<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/WHL3PMZZNBJG7KMG7OAQESM3PM.avif" alt="" class="wp-image-574986"/><figcaption class="wp-element-caption">People attend a demonstration against Kenya&#8217;s proposed finance bill in Nairobi, Kenya, June 25. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI/LAGOS/MAPUTO/JOHANNESBURG, Jan 14 (Thomson Reuters Foundation)&nbsp;&#8211;&nbsp;Kenyan activist Boniface Mwangi has been part of countless demonstrations over the years, but the anti-government protests that hit the country last June and July defied all expectations.



Mwangi said he witnessed something unprecedented &#8211; a powerful awakening of the Kenyan youth who leveraged social media to mobilise against a finance bill which proposed a raft of tax hikes.



&#8220;The biggest mobilisers of the protest were the Gen Zs. They were on TikTok, Instagram and on X. The majority of the people in the streets were young people,&#8221; Mwangi told the Thomson Reuters Foundation.



&#8220;For the first time in history, Kenyans were united for one purpose, to defeat the finance bill,&#8221; he said. &#8220;It was us waking up to the power we have and becoming active citizens to demand accountability and meaningful change in our country.&#8221;



The nationwide protests forced President William Ruto to make a historic U-turn by scrapping his reviled law, sacking cabinet ministers and pledging a slate of measures to cut wasteful spending of public funds.



Africa, home to the world&#8217;s youngest population, has seen a wave of youth-led protests fuelled by frustrations over rampant corruption, poor governance, high living costs and rising unemployment.



Gen Z and millennials protested in Kenya, Ghana, Uganda, Nigeria and Mozambique in 2024, and some analysts expect this activism to intensify in 2025 as grievances persist.



Murithi Mutiga, program director for Africa for the International Crisis Group, said frustrations partly arise from Africa&#8217;s struggle to recover from economic shocks like COVID-19 and the Russia-Ukraine war, which has driven up food and fuel prices.



There is also growing resentment among a generation increasingly aware of its rights, empowered by the internet to take action for change, said Mutiga.



&#8220;The young want more than their parents. They are more informed. They are more politically active,&#8221; he said. &#8220;I think it&#8217;s possible that you&#8217;ll see more protests in 2025.&#8221;



<h2 class="wp-block-heading" id="h-youth-disillusionment">YOUTH DISILLUSIONMENT</h2>



Africa has the fastest growing, youngest population of any continent, with 70% of sub-Saharan Africa&#8217;s people under the age of 30.



Fueling their growing wave of disillusionment are scarce job opportunities. Some 53 million youth &#8211; more than one in five &#8211; in sub-Saharan Africa are not engaged in any form of employment, education or training, says the U.N.&#8217;s International Labour Organization.



A 2024 survey of African youth found three-quarters of respondents said it was difficult to find a job, and two-thirds were dissatisfied with their governments&#8217; efforts to create employment opportunities.



The survey, which polled more than 5,600 Africans ages 18 to 25 in 13 countries, also found that four in five were worried about corruption, most notably in the government, private sector and the police.



&#8220;Most are dissatisfied with efforts to tackle corruption and there is widespread support for a range of policies to address it,&#8221; the Africa Youth Survey said.



Political analysts and observers said it was not surprising to see youth beginning to push back against their governments.



Aslak Orre, a senior researcher at Chr. Michelsen Institute, a development research institute based in Norway, said young people across the region were exasperated with poor economic growth, few jobs, high public debt and austerity measures.



&#8220;And for that, they blame the politicians from a different generation, who they see as working for themselves rather than the public good,&#8221; Orre said.



In Mozambique, a disputed October election that extended the Frelimo party&#8217;s 49-year rule sparked more than three months of protests against corruption, living costs and unemployment.



&#8220;We are demanding change,&#8221; said Ronaldo António, a 25-year-old street vendor in Maputo, during December protests when crowds marched, whistled and chanted, blocking traffic with trash bins, stones and tyres.



&#8220;We eat chicken feet and necks while government officials are eating the chickens,&#8221; he added.



In Ghana, ahead of Dec. 7 presidential and parliamentary elections, young people mounted street protests against the nation’s debt crisis and high inflation, which have triggered the worst economic crisis in a generation.



Ghanaian filmmaker Kwame Addae, 26, said he voted for businessman Nana Kwame Bediako, even though he knew the newcomer would not win against seasoned politician and former president John Mahama.



&#8220;We are tired of the status quo, and I wanted someone like him (Bediako) that was thinking of the digital economy as a means to provide jobs and move us to a modern Ghana,&#8221; said Addae, adding that Bediako’s political message resonated with young voters.



Activists noted that the protests across Africa had particularly significant impact because young people can skillfully wield digital activism.



In Mozambique, Ângelo do Rosário, who is known as Maxh on social media, said he used his 1.2 million Facebook and more than 300,000 TikTok, Instagram and YouTube followers respectively to encourage young Mozambicans to demand their rights.



&#8220;(We demand) quality education in Mozambique, the availability of a decent health service and all of this the people believe is the result of the bad governance we have in Mozambique,&#8221; said Rosário.



<h2 class="wp-block-heading" id="h-police-killings-abductions">POLICE KILLINGS, ABDUCTIONS</h2>



The protests across the continent have not been without consequence.



Hundreds of young people have been detained or killed in clashes with police, and scores of protesters remain missing.



In Kenya, some prominent rights groups have accused authorities of a cover-up of dozens of alleged police killings, unexplained abductions and illegal detentions related to the Gen Z protests.



Kenya&#8217;s National Commission on Human Rights, a government-funded body, recorded 82 cases of enforced disappearances in the period between the protests, from June and December. Of those, 29 people remain unaccounted for. At least 40 people have been killed.



In Mozambique, at least 278 people have been killed in police crackdowns against protesters, and more than 2,000 families have fled and sought refuge in neighbouring Malawi.



In November, Nigeria charged 76 people, including children, with treason and inciting a military coup after deadly August protests erupted against economic hardship and spiralling inflation.



Nigerian activist Rinu Oduala &#8211; one of the organisers of prominent #EndSARS protests against police brutality in 2020 &#8211; warned that youth uprisings are unlikely to die down anytime soon.



&#8220;Protests by young people aren&#8217;t a crime, we are doing it out of love for our countries and hope for a better future &#8211; they must be seen as calls for change and what&#8217;s rightfully ours,&#8221; said Oduala, 24, who has more than 800,000 followers on X.



&#8220;But the lesson is clear: ignoring youth voices will be a huge political risk to any government going forward,&#8221; she added.



(Reporting by Nita Bhalla @nitabhalla; Bukola Adebayo @BUKAdebayo; Samuel Comé and Kim Harrisberg @KimHarrisberg. Editing by Ellen Wulfhorst. The Thomson Reuters Foundation is the charitable arm of Thomson Reuters.)

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Africa’s youth protests: A storm brewing for 2025?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/107316539-1697159674866-gettyimages-1720140335-fc_1113145-1-820x461.jpeg" alt="" class="wp-image-574781" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/107316539-1697159674866-gettyimages-1720140335-fc_1113145-1-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/107316539-1697159674866-gettyimages-1720140335-fc_1113145-1-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/107316539-1697159674866-gettyimages-1720140335-fc_1113145-1-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/107316539-1697159674866-gettyimages-1720140335-fc_1113145-1-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/107316539-1697159674866-gettyimages-1720140335-fc_1113145-1-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/107316539-1697159674866-gettyimages-1720140335-fc_1113145-1.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An aerial view of a container ship leaving the dockyard in Qingdao in east China’s Shandong province. Future Publishing | Future Publishing | Getty Images</figcaption></figure>



China’s trade data in December beat expectations by a large margin, with exporters continuing to frontload shipments as worries over additional tariffs mount, while the country’s stimulus measures appear to be supporting demand in the industrial sector.



Exports in December jumped 10.7% in U.S. dollar terms from a year earlier, data from China’s customs authority showed Monday, beating expectations of a 7.3% growth in a Reuters poll. That compares with a 6.7% growth in November and a spike of 12.7% in October.



Customs data showed imports rose 1.0% last month from a year earlier, reversing from the contraction in the preceding two months. Analysts had forecast imports to fall 1.5% on year. That compares with a bigger drop of 3.9% in November and 2.3% in October.



Last year, China’s yuan-denominated total exports jumped 7.1% from the previous year, accelerating from a modest growth of 0.6% in 2023, customs officials said at a press conference on Monday.



China’s imports last year rose 2.3%, picking up from a fall of 0.3% in 2023.



“Outbound shipments are likely to stay resilient in the near-term, supported by further gains in the global market share,” Zichun Huang, China economist at Capital Economics, said in a note, thanks to a weak yuan.



The outlook for exports for the full year, however, appears less optimistic, as “potential tariff hikes could dampen momentum,” said Bruce Pang, distinguished senior research fellow at the National Institution for Finance and Development.



“In the short term, import volumes are also expected to rebound further, driven by stronger demand for industrial commodities, with accelerated fiscal spending,” Pang added.



China’s domestic demand has been hit due to a prolonged real estate crisis, leaving the country more reliant on exports to power its growth.



Economists expect exports to have significantly supported China’s economic growth last year. The country’s full-year GDP data is due later this week.



Exports have been a rare bright spot in China’s battered economy amid heightened trade tensions with its major trading partners — U.S., European Union — but this growth could be jeopardized after U.S. President-elect Donald Trump returns to the White House.



This year, China will need to focus more on boosting domestic demand as external momentum fades, Gary Ng, senior economist at Natixis told CNBC in an email. “China’s deflationary pressure in the manufacturing sector may continue to fuel more geopolitical tensions,” he added.



Weak consumer sentiment, uneven recovery in real estate and tepid growth in local government infrastructure projects continue to slow down domestic demand recovery, Ng said.



In December, shipments to most markets climbed, with double-digit increases to the Association of Southeast Asian Nation and the U.S., where exports grew 18.9% and 15.6%, respectively, from a year earlier, according to CNBC’s calculations of the official customs data.



Imports from the U.S. in December rose 2.6% and ASEAN — China’s largest trading partner — were up 5.4%.



Exports to the European Union rose 8.76% while imports fell 4.9%. The country’s exports to BRICS partner Russia were up 5.5% while imports shrank 4.7%.



Last year, China’s exports of electric vehicles and semiconductors increased 13.1% and 18.7% last year, respectively, according to the customs officials.



Meanwhile, the country’s steel exports hit the highest level since 2015, with shipments hitting 110.7 million tons, as the country strived to make up for weak domestic demand due to a property crisis and a slowdown in manufacturing activities.



<h2 class="wp-block-heading" id="h-a-residue-of-caution"><a></a>‘A residue of caution’</h2>



Trump — who is set to take office on Jan. 20 — has stoked fears about higher tariffs on Chinese exports. He has pledged an additional 10% tariffs on all Chinese goods entering the U.S.



Chinese authorities have since late September ramped up policy support to prop up the country’s economy as growth staggers and social tensions mount. But “a residue of caution and restraint remains,” Gabriel Wildau, managing director at Teneo said in a note last Friday.



China has cut policy rates, loosened property purchase restrictions, injected liquidity into the financial market as well as unveiled a debt-swap program to alleviate local governments’ fiscal strains.



“Though top leaders recognize the need to boost real GDP growth, Xi still appears reluctant to embrace the additional degree of stimulus required to combat deflation,” Wildau added.



“Policymakers need to keep some stimulus powder dry to enable an ample response if the tariff impact is severe,” he said, suggesting that the uncertainty about exports growth creates an additional reason for Beijing to avoid a “big bang approach.”



Among a slew of key economic data on tap this week, China is set to release its full-year as well as fourth-quarter GDP figures on Friday. The growth is pegged at 5.1% year on year in the final quarter of 2024, according to a Reuters poll.



For this year, the top leadership pledged to make boosting domestic consumption a top priority while expanding fiscal spending to fund the consumer goods trade-in and equipment upgrade policy. Launched in July last year, the trade-in program subsidizes consumers to swap old cars or home appliances and buy new ones at a discount.

107316539-1697159674866-gettyimages-1720140335-fc_1113145 (1)

China’s imports post surprise growth in December; exports beat expectations as higher tariffs loom

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108038935-17272715482024-09-25t132450z_828786131_rc2p7aapgnt6_rtrmadp_0_un-assembly-starmer-820x461.png" alt="" class="wp-image-574742" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108038935-17272715482024-09-25t132450z_828786131_rc2p7aapgnt6_rtrmadp_0_un-assembly-starmer-820x461.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108038935-17272715482024-09-25t132450z_828786131_rc2p7aapgnt6_rtrmadp_0_un-assembly-starmer-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108038935-17272715482024-09-25t132450z_828786131_rc2p7aapgnt6_rtrmadp_0_un-assembly-starmer-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108038935-17272715482024-09-25t132450z_828786131_rc2p7aapgnt6_rtrmadp_0_un-assembly-starmer-768x432.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108038935-17272715482024-09-25t132450z_828786131_rc2p7aapgnt6_rtrmadp_0_un-assembly-starmer.png 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Britain’s Prime Minister Keir Starmer gives a media interview while attending the 79th United Nations General Assembly at the United Nations Headquarters in New York, U.S. September 25, 2024. Leon Neal | Via Reuters</figcaption></figure>



LONDON — The U.K is looking to build a homegrown challenger to OpenAI and drastically increase national computing infrastructure, as Prime Minister Keir Starmer’s government sets its sights on becoming a global leader in artificial intelligence.



Starmer is set to visit Bristol, England, on Monday to announce the pledge, which follows work done by British tech investor Matt Clifford to establish an “AI Opportunities Action Plan.” The plan aims to help the U.K. take advantage of the potential of AI.



The government is primarily seeking to expand data center capacity across the U.K. to boost developers of powerful AI models which rely on high-performance computing equipment hosted in remote locations to train and run their systems.



A target of increasing “sovereign,” or public sector, compute capacity in the U.K. by twentyfold by 2030 has been set. As part of that pledge, the government will begin opening access to the AI Research Resource, an initiative aimed at bolstering U.K. computing infrastructure.



Starmer’s administration last year canceled £1.3 billion of taxpayer-funded spending commitments towards two significant computing initiatives in order to prioritize other fiscal plans. The projects, an AI Research Resource and a next-generation “exascale” supercomputer, were pledges were made under Starmer’s predecessor, Rishi Sunak.



Sovereign AI has become a hot topic for policymakers, particularly in Europe. The term refers to the idea that technologies critical to economic growth and national security should be built and developed in the countries people are adopting them in.



To further bolster Britain’s computing infrastructure, the government also committed to setting up several AI “growth zones,” where rules on planning permission will be relaxed in certain places to allow for the creation of new data centers.



Meanwhile, an “AI Energy Council” formed of industry leaders from both energy and AI will be set up to explore the role of renewable and low-carbon sources of energy, like nuclear.



It comes as tech giants like Amazon, Microsoft and Google are investing hundreds of millions of dollars in small modular reactors (SMR) to provide nuclear energy for the data centers that power their AI systems.



<h2 class="wp-block-heading" id="h-building-a-challenger-to-openai"><a></a>Building a challenger to OpenAI</h2>



The last major initiative the U.K. government proposed was to create homegrown AI “champions” of&nbsp;a&nbsp;similar scale to American tech giants responsible for the foundational AI models that power today’s generative AI tools such as OpenAI’s ChatGPT.



Britain plans to use the AI growth zones and a newly established National Data Library to connect public institutions — such as universities — to enhance the country’s ability to create “sovereign” AI models which aren’t reliant on Silicon Valley.



It’s worth highlighting that the U.K. faces serious challenges in its bid to create an effective OpenAI alternative. For one, several entrepreneurs in the country have bemoaned funding challenges that make it difficult for startups in the country to raise the kind of cash available to AI success stories.



Many U.K. founders and venture capitalists have called for the country’s pension funds to allocate a greater portion of their portfolios toward riskier, growth-focused startups — a reform the government has committed to pushing previously.



“In the U.K., there’s $7 trillion in this pocket,” Magnus Grimeland, CEO and founder of venture capital firm Antler, told CNBC in an interview last year. “Imagine if you take just 5% of that and allocate it to innovation — you solve the problem.”



U.K. tech leaders have nevertheless generally praised the government’s AI action plan. Zahra Bahrololoumi, Salesforce’s U.K. boss, told CNBC the plan is a “forward-thinking strategy,” adding she’s encouraged by the government’s “bold vision for AI and emphasis on transparency, safety and collaboration.”



Chintan Patel, Cisco’s chief technology officer in the U.K., said he’s “encouraged” by the action plan. “Having a clearly defined roadmap is critical for the UK to achieve its ambition to become an AI superpower and a leading destination for AI investment,” he said.



Britain doesn’t yet have formal regulations for AI. Starmer’s government has previously said it plans to draw up legislation for AI — but details remain thin.



Last month, the government announced a consultation on measures to regulate the use of copyrighted content to train AI models.



More generally, the U.K. is pitching a differentiated regulatory regime from the EU following Brexit as a positive factor — meaning, it can introduce regulatory oversight for AI but in a way that’s less strict than the EU, which has taken a more hard-line approach to regulating the technology with its AI Act.

108038935-17272715482024-09-25t132450z_828786131_rc2p7aapgnt6_rtrmadp_0_un-assembly-starmer

Britain seeks to build homegrown rival to OpenAI in bid to become world leader in artificial intelligence

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3694" height="2271" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/J5PMZMRCRFI65GQ2B62NYABQDM.avif" alt="" class="wp-image-574712"/><figcaption class="wp-element-caption">The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls/File Photo</figcaption></figure>



LONDON, Jan 11 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s Securities and Exchange Commission (SEC) has sanctioned Standard Chartered for mis-selling a Chinese property company&#8217;s bonds to one of the bank&#8217;s local wealth clients at the height of the Asian country&#8217;s real-estate crisis, according to a source.



The source familiar with the matter told Reuters that the UK-headquartered bank, which is currently looking to sell its wealth and retail banking businesses in Zambia, was facing &#8220;enforcement action&#8221; for two breaches of SEC rules following a months-long investigation.



The first was that it had failed to disclose &#8220;material information&#8221; about the bonds it sold in March 2022. Those bonds, issued by state-backed Chinese developer Sino-Ocean, defaulted just over a year later and are now, like many in the sector, almost worthless.



In addition, the SEC found Standard Chartered had also used &#8220;exclusionary&#8221; contract clauses, which meant the client held all responsibility for the risks, which goes against Zambia&#8217;s securities rules.



In a statement to Reuters, Standard Chartered said: &#8220;We respect the outcome of the Securities Exchange Commission in Zambia, however, in accordance with appropriate local procedures we will respectfully be exercising our right to appeal.&#8221;



&#8220;We are fully aware of this matter, and we are reviewing the necessary details to clarify the situation. It is our priority at the Bank to ensure compliance with regulatory standards across all of our markets.&#8221;



The SEC, which started its investigation of the case in April, said it was not able to comment on the matter when asked by Reuters. Under Zambia&#8217;s Securities Act, Standard Chartered now has 30 days to lodge its appeal.



Zambia&#8217;s SEC has the power to fine, or publicly or privately &#8220;censure or reprimand&#8221; lenders, although it can&#8217;t formally order them to compensate customers for mis-selling.



Reuters wasn&#8217;t able to establish what penalty the regulator is planning to impose on Standard Chartered.



The lender announced in November it was looking to sell its Zambian wealth and retail banking businesses alongside those in nearby Botswana and Uganda.



It has operated in Zambia for nearly 120 years making it the country&#8217;s oldest bank.



It is currently reducing its overall footprint in Africa, however, having also sold its Tanzania business and subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone in the last couple of years.



(Additional reporting by Chris Mfula in Lusaka. Editing by Elisa Martinuzzi and Mark Potter)

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Zambia’s SEC sanctions Standard Chartered over China property bond mis-selling, source says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="510" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/XRLACNHRABPBTGGTHZVRWOCVEE.jpg" alt="" class="wp-image-573980" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/XRLACNHRABPBTGGTHZVRWOCVEE.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/XRLACNHRABPBTGGTHZVRWOCVEE-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/XRLACNHRABPBTGGTHZVRWOCVEE-128x90.jpg 128w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Nigeria&#8217;s former Minister of Petroleum Diezani Alison-Madueke addresses delegates at the opening of the Nigeira Oil &amp; Gas 2014 conference in Abuja, File. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Jan 10 (Reuters)&nbsp;&#8211;&nbsp;Nigeria and the United States signed an agreement on Friday to repatriate about $52.88 million in assets forfeited by former Nigerian oil minister Diezani Alison-Madueke and her associates.



The agreement opens the way for the first repatriation to Nigeria of assets outside the West African country linked to Alison-Madueke.



Nigerian Justice Minister Lateef Fagbemi said the agreement with the U.S. enables &#8220;the repatriation of approximately $52.88 million arising from the forfeiture of the Galactica assets, linked to the former Petroleum Resources Minister Diezani Alison-Madueke and her associates.&#8221;



The agreement follows a 2017 civil complaint filed by the U.S. Justice Department aimed at recovering about $144 million in assets allegedly obtained through bribes to the former minister.



The lawsuit alleged that two Nigerian businessmen conspired with others to pay bribes to Alison-Madueke, who oversaw the country&#8217;s state-owned oil firm NNPC Ltd.



Alison-Madueke, whose whereabouts are unclear but was last known to be in Britain, has previously denied corruption charges against her.



She was minister under former president Goodluck Jonathan from 2010 until May 2015.



The funds will be used to support rural electrification projects through the World Bank, with $50 million allocated to increasing access to renewable energy, Fagbemi said.



The remaining $2.88 million will be disbursed as a grant by Nigeria to the International Institute for Justice to support counter-terrorism capacity across Africa, he said.



In Oct. 2022 a Nigerian court ordered a final seizure of two properties and cars owned by Alison-Madueke.



(Writing by Elisha Bala-Gbogbo and MacDonald Dzirutwe, Editing by William Maclean)

FILE PHOTO: Nigeria’s Minister of Petroleum Diezani Alison-Madueke addresses delegates at the opening of the Nigeira Oil & Gas 2014 conference in Abuja

US to return $52.88 mln in assets forfeited by ex-Nigerian oil minister

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/3DW6LEO47VMC3CWA77J2OKJYYU-1.avif" alt="" class="wp-image-573919"/><figcaption class="wp-element-caption">The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo</figcaption></figure>



LONDON, (Reuters) &#8211; Shell will write down around $400 million over an oil discovery offshore Namibia that it deemed commercially unviable in a blow to the southern African country&#8217;s efforts to become a crude producer.



Shell told Reuters that discovered oil and gas resources in offshore block PEL39 in Namibia &#8220;cannot currently be confirmed for commercial development.&#8221;



Shell and its partners, QatarEnergy and Namibia&#8217;s national oil company, first discovered hydrocarbon in block PEL39 in 2022, which together with another discovery TotalEnergies made in a nearby block sparked huge global interest in Namibia which has no oil and gas production.



Shell has drilled nine wells in the licence over the past three years, making several other discoveries.



More recently, Portuguese oil company Galp also made a major discovery in a different offshore licence.



But the British company encountered technical and geological difficulties for the development of the resources.



&#8220;While we recognise that extracting the discovered resources presents challenges, the extensive data collected shows that there remain opportunities. Together with our partners, we are continuing to explore potential commercial pathways to development, while actively looking for further exploration opportunities in Namibia,&#8221; Shell said in a statement on Thursday.



CEO Wael Sawan told analysts on Oct. 31 that Namibia&#8217;s acreage was &#8220;very challenging,&#8221; and that the lower permeability of the rock made extracting oil and gas harder.



Sources told Reuters that the offshore discoveries also had a high natural gas content, further complicating their development.



Namibia&#8217;s Ministry of Mines and Energy said in a statement on Thursday that Shell&#8217;s decision will not significantly impact Namibia&#8217;s oil and gas development.



&#8220;It is not a setback. We are positive that the remaining potential of PEL39 and other exploration campaigns will translate into commercial developments,&#8221; the ministry said.



Galp, Chevron, Rhino Resources and Azule Energy, a joint venture between Italy&#8217;s Eni and BP, are all planning to drill exploration wells in Namibia this year. TotalEnergies plans to make a final investment decision on the development of its Venus discovery by year-end.



Shell said in a trading update ahead of fourth quarter results on Jan. 30 that it expects to take an exploration write-off of around $400 million, without providing details.



It will take another $300 million write-off related mainly to exploration licences in Colombia, the company added.



(Reporting by Ron Bousso; Editing by Nick Zieminski and Sandra Maler)

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Shell writes down Namibia oil discovery in blow to country

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1200" height="628" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GFFKBSSER5LL7JUFKFZRKRAD64-1.avif" alt="" class="wp-image-573905"/><figcaption class="wp-element-caption">Ghana&#8217;s President-elect John Dramani Mahama speaks during the swearing-in ceremony for his second term at the Black Star Square in Accra, Ghana January 7, 2025. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Jan 9 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s new government could seek extra funding from the International Monetary Fund during its current, three-year programme with the lender in order to cushion the economy, finance minister designate Cassiel Ato Forson said on Thursday.



President John Dramani Mahama, who was sworn into office this week after beating the ruling party candidate in December&#8217;s election, picked the former minority leader in parliament to serve in the key post of finance minister.



&#8220;We are committed to work with the IMF, but we also want to ensure that we can raise financing; additional finance, working with IMF and other domestic, international partners,&#8221; Forson, told reporters, ahead of a meeting with an IMF team that is currently visiting Accra.



&#8220;The reliance on Treasury bills and others has not been very helpful,&#8221; said Forson, who also served as a deputy finance minister before.



The IMF did not immediately respond to a request for comment.



Forson, a 46-year old chartered accountant who holds a Masters degree in taxation from Oxford and a doctorate in finance from a local university, said the new administration would also cut public spending to help lower inflation further.



&#8220;There is a lot of wastage in the system and we will cut them,&#8221; he said, adding that the move will also help the government to restart domestic bond issuance by mid-year.



The West African gold and cocoa producer defaulted on most of its external debt in 2022, leading to a painful restructuring which is at its tail end.



Mahama&#8217;s government would conclude the process by striking a deal with its non-Eurobond commercial creditors, Forson said.



<h2 class="wp-block-heading" id="h-revisiting-imf-deal">REVISITING IMF DEAL</h2>



The new president, who previously occupied the office in 2012-17, had pledged to renegotiate the terms of Ghana&#8217;s bailout deal with the IMF during the campaign.



But market participants have taken the view he had limited room for manoeuvre and was unlikely to abandon the current IMF programme in spite of that campaign rhetoric.



His promise mirrored those of other reformist candidates elected into office in emerging markets last year, including Sri Lanka&#8217;s Anura Kumara Dissanayake, who rode on a promise of reconsidering the terms of an IMF programme and debt restructuring.



Mahama has pledged to swiftly assemble a government able to rapidly address growing discontent by boosting the economy and creating jobs.



He also picked John Abdulai Jinapor to serve as energy minister and Dominic Akuritinga Ayine to the post of attorney general and justice minister, the presidency said on Thursday.



The new government has inherited an economy emerging from its worst crisis in a generation.



Ministerial nominees have to be approved by Parliament, where Mahama&#8217;s National Democratic Congress (NDC) party holds a two-thirds majority.



Forson pledged to overhaul the management of the crucial cocoa sector, which has been facing challenges in recent years.



&#8220;We need to look at the issues of funding, diseased crops and production very well. The whole sector needs an overhaul,&#8221; he said.



Forson was charged in connection with the loss of public funds through an ambulance supply deal when he was deputy finance minister, before being acquitted by the courts.



(Additional rewriting by Christian Akorlie; Writing by Portia Crowe and Duncan Miriri; Editing by Karin Strohecker and Alex Richardson)

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Ghana could seek more IMF funding, incoming finance minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/KHGGXMJKWZP7HCVFIAWSDLU6LM.avif" alt="" class="wp-image-573702"/><figcaption class="wp-element-caption">Nigerian Foreign Minister Yusuf Tuggar speaks during a press conference following talks with his Russian counterpart Sergei Lavrov in Moscow, Russia, March 6, 2024. Alexander Zemlianichenko/Pool via REUTERS/File Photo</figcaption></figure>



ABUJA, Jan 9 (Reuters)&nbsp;&#8211;&nbsp;Nigeria and China plan to deepen cooperation in areas such as clean energy, defence and finance, with China pledging support for Nigeria&#8217;s issuance of Panda bonds to fund infrastructure, the two countries&#8217; foreign ministers said on Thursday.



Nigerian Foreign Minister Yusuf Tuggar and his Chinese counterpart Wang Yi also outlined efforts to address regional security challenges.



Wang was visiting Nigeria as part of a wider four-nation tour of Africa, an annual journey seen as aimed at advancing Beijing&#8217;s already considerable influence on the continent.



His visit to Nigeria follows recent high-level exchanges, including intergovernmental committee talks in Beijing last June and Nigerian President Bola Tinubu&#8217;s state visit to China in September.



These meetings have culminated in the elevation of bilateral relations to a &#8220;comprehensive strategic partnership&#8221;, Wang told a press conference.



Wang said China will &#8220;favourably study and consider&#8221; a request by Nigeria to expand a currency swap agreement.



On regional peace and security, Wang said that at the United Nations Security Council China would always vote in favour of Africa, adding it would continue to support Nigeria in rallying countries in the region.



&#8220;We will work with Africa to address insecurity and achieve long-term stability through development,&#8221; he said.



(Writing by Elisha Bala-Gbogbo; Editing by Frances Kerry)

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Nigeria, China deepen ties with pledge on security, finance and economic growth

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GFFKBSSER5LL7JUFKFZRKRAD64.avif" alt="" class="wp-image-573655"/><figcaption class="wp-element-caption">Ghana&#8217;s President-elect John Dramani Mahama speaks during the swearing-in ceremony for his second term at the Black Star Square in Accra, Ghana January 7, 2025. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Jan 9 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s new President John Dramani Mahama has named leader of Parliament Cassiel Ato Forson as finance minister, as he seeks to assemble a government able to rapidly address growing discontent by boosting the economy and creating jobs.



Mahama, who was sworn in on Tuesday after winning an election in December, named John Abdulai Jinapor as energy minister and Dominic Akuritinga Ayine as attorney general and justice minister, a presidency statement said on Thursday.



The new government has inherited an economy emerging from its worst crisis in a generation.



Mahama, who served a first term in office from 2012 to 2017, has pledged to prioritise economic recovery and stability, improve the business and investment climate and fight graft.



On the campaign trail, he pledged to nominate all cabinet ministers within his first 14 days in office, and to keep cabinet the lean.



Ministerial nominees have to be approved by Parliament, where Mahama&#8217;s National Democratic Congress (NDC) party holds a two-thirds majority.



Forson, a 46-year old chartered accountant and lawmaker representing the Ajumako-Enyan-Essiam constituency in Ghana&#8217;s Central Region, served as deputy finance minister during Mahama&#8217;s first term.



After Mahama and the NDC were voted out of power in late 2016, Forson led the party&#8217;s finance and economic team in Parliament, and in January 2023 was made the leader of the opposition in parliament.



He holds a PhD in finance from Ghana&#8217;s Kwame Nkrumah University of Science and Technology (KNUST) and a Master of Science in taxation from the University of Oxford.



(Additional rerting by Christian Akorlie; Writing by Portia Crowe; Editing by Alison Williams, Frances Kerry, William Maclean)

Ghana’s president names Cassiel Ato Forson as finance minister

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="418" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYEEWJTJKRPK3GJPCKWFP3EK7E.avif" alt="" class="wp-image-573641"/><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File photo</figcaption></figure>



NAIROBI, Jan 9 (Reuters)&nbsp;&#8211;&nbsp;The Kenyan and Ugandan shillings, Ghanaian cedi and Zambia&#8217;s kwacha are all expected to ease against the dollar in the next week to Thursday, traders said.



KENYA



Kenya&#8217;s shilling&nbsp;KES=&nbsp;is forecast to weaken on increased demand for dollars from importers across all sectors of the economy.



Commercial banks quoted the shilling at 129.00/130.00 per dollar, compared with last Thursday&#8217;s close of 129.00/129.50.



&#8220;The shilling is on an upward (weakening) trend. Right now (dollar demand) is from a mix of all sectors in the economy,&#8221; a trader at one commercial bank said.



UGANDA



The Ugandan shilling&nbsp;UGX=&nbsp;is seen weakening on the back of strong demand by players in the interbank market looking to build healthy foreign exchange positions as the new year starts, traders said.



Commercial banks quoted the shilling at 3,694/3,704 on Thursday, compared to 3,673/3,683 a week ago.



&#8220;Normally as the year starts we tend to see elevated (dollar) demand,&#8221; said a trader at one commercial bank.



He said the shilling was likely to weaken to around 3,720 against the dollar.



GHANA



Ghana&#8217;s cedi&nbsp;GHS=&nbsp;is expected to remain softer against the dollar next week as demand remains subdued, traders said.



LSEG data showed the cedi trading at 14.70 to the dollar on Thursday, compared to 14.65 at last Thursday&#8217;s close.



&#8220;The cedi has been on the ropes recently, largely on the back of weaker FX flows. Demand from local corporates has also begun to ramp up, further contributing to the weaker cedi in the week,&#8221; said Sedem Dornoo, a senior trader at Absa Bank Ghana.



&#8220;It is likely that the local unit will remain under pressure in the coming week as demand continues to ramp up as several businesses kick start operations for the year,&#8221; he added.



ZAMBIA



Zambia&#8217;s kwacha&nbsp;ZMW=&nbsp;is likely to remain under pressure against the dollar as a severe drought continues to weigh on the local currency.



On Thursday, the currency of Africa’s second largest copper producer was trading at 27.9000 compared to 27.7750 last Thursday. It has hit a series of record lows since the start of the year.



&#8220;The drought has resulted in significant payments for imported electricity and reduced copper production – a key foreign currency earner – weighing on the kwacha,&#8221; Access Bank said in a note on Thursday.



(Reporting by George Obulutsa, Elias Biryabarema, Christian Akorlie and Chris Mfula; Editing by Kirsten Donovan)

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AFRICA-FX – African currencies seen weakening

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="428" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_XITIO74YJBM5XNTYYV6EQSSGSY.avif" alt="" class="wp-image-573601"/><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, Jan 9 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Thursday.



ECONOMIC EVENTS



November manufacturing output&nbsp;ZAMAN=ECI



SOUTH AFRICAN MARKETS



South Africa&#8217;s rand weakened as a buoyant dollar and disappointing domestic economic data releases weighed on the local currency on Wednesday.



On the stock market, the Top-40&nbsp;.JTOPI&nbsp;index closed about 1.12% lower.&nbsp;.JZAR/



GLOBAL MARKETS



The global bond rout that has pressured equities and boosted the safe-haven U.S. dollar showed signs of slowing on Thursday, even as Japanese yields edged to new multi-year highs.MKTS/GLOB



WALL STREET



U.S. stocks ended little changed on Wednesday in a session they struggled for a clear direction, as investors digested the impact of two conflicting sets of jobs data and a report that said President-elect Donald Trump was mulling a national economic emergency declaration on inflation.&nbsp;.N



GOLD



Gold prices retreated on Thursday on profit-booking after hitting a near four-week peak in the last session, while focus shifted to jobs report due on Friday for clarity on the Federal Reserve&#8217;s 2025 interest rate path.&nbsp;GOL/



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



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



BUSINESS DAY



&#8211; JSE weaker as investors assess US jobs reports



&#8211; Coca-Cola keeps JSE and investors thirsty over mega listing



FIN 24



&#8211; Prosus says it still has appetite for risk, even as it looks to close its biggest deal in years



(Compiled by Sfundo Parakozov)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_XITIO74YJBM5XNTYYV6EQSSGSY

South African Markets – Factors to watch on Jan 9

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_EJOTF6BC3JMHFC7FJKGZLL5WDE-1-820x547.jpg" alt="" class="wp-image-573387" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_EJOTF6BC3JMHFC7FJKGZLL5WDE-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_EJOTF6BC3JMHFC7FJKGZLL5WDE-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_EJOTF6BC3JMHFC7FJKGZLL5WDE-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_EJOTF6BC3JMHFC7FJKGZLL5WDE-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_EJOTF6BC3JMHFC7FJKGZLL5WDE-1.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Abuja-Kaduna train services resumes after an attack on its passengers by bandits in March, in Abuja, Nigeria December 5, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



LAGOS, Jan 8 (Reuters) &#8211; China Development Bank has released a $254.76 million loan to Nigeria for a railway project linking the two northern states of Kano and Kaduna, the bank said, ahead of a visit to the West African country by China&#8217;s top diplomat this week.



As part of his annual New Year tour of Africa, China&#8217;s Foreign Minister Wang Yi will arrive in Nigeria on Wednesday and meet President Bola Tinubu and senior government officials on Thursday, Nigeria&#8217;s foreign affairs ministry said.



Construction of the Kaduna-to-Kano rail project, which is expected to cost $973 million, has been slowed by funding delays.



China Development Bank said in a statement on its website that the loan would provide financial support for the smooth progress of the 203-kilometre (126-mile) standard-gauge railway.



&#8220;Once completed, it will provide direct rail connectivity between Kano, an important northern city in Nigeria, and the country&#8217;s capital Abuja, offering local residents a safe, efficient, and convenient mode of transportation,&#8221; the bank said.



Nigeria&#8217;s parliament first approved China&#8217;s Exim Bank as financier for the rail project in 2020 but the bank later withdrew.



The Kano-Kaduna railway project is part of China&#8217;s Belt and Road Initiative and is being constructed by China Civil Engineering Construction Corporation.



It is also expected to ease movement of people and goods in a region, where road travellers face attacks from armed gangs who kidnap for ransom.



China is among Nigeria&#8217;s largest bilateral lenders, providing loans for roads, rail and power stations.



(Reporting by MacDonald Dzirutwe; Editing by Alex Richardson)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_EJOTF6BC3JMHFC7FJKGZLL5WDE

China Development Bank releases $255 mln for Nigeria rail project

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/AXGKYDH4PFJ6TDMBPUR33LNVXM.avif" alt="" class="wp-image-573364"/><figcaption class="wp-element-caption">A general view of the Makola market, one of the country&#8217;s largest trading centres in Accra, Ghana March 26, 2022. Picture taken March 26, 2022. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Jan 8 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s consumer inflation&nbsp;GHCPIY=ECI&nbsp;rose for a fourth month in a row in December, to 23.8% year on year from 23.0% in November, the statistics service said on Wednesday.



Government statistician Samuel Kobina Annim told a news conference that the latest increase was driven by higher food prices.



&#8220;The rate of inflation&#8230; is the third highest in the last 13 months and highest in the last eight months,&#8221; Annim said.



The West African gold and cocoa producer has been struggling to emerge from its worst economic crisis in a generation.



President John Dramani Mahama, who was sworn in for a second term on Tuesday, has pledged to tackle inflation and currency depreciation to mitigate Ghana&#8217;s cost-of-living crisis.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian;Editing by Bernadette Baum and Christina Fincher)

AXGKYDH4PFJ6TDMBPUR33LNVXM

Ghana inflation rises for fourth straight month in December

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/FN6SHZMGJVMXJICANZS4G326BA.avif" alt="" class="wp-image-573328"/><figcaption class="wp-element-caption">A general view shows the Tetra Pak factory floor in Durban, South Africa, April 4, 2024. REUTERS/Rogan Ward/File photo</figcaption></figure>



JOHANNESBURG, Jan 8 (Reuters)&nbsp;&#8211;&nbsp;South African manufacturing activity fell for the second month in a row in December, a local purchasing managers&#8217; index (PMI) survey showed, as demand declined.



The seasonally-adjusted PMI sponsored by South African bank Absa slipped to 46.2 points in December 2024 from 48.1 points in November, remaining below the 50-point mark that separates expansion from contraction of manufacturing output in Africa&#8217;s most industrialised economy.



&#8220;The manufacturing sector experienced a volatile 2024, with this second consecutive monthly decline in December reversing the upward momentum seen in September and October,&#8221; Absa said in a statement.



The business activity index fell 8.7 points to 40.3, and the new sales orders sub-index also fell.



&#8220;Worryingly, some respondents noted that conditions in December 2024 were worse than usually seen in December,&#8221; Absa added.



But the bank said the sub-index which measures expected business conditions in six months&#8217; time rose in December, showing that manufacturers remain positive about future business conditions.



Export sales figures fell to levels seen in the first half of 2024, while the supplier deliveries index moved above 50 points for the first time in three months.



(Reporting by Tannur Anders; Editing by Tim Cocks)

FN6SHZMGJVMXJICANZS4G326BA

South African factory sector contracts for second consecutive month in December, Absa PMI shows

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



JOHANNESBURG, Jan 8 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Wednesday.



ECONOMIC EVENTS



South Africa&#8217;s December reserves data



Absa manufacturing sector PMI survey



SOUTH AFRICAN MARKETS



South Africa&#8217;s rand slipped against a resurgent dollar on Tuesday, after positive U.S. data suggested the Federal Reserve would likely be cautious in cutting interest rates.



On the stock market, the Top-40&nbsp;.JTOPI&nbsp;index closed about 1% lower.&nbsp;.JZAR/



GLOBAL MARKETS



Asian stocks drifted lower on Wednesday, with a robust dollar keeping the yen pinned near six-month lows as traders wagered the Federal Reserve will likely be slow in cutting rates after data showed the U.S. economy and labour market remained stable.MKTS/GLOB



WALL STREET



U.S. stocks tumbled on Tuesday after a batch of upbeat economic data raised concerns that an inflation rebound could slow down the Federal Reserve&#8217;s pace of monetary policy easing.&nbsp;.N



GOLD



Gold prices edged lower on Wednesday, pressured by higher U.S. Treasury yields and a stronger dollar after data suggested the Federal Reserve might slow the pace of rate cuts this year.GOL/



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



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



BUSINESS DAY



&#8211; IMF says Reserve Bank is a model of transparency but must do more



&#8211; A fun year ahead for deal making



FIN 24



&#8211; Naspers group loses R225bn as US labels Tencent a &#8216;Chinese military company&#8217;



(Compiled by Sfundo Parakozov; Editing by Tannur Anders)

istockphoto-1076949610-612×612-1-2

South African Markets – Factors to watch on Jan 8

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="433" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/KAXVEG334FMHJCVIWZPNP6IK54.avif" alt="" class="wp-image-573106"/><figcaption class="wp-element-caption">Ghanaian President John Dramani Mahama (L) takes the oath during his inauguration ceremony at the Independence Square in Accra January 7, 2013. REUTERS/Stringer/File Photo</figcaption></figure>



ACCRA, Jan 7 (Reuters)&nbsp;&#8211;&nbsp;John Dramani Mahama&nbsp;was sworn&nbsp;in for a second term as Ghana&#8217;s president on Tuesday&nbsp;at a ceremony in the capital Accra, pledging to overcome public discontent by boosting the economy and creating much-needed jobs.



The opposition leader, 66, won the Dec. 7 presidential election by a wide margin to stage a political comeback in the West African nation, the world&#8217;s number-two cocoa producer.



He replaces Nana Akufo-Addo, who steps down after serving two terms, continuing Ghana&#8217;s democratic tradition in a region gripped elsewhere by military coups and jihadist insurgencies.



Over 20 presidents and heads of state from around the world attended the rite in Accra&#8217;s independence square, the scene of Ghanaian presidential inaugurations since Kwame Nkrumah was sworn in over six decades ago.



&#8220;We are a people battered by economic crises and hardships. But there&#8217;s hope on the horizon,&#8221; Mahama said in a speech to cheers from thousands of boisterous supporters.



Following the COVID-19 pandemic, a cost-of-living crisis, an ongoing bailout from the International Monetary Fund and a sovereign debt default, Ghana&#8217;s economy is again growing.



But Mahama&nbsp;is under&nbsp;pressure to deliver quickly on campaign promises to curb high youth unemployment and root out entrenched corruption &#8211; issues that have&nbsp;fuelled&nbsp;distrust in Ghana&#8217;s political system.



&#8220;The average Ghanaian is growing impatient with our democracy,&#8221; Godfred Bokpin, a finance professor at the University of Ghana, told Reuters.



&#8220;People have done their part by voting but they&#8217;re asking: what have they gotten from this democracy?&#8221;



POWER CRISIS AND HUNGER



In his speech, Mahama said his new economic model would be anchored in agriculture and agribusiness, and would provide jobs for young people, stimulate local industry and attract foreign investment.



Analysts and supporters of Mahama’s National Democratic Congress (NDC) party see his two-thirds majority in parliament as a strong mandate to take tough decisions and implement credible policies to improve livelihoods and regain investor confidence.



But a looming power crisis will pose an early challenge with preliminary estimates showing arrears to service providers in excess of $2.5 billion. The worsening outlook threatens to curtail output and hamper the nascent economic recovery.



&#8220;The outgoing government kept the system running by bandaging open sores,&#8221; said Bright Simons of Accra-based IMANI think tank. &#8220;They left the festering wounds for him.&#8221;



Other issues requiring immediate attention are high inflation and exchange rate challenges that are squeezing the incomes of ordinary Ghanaians.



Inflation rose for the third month in a row in November to 23.0%, boosted by surges in food prices.



&#8220;We can talk about the skyscrapers and complex things but the reality is that the average Ghanaian is hungry. You must prioritise food production,&#8221; Bokpin said.



(Reporting by Maxwell Akalaare Adombila; Writing by Anait Miridzhanian; Editing by Angus MacSwan)

KAXVEG334FMHJCVIWZPNP6IK54

Ghana’s Mahama returns as president, vowing to boost economy

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="399" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/ORFYTKEYH5LPDNKGB5ILWDBQIU.avif" alt="" class="wp-image-573081"/><figcaption class="wp-element-caption">A view shows a banner with the logo of the annual BRICS summit next to the Kazan Kremlin in Kazan, Russia October 22, 2024. REUTERS/Maxim Shemetov/File Photo</figcaption></figure>



SAO PAULO, Jan 6 (Reuters)&nbsp;&#8211;&nbsp;Indonesia will&nbsp;formally join BRICS as a full member,&nbsp;Brazil&#8217;s government said on Monday,&nbsp;further expanding the group of major emerging economies that also includes Russia, India, China and South Africa.



Indonesia&#8217;s foreign ministry said in a statement on Tuesday that it welcomed the announcement and that &#8220;BRICS membership is a strategic way to increase collaboration and partnership with other developing nations.&#8221;



Indonesia, the world&#8217;s fourth most populous nation, had previously expressed its desire to join the group as a means of strengthening emerging countries and furthering the interests of the so-called Global South.



Brazil, which holds the bloc&#8217;s presidency in 2025, said in a statement that member states approved Indonesia&#8217;s entry by consensus as part of an expansion push initially endorsed at the 2023 BRICS summit in Johannesburg.



The South American nation noted that Jakarta&#8217;s bid got the green light from the bloc in 2023 but the Southeast Asian country asked to join following the presidential election held last year. President Prabowo Subianto took office in October.



&#8220;Indonesia shares with the other members of the group support for the reform of global governance institutions, and contributes positively to the deepening of cooperation in the Global South,&#8221; the Brazilian government said.



The BRICS group also includes Egypt, Ethiopia, Iran and the United Arab Emirates.



(Reporting by Gabriel Araujo and Stanley Widianto in Jakarta; Editing by Kylie Madry and Saad Sayeed)

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China Development Bank releases $255 mln for Nigeria rail project

Ghana inflation rises for fourth straight month in December

South African factory sector contracts for second consecutive month in December, Absa PMI shows

South African Markets – Factors to watch on Jan 8

Ghana’s Mahama returns as president, vowing to boost economy

Indonesia joins BRICS bloc as full member, Brazil says

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AFRICA-FX – African currencies seen weakening

South African Markets – Factors to watch on Jan 9

China Development Bank releases $255 mln for Nigeria rail project

Ghana inflation rises for fourth straight month in December

South African factory sector contracts for second consecutive month in December, Absa PMI shows

South African Markets – Factors to watch on Jan 8

Ghana’s Mahama returns as president, vowing to boost economy

Indonesia joins BRICS bloc as full member, Brazil says

News Tips

Advertise With Us

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