<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb-820x461.jpeg" alt="" class="wp-image-556953" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Getty Images</figcaption></figure>



Bitcoin breached the $95,000 level for the first time Wednesday evening as investors continued pricing in a second Donald Trump presidency.



The price of the flagship cryptocurrency was last higher by more than 3% at $97,646.68, according to Coin Metrics. Earlier, it rose as high as $97,788.00.



Shares of MicroStrategy, a bitcoin proxy, gained 3% in extended trading. Mining stocks rose as well, with Mara Holdings up 4%.



Bitcoin has been regularly hitting fresh records this month on hopes that Trump will usher in a golden age of crypto, which would include more supportive regulation for the industry and a potential national strategic bitcoin reserve or stockpile.



It is widely expected to reach $100,000 this year and double by the end of 2025.



“Bitcoin’s price continues to be driven by a number of factors including improved liquidity conditions, increased institutional adoption, and a regulatory environment that has flipped from a headwind to a tailwind,” said Sam Callahan, an analyst at Swan Bitcoin.



Another Trump term also implies larger budget deficits, potentially more inflation and changes to the international role of the dollar – all things that would have a positive impact on the&nbsp;price of bitcoin.



Bitcoin has gained more than 127% in 2024.

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Bitcoin climbs, reaching a new all-time high above $97,000

<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>



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.



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.



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.



Congo is one of SADC&#8217;s 16 member states.



&#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.



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



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



(Reporting by Nyasha Chingono; Writing by Tannur Anders; Editing by Alexander Winning)

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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>



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.



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.



&#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.



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



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.



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.



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.



&#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.



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.



&#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;



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.



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.



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.



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.



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.



&#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.



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



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



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



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.



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.



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.



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



&#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.



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



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.



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.



&#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.



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



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.



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.



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.



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.



But the region still faces several challenges in accelerating EV adoption.



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



The biggest hindrance is access to finance.



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.



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



&#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.



&#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.



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

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

<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>



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.



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



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



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



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



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.



The SARB will announce its next interest rate decision on Thursday.



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.



&#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.



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

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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>



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.



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.



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.



Here are the main candidates running for president:



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



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



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.



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.



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



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.



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.



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.



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



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.



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



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.



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



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



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



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



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



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.



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



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



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

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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>



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.



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



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.



&#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.



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;



(Reporting by Bhargav Acharya; Editing by Alexander Winning)

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>



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).



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



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



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



($1 = 18.0703 rand)



(Reporting by Tannur Anders; Editing by Alexander Winning and Kevin Liffey)

Inauguration of South Africa’s Cyril Ramaphosa as President at the Union Buildings, in Pretoria

South African pension withdrawals since reform up to $1.9 billion

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-820x539.jpg" alt="" class="wp-image-556157" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-1536x1010.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man holds a Ghanaian five cedi note in Accra July 3, 2007. REUTERS/Luc Gnago</figcaption></figure>



ACCRA, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;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.



After pension reforms in 2010, workers&#8217; retirement contributions in the world&#8217;s number two cocoa producer enjoyed strong growth, buoyed by a tiered scheme that allow private firms to manage some contributions.



Assets under management by the pension fund industry were 78.2 billion Ghanaian cedis ($4.93 billion) in June, of which over 73% were managed by 39 private fund management firms.



Ghana&#8217;s state-run pension fund handles tier one contributions towards employees&#8217; monthly retirement benefits, which are mandatory, while private firms manage tiers two and three &#8211; mandatory and voluntary contributions respectively &#8211; for lump-sum payment at or before retirement.



The majority of contributions are invested in Ghanaian assets, including Ghana government Eurobonds. However, private fund managers have been eager to explore offshore investment opportunities following the restructuring of 31 billion cedis of their holdings under a local debt rework.



Ghanaian laws permit private fund managers to invest up to 5% of total assets abroad, approximately 2.8 billion of current assets under management, though firms and authorities differ on the necessity of prior approval.



Some fund managers invested in offshore assets earlier this year, the sources, two in the private pension firms and one at the finance ministry said, but were stopped by the regulator, the national pensions regulatory authority (NPRA).



&#8220;They (NPRA) threatened to sanction us but we didn&#8217;t find any basis in law,&#8221; one of the source at a fund management company told Reuters.



&#8220;We have not exited but we can&#8217;t invest more (offshore). It&#8217;s a very strange development,&#8221; said the source who asked not to be named, adding that they had $5 million in offshore assets.



John Kwaning Mbroh, head of NPRA, told Reuters that &#8220;there&#8217;s no resistance&#8221; to investing pension assets offshore but the regulator needed approval from the government before signing off.



Mbroh said discussions were taking place to streamline the rules and clarify how to value offshore investments for contributors and fund managers, although he did not know when they would conclude.



<h2 class="wp-block-heading" id="h-protecting-liquidity">&#8216;PROTECTING LIQUIDITY&#8217;</h2>



Ghana is concluding a challenging debt-restructuring process under the G20&#8217;s Common Framework initiative, having defaulted on most of its $30 billion international debt in 2022.



Despite Ghana&#8217;s economic recovery, the cedi currency has depreciated 25% against the U.S. dollar year-to-date, having already fallen around 17% in 2023.



The source at the finance ministry, who also requested anonymity, said the ministry was concerned about the need to &#8220;balance the effects&#8221; of investing pension funds abroad on domestic liquidity and value appreciation to fund managers.



&#8220;The ministry won&#8217;t say &#8216;no&#8217; but it&#8217;s about how do we protect the economy, the liquidity,&#8221; the source said.



Private pension management firms in Ghana argue that authorities are overly cautious, pointing out that local mutual funds and African pension funds invest offshore without similar concerns.



They contend the current policy, given high inflation and cedi depreciation, limits value creation and mutes gains.



They also say it is contradictory to allow foreign pension funds to invest in Ghana&#8217;s market while preventing local funds from investing abroad.



&#8220;The world over, pension funds chase value but they want us to chase inflation,&#8221; an executive of one of the top five fund managers said, adding that investing 5% of their assets abroad doesn&#8217;t even move the needle.



($1 = 15.8800 Ghanian cedi)



(Reporting by Maxwell Akalaare Adombila; Editing by Bate Felix and Christina Fincher)

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Ghana blocks pension funds from offshore investment on currency concerns, sources say

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT-820x461.jpeg" alt="" class="wp-image-556053" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">He Lifeng, China’s vice premier, during the Global Financial Leaders’ Investment Summit in Hong Kong, China, on Tuesday, Nov. 19, 2024.  Paul Yeung | Bloomberg | Getty Images</figcaption></figure>



Chinese Vice Premier He Lifeng on Tuesday vowed to boost Hong Kong’s competitiveness by investing in the city’s innovation and delivering supportive financial policies.



Speaking at the third Global Financial Leaders Investment Summit, hosted by the Hong Kong Monetary Authority, He reiterated Beijing’s commitment to “explore and implement” measures aimed at building Hong Kong as an “international financial center.” That’s according to CNBC’s translation of his spoken Mandarin.



Beijing’s stimulus measures have already “benefited” Hong Kong, said He, who oversees a key economic and financial policymaking body. “The upward trajectory of the economy is more certain.”



To strengthen its financial industry, Hong Kong needs to leverage measures from mainland China as well as its global connections, Li Yunze, minister of China’s National Financial Regulatory Administration, said in a panel following He’s speech.



Almost 80% of mainland businesses that seek an offshore listing would go to Hong Kong, Li said, stressing the city’s future “has always been intertwined with” China.



During the same panel, Wu Qing, head of China’s securities regulator, said that Hong Kong will continue pursuing policies that attract more foreign investment.



Some of the world’s largest banks have moved to scale back operations and cut jobs in Hong Kong and mainland China amid a prolonged dearth in listing and deal-making activities.



An exodus of capital made the city’s Hang Seng the worst-performing major index last year, marking fourth straight years of decline. And Hong Kong’s stock market saw proceeds from initial public listings (IPOs) and follow-on share sales shrink 16% in the first six months this year, compared to a year ago, according to LSEG data.



Still, operators of Hong Kong’s stock exchange have pointed to signs of pickup in the third quarter as Beijing unveiled a raft of stimulus measures to bolster its flagging economy.



Vice premier He, a close confidant of President Xi Jinping, has been tasked with tackling China’s government debt crisis and protracted property downturn, which have strained the regions financial stability and stunted economic growth momentum.



Earlier this month, Chinese authorities took further steps to attract foreign investment, including lowering the capital threshold for foreign investors holding a non-controlling stake in an enterprise. Under the new regulations, foreign individuals are now allowed to invest in publicly-listed companies.



PBOC governor Pan Gongsheng also said in a meeting on Nov. 7 that that China would continue to implement accommodative monetary policy and bolster ties between domestic and foreign financial markets. Representatives from 11 foreign institutions including HSBC, Standard Chartered and Citigroup attended that meeting, according to a statement.

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China’s vice premier vows to boost Hong Kong competitiveness, says stimulus push has ‘benefited’ the city

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="568" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg" alt="" class="wp-image-469791" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-768x532.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-1536x1065.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past an MTN logo outside the company&#8217;s headquarters in Johannesburg, South Africa, March 13, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 18 (Reuters) &#8211; Africa&#8217;s biggest mobile operator MTN is exploring partnerships with low-Earth-orbit (LEO) satellite providers to bring internet connection to rural and remote customers in particular, Group CEO Ralph Mupita said on Monday.



Satellite-internet has become an alternative connectivity solution across Africa with the popularity of providers such as Starlink, operated by Elon Musk&#8217;s SpaceX.



LEO satellites provide high-speed internet even in areas where terrestrial telecommunications infrastructure such as fibre and mobile broadband is difficult and expensive to deploy.



&#8220;To keep customers and businesses connected at all times, we&#8217;re going to have to embrace satellite as an additional technology form,&#8221; Mupita said in a media call.



He said South Africa-based MTN was carrying out proof of concepts with a number of LEO satellite operators for possible partnerships.



&#8220;We are exploring several, and actually some of them we&#8217;re happy to be resellers through our enterprise business to some of our customers in specific countries,&#8221; Mupita said.



MTN is not alone in seeking out partnership agreements. Smaller rival Cell C is doing the same.



South Africa&#8217;s biggest operator Vodacom, majority owned by Britain&#8217;s Vodafone, announced a partnership with Amazon&#8217;s Project Kuiper LEO satellite last year.



&#8220;We&#8217;re very aware of the challenges of having to compete as a fixed and wireless operator with LEO satellites over time, so we&#8217;re arranging ourselves to be able to sure proof our businesses in our key markets,&#8221; Mupita said.



Starlink operates in several African countries but has faced regulatory challenges in others, including South Africa, and resistance from state telecoms companies.



South African regulator ICASA is currently working on the regulatory and licensing framework for satellite-internet providers to provide clear rules for operators.



&#8220;LEO operators should be treated the same as terrestrial operators such as ourselves, subjected to the same regulatory requirements whether it&#8217;s around data privacy, data transport, localization and access to spectrum,&#8221; Mupita said.



&#8220;Our ask is that there just be a level playing ground.&#8221;



(Reporting by Nqobile Dludla; Editing by Joe Bavier and Mark Potter)

FILE PHOTO: MTN downgrades medium-term margin target for South Africa on power outages

South Africa’s MTN exploring partnerships with satellite-internet providers

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/YVDA4CPNEBJLPBBXUIV6MNSDKQ.avif" alt="" class="wp-image-555754"/><figcaption class="wp-element-caption">Community members watch as Senzo Mchunu, South African police minister, inspects outside the mineshaft where it is estimated that hundreds of illegal miners are believed to be hiding underground, after police cut off food and water as part of police operations against illegal miners, in Stilfontein, South Africa, November 15, 2024. REUTERS/Ihsaan Haffejee</figcaption></figure>



JOHANNESBURG, Nov 18 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s President Cyril Ramaphosa said on Monday lives should not be put at risk in a standoff between police and hundreds of illegal miners stuck underground in a disused mine shaft and the miners should be recovered safely.



The police have blocked miners&#8217; supplies of food and water to force them out and arrest them for illegally entering the abandoned mine in North West province in search of leftover gold &#8211; an issue that has plagued South Africa for decades.



More than 1,000 illegal miners have resurfaced in recent weeks but police said last week that hundreds could still be underground. Local residents and human rights groups have criticized authorities for blocking their supplies.



In a weekly newsletter, Ramaphosa said the situation was precarious and could potentially turn volatile.



&#8220;The Stilfontein mine is a crime scene where the offence of illegal mining is being committed. It is standard police practice everywhere to secure a crime scene and to block off escape routes that enable criminals to evade arrest,&#8221; he said.



Ramaphosa urged the police to respect the miners&#8217; rights and not put their lives at risk and said his government would work with the mining industry on the issue of illegal mining.



&#8220;The police will carry out their duties and responsibilities to bring the illegal miners to the surface safely,&#8221; he said.



Illegal mining has thrived in South Africa through small-time pilfering and organised criminal networks, costing the economy billions of rands in lost income and royalties.



It was unclear if those still in the mine were unwilling or unable to get out. Public broadcaster SABC said that volunteers had brought 12 miners to the surface since last Wednesday.



(Reporting by Bhargav Acharya; Editing by Nellie Peyton and Ros Russell)

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South Africa’s Ramaphosa calls for safe recovery of illegal miners stuck underground

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3426" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/BTRQXB5RABIYHGXVOZJLIBY25A.avif" alt="" class="wp-image-555721"/><figcaption class="wp-element-caption">Workers are seen at a branch of South Africa&#8217;s mobile operator, Telkom, in Johannesburg, South Africa, November 21,2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 18 (Reuters) &#8211; South Africa&#8217;s Telkom has suspended plans to sell part of its fibre business, CEO Serame Taukobong said on Monday, as the fixed broadband service helped drive the company&#8217;s half-year income.



Shares in Telkom, majority-owned by the government, were up 5.48% at 1327 GMT, after it reported that half-year adjusted headline earnings per share grew by 57.5%.



This was after excluding 160 million rand ($8.85 million) restructuring costs and a 618 million rand cost of switching its Telkom Retirement Fund from a defined benefit to a defined contribution funding arrangement.



Telkom &#8211; which owns a big chunk of the fast growing home and business fibre market &#8211; last year wanted to list the business separately or sell a minority stake in it to unlock more value but now wants to keep it.



&#8220;We have suspended any discussions or investigations into partnerships for Openserve,&#8221; Taukobong said during a results call. &#8220;We stayed very firm on our decisions as an infrastructure company and I think you&#8217;re seeing the results there.&#8221;



He added that Openserve would remain a core and critical part of the group&#8217;s strategy.



Telkom has been investing in migrating customers away from copper-based technology to faster and &#8220;next-generation network&#8221; (NGN) offerings such as fibre and long-term evolution &#8211; a 4G wireless standard &#8211; as customers seek faster internet services for richer content.



NGN revenue now contributes 80.9% to operating revenue, up from 74.4% in the previous period, offsetting the impact of the group&#8217;s decision to ditch legacy services.



($1 = 18.1434 rand)



(Reporting by Sfundo Parakozov; Editing by Nelson Banya and Emelia Sithole-Matarise)

BTRQXB5RABIYHGXVOZJLIBY25A

South Africa’s Telkom rethinks sale of fibre unit stake

<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/HG6EHCDQEBPQXLK6KJZYFZJP4U-820x547.jpg" alt="" class="wp-image-555669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HG6EHCDQEBPQXLK6KJZYFZJP4U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man prepares to cast his vote during the early legislative election, at a polling station in Parcelle, suburb of Dakar, Senegal, November 17, 2024. REUTERS/Zohra Bensemra</figcaption></figure>



DAKAR, Nov 18 (Reuters) &#8211; A likely absolute majority for President Bassirou Diomaye Faye&#8217;s Pastef party in Senegal&#8217;s legislative election would empower him to pursue his ambitious 25-year agenda, though his first challenge will be coming up with a budget amid a fiscal crisis.



Faye sought a clear parliamentary majority in Sunday&#8217;s vote to implement the reform agenda that helped sweep him to power in a landslide election victory in March.



But analysts say creating a budget catering both to his voters&#8217; needs and to the International Monetary Fund (IMF), with which his government is currently in talks, will be challenging.



Former president Macky Sall, who headed an opposition coalition, on Monday congratulated Pastef on its win. Former prime minister Amadou Ba, who ran against Faye in the presidential election, also conceded defeat, as did other opposition leaders.



Senegal&#8217;s sovereign debt rose in price on Monday, Tradeweb data showed, while most other African nations&#8217; bonds lost ground. The yield on its 2033 dollar bond was down about 10 basis points by 1145 GMT at 9.28%.



&#8220;If confirmed by the electoral bodies, Pastef&#8217;s victory could give a free hand in passing budgets and implementing its programmatic reforms,&#8221; said Wendyam Lankoande, a consultant at Africa Practice.



But, he noted, voters are &#8220;looking for quick solutions to unemployment, rising cost of living, and limited reach of public services in remote rural areas in the hinterland&#8221;.



In September, a government audit revealed that Senegal&#8217;s debt and budget deficit were much wider than the previous administration had reported. A $1.9 billion IMF programme agreed in June 2023 has been on hold since.



Negotiations with the IMF to restart disbursements could last until mid-2025.



&#8220;We see Pastef&#8217;s majority as a positive development as it clears the path for President Faye and (Prime Minister Ousmane) Sonko to begin work on a budget for 2025 that aligns broadly with IMF requirements,&#8221; said Leeuwner Esterhuysen, senior economist at Oxford Economics Africa.



&#8220;That said, some of these requirements won&#8217;t necessarily go down well with Senegalese citizens.&#8221;



He said the Fund was likely to show some leniency, as it appears to have good relations with the new administration.



&#8220;We think the government may be able to delay the implementation of harsh measures such as removing VAT exemptions on farming inputs or increasing household electricity prices, while energy subsidies will be phased out gradually to limit the impact on consumers,&#8221; Esterhuysen said.



(Additional reporting by Libby George; Editing by Kevin Liffey)

Senegal holds early legislative election

Senegal’s president faces budget challenge after likely parliamentary win

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="518" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-820x518.jpg" alt="" class="wp-image-554697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-820x518.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-768x485.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-1536x971.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/H4D76FPFLJJOFKKB6PZX3XGHFQ-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A Starlink satellite internet system is set up on a caravan truck of a tourist, parked in a street in Ronda, Spain February 12, 2024. REUTERS/Jon Nazca/FILE PHOTO</figcaption></figure>



CAPE TOWN, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s information and communications technology sector needs policy and regulatory changes to keep up with emerging technologies, the chair of the country&#8217;s communications regulator told Reuters.



Technological advances such as satellite internet and artificial intelligence are forcing governments and regulators worldwide to revamp their oversight of the industry.



Mothibi Ramusi, the new chair of the Independent Communications Authority of South Africa, or ICASA, told Reuters one of his priorities was to ensure the regulator adapted to change.



The regulator is working on finalising its five-year strategy plan, which will guide its priorities going forward.



&#8220;As we have it right now, our legislative frameworks are still a barrier to leapfrog into the future,&#8221; he said on the sidelines of Africa Tech conference on Thursday.



&#8220;The first priority to get things right is we need to revamp the entire ICT framework. The policy needs to be reviewed, the ICASA Act and other associated acts, like the Electronic Communication Transaction Act.&#8221;



South Africa is yet to sign into law proposed amendments to the Electronic Communications Act, which have been in discussion for years. The bill, among other things, proposes new regulations for mobile virtual networks and allows spectrum sharing.



The regulator has also initiated an inquiry into the licensing framework for satellite-internet providers to provide clear rules for potential operators in the country, amid the growing demand for Starlink, operated by Elon Musk&#8217;s SpaceX.



Submissions for comments were closed this week and ICASA will analyse the inputs and begin public consultations before finalising the appropriate licensing framework, Ramusi said.



&#8220;We are mindful that whilst you&#8217;re talking infrastructure expansion, there are other areas where you might not be able to connect people with what you call terrestrial infrastructure,&#8221; Ramusi said.



&#8220;So satellite becomes another infrastructure layer that we need because you need rapid deployment. In South Africa, we are embracing that.&#8221;



South Africa was one of the first few African countries where Starlink wanted to launch its satellite internet but is hindered by the country&#8217;s regulations, which require foreign-owned companies to sell a 30% stake to historically disadvantaged groups in order to operate in country.



(Reporting by Nqobile Dludla; Editing by Christina Fincher)

A Starlink satellite internet system is set up on a caravan truck of a tourist, parked in a street in Ronda

New tech requires rulebook revamp, says S.Africa’s communications regulator

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1245" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/2J47EZ5UQBJOFPUZZQP3HAKCPE.avif" alt="" class="wp-image-554692"/><figcaption class="wp-element-caption">Protesters run from police during a &#8220;national shutdown&#8221; against the election outcome, at Luis Cabral township in Maputo, Mozambique, November 7. REUTERS/Siphiwe Sibeko</figcaption></figure>



MAPUTO, Nov 15 (Thomson Reuters Foundation)&nbsp;&#8211;&nbsp;Uber driver Rofino Fiel said the post-election protests that have convulsed Mozambique for weeks have been disastrous not only because of the running battles on the streets of Maputo &#8211; internet shutdowns are bleeding his business dry.



Like many working in small and medium-sized businesses, often in the informal sector, successive blackouts have cost him dear and there is little relief in sight as the protests over allegations of vote-rigging look set to continue.



&#8220;This is too much. We are having a very negative experience and per week it costs us a loss of 8,000 meticais ($126),&#8221; the 25-year-old told the Thomson Reuters Foundation.



&#8220;Our activity has come to a complete halt.&#8221;



Protests have escalated since election authorities said the Frelimo party had won the Oct. 9 vote with a landslide victory, extending its 49-year rule. More than 56% of Mozambique&#8217;s 17 million eligible voters abstained.



The results have been widely disputed, fuelling clashes between the police and protesters which rights groups and local hospitals say have killed at least 30 people. Many young people supported independent candidate Venancio Mondlane, who says the vote was rigged and has encouraged demonstrations.



Amnesty International has condemned the government&#8217;s &#8220;violent and widespread crackdown on human rights&#8221;, saying it is the worst suppression of protests in the country in years.



Civil society groups and international observers said the vote did not meet democratic standards, and the Constitutional Council has requested clarification from the electoral commission on discrepancies in the vote count.



Digital rights groups say that there have been at least five mobile internet shutdowns since Oct. 25, alongside social media shutdowns lasting several hours.



According to the constitution, the government can force mobile phone operators to shut down internet services in cases of national emergency but the government has not declared the current unrest a national emergency.



The #KeepItOn coalition, a global network of over 334 human rights organisations working to end internet shutdowns, urged Mozambique&#8217;s authorities to end the increasing use of shutdowns.



&#8220;Mozambican authorities&#8217; regular practice of shutting down the internet around elections and in times of political unrest must not be allowed to continue,&#8221; the coalition said in a statement on Nov. 7.



Mateus Magala, minister of transport and communications, said the recurrent internet restrictions were aimed at preventing the destruction of the country.



&#8220;When we see violations that jeopardise the integrity of all Mozambicans in the nation we have to act as such, so that our means of communication are not used for the destruction of the country,&#8221; he said on Sunday.



For Edson Chiado, who manages a real estate business in the centre of Maputo, the shutdowns are hurting his livelihood.



&#8220;I need the internet to work and make sales and, as it is, many things are at a standstill,&#8221; said the 34-year-old,&nbsp;who has worked in the property sector for 10 years.



&#8220;You always have to separate the internet, which is key to our economic life, from political matters.&#8221;



LOST CLIENTS



The shutdowns have affected a wide range of professionals from financial market operators, or traders, to website programmers, who generally work remotely.



A trader who asked to remain anonymous due to safety concerns said the internet outages had cost him as much as $100 dollars a day in recent weeks.



Americo Marime, owner of a tech start-up that does network analysis, management systems programming, and web page monitoring, said there were days when he was unable to meet deadlines and ended up losing some clients.



He said some of the web pages he monitors also suffered routine failures and he was unable to fix them.



&#8220;Even clients, some of whom are outside Mozambique, couldn&#8217;t contact me to report the problem &#8230; So, in short, the internet blockage stopped programmers&#8217; work,&#8221; said Marime.



Some people have tried to use Virtual Private Networks (VPN) or free WiFi to keep their businesses going but connection was very slow and there are only three places in Maputo where free WiFi is available.



Celio Lazaro, an activist who works on social justice and economic inclusion, said mobile phone operators should be held criminally responsible &#8220;for contributing to the limitation of citizens&#8217; rights&#8221;, as well as jeopardising the livelihoods of those who depend on the internet to work.



The country&#8217;s three mobile phone operators &#8211; South Africa&#8217;s Vodacom, and Mozambique&#8217;s Tmcel and Movitel &#8211; have sent messages to users saying the outages were beyond their control. When contacted by the Thomson Reuters Foundation, Vodacom and Movitel declined to comment while Tmcel did not immediately reply to a request for a comment.



&#8220;This (the blocking of the internet) is not helping to end the protests, but rather is intensifying popular dissatisfaction,&#8221; Lazaro told journalists on Monday during a press conference in Beira, in central Mozambique.



Even as internet services are gradually being restored, Mondlane has called for a new round of demonstrations across the country, meaning there could be more economic pain in a country where around 65% of the population live in poverty.



The president of the Confederation of Economic Associations of Mozambique, Agostinho Vuma, said he was aware of the negative impact that the internet shutdowns were having on small businesses.



&#8220;There&#8217;s nothing we can do about it, but the situation does affect us,&#8221; he said.



($1 = 63.2700 meticais)



(Reporting by Samuel Come; Editing by Clar Ni Chonghaile and Ana Nicolaci da Costa.&nbsp;

2J47EZ5UQBJOFPUZZQP3HAKCPE

Internet cuts after Mozambique’s disputed vote hit businesses

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="448" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/7F4RVUNBANMQVOB43MHCRSGWA4.avif" alt="" class="wp-image-554652"/><figcaption class="wp-element-caption">A climate activist holds a placard as people call for climate justice resistance against oil and gas corporations and to end fossil fuels outside the Cape Town International Convention Centre during the Southern Africa Oil and Gas Conference in Cape Town, South Africa , September 13, 2023. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s revised carbon tax aims to balance the rival demands of climate activists and polluters by lowering tax-free allowances while letting companies make greater use of offsets, the Treasury&#8217;s acting tax chief said on Friday.



The changes, to come into effect in 2026, will help South Africa meet climate commitments but give &#8216;hard-to-abate&#8217; sectors more flexibility, said Chris Axelson, Acting Head of Tax and Financial Sector Policy at the Treasury.



South Africa is one of the world&#8217;s top 15 greenhouse gas emitters and the only country in Africa with a carbon tax.



&#8220;It definitely is a change to the previous structure (in which)…the offsets were quite a small percentage,&#8221; Axelson told Reuters in a videocall interview.



At COP29 talks in Azerbaijan, developing countries pressured their richer counterparts for up to $1 trillion in climate finance to help nations historically least responsible for the crisis to shift to greener energy and adapt.



A Treasury policy paper released on Wednesday shows the offset allowance for combustion emissions going up to 25%, from 10%, after 2026. But this is counterbalanced by slashing tax-free allowances from 60% currently to half in 2026, and by a further 2.5 percentage points annually until 2030.



South Africa enacted its carbon tax in May 2019 after nearly a decade of shelving it over objections from mining companies, steelmakers and state-owned power utility, Eskom. Since then, industry has complained the tax is too onerous while climate activists decry it as too generous.



&#8220;We&#8217;re in a place where they&#8217;re all shouting at us,&#8221; Axelson said. &#8220;We&#8217;re trying to find that balance &#8230; We don&#8217;t want one side to say, &#8216;well, you&#8217;re hurting us too much&#8217; and the other side to say, &#8216;well, you aren&#8217;t doing enough&#8217;.&#8221;



The proposal also replaces a 3.5 cent per kilowatt levy on non-renewable power with the carbon tax, which Axelson said would encourage Eskom &#8211; whose overreliance on coal has made South Africa a bigger emitter than Britain or France &#8211; to use renewables but &#8220;but without the potential of passing on costs to the consumers.&#8221;



(Reporting by Tim Cocks; Editing by Christina Fincher)

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South Africa’s revised carbon tax to be harsher but with more offsets, Treasury says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/7KVHJR6UA5PHZGXNL4DBLFNXXE.avif" alt="" class="wp-image-554607"/><figcaption class="wp-element-caption">People buy and sell vegetables at Mile 12 International Market in Lagos, Nigeria May 13, 2022. REUTERS/Temilade Adelaja/File photo</figcaption></figure>



ABUJA, Nov 15 (Reuters) &#8211; Nigeria&#8217;s inflation rate rose for the second straight month in October, advancing to 33.88% in annual terms NGCPIY=ECI from 32.70% in September mainly due to higher food prices, official data showed on Friday.



Inflation quickened sharply in the second half of last year after President Bola Tinubu devalued the country&#8217;s naira currency&nbsp;NGN=D1&nbsp;and cut subsidies to try to lift economic growth and shore up public finances.



It started to ease in July this year as the impact of the naira devaluation began to fade, but a series of petrol price increases and severe flooding that has wiped out crops again spurred price pressures, exacerbating the worst cost-of-living crisis in decades in Africa&#8217;s most populous nation.



A report by the National Bureau of Statistics said food inflation reached 39.16% year-on-year in October from 37.77% the previous month&nbsp;NGFINF=ECI, caused by price rises for staples such as rice, maize, bread, potatoes and cooking oil.



Torrential rain and floods in 29 of Nigeria&#8217;s 36 states this year have destroyed more than 1.5 million hectares of cropland, making millions go hungry and causing mass displacement.



The central bank has hiked interest rates five times this year to try to get inflation under control. It is due to announce its final rate decision&nbsp;NGCBIR=ECI&nbsp;of the year on Nov. 26.



(Reporting by Chijioke Ohuocha; Additional reporting by Mohd Edrees in Bengaluru; Editing by Alexander Winning)

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