market moves may affect South African markets on Thursday.</p>



<h2 class="wp-block-heading" id="h-economic-event">ECONOMIC EVENT</h2>



<p>The South African Reserve Bank to announce interest rate decision</p>



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



<p>South Africa&#8217;s Mr Price profit rises in first half on better Q2 sales</p>



<p>South Africa&#8217;s Investec to release half-year results</p>



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



<p>South Africa&#8217;s rand slipped on Wednesday against a buoyant dollar, despite inflation dropping to its lowest level in more than four years, and as investors geared up for a policy announcement by the central bank on Thursday.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 0.8% up.</p>



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



<p>Asian equities fell on Thursday after AI darling Nvidia disappointed investors with slower revenue growth expectations, while the dollar firmed and bitcoin hit a record high, buoyed by hopes about U.S. President-elect Donald Trump&#8217;s policies.</p>



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



<p>The tech-heavy Nasdaq closed lower on Wednesday, taking a break from the prior session&#8217;s rally as investors worried about escalating Russia-Ukraine tensions and weak results from Target, while awaiting earnings from megacap Nvidia that landed after the bell.</p>



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



<p>Gold prices rose for a fourth straight session on Thursday, driven by safe-haven demand amid escalating tensions in the Russia-Ukraine conflict, while investors awaited remarks from U.S. Federal Reserve policymakers on the interest rate outlook. </p>



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



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



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



<p>&#8211; SA’s international finance pledges for its energy transition now over $13bn</p>



<p>&#8211; Tiger Brands simplifies portfolio with sale of Elizabeth Anne’s</p>



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



<p>&#8211; Drive-outs, not buy-outs: Ninety One sees competition driving consolidation despite R5bn Sanlam deal</p>



<p>&#8211; COP29 | SA upbeat on mitigation deal despite staunch opposition</p>



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


South African Markets – Factors to watch on Nov 21


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



<p>Nov 21 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.</p>



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



<p>Senegal to announce results of parliamentary elections. The ruling Pastef party is expected to secure a majority.</p>



<p>Rwanda&#8217;s central bank is due to announce its latest repo rate decision. In August, the bank lowered its key interest rate by 50 basis points to 6.5%.</p>



<p>Kenya&#8217;s President William Ruto will deliver a State of the Nation address to a joint session of parliament, following months of political turmoil.</p>



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



<p>Asian equities fell on Thursday after AI darling Nvidia disappointed investors with a subdued revenue forecast, while the dollar firmed and bitcoin hit a record high in anticipation of U.S. President-elect Donald Trump&#8217;s proposed policies.</p>



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



<p>Oil prices edged higher on Thursday due to supply concerns triggered by escalating geopolitical tensions amid the ongoing war between Russia and Ukraine.</p>



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



<p>South Africa&#8217;s rand slipped on Wednesday against a buoyant dollar, despite inflation dropping to its lowest level in more than four years, and as investors geared up for a policy announcement by the central bank on Thursday.</p>



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



<p>The Kenyan shilling strengthened slightly on Wednesday, data from the London Stock Exchange Group showed.</p>



<h2 class="wp-block-heading" id="h-mali-politics">MALI POLITICS</h2>



<p>Mali&#8217;s Prime Minister Choguel Maiga has been fired, state television ORTM said on Wednesday of the civilian who criticised the ruling junta&#8217;s failure to organise elections within a promised 24-month transition back to democracy.</p>



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



<p>A veteran Ugandan opposition politician was kidnapped during a book launch in Kenya at the weekend, transferred to Uganda and is being held at a military jail in the capital, his wife said on Wednesday.</p>



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



<p></p>


African Markets – Factors to watch on Nov 21


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3271" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/6O5Q2NTHUVPPPMS2HHSHYSFF2Q.avif" alt="" class="wp-image-556950"/><figcaption class="wp-element-caption">Members of the South African National Defence Force (SANDF), part of the Southern African Development Community (SADC) military mission for eastern Congo, in Goma, North Kivu province of the Democratic Republic of Congo February 20, 2024. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



<p>HARARE, (Reuters) &#8211; Southern Africa&#8217;s regional bloc on Wednesday extended by a year its troop deployment in Democratic Republic of Congo, where it is helping the government fight rebel groups.</p>



<p>The Southern African Development Community (SADC) deployed the mission in Congo, a major producer of metals like cobalt and copper, in December 2023 with a one-year mandate.</p>



<p>A communique issued after regional leaders met in Zimbabwe&#8217;s capital Harare expressed concern at the security and humanitarian situation in Congo and reiterated the bloc&#8217;s support for the government.</p>



<p>Congo is one of SADC&#8217;s 16 member states.</p>



<p>&#8220;Summit extended the mandate of the SADC Mission in the Democratic Republic of Congo by one year, continuing the regional response to address the prevailing unstable security situation,&#8221; the communique said.</p>



<p>Conflict in Congo&#8217;s restive east has raged for decades between a myriad of rival armed groups over land and resources.</p>



<p>Hundreds of thousands of people have been killed and millions displaced in the fighting, which has continued despite numerous ceasefires.</p>



<p>(Reporting by Nyasha Chingono; Writing by Tannur Anders; Editing by Alexander Winning)</p>



<p></p>


6O5Q2NTHUVPPPMS2HHSHYSFF2Q

Southern African bloc extends troop deployment in Congo by a year


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3514" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/YSGCGBAO75MLPM4PMTIL4T6X4E-1.avif" alt="" class="wp-image-556691"/><figcaption class="wp-element-caption">Toyota Motor Corporation&#8217;s bZ SDN is pictured after a briefing on the company&#8217;s strategies on battery EVs in Tokyo, Japan December 14, 2021. REUTERS/Kim Kyung-Hoon/File photo</figcaption></figure>



<p>NAIROBI/BAKU, Nov 20 (Thomson Reuters Foundation)&nbsp;&#8211;&nbsp;As the evening rush hour descends upon Nairobi, Kenyan motorcycle taxi driver Kariuki Mwangi skilfully weaves through the congestion on his electric bike, acutely aware that a quiet revolution is humming beneath him.</p>



<p>His emissions-free two-wheeler is at the forefront of a movement sweeping across several African cities, where ambitious initiatives are propelling the shift towards cleaner public transport.</p>



<p>&#8220;This bike is more efficient than the fuel bikes. It doesn&#8217;t need to be serviced regularly, the charging cost is cheaper than fuel and it&#8217;s a quiet, smooth and comfortable ride,&#8221; said Mwangi, 38, who bought his electric bike a year ago.</p>



<p>&#8220;If we don&#8217;t take care of our environment, where will we go? We don&#8217;t have any other planet.&#8221;</p>



<p>Africa&#8217;s electric vehicle (EV) sector has mushroomed in recent years with governments and startups in Kenya, Rwanda, Uganda and South Africa, among others, embracing e-mobility.</p>



<p>However, challenges in accessing investment have slowed the pace of transition and many in the electric mobility sector are looking to the COP29 climate summit in Baku, Azerbaijan, to kick-start momentum.</p>



<p>Prince Mustapha Audu, CEO of the Electric Motor Vehicle Company, one of the biggest e-mobility firms in Nigeria which has sold about 10,000 vehicles this year, is attending&nbsp;the&nbsp;annual U.N. climate summit for the fifth time.</p>



<p>&#8220;When you come to COP, a lot of good things are said, but the follow up &#8211; that&#8217;s always been challenging,&#8221; he said.</p>



<p>Audu said momentum was growing, with new initiatives supported by development finance institutions, but he wants more government commitments such as new infrastructure, targets to replace polluting vehicles, or supply agreements for EV taxis.</p>



<p>&#8220;That&#8217;s the kind of transaction that will set you on the right path,&#8221; Audu said. &#8220;The government needs to take an active step in these companies and to push them.&#8221;</p>



<p>The International Organisation of Motor Vehicle Manufacturers estimates Africa&#8217;s vehicle population surged to more than 60 million in 2020, a 17% increase from 2015.</p>



<p>While more transport has increased economic opportunities for millions of people, it has also led to a rise in carbon dioxide emissions and a fall in air quality.</p>



<p>The transport sector was responsible for 43% of Africa&#8217;s CO2 emissions in 2022, according to the International Energy Agency, while studies in cities such as Nairobi have found vehicles accounted for 40% of the air pollution.</p>



<p>Overall, African countries are responsible for less than 4% of global CO2 emissions. Required to update their national climate plans by February 2025, electrifying transport as the sector grows could have a major impact on future emissions.</p>



<p>Alexander Koerner, manager of global electric mobility at the United Nations Environment Programme, said the transport sector had the fastest-growing energy-related emissions on the continent.</p>



<p>&#8220;It must be in the focus of governments at COP29 if we are to decarbonise African economies,&#8221; Koerner told&nbsp;the Thomson Reuters Foundation.</p>



<h2 class="wp-block-heading" id="h-prioritising-public-transport">PRIORITISING PUBLIC TRANSPORT</h2>



<p>In many African cities, buses, motorcycles and three-wheelers are crucial to achieving COP targets, said Koerner.</p>



<p>&#8220;They are very intensively used, and you don&#8217;t need that huge charging infrastructure to supply them with electricity,&#8221; he said.</p>



<p>Over the past decade, electric vehicles in the shape of motorcycle taxis, buses and tuk-tuks have appeared on the bustling streets of Cape Town to the lush green hills of Kigali.</p>



<p>Researchers project the EV industry in sub-Saharan Africa to be worth more than $21 billion by 2027, almost double from nearly $12 billion in 2021.</p>



<p>Instead of focusing on private cars, countries are targeting the electrification of buses and taxis, the backbone of the continent&#8217;s urban mobility, to swiftly cut emissions and improve air quality.</p>



<p>The limited charging infrastructure and high costs make EVs less accessible for private use, but public fleets can utilise centralised charging.</p>



<p>&#8220;We deploy our charging infrastructure along the bus route so it&#8217;s convenient for bus operators.&#8221; said Jit Bhattacharya, co-founder of Kenya&#8217;s first electric bus company, BasiGo.</p>



<p>The start-up, which sources parts from China and assembles them locally, started in 2020 and has 43 buses in operation.</p>



<p>Bhattacharya said some African countries such as Kenya, where 90% of the nation&#8217;s electricity comes from renewable sources, were in a prime position to leverage their clean energy to power the e-mobility sector.</p>



<p>Kenya&#8217;s unused surplus of renewable energy last year, primarily from geothermal and wind sources, could have powered nearly 20,000 electric buses, he added.</p>



<p>&#8220;We want to see Africa become a leader in low carbon affordable public transport, because we already have the renewable energy,&#8221; said Bhattacharya.</p>



<h2 class="wp-block-heading" id="h-incentives-and-innovation">INCENTIVES AND INNOVATION</h2>



<p>Many African governments are leading the way, rolling out the red carpet for EV companies and offering tax breaks, reduced fees and subsidies as part of the welcome package.</p>



<p>Rwanda has implemented a slew of policies including import tax exemptions for EVs and equipment, rent-free land for charging stations, and lower corporate tax rates for EV firms.</p>



<p>African start-ups are proliferating, such as JUMO Energy in Kenya offering affordable EV motorcycle rentals, South Africa&#8217;s uYilo providing EV charging infrastructure and Rwanda&#8217;s Ampersand converting fuel-powered motorcycles to electric.</p>



<p>Many of these businesses offer creative financing options to reduce the high upfront costs, such as pay-as-you-go and lease-to-own models, which can prove more economical for consumers as they save on fuel expenses and maintenance costs.</p>



<p>But the region still faces several challenges in accelerating EV adoption.</p>



<p>Limited charging infrastructure, high import costs, unreliable electricity supply, a lack of government policy and low consumer awareness remain obstacles for most countries.</p>



<p>The biggest hindrance is access to finance.</p>



<p>Joanna Cheong, chief financial officer of ARC Ride, which sells electric motorcycles and offers a service to switch used batteries for charged ones, said high investments were needed to cover the high upfront costs of the EV sector.</p>



<p>These include research and development, expenditure on joint vehicle technology from countries such as China, as well as costs to install new charging infrastructure.</p>



<p>&#8220;We will be hoping for initiatives to boost investment in e-mobility from the COP climate talks,&#8221; said Cheong, whose company employs 75 people and has sold 1,100 vehicles since it started in 2020.</p>



<p>&#8220;Africa is one the last emerging markets in the world, so if you are not going to invest now, you will have missed the boat,&#8221; she warned.</p>



<p>(Reporting by Nita Bhalla; Editing by Jon Hemming. The Thomson Reuters Foundation is the charitable arm of Thomson Reuters.)</p>


YSGCGBAO75MLPM4PMTIL4T6X4E

Africa’s electric vehicle firms look to COP29 for finance boost


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



<p>Nov 20 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.</p>



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



<p>Senegal to announce results of parliamentary elections on Wednesday, with analysts and local media anticipating the ruling party will win a majority.</p>



<p>Kenya&#8217;s finance ministry is expected to launch hearings to prepare the 2025/26 (July-June) fiscal budget.</p>



<p>Kenya&#8217;s KCB Group is due to release its financial results for the first nine months of 2024.</p>



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



<p>Asian shares were cautious on Wednesday as investors looked ahead to earnings results from AI darling Nvidia where the risk of disappointment is high, while the dollar gave back a little of its recent bumper gains.</p>



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



<p>Oil edged up on Wednesday amid an escalation in the Ukraine war and signs of growing Chinese crude imports, while rising U.S. crude stocks checked overall price gains.</p>



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



<p>The South African rand fell on Tuesday as investors pulled out of riskier assets after President Vladimir Putin updated Russia&#8217;s nuclear doctrine amid escalating tensions with the United States over Ukraine.</p>



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



<p>The Kenyan shilling was unchanged on Tuesday as dollar inflows from exports matched demand from the manufacturing sector, one trader said.</p>



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



<p>Ghana is clamping down on private pension fund managers who want to invest in offshore assets on concerns it could worsen pressure on its cedi currency, three industry sources told Reuters.</p>



<h2 class="wp-block-heading" id="h-somaliland-election">SOMALILAND ELECTION</h2>



<p>Somaliland opposition leader Abdirahman Cirro defeated incumbent president Muse Bihi Abdi in last week&#8217;s election, the electoral commission said on Tuesday, setting up a handover of power as the breakaway Somali region pushes for global recognition.</p>



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


African Markets – Factors to watch on Nov 20


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3266" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/OUYYQXCMJBIYFCNERSGFHJFKBA.avif" alt="" class="wp-image-556603"/><figcaption class="wp-element-caption">Shoppers walk past a shop window displaying Black Friday signage at Woodmead Value Mart, in Johannesburg, South Africa, November 25, 2023. REUTERS/Sumaya Hisham/ File Photo</figcaption></figure>



<p>JOHANNESBURG, Nov 20 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s annual inflation rate slowed sharply to 2.8% in October, data showed on Wednesday, setting the stage for another interest rate cut by the central bank this week.</p>



<p>Statistics South Africa said falling fuel prices were the primary driver of the slowdown in the headline rate from 3.8% in September.</p>



<p>October&#8217;s reading is the lowest inflation has been since June 2020, during the peak of the COVID-19 pandemic.</p>



<p>Independent economist Elize Kruger said fuel and food price developments play a greater role in October, which is considered a low survey month.</p>



<p>South Africa&#8217;s government-regulated petrol and diesel prices fell by more than one rand a litre in October.</p>



<p>Economists polled by Reuters had forecast inflation would&nbsp;slow to&nbsp;3.1%, well below the 4.5% level the South African Reserve Bank (SARB) aims for&nbsp;but just within the bank&#8217;s 3%-6% target range.</p>



<p>The SARB will announce its next interest rate decision on Thursday.</p>



<p>A Reuters poll published last week predicted the central bank would lower its repo rate by 25 basis points (bps), the same size of cut as in September, when the SARB cut rates for the first time in more than four years.</p>



<p>&#8220;Given recent SARB rhetoric, the recent rand depreciation and a conservative (monetary policy) committee, a 25 bps cut remains the base case forecast,&#8221; Kruger said.</p>



<p>(Reporting by Bhargav Acharya, Kopano Gumbi and Tannur Anders; Editing by Alexander Winning)</p>


OUYYQXCMJBIYFCNERSGFHJFKBA

South African inflation drops to lowest since June 2020


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3495" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PE4FFKBGVRIG3KXAM2ILG5AFKU.avif" alt="" class="wp-image-556585"/><figcaption class="wp-element-caption">Namibia&#8217;s newly appointed President Nangolo Mbumba and his wife, Sustjie Mbumba embrace each other, following the death of Hage Geingob, in Windhoek, Namibia, February 4, 2024. REUTERS/Sharon Kavhu</figcaption></figure>



<p>JOHANNESBURG, Nov 20 (Reuters) &#8211; Namibians are set to vote for a new president and parliament on Nov. 27, after Hage Geingob died and was replaced as president on a interim basis by his deputy, Nangolo Mbumba.</p>



<p>The election could mark a historic shift in the country&#8217;s political landscape if the ruling SWAPO party, in power since independence in 1990, loses control of the presidency or parliament for the first time.</p>



<p>The president is directly elected by voters and needs to garner more than 50% of votes to win. Support for SWAPO dropped from 87% in the presidential election in 2014 to 56% in 2019.</p>



<p>Here are the main candidates running for president:</p>



<h2 class="wp-block-heading" id="h-netumbo-nandi-ndaitwah">NETUMBO NANDI-NDAITWAH</h2>



<p>Vice President Netumbo Nandi-Ndaitwah, 72, is also vice president of SWAPO and the party&#8217;s first female presidential candidate.</p>



<p>She joined SWAPO in the 1960s when the party fought for Namibia&#8217;s independence from apartheid South Africa. She served as SWAPO&#8217;s representative in central and eastern Africa after going into exile along with numerous party leaders.</p>



<p>After studying diplomacy in England, she returned to Namibia and has held various senior roles in SWAPO and government, including serving as a minister in portfolios of international relations, environment, and women&#8217;s affairs and child welfare.</p>



<h2 class="wp-block-heading" id="h-panduleni-itula">PANDULENI ITULA</h2>



<p>Panduleni Itula is a 67-year-old politician who secured 29% of the presidential vote as an independent candidate in 2019 &#8212; the best any challenger has done against SWAPO.</p>



<p>He has since formed a new political party, the Independent Patriots for Change (IPC), which champions grassroots participatory democracy and anti-corruption. IPC also plans to contest parliamentary seats.</p>



<p>Itula was a SWAPO party youth leader during the fight for independence and was imprisoned by the apartheid regime. Post-release, he moved to England where he studied and practised as a dentist for over three decades before returning to Namibia in 2013.</p>



<h2 class="wp-block-heading" id="h-mchenry-venaani">MCHENRY VENAANI</h2>



<p>McHenry Venaani is leader of Namibia&#8217;s largest opposition party in parliament, the Popular Democratic Movement (PDM), which holds 16 out of 96 elected seats.</p>



<p>Venaani, 47, studied law and became the country&#8217;s youngest member of parliament in 2003.</p>



<p>Despite the PDM strengthening its parliamentary presence in the 2019 election, Venaani came a distant third in the presidential race with only 5% of votes.</p>



<h2 class="wp-block-heading" id="h-bernadus-swartbooi">BERNADUS SWARTBOOI</h2>



<p>Bernadus Swartbooi, 47, is the leader of the Landless People&#8217;s Movement (LPM), a progressive party advocating for land redistribution and restorative justice.</p>



<p>Swartbooi founded the LPM in 2017 after losing his job as deputy minister of land reform and leaving SWAPO.</p>



<p>LPM has four seats in parliament. Swartbooi won 3% of votes in the 2019 presidential election.</p>



<h2 class="wp-block-heading" id="h-job-amupanda">JOB AMUPANDA</h2>



<p>Job Amupanda, 37, is a former SWAPO youth leader who fell out with the party and founded a leftist political movement called Affirmative Repositioning in 2014.</p>



<p>Like the LPM, the party focuses on land reform and redistribution of foreign-owned land.</p>



<p>Amupanda served as mayor of the capital, Windhoek, in 2021. He is also an associate professor of political science at the University of Namibia.</p>



<p>(Reporting by Nellie Peyton; Additional reporting by Nyasha Nyaungwa; Editing by Olivia Kumwenda-Mtambo and Alison Williams)</p>


PE4FFKBGVRIG3KXAM2ILG5AFKU

Main candidates in Namibia’s presidential election


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-820x547.jpg" alt="" class="wp-image-556534" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South Africa&#8217;s President Cyril Ramaphosa gives a statement on the coronavirus disease (COVID-19) vaccination, during a European Union &#8211; African Union summit, in Brussels, Belgium February 18, 2022. REUTERS/Johanna Geron/Pool/File Photo</figcaption></figure>



<p>JOHANNESBURG, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;South Africa&nbsp;will use its&nbsp;G20 presidency&nbsp;to focus on advancing&nbsp;inclusive economic growth, food security and artificial intelligence, President Cyril Ramaphosa said on Tuesday at a summit of the Group of 20 major economies&nbsp;in Brazil.</p>



<p>South Africa takes over the G20 presidency from Brazil at the summit in Rio de Janeiro.</p>



<p>Brazil&#8217;s President Luiz Inacio Lula da Silva earlier urged G20 leaders to accelerate their national climate targets, calling on them to reach net zero climate emissions five to 10 years ahead of schedule.</p>



<p>&#8220;As South Africa, we undertake to advance the work of the G20 towards achieving greater global economic growth and sustainable development. We will work to ensure that no one is left behind,&#8221; Ramaphosa said.</p>



<p>He added: &#8220;South Africa&#8217;s Presidency will be the first time an African country has presided over the G20. We will use this moment to bring the development priorities of the African Continent and the Global South more firmly onto the agenda of the G20.&#8221;</p>



<p>(Reporting by Bhargav Acharya; Editing by Alexander Winning)</p>



<p></p>


FILE PHOTO: South Africa’s President Cyril Ramaphosa

South Africa will focus G20 presidency on inclusive growth, food security


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-820x547.jpg" alt="" class="wp-image-556237" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view of the Pretoria skyline with smog in the air taken from the Union Buildings in Pretoria, South Africa, June 19, 2024. PHILL MAGAKOE/Pool via REUTERS/File Photo</figcaption></figure>



<p>JOHANNESBURG, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s tax service said on Tuesday that pension withdrawals in the 11 weeks since a reform took effect allowing people to make partial withdrawals before retirement had risen to&nbsp;35.1 billion rand ($1.9 billion).</p>



<p>The South African Revenue Service said on Oct. 11 that 21.4 billion rand had been paid out since the Sept. 1 reform.</p>



<p>The &#8220;two-pot&#8221; pension reform is meant to support long-term retirement savings while offering flexibility to fund members in financial distress.</p>



<p>It is expected to spur economic growth in the final months of 2024 and boost the government&#8217;s tax take.</p>



<p>($1 = 18.0703 rand)</p>



<p>(Reporting by Tannur Anders; Editing by Alexander Winning and Kevin Liffey)</p>


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