<figure class="wp-block-image size-full"><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, May 28 (Reuters)&nbsp;&#8211;&nbsp;The World Bank&#8217;s private finance arm on Tuesday launched a programme to provide up to $4 billion to small businesses in emerging markets, with a focus on women-owned firms and those in the agriculture and climate sectors.



The International Finance Corporation said it would advance the funds to banks, non-bank financial institutions, microfinance institutions, and innovative digital lenders that loan to micro, small and medium-sized businesses.



The MSME Financing Platform would aim to attract a further $4 billion by using credit enhancements to attract private sector capital.



&#8220;Micro, small, and medium enterprises form the backbone of most developing economies, yet they face significant financial barriers that hinder their potential,&#8221; said IFC Managing Director Makhtar Diop in a statement.



MSMEs make up more than 90% of all firms and account, on average, for 60-70% of total employment and 50% of GDP worldwide, the IFC said, yet the SME Finance Forum puts the annual financing gap at around $5.7 trillion.



Access to finance has been hampered by tighter credit conditions, rising interest rates and a decline in risk appetite among mainstream lenders, the IFC said, something it hoped to reverse by offering to take the first loss on loans.



Up to $100 million of finance to help the platform de-risk the credit and foreign currency exposures will come from the International Development Association, it added. I



&#8220;Our new financing platform addresses these challenges head-on, empowering financial service providers to extend critical support to these businesses, particularly those that are women-led or environmentally focused.&#8221;



(Reporting by Simon Jessop; Editing by Sriraj Kalluvila)

IFC World Bank Photo: via Flickr

IFC launches $4 bln platform to support small firms in developing markets

How the world got into $315 trillion of debt

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GEHCKBE6DZLYNKSPJ6M6MCXGOE-820x547.jpg" alt="" class="wp-image-491568" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GEHCKBE6DZLYNKSPJ6M6MCXGOE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GEHCKBE6DZLYNKSPJ6M6MCXGOE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GEHCKBE6DZLYNKSPJ6M6MCXGOE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GEHCKBE6DZLYNKSPJ6M6MCXGOE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GEHCKBE6DZLYNKSPJ6M6MCXGOE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GEHCKBE6DZLYNKSPJ6M6MCXGOE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: President of the African National Congress (ANC) Cyril Ramaphosa delivers an address to supporters during the political party’s final rally ahead of the upcoming election at FNB stadium in Johannesburg, South Africa, May 25, 2024. REUTERS/Alaister Russell/File Photo</figcaption></figure>



JOHANNESBURG, May 28 (Reuters) &#8211; South African President Cyril Ramaphosa, who has staked his reputation on cleaning up the image of the ruling African National Congress, will lead the party toward its biggest test of the democratic era when South Africans vote on Wednesday.



Ramaphosa, who helped found the country&#8217;s biggest mining union and later became one of its wealthiest businessmen, took on the presidency in 2018 and survived a misconduct scandal to be re-elected to the ANC&#8217;s helm in 2022.



He has struggled to lift economic growth, make a dent in high unemployment with a third of South Africans jobless, or end crippling power cuts &#8211; all of which voters are expected to punish the ANC for at the ballot box on May 29.



If the party loses its majority for the first time in 30 years, as opinion polls predict, some political analysts say 71-year-old Ramaphosa will be unlikely to see out a second term.



Ramaphosa was the ANC&#8217;s lead negotiator during talks that led to a peaceful end to apartheid, which enabled Nelson Mandela to become South Africa&#8217;s first Black president after 1994&#8217;s historic all-race vote.



He also played an important role in the drafting of South Africa&#8217;s progressive constitution.



Despite his evident gifts, Ramaphosa gave up politics in 1996 and entered business, as Mandela&#8217;s newly elected ANC sought to dilute the dominance of the white minority in the boardrooms of the new South Africa.



Some say he was pushed by Mandela&#8217;s protege and eventual successor, former President Thabo Mbeki. Ramaphosa withdrew from politics under Mbeki and set up an investment vehicle called Shanduka &#8211; which means &#8220;change&#8221; in the language of his Venda people.



Shanduka grew into one of the biggest Black-owned investment vehicles in South Africa. Ramaphosa was one of the main beneficiaries of the ANC&#8217;s policy of Black Economic Empowerment, which was meant to reduce inequality but which critics say led to people with ANC connections acquiring assets at knock-down prices.



<h2 class="wp-block-heading" id="h-silver-tongued-negotiator">SILVER-TONGUED NEGOTIATOR</h2>



The son of a retired policeman, Ramaphosa was a thorn in the side of white mine bosses in the 1980s, leading the National Union of Mineworkers (NUM) that he co-founded in one of the largest strikes in the country&#8217;s history.



He left the NUM in 1991 and was elected secretary-general of the ANC, in charge of the day-to-day running of the party, a year after it was unbanned by the apartheid government.



Ramaphosa&#8217;s negotiating skills at constitutional talks in the early 1990s won him grudging respect from South Africa&#8217;s last white president, F.W. de Klerk, who said Ramaphosa&#8217;s &#8220;silver tongue and honeyed phrases lulled potential victims while his arguments relentlessly tightened around them&#8221;.



Ramaphosa started winding down his business interests in 2012, when he became the ANC&#8217;s No. 2 official under former President Jacob Zuma.



He replaced Zuma as ANC leader in 2017, vowing to rid the ruling party of graft and revitalise the economy.



But just as he was about to start campaigning for his second term as party chief, he faced calls to quit after an advisory panel found preliminary evidence that he may have violated the constitution over a large amount of cash found hidden in furniture at his game farm.



He has denied wrongdoing and was not charged with any crimes but his reputation took a hit from the incident dubbed &#8220;Farmgate&#8221;.



<h2 class="wp-block-heading" id="h-champion-of-global-south">CHAMPION OF GLOBAL SOUTH</h2>



Ramaphosa has been criticised for appearing to prevaricate on crucial reforms to avoid rifts within his party &#8211; a far cry from the decisiveness he showed as a union leader in the 1980s.



Policy changes on energy security, jobs and the green energy transition stumbled on internal party divisions, and several committees he created have only dragged out these disagreements.



But his supporters applaud his ability to preserve consensus and say he has made important achievements advancing South Africa&#8217;s reputation as a champion of the so-called &#8220;Global South&#8221;, shorthand for some low- and middle-income countries including India.



During the COVID-19 pandemic Ramaphosa was one of the most prominent voices globally calling for fairer distribution of vaccines.



More recently South Africa filed a genocide case against Israel at the International Court of Justice, leading judges to rule last week that Israel must halt its military assault on the Gaza city of Rafah. Israel has vehemently rejected the allegations.



Ramaphosa has campaigned on the ANC&#8217;s successes over the last 30 years, but critics say he has offered little in the way of new solutions to South Africa&#8217;s biggest challenges, including high crime and stark inequality.



At the ANC&#8217;s final campaign rally before the election, he promised to &#8220;do better&#8221; before a crowd of tens of thousands of supporters gathered at a Soweto soccer stadium. Many filed out before he had finished his speech.



(Editing by Emelia Sithole-Matarise)

FILE PHOTO: President of the ANC Cyril Ramaphosa attends a rally ahead of the upcoming election at FNB stadium in Johannesburg

South Africa’s Ramaphosa steers ANC into potentially pivotal election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-820x547.jpg" alt="" class="wp-image-429146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/AXIZJVFVSJPH5JV3TFFSZSORV4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Zambia&#8217;s Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington, U.S., October 15, 2022. REUTERS/James Lawler Duggan/File Photo</figcaption></figure>



LONDON, May 28 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s ministry of finance said on Tuesday that more than 90% of holders of its $3 billion in outstanding international bonds had accepted its restructuring proposal so far, paving the way for the country to emerge from a lengthy default.



Voting on the proposal only finishes officially on May 30.



However, on the basis of the instructions the government had received by May 24, &#8220;Zambia expects that the meetings will be quorate and that each of the extraordinary resolutions in respect of each series of existing notes will be approved at the relevant meeting,&#8221; the ministry said in a regulatory statement.



Zambia defaulted more than three years ago and is reworking its debt under the Common Framework, a G20 platform to bring together big creditors like China and the traditional group of developed creditor nations, known as the Paris Club, to ensure swift and smooth debt overhauls for low-income countries.



Zambia was widely seen as a test case. But the process has been beset by long delays, which have hamstrung much-needed investments, curtailed economic growth and weighed on local financial markets. A devastating drought had worsened the situation.



Under the proposed plan, bondholders will swap three existing instruments due to mature in 2022, 2024 and 2027, into two amortising bonds, one of which would have higher repayments if the country&#8217;s economic outlook improved.



Zambia secured a $1.3-billion loan from the International Monetary Fund in 2022, which required it to restructure its debt with other creditors.



Zambia&#8217;s international bonds traded unchanged, with the 2024 bond indicated at 63.4 cents in the dollar and the 2027 maturity at 75.9 cents, according to Tradeweb data.&nbsp;XS1056386714=TE,&nbsp;XS1267081575=TE



(Reporting by Karin Strohecker, editing by Amanda Cooper)

FILE PHOTO: Zambia’s Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington

Zambia set to emerge from default after bondholders back $3 bln debt rework

Saudi Crown Prince to visit Iran

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EDTECH-2023-DAY-1-508-820x547.jpg" alt="" class="wp-image-491559" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EDTECH-2023-DAY-1-508-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EDTECH-2023-DAY-1-508-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EDTECH-2023-DAY-1-508-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EDTECH-2023-DAY-1-508-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EDTECH-2023-DAY-1-508-1536x1026.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EDTECH-2023-DAY-1-508-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Many of the major problems facing educators today, in Africa and around the world, revolve around student motivation and engagement. In several African countries, this is reflected in a need to go beyond the “chalk-and-talk” style that has been in use for decades to achieve robust engagement in young minds.&nbsp;



One of the techniques identified is gamification, or the process of integrating gaming elements in non-game contexts to create immersive and interactive experiences. According to <a href="https://study.com/academy/lesson/what-is-gamification-in-education-definition-research-strategies.html#:~:text=Gamification%20in%20education%20is%20the,one%20big%20first%2Dperson%20game.">Study.com</a>, “gamification endeavours to literally create a game out of learning by theming all components of your classroom in a game metaphor, making your class like one big first-person game,” usually through the use of individual or class-wide competitions that put students at the centre of the learning process.&nbsp;



Globally, software developers work to deliver gamification content to learners and create mechanisms that help in assessing their competency. Reflecting on its significant presence in the tech sector, the May 2024 edition of EdTech Mondays sought to explore the benefits and challenges of gamification within the specific context of the African education landscape.&nbsp;&nbsp;



Kagisho Masae, Co-Founder and Chief Executive Officer at Matric Live in South Africa, says it’s possible to leverage the time learners spend on their gadgets after school in a way that brings not just fun but deeper comprehension of subjects they may have struggled with in class during the day.&nbsp;Masae’s organization runs a multifunctional education app that is reinventing the way pupils learn by making learning contextual, visual, and based in real life.&nbsp;&nbsp;



“In South Africa, learners spend a lot of time on their phones after school. We want to make ourselves part of that attention by prioritizing our interface with nice pop-ups. In case a learner did not comprehend much in class, then instead of spending time on social media, that time can be used to challenge each other out of the classroom,” says Masae. “As mobile technology penetration in Africa increases, the younger generation is getting immersed in its use without the same inhibitions that held back the previous generation that mostly relied on the teacher as the only source of knowledge.”&nbsp;



According to Rosemary Onyancha, a science teacher at Moi Forces Academy in Kenya and the African Union Teacher of the Year 2023/2024, the current crop of learners is bold enough to experiment with gamification.&nbsp;



“We are dealing with 21st-century children who are critical thinkers, in contrast to the previous generation that feared to interact with learning materials. The current learners want to see the outcomes of their learning. Gamification helps them to create collaboration which is needed in the current job market,” says Onyancha.&nbsp;



Teachers especially need to determine the appropriate level of gamification for learners’ physical and mental capabilities while accounting for the lessons learners need. Since gamification is about teaching deeper concepts in an easy-to-understand manner, a teacher will need to develop concepts that capture everyday principles.&nbsp;



“A child can learn a lot just by playing a game. In addition to maths, English and science, they can learn an array of other skills such as financial literacy, digital literacy and even about becoming an entrepreneur – it is all about fun learning,”&nbsp;says Titilope Adewusi, Co-Founder and Chief Executive of 9ija Kids in Nigeria.



In some African countries where technology penetration is a challenge, teachers have employed such gamification concepts to teach complex subjects with ease. During the May 2024 edition of EdTech Mondays, two children below the age of 10 used the widely publicized balloon-skewer test to show how air molecules in a balloon hold up even when the balloon is poked from top to bottom where the polymers are least stretched.&nbsp;&nbsp;



The balloon-skewer principle teaches both teachers and learners that gamification can be found in everyday situations and play items and that science is not learnt through fluke but in provable experiments.&nbsp;



“Gamification concepts help to demystify science and can be done in any school regardless of the economic level,” says Tracey Shiundu, Co-Founder and Chief Executive Officer at FunKE Science in Kenya.



“They help to break the notion that science is magic. In the balloon experiment, we just complemented what happens in science lessons. We need to show schools that they must not have potassium permanganate for experiments but can substitute it with baking powder and achieve similar results in class. Simplifying gamification means the learner does not feel intimidated,” adds Shiundu.&nbsp;&nbsp;



Still, both teachers and educational content creators have a role to ensure that any forms of gamification do not distract the very young, who can be easily carried away by the “fun” part of this learning technique.&nbsp;



At 9ija Kids, Adewusi says this works by highlighting the positive aspects of using the internet for gamification purposes “since we all delve into things that we enjoy.”&nbsp;



In South Africa, Masae says highlighting the practical aspects of the internet-based gamification concepts through case studies helps young people focus on learning aspects while online.&nbsp;



“I have a friend who got a laptop at 17 years old and soon learned how to code on YouTube and began to create games. Those in his age group came to see that using the internet for learning has positive outcomes. Teachers can also learn from this and look at technology, not as an alternative but an integral part of teaching and that they too can search the web for gamification techniques,” says Masae.&nbsp;



Shiundu says that in areas underserved and underserviced by technology, schools can partner with service providers (such as internet companies) to create enabling infrastructure that makes web-based gamification possible.&nbsp;



“Most schools in Africa are not equal in terms of class sizes and the number of teachers. We need to work with education partners, including the Mastercard Foundation, to improve learning infrastructure. Education being a social good, [we] all need to be on the same level in terms of access,” says Shiundu.&nbsp;



Yet, for gamification to be an integral part of the education system, it requires systems change and alignment with governmental guidelines for use in schools. This, according to the panellists, requires collaborative measures with governments that are responsible for updating study guidelines.&nbsp;



Once that is in place, educational content creators can develop content that aligns with such guidelines.



“We have an example where we integrated gaming in financial literacy, and it was approved by the National Department of Basic Education in South Africa. Still, this requires humility on both content creators and education officials who must get over their egos, since it is all about the learner. Again, for this collaboration to happen you need to leverage on big partnerships around you,” Masae says. 



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<h3 class="wp-block-heading" id="h-watch-may-s-edtech-mondays-episode-on-gamification-in-education">Watch May&#8217;s Edtech Mondays episode on Gamification in Education</h3>



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EDTECH-2023-DAY-1-508

EXPLORING THE ROLE OF GAMIFICATION IN AFRICA’S EDUCATION SYSTEMS

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EdTech-Mondays-Africa-April_TW-2-820x429.jpg" alt="" class="wp-image-491541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EdTech-Mondays-Africa-April_TW-2-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EdTech-Mondays-Africa-April_TW-2-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EdTech-Mondays-Africa-April_TW-2-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EdTech-Mondays-Africa-April_TW-2-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EdTech-Mondays-Africa-April_TW-2-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EdTech-Mondays-Africa-April_TW-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



At this year’s Mobile World Congress held from February 26-29 in Barcelona, Spain, 41 sessions focusing on artificial intelligence (AI) were held. With over 90,000 attendees, this was one of the global events where a deep dive into this subject was conducted as more became interested in its growth, impact, and potential to change human lives.



Globally, AI is being touted as the game-changer in how commercial firms conduct their business operations with its limitless potential applications coming into play. According to leading professional services firm PricewaterhouseCoopers (PwC), “AI could contribute up to $15.7 trillion to the global economy in 2030, more than the current output of China and India combined” That is a 14 percent increase in global GDP generated through AI.



“As humans and machines collaborate more closely, and AI innovations come out of the research lab and into the mainstream, the transformational possibilities are staggering,” states PwC in their report, <a href="https://www.pwc.com/gx/en/issues/data-and-analytics/publications/artificial-intelligence-study.html">Sizing the Prize</a>.



Among the sectors that will derive such “transformational possibilities” from this growing form of technology is education, where it can help educators analyse data quickly and efficiently thus leapfrogging learners and teachers from manual processes to machines. 



According to the 2023 <a href="https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-in-education-market">Global Markets Insights report</a>, AI in the education market reached $4 billion in 2022 and is projected to grow by more than 10 percent from 2023 to 2032, “owing to the growing inclination towards personalized learning”.  According to the report, adoption of AI in the education market is growing through “comprehensive data collection and analysis for offering valuable insights to educators, administrators and policymakers”.



With such growing attention toward AI, the April 2024 edition of the Mastercard Foundation’s EdTech Mondays delved deeper into the role of this technology in education within the African framework.



“AI is transforming the global economy and will have a major impact in education. For example, we can teach machines how to mark exams while teachers take on higher roles,” says Mutembei Kariuki, Founder and Chief Executive Officer at Fastagger. “We are teaching machines to think and do things that humans do. Leaving AI to handle routine matters will then elevate teachers to where they are supposed to be, as mentors to the learners.”



Kariuki’s views are in line with the role played by AI, a phrase that has technology geeks’ antennas up in the air but whose full impact is yet to be felt especially in developing countries. In education, AI presents opportunities and challenges—opportunities in that it can teach students new things with individualized perspectives. On the other hand, the key challenge for educators and policymakers is the need to change their mindsets to incorporate the new reality.



“AI is coming and is very disruptive as people grapple with what it can do,” says Matthew Grollnek, Future of Work Lead at the Mastercard Foundation. “People are grappling with what it can do, while few know the answers. Some people think it is scary and that we will not be able to contain it. It will present a big shift as education moves to a new system replacing one that has been there for over 100 years. The question is how to maximize the benefits and address the risks.”



However, lack of clear policy framework is a key impediment to the full realization of AI benefits in many African countries. As is the case in many areas of development, technological practices have been moving ahead of policy and forcing governments to play catch up. That though, is set to change as the African Union moves to assert its influence on AI deployment through the <a href="https://au.int/en/5thstccict">Continental Strategy on AI</a> that has prioritized education and preservation of African languages as key sectors to benefit from this technology.



The AU strategy will address one key concern relating to the limited use of Africa datasets with the continent relying on processes developed from outside Africa. The&nbsp;African Union Digital Education Strategy and Implementation Plan, covering the 2023-2028 timeframe, has established a framework for engagement and acceleration of digital technologies to align with Africa’s digital education.



The areas where technology, including AI, will be deployed include teaching, learning, research, assessment, and administration; strengthening digital literacy and skills for all, especially for teachers and students; and building the capacity of AU member states in requisite infrastructure for digital education.



Already some African countries are leapfrogging the process. &nbsp;Rwanda, as an example, is the first African country to have an <a href="https://www.minict.gov.rw/index.php?eID=dumpFile&amp;t=f&amp;f=67550&amp;token=6195a53203e197efa47592f40ff4aaf24579640e">AI policy</a> that acts as a roadmap to harness the benefits and mitigate associated risks, especially those associated with sharing children’s data with those who should not have access to such information.



“AI is ready for some subjects including coding and some mathematical equations. This will reduce the workload for teachers, especially those trained on how to use it responsibly. It will also bring inclusion and equity to learners with various impairments since Africa lacks enough schools for children with special needs,” says Christine Niyizamwiyitira, Scholar in Residence at Carnegie Mellon University.



According to the <a href="https://mastercardfdn.org/our-strategy/young-africa-works/">Mastercard Foundation&#8217;s Young Africa Works strategy</a>, by 2030, Africa&#8217;s workforce will reach a billion people, with 375 million young people entering the job market. These will require a shift in education strategies, and AI programs could equip them with new skill sets needed in the job market.



As the panelists stated, AI will not replace teachers but enhance their role to include the ability to curate learning experiences while holistically supporting a learner’s growth and emotional well-being in the classroom. The future of AI in education is indeed now.



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<h3 class="wp-block-heading" id="h-watch-april-s-edtech-mondays-episode-on-artificial-intelligence-in-education">Watch April&#8217;s Edtech Mondays episode on Artificial Intelligence in Education</h3>



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EdTech-Mondays-Africa-April_TW-2

THE ROLE OF ARTIFICIAL INTELLIGENCE IN EDUCATION

<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>



JOHANNESBURG, May 28 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Tuesday.



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



South Africa&#8217;s government to hold its weekly auction of long-term bonds.



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



South African discount retailer Pepkor Holdings&nbsp;PPHJ.J&nbsp;to release half-year results.



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



The South African rand was stronger on Monday, supported by a weaker dollar, ahead of a week headlined by the national election and featuring an interest rate decision.



On the stock market, both the blue-chip Top-40&nbsp;.JTOPI&nbsp;and the broader all-share&nbsp;.JALSH&nbsp;indexes were down almost 0.3%..JZAR/



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian shares held a mixed tone on Tuesday after rallying the previous session, as rising bets of an imminent European rate cut helped risk appetite ahead of some key inflation data.MKTS/GLOB



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



U.S. stocks rebounded on Friday from sharp losses the day before on news of an improving consumer outlook on inflation, sending the Nasdaq to a fifth straight week of gains and record closing high..N



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices held steady on Tuesday as the dollar eased, while investors looked forward to key U.S. inflation data that could offer clues on how soon the Federal Reserve can cut interest rates.GOL/



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



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



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Solidarity asks court to declare NHI law unconstitutional



&#8211; Ramaphosa&#8217;s climate advisers not surprised by delayed shutdown of coal power stations



(Compiled by Tannur Anders)

World map with charts and graphs as symbols of global finance

South African Markets – Factors to watch on May 28

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RBDRNX6KFFJ3LNZOTUTISZLDJE-820x547.jpg" alt="" class="wp-image-491521" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RBDRNX6KFFJ3LNZOTUTISZLDJE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RBDRNX6KFFJ3LNZOTUTISZLDJE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RBDRNX6KFFJ3LNZOTUTISZLDJE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RBDRNX6KFFJ3LNZOTUTISZLDJE-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RBDRNX6KFFJ3LNZOTUTISZLDJE-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RBDRNX6KFFJ3LNZOTUTISZLDJE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: President of China Xi Jinping and South African President Cyril Ramaphosa attend the China-Africa Leaders&#8217; Roundtable Dialogue on the last day of the BRICS Summit, in Johannesburg, South Africa, August 24, 2023. REUTERS/Alet Pretorius/Pool/File Photo</figcaption></figure>



JOHANNESBURG/NAIROBI, May 28 (Reuters)&nbsp;&#8211;&nbsp;China&#8217;s flagship economic cooperation program is bouncing back after a lull during the global pandemic, with Africa a primary focus, according to a Reuters analysis of lending, investment and trade data.



Chinese leaders have been citing the billions of dollars committed to new construction projects and record two-way trade as evidence of their commitment to assist with the continent&#8217;s modernisation and foster &#8220;win-win&#8221; cooperation.



But the data reveals a more complex relationship, one that is still largely extractive and has so far failed to live up to some of Beijing&#8217;s rhetoric about the Belt and Road Initiative, President Xi Jinping&#8217;s strategy to build an infrastructure network connecting China to the world.



While new Chinese investment in Africa increased 114% last year, according to the Griffith Asia Institute at Australia&#8217;s Griffith University, it was heavily focused on minerals essential to the global energy transition and China&#8217;s plans to revive its own flagging economy.



Those minerals and oil also dominated trade. As efforts falter to boost other imports from Africa, including agricultural products and manufactured goods, the continent&#8217;s trade deficit with China has ballooned.



Chinese sovereign lending, once the main source of financing for Africa&#8217;s infrastructure, is at its lowest level in two decades. And public-private partnerships (PPPs), which China has touted as its new preferred investment vehicle globally, have yet to gain traction in Africa.



The result is a more one-sided relationship than China says it wants, one that is dominated by imports of Africa&#8217;s raw materials and that some analysts argue contains echoes of colonial-era Europe&#8217;s economic relations with the continent.



&#8220;This is something late-19th century Britain would recognise,&#8221; said Eric Olander, co-founder of the China-Global South Project website and podcast.



China rejects such assertions.



&#8220;Africa has the right, capacity and wisdom to develop its external relations and choose its partners,&#8221; China&#8217;s foreign ministry wrote in response to Reuters&#8217; questions.



&#8220;China&#8217;s practical support for Africa&#8217;s path of modernisation in accordance with its own characteristics has been welcomed by an increasing number of African countries.&#8221;



<h2 class="wp-block-heading" id="h-a-pivot-with-potential">A PIVOT WITH POTENTIAL?</h2>



China&#8217;s engagement in Africa, a focus of the Belt and Road Initiative (BRI), grew rapidly in the two decades before the COVID-19 pandemic. Chinese companies built ports, hydropower plants and railways across the continent, financed mainly through sovereign loans. Annual lending commitments peaked at $28.4 billion in 2016, according to the Global China Initiative at Boston University.



But many projects proved unprofitable. As some governments struggled to repay loans, China cut lending. COVID-19 then pushed it to turn inward, and Chinese construction projects in Africa fell.



A rebound in sovereign lending is not expected.



Policymakers in Beijing have instead been pushing Chinese companies to take equity stakes and operate infrastructure they build for foreign governments. The aim,&nbsp;China analysts say, is to help companies win higher-value contracts and, by giving them skin in the game, ensure the projects are economically viable.



Lending to Special Purpose Vehicles (SPVs), perhaps the most common means of PPP infrastructure investment, has been growing as a proportion of China&#8217;s overseas loans, according to figures shared exclusively with Reuters by AidData, a research centre at U.S. university William &amp; Mary.



The $668-million Nairobi Expressway, a public-private partnership built and run by the state-owned China Road and Bridge Corporation (CRBC), could be proof of concept for the model in Africa. Since it opened in August 2022, the toll road has been allowing commuters to speed above the Kenyan capital&#8217;s notorious traffic snarls, beating revenue and usage targets.



Daily average use in March was already 57,000 vehicles, exceeding a 2049 target of around 55,000 set by CRBC in a 2019 presentation on the project&#8217;s economic viability seen by Reuters.



But few companies are following CRBC&#8217;s example in Africa. While globally some 45% of Chinese non-emergency lending was to SPVs from 2018 to 2021, the most recent year for which AidData figures are available,&nbsp;the figure was only 27% for Africa.



Analysts point to a number of likely reasons, including a lack of legal frameworks for PPPs in many African countries and the view among some Chinese companies &#8211; many of them relative newcomers to PPPs &#8211; that African markets are risky.



China&#8217;s foreign ministry did not directly address a request for comment on the lower SPV figures for Africa. But it said the government encourages Chinese companies to &#8220;actively develop new modes of cooperation&#8221; such as PPPs to bring more private investment to Africa.



<h2 class="wp-block-heading" id="h-growing-engagement">GROWING ENGAGEMENT</h2>



The Griffith Asia Institute put China&#8217;s total engagement in Africa &#8211; a combination of construction contracts and investment commitments &#8211; at $21.7 billion last year, making it the largest regional recipient.



Data from the American Enterprise Institute, a Washington-based think tank, showed investments hitting nearly $11 billion in 2023, the highest level since it began tracking Chinese economic activity in Africa in 2005.



Some $7.8 billion of that went to mining, like Botswana&#8217;s Khoemacau copper mine, which China&#8217;s MMG Ltd bought for $1.9 billion, and cobalt and lithium mines in countries including Namibia, Zambia and Zimbabwe.



The hunt for critical minerals is driving infrastructure construction as well. In January, for example, Chinese companies pledged up to $7 billion in infrastructure investment under a revision of their copper and cobalt joint venture agreement with Democratic Republic of Congo.



Western and Gulf powers are also racing to lead the world&#8217;s energy transition, with the United States and European governments backing the Lobito Corridor, a rail link to bring metals from Zambia and Congo to Africa&#8217;s Atlantic coast.



African leaders have struggled, however, to raise financing for some other priority projects.



Despite the success of the Nairobi Expressway, for example, work on several Kenyan roads stalled when the government ran out of money to pay the Chinese construction firms.



During a visit to Beijing last October, President William Ruto asked for a $1 billion loan to complete the projects.



A Chinese foreign ministry spokesman, Wang Wenbin, said discussions about the request were ongoing. Kenya&#8217;s finance ministry did not respond to a request for comment.



The final phase of a railway line intended to traverse Kenya from its main port to the border with Uganda has been in similar limbo since Chinese financing dried up in 2019. Uganda cancelled the contract for its portion of the line in 2022, after Chinese backers pulled out.



When asked about the decline in lending for African infrastructure, Chinese officials point to a pivot to trade and investment, arguing that BRI-generated trade boosts Africa&#8217;s wealth and development.



Two-way trade reached a record $282 billion last year, according to Chinese customs data. But at the same time, the value of Africa&#8217;s exports to China fell 7%, mainly due to a decline in oil prices, and its trade deficit widened 46%.



Chinese officials have sought to assuage the concerns of some African leaders.



At a summit in Johannesburg last August, Xi said Beijing would launch initiatives to support the continent&#8217;s manufacturing and agricultural modernisation &#8211; sectors African policymakers consider key to closing trade gaps, diversifying their economies and creating jobs.



China has also pledged to increase agricultural imports from Africa.



Such efforts, for now, are coming up short.



With one of Africa&#8217;s largest trade deficits to China, Kenya has been pushing to increase access to the world&#8217;s second-largest consumer market, recently gaining it for avocados and seafood. But cumbersome health and hygiene regulations mean Chinese consumers remain out of reach for many producers.



&#8220;The Chinese market is a new one,&#8221; said Ernest Muthomi, CEO of the Avocado Society of Kenya. &#8220;It was a challenge because you have to install the equipment for fumigation.&#8221;



Of 20 billion shillings ($150.94 million) worth of avocados exported last year, just 10% went to China.



Overall, Kenyan exports to China fell over 15% to $228 million, Chinese customs data showed, as a decline in titanium production led to a drop in shipments of the metal &#8211; a key export to China.



But Chinese manufactured goods kept coming.



That&#8217;s not sustainable, said Francis Mangeni, an advisor at the Secretariat of the African Continental Free Trade Area.



Unless African nations can add value to their exports through increased processing and manufacturing, he said, &#8220;we are just exporting raw minerals to fuel their economy.&#8221;



($1 = 132.5000 Kenyan shillings)



(Reporting by Rachel Savage in Johannesburg and Duncan Miriri in Nairobi; Additional reporting by Elias Biryabarema in Kampala, Joe Cash in Beijing, Nyasha Chingono in Harare, Chris Mfula in Lusaka and Felix Njini in Johannesburg; Editing by Joe Bavier and Alexandra Zavis)

FILE PHOTO: China-Africa Leaders’ Roundtable Dialogue

Post-COVID, China is back in Africa and doubling down on minerals

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg" alt="" class="wp-image-433367" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Construction work is seen opposite a statue of Samora Machel, the first President of Mozambique, and the Cathedral of the Immaculate Conception, a Roman Catholic cathedral in downtown Maputo, Mozambique, September 1, 2019. REUTERS/Siphiwe Sibeko</figcaption></figure>



May 27 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s central bank cut its MIMO interest&nbsp;rate by 75 basis points to 15.00%, the third meeting in a row at which the rate has been reduced, the bank said on Monday.



The bank&#8217;s Monetary Policy Committee said in a statement that the decision was based on favourable forecasts while trying to keep inflation in single digits in the medium term.



The southern African country&#8217;s inflation edged up to 3.26% year on year in April&nbsp;MZCPIY=ECI&nbsp;from 3.03% in March, statistics agency data showed this month.



(Reporting by Tannur Anders; Editing by Alexander Winning)

PF3JNZQUQ5M65OD7XXTYURHSSI

Mozambique central bank cuts key rate for third meeting in a row

How cruises made their comeback

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MicrosoftTeams-image-8-820x547.jpg" alt="" class="wp-image-415808" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MicrosoftTeams-image-8-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MicrosoftTeams-image-8-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MicrosoftTeams-image-8-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MicrosoftTeams-image-8-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MicrosoftTeams-image-8-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MicrosoftTeams-image-8-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Black woman in an African market receiving payment via contactless transfer from a customer using their mobile phones.
Photo: via Shutterstock</figcaption></figure>



Imagine Salimata working in Nairobi and sending money home to her mother every month, instantly and directly from her mobile money account in Kenya into her mother’s mobile money account in Burkina Faso. Instead of withdrawing cash to give to a remittance company and requiring her mother to travel to an agent to collect it, they both save time and money with lower fees and a better exchange rate.



Many governments across the continent have taken a giant leap forward in making this scenario real. More than half of all countries in Africa already have an instant payment system that allows every person, business, or government entity to transfer money to each other, no matter which bank or financial service provider they use. We believe it is possible to establish such inclusive instant payment systems in every African country by 2030.



But we mustn’t stop there. Governments should seize this momentum to connect these systems to each other to enable continent-wide instant payments by the end of the decade &#8212; building a future-ready interoperable African payment systems that can be an exemplar for cross-border payments globally.



This is an ambitious but achievable objective – and vital to enable the <a href="https://www.worldbank.org/en/topic/trade/publication/free-trade-deal-boosts-africa-economic-development">African Continental Free Trade Area</a> to grow intra-Africa trade from 18% to about 50% by 2030. There are already instant payment systems in place across 34 African countries. Systems&nbsp;that support&nbsp;instant payments across borders are available today (such as GIMACPAY in the CEMAC region, PAPSS, TCIB in the SADC region, BUNA for the Arab countries) or are being built (in the WAEMU, COMESA,&nbsp;ECOWAS, and EAC regions).



By enabling instant payments from local currency to local currency, these regional instant payment systems have the potential to become early exemplars of the G20 Roadmap for Enhancing Cross-border Payments, demonstrating the high potential to boost growth and trade by making these payments faster, cheaper, and more transparent.



As they become increasingly interconnected, these systems will catalyze the emergence of pan-African companies, driving innovation and competition for the benefit of all consumers. Inclusivity must be at the heart of these efforts, particularly addressing the challenges that women face in accessing financial services. Five African countries still forbid women to open a bank account without a male co-signer. We need more women at the table helping design these systems and the products they make possible, and we need to track data by gender to measure progress. Inclusivity also requires that non-bank financial service providers be connected to these systems. Mobile-money providers are the drivers of financial inclusion across Africa.



As African leaders meet at the African Development Bank’s annual meeting in Kenya later this month, they have an opportunity to harness the momentum to enable all countries in Africa to deliver inclusive growth, jobs, and streamlined access to services and opportunities.&nbsp;Instant payment systems are an integral component of building a safe, inclusive digital public infrastructure (DPI), along with other components like digital ID and data exchange, and they provide the most immediate opportunity to begin implementing interconnected DPI across Africa. This is also a moment to guide the existing and future regional systems towards a continental blueprint so that every single African country is connected to at least one and possibly several of these systems.



Realizing this opportunity starts with mobilizing the political will, technical assistance, and funding to implement inclusive instant payment systems in every country in Africa. Interconnecting these systems and achieving the full benefits requires harmonizing regulations, including &#8220;passporting&#8221; risk-proportional payment licenses to allow easier expansion of fintech companies across countries.



We urge decision-makers to work toward establishing a unified payment services directive at the African Union. Similar to Europe&#8217;s initiative, such a directive could not only address the challenges inherent to dealing with a complex regulatory landscape, but also boost competition, consumer protection, and women’s economic power across the continent.



As more and more countries move to build an instant payment system, they can turn to a powerful network to support their immediate needs for information and funding. Technical assistance is freely available from entities including the World Bank and <a href="https://www.africanenda.org/">AfricaNenda</a> who can share lessons and best practices. Countries can freely adapt open-source software, like <a href="https://mojaloop.io/">Mojaloop</a> or <a href="https://tazama.org/index.html">Tazama</a>, to build their payment systems rather than start from scratch, lowering costs. Funding is available from initiatives like Co-Develop and other donors, and more resources are being mobilized. We estimate it would cost a few $100 million to set up inclusive, instant payment systems across all of Africa, offering an amazing social impact with a relatively small investment compared to other infrastructure. We recognize this will not be an easy task, but we are optimistic that continent-wide, interconnected &nbsp;inclusive instant payment systems are within reach. And in doing so, the African continent can be a role model for the rest of the world. Salimata will continue to support her mother, only instantly and affordably. Hundreds of millions like her will prosper and build resiliency as well.



Sabine Mensah is deputy CEO of AfricaNenda Michael Wiegand is Director of Inclusive Financial Systems at the Bill &amp; Melinda Gates Foundation

Black,Woman,In,An,African,Market,Receiving,Payment,Via,Contactless

How instant payment systems across Africa can be the role model for the world

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-820x547.jpg" alt="" class="wp-image-491240" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/VFKU2JNBTBIDVNPMOMLDRAUIO4.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Pedestrians walk in front of Ghana&#8217;s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, May 27 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s central bank held its main interest rate steady at 29%&nbsp;GHCBIR=ECI&nbsp;for the second meeting in a row&nbsp;on Monday,&nbsp;as a slide in the local cedi currency has slowed inflation&#8217;s decline.



The West African cocoa, gold and oil producer,&nbsp;which defaulted on most of its external borrowing in December 2022,&nbsp;has been restructuring its debts as it tries to emerge from its worst economic crisis in a generation.



&#8220;The latest forecast shows a slightly elevated inflation profile on account of recent exchange rate pressures,&#8221; Bank of Ghana Governor Ernest Addison told a news conference, adding that inflation was expected to fall to between 13% and 17% by the end of 2024.



Consumer inflation fell marginally last month to 25.0% year-on-year GHCPIY=ECI from 25.8% in March, but it remains well above the central bank&#8217;s 8% target with a margin of error of 2 percentage points either side.



Addison said the cedi&nbsp;GHS=&nbsp;had been partly hurt by speculative foreign currency buying but that the central bank had enough reserves to support the market.



Godfred Alufar Bokpin, professor of finance at the University of Ghana, said there was not much scope to ease monetary policy given current risks to the cedi and a general election later this year.



Last week Ghana received a draft memorandum of understanding from its bilateral creditors including China and France to restructure $5.4 billion of debt, which it is currently reviewing before signing.



Once agreed, the document will pave the way for the International Monetary Fund&#8217;s executive board to meet next month to approve a disbursement of $360 million under the country&#8217;s $3 billion bailout programme, which Addison said helped clear uncertainty.



&#8220;We are very happy and quite certain that the Fund meeting will happen in June,&#8221; Addison told Reuters on Monday.



In addition to the restructuring memorandum with official creditors, Ghana is seeking a deal with holders of about $13 billion in international bonds. It has&nbsp;restructured most of its local debt.



(Writing by Anait Miridzhanian; Editing by Bate Felix, Alexander Winning and Andrew Heavens)

VFKU2JNBTBIDVNPMOMLDRAUIO4

Ghana central bank holds rate as currency slide slows disinflation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="505" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/YVOFDSRNTVM37PQ7357O7KQHAY-820x505.jpg" alt="" class="wp-image-459210" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/YVOFDSRNTVM37PQ7357O7KQHAY-820x505.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/YVOFDSRNTVM37PQ7357O7KQHAY-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/YVOFDSRNTVM37PQ7357O7KQHAY-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/YVOFDSRNTVM37PQ7357O7KQHAY-768x473.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/YVOFDSRNTVM37PQ7357O7KQHAY-1536x946.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/YVOFDSRNTVM37PQ7357O7KQHAY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A customer walks beneath the logo of South African supermarket operator Pick n Pay in Cape Town, South Africa, April 26 2016. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, May 27 (Reuters)&nbsp;&#8211;&nbsp;The Ackerman family, which founded South Africa&#8217;s Pick n Pay&nbsp;PIKJ.J, will relinquish control of the struggling retailer as part of a revamp aimed at stemming losses, cutting debt and regaining market share.



Gareth Ackerman will also retire as chairman after 14 years in the job and 40 years at the company, though he will stay on to support management until next year&#8217;s annual results.



New CEO Sean Summers is tasked with reviving a business that has been losing market share to bigger rival Shoprite&nbsp;SHPJ.J&nbsp;and others for more than a decade.



Founded by Raymond Ackerman in 1967, Pick n Pay was once South Africa&#8217;s largest retailer, but &#8220;inappropriate strategic initiatives&#8221; over the last decade failed to prevent profit declines in the core business, Gareth Ackerman said on Monday.



This led the group, whose crown jewel is discount grocery chain Boxer, to report a comparable loss before tax and capital items of 1.67 billion rand ($91 million) in the year ended Feb. 25, from a profit of 1.8 billion rand the year before.



Summers announced a two-step recapitalisation plan earlier this year that includes a rights issue to raise up to 4 billion rand and Boxer&#8217;s listing in order to cut the group&#8217;s 6.1 billion rand of debt and help fund its new strategy.



Ackerman Investment Holdings (AIH) supports the plan and will invest up to 1.025 billion rand in the rights offer.



But AIH and related persons have also agreed to forgo control of Pick n Pay, such that their voting rights will fall slightly below 50% after the planned offer, the company added.



AIH will also relinquish the right to nominate the chair, CEO and finance chief, and the Ackerman family&#8217;s representation on the board of directors will reduce to three members from four.



&#8220;We need new blood and ideas,&#8221; Gareth Ackerman said.



Chief Financial Officer Lerena Olivier told investors the retailer needed about 10-12 billion rand of capital, with 6-8 billion projected to come from the Boxer listing.



&#8216;QUALITY NOT QUANTITY&#8217;



Under Summers&#8217; new plan, over 100 loss-making Pick n Pay supermarket stores will be closed or converted to Pick n Pay franchise or Boxer stores, resulting in about 850 million rand of savings.



He said he expected the core Pick n Pay business to break-even in its 2027 financial year, and would also revamp the company&#8217;s operating model, with about 1.3 billion rand of cost cuts targeted over the next three years.



&#8220;It&#8217;s not a race to see who can have the most stores. Retail is not about having the most stores, it&#8217;s about which stores and where and for us it&#8217;s going to be a flight to quality not quantity,&#8221; Summers said.



($1 = 18.4008 rand)



(Reporting by Nqobile Dludla; Editing by Stephen Coates and Mark Potter)

FILE PHOTO: A customer walks beneath the logo of South African supermarket operator Pick n Pay in Cape Town

Ackerman family cedes control of South Africa’s Pick n Pay in revamp

<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, May 27 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was little changed early on Monday at the start of a packed week headlined by the national election and also featuring an interest rate decision and a slew of other economic data releases.



At 0715 GMT, the rand traded at 18.4325 against the dollar&nbsp;ZAR=D3, not far from its previous close of 18.4250.



South Africans vote in national and provincial elections on May 29, with market participants eager to learn whether the governing African National Congress would lose its parliamentary majority for the first time since the end of apartheid in 1994.



&#8220;The local currency has managed to hold below the key 18.50 technical level for now, but with the election on Wednesday, we could still see some volatility and a possible break above,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



The South African Reserve Bank will announce its latest monetary policy decision on Thursday, a day after the election.



Monthly producer inflation, trade and budget balance data are also due this week.



On the stock market, the Top-40&nbsp;.JTOPI&nbsp;index was up 0.3% in early trade.



South Africa&#8217;s benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was weaker, with the yield up 4.3 basis points to 10.578%.



(Reporting by Bhargav Acharya; Editing by Toby Chopra)

Illustration photo of South African rand

South African rand steady as focus shifts toward elections, rate decision

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PGQ5XVCVW5OGXJT6Y2ITVPGDBM-820x547.jpg" alt="" class="wp-image-491185" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PGQ5XVCVW5OGXJT6Y2ITVPGDBM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PGQ5XVCVW5OGXJT6Y2ITVPGDBM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PGQ5XVCVW5OGXJT6Y2ITVPGDBM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PGQ5XVCVW5OGXJT6Y2ITVPGDBM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PGQ5XVCVW5OGXJT6Y2ITVPGDBM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PGQ5XVCVW5OGXJT6Y2ITVPGDBM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A Tiger Brands beverage production facility is seen in Germiston, South Africa November 17, 2022. REUTERS/James Oatway</figcaption></figure>



JOHANNESBURG, May 27 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s Tiger Brands&nbsp;TBSJ.J&nbsp;reported an 11% rise in half-year profit on Monday as the country&#8217;s biggest food producer hiked prices to recover higher input costs, although that dampened volume growth as customers reined in spending.



Consumer goods producers globally have raised prices to cope with surging costs for almost all raw materials, energy, and packaging after Russia&#8217;s invasion of Ukraine compounded pandemic-related supply chain logjams.



&#8220;Consumers remain constrained and continue to rationalise spend, prioritising value offerings and staple categories,&#8221; the company said in a statement.



The owner of Jungle Oats and Koo baked beans said its headline earnings per share from total operations, a leading profit measure in South Africa, rose to 808 cents in the six months ended March 31, from 731 cents a year ago.



It also declared an interim dividend of 350 cents per share, up 9%.



Group revenue declined 0.8% to 19.2 billion rand ($1.04 billion) year-on-year, as higher prices squeezed volumes.



The company said it expected customer spending to continue, citing restrained wage growth amid the surge in inflation.



($1 = 18.4040 rand)



(Reporting by Sfundo Parakozov; Editing by Nqobile Dludla, Bhargav Acharya, Kirsten Donovan)

Tiger Brands beverage manufacturing facility in South Africa

South Africa’s Tiger Brands half-year profit rises 11%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="559" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RLSNGTM6G5NE7C4IJFIL2VTIHE-820x559.jpg" alt="" class="wp-image-484600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RLSNGTM6G5NE7C4IJFIL2VTIHE-820x559.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RLSNGTM6G5NE7C4IJFIL2VTIHE-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RLSNGTM6G5NE7C4IJFIL2VTIHE-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RLSNGTM6G5NE7C4IJFIL2VTIHE-768x523.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RLSNGTM6G5NE7C4IJFIL2VTIHE-1536x1047.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/RLSNGTM6G5NE7C4IJFIL2VTIHE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Supporters of the African National Congress hold the party flag during ANC campaign in Atteridgeville a township located to the west of Pretoria, South Africa July 5, 2016. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, May 26 (Reuters)&nbsp;&#8211;&nbsp;South Africans will vote on Wednesday with widespread anger over power cuts, joblessness and corruption&nbsp;threatening to end the dominance of the African National Congress, thirty years after Nelson Mandela led it into power.



At no point since world media beamed iconic images of Black South African voters queueing to cast ballots for the first time&nbsp;following the end of white-minority rule&nbsp;has the ANC looked so likely to lose its parliamentary majority.



Polls suggest the ANC&#8217;s share of the vote could fall as low as 40%, compared with 57.5% in 2019, which would force the party into a wobbly coalition with rivals &#8211; and potentially expose President Cyril Ramaphosa to a leadership challenge.



Yet a survey released earlier this week by Afrobarometer suggested a third of voters were undecided, making this poll the most unpredictable in South Africa&#8217;s democratic history.



Nicole Beardsworth, politics researcher at the University of the Witwatersrand, sees the ANC getting &#8220;a bit of a bump&#8221; on the day, confounding the worst predictions &#8211; especially with Ramaphosa&#8217;s introduction this month of popular measures such as a national health insurance law and proposed basic income grant.



&#8220;But I don&#8217;t think we&#8217;re going to see the ANC get over 50%,&#8221; she said. &#8220;They&#8217;re &#8230; going to have negotiate a coalition. The big question is: with whom?&#8221;



Much will depend on how well or badly they do, she said. A small margin would enable them to do a deal with a marginal party with limited leverage to make significant demands.



Bigger losses could mean a coalition with the Marxist Economic Freedom Fighters (EFF) &#8211; a prospect that makes business leaders and South Africa&#8217;s privileged white minority shudder &#8211; or with several small parties that could thwart decision-making.



Yet some think punishment at the polls could be a catalyst for the ANC to clean&nbsp;itself&nbsp;up: &#8220;A different party might come out of it,&#8221; independent analyst Ralph Mathekga said.



<h2 class="wp-block-heading" id="h-achievements-and-failures">ACHIEVEMENTS AND FAILURES</h2>



For three decades the ANC has traded off its legacy of freeing the Black majority from white rulers&nbsp;whose apartheid system&nbsp;took their land, kept them poor and uneducated, and forbade them to visit most of the country except to clean houses or dig gold mines.



In its early years in government, it began reversing these inequities &#8211; bringing electricity, water and half-decent housing to millions.



But corruption and incompetence have eroded some of those gains. State power provider Eskom&#8217;s creaking coal-fired power stations haven&#8217;t kept up with demand, causing frequent blackouts, while roads, sewage treatment plants and schools rot from the inside. A third of South Africans are jobless.



&#8220;I don&#8217;t see what I&#8217;m voting for. We don&#8217;t have roads (or decent) houses,&#8221; Zinhle Nyakenye, 31 and unemployed, told Reuters in Mandela&#8217;s home town of Qunu, as she fetched water for household use from a stream.



Corruption has spread, although a strong rule of law &#8211; one of the ANC&#8217;s most enduring legacies &#8211; has resulted in legal proceedings against powerful people such as ex-president Jacob Zuma, while the parliamentary speaker Nosiviwe Mapisa-Nqakula resigned last month. Both deny wrongdoing.



Zuma in December created a breakaway party called uMkhonto we Sizwe (MK) that could take votes from the ANC in its eastern Zulu heartlands. It may also stir up trouble if Zuma&#8217;s supporters &#8211; who rioted and looted for days when he was arrested for contempt of court in July 2021 &#8211; don&#8217;t like the results.



But South Africa&#8217;s robust legal system also means rules for coalition building are clear, even if the players have never done it, said Chatham House&#8217;s Chris Vandome.



&#8220;South Africa&#8217;s system was designed so that political parties in a very fractured country could work together,&#8221; Vandome said. &#8220;It was never designed for a dominant party to maintain absolute control &#8230; for 30 years.&#8221;



(Additional reporting by Nellie Peyton and Nqobile Dludla; Editing by Estelle Shirbon and Toby Chopra)

Supporters of the African National Congress hold the party flag during ANC president Jacob Zuma’s election campaign in Atteridgeville a township located to the west of Pretoria

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IFC launches $4 bln platform to support small firms in developing markets

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South Africa’s Ramaphosa steers ANC into potentially pivotal election

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South African rand steady as focus shifts toward elections, rate decision

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South African election could spell the end of ANC dominance

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