<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="626" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-820x626.jpg" alt="" class="wp-image-558823" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-820x626.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-300x229.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-768x586.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-1536x1173.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-611823168-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ADDIS ABABA, ETHIOPIA &#8211; OCTOBER 1: Ethiopian Minister of Finance and Economic Development Ahmed Shide (L-2) delivers a speech after signing cooperation agreement between Ethiopia and Slovakia, in Addis Ababa, Ethiopia on October 1, 2016.
 (Photo by Minasse Wondimu Hailu/Anadolu Agency/Getty Images)</figcaption></figure>



ADDIS ABABA, Nov 26 (Reuters)&nbsp;&#8211;&nbsp;Ethiopian lawmakers on Tuesday approved the government&#8217;s plan to increase spending by an additional 581.98 billion Ethiopian birr ($4.8 billion) for the 2024/25 fiscal year, a parliament broadcast showed.



The extra spending approved by cabinet last week, supplements the already announced expenditure of 971.2 billion birr for 2024/25, marking a 21% increase from the previous year. Ethiopia&#8217;s fiscal year begins on July 8 and ends on July 7.



Finance Minister Ahmed Shide told lawmakers that a portion of the additional funds would be allocated to subsidise costs of fertiliser, oil, fuel, and medicine.



The East African nation is coming out of several economic shocks including the impact of the COVID-19 pandemic, a devastating two-year war in the northern Tigray region, and extreme weather events.



It secured a four-year, $3.4 billion programme from the International Monetary Fund shortly after floating its currency on July 29. This move laid the groundwork for a long-awaited debt restructuring.



($1 = 122.6389 birr)



(Reporting by Dawit Endeshaw; Writing by George Obulutsa; Editing by Bate Felix)

Cooperation agreement between Ethiopia and Slovakia

Ethiopia’s parliament approves extra $4.8 bln spending in 2024/25

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="624" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-820x624.jpg" alt="" class="wp-image-558769" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-820x624.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-300x228.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-768x584.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-1536x1169.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker puts an ingot of platinum into a box at the Krastsvetmet nonferrous metal plant in the Siberian city of Krasnoyarsk in this March 25, 2008 file photo. REUTERS/Ilya Naymushin/File Photo</figcaption></figure>



LONDON, Nov 26 (Reuters) &#8211; The global platinum market will be in a structural deficit for a third consecutive year in 2025 as mine supply remains constrained despite rising recycling and a 1% decline in demand, the World Platinum Investment Council said on Tuesday.



The WPIC, whose members are major Western platinum producers, expects the global market to show a shortfall of 539,000 troy ounces of platinum next year compared with a revised estimated deficit of 682,000 ounces this year.



&#8220;The market is facing the third year of pretty material deficit in 2025, with automotive demand expected to grow to an eight-year high and jewellery demand to rise for the second year in a row after bottoming out,&#8221; said Edward Sterck, head of research at the WPIC.



This year&#8217;s forecast was reduced from the deficit of 1.0 million ounces predicted by the WPIC in September, as a more stable power supply in South Africa helped the country&#8217;s mines to process more concentrates held as a work-in-progress inventory.



Next year, the WPIC expects mine supply to fall 2% due to lower South African production and to be fully offset by a 12% recovery in recycled supply.



Meanwhile, demand from the auto sector, which uses platinum in catalytic converters to reduce harmful emissions from vehicle exhaust systems, is projected to fall by 2% this year to 3.2 million ounces due to economic uncertainty and high interest rates.



Next year, the WPIC sees the auto demand recovering by 2% to its highest level since 2017 due to growth in sales of hybrid vehicles, stricter emissions legislation, and platinum-for-palladium substitution, the WPIC, which uses data from consultancy Metals Focus, added.



To cover the deficit, above-ground stocks will fall by 15% to 3.0 million ounces, equal to just over four months of global demand.



PLATINUM SUPPLY/DEMAND (&#8216;000 oz)*



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td></td><td>2022</td><td>2023</td><td>2024f</td><td>2025f</td><td>24/23 change</td><td>25/24 change</td><td>Q3 2023</td><td>Q2 2024</td><td>Q3 2024</td></tr><tr><td>SUPPLY</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Refined production: </td><td>5,520</td><td>5,604</td><td>5,626</td><td>5,550</td><td>0%</td><td>-1%</td><td>1,393</td><td>1,541</td><td>1,479</td></tr><tr><td>&#8211; South Africa</td><td>3,915</td><td>3,957</td><td>4,000</td><td>3,929</td><td>1%</td><td>-2%</td><td>984</td><td>1,128</td><td>1,073</td></tr><tr><td>&#8211; Zimbabwe</td><td>480</td><td>507</td><td>504</td><td>522</td><td>-1%</td><td>3%</td><td>132</td><td>126</td><td>126</td></tr><tr><td>&#8211; North America</td><td>263</td><td>275</td><td>252</td><td>232</td><td>-8%</td><td>-8%</td><td>60</td><td>59</td><td>60</td></tr><tr><td>&#8211; Russia</td><td>663</td><td>674</td><td>678</td><td>676</td><td>1%</td><td>0%</td><td>168</td><td>181</td><td>172</td></tr><tr><td>&#8211; Other</td><td>200</td><td>190</td><td>191</td><td>191</td><td>0%</td><td>0%</td><td>48</td><td>48</td><td>48</td></tr><tr><td>Change in producer inventory</td><td>+43</td><td>+11</td><td>+57</td><td>+0</td><td></td><td></td><td>-6</td><td>+35</td><td>+0</td></tr><tr><td>Total mining supply</td><td>5,563</td><td>5,615</td><td>5,683</td><td>5,550</td><td>1%</td><td>-2%</td><td>1,387</td><td>1,576</td><td>1,479</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Recycling:</td><td>1,762</td><td>1,544</td><td>1,587</td><td>1,774</td><td>3%</td><td>12%</td><td>347</td><td>388</td><td>348</td></tr><tr><td>&#8211; Autocatalyst</td><td>1,322</td><td>1,143</td><td>1,176</td><td>1,346</td><td>3%</td><td>14%</td><td>254</td><td>297</td><td>260</td></tr><tr><td>&#8211; Jewellery</td><td>372</td><td>331</td><td>335</td><td>347</td><td>1%</td><td>4%</td><td>75</td><td>72</td><td>68</td></tr><tr><td>&#8211; Industrial</td><td>69</td><td>71</td><td>76</td><td>81</td><td>8%</td><td>6%</td><td>17</td><td>19</td><td>20</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL SUPPLY</td><td>7,326</td><td>7,159</td><td>7,269</td><td>7,324</td><td>2%</td><td>1%</td><td>1,733</td><td>1,964</td><td>1,827</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>DEMAND</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Automotive</td><td>2,751</td><td>3,223</td><td>3,173</td><td>3,245</td><td>-2%</td><td>2%</td><td>771</td><td>805</td><td>750</td></tr><tr><td>Jewellery</td><td>1,880</td><td>1,849</td><td>1,951</td><td>1,983</td><td>5%</td><td>2%</td><td>446</td><td>497</td><td>478</td></tr><tr><td>Industrial:</td><td>2,336</td><td>2,449</td><td>2,434</td><td>2,216</td><td>-1%</td><td>-9%</td><td>490</td><td>667</td><td>565</td></tr><tr><td>&#8211; Chemical</td><td>694</td><td>786</td><td>563</td><td>656</td><td>-28%</td><td>17%</td><td>147</td><td>140</td><td>137</td></tr><tr><td>&#8211; Petroleum</td><td>193</td><td>161</td><td>161</td><td>211</td><td>0%</td><td>31%</td><td>39</td><td>40</td><td>40</td></tr><tr><td>&#8211; Electrical</td><td>106</td><td>89</td><td>90</td><td>92</td><td>1%</td><td>2%</td><td>22</td><td>23</td><td>24</td></tr><tr><td>&#8211; Glass</td><td>505</td><td>521</td><td>671</td><td>286</td><td>29%</td><td>-57%</td><td>64</td><td>225</td><td>125</td></tr><tr><td>&#8211; Medical</td><td>278</td><td>292</td><td>303</td><td>314</td><td>4%</td><td>4%</td><td>71</td><td>77</td><td>78</td></tr><tr><td>&#8211; Hydrogen stationary</td><td>12</td><td>29</td><td>64</td><td>84</td><td>123%</td><td>32%</td><td>7</td><td>14</td><td>17</td></tr><tr><td>&#8211; Other</td><td>548</td><td>571</td><td>582</td><td>574</td><td>2%</td><td>-1%</td><td>139</td><td>148</td><td>144</td></tr><tr><td>Investment:</td><td>-516</td><td>397</td><td>393</td><td>420</td><td>-1%</td><td>7%</td><td>50</td><td>462</td><td>-226</td></tr><tr><td>&#8211; Change in Bars/Coins</td><td>259</td><td>322</td><td>171</td><td>151</td><td>-47%</td><td>-12%</td><td>86</td><td>17</td><td>69</td></tr><tr><td>&#8211; China Bars 500g+</td><td>90</td><td>134</td><td>157</td><td>170</td><td>17%</td><td>8%</td><td>35</td><td>41</td><td>30</td></tr><tr><td>&#8211; Change in ETF Holdings</td><td>-558</td><td>-74</td><td>150</td><td>50</td><td></td><td>-67%</td><td>-99</td><td>444</td><td>-300</td></tr><tr><td>&#8211; Change in Stocks Held by Exchanges</td><td>-307</td><td>14</td><td>-85</td><td>50</td><td></td><td></td><td>28</td><td>-40</td><td>-25</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Demand</td><td>6,451</td><td>7,918</td><td>7,951</td><td>7,863</td><td>0%</td><td>-1%</td><td>1,756</td><td>2,431</td><td>1,567</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance</td><td>874</td><td>-759</td><td>-682</td><td>-539</td><td></td><td></td><td>-23</td><td>-467</td><td>260</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Above Ground Stocks</td><td>4,993</td><td>4,235</td><td>3,553</td><td>3,014</td><td>-16%</td><td>-15%</td><td></td><td></td><td></td></tr></tbody></table></figure>



Source: Metals Focus 2020–2025 via WPIC.



(Reporting by Polina Devitt; Editing by Paul Simao)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_W4HHJNKRB5JDDDLTWMJFL3RBBA

Platinum market faces third consecutive deficit in 2025, WPIC says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4289" height="3038" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/AM5FI7LQQFOIHG3KJQXN7SQ64I.avif" alt="" class="wp-image-558526"/><figcaption class="wp-element-caption">A general view of Karu district in Abuja, Nigeria June 25, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Nov 25 (Reuters) &#8211; Nigeria&#8217;s economy grew 3.46% year-on-year in the third quarter of 2024, quicker than in the first two quarters of the year, statistics agency data showed on Monday.



Gross domestic product (GDP) growth was driven mainly by the services sector, which contributed more than 50% to aggregate output in the July-September period.



Despite the pickup in growth, from 3.19% in the second quarter and 2.98% in the first, it was still short of the 6% target set by President Bola Tinubu when he took office last year in Africa&#8217;s most populous nation and top oil producer.



Tinubu&#8217;s lightning reform push in the first weeks of his administration sparked hope that he could finally unleash the full potential of Africa&#8217;s sluggish economic giant.



But 18 months on, the key planks of his economic overhaul &#8211; devaluing the naira and scrapping subsidies &#8211; have triggered the worst cost-of-living crisis in a generation and are yet to translate into much faster growth.



The National Bureau of Statistics said the services sector grew 5.19% in the third quarter, contributing 53.58% to aggregate GDP.



Nigeria&#8217;s dominant oil sector, which accounts for the bulk of government revenue and foreign exchange reserves, expanded 5.17%, with average daily oil output of 1.47 million barrels per day (bpd), up slightly from 1.41 million bpd in the second quarter.



Growth in agriculture slowed to 1.14% from 1.41% in the second quarter, while industries grew 2.18%, versus 3.53% in April-June.



The International Monetary Fund forecasts Nigeria&#8217;s economy will grow 2.9% in 2024 and 3.2% next year.



(Reporting by Elisha Bala-Gbogbo; Editing by Alexander Winning and Alex Richardson)

AM5FI7LQQFOIHG3KJQXN7SQ64I

Nigeria growth picks up in third quarter, fuelled by services

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3790" height="2527" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/3FNEUQQ2TBMANK4FVKGNG6GGJY.avif" alt="" class="wp-image-558454"/><figcaption class="wp-element-caption">The logo and trading information for U.S. coal miner Peabody Energy Corp. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 4, 2017. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



LONDON/MELBOURNE Nov 25 (Reuters) &#8211; Anglo American agreed on Monday to sell its remaining Australian steelmaking coal mines to Peabody Energy for up to $3.78 billion in cash, the first major disposal in a wider restructuring plan.



The London-listed miner is reshaping its business to focus on copper after fending off a $49 billion takeover bid from larger rival BHP in May, betting on disposals to increase value and ward off unwanted suitors.



Anglo&#8217;s share price was up 2.4% by 0829 GMT.



Peabody&#8217;s deal comprises an upfront payment of $2.05 billion at completion, deferred cash consideration of $725 million and the potential for up to $550 million. It also includes a contingent cash consideration of $450 million linked to the reopening of the Grosvenor mine after a fire broke out there in June, Anglo American said in a statement.



Portfolio manager Ben Cleary at Tribeca Investment Partners, whose firm counts Anglo as its largest holding said that the miner received a &#8220;good price&#8221;.



&#8220;A decent amount of cash and the deferred element seems sensible,&#8221; he added.



Peabody will buy Moranbah North, Grosvenor, Aquila, and Capcoal located in Australia&#8217;s Bowen Basin. Anglo&#8217;s Dawson mine will be sold on for $455 million to a unit of Indonesia&#8217;s Delta Dunia Group which runs the BUMA coal mining services business, in a back-to-back transaction, Peabody said.



The agreement comes just days before a six-month freeze on another approach by BHP expires on Friday under UK takeover regulations, after Anglo rebuffed BHP three times.



Anglo had already offloaded a minority stake in a joint venture that owns the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, for $1.1 billion.



<h2 class="wp-block-heading" id="h-spinning-out-underperforming-assets">SPINNING OUT UNDERPERFORMING ASSETS</h2>



Anglo&#8217;s plan to restructure also includes shedding underperforming platinum, nickel and diamond assets to focus on copper, a metal key for the clean energy transition and the rapid expansion of artificial intelligence, iron ore and crop nutrients.



&#8220;We see potential for a material re-rating in the medium-term as Anglo delivers on its restructuring plan, leaving a simplified portfolio with a 60% exposure to copper,&#8221; said Marina Calero, an analyst at RBC Capital Markets.



&#8220;A renewed approach from BHP cannot be ruled out, with the end November deadline soon approaching,&#8221; she added.



After coal, Anglo is expected to spin out its Anglo American Platinum unit in South Africa by mid-2025. CEO Duncan Wanblad also said it expects diamond giant De Beers to follow, as the group works towards separation of that business.



&#8220;We are well progressed with the delivery of $1 billion of cost savings,&#8221; he said in a press release.



(Reporting by Melanie Burton in Melbourne, Clara Denina in London and Aby Jose Koilparambil in Bengaluru; Editing by Sonali Paul, Rashmi Aich, Louise Heavens and Emelia Sithole-Matarise)

3FNEUQQ2TBMANK4FVKGNG6GGJY

Anglo to sell Australian coal mines to Peabody for up to $3.78 bln

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



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



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



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



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



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



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



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



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



&#8220;If they do not pitch, SWAPO will win.&#8221;



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



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



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



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



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



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



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



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



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



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



Election observers have generally said past polls in Namibia were fair and credible.



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

FICYWLXYY5O65HYMVPAS2YUHJ4 reuters

Namibia to vote in toughest election yet for ruling party

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



This has limited IMF engagement to technical assistance, such as budget preparation.



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



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



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



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



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



(Reporting by Nyasha Chingono and Duncan Miriri; Editing by Libby George and Susan Fenton)

Q6WVUVN6WZNWTDJRVRCBW4TRQI

Zimbabwe charts ambitious return to global finance at debt conference

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



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



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



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



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



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



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



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



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



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



NUPRC did not respond to a request for comment on the matter.



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



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



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



(Reporting by Isaac Anyaogu; Editing by Kirsten Donovan)

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

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

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="625" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-820x625.jpg" alt="" class="wp-image-557334" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-820x625.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-300x229.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-768x585.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-1536x1170.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108066045-1732144350860-Bluesky_CEO_Jay_Graber_2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



Bluesky has surged in popularity since the presidential election earlier this month, suddenly becoming a competitor to Elon Musk’s X and Meta’s Threads. But CEO Jay Graber has some cautionary words for potential acquirers: Bluesky is “billionaire proof.”



In an interview on Thursday with CNBC’s “Money Movers,” Graber said Bluesky’s open design is intended to give users the option of leaving the service with all of their followers, which could thwart potential acquisition efforts.



“The billionaire proof is in the way everything is designed, and so if someone bought or if the Bluesky company went down, everything is open source,” Graber said. “What happened to Twitter couldn’t happen to us in the same ways, because you would always have the option to immediately move without having to start over.”



Graber was referring to the way millions of users left Twitter, now X, after Musk purchased the company in 2022. Bluesky now has over 21 million users, still dwarfed by X and Threads, which Facebook’s parent debuted in July 2023.



X and Meta didn’t immediately respond to requests for comment.



Threads has roughly 275 million monthly users, Meta CEO Mark Zuckerberg said in October. Although Musk said in May that X has 600 million monthly users, market intelligence firm Sensor Tower estimates 318 million monthly users as of October.



Bluesky was created in 2019 as an internal Twitter project during Jack Dorsey’s second stint as CEO, and became an independent public benefit corporation in 2022. In May of this year, Dorsey said he is no longer a member of Bluesky’s board.



“In 2019, Jack had a vision for something better for social media, and so that’s why he chose me to build this, and we’re really thankful for him for setting this up, and we’ve continued to carry this out,” said Graber, who previously founded Happening, a social network focused on events. “We’re building an open-source social network that anyone can take into their own hands and build on, and it’s something that is radically different from anything that’s been done in social media before. Nobody’s been this open, this transparent and put this much control in the users hands.”



Part of Bluesky’s business plan involves offering subscriptions that would let users access special features, Graber noted. She also said that Bluesky will add more services for third-party coders as part of the startup’s “developer ecosystem.”



Graber said Bluesky has ruled out the possibility of letting advertisers send algorithmically recommended ads to users.



“There’s a lot on the road map, and I’ll tell you what we’re not going to do for monetization,” Graber said. “We’re not going to build an algorithm that just shoves ads at you, locking users in. That’s not our model.” Bluesky has previously experienced major growth spurts. In September, it added 2 million users following X’s suspension in Brazil over content moderation policy violations in the country and related legal matters.



In October, Bluesky announced that it raised $15 million in a funding round led by Blockchain Capital. The company has raised a total of $36 million, according to Pitchbook.

108066045-1732144350860-Bluesky_CEO_Jay_Graber_2

Bluesky CEO Jay Graber says X rival is ‘billionaire proof’

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



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



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



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



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



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



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



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



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

YHAEHYTU3FKTXKQPXGYAMT4ESQ

South African central bank trims key rate but stresses tough backdrop

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



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



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



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



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



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



(Reporting by Philbert Girinema; Writing by Hereward Holland; Editing by Alexander Winning)

Rwandan Economy as World Bank Cuts Growth Estimate on Floods

Rwanda central bank maintains key rate, sees inflation within target

<figure class="wp-block-image size-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.

107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb

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)

6O5Q2NTHUVPPPMS2HHSHYSFF2Q

Southern African bloc extends troop deployment in Congo by a year

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



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.)

YSGCGBAO75MLPM4PMTIL4T6X4E

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

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="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)

OUYYQXCMJBIYFCNERSGFHJFKBA

South African inflation drops to lowest since June 2020

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



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)

PE4FFKBGVRIG3KXAM2ILG5AFKU

Main candidates in Namibia’s presidential election

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



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)

featured

Ethiopia’s parliament approves extra $4.8 bln spending in 2024/25

Platinum market faces third consecutive deficit in 2025, WPIC says

Nigeria growth picks up in third quarter, fuelled by services

Anglo to sell Australian coal mines to Peabody for up to $3.78 bln

Namibia to vote in toughest election yet for ruling party

Zimbabwe charts ambitious return to global finance at debt conference

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

Bluesky CEO Jay Graber says X rival is ‘billionaire proof’

South African central bank trims key rate but stresses tough backdrop

Rwanda central bank maintains key rate, sees inflation within target

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

Southern African bloc extends troop deployment in Congo by a year

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

South African inflation drops to lowest since June 2020

Main candidates in Namibia’s presidential election

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

South African pension withdrawals since reform up to $1.9 billion

News Tips

Advertise With Us

featured

Ethiopia’s parliament approves extra $4.8 bln spending in 2024/25

Platinum market faces third consecutive deficit in 2025, WPIC says

Nigeria growth picks up in third quarter, fuelled by services

Anglo to sell Australian coal mines to Peabody for up to $3.78 bln

Namibia to vote in toughest election yet for ruling party

Zimbabwe charts ambitious return to global finance at debt conference

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

Bluesky CEO Jay Graber says X rival is ‘billionaire proof’

South African central bank trims key rate but stresses tough backdrop

Rwanda central bank maintains key rate, sees inflation within target

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

Southern African bloc extends troop deployment in Congo by a year

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

South African inflation drops to lowest since June 2020

Main candidates in Namibia’s presidential election

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

South African pension withdrawals since reform up to $1.9 billion

News Tips

Advertise With Us

Newsletters