<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/ZQW3IQWM3JIBJJZB3I5KOZGR4I.avif" alt="" class="wp-image-583114"/><figcaption class="wp-element-caption">U.S. Secretary of State Marco Rubio speaks after a tour of a migrant return center and a demonstration of a dog trained to sniff out narcotics, at La Aurora International Airport in Guatemala City, February 5, 2025. Mark Schiefelbein/Pool via REUTERS</figcaption></figure>



WASHINGTON, Feb 5 (Reuters) &#8211; U.S. Secretary of State Marco Rubio will not attend an upcoming G20 meeting in South Africa, the top U.S. diplomat said on Wednesday, days after President Donald Trump threatened to cut off funding to the African country.



South Africa will host a meeting of foreign ministers of the G20 group of countries from February 20-21 in Johannesburg. South Africa has the G20 presidency from December 2024 to November 2025.



<h2 class="wp-block-heading" id="h-why-it-s-important">WHY IT&#8217;S IMPORTANT</h2>



Trump said on Sunday, without citing evidence, that &#8220;South Africa is confiscating land&#8221; and &#8220;certain classes of people&#8221; were being treated &#8220;very badly&#8221;. He said he would cut funding until the matter was investigated.



President Cyril Ramaphosa defended South Africa&#8217;s land policy after Trump&#8217;s threat, saying the government had not confiscated any land and the policy was aimed at ensuring equitable public access to land.



<h2 class="wp-block-heading" id="h-key-quotes">KEY QUOTES</h2>



&#8220;South Africa is doing very bad things. Expropriating private property. Using G20 to promote solidarity, equality, &amp; sustainability. In other words: DEI and climate change,&#8221; Rubio said in his post on X, without giving details.



South Africa&#8217;s foreign ministry said in response to Rubio&#8217;s post that &#8220;there is no arbitrary dispossession of land / private property. This law is similar to the Eminent domain laws.&#8221;



<h2 class="wp-block-heading" id="h-context">CONTEXT</h2>



Trump has complained about South Africa&#8217;s land policy. South African-born billionaire Elon Musk, who is close to Trump, also accused South Africa, without evidence, of having &#8220;openly racist ownership laws&#8221;, suggesting white people were the victims.



The question of land ownership is highly politically charged in South Africa due to the legacy of the colonial and apartheid eras when Black people were dispossessed of their lands and denied property rights.



White landowners still possess&nbsp;three-quarters&nbsp;of South Africa&#8217;s freehold farmland. This contrasts with 4% owned by Black people, who make up 80% of the population compared with about 8% for whites, according to the latest 2017 land audit.



Partly in an effort to redress this imbalance, Ramaphosa signed a law last month allowing the state to expropriate land &#8220;in the public interest&#8221;.



The Trump administration has attempted to dismantle diversity, equity and inclusion programs across the U.S. government. Rights groups say DEI programs help deal with inequities faced by marginalized groups. Trump calls DEI anti-merit.



(Reporting by Kanishka Singh and Jasper Ward in Washington; Additional reporting by Olivia Kumwenda-Mtambo in Johannesburg; Editing by Sandra Maler, Michael Perry and Saad Sayeed)

ZQW3IQWM3JIBJJZB3I5KOZGR4I

US top diplomat Rubio will not attend G20 meeting in South Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg" alt="" class="wp-image-433145" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi/</figcaption></figure>



NAIROBI, Feb 5 (Reuters) &#8211; Kenya&#8217;s central bank cut its benchmark lending rate by 50 basis points to 10.75% on Wednesday, its monetary policy committee said.



The decision was in line with the forecast of a Reuters poll of four economists.



The central bank also cut banks&#8217; Cash Reserve Ratio by 100 basis points to 3.25% to support a lowering of lending rates, the committee said in a statement.



(Reporting by George Obulutsa; Editing by Alexander Winning)

XRWAJLZOAVK3DL2J5JMRWBBQ6A

Kenya central bank cuts main lending rate to 10.75%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg" alt="" class="wp-image-529685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



NAIROBI, Feb 5 (Reuters)&nbsp;&#8211;&nbsp;Kenya has already started talks with International Monetary Fund officials to secure a new lending program when the current one expires in April, its finance minister told Reuters on Wednesday.



The East African nation needs continued support from the Washington, D.C.-based lender to keep its economy on track, Finance Minister John Mbadi said in an interview.



Kenya&#8217;s debt-servicing costs have surged due to a borrowing spree over the past decade, while it abandoned a plan to raise revenue via tax hikes last year in the wake of deadly protests.



&#8220;Maybe before the current program comes to a close in April, there should be some indicators whether we are starting a new program and what that new program will entail,&#8221; he said.



A $1.5 billion commercial loan from the United Arab Emirates, at an 8.25% interest rate, was still an option for the government to fund its budget this fiscal year, he said, but they are also considering other sources, including issuing a Eurobond.



&#8220;We have the option of taking that&#8230; or we go to the market which is open now, and with our good and positive credit,&#8221; he said.



The decision by the administration of U.S. President Donald Trump to freeze foreign aid could hit Kenya hard, as it lacks the fiscal space to replace the funding, Mbadi said, adding that he hoped the United States would reconsider.



&#8220;We don&#8217;t have that fiscal space&#8230; We will have to rearrange the budget and rechannel the domestic resources,&#8221; he said.



(Reporting by Duncan Miriri, editing by Libby George and Hugh Lawson)

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

Kenya has begun talks with IMF for new lending program, finance minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/RXHBRIN7LJNSFFFWOTPXXEJNUY-1.avif" alt="" class="wp-image-582810"/><figcaption class="wp-element-caption">The TotalEnergies logo sits on the company&#8217;s headquarter skyscraper in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo</figcaption></figure>



PARIS, Feb 5 (Reuters)&nbsp;&#8211;&nbsp;TotalEnergies&nbsp;TTEF.PA&nbsp;CEO Patrick Pouyanne said on Wednesday that financing from the United States for its $20 billion Mozambique LNG project is expected to be approved in coming weeks, with other credit agencies to follow in the months after.



The company is waiting for loan re-approvals from the United States, UK and Dutch export credit agencies before lifting a force majeure on the project that has been in place since 2021.



Speaking to journalists after reporting fourth-quarter earnings, Pouyanne said he expected a prior loan approval to be restored fairly quickly under the Trump administration.



He added that the project completion date would need to be pushed back to 2029-2030, from a previously planned 2027.



The U.S. Export-Import Bank had previously agreed a $4.7 billion loan for the project but it needs to be re-approved, after construction on the project was frozen in 2021 due to violent unrest in the northern Cabo Delgado region near the project site — before any disbursements were made.



Pouyanne said that Britain, which has pledged around $800 million to $1 billion, is looking to see if it has a legal right to exit, but noted it had already signed a contract on the financing.



&#8220;I am waiting to see how they will explain it to us,&#8221; he said.



(Reporting by Benjamin Mallet and America Hernandez. Writing by Dominique Patton; Editing by Emelia Sithole-Matarise)

RXHBRIN7LJNSFFFWOTPXXEJNUY

TotalEnergies CEO says US financing for Mozambique LNG project expected in coming weeks

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="471" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/SA-INFLATION.avif" alt="" class="wp-image-524647"/><figcaption class="wp-element-caption">Shoppers look for items as they shop at an outlet of retailer Checkers in Sandton City mall, in Sandton, South Africa, August 28, 2024. REUTERS/Lelethu Madikane </figcaption></figure>



JOHANNESBURG, Feb 5 (Reuters)&nbsp;&#8211;&nbsp;South African private sector activity contracted sharply in January as output fell due to lower sales, a survey showed on Wednesday.



The S&amp;P Global South Africa Purchasing Managers&#8217; Index (PMI) fell to 47.4 in January from 49.9 in December, its lowest since July 2021. A reading above 50 shows growth.



&#8220;New orders dropped solidly, leading to a marked cutback in output, with weakness especially observed among service sector businesses,&#8221; said David Owen, senior economist at S&amp;P Global Market Intelligence.



The findings suggest companies struggled to win back customers at the start of the year, which could affect growth in the first quarter, Owen said.



Despite the downturn, the survey showed domestic supply chains improved, with some respondents suggesting that the drop-off in demand provided vendors with additional capacity and eased bottlenecks.



(Reporting by Bhargav Acharya; Editing by Christina Fincher)

SA INFLATION

South Africa business activity contracts again in January, PMI shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, Feb 5 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand firmed against a weaker dollar early on Wednesday, as investors awaited President Cyril Ramaphosa&#8217;s national address on Thursday and closely watched developments between the U.S. and China.



At 0752 GMT, the rand traded at 18.6125 against the U.S. dollar, about 0.3% stronger than its previous close.



The dollar&nbsp;=USD&nbsp;last traded about 0.3% weaker against a basket of currencies after China retaliated to tariffs imposed by U.S. President Trump.



Ramaphosa will on Thursday deliver the annual State of the Nation Address (SONA), the first under his coalition government. Investors will pay particular attention to comments on reforms and fiscal discipline.



&#8220;Rand sentiment hinges on SONA and U.S.-China trade war developments. Stronger messaging on reforms and fiscal discipline could support South African assets,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



&#8220;Investors remain cautious, with global trade tensions keeping risk appetite subdued,&#8221; Cilliers added.



On the stock market, the Top-40 index last traded up about 0.4%.



South Africa&#8217;s benchmark 2030 government bond was firmer in early deals, with the yield down 4.5 basis points to 9.04%.



(Reporting by Tannur Anders and Sfundo Parakozov; Editing by Christina Fincher)

Illustration photo of South African rand

South African rand firms ahead of president’s address

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/QMAGGFXUKRJORFR6IGW2BMBO3E.avif" alt="" class="wp-image-582706"/><figcaption class="wp-element-caption">Errol Musk, father of Tesla CEO and X owner Elon Musk, gestures as he speaks during an interview with Reuters, in Langebaan, Western Cape, South Africa February 4, 2025. REUTERS/Esa Alexander </figcaption></figure>



LANGEBAAN, South Africa, (Reuters) &#8211; South Africa&#8217;s president needed to call Elon Musk on Monday evening.



The billionaire had publicly accused his post-apartheid government of anti-white racism, and now Musk&#8217;s ally, U.S. President Donald Trump, said he would cut more than $400 million in funding to the country.



So Bejani Chauke, an adviser to Cyril Ramaphosa, the South African president, called Musk&#8217;s father, Errol, a 78-year-old engineer who lives in a luxury double-storey coastal villa&nbsp;a two-hour&nbsp;drive from Cape Town, Musk senior said.



&#8220;I was asked if I can arrange a quick talk between Ramaphosa and Elon last night &#8230; so I did and then they spoke a few minutes later,&#8221; Errol Musk told Reuters at his home in Langebaan, a&nbsp;mostly white&nbsp;enclave looking onto a lagoon fed by the Atlantic Ocean where he keeps a Bentley and a&nbsp;Rolls-Royce.



He briefly showed an exchange of WhatsApp messages between himself and Chauke that&nbsp;backed&nbsp;up his account. Chauke did not respond to questions by Reuters about his role in contacting Musk&#8217;s father. Ramaphosa&#8217;s office confirmed the phone conversation with Elon Musk, who was born in South Africa, in a post on the tycoon&#8217;s X social media platform.



Contacted by Reuters, Ramaphosa&#8217;s spokesperson declined to comment on how the conversation with Elon Musk came about or on its content, only saying: &#8220;Errol Musk is a private citizen, his views are his personal views.&#8221;



Elon Musk did not reply to multiple requests for comment from Reuters.



The trigger for the sudden flurry of backdoor diplomacy was a post on Sunday by Trump who said &#8211; without citing evidence &#8211; that &#8220;South Africa is confiscating land&#8221; and &#8220;certain classes of people&#8221; were being treated &#8220;very badly&#8221;.



He added that he would cut off funding to the country in response, prompting a nearly 2% slide in South Africa&#8217;s rand in early trading on Monday, and a fall in stocks and government bonds. The cost of insuring South African debt against default rose to its highest since early August.



Trump was referring to a bill signed into law by Ramaphosa last month with the aim of addressing racial disparities in land ownership that have persisted in South Africa since apartheid ended 30 years ago &#8212; a target of public criticism by Elon Musk and many white farmers.



The law allows the state to expropriate land &#8220;in the public interest&#8221;, in some cases without compensating the owner. South Africa had previously set a target for the government to transfer 30% of farmland to Black hands that has been repeatedly pushed&nbsp;back. As&nbsp;of 2018, only 8% had been transferred, according to a government survey of title deeds.



White landowners possess three quarters of South Africa&#8217;s freehold farmland, compared with 4% for Black landowners, according to the most recent state audit. Black people make up about 80% of South Africa&#8217;s total population, while about 8% are white.



Ramaphosa responded to Trump&#8217;s comments on Monday, saying the government had not confiscated any land and he looked forward to engaging with Trump to foster a better understanding of a policy designed to ensure equitable public access to land.



Trump&#8217;s attack was echoed by backer Elon Musk, who addressed Ramaphosa in a post on X on Monday accusing South Africa of having &#8220;openly racist ownership laws.&#8221;



Errol Musk, an engineer who said he works in property development and for his son&#8217;s U.S. satellite company Starlink, said Trump would be right to cut funding to South Africa.



He said he did not know if his son had exerted influence over Trump on the issue, but did not think that was necessary as he said Washington was right to scrutinise how U.S. funding was being used abroad.



&#8220;He (Elon) would point out things about South Africa, but the Americans themselves are not stupid &#8230; Everyone wants money from them, that is what it boils down to,&#8221; he said.



&#8220;I would like to know why American taxpayers have to pay nearly $500 million a year for treatment for South African HIV sufferers. Why?&#8221;



Washington committed $440 million in assistance to South Africa in 2023, of which $315 million was for HIV/AIDS. Ramaphosa said U.S. funding accounted for 17% of South Africa&#8217;s programme to prevent and treat HIV/AIDS, which disproportionately affects poor and Black people.



&#8220;I can only imagine that Elon would have said (to Ramaphosa) &#8216;we want to help you but you have to quit this war on white people in South Africa&#8217;,&#8221; said Musk senior.



&#8220;I&#8217;d imagine he&#8217;d be saying &#8216;do you want Zimbabwe here?&#8217;,&#8221; he said.



Violent seizures of white-owned farms instigated by late Zimbabwean president Robert Mugabe in the 2000s prompted an exodus of thousands of white farmers. Their departure was widely seen as having been a disaster for the country&#8217;s agriculture and wider economy. Reuters could not establish if Zimbabwe arose in Elon Musk&#8217;s conversation with Ramaphosa.



South Africa&#8217;s land reform policies since the end of apartheid in 1994 have never involved the forced seizure of white-owned land.



(Reporting by Wendell Roelf and Sisipho Skweyiya; Additional reporting by Alexander Winning, Bhargav Acharya, Tannur Anders, Sfundo Parakozov and Olivia Kumwenda-Mtambo in Johannesburg; Editing by Estelle Shirbon, Silvia Aloisi and Lisa Shumaker)

QMAGGFXUKRJORFR6IGW2BMBO3E

Musk’s dad says he arranged son’s call with South African leader

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/SJQO2OZKNVN5PJDPJPMPHI2LVU.avif" alt="" class="wp-image-582446"/><figcaption class="wp-element-caption">Members of the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO) ride on a pickup truck as they secure the evacuation of non-essential UN staff, following the fight between M23 rebels and the Armed Forces of the Democratic Republic of the Congo (FARDC), in Goma, North Kivu province, Democratic Republic of Congo, January 25, 2025. REUTERS/Arlette Bashiz</figcaption></figure>



NAIROBI, Feb 4 (Reuters) &#8211; Uganda has deployed more than 1,000 extra soldiers into east Congo in the last week near an area where the Kinshasa government is fighting M23 rebels, four diplomatic and U.N. sources said, heightening fears of a regional escalation.



Residents said they were moving towards the conflict zone.



The Rwandan-backed M23 recently captured regional capital Goma in an anarchic and mineral-rich part of Democratic Republic of Congo where wars in 1996-1997 and 1998-2003 drew in outside nations and killed millions, mostly from hunger and disease.



The extra Ugandan deployment north of Goma would raise its numbers there &#8211; officially to back Congo President Felix Tshisekedi&#8217;s army against another rebel force &#8211; to about 4,000-5,000, according to U.N. sources.



Rwanda also has troops operating in east Congo.



Uganda has been helping Congo fight the Islamist Allied Defence Forces since 2021, and the new deployment of between 1,000-2,000 troops was under that auspice in a push called Operation Shujaa, the sources said.



In a region of complex and often-shifting alliances, U.N. experts say Uganda has also backed the ethnic Tutsi-led M23, which is the latest in a string of Rwanda-backed rebellions to take up arms in the name of Congo&#8217;s Tutsis.



Residents in the town of Butembo told Reuters they had seen columns of Ugandan soldiers heading south towards the front line with the M23 since the weekend.



Ugandan army spokesperson Felix Kulayigye denied a major new deployment, saying its forces had changed their &#8220;posture to offensive defence&#8221;, without giving further details.



Congo&#8217;s Communications Minister Patrick Muyaya did not respond when asked if more troops had arrived, but stressed the priority of Ugandan soldiers in the area was to fight the ADF though combat against M23 and Rwandan soldiers was also possible.



&#8220;There&#8217;s still a lot of suspicion about Uganda, a lot of suspicion about what&#8217;s generally happening with the M23,&#8221; he told Reuters.



<h2 class="wp-block-heading" id="h-uganda-s-surge">UGANDA&#8217;S &#8216;SURGE&#8217;</h2>



Corneille Nangaa, head of the Alliance Fleuve Congo, an umbrella organisation that includes the M23 fighters, told Reuters that Uganda provided no support but nor did he expect hostility.



Uganda denies U.N. reports that it has helped train some M23 fighters and given the group a rear base to move men and arms.



Having seized much of North Kivu province, M23 rebels have been consolidating their hold on Goma and moving on Bukavu, a town some 200 km (125 miles) to the south. After meeting resistance from Congolese and Burundian forces, they have said they do not plan to take the city.



Uganda and Rwanda have both entered east Congo in the past in the name of protecting their borders but faced accusations of looting natural resources, especially gold.



Zobel Behalal, a senior expert at the Global Initiative Against Transnational Organized Crime think tank, said eastern Congo is as important for Uganda&#8217;s economy as it is for Rwanda&#8217;s, and the country would do what it needed to protect its interests.



&#8220;The surge is preparation for this,&#8221; he said, referring to Uganda&#8217;s efforts to ensure that it managed any spreading conflict so that it continued to benefit from wealth and trade over their shared border.



Uganda has been helping Tshisekedi&#8217;s army hunt down the Islamic State-allied ADF which originated in Uganda but has been based in Congo since the late 1990s. Ground and air attacks have disrupted ADF operations and forced them to flee strongholds.



Adding to concerns over Uganda&#8217;s potentially ambiguous position, Muhoozi Kainerugaba, the influential son of Uganda&#8217;s president and head of the military, has been publicly supportive of Rwanda&#8217;s President Paul Kagame and his government.



In 2022, he referred to M23 as &#8220;brothers of ours&#8221; fighting for the rights of Tutsis in Congo.



(Reporting by David Lewis in Nairobi, Sonia Rolley in Paris, Elias Biryabarema in Kampala, Ange Kasongo in Kinshasa;Editing by Andrew Cawthorne)

SJQO2OZKNVN5PJDPJPMPHI2LVU

Uganda sends 1,000 more soldiers to east Congo near M23 conflict, sources say

<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, Feb 4 (Reuters) &#8211; South African President Cyril Ramaphosa spoke to Elon Musk on the subject of misinformation about South Africa, the presidency said on Tuesday, after U.S. President Donald Trump said he would suspend aid to the country over its land reform policy.



Trump on Sunday accused South Africa of confiscating land and badly treating &#8220;certain classes of people&#8221;. Ramaphosa responded on Monday that the government had not confiscated any land and the policy was aimed at ensuring equitable public access to land.



South African-born billionaire Musk, who is close to Trump, had waded into the dispute on Monday with a post on X accusing South Africa of having &#8220;openly racist ownership laws&#8221;, suggesting white people were the victims.



The presidency said on X that Ramaphosa and Musk had spoken on Monday &#8220;on issues of misinformation and distortions&#8221; about South Africa.



&#8220;In the process, the President reiterated South Africa&#8217;s constitutionally embedded values of the respect for the rule of law, justice, fairness and equality,&#8221; it said, giving no further details.



(Reporting by Bhargav Acharya; Writing by Estelle Shirbon; Editing by Alexander Winning)

FILE PHOTO: South Africa’s President Cyril Ramaphosa

South African leader spoke to Elon Musk about misinformation after Trump attack

<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, Feb 4 (Reuters) &#8211; Standard Chartered has appointed former South African bank CEO Maria Ramos as chair to succeed Jose Vinals, who is approaching the end of his nine-year term, the lender said on Tuesday.



Ramos, 65, joined StanChart&#8217;s board as an independent non-executive director in January 2021 and was the head of South African bank ABSA Group Ltd from 2009 to 2019, overseeing its exit from the ownership of Britain&#8217;s Barclays.



She will take on her new role as StanChart prepares to deal with rising trade tensions worldwide, particularly between the United States under President Donald Trump and Asian markets such as China where the bank&#8217;s strategy is focused.



The most important task in Ramos&#8217;s in-tray will be to oversee succession planning for CEO Bill Winters, who is nearing 10 years at the helm, by far the longest tenure among major British bank chiefs.



StanChart in October announced it would pare back retail banking to fund investment in its wealth business as, like rivals, it seeks more steady fee-based income to compensate for falling lending revenue as global interest rates dip.



Vinals oversaw a turbulent period for StanChart that included the COVID pandemic, and a subsequent period of sluggish share price performance when rumours the bank would be taken over resurfaced.



First Abu Dhabi Bank, the United Arab Emirates&#8217; biggest lender, said in January 2023 it had considered a bid for StanChart before abandoning the idea.



StanChart&#8217;s share price has since rallied sharply, rising nearly 80% in the past 12 months as the bank improved income across its business lines and returned more cash to shareholders.



Ramos will relocate to Britain to take up her new role, the bank said, and receive a salary of 1.3 million pounds ($1.6 million) per year.



Her appointment also improves gender diversity among the still heavily male-dominated top echelons of major European banks.



Vinals will step down at StanChart&#8217;s annual shareholder meeting on May 8, the bank said.



($1 = 0.8043 pounds)



(Reporting by Lawrence White in London and Yadarisa Shabong in Bengaluru. Editing by Susan Fenton and Mark Potter)

J5PMZMRCRFI65GQ2B62NYABQDM

StanChart picks former South African bank boss Ramos as new chair

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-820x534.jpg" alt="" class="wp-image-481529" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-1536x1000.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/GettyImages-154793123-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A visitor descends stairs outside the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



CAPE TOWN, Feb 4 (Reuters) &#8211; South African petrochemicals company Sasol, mining group Anglo American and its diamond business De Beers entered into a joint development agreement on Tuesday to pilot the production of renewable diesel from vegetable oil.



Under the terms of the deal signed at the annual African Mining Indaba in Cape Town, the partners will assess the technical and commercial viability of feedstock production, company officials told reporters.



De Beers is providing the more than 20-hectare tracts of land on which the crops for the trial vegetable oil feedstock &#8211; initially the Solaris and Moringa plants &#8211; will be grown, Anglo American&#8217;s Director of Projects and Development Alison Atkinson said.



Atkinson said pre-feasibility studies have been approved and renewable diesel production trials have been initiated. The resulting fuel will be used at De Beers operations.



Biofuels, derived from plant material or animal waste, are among the alternative fuels promoted to reduce carbon emissions.



Although renewable diesel production in South Africa is not yet at a commercial scale, customer demand and decarbonisation targets indicate that the country&#8217;s renewable fuels market is promising, according to Sasol.



&#8220;Renewable diesel is transformative. It meets the technical standards of conventional diesel while significantly reducing greenhouse gas emissions,&#8221; Sarushen Pillay, executive vice president of Sasol&#8217;s Business Building, Strategy and Technology portfolio, said at the signing ceremony.



(Reporting by Nqobile Dludla; Editing by Jan Harvey)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Sasol, Anglo American and De Beers to pilot renewable diesel in South Africa

<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="720" height="468" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/37FGDAI5XNJEHG5XRZ5GUCM4NU-1.avif" alt="" class="wp-image-582333" style="width:840px;height:auto"/><figcaption class="wp-element-caption">A man rises a Nigeria Labour Congress flag during a protest rally on closure of Nigerian Universities at the National Assembly complex in Abuja, Nigeria July 27, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Feb 4 (Reuters) &#8211; Nigeria&#8217;s largest labour union has suspended a planned nationwide protest against a 50% hike in telecommunications tariffs and will negotiate with the government to resolve the dispute within two weeks, both sides said on Tuesday.



The Nigeria Labour Congress (NLC), representing millions of workers, had slated a Feb. 4 demonstration after rejecting the tariff increase approved last month by the telecoms regulator -the first such rise in over a decade.



Operators have cited surging operational costs linked to inflation nearing 35% and a weakening naira currency as reasons for the tariff rise. The union called the hike &#8220;insensitive&#8221; and threatened a telecoms service boycott or strike unless the government engaged in talks.



The tariff dispute underscores broader tensions over living costs in Africa&#8217;s most populous nation, where President Bola Tinubu&#8217;s economic reforms, including fuel subsidy cuts, power hikes and currency devaluations have worsened financial strain.



Following talks late on Monday, the NLC and government agreed to form a 10-member committee with equal representation to review the hike and to propose solutions by Feb. 17.



&#8220;The outcome of this committee will determine our next line of action in terms of protest, in terms of boycott, and in terms of even withdrawal of services,&#8221; NLC President Joe Ajaero told reporters.



Both sides committed to a &#8220;stay action&#8221; halting further escalation pending the committee’s findings.



(Reporting by Camillus Eboh; Writing by Elisha Bala-Gbogbo; Editing by Bernadette Baum)

37FGDAI5XNJEHG5XRZ5GUCM4NU (1)

Nigeria union suspends planned protest over telecom tariff, enters talks with government

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg" alt="" class="wp-image-505639" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864863-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, Feb 4 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand weakened early on Tuesday against a buoyant U.S. dollar as markets digested U.S. President Donald Trump&#8217;s changing tariff stance.



At 0555 GMT, the rand traded at 18.79 against the dollar, about 0.4% lower than Monday&#8217;s close. The dollar last traded about 0.3% firmer against a basket of currencies.



Trump on Monday suspended his threat of steep tariffs on Mexico and Canada, agreeing to a 30-day pause in return for concessions on border and crime enforcement with the two neighbouring countries.



The U.S. imposed tariffs on Chinese imports on Tuesday and China quickly responded.



&#8220;What we are seeing is that Trump is looking for concessions, while he negotiates,&#8221; said Adam Phillips, treasury specialist at Umkhulu Treasury.



&#8220;What is clear is that a risk premium is being added into the foreign exchange market and this is going to be around for a while.&#8221;



The rand traded turbulently on Monday, slumping almost 2% in early trade on news that Trump would suspend funding to South Africa, but staged a recovery later to close roughly flat.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals on Tuesday, with the yield down 5.5 basis points to 9.09%.



(Reporting by Tannur Anders; Editing by Sumana Nandy)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand weaker on Trump’s changing tariff stance

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-820x547.jpg" alt="" class="wp-image-581989" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Former U.S. President Donald Trump speaks to an audience at the &#8220;American Freedom Tour&#8221; event in Memphis, Tennessee, U.S., June 18, 2022. REUTERS/Karen Pulfer Focht/File Photo</figcaption></figure>



JOHANNESBURG, Feb 3 (Reuters) &#8211; South African President Cyril Ramaphosa defended his land reform policy on Monday against an attack by Donald Trump that laid bare deep divisions within South Africa over racial disparities in ownership, an issue festering since apartheid.



The U.S. president said on Sunday, without citing evidence, that &#8220;South Africa is confiscating land&#8221; and &#8220;certain classes of people&#8221; were being treated &#8220;very badly&#8221;, adding that he would cut off funding to the country in response.



Ramaphosa said the government had not confiscated any land and he looked forward to engaging with Trump to foster a better understanding over a policy he said ensures equitable public access to land.



Trump&#8217;s attack was echoed by his South African-born billionaire backer Elon Musk, who said in a post on X the country had &#8220;openly racist ownership laws&#8221;, suggesting white people were the victims.



White landowners possess three quarters of South Africa&#8217;s freehold farmland, compared with 4% for Black landowners. Black people make up about 80% of South Africa&#8217;s total population, while about 8% are white.



Ramaphosa signed into law a bill last month aimed at addressing the disparity by making it easier for the state to expropriate land in the public interest.



His African National Congress, the biggest party in the ruling coalition, accused Trump of amplifying misinformation propagated by AfriForum, a right-wing lobby group that promotes what it sees as the interests of white Afrikaans speakers.



The ANC said Trump&#8217;s attack was &#8220;a direct result of the lobby group&#8217;s ongoing efforts to mislead the global community and protect apartheid-era land ownership&#8221;.



AfriForum CEO Kallie Kriel said his group would ask the U.S. government &#8220;to directly punish senior ANC leaders and not the people of South Africa&#8221; over land reform. A spokesperson confirmed the group had lobbied in the United States.



<h2 class="wp-block-heading" id="h-worries-over-trade-deal">WORRIES OVER TRADE DEAL</h2>



The mostly white-led Democratic Alliance, the second-biggest party in the coalition government, said it wanted the land reform law to be amended to address certain flaws, but nevertheless corrected Trump on the specifics.



&#8220;It is not true that the Act allows land to be seized by the state arbitrarily, and it does require fair compensation for legitimate expropriations,&#8221; the DA said.



The mining minister, Gwede Mantashe of the ANC, said African countries should &#8220;withhold minerals&#8221; from the United States in response to any aid cut. Ramaphosa&#8217;s spokesperson Vincent Magwenya told Reuters those words should be &#8220;taken in jest&#8221; and the government was not seriously advocating such a policy.



Washington committed $440 million in assistance to South Africa in 2023, of which $315 million was for HIV/AIDS. Ramaphosa said U.S. funding accounted for 17% of South Africa&#8217;s HIV/AIDS programme but was not significant in other areas.



Bilateral relations were already strained because of South Africa&#8217;s warm relations with China and Russia, and its legal action against Israel, a staunch U.S. ally, which Pretoria accuses of genocide.



South Africa&#8217;s rand, stocks and government bonds fell after Trump&#8217;s comments, and economists said any U.S. measures against it could hurt the economy at a time when the U.S./Africa AGOA trade deal is due for renewal and Ramaphosa has been struggling to boost growth and attract investors.



&#8220;Do you want to set up a factory in a country where today, Trump&#8217;s cutting off all aid? Maybe tomorrow, he&#8217;s ripping up AGOA and maybe on Wednesday, he&#8217;s adding 25% tariffs because they&#8217;re too close to China&#8221; said Charles Robertson, an emerging markets specialist at FIM Partners.



South African exports to the U.S. through AGOA represented 1% of GDP in 2023, of which about half was transportation equipment, according to research by economist David Omojomolo of Capital Economics. He said 56% of exports from South Africa&#8217;s automotive sector were AGOA-eligible.



Trade Minister Parks Tau said the government would engage with the U.S. administration and both parties represented in Congress on the continuation of AGOA, which expires this year.



&#8220;We are optimistic that we will remain part of AGOA,&#8221; he told Reuters on the sidelines of an African mining conference in Cape Town.



(Additional reporting by Tannur Anders and Sfundo Parakozov in Johannesburg, Thando Hlophe in Pretoria, Wendell Roelf and Nqobile Dludla in Cape Town and Libby George in London; Writing by Estelle Shirbon; Editing by Andrew Cawthorne)

FILE PHOTO: “American Freedom Tour” event in Memphis, TN

Trump attack on South Africa exposes divisions over race and land

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/R565IRQJ2ZMVPBNPTB2P6AQWL4.avif" alt="" class="wp-image-581931"/><figcaption class="wp-element-caption">A view shows the Taipei Liaison Office in South Africa which is Taiwan&#8217;s representative office in South Africa&#8217;s administrative capital, Pretoria, South Africa, October 22, 2024. REUTERS/Alet Pretorius/File Photo</figcaption></figure>



TAIPEI, Feb 3 (Reuters)&nbsp;&#8211;&nbsp;The South African government has given Taiwan a deadline of the end of March to relocate the island&#8217;s de facto embassy outside of the capital city Pretoria, the Taiwanese Foreign Ministry said, blaming Chinese pressure for the move.



South Africa severed official diplomatic ties with Taiwan in 1997 and only maintains formal &#8211; and very close &#8211; relations with China, which views the democratically governed island as Chinese territory with no right to the trappings of a state.



In a statement late on Sunday, Taiwan&#8217;s Foreign Ministry said South Africa&#8217;s government had sent a letter in late January demanding the de facto Taiwanese embassy leave Pretoria before the end of March and &#8220;even be renamed as a trade office&#8221;.



The demand &#8220;shows China&#8217;s suppression against us in South Africa is becoming more serious&#8221;, it added, saying, however, that negotiations between Taiwan and South Africa were ongoing.



China&#8217;s foreign ministry said South Africa was a &#8220;good friend and partner&#8221; of China, and the country was doing exactly what it should when it comes to upholding the &#8220;one China principle&#8221; &#8211; which states Taiwan is part of China.



&#8220;Taiwan independence does not enjoy popular support, and will fail,&#8221; the ministry said in a statement to Reuters.



South Africa made a request last year for what is called the Taipei Liaison Office to leave Pretoria.



&#8220;Our department is coordinating with the Taipei liaison office regarding administrative matters related to accurately representing its diplomatic classification in South Africa,&#8221; a spokesperson for the South Africa&#8217;s foreign ministry told Reuters.



China is South Africa&#8217;s largest trading partner globally and one with which it is looking to expand cooperation in areas such as renewable energy.



Taiwan&#8217;s government rejects China&#8217;s sovereignty claims and says it has a right to forge ties with other countries.



Taiwan only has formal diplomatic ties with 12 countries, and in Africa it only has a single ally left, Eswatini, which is almost entirely surrounded by South Africa.



(Reporting by Ben Blanchard; Additional reporting by Ryan Woo in Beijing and Tannur Anders in Johannesburg; Editing by Sandra Maler and Toby Chopra)

R565IRQJ2ZMVPBNPTB2P6AQWL4

Taiwan says S.Africa gives March deadline to move office from Pretoria

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-820x547.jpg" alt="" class="wp-image-581853" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/GettyImages-2196996771.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">WASHINGTON, DC &#8211; JANUARY 31: U.S. President Donald Trump talks to reporters after signing an executive order, &#8220;Unleashing prosperity through deregulation,&#8221; in the Oval Office on January 31, 2025 in Washington, DC. (Photo by Chip Somodevilla/Getty Images)</figcaption></figure>



WASHINGTON, Feb 2 (Reuters) &#8211; U.S. President Donald Trump said on Sunday, without citing evidence, that &#8220;certain classes of people&#8221; in South Africa were being treated &#8220;very badly&#8221; and that he would cut off funding for the country until the matter is investigated.



&#8220;South Africa is confiscating land, and treating certain classes of people VERY BADLY,&#8221; Trump said in a Truth Social post.



&#8220;The United States won&#8217;t stand for it, we will act. Also, I will be cutting off all future funding to South Africa until a full investigation of this situation has been completed!&#8221; he said.



It is unclear what led to Trump&#8217;s post.



The South African embassy in Washington D.C. did not respond to a request for comment outside of regular business hours.



The United States obligated nearly $440 million in assistance to South Africa in 2023, the most recent U.S. government data showed.



South Africa currently holds the G20 presidency, after which the U.S. takes over.



Last month, South African President Cyril Ramaphosa&nbsp;<a href="https://www.reuters.com/world/south-africa-not-worried-about-relationship-with-us-under-trump-ramaphosa-says-2025-01-22/">said</a>&nbsp;he was not worried about the country&#8217;s relationship with Trump. He said he had spoken to Trump after the latter&#8217;s election victory and looked forward to working with his administration.



During his&nbsp;<a href="https://www.reuters.com/article/world/trump-and-land-fears-boost-south-africas-white-right-state-idUSKCN1NQ0GG/">first</a>&nbsp;administration, Trump said the U.S. would investigate unproven large-scale killings of white farmers in South Africa and violent takeovers of land. Pretoria at the time said Trump was misinformed. It is unclear whether the Trump administration carried out an investigation.



Trump&#8217;s close ally Elon Musk was born in South Africa. In 2023, Musk replied on X to a video of a far-left South African political party singing an old anti-apartheid song, &#8220;Kill the Boer&#8221;, by stating: &#8220;They are openly pushing for genocide of white people in South Africa.&#8221;

President Trump Signs Executive Orders In The Oval Office

Trump to cut off funding for South Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/40205162585_b9b3656642_b-820x547.jpg" alt="" class="wp-image-580770" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/40205162585_b9b3656642_b-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/40205162585_b9b3656642_b-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/40205162585_b9b3656642_b-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/40205162585_b9b3656642_b-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/40205162585_b9b3656642_b.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



The race to lead the African Development Bank (AfDB) picked up pace this week as the Zambian, Senegalese and Mauritanian candidates pledged to boost faster development of the world’s poorest continent.



Ex-World Bank senior official Samuel Maimbo of Zambia formally launched his campaign today and will fight it out against Senegal’s Amadou Hott, the special envoy of the bank’s Alliance for Green Infrastructure in Africa, and Mauritania’s Sidi OuldTah, former Director General of the Arab Bank for Economic Development in Africa.



Since assuming leadership of the African Development Bank in 2015, Akinwumi Adesina, a former Nigerian agriculture minister whose term ends in October, has championed Africa’s agriculture as a unique investment opportunity and last week, together with the World Bank, launched an $8 billion drive to provide power to 300 million Africans.



Announcing a candidacy he said was backed by the Southern African Development Community (SADC) and the Community for Eastern and Southern African States (COMESA), Maimbo said Africa needed bold leadership to achieve this, citing his role in helping raise a $90 billion financing package under the International Development Association replenishment.



“Africa stands at a critical juncture,” Maimbo said in a statement from Lusaka, Zambia. “We need to get one billion people to work as quickly as possible by strategically supporting the industries that will improve livelihoods and ignite prosperity on our continent.’’



The AfDB, the only African financial institution rated triple A by Moody’s, Standard &amp; Poor’s and Fitch, selects a new leader next May to replace Nigeria’s Adesina who is not eligible to run again under the bank’s constitution.



Maimbo is bidding to become the second Zambian to hold the Presidency after compatriot Wila Mungomba, who led for a single term between 1980 and 1985. Senegal’s Babacar Ndiaye succeeded him and served two terms till 1995 when Morocco’s Omar Kabbaj took over, also serving two terms. Rwanda’s Donald Kaberuka succeeded him from 2005, also for two terms before Adesina’s arrival.



South Africa, Africa’s largest economy and the bank’s third largest African shareholder after Nigeria and Egypt, initially backed its national Bajabulile Tshabalala, a former Vice President of the Bank,&nbsp;before the Presidency publicly withdrew the support and threw its weight behind Maimbo as the SADC candidate.



Tanzania’s Frannie Leautier, CEO of Kigali based Southbridge Capital and also a former Vice President of the bank, had also been tipped to be in the running but may also have fallen victim to the SADC consensus on Maimbo.&nbsp;



Maimbo says his presidency will focus on boosting Africa’s share of global trade from the current 3 percent by unifying the efforts of its 1.4 billion people, strengthening regional markets and modernizing the continent’s infrastructure and agriculture while accelerating energy access in a region where almost two thirds of the population has no access to electricity.



“Africa needs significantly higher rates of growth to successfully navigate today’s development challenges and capture tomorrow’s opportunities,” he said. “I’m ready on day one to support governments in reaching their goals. It’s time to stop talking about Africa’s potential and start realizing it.”



Maimbo’s recently served as the Vice President of Budget, Performance Review, and Strategic Planning at the World Bank where he also served as Chief of Staff to successive World Bank Presidents. The election will be held on May 29 at the bank’s headquarters in Abidjan, commercial capital of Cote D’Ivoire.

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US top diplomat Rubio will not attend G20 meeting in South Africa

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TotalEnergies CEO says US financing for Mozambique LNG project expected in coming weeks

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Trump attack on South Africa exposes divisions over race and land

Taiwan says S.Africa gives March deadline to move office from Pretoria

Trump to cut off funding for South Africa

Race to lead Africa’s top development finance institution hots up

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