<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LPLH3MCUKZPKLOKBOCFD2MBNBQ-820x547.jpg" alt="" class="wp-image-428556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LPLH3MCUKZPKLOKBOCFD2MBNBQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LPLH3MCUKZPKLOKBOCFD2MBNBQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LPLH3MCUKZPKLOKBOCFD2MBNBQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LPLH3MCUKZPKLOKBOCFD2MBNBQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LPLH3MCUKZPKLOKBOCFD2MBNBQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LPLH3MCUKZPKLOKBOCFD2MBNBQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian naira notes are seen in this picture illustration March 15, 2016 REUTERS/Afolabi Sotunde/Illustration</figcaption></figure>



NAIROBI, Oct 26 (Reuters) &#8211; The Ugandan and Kenyan shillings and Zambia&#8217;s kwacha are expected to slip in the next week to Thursday, while Nigeria&#8217;s naira is forecast to be range-bound on the official market and Ghana&#8217;s cedi and Tanzania&#8217;s shilling broadly stable, traders said.



<h2 class="wp-block-heading" id="h-kenya">KENYA</h2>



Kenya&#8217;s shilling is forecast to weaken because of increased demand for dollars from importers from all sectors.



Commercial banks quoted the shilling at 150.30/50 per U.S. dollar, compared with last Thursday&#8217;s closing rate of 149.90/150.10.



Earlier on Thursday, the shilling, which is down 17.9% so far this year, touched a new all-time low of 150.35/55 per dollar, according to LSEG data.



&#8220;We have seen a lot of demand, but it cuts across all sectors,&#8221; one trader said.



<h2 class="wp-block-heading" id="h-nigeria">NIGERIA</h2>



Nigeria&#8217;s naira is seen trading around its current levels on the official market in the coming week, after the finance minister said the government was expecting $10 billion of inflows to ease dollar shortages.



However the currency will likely fall on the black market, where it trades freely but on thin volumes, one trader said.



The naira recovered to 775 naira to the dollar on the official market on Thursday from a record low of 999 naira touched last week. But it hit a record low of 1,300 to the dollar on the black market on Thursday.



&#8220;Market participants realise that even if you take the (exchange) rates (down) there are no funds. I expect the market to trade around the 800 levels next week,&#8221; the trader said.



<h2 class="wp-block-heading" id="h-uganda">UGANDA</h2>



Uganda&#8217;s shilling is expected to fall on customary end-month demand for dollars from goods importers.



Commercial banks quoted the shilling at 3,760/3,770 to the dollar, compared with last Thursday&#8217;s closing rate of 3,750/3,760.



&#8220;We anticipate a bit of demand as importers seek dollars to pay for shipments of goods for the coming month,&#8221; said a forex trader.



He said the shilling might weaken to 3,800 to the dollar in the coming days.



<h2 class="wp-block-heading" id="h-zambia">ZAMBIA</h2>



Zambia&#8217;s kwacha is likely to continue trading on the back foot next week as dollar demand, largely from energy importers, continues to exceed supply.



On Thursday, commercial banks quoted the kwacha at 22.11 per dollar, compared with 21.79 a week earlier.



&#8220;The local currency is projected to follow a downward trajectory,&#8221; Access Bank said in a note.



<h2 class="wp-block-heading" id="h-ghana">GHANA</h2>



Ghana&#8217;s cedi is expected to remain steady due to improved dollar supply on the interbank market and a fall in demand.



LSEG data showed the cedi trading at 11.81 to the dollar on Thursday, compared to 11.80 at last Thursday&#8217;s close.



&#8220;The cedi traded relatively stable against the dollar in the past week. &#8230; We expect a similar narrative in the coming week,&#8221; said Sedem Dornoo, a senior trader Absa Bank Ghana.



<h2 class="wp-block-heading" id="h-tanzania">TANZANIA</h2>



Tanzania&#8217;s shilling is expected to hold steady as dollar inflows from foreign direct investment, tourism and agricultural exports meet demand from importers.



Commercial banks quoted the shilling at 2,495/2,505 per dollar, the same as last Thursday&#8217;s close.



(Reporting by Elias Biryabarema, George Obulutsa, Nuzulack Dausen, Chris Mfula, Christian Akorlie and Chijioke Ohuocha Editing by Alexander Winning)

Nigerian naira notes are seen in this picture illustration

WEEKAHEAD-AFRICA-FX-Ugandan, Kenyan and Zambian currencies seen sliding

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="542" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7IVAIW4RBVN7BE7P5VXAC66TQE-820x542.jpg" alt="" class="wp-image-428547" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7IVAIW4RBVN7BE7P5VXAC66TQE-820x542.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7IVAIW4RBVN7BE7P5VXAC66TQE-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7IVAIW4RBVN7BE7P5VXAC66TQE-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7IVAIW4RBVN7BE7P5VXAC66TQE-768x508.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7IVAIW4RBVN7BE7P5VXAC66TQE-1536x1015.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/7IVAIW4RBVN7BE7P5VXAC66TQE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Social grant recipients stand in a queue outside a post office, as joblessness takes its toll in Meadowlands, a suburb of Soweto, South Africa, February 24, 2022. Picture taken February 24, 2022. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, Oct 26 (Reuters) &#8211; South Africa&#8217;s social relief grant is likely to be extended beyond next March, economists said, which may add an unbudgeted 50 billion rand ($2.6 billion) to state expenses and require difficult trade-offs before an election year.



The social relief of distress (SRD) grant of 350 rand a month was introduced in 2020 to support those hardest hit by the COVID-19 pandemic. The government has been debating whether it could end this support claimed by 8.5 million people or make it permanent.



Finance Minister Enoch Godongwana will present a midterm budget on Nov. 1, indicating how he plans to deal with revenue shortfalls and expenditure overruns at a time when more than a quarter of social development funding is used on grants.



Removing the SRD altogether would be tricky ahead of 2024 elections where President Cyril Ramaphosa&#8217;s African National Congress party could lose its majority for the first time since the end of Apartheid as social and economic conditions worsen.



&#8220;Realistically you&#8217;re going into an election year, you don&#8217;t have a vibrant economy, you have households clearly under pressure &#8211; I can&#8217;t see it being removed,&#8221; said Kevin Lings, chief economist at financial services firm Stanlib.



Goolam Ballim, chief economist at lender Standard Bank, said he expects the grant to be extended into fiscal 2024-25 with the possibility that it continues beyond that.



But that will force the government into trade-offs, either by raising taxes, borrowing more or cutting other grants.



Winding down housing grants and other smaller grants such as military veteran transfers could be one approach, BNP Paribas said in a note.



Elizabeth Raiters, founder of Pay the Grants, a civil organization that has been advocating for SRD&#8217;s continuation, has the same concern.



&#8220;They (Treasury) have said they may have to cut other spending or other grants to afford the SRD grant, but I don&#8217;t think that is fair,&#8221; she said.



Another option outlined by Treasury would be to raise taxes or borrow more, a risky move that could inflate the debt-to-GDP ratio to 72% in the midterm budget as spending on higher public wages and failing state-owned entities compounds the problem.



The SRD, in addition to other welfare support, was extended one year to March 2024 at a cost of 36.1 billion rand.



Treasury has estimated it would cost at least 50 billion rand more a year to keep it in place permanently. ($1 = 19.1208 rand) 



(Reporting by Kopano Gumbi; Editing by Olivia Kumwenda-Mtambo, John Stonestreet and Hugh Lawson)

South Africa wrestles on takling poverty and inequality as joblessness takes toll

South Africa’s social relief grant faces scrutiny amid spending cuts

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-820x576.jpg" alt="" class="wp-image-425831" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-1536x1079.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/GBWIEXGFANI6VBWXEAZOCTZ7WQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu waves to a crowd as he takes the traditional ride on top of a ceremonial vehicle, after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja//File Photo</figcaption></figure>



ABUJA, Oct 26 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Supreme Court on Thursday upheld President Bola Tinubu&#8217;s election win, bringing to an end a legal challenge brought by his two main rivals, who argued that his victory was marred by irregularities.



The ruling will give the 71-year-old Tinubu a clear mandate to govern Africa&#8217;s most populous nation, which is grappling with double-digit inflation, foreign currency shortages, a weakening naira, widespread insecurity and crude oil theft.



Nigeria returned to democracy in 1999 after three decades of almost uninterrupted military rule, but accusations of ballot-rigging and fraud have followed its electoral cycles.



The judgment by seven Supreme Court judges, which is final, follows a pattern seen in previous presidential elections that have been challenged in court. None of the attempts to overturn results through the courts has been successful.



Atiku Abubakar of the People&#8217;s Democratic Party and Peter Obi of the Labour Party came second and third respectively in the February vote, but rejected the result and called for Tinubu&#8217;s win to be annulled.



The two opposition leaders had appealed a Sept. 6 tribunal judgment that endorsed Tinubu&#8217;s victory.



In the appeal, they argued that the electoral commission failed to electronically transmit results from polling stations to an online portal, which undermined their authenticity.



They also said Tinubu had won less than 25% of the vote in the federal capital Abuja so he did not meet the legal threshold to become president.



The judges dismissed all their arguments.



&#8220;There is no merit in this appeal, and it is hereby dismissed,&#8221; said Supreme Court judge John Okoro.



The court also rejected Atiku&#8217;s bid to introduce new evidence that alleged Tinubu had submitted a forged university certificate to the electoral agency. Tinubu had denied this.



(Reporting by Camillus Eboh and MacDonald Dzirutwe; Editing by Estelle Shirbon and Sharon Singleton)

FILE PHOTO: Nigeria’s President Bola Tinubu waves to a crowd as he takes the traditional ride on top of a ceremonial vehicle after his swearing-in ceremony in Abuja

Nigerian Supreme Court upholds President Tinubu’s election win

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616593-820x547.jpg" alt="" class="wp-image-421165" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616593-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616593-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616593-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616593-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616593-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/GettyImages-1243616593-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The locomotive of a Transnet SOC Ltd. freight train transports wagons of coal from the Mafube open-cast coal mine, operated by Exxaro Resources Ltd. and Thungela Resources Ltd., towards Richard&#8217;s Bay coal terminal, in Mpumalanga, South Africa on Thursday, Sept. 29, 2022. South Africa relies on coal to generate more than 80% of its electricity, and has been subjected to intermittent outages since 2008 because state utility Eskom Holdings SOC Ltd. can&#8217;t meet demand from its old and poorly maintained plants. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



Oct 26 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s state-owned logistics company Transnet has requested an unspecified cash injection from the government as it seeks to reduce debt and return to profitability, it said on Thursday.



&#8220;Transnet has requested that national Treasury provide an equity injection to support the recovery plan implementation needed to reduce debt and meet required financial ratios for debt capital market participation,&#8221; Transnet acting CFO Hlengiwe Makhathini told a media briefing.



Board chairman Andile Sangqu said Transnet would be unable to carry out its turnaround plan, which seeks to restore freight volumes and return the company to profitability over the next 18 months, unless the government provided the requested help.



The company declined to disclose how much funding it was seeking from government, its sole shareholder, but South African media reports have put the figure above 100 billion rand ($5.24 billion).



The government was not immediately available to comment.



Transnet&#8217;s underperformance has seen freight volumes decline to 150 million metric tons in 2022/23 from 226 million tons in the 2017/18 financial year. It has weakened the economy, as mineral exporters have lost billions of rand in potential revenue because their shipments were disrupted.



Transnet has 130 billion rand in debt and recorded a loss of 5.7 billion rand in the financial year to March.



Its turnaround plan includes splitting the freight rail subsidiary into two &#8211; an infrastructure management company and an operating unit. The company will make another attempt to open up parts of its rail network to private operators after last year&#8217;s false start.



In addition, it will sell off non-core assets including some real estate.



Transnet is looking for a substantive group CEO, CFO and head of its flagship freight rail unit after the three top executives left the company at the end of September and start of October.



Sangqu said the executive posts could be filled &#8220;in the best case, by the end of this calendar year, or at the latest by the end of February&#8221;.



($1 = 19.0969 rand)



(Reporting by Nelson Banya; editing by Barbara Lewis)

Coal Freight Transportation at Mafube Collier

South Africa’s Transnet seeks government bailout as debt mounts

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="350" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg" alt="" class="wp-image-400879" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1-300x172.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Stock market report. 3d illustration</figcaption></figure>



Oct 26 (Reuters)&nbsp;&#8211;&nbsp;Worries about U.S. interest rates remaining higher for longer sparked a selloff across most emerging markets on Thursday, sending stocks to a fresh 11-month low, while investors awaited Turkey&#8217;s interest rate decision.



MSCI&#8217;s index tracking EM stocks&nbsp;.MSCIEF&nbsp;dropped 1.2% as yield on U.S. 10-year tenors, a mark for interest rate expectations, edged up by 0909 GMT.



Equities across developing markets have been hovering near lows last seen in November as investors price in higher borrowing costs amid signs of a resilient U.S. economy.



Such expectations have bolstered the dollar, driving a basket of emerging markets currencies&nbsp;.MIEM00000CUS&nbsp;down 0.2% to a near one-week low.



Turkey&#8217;s monetary policy decision will be in close focus on Thursday, as economists&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3BW0KX&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">broadly expect</a>&nbsp;a 500 basis points increase, in keeping with the recent pivot to orthodox policy.



The lira&nbsp;TRYTOM=D3&nbsp;traded 28.1 to the dollar ahead of the verdict due at 1100 GMT.



&#8220;It&#8217;s clear that authorities are weighing in the trade off between some legacy issues from the previous economic machine, in terms of the banking sector, and pressures (on) the lira from the rise in U.S. yields, which means that the relative interest rate differential is moving against them,&#8221; said Jakob Ekholdt Christensen, senior EM strategist at BankInvest.



Market participants are also keeping a close eye on the Israel-Hamas conflict, and the repercussions a widening strife could have on oil supply from the region, a key resource for developing markets.&nbsp;O/R



In central and eastern Europe, Poland&#8217;s zloty&nbsp;EURPLN=&nbsp;was little changed against the euro after rate-setter Joanna Tyrowicz said domestic inflation will be higher in November and December, adding that she still hopes a majority can be found&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N35326P&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">to support more restrictive monetary policy</a>.



Hungary&#8217;s forint&nbsp;EURHUF=&nbsp;recovered 0.4% following two straight sessions of losses.



Meanwhile, South Africa&#8217;s rand&nbsp;ZAR=&nbsp;inched 0.2% lower ahead of September producers inflation (PPI) data, where economists expect it to rise to 4.7%.



The country&#8217;s top index&nbsp;.JTOPI&nbsp;fell 1.0%, overshadowing a 6.1% surge in Clicks Group&nbsp;CLSJ.J&nbsp;after the pharmacy chain reported a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3BW0JD&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">jump in annual earnings</a>.



Elsewhere, Zambia&#8217;s international dollar bonds rose as much as 2.5 cents, as per Marketaxes, after the finance ministry said it had reached an in-principle agreement on&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3BW0PT&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">debt restructuring terms</a>&nbsp;with a creditor group holding the bonds.



(Reporting by Johann M Cherian in Bengaluru; Editing by Varun H K)

Stock market report. 3d illustration

Stocks retreat to 11-mth low on rate jitters; Turkish rate decision on tap

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="517" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg" alt="" class="wp-image-416545" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-300x189.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-143x90.jpeg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-768x484.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-1536x969.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A participant stands near a logo of World Bank at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018.
Johannes Christo | Reuters</figcaption></figure>



JOHANNESBURG, Oct 25 (Reuters) &#8211; The&nbsp;World&nbsp;Bank&nbsp;said on Wednesday that its board had approved a $1 billion loan to help&nbsp;South&nbsp;Africa&nbsp;reform its energy sector, as the country tries to overcome regular power cuts that have curbed economic growth.



The&nbsp;bank&nbsp;wants to support the country&#8217;s reforms to split struggling power firm Eskom and to transition to a low carbon economy, it said in a statement.



Marie Francoise Marie-Nelly, the&nbsp;World&nbsp;Bank&#8217;s director for&nbsp;South&nbsp;Africa, had told Reuters last month that the loan was under discussion and could come soon.



In Wednesday&#8217;s statement, Marie-Nelly said reforms the government had launched would &#8220;benefit the people of&nbsp;South&nbsp;Africa&nbsp;&#8211; particularly the most vulnerable households &#8211; the economy, the environment, and advance the energy transition&#8221;.



Eskom&#8217;s coal-fired power stations routinely break down, leading to outages of up to 10 hours a day.



Several plants breached government emissions regulations earlier this year, according to a Reuters analysis published in September.



The&nbsp;World&nbsp;Bank&nbsp;said its Development Policy Loan would contribute to a gradual reduction in water and air pollution by reducing the reliance on coal for power generation.



South&nbsp;Africa&#8217;s government pledged to split Eskom into three subsidiaries &#8211; transmission, generation and distribution &#8211; in 2019. In February, it agreed to take on 254 billion rand ($13.3 billion) of Eskom&#8217;s debt, more than half its total debt, which was at risk of default. ($1 = 19.0876 rand) (Reporting by Anait Miridzhanian, Editing by Alexander Winning and Ed Osmond)

106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report

World Bank approves $1 bln loan to help South Africa tackle power crisis

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="768" height="512" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IFC-World-Bank-edited.jpg" alt="" class="wp-image-428524" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IFC-World-Bank-edited.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IFC-World-Bank-edited-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/IFC-World-Bank-edited-135x90.jpg 135w" sizes="auto, (max-width: 768px) 100vw, 768px" /><figcaption class="wp-element-caption">IFC World Bank Photo: via Flickr</figcaption></figure>



LONDON, Oct 25 (Reuters)&nbsp;&#8211;&nbsp;Emerging markets will need $1.5 trillion in investment before 2035 to make new and existing buildings environmentally friendly and avoid a jump in climate-damaging emissions, a top economist at the World Bank&#8217;s private finance arm told Reuters.



Of that $1.5 trillion, China accounts for $1.33 trillion, reflecting its size and urbanisation, and Latin America and the Caribbean, Asia, Europe and Africa most of the rest, the International Finance Corporation said in a new report.



The funds would be used for investments in electrification of older inefficient buildings with cleaner energy, and the construction of energy-efficient new buildings, with low- emission material.



The construction industry globally generates about two-fifths of all carbon emissions and that number is rising amid a building boom, making it central to efforts to curb carbon emissions and limit global warming to 1.5 degrees Celsius.



Speaking ahead of the release of the IFC&#8217;s report on Wednesday suggesting ways to accelerate efforts, Susan Lund, Vice President for Economics and Private Sector Development, said there were &#8220;low-hanging fruit&#8221; technologies to cut emissions.



Adopting them could reduce construction-related emissions 13% from current levels, or 23% below where they would otherwise be, IFC said the report.



More than half the reductions would come from emerging markets, through solutions such as powering buildings using cleaner energy, making them more energy-efficient and using low-emission materials in their construction.



While many technologies exist to slash construction-related emissions, Lund said weak policy incentives, limited finance and poor information about energy efficiency have prevented broader adoption in developing countries.



&#8220;They are in the midst of a massive construction boom that is only going to get bigger in the next 10 to 15 years,&#8221; Lund told Reuters.



&#8220;Here is an opportunity to do things differently,&#8221; she said, noting that it was better to build greener buildings today than retrofit later, as happens in richer countries.



Limited information about the efficiency of buildings is a major problem, she said, pointing to 110 countries without energy efficiency building codes.



Unlike other hard-to-abate activities, however, building more responsibly was &#8220;achievable&#8221; and required &#8220;very negligible&#8221; costs to GDP, Lund added, although decarbonising construction value chains fully would be much tougher.



IFC has invested $10 billion into construction projects in the developing world that meet its energy efficiency criteria, while leveraging another $60 billion from investors including development finance institutions and project developers, Lund said.



(Reporting by Tommy Reggiori Wilkes and Simon Jessop; Editing by Aurora Ellis)

IFC World Bank Photo: via Flickr

Emerging markets need $1.5 trillion to make buildings greener – World Bank’s IFC

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg" alt="" class="wp-image-425798" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, Oct 25 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Supreme Court will rule on Thursday whether to uphold President Bola Tinubu&#8217;s disputed election victory, a court notice showed on Wednesday, after two of his main contenders challenged the decision of a lower court last month.



Atiku Abubakar of the People&#8217;s Democratic Party and Peter Obi of the Labour Party, who came second and third respectively in the February vote, allege that the election was marred by irregularities.



The Supreme Court is the highest court in Africa&#8217;s most populous nation, and its decision will be final.



No legal challenge to the outcome of a presidential election has succeeded in Nigeria, which returned to democracy in 1999 after three decades of almost uninterrupted military rule and has a history of electoral irregularities.



Abubakar and Obi on Monday asked the Supreme Court to quash a Sept. 6 tribunal decision upholding Tinubu&#8217;s win, in a last bid to overturn a result widely accepted by the international community.



The Supreme Court has 60 days to pass judgment on the tribunal ruling.



Lawyers for Atiku and Obi told the Supreme Court the tribunal erred when it declared that it was not mandatory for the electoral agency to electronically transmit results from polling stations even though it had promised to do this.



They also argued that Tinubu did not score 25% of the vote in the federal capital Abuja, which meant he did not meet the legal threshold to be declared winner.



Under Nigeria&#8217;s electoral law, a presidential candidate is deemed to have won if he or she gets no less than a quarter of the votes cast in at least two-thirds of all the 36 states and Abuja.



The provision has been interpreted differently by the opposition and Tinubu&#8217;s lawyers.



The opposition says a successful candidate should get 25% of the vote in three quarters of the states and the same in Abuja, while Tinubu argued that the 25% refers to the states and Abuja combined.



(Reporting by MacDonald Dzirutwe; Writing by Chijioke Ohuocha; Editing by Alexander Winning and Emelia Sithole-Matarise)

FILE PHOTO: Nigeria’s President Bola Tinubu looks on after his swearing-in ceremony in Abuja

Nigeria’s top court to rule on presidential election challenge on Thursday

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-820x547.jpg" alt="" class="wp-image-424734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Stock</figcaption></figure>



Oct 25 (Reuters)&nbsp;&#8211;&nbsp;Most equities across emerging markets were steady on Wednesday as investors took some comfort from latest spending plans by the world&#8217;s second-largest economy, China, while geopolitical uncertainties in the Middle East remained a concern.



MSCI&#8217;s index tracking emerging markets stocks&nbsp;.MSCIEF&nbsp;rose nearly 1% in early trade, and was last up 0.1% amid volatile trading.



Heavy-weight China stocks .CSI300 bolstered early gains and closed 0.5% higher after China&#8217;s government approved a $137 billion bond issue, adding that the new fiscal stimulus will help bolster economic recovery.



&#8220;The additional fiscal support approved today is the intervention we had been expecting and that was needed to prevent an abrupt fiscal tightening in China in the closing weeks of the year,&#8221; said Mark Williams, chief Asia economist at Capital Economics.



&#8220;These new steps will keep it supportive but not deliver any additional boost.&#8221;



Keeping a lid on optimism were developments in the Middle East as investors were concerned about the conflict widening in the region and involving larger players like Iran, that could threaten oil supplies, a crucial resource to emerging markets.



Crude prices pared early losses and were marginally higher, while major crude importer India&#8217;s rupee&nbsp;INR=&nbsp;edged 0.2% lower and Turkey&#8217;s lira&nbsp;TRYTOM=D3&nbsp;traded 28 to the dollar.&nbsp;O/R



A basket of emerging markets currencies&nbsp;.MIEM00000CUS&nbsp;dipped 0.2% against the greenback by 0925 GMT.



Meanwhile, the Israeli shekel IL= traded tepidly after S&amp;P Global revised Israel&#8217;s outlook to &#8220;negative&#8221; from &#8220;stable&#8221; overnight, citing risks that the conflict could spread more widely with a more pronounced impact on the economy and security situation in the country.



More broadly, risk sentiment improved since the last session as yields on longer-dated U.S. Treasury notes retreated. U.S. economic data this week could determine the outlook for monetary policy in the world&#8217;s largest economy.



Among currencies in eastern and central Europe, Hungary&#8217;s forint EURHUF= led losses dipping 0.5% against the euro after the local central bank&#8217;s bigger-than-expected cut to its base rate on Tuesday.



In Poland, the benchmark index .WIG added 0.2% with Santander&#8217;s SAN.MC Polish unit gaining 0.9% after posting a more than a five-fold rise in its quarterly net profit and beating market expectations.



In Russia, the rouble RUBUTSTN=MCX strengthened to a more than six-week high at 93 to the greenback as exporters increased sales of foreign currency revenues.



Elsewhere, a representative of the International Monetary Fund said the lender&#8217;s mission will visit Pakistan in the following week to discuss the first review of the country&#8217;s current $3 billion standby arrangement. The local rupee PKR= climbed 0.6%.



(Reporting by Johann M Cherian in Bengaluru; Editing by Mrigank Dhaniwala)

Investment-management

Stocks steady after China stimulus, FX inch down amid geopolitical jitters

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-820x539.jpg" alt="" class="wp-image-428505" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-1536x1009.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/Nigeria-aims-to-cut-number-of-taxes-to-fewer-than-10-official-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows Nigeria&#8217;s Central Bank headquarters in Abuja, Nigeria November 22, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, Oct 24 (Reuters) &#8211; Nigeria is aiming to reduce the number of taxes levied by federal and state governments from more than 60 to fewer than 10, the head of a tax reform committee said on Tuesday, part of changes to make it easier to conduct business and to boost revenues.



Africa&#8217;s biggest economy, Nigeria, has a tax-to-GDP ratio of 10.8%, one of the world&#8217;s lowest, forcing the government to rely on borrowing to fund its national budget.



Investors often cite Nigeria&#8217;s many taxes and multiple revenue collection agencies for adding to the cost of doing business and discouraging investment.



Taiwo Oyedele, President Bola Tinubu&#8217;s advisor on tax reform, told reporters that Nigeria has over 60 official taxes and levies collected by federal and state governments and local authorities, mandated by law.



Including unofficial taxes &#8211; taxes that agencies legally or illegally levy without the backing of law &#8211; Nigeria has more than 200 taxes, Oyedele said, adding that the large number was &#8220;making life difficult for our people.&#8221;



&#8220;The more taxes you have, actually, the less revenue you collect because it just creates the opportunity for leakages and some non-state actors collecting money and keeping it to themselves,&#8221; he said.



Oyedele said part of the reforms would see changes to the constitution to clarify which level of government should collect particular taxes.



Some states like Lagos, which generates the most tax revenue, passed laws last year designed to allow state governments to collect value-added tax rather than a federal agency, causing a dispute with the federal government that is before the courts. (Reporting by MacDonald Dzirutwe; Editing by Rod Nickel)

FILE PHOTO: A view shows Nigeria’s Central Bank headquarters in Abuja

Nigeria aims to cut number of taxes to fewer than 10 – official

Rather than viewing artificial intelligence as an existential threat, African countries can use its benefits to bolster education and employment. It holds prowess and promise for the future workforce, say experts in education.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-548929143-820x547.jpg" alt="" class="wp-image-428486" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-548929143-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-548929143-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-548929143-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-548929143-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-548929143-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-548929143-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">School teacher teaching students in class, working with tablets</figcaption></figure>



David Sokefun co-founded Codar Tech Africa in Lagos, Nigeria, in December 2021 realizing that tech training was inadequate in Africa’s biggest economy. With the swiftly-changing job market because of advancements in generative AI, he knew the importance and urgency of teaching tech skills that would set people apart in an AI-influenced landscape.



“An adage rings true – in the 21st century, illiteracy pertains to those who cannot learn, unlearn, and relearn,” Sokefun says. “History attests to the fate of companies that failed to adapt during the internet era, as well as those that successfully navigated the shift.”



Sokefun’s will to build a company that learns to work with AI is perfectly timed. Open AI’s ChatGPT has redefined the boundaries of what artificial intelligence can do. Whether it’s writing a complex code or a poem, generating a travel itinerary for the summer holidays, or learning a new language, the chatbot doesn’t hesitate to help you within seconds. Unsurprisingly, it attracted over one million users within five days of its launch, and OpenAI is currently valued at about $29 billion.



The staggering progress of ChatGPT has led many to fear for their jobs. Geoffrey Hinton, the godfather of AI, resigned from Google, citing concerns over the likelihood of AI to upend the job market. In an open letter, many technology leaders and researchers, including Elon Musk, urged AI labs to pause the development of the most advanced systems, stating, “Advanced AI could represent a profound change in the history of life on Earth, and should be planned for and managed with commensurate care and resources.”



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1472335476-820x547.jpg" alt="" class="wp-image-428485" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1472335476-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1472335476-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1472335476-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1472335476-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1472335476-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1472335476-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Digitally generated image of multi coloured vertical bars. Concept of fintech technology, new banking and investment. Clean design.</figcaption></figure>



Their concerns can’t be dismissed. Goldman Sachs estimates AI can impact 300 million full-time jobs. International Business Machines Corp. (IBM) expects AI to replace 7,800 jobs within the company. With the powerful technology eating up massive industries, there’s no denying the worldwide trend will impact African livelihoods, too, as discussed in this year’s Future of Education (FoE) summit in July hosted by CNBC Africa.



Many speakers brought up AI rapidly changing the job market during various enlightening discussions in the virtual summit. The lack of tech training provided to students and employees forged an expanding skills gap in Africa, leading many to remain jobless.



“There is a huge number of graduate students who are unemployable because they lack the skills that create this wide mismatch,” Dr Marwa Haddar, Vice-President of Finance and Strategy of Blue Monsoon Capital, an integrated financial services company, said in a panel discussion at FoE. “They spend long years studying at universities or 12 years of curricula. And then they are with degrees that have really no market value locally or regionally or not to say at the global level.”



<h2 class="wp-block-heading" id="h-augmented-automation">Augmented automation</h2>



Other panelists focused more specifically on augmented automation brought about by ChatGPT.



“Things that you can write – scripts, collating information – that’s something that ChatGPT does much better than any of us could do,” Barry Vorster, Director of BDO South Africa, a group of accounting firms, said at the summit. “So there is a piece where if you’re an excellent editor, there’s still a job. But there’s less of them.”



AI’s ability to take peoples’ jobs can threaten several industries, even pushing them to the brink of extinction.



“The reality is that many companies take a very short-sighted, immediate-term view on the situation and believe that AI can replace humans at their jobs, which equates to increased savings and profits,” Professor Grace Leung of the University of Johannesburg says. “We are already seeing how Hollywood and other companies are foregoing human labor and handing over work to AI to complete.”



For many African countries, AI-threatening jobs come at a time when unemployment levels continue to rise. About half of all people under 34 are without jobs in South Africa. Unemployment in North Africa is projected to be 11.2%, which is above pre-pandemic levels.



“Many African countries have a high dependency on a few sectors, such as agriculture or commodities, and with limited economic diversification, alternate employment options are scarce,” says Dr Angela Lusigi, UNDP Resident Representative in Ghana. “The skills mismatch in the labor market, informal sector with its unpredictability, and lack of protections for the vulnerable coupled with political instability have contributed to the rise in unemployment rates in Africa.”



<h2 class="wp-block-heading" id="h-impact-on-the-future-of-work">Impact on the future of work</h2>



Despite the predictions of doom, history offers enough reasons to be optimistic about new technology and its impact on the future of work. Jobs have been destroyed throughout various centuries, but new, previously inconceivable career paths have forged their way. For most of the 20th century, typing was viewed as a desired job, and typists were in high demand. With the coming of computers, the typing profession disappeared, but the need for web designers, graphic designers, and copy editors accelerated.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1437209386-820x547.jpg" alt="" class="wp-image-428484" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1437209386-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1437209386-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1437209386-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1437209386-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1437209386-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/GettyImages-1437209386-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">African man giving a presentation to the team at coworking office. Male entrepreneur standing by a whiteboard with statistical reports explaining new strategies during meeting.</figcaption></figure>



“Many technological platforms can create new tasks and jobs that nobody dreamed of before – think of radiologists, computer-assisted design, management consultants, or app developers – did anybody think that these jobs were likely to arise in the 1940s?” says Daron Acemoglu, a professor at Massachusetts Institute of Technology (MIT), one of the world’s leading technology and science universities, and author of Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity. “AI has even greater capabilities to do that. This is the promise of AI. If it goes in a human-complementary direction, it can be a powerful tool to boost the productivity of workers with diverse skills.”



While a World Economic Forum report projects that jobs will be split evenly between humans and AI by 2025, some of the speakers at the FoE summit were confident in individuals’ ability to retain occupations that required skills AI hadn’t yet developed.



Professor Harlene Hayne, Vice-Chancellor of Curtin University, said during a one-on-one conversation at the summit: “Some of the professions that, over the past three or four decades, have been seen as primarily women’s work or probably not as prestigious, like teachers and nurses and psychologists and other allied health professionals; all of those jobs will still need to be held by humans.”



By learning to work with generative AI, schools and universities can better equip students for a changing job landscape that requires a plethora of technical skills.



“There is growing evidence that personalized teaching improves student outcomes, especially for kids from low socio-economic backgrounds or for those who are not native English speakers,” says Acemoglu. “The right tools would enable teachers to determine in real-time how the curriculum should be adaptively altered for different subsets of students.”



“The field of education has historically grappled with individual learning differences, and AI’s prowess emerges as a promising solution,” Sokefun says. “A prime illustration of this lies in the initiatives undertaken by Codar Africa, where personalized curricula, round-the-clock monitoring, and innovative assistance are fortified by AI. This technology aptly bridges the gap, offering students guidance akin to that of an instructor, yet unburdened by human limitations.”



Entrepreneurship is viewed as another solution to challenge the stubbornly high unemployment levels in Africa. Teaching entrepreneurship skills in universities can propel students to set up their businesses, which is especially helpful when they have limited job prospects.



But setting up a business comes with its own challenges. Entrepreneurs need financial resources, an acute marketing strategy, and a steady customer base to launch a venture successfully. ChatGPT and other forms of AI can help budding entrepreneurs and startups succeed as it’s immediately accessible to anyone, unlike other disruptive technologies. AI can cut business costs because process-driven activities such as payroll, onboarding, and IT help desk support can be streamlined. AI can also make workers more productive by combing through reams of data-rich, time-sensitive information so that they can instead focus on creating new things and solving new problems.



“For startups in Africa, AI offers an avenue to optimize resource utilization and trim costs, thereby fostering sustainability,” Sokefun says. “A prime example lies in the context of Nigerian and African companies, which can strategically harness generative AI tools like ChatGPT to expedite idea generation and research endeavors. The transformative potential of AI emerges in multifaceted ways, even extending to the creation of advertisements, videos, and textual content, removing the necessity of engaging external ad agencies.”



Instead of dreading the future, countries can use the new technology to their advantage and put Africa on the world map. Steering AI in a better, pro-human direction can unleash new boundaries of previously thought-impossible fruitions.



African universities such as the University of Johannesburg (UJ) are increasingly offering courses such as Master of Artificial Intelligence, which teach students how to use AI across a range of fields, including engineering, commerce, and computer science. In fact, UJ has also introduced free online courses to the public that make learners aware of how AI can transform economies, politics, and societies.



“With AI posed to reshape industries, traditional roles will evolve and transform,” Sokefun concludes. “The remedy lies in a proactive approach – meticulously analyzing the trajectory of one’s industry, identifying skills that will become obsolete, and redirecting efforts toward acquiring novel proficiencies demanded by the emerging landscape. By aligning one’s upskilling journey with the contours of AI’s trajectory, individuals can navigate the impending shifts with acumen and resilience.”

Teacher assting students working with tablets

The Future Of Work In Africa: A Proactive Approach To AI In Education

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-820x549.jpg" alt="" class="wp-image-403037" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/2770193028_68edc662a9_b.jpg 1023w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Flickr</figcaption></figure>



SINGAPORE, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Ghana is looking to boost its oil and gas production by selling more exploration rights, aiming to avoid leaving valuable fossil fuels in the ground and generate revenue to fund its energy transition, a Ghanaian official said on Tuesday.



The West African country is suffering its worst economic crisis in generations and has been seeking investors from countries such as the United States, China and India for its oil and gas sectors.



&#8220;For any investor to look at a temporary hiccup as a basis for decisions in Ghana I think would be making a mistake,&#8221; said Andrew Kofi Egyapa Mercer, deputy minister at Ghana&#8217;s energy ministry, in an interview with Reuters on the sideline of a conference during the Singapore International Energy Week.



&#8220;Post Russia, we have all recognise the need for energy security. And it&#8217;s important that we are not caught pants down,&#8221; he added, referring to Russia&#8217;s invasion of Ukraine.



Mercer said Ghana is marketing oil and gas blocks including both new acreages and fields relinquished by ExxonMobil.



&#8220;The plan really is that we do not intend to get any of our assets stranded. (As) all the commitments that the West with respect to the Paris agreements have never been met, so it&#8217;s important for us to fund our own transition or at least a significant part of it,&#8221; said Mercer, referring to international agreements on combatting global warming.



Currently, Ghana produces 160,000-170,000 barrels-per-day (bpd) of crude oil and about 325 million standard cubic feet per day (scfd) of natural gas, he said.



Sankofa, a major gas field in Ghana and part of the Offshore Cape Three Points (OCTP), has boosted gas output to 235 million scfd from 210 million scfd after some enhancement programmes, he added.



&#8220;We are looking to get to 250 million scfd,&#8221; said Mercer, adding Sankofa&#8217;s expansion plan was expected to be submitted to the Ministry of Energy in January or February next year. &#8220;That is a significant milestone for us.&#8221;



Mercer also said African Finance Corp had secured approval to develop the Pecan field project, which will churn out 80,000 bpd of oil. The final investment decision is expected in the first quarter of 2024, with production starting in 2025-2026, he said.



Ghana is also looking to increase clean energy in its power generation mix and export more electricity to neighbouring countries, he said.



Currently, about 60% of Ghana&#8217;s power is generated from natural gas, 5% from heavy oil and the rest is hydropower and solar.



(Reporting by Muyu Xu and Florence Tan; Editing by Mark Potter)

2770193028_68edc662a9_b

Ghana looks to market more oil and gas blocks

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Most equities and currencies inched up on Tuesday as the greenback and U.S. treasury yields eased after a recent surge, while investors awaited an interest rate decision by the Hungarian central bank.



MSCI&#8217;s basket of emerging market currencies&nbsp;.MIEM00000CUS&nbsp;added 0.2% as the dollar retreated, mirroring a dip in U.S. treasury yields ahead of a slew of economic data due later in the week that could determine the outlook for monetary policy in the United States.&nbsp;USD/



Equities&nbsp;.MSCIEF&nbsp;also gained 0.2% by 0904 GMT, snapping a four-day losing streak.



However, Chris Turner, global head of markets and regional head of research for UK &amp; CEE at ING, said unless sharply weaker U.S. data starts coming in, it is hard to see the long end of treasury yields coming a lot lower.



EM stocks had dropped to near 11 month lows in the previous session, while investors stayed clear of currencies amid concerns about U.S. interest rates, China&#8217;s ailing property sector and geopolitical uncertainties.



In eastern and central Europe, Hungary&#8217;s forint&nbsp;EURHUF=&nbsp;inched up 0.2% against the euro to a two-month high ahead of a central bank policy rate decision due at 1200 GMT. Most economists polled by Reuters expect a 50 basis point rate cut.



&#8220;If the Hungarian central bank decides to cut interest rates more than expected, this could trigger a sell-off in the currency, which has weakened markedly since the series of interest rate cuts began,&#8221; Grzegorz Drozdz, market analyst at Conotoxia, said.



Drozdz expects a 100 basis point cut.



A poll showed economists expect Turkey&#8217;s central bank to deliver another hefty rate hike of 500 basis points later in the week, as it continues to tighten policy against rising inflation. The lira TRYTOM=D4 traded a nudge over 28 to the dollar.



The Russian rouble RUBUTSTN=MCX strengthened to a six-week high past 94 to the dollar, supported by higher oil prices and increased foreign currency sales by exporters as a month-end tax period approached.



Elsewhere, World Bank President Ajay Banga said that geopolitical tensions pose the biggest threat to the world economy, but that risks &#8220;tend to move around&#8221; fast, so others should not be ignored.



Meanwhile, Argentinian 2046 dollar bonds extended previous session declines, falling more than 5 cents on the dollar, as per Marketaxess.



(Reporting by Johann M Cherian in Bengaluru; Editing by David Holmes)

World map with charts and graphs as symbols of global finance

Stocks, FX steady amid US bond yields relief; Hungarian rate decision due

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/46OGH4XFANJW7OJEEG3THQTVQM-820x547.jpg" alt="" class="wp-image-428459" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/46OGH4XFANJW7OJEEG3THQTVQM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/46OGH4XFANJW7OJEEG3THQTVQM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/46OGH4XFANJW7OJEEG3THQTVQM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/46OGH4XFANJW7OJEEG3THQTVQM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/46OGH4XFANJW7OJEEG3THQTVQM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/46OGH4XFANJW7OJEEG3THQTVQM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Ajay Banga, World Bank president, participates in global infrastructure and investment forum in New York, Thursday, Sept. 21, 2023. Seth Wenig/Pool via REUTERS/File Photo</figcaption></figure>



LONDON, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy right now but other risks are also at play, World Bank President Ajay Banga said on Tuesday.



&#8220;The U.S. 10-year Treasury (yield) just crossed 5% briefly yesterday, these are areas we haven&#8217;t seen. So yes, that is right there lurking in the shadows,&#8221; Banga said, referring to a rise in the benchmark for borrowing costs around the world which further threaten an economic slowdown.



&#8220;And then, how long before the next pandemic?&#8221; Banga said during an event at the annual Future Investment Initiative (FII) in Riyadh.



&#8220;There is so much going on in the world and geopolitics in the wars that you&#8217;re seeing and what just happened recently in Israel and Gaza. At the end of the day, when you put all this together, I think the impact on economic development is even more serious,&#8221; he said.



Risks tend to move around, he said. &#8220;So I would be very careful of fixating on one and ignoring the others right now.&#8221;



Banga said that while everything in the developed world looks better than had been expected some time ago, &#8220;I think that we&#8217;re at a very dangerous juncture.&#8221;



He said private sector investment is needed in developing economies but political risks in some of these countries remain a barrier.



&#8220;One trillion of dollars is needed just for renewable energy in the emerging markets. There is not enough money in government coffers or even in the multilateral development banks, we need to involve the private sector with their capital,&#8221; he said. &#8220;And that is the biggest task we have ahead of us.&#8221;



(Reporting by Jorgelina do Rosario; Editing by Karin Strohecker, Mike Harrison and Susan Fenton)

FILE PHOTO: Global infrastructure and investment forum in New York

World Bank’s Banga says geopolitics pose biggest, but not the only, risk to world economy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107208912-1678874096868-gettyimages-1236743873-FR_20211118_011-1-820x462.jpeg" alt="" class="wp-image-428455" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107208912-1678874096868-gettyimages-1236743873-FR_20211118_011-1-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107208912-1678874096868-gettyimages-1236743873-FR_20211118_011-1-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107208912-1678874096868-gettyimages-1236743873-FR_20211118_011-1-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107208912-1678874096868-gettyimages-1236743873-FR_20211118_011-1-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/107208912-1678874096868-gettyimages-1236743873-FR_20211118_011-1.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bitcoin. Filip Radwanski | Sopa Images | Lightrocket | Getty Images</figcaption></figure>



The price of bitcoin breached the $34,000 level to hit its highest since May last year, bolstered by positive sentiment about a bitcoin exchange-traded fund.



The world’s largest cryptocurrency was trading 4.97% higher at $34,596.40 on Tuesday, according to data from Coin Metrics.



Ether, the second-biggest digital coin, surged to its highest since August, according to Coin Metrics data.



“The real catalyst that created the ‘god candle’ earlier today and pushed bitcoin above $34,000 was the $167 million in short liquidations, mainly on offshore exchanges,” said Ryan Rasmussen, analyst at Bitwise Asset Management.



“I don’t think anyone expected the level of price action we’re seeing, and those investors who were shorting bitcoin in the $33,000 plus range are certainly feeling the pain of that surprise today,” said Rasmussen.



Anticipation of a bitcoin ETF grew after the court ruled in favor of crypto-focused asset manager Grayscale over the U.S. Securities and Exchange Commission in its bid to turn its huge Grayscale Bitcoin Trust (GBTC) bitcoin fund into an ETF.



Last week, the SEC declined to appeal that ruling by a key deadline, sparking hopes a bitcoin-related ETF may be approved in the next few months.



A bitcoin ETF would give&nbsp;investors a way to gain exposure to bitcoin’s price movements without owning the cryptocurrency&nbsp;directly.



Bitcoin is considered a highly volatile asset, and its price fluctuations are unpredictable.



Major financial institutions such as BlackRock, Invesco, Fidelity and Grayscale have been pushing for bitcoin ETFs and submitted applications to sell such assets, portraying them as safer investment options compared to direct crypto investments known for their speculative nature and price volatility.



Coinbase told CNBC it is confident that a U.S. bitcoin exchange-traded fund will be approved by the U.S. SEC.



<h2 class="wp-block-heading" id="h-investors-watching-closely"><a></a>Investors watching closely</h2>



The crypto industry is closely watching such developments that could point to a comeback.



Over the past year, the sector has been embroiled in scandals and high drama such as FTX’s bankruptcy and Terraform and its CEO Do Kwon being charged in February for defrauding investors.



Bitcoin price reached an all-time high in November 2021, with values exceeding over $65,000 at that time. However, a year later, the value plummeted to around $16,000 in November last year. That was when Sam Bankman-Fried’s crypto exchange FTX collapsed and filed for bankruptcy.



The SEC has been cracking down on crypto firms, with companies such as Coinbase and Ripple embroiled in lawsuits with the SEC, which has accused them of violations in securities laws.



Both Coinbase and Ripple, as well as other crypto firms, have slammed the U.S. for a lack of clarity around crypto regulations and threatened to leave the country in response to the SEC’s crackdown.



— CNBC’s Tanaya Macheel and Ryan Browne&nbsp;contributed to this story.

107208912-1678874096868-gettyimages-1236743873-FR_20211118_011-1

Bitcoin crosses $34,000 to the highest since May 2022 on ETF hopes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/SXAQKAVSKBOUDIV2WJWWIWAOQY-820x547.jpg" alt="" class="wp-image-428441" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/SXAQKAVSKBOUDIV2WJWWIWAOQY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/SXAQKAVSKBOUDIV2WJWWIWAOQY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/SXAQKAVSKBOUDIV2WJWWIWAOQY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/SXAQKAVSKBOUDIV2WJWWIWAOQY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/SXAQKAVSKBOUDIV2WJWWIWAOQY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/SXAQKAVSKBOUDIV2WJWWIWAOQY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">World Bank President Ajay Banga speaks on the second day of the annual meeting of the International Monetary Fund and the World Bank, following last month&#8217;s deadly earthquake, in Marrakech, Morocco, October 10, 2023. REUTERS/Susana Vera</figcaption></figure>



LONDON, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Nigeria on Monday won its bid to overturn an $11 billion damages bill for a collapsed gas processing project it said was procured by a concerted campaign of bribery.



The West&nbsp;African country was on the hook for the sum – representing around a third of its foreign exchange reserves – after a little-known British Virgin Islands-based company took Nigeria to arbitration over the deal.



Process &amp; Industrial Developments (P&amp;ID) was awarded a 20-year contract in 2010, to construct and operate a gas processing plant in southern Nigeria, as part of a wider plan to exploit Nigeria&#8217;s abundant reserves of gas.



After the deal collapsed, P&amp;ID took Nigeria to arbitration in London and in 2017 was awarded $6.6 billion for lost profits – a sum which has swelled with interest to over $11 billion, representing ten times the country&#8217;s 2019 health budget.



However, Nigeria&#8217;s lawyers say the country was the victim of &#8220;a campaign of bribery and deception&#8221; by P&amp;ID, which they say paid bribes to senior officials to obtain the contract and then corrupted the country&#8217;s lawyers to obtain confidential documents during the arbitration.



P&amp;ID denied that it procured the contract through bribery or that it corrupted Nigeria&#8217;s legal team during the arbitration, blaming the failure of the gas deal and the country&#8217;s arbitration defeat on institutional incompetence.



Judge Robin Knowles allowed Nigeria&#8217;s challenge in a written ruling on Monday.



(Reporting by Sam Tobin, Editing by Kylie MacLellan)

Second day of the International Monetary Fund and the World Bank meeting in Marrakech

Nigeria wins bid to overturn $11 billion bill for collapsed gas deal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Risk sentiment in most emerging markets took a hit on Monday, amid lingering geopolitical uncertainty and expectations of U.S. monetary conditions remaining tighter for longer.



MSCI&#8217;s index tracking emerging markets equities&nbsp;.MSCIEF&nbsp;slipped 0.9% to its lowest level in eleven months by 0948 GMT.



Closely-watched crude prices dipped as diplomatic efforts to contain the Israel-Hamas war intensified, even as the conflict raged on into a new week.&nbsp;O/R



The basket of emerging markets currencies&nbsp;.MIEM00000CUS&nbsp;was little changed,&nbsp;even as&nbsp;the dollar was underpinned by elevated U.S. Treasury yields, an indicator of interest rate expectations.



&#8220;Widening conflict in the Middle East would most affect global markets through sharply higher oil prices,&#8221; UBS analysts wrote in a note.



&#8220;We would expect greater asset price swings in the event of a regional escalation that draws in other nations, such as Iran.&#8221;



The shekel&nbsp;ILS=&nbsp;was muted ahead of a central bank rate decision due at 1300 GMT, where economists expect it to stay pat on borrowing costs.



Elsewhere, Argentina&#8217;s sovereign dollar-denominated bonds fell as much as 4 cents on the dollar after Sergio Massa emerged as the frontrunner in the presidential vote on Sunday, setting the stage for a polarized run-off vote between the Economy Minister and far-right libertarian radical Javier Milei.



&#8220;Milei&#8217;s surprise win will only add to uncertainty ahead of the election proper in October, as investors consider what a Milei government would mean, and it appears to dent the JxC&#8217;s chances,&#8221; said Stuart Culverhouse, chief economist and global head of fixed income research at Tellimer.



Meanwhile, Chinese equities were a drag, with the blue-chip index&nbsp;.CSI300&nbsp;closing down 1.0%, its lowest in over 4-1/2 years amid lingering property sector worries.



Goldman Sachs&#8217; preferred gauge of foreign exchange flows showed September capital outflows from China rose sharply to $75 billion, the biggest monthly figure since 2016, underscoring intensifying depreciation pressure on the yuan.



More broadly, EM currencies have remained range-bound as investors were wary of riskier foreign exchange markets amid geopolitical uncertainties, while keeping an eye on the outlook for U.S. monetary policy.



In central and eastern Europe, Czech&#8217;s crown EURCZK= inched down 0.1% against the euro after central bank board member Jan Prochazka was quoted saying market expectations for two interest rate cuts this year are overdone.



In northern Africa, S&amp;P became the latest ratings agency to downgrade Egypt&#8217;s long-term sovereign credit rating by one notch to &#8220;B-&#8220;, citing the country&#8217;s mounting funding pressures.



(Reporting by Johann M Cherian in Bengaluru; Editing by Varun H K)

featured

WEEKAHEAD-AFRICA-FX-Ugandan, Kenyan and Zambian currencies seen sliding

South Africa’s social relief grant faces scrutiny amid spending cuts

Nigerian Supreme Court upholds President Tinubu’s election win

South Africa’s Transnet seeks government bailout as debt mounts

Stocks retreat to 11-mth low on rate jitters; Turkish rate decision on tap

World Bank approves $1 bln loan to help South Africa tackle power crisis

Emerging markets need $1.5 trillion to make buildings greener – World Bank’s IFC

Nigeria’s top court to rule on presidential election challenge on Thursday

Stocks steady after China stimulus, FX inch down amid geopolitical jitters

Nigeria aims to cut number of taxes to fewer than 10 – official

The Future Of Work In Africa: A Proactive Approach To AI In Education

Ghana looks to market more oil and gas blocks

Stocks, FX steady amid US bond yields relief; Hungarian rate decision due

World Bank’s Banga says geopolitics pose biggest, but not the only, risk to world economy

Bitcoin crosses $34,000 to the highest since May 2022 on ETF hopes

Nigeria wins bid to overturn $11 billion bill for collapsed gas deal

Equities tumble as rate worries, geopolitical tensions wear on

News Tips

Advertise With Us

featured

WEEKAHEAD-AFRICA-FX-Ugandan, Kenyan and Zambian currencies seen sliding

South Africa’s social relief grant faces scrutiny amid spending cuts

Nigerian Supreme Court upholds President Tinubu’s election win

South Africa’s Transnet seeks government bailout as debt mounts

Stocks retreat to 11-mth low on rate jitters; Turkish rate decision on tap

World Bank approves $1 bln loan to help South Africa tackle power crisis

Emerging markets need $1.5 trillion to make buildings greener – World Bank’s IFC

Nigeria’s top court to rule on presidential election challenge on Thursday

Stocks steady after China stimulus, FX inch down amid geopolitical jitters

Nigeria aims to cut number of taxes to fewer than 10 – official

The Future Of Work In Africa: A Proactive Approach To AI In Education

Ghana looks to market more oil and gas blocks

Stocks, FX steady amid US bond yields relief; Hungarian rate decision due

World Bank’s Banga says geopolitics pose biggest, but not the only, risk to world economy

Bitcoin crosses $34,000 to the highest since May 2022 on ETF hopes

Nigeria wins bid to overturn $11 billion bill for collapsed gas deal

Equities tumble as rate worries, geopolitical tensions wear on

News Tips

Advertise With Us

Newsletters