<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="619" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-820x619.jpg" alt="" class="wp-image-511102" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-820x619.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-300x227.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-119x90.jpg 119w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-768x580.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-1536x1160.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO &#8211; Zimbabwean Finance Minister Mthuli Ncube looks on before the swearing in of new cabinet ministers at State House in Harare, Zimbabwe, September 10, 2018. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, July 25 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s 2024 budget deficit is forecast to be 1.3% of gross domestic product, Finance Minister Mthuli Ncube said on Thursday,but warned that concerns remained over the impact of a drought on finances.



The finance ministry projected 2024 growth at 2% earlier this month, down from 3.5% forecast in November, as southern Africa suffers its worst drought in decades.



In his midterm budget review, Ncube told lawmakers that the agriculture sector was now projected to contract by 21.2%, against a contraction of 4.9% in November, due to the drought.



Ncube added that spending priorities for the remainder of the year could change as the government takes stock of the impact of the drought on food security and water.



In April, the southern African nation introduced its new gold-backed currency, Zimbabwe Gold (ZiG), its sixth attempt at a domestic currency in 15 years.



&#8220;Since the introduction of the ZiG currency, the economy is experiencing relatively stable prices and exchange rate,&#8221; Ncube said, adding that inflation had remained stable in the two months since its introduction.



Zimbabweans however have been slow to adopt the new currency, opting instead to continue trading in foreign currency, mainly US dollars.



Ncube introduced revised tax proposals which he says will encourage greater use of the currency, including changes to corporate taxes and making some domestic taxes only payable in local currency.



(Reporting by Nyasha Chingono in Harare and Kopano Gumbi in Johannesburg, additional reporting by Tannur Anders and Bhargav Acharya, writing by Kopano Gumbi, editing by Mark Heinrich and Bernadette Baum)

FILE PHOTO – Zimbabwean Finance Minister Mthuli Ncube looks on before the swearing in of new cabinet ministers at State House in Harare

Zimbabwe’s 2024 budget deficit seen at 1.3% of GDP, finmin says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-820x546.jpg" alt="" class="wp-image-510697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-1536x1022.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">WINDHOEK, NAMIBIA &#8211; 2023/01/10: An aerial view of the capital city Windhoek and the Lutheran church called Christ Church (Christuskirche) which was designed by the architect Gottlieb Redecker is a landmark in the middle of a roundabout in the center of Windhoek. (Photo by Peter Charlesworth/LightRocket via Getty Images)</figcaption></figure>



CAPE TOWN/WINDHOEK, July 24 (Reuters)&nbsp;&#8211;&nbsp;A dispute in Namibia over access to diamond-rich land around the town of Luderitz is now threatening to derail major energy projects, state and company officials said as the government steps up efforts to resolve the dispute.



Any protracted delays may scare off investors at a crucial time for Namibia, as it aims to accelerate its first oil production following large offshore finds by TotalEnergies, Shell and Galp.



At the heart of the discord are vast tracts of desert land surrounding Luderitz and Elizabeth Bay, 25 kms south, that form part of a mining licence held by Sperrgebiet Diamond Mining (SDM) company and which companies need for their projects.



&#8220;At the moment, the ministry and licence holder are in talks to find a best solution to address the issue (of land access),&#8221; a spokesperson for the mines and energy ministry said.



Besides a proposed 800 megawatt gas-to-power plant, Hyphen Energy&#8217;s $10 billion green hydrogen project and two wind farms are among those potentially affected as the year-long deadlock drags on, officials said.



Elizabeth Bay is where BW Energy plans to land a pipeline from its offshore Kudu gas field to supply a gas-to-power plant and liquefied natural gas facility.



BW Energy, which postponed a final investment decision on its Kudu project, previously told Reuters that getting land to build a power plant and 40 km onshore pipeline is a challenge.



&#8220;We have been at an impasse now for a year to conclude the mechanics of how we will coordinate and cooperate once we are in operation &#8230; this is quite urgent,&#8221; Manfriedt Muundjua, a senior BW Energy official told an energy conference in April.



The co-owners of SDM are embroiled in a Windhoek high court spat, complicating land negotiations, since the mine&#8217;s majority shareholder, Dubai-based GEM Group, was taken to court by its minority partner, Lewcor, over allegations of asset stripping.



&#8220;We are still negotiating with the mine operators but its a time-consuming process and we don&#8217;t have time,&#8221; Luderitz mayor Phillippus Balhao said.



($1 = 18.3666 Namibian dollars)



(Reporting by Wendell Roelf in Cape Town, Nelson Banya in Harare, Nyasha Nyaungwa in Windhoek; editing by David Evans)

An aerial view of the capital city Windhoek and the Lutheran

Land dispute threatens to derail Namibia’s energy hub plans

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1166297288-scaled.jpeg" alt="" class="wp-image-397450" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1166297288-scaled.jpeg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1166297288-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1166297288-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1166297288-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1166297288-1536x1024.jpeg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">HARARE, ZIMBABWE &#8211; SEPTEMBER 06. Zimbabwe&#8217;s president Emmerson Mnangagwa holds a press conference at State House:on September 6, 2019 in Harare, Zimbabwe. The current President of Zimbabwe, Emmerson Managagwa, cut short his visit to the World Economic Forum in Cape Town, South Africa on hearing of the death of former President Robert Mugabe. (Photo by Tafadzwa Ufumeli/Getty Images)</figcaption></figure>



HARARE,July 19 (Reuters)&nbsp;&#8211;&nbsp;The United States wants to see key reforms before rejoining debt resolution talks between Zimbabwe and multilateral lenders from which Washington withdrew following the African country&#8217;s disputed 2023 election.



The new U.S ambassador to Zimbabwe, Pamela Tremont, on Thursday hinted that there are prospects for Washington to rejoin the debt talks.



&#8220;We are looking forward to new democracy and governance indicators that will give us the sense of where the government is, that is its democracy and governance pathway so that we return to the table and continue these talks,&#8221; Tremont told Reuters.



Tremont said the U.S pulled out of the debt talks led by the African Development Bank (AfDB) president Akinwumi Adesina in January because last year&#8217;s election that gave President Emmerson Mnangagwa a second term was not free and fair.



&#8220;We were an active participant in those talks but we had to put a pause on that after the elections that we did not find free and fair,&#8221; she said.



Zimbabwe is owing over $17 billion in debt and arrears to several multilateral funders, including the World Bank, AFDB and 17 Paris Club members.



It has been locked out of international financial markets for more than two decades but sees the debt resolution talks as a step towards clearing the arrears.



Before resuming debt resolution talks last year, Zimbabwe had committed to key governance and electoral reforms that included running a clean election.



The August elections were widely criticized by observers like SADC and EU observer missions which said the process fell short of international standards.



Zimbabwe&#8217;s main opposition leader Nelson Chamisa, who came second to Mnangagwa, described the election as a gigantic fraud.



Deputy Finance Minister Kuda Mnangagwa said the U.S was still welcome to rejoin the debt talks.



&#8220;We remain committed to the talks and re-engagement to foster strong economic ties with those who are willing to work with us,&#8221; Mnangagwa told Reuters.



The U.S remains a key party to the debt talks as it wields influence in the International Monetary Fund and World Bank.



&#8220;We think the AfDB process is really useful to discuss the reforms that the International Financial Institutions need for Zimbabwe to access the concessionery loans it wants,&#8221; Tremont said.



(Reporting by Nyasha Chingono; Editing by Nelson Banya and Angus MacSwan)

President Mnangagwa Holds Press Conference After The Death Of Robert Mugabe

US wants reforms before it returns to key Zimbabwe debt talks: Ambassador

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="597" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-820x597.jpg" alt="" class="wp-image-506072" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-820x597.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-300x218.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-124x90.jpg 124w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-768x559.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-1536x1119.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">File photo: A woman fetches drinking water from an unprotected well, as Zimbabwe is experiencing an El Nino-induced drought, resulting in malnutrition among children under the age of five, pregnant and lactating women, and adolescents, in Kotwa in Mudzi district, Zimbabwe July 2, 2024. REUTERS/Philimon Bulawayo/File photo</figcaption></figure>



HARARE, July 10 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe has revised its economic growth forecast downwards as southern Africa&#8217;s worst drought in decades ravages crop yields, its finance minister told Reuters on Wednesday, but a bounceback in growth is likely in 2025.



Finance Minister Mthuli Ncube said economic growth is forecast at 2% for 2024, down from 3.5% forecast in November, due to an El Niño-induced drought which has led to widespread crop failure.



El Niño is a natural climate phenomenon in which surface waters of the central and eastern Pacific become unusually warm, causing changes in global weather patterns.



Zimbabwe is among the hardest hit by drought in the region, impacting crop yields. Neighbours Zambia and Malawi have declared states of disaster as a result of the drought.



Last month, the International Monetary Fund also said it expected Zimbabwe&#8217;s growth to fall to 2%, down from 5.3% last year.



&#8220;We are all downgrading our growth targets for 2024 because of deeper than expected impact on our agriculture, but next year is brighter,&#8221; Ncube said.



Growth is expected to recover to above 5% in 2025, he added.



In May, the Zimbabwean government forecasted that staple maize production will drop 72% in the 2023/24 season.



Ncube said the drought had affected agriculture output and the country expects to import 1.4 million metric tonnes of grain.



To ease hunger across the country, Zimbabwe received around $32 million drought insurance last week from an African Union agency. Government has also appealed to international donors to assist with food aid.



Ncube will give the mid-term budget review later this month.



(Reporting by Nyasha Chingono, Editing by Tannur Anders and Angus MacSwan)

A woman fetches drinking water from an unprotected well, in Kotwa in Mudzi district

Lower growth forecast for Zimbabwe as drought ravages crop yields – finmin

The &#8220;Doing Business Angola 2024&#8221; event, held this Tuesday in Lisbon, brought together key stakeholders to discuss Angola’s evolving business landscape. Organized by Forbes Africa Lusophone and Jornal Económico, the second edition of DBA emphasized Angola&#8217;s potential as a gateway to the Southern African Development Community (SADC) region and addressed critical infrastructure, economic, and tourism challenges.



<h2 class="wp-block-heading" id="h-macro-perspective-on-business-environment">Macro Perspective on Business Environment</h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="513" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-820x513.webp" alt="" class="wp-image-498204" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-820x513.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-300x188.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-144x90.webp 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-768x480.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb.webp 960w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



N’Gunu Tiny, founder of the Media9 group, opened the event by emphasizing a macro approach to Angola’s business environment, particularly the transportation sector&#8217;s role in linking to the regional economy. Highlighting Angola&#8217;s GDP growth from $14 billion to $70 billion, Tiny stressed the importance of infrastructure developments such as the Lobito Corridor and the new Luanda airport. He noted, &#8220;These infrastructures usher the country into a new era of growth, but access to markets remains a significant challenge.&#8221;



<h2 class="wp-block-heading" id="h-investment-and-pragmatism">Investment and Pragmatism</h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="513" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-820x513.webp" alt="" class="wp-image-498203" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-820x513.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-300x188.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-144x90.webp 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-768x480.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15.webp 960w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



João Afonso Fialho from Vieira de Almeida urged Portugal to enhance its investment support for Angola, moving from rhetoric to action. He praised the U.S. for its pragmatic investment policies, suggesting Europe, and specifically Portugal, should follow suit. &#8220;We need to put money behind these programs; it&#8217;s time to be pragmatic,&#8221; Fialho asserted, highlighting the strategic importance of the Lobito Corridor project and critical minerals.



<h2 class="wp-block-heading" id="h-attracting-foreign-investment">Attracting Foreign Investment</h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-820x547.webp" alt="" class="wp-image-498208" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-820x547.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-300x200.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-135x90.webp 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-768x512.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-1536x1024.webp 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax.webp 1600w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Arlindo Chagas Rangel, president of the Angolan Private Investment and Export Promotion Agency (AIPEX), underscored Angola’s competitive advantages and the country&#8217;s evolution into an attractive destination for foreign capital. He spotlighted the agro-food and pharmaceutical sectors as pivotal for diversifying Angola’s economy. Rangel highlighted ongoing legislative reforms and fiscal incentives, such as tax reductions, to entice investors. He also mentioned the recent waiver of visa requirements for 98 countries, including Portugal, as a step towards opening up the country to the world.



<h2 class="wp-block-heading" id="h-tourism-and-economic-growth">Tourism and Economic Growth</h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="513" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-820x513.webp" alt="" class="wp-image-498205" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-820x513.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-300x188.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-144x90.webp 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-768x480.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf.webp 960w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Pedro Machado, Portugal’s Secretary of State for Tourism, highlighted the strong ties between Portugal and Portuguese-speaking countries. He noted Portugal&#8217;s improved standing in the IMD World Competitiveness Center (WCC) ranking, now at 36th place. Machado emphasized the strategic importance of tourism, citing that Portugal hosted over 30 million tourists in 2023, generating €21 billion in revenue.



The &#8220;Doing Business Angola 2024&#8221; event underscored the importance of strategic investments, infrastructure development, and international partnerships in fostering economic growth in Angola. As Angola opens its doors to global investors and tourists, the country&#8217;s commitment to creating a favorable business environment and reducing reliance on raw materials is evident. The collaborative efforts between Angola and Portugal, backed by pragmatic investment strategies, are expected to play a crucial role in shaping the future economic landscape of Angola and the broader SADC region.

NGunu-Tiny-2cee6cbb

“Doing Business Angola 2024” Highlights Economic Opportunities and Strategic Partnerships

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/T36KKEMZKBN7LFA5QARLJ6JYBA-820x429.jpg" alt="" class="wp-image-497783" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/T36KKEMZKBN7LFA5QARLJ6JYBA-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/T36KKEMZKBN7LFA5QARLJ6JYBA-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/T36KKEMZKBN7LFA5QARLJ6JYBA-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/T36KKEMZKBN7LFA5QARLJ6JYBA-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/T36KKEMZKBN7LFA5QARLJ6JYBA-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/T36KKEMZKBN7LFA5QARLJ6JYBA.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



GABORONE, June 18 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s economy may fall short of the government&#8217;s 4.2% growth target for this year, a senior central bank official said on Tuesday, citing global and domestic constraints.



Finance minister Peggy Serame made the projection for a 4.2% increase in GDP in a budget speech in February, saying the government expected growth to accelerate from 2023 due to an improved performance in the diamond sector. Gross domestic product grew 2.7% in 2023.



However, Botswana&#8217;s mining sector, which is dominated by diamonds, is still struggling, reflecting sluggish market conditions globally.



Sales at Debswana Diamond Company, a joint venture between the southern African country&#8217;s government and Anglo American&#8217;s De Beers unit, were down about 48% year-on-year in the first quarter of 2024.



&#8220;From what we have seen in the first half of the year, unfavourable global economic conditions &#8230; as well as domestic structural constraints, one would expect that we are unlikely to attain the projected economic growth,&#8221; Innocent Molalapata, the central bank&#8217;s director of research and financial stability, told an economic briefing.



&#8220;A downward revision of the growth target might therefore be required,&#8221; Molalapata said, adding that mining output contracted roughly 27% in the first quarter.



The Bank of Botswana tends not to give precise GDP growth forecasts, leaving that to the finance ministry.



The International Monetary Fund forecasts Botswana&#8217;s economy will grow 3.6% in 2024.



(Reporting by Brian Benza; Editing by Tannur Anders, Alexander Winning and Susan Fenton)

T36KKEMZKBN7LFA5QARLJ6JYBA

Botswana may fall short of 4.2% growth target, cenbank official says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1325" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-scaled.jpg" alt="" class="wp-image-496289" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-1536x994.jpg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A building of the Bank of Botswana is seen in the capital Gaborone in Botswana, in this November 26, 2015 file photo. REUTERS/Siphiwe Sibeko</figcaption></figure>



GABORONE, June 13 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s central bank lowered its key lending rate&nbsp;by 25 basis points to 2.15% on Thursday.



Governor Cornelius Dekop told a news conference that there was scope to ease monetary policy as the economy was forecast to operate below full capacity and not generate any demand-driven inflationary pressures.



The southern African country&#8217;s consumer inflation rose to 3.1% year on year in April from 2.9% in March, at the bottom end of the bank&#8217;s 3% to 6% medium-term objective range.



Inflation is expected to remain within the objective range in the medium term, averaging 3.6% in 2024 and 4.5% in 2025, Dekop added.



The central bank&#8217;s Monetary Policy Rate is based on a seven-day instrument. It was lowered to 2.40% in December, before which it had been at 2.65% for over a year.



(Reporting by Brian Benza; Writing by Tannur Anders; Editing by Alexander Winning)

File photo of building of the Bank of Botswana in the capital Gaborone in Botswana

Botswana central bank cuts key rate by 25 basis points

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="560" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/D7BPO7626ZOYRDBIVIP4MZP3IY-820x560.jpg" alt="" class="wp-image-494353" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/D7BPO7626ZOYRDBIVIP4MZP3IY-820x560.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/D7BPO7626ZOYRDBIVIP4MZP3IY-300x205.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/D7BPO7626ZOYRDBIVIP4MZP3IY-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/D7BPO7626ZOYRDBIVIP4MZP3IY-768x524.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/D7BPO7626ZOYRDBIVIP4MZP3IY-1536x1049.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/D7BPO7626ZOYRDBIVIP4MZP3IY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A truck drives amongst workings at the De Beers Voorspoed Diamond mine near Kroonstad, South Africa May 3, 2017. REUTERS/James Oatway/File Photo</figcaption></figure>



JOHANNESBURG, June 6 (Reuters)&nbsp;&#8211;&nbsp;The Botswana government may raise its shareholding in global diamond miner De Beers, President Mokgweetsi Masisi told JCK News, after parent company Anglo American&nbsp;AAL.L&nbsp;said it plans to spin off or sell the business.



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



Anglo outlined a radical review of its business including a sale or divestment of the diamond business to focus on copper, iron ore and a fertilizer project in the UK to fend off a takeover from bigger rival BHP Group BHP.AX .



Masisi told JCK in Las Vegas that Anglo&#8217;s sale of De Beers would be &#8220;the best thing&#8221; if it happens.



The government could raise its shareholding in De Beers &#8220;if it&#8217;s attractive to,&#8221; Masisi told the online diamond news channel. The president in May told CNBC Africa that government would defend its interests in the diamond miner.



Among the plans Anglo could consider is an initial public offering for the diamond business, Reuters reported on May 14, citing sources.



Like other luxury goods, diamond prices have been hammered by a slump in global demand. De Beers has been limiting supply and offering flexibility to contracted customers. In February, Anglo announced a $1.6 billion impairment charge on De Beers. Anglo acquired De Beers in 2011, buying the Oppenheimer family&#8217;s 40% stake for $5.1 billion.



Masisi told JCK News Botswana&#8217;s ideal partner in De Beers would be a long-term investor. The government will try to keep the &#8220;bad guys out&#8221; and wants investors whose vision is aligned with the government&#8217;s.



&#8220;One of the characteristics of a bad owner is someone who has impatient capital,&#8221; Masisi said. &#8220;This industry requires somebody who is in it for the long-haul, because it has its ups and downs.&#8221;



(Reporting by Felix Njini; Additional reporting by Clara Denina. Editing by Jane Merriman)

FILE PHOTO: A truck drives amongst workings at the De Beers Voorspoed Diamond mine near Kroonstad

Botswana may raise De Beers stake as Anglo weighs spin-off

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1152" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



PRETORIA, June 4 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s economy recorded a small contraction in the first quarter of 2024, statistics agency data showed on Tuesday, hurt by a slump in the mining and construction sectors.



Gross domestic product shrank 0.1% in quarter-on-quarter seasonally-adjusted terms. Economists polled by Reuters had expected growth of 0.1%.



On a year-on-year basis the economy grew 0.5%&nbsp;ZAGDPY=ECI&nbsp;compared to economists&#8217; prediction for 0.6% growth.



The South African economy has stagnated over the last decade with rolling power cuts, high unemployment, and port and rail inefficiencies dragging down growth.



Six out of 10 industries tracked by Statistics South Africa contracted in the first three months of the year, led by construction and mining which declined 3.1% and 2.3% respectively.



A bleak backdrop for consumer spending also made a dent in first-quarter growth, as final consumption expenditure contracted 0.3%.



The South African central bank sees GDP growth of 1.2% this year, saying late last month that it expected a better second-quarter performance.



But the outlook has been muddied by last week&#8217;s election in which the African National Congress&nbsp;lost its majority&nbsp;for the first time in 30 years and must now seek one or more coalition partners to govern the country.



&#8220;The unexpected election results mean that things have become even more uncertain, and all bets are off,&#8221; Jee-A van der Linde, a senior economist at Oxford Economics Africa, said in a research note. &#8220;A business-friendly coalition outcome would improve confidence and should unlock fresh investment that could give the economy legs to run from the second half of 2024.&#8221;



(Reporting by Kopano Gumbi; Additional reporting by Bhargav Acharya in Johannesburg; Editing by Alexander Winning and Christina Fincher)

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

South African economy unexpectedly contracts in first quarter

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



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



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



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



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



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



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



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



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



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



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



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

FILE PHOTO: Botswana’s President Masisi visits Switzerland

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

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YCG36AWNFBPL5CKDLPPYGQ5XRU-820x547.jpg" alt="" class="wp-image-489385" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YCG36AWNFBPL5CKDLPPYGQ5XRU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YCG36AWNFBPL5CKDLPPYGQ5XRU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YCG36AWNFBPL5CKDLPPYGQ5XRU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YCG36AWNFBPL5CKDLPPYGQ5XRU-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YCG36AWNFBPL5CKDLPPYGQ5XRU-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/YCG36AWNFBPL5CKDLPPYGQ5XRU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Cracks are seen in the dried up municipal dam in drought-stricken Graaff-Reinet, South Africa, November 14, 2019. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



HARARE, May 22 (Reuters)&nbsp;&#8211;&nbsp;The U.N. World Food Programme (WFP) needs $400 million to feed millions of people in Southern Africa following a drought that plunged parts of the region into hunger, the programme said on Wednesday.



The WFP told Reuters it needed urgent funding for six months to support drought relief in Zimbabwe, Zambia and Malawi, after harvests fell as a result of an El Niño-induced drought that has affected 4.8 million people.



El Niño, a weather phenomenon that disrupts wind patterns and warms the temperature in parts of the Pacific Ocean, can impact crop yields by reducing rain levels.



&#8220;It&#8217;s fair to say this will probably be the biggest El Niño response we have ever done in Southern Africa,&#8221; WFP spokesperson Tomson Phiri told Reuters.



About 70% of the Southern African population that relies on rain-fed agriculture had their harvests &#8220;wiped out&#8221; by lack of rains, Phiri added.



Phiri said the WFP, which also provides cash payouts for hungry communities, is looking to buy grain from outside markets.



In August last year WFP spent $14 million to support communities in Lesotho, Madagascar, Mozambique and Zimbabwe, Phiri said.



Successive droughts in the region have caused dwindling grain stocks, forcing affected countries like Zimbabwe to obtain grain abroad.



A group of private millers in Zimbabwe are planning to import 1.4 million metric tonnes of maize from Brazil, Argentina and other countries to help address hunger.



In Zimbabwe Finance Minister Mthuli Ncube said the government will receive a $32 million insurance payout for drought relief from the African Union Climate Agency.



Ncube said part of the funding will be used as cash transfers for vulnerable communities with some going to humanitarian agencies to provide support for procuring food.



(Reporting by Nyasha Chingono; Editing by Tannur Anders, William Maclean)

FILE PHOTO: Cracks are seen in the dried up municipal dam in drought-stricken Graaff-Reinet,

UN food agency looks for $400 mln to feed millions in southern Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/TCKUIW7CHRO2RMH5MXMDLMBDDM-820x547.jpg" alt="" class="wp-image-414999" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/TCKUIW7CHRO2RMH5MXMDLMBDDM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/TCKUIW7CHRO2RMH5MXMDLMBDDM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/TCKUIW7CHRO2RMH5MXMDLMBDDM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/TCKUIW7CHRO2RMH5MXMDLMBDDM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/TCKUIW7CHRO2RMH5MXMDLMBDDM.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The logo of French oil and gas company Total is seen in Rueil-Malmaison, near Paris, France, March 2, 2021. REUTERS/Benoit Tessier</figcaption></figure>



May 21 (Reuters)&nbsp;&#8211;&nbsp;French oil major TotalEnergies&nbsp;TTEF.PA&nbsp;is pressing ahead with the development of the Kaminho oil project 100 kilometers off the coast of Angola after a final investment decision on the block, it said on Tuesday.



The $6 billion project involves developing two oil fields located in Block 20/11, Cameia and Golfino, according to a statement from Angola&#8217;s national hydrocarbon agency ANPG.



Italian engineering firm Saipem&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3HO18H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">will convert</a>&nbsp;a very large crude carrier into a Floating Production Storage and Offloading (FPSO) unit, which will connect oil from the offshore fields to a subsea production network.



&#8220;This project&#8230; will become our seventh FPSO unit in the country and the first-ever development in the Kwanza basin,&#8221; TotalEnergies CEO Patrick Pouyanne said in a statement.



Production is expected to begin in 2028, with a plateau of 70,000 barrels of oil per day, the French company said in a statement.



TotalEnergies operates Block 20/11 with a 40% interest. Malaysia&#8217;s Petronas holds another 40%, and Angola&#8217;s Sonangol 20%



Angola, where TotalEnergies is the top operator, produces 1.1 million barrels of oil per day, making it Africa&#8217;s&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3FY3GS&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">second-largest</a>&nbsp;crude exporter. Its fields however are declining by 15% each year.



The country has mounted an aggressive campaign to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3H61QI&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">attract investors</a>, maintain oil production, bring on new reserves and increase natural gas production, as sector interest moves on to newer discoveries in Guyana, Namibia and Suriname.



(Reporting by Olivier Sorgho and America Hernandez in Paris, Wendell Roelf in Cape Town; Editing by Tassilo Hummel and Jan Harvey)

TCKUIW7CHRO2RMH5MXMDLMBDDM

TotalEnergies moves ahead on $6 billion Kaminho oil project in Angola

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="505" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/NBJD7KLOVFLCTLYOENU66RMJGI-820x505.jpg" alt="" class="wp-image-425509" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/NBJD7KLOVFLCTLYOENU66RMJGI-820x505.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/NBJD7KLOVFLCTLYOENU66RMJGI-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/NBJD7KLOVFLCTLYOENU66RMJGI-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/NBJD7KLOVFLCTLYOENU66RMJGI-768x473.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/NBJD7KLOVFLCTLYOENU66RMJGI-1536x946.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/NBJD7KLOVFLCTLYOENU66RMJGI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks beneath electricity pylons during frequent power outages from South African utility Eskom, caused by its ageing coal-fired plants, in Orlando, Soweto, South Africa, January 16, 2023. REUTERS/Siphiwe Sibeko//File Photo</figcaption></figure>



CAPE TOWN, May 21 (Reuters)&nbsp;&#8211;&nbsp;South Africa is in talks with groups helping to fund its switch to a greener economy about delaying the closure of some coal plants as it battles to boost power supplies, and is optimistic of an agreement, the head of its state electricity utility said.



Africa&#8217;s most industrialised country became the poster child for the global energy transition when developed economies including Britain, the European Union and the United States together pledged $8.5 billion at U.N. climate talks in 2021 to help South Africa cut emissions and move away from coal.



But keeping the lights in a struggling economy while shutting down some old coal-fired plants supplying most of South Africa&#8217;s electricity needs has proven a tough task, forcing Eskom to delay commitments to shutter at least three power stations before 2030.



&#8220;There are some concerns with regards to how our strategy will impact some of the commitments that government has made and also how it will affect some of the funding that was earmarked for these initiatives,&#8221; Dan Marokane, the new chief executive of Eskom told an energy conference in Cape Town.



&#8220;We have spoken to them (partners), we’ve engaged with them and explained our rationale and the need for tactical cost adjustment and they’ve all understood this,&#8221; he said ahead of scheduled talks with funders in June and July.



Eskom has managed to suspend rolling&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AJ8N3F601U&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">power outages</a>&nbsp;&#8211; which have plagued the country for years &#8211; for almost two months&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N3HG1N6&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">ahead of an election</a>&nbsp;on May 29 that could see the ruling African National Congress lose its majority for the first time since it came to power in 1994.



Improving the low&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N3FF36N&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">energy availability</a>&nbsp;factor &#8211; the amount of power available at any given time &#8211; at old coal-fired power stations is a key aspect of the utility&#8217;s turnaround strategy.



Eskom had told Reuters last week that the country&#8217;s power supply crisis made it &#8220;nearly impossible&#8221; from a technical and political economy perspective to decommission its Camden, Grootvlei and Hendrina (CGH) coal stations over the next few years as originally intended.



&#8220;Eskom intends to delay the shut down of the CGH plants until March 2030, and to manage its carbon reduction targets through fleet-wide initiatives,&#8221; Eskom said.



On Tuesday, Eskom&#8217;s head of generation Bheki Nxumalo said four out of 10 units at the Hendrina plant had already been shut and the utility did not plan to bring these units back online.



&#8220;There is no plan to bring those other three or four units back because as we continue to improve the availability then the pressure becomes less,&#8221; Nxumalo said.



(Additional reporting by Joe Bavier; Writing by Tannur Anders;Editing by Alexander Winning and Mark Potter)

FILE PHOTO: South Africa’s Eskom to reduce power cuts but long-term outlook bleak

S.Africa in talks with climate backers over delaying coal plant closures

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WNOCRFRNP5PYXB42R3OBGXFHQA-820x547.jpg" alt="" class="wp-image-486914" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WNOCRFRNP5PYXB42R3OBGXFHQA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WNOCRFRNP5PYXB42R3OBGXFHQA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WNOCRFRNP5PYXB42R3OBGXFHQA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WNOCRFRNP5PYXB42R3OBGXFHQA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WNOCRFRNP5PYXB42R3OBGXFHQA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/WNOCRFRNP5PYXB42R3OBGXFHQA-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Qatar Airways B777 aircraft arrives at the Cape Town International Airport, in Cape Town, South Africa, June 28, 2022. REUTERS/Shelley Christians/File Photo</figcaption></figure>



SEOUL, May 15 (Reuters)&nbsp;&#8211;&nbsp;Qatar Airways will soon announce an investment in an airline in southern Africa, its CEO said on Wednesday, part of the Gulf carrier&#8217;s drive to expand its network in Africa.



&#8220;We are at the final stage of an equity investment in an airline in the southern part of Africa,&#8221; Badr Mohammed Al Meer said on a panel at the Qatar Economic Forum in Doha, saying the deal could be announced in two to three weeks.



Meer, who became CEO in November, said the southern part of Africa was a gap in Qatar Airways&#8217; network coverage on the continent.



He added that Qatar Airways wants to expand the fleets of its partner airlines in Africa to improve connectivity.



Qatar Airways in 2019 took a 60% stake in a new $1.3 billion international airport being built in Rwanda and has code share agreements with several airlines in Africa including Rwandair.



Rwandair CEO Yvonne Manzi Makolo, speaking in Doha, said the airport could be incorporated around 2027-28.



(Reporting by Lisa Barrington; Editing by Elaine Hardcastle and Jacqueline Wong)

Qatar Airways B777 aircraft arrives at the Cape Town International Airport

Qatar Airways to invest in an airline in southern Africa, CEO says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="570" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/QMLFVF7CCZNTDF35SJ3V4RTJ34-820x570.jpg" alt="" class="wp-image-486897" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/QMLFVF7CCZNTDF35SJ3V4RTJ34-820x570.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/QMLFVF7CCZNTDF35SJ3V4RTJ34-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/QMLFVF7CCZNTDF35SJ3V4RTJ34-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/QMLFVF7CCZNTDF35SJ3V4RTJ34-768x534.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/QMLFVF7CCZNTDF35SJ3V4RTJ34-1536x1067.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/QMLFVF7CCZNTDF35SJ3V4RTJ34-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A villager arrives to collect her monthly allocations of food aid provided by the World Food Program (WFP) in Mumijo, Buhera district east of the capital Harare, Zimbabwe, March 16, 2024. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, May 15 (Reuters)&nbsp;&#8211;&nbsp;More than half of Zimbabwe&#8217;s population will need food aid this year following a devastating drought that led to widespread crop failure as humanitarian organisations seek funding to save many from hunger, the country&#8217;s cabinet heard late on Tuesday.



About 6 million people in rural areas and 1.7 million in urban areas will require assistance, according to the Zimbabwe Livelihoods Assessment Committee (ZIMLAC).



Zimbabwe is among the worst hit countries by the El Nino induced drought in Southern Africa, with Zambia and Malawi also facing food shortages this year.



This is Zimbabwe&#8217;s worst drought in 40 years, according to the government.



The latest crop assessment presented to the Cabinet of Zimbabwe also revised upwards Zimbabwe&#8217;s&nbsp;maize production&nbsp;deficit to 77% from last week&#8217;s predictions.



&#8220;A 77% reduction in production to 744,271 metric tonnes is estimated for the 2023/2024 summer season, indicating a major shortfall for both food and stock feed,&#8221; according to a cabinet brief.



A local consortium of private millers plan to import 1.4 million metric tonnes of white and yellow maize from Brazil and other countries to cover the food deficit.



The United Nations and the United Nations Children&#8217;s Fund (UNICEF) have appealed for financial assistance to save millions from hunger.



It follows the government&#8217;s appeal for $2 billion in food aid from well wishers and donors.



Zimbabwe has failed to feed itself since 2000, when former president Robert Mugabe led land reforms which disrupted production, while climate change has worsened the country&#8217;s ability to grow enough food.



(Reporting by Nyasha Chingono; Editing by Lincoln Feast.)

FILE PHOTO: Villagers collect monthly allocations of food aid provided by WFP in Mumijo

More than half of Zimbabwean population will need food aid, cabinet says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="600" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7EUCZ6RKSVIQDGLZGVKYD2BO74-820x600.jpg" alt="" class="wp-image-474643" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7EUCZ6RKSVIQDGLZGVKYD2BO74-820x600.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7EUCZ6RKSVIQDGLZGVKYD2BO74-300x220.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7EUCZ6RKSVIQDGLZGVKYD2BO74-123x90.jpg 123w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7EUCZ6RKSVIQDGLZGVKYD2BO74-768x562.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7EUCZ6RKSVIQDGLZGVKYD2BO74-1536x1124.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7EUCZ6RKSVIQDGLZGVKYD2BO74-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman walks past the Reserve Bank of Zimbabwe building in Harare, Zimbabwe March 1, 2024. REUTERS/Philimon Bulawayo/FILE PHOTO</figcaption></figure>



HARARE, May 10 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe will fine businesses using inflated exchange rates as the government battles to maintain the value of its newly introduced gold-backed currency, the Zimbabwe Gold (ZiG).



Any business using an exchange rate higher than the official rate of 13.5 ZiG per U.S. dollar will be liable for a fine of 200,000 ZiG ($14,815), according to a government notice seen by Reuters.



Anyone offering &#8220;goods or services at an exchange rate above the prevailing interbank foreign currency selling rate&#8221; would be guilty of a civil infringement, read the notice, issued late on Thursday.



The government has been making efforts to keep the ZiG afloat since its launch in early April, with authorities launching a blitz on illegal foreign currency traders last month.



Some businesses such as supermarkets have been charging a premium above the market rate for customers paying in the new currency, while the ZiG is being rejected by informal traders.



Zimbabwe&#8217;s Treasury on Tuesday moved to enforce the use of the ZiG as the official unit of exchange for transactions.



This is Zimbabwe&#8217;s fourth attempt at having a local currency within a decade, with the southern African country dumping the Zimdollar last month after it lost 70% value since the start of the year.



(Reporting by Nyasha Chingono; Editing by Nellie Peyton and Ros Russell)

A woman walks past the Reserve Bank of Zimbabwe building in Harare

Zimbabwe to fine businesses not using new official exchange rate

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2151125823-820x547.jpg" alt="" class="wp-image-484355" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2151125823-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2151125823-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2151125823-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2151125823-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2151125823-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2151125823-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NEW YORK, NEW YORK &#8211; MAY 02: President of Botswana Mokgweetsi Masisi speaks onstage during Global Citizen NOW 2024 at Spring Studios on May 02, 2024 in New York City. (Photo by Noam Galai/Getty Images)</figcaption></figure>



Botswana, the world’s largest diamond producer, says it’s closely following BHP Billiton’s battle to buy Anglo American, which controls their diamond venture through De Beers.



President Mokgweetsi Masisi told CNBC Africa at the U.S.-Africa Business Summit in Dallas, Texas that while no-one had approached Botswana about the matter, the government would defend its interests in De Beers, in which it owns 15 percent. De Beers and the Botswana government jointly co-own Debswana Diamond, the largest diamond producer in the world by value.



“The value of De Beers is fundamentally created by Botswana. Without Botswana De Beers doesn’t exist,” he said in an interview with Fifi Peters.



Australian company BHP Billiton, the world’s largest miner, has offered about $39 billion for London-based Anglo American’s copper mines, minus its Botswana and South African assets in Debswana, Kumba Iron Ore and Anglo American Platinum. Anglo has rejected the overture arguing it undervalues its initiatives to unlock value for shareholders.



Analysts say BHP might be mulling a second bid and could face competition from commodities producer Glencore. South African Mines Minister Gwede Mantashe, who has met with Anglo executives, has said he is watching developments.



“Well, we remain laser focused on the developments because we clearly are an interested party,” he said. “I also want to state for the record that the value of De Beers is fundamentally created by Botswana. Because without Botswana, De Beers doesn&#8217;t exist.”



BHP has proposed that Anglo sell its shares in units Anglo Platinum and Kumba Iron Ore as an option to exit the South African assets it does not want included in the deal. It hasn’t pronounced on De Beers.

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More than half of Zimbabwean population will need food aid, cabinet says

Zimbabwe to fine businesses not using new official exchange rate

Botswana says it will protect its diamond interests as BHP Bids for Anglo American

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