How The Price Of Chocolate’s Key Ingredient Surged More Than 300% In 2024

<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/NBA-Finals_CNBC-Header-1-820x429.png" alt="" class="wp-image-490182" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/NBA-Finals_CNBC-Header-1-820x429.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/NBA-Finals_CNBC-Header-1-300x157.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/NBA-Finals_CNBC-Header-1-160x84.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/NBA-Finals_CNBC-Header-1-768x402.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/NBA-Finals_CNBC-Header-1.png 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



On Monday, May 20, the National Basketball Association (NBA) revealed its new NBA Finals campaign, “The Toast”, which is now streaming across all NBA social platforms and the NBA App.&nbsp; NBA Legend and three-time NBA Champion Dwyane Wade gathers a cast of former champions and famous NBA fans – Ray Allen, Mike Breen, Ken Jeong, Magic Johnson, Jimmy Kimmel, Isiah Thomas, Queen Latifah and the newest members of the Chicago Sky Kamilla Cardoso and Angel Reese – to celebrate the pinnacle of the NBA season with a toast “to the Finals.”&nbsp;



The road to the NBA Finals continues this week, with Jayson Tatum, Jaylen Brown and the 17-time NBA champion Boston Celtics taking on Pascal Siakam (Cameroon), Tyrese Haliburton and the Indiana Pacers, and Luka Doncic, Kyrie Irving and the 2011 NBA champion Dallas Mavericks facing Anthony Edwards, Karl-Anthony Towns and the Minnesota Timberwolves in the best-of-seven Eastern Conference and Western Conference Finals series, respectively.&nbsp; It marks the fifth consecutive season without a defending champion in the Conference Finals, with the last four teams standing battling it out for a ticket to the Finals and a chance to compete for the Larry O’Brien Trophy next month. &nbsp;&nbsp;&nbsp;&nbsp;



&#8220;As the Playoffs near a close, we are arriving at the pinnacle of the NBA season: the NBA Finals,&#8221; said NBA Chief Marketing Officer Tammy Henault. &#8220;We wanted to ensure our creative captured the gravity of that, so the idea of bringing together the NBA community at a glamourous party to share in a celebration of the season behind us and in anticipation of what’s to come felt like the perfect way to tip off the Finals.”



“The Toast” opens with Wade hyping himself up as he prepares to deliver a tribute to the “the season that was and the champion to be” to an audience of former NBA champions, fans and celebrities at a glamorous affair.&nbsp; Creatively bottling the emotion that the road to the Championship evokes for all, Wade’s “Toast” honors the best of the game with references to iconic NBA moments, from Johnson’s signature no-look pass and Breen’s famous “bang!”, to Allen’s corner three and the Championship hardware itself, the Larry O’Brien Trophy.



The 2024 NBA Finals presented by YouTube tips off on the night of June 6 across Africa on ESPN, Canal+, (Pan-Africa), Afrosport (Nigeria), including select live and delayed games on Afrosport’s free-to-air affiliate channels, ZAP (Angola), SABC (South Africa) and NBA League Pass, the league’s premium subscription service.&nbsp; It will conclude the 78th NBA season, which delivered increased the league’s television viewership in Africa as well as increased engagement across the league’s localized social media accounts on the continent.&nbsp;



The more than 140 live game telecasts during the 2023-24 NBA regular season in Africa generated a 41% year-over-year increase in average viewership and nearly 6 million total watch hours.&nbsp; In addition, NBA Africa’s localized social media accounts generated nearly 90 million video views, while players born in Africa or with direct ties to the continent, Victor Wembanyama (San Antonio Spurs; France; ties to Democratic Republic of the Congo) and two-time NBA Most Valuable Player Giannis Antetokounmpo (Milwaukee Bucks; Greece; ties to Nigeria) were among the 10 most-viewed players globally on NBA social media this season, with 1.3 billion and 558 million views, respectively.&nbsp;

NBA-Finals_CNBC-Header

NEW NBA FINALS CAMPAIGN CELEBRATES THE GAME

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/KWU57PCES5KMPLXRN6DA4Y32LI-820x533.jpg" alt="" class="wp-image-490133" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/KWU57PCES5KMPLXRN6DA4Y32LI-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/KWU57PCES5KMPLXRN6DA4Y32LI-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/KWU57PCES5KMPLXRN6DA4Y32LI-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/KWU57PCES5KMPLXRN6DA4Y32LI-768x499.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/KWU57PCES5KMPLXRN6DA4Y32LI-1536x998.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/KWU57PCES5KMPLXRN6DA4Y32LI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man walks past election posters of the ruling African National Congress (ANC), as South Africa prepares for the May 29 general elections, in Soweto, South Africa, May 24, 2024. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, May 24 (Reuters) &#8211; South Africans vote in national and provincial elections on May 29 with opinion polls suggesting the governing African National Congress will lose its majority for the first time in the democratic era, while remaining the largest party.



Under South Africa&#8217;s constitution, voters elect 400 members of the National Assembly, who then elect the president by a simple majority. In all previous elections since 1994, the ANC won and lawmakers elected the party&#8217;s leader as president.



Here are scenarios that could unfold this time, depending on the electoral maths.



<h2 class="wp-block-heading" id="h-anc-outperforms-polls-and-wins">ANC OUTPERFORMS POLLS AND WINS</h2>



In recent months, several polls suggested ANC support was hovering around the 40% mark, which would represent a collapse from its performance in 2019, when it won 57.5% of the vote.



However, a tracking poll suggests ANC support has risen in the weeks leading up to election day. Analysts say the party has an unmatched grassroots campaigning machine, with activists going door-to-door in communities across the country.



Over the past four electoral cycles, the ANC&#8217;s share of the vote gradually dropped, but never by more than five percentage points from one election to the next.



If the ANC wins a majority, it is highly likely that President Cyril Ramaphosa, the party leader, would be re-elected as head of state by the new National Assembly.



<h2 class="wp-block-heading" id="h-anc-loses-majority-and-ramaphosa-gets-ousted">ANC LOSES MAJORITY AND RAMAPHOSA GETS OUSTED</h2>



If the ANC loses its majority by a wide margin and Ramaphosa is blamed, the party could seek to oust him as its leader and nominate someone else for the National Assembly to elect as South African president.



It would have to move quickly as the constitution says the new National Assembly must convene within 14 days of the election result being declared to elect a president.



Most analysts say this is unlikely unless the ANC vote share is around 40% or less, a worst-case-scenario for the party. A more&nbsp;probable&nbsp;scenario would be for Ramaphosa to hand over to a successor in an orderly transition part way through his term.



Whether Ramaphosa stays or goes, the overwhelmingly likely scenario is that he or the next ANC leader will be president after the election. There would have to be a colossal upset for another party to have a chance of winning the presidency.



Regardless of whether Ramaphosa or someone else is president, if the ANC loses its majority it will need support from one or more other parties to keep governing.



<h2 class="wp-block-heading" id="h-anc-narrowly-loses-majority-and-seeks-small-partners">ANC NARROWLY LOSES MAJORITY AND SEEKS SMALL PARTNERS</h2>



If the ANC comes close enough to 50%, it will try to make a deal with small- or medium-sized parties to form a government.



Analysts say the socially conservative Inkatha Freedom Party (IFP), which is strong in KwaZulu-Natal province and is polling at about 5% nationally, could be the ANC&#8217;s first choice, though the IFP leader says it would rather not prop up the ANC.



The two parties were in violent conflict during the final years of apartheid, but worked together in the government of national unity that was formed after the 1994 election.



Other potential partners include the small Muslim party Al-Jama&#8217;ah and the Patriotic Alliance, which draws its support from the mixed-race community.



<h2 class="wp-block-heading" id="h-anc-loses-majority-by-wider-margin-and-seeks-larger-partner">ANC LOSES MAJORITY BY WIDER MARGIN AND SEEKS LARGER PARTNER</h2>



Depending on the numbers, the party may have no choice but to seek support from one of its larger rivals: the free-market Democratic Alliance (DA) or the Marxist Economic Freedom Fighters (EFF).



The price of a deal with either of those would likely be significant policy concessions by the ANC, as well as the offer of some senior government positions for their partner.



Analysts say it is difficult to envisage a stable arrangement under this scenario, and South Africa could be facing a period of unprecedented government volatility.



Investors and the business community would prefer a deal with the DA, which has said it would not rule one out. However, many analysts think the ideological divide between the ANC and the DA is so wide as to make a deal difficult or impossible.



Led by Julius Malema, a former leader of the ANC&#8217;s youth wing, the EFF may be a more natural fit for the ANC, but relations are tense between Malema and some ANC factions.



The EFF said in April it would partner with the ANC if it got the powerful post of finance minister. The ANC, which has not disclosed its thinking on any non-majority scenario, would be unlikely to agree to this unless it were hugely weakened.



Steven Friedman, an academic affiliated with the University of Johannesburg and Rhodes University, said it was hard to imagine the ANC and the EFF governing together for five years.



He cited their inability last year to agree on a constitutional change on land reform even though their positions on the issue are closely aligned.



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

South Africa prepares for the May 29 general elections, in Soweto

Will South Africa have a new government or president after election?

How college endowment funds work

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1251771740-820x547.jpg" alt="" class="wp-image-432767" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1251771740-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1251771740-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1251771740-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1251771740-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1251771740-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/GettyImages-1251771740-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ebrahim Patel, South Africa&#8217;s trade minister, speaks during the South Africa Investment Conference in Johannesburg, South Africa, on Thursday, April 13, 2023. Today&#8217;s conference starts as data this week showed that the South African economy has probably entered a technical recession. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, May 24 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s trade, industry and competition minister Ebrahim Patel said on Friday he will retire from cabinet after the May 29 national election,&nbsp;the latest longstanding economics figure from the ruling African National Congress to step down from government.



Patel&#8217;s department oversees a number of regulatory and financial development agencies, including the competition commission which would have a say in any potential new bid by BHP Group BHP.AX for Anglo American AAL.L.



&#8220;It has been a great honour to serve my country as a member of cabinet for 15 years and three terms of office,&#8221; Patel said in a statement. &#8220;I have advised the President that I will conclude my service in cabinet at the end of this third term.&#8221;



President Cyril Ramaphosa appointed Patel as trade minister in 2019. Prior to this, he was the Minister of Economic Development.



South Africa&#8217;s Public Enterprises Minister Pravin Gordhan also announced in March that he would not be available to serve in the next national executive after the election.



Gordhan oversees state entities including struggling power utility Eskom and logistics firm Transnet, whose poor performances have dragged down South Africa&#8217;s economic growth.



Ramaphosa&#8217;s ANC is at risk of losing its parliamentary majority for first time since 1994, according to polls.



(Reporting by Olivia Kumwenda-Mtambo; Editing by Toby Chopra)

Key Speakers at the South Africa Investment Conference

South Africa’s trade and competition minister Patel to exit cabinet after election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-820x555.jpg" alt="" class="wp-image-469888" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-1536x1040.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People walk past the Bank of Ghana in Accra, Ghana, November 28, 2018. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



ACCRA, May 24 (Reuters)&nbsp;&#8211;&nbsp;Ghana has agreed a memorandum of understanding (MoU) with its bilateral creditors, including China and France, to restructure $5.4 billion of debt, two government sources said on Friday, one-and-a-half years after the West African country defaulted.



The MoU paves the way for the executive board of the International Monetary Fund (IMF) to approve the disbursement of $360 million under Ghana&#8217;s $3 billion, three-year bailout programme, which is expected next month.



Once signed, the agreement would form the basis of a deal to restructure loans its official creditors, including China and France under the Paris Club of creditor, agreed in January.



Ghana&#8217;s Finance Minister Mohammed Amin Adam is due to hold a press briefing on Friday morning.



Ghana was the second country in Africa to default on most of its $30 billion external debt during the pandemic as the exporter of gold, cocoa and oil battled to emerge from its worst economic crisis in a generation. The first country was Zambia.



Ghana&#8217;s economy has since started to recover, with inflation easing from 54.1% in December 2022 to 25% in April 2024 and 2023 growth of 2.9% exceeding the IMF&#8217;s 2.3%.



Together with Zambia and Ethiopia, the world&#8217;s second-biggest cocoa producer is reworking its debt under the G20 Common Framework, a process set up during the pandemic to speed up debt overhauls.



However, progress has been slow, holding back the countries&#8217; economic recoveries and access to much needed overseas loans, aid and investment.



The IMF declared Ghana&#8217;s debt unsustainable in its Debt Sustainability Analysis (DSA) and is aiming for the country to restore itself to a &#8220;moderate&#8221; risk of debt distress by 2028.



This would bring Ghana&#8217;s public debt-to-GDP ratio from 88.1% at the end of 2022 to 55% by 2028.



Terms with official creditors will be of interest to Ghana bondholders, who are next in line for a deal, as they will seek an equitable solution under the comparability of treatment principle, a key element of the Common Framework for debt restructuring.



Ghana did in April find common ground with some of its biggest bondholders, including Western asset managers and hedge funds as well as regional African banks. But the IMF said that the interim deal was outside the DSA threshold and needed to be tweaked.



The regional African banks had also rejected parts of the deal, including an option to retain the original value of the bonds with a longer maturity and lower coupon.



The government said it was working to satisfy the IMF&#8217;s requirements.



The country concluded a domestic debt restructuring in October, during which 206 billion Ghanaian cedi ($17.5 billion) was swapped for longer-dated, lower-interest debt, resulting in 61 billion Ghanaian cedi of savings, then Finance Minister Ken Ofori-Atta said.



(Reporting by Maxwell Akalaare Adombila; Writing by Sofia Christensen, Karin Strohecker and Portia Crowe; Editing by Alison Williams and Subhranshu Sahu)

People walk past the Bank of Ghana in Accra

Ghana seals debt restructuring deal with official creditors, sources say

<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/PDAA-graphic-hero--820x429.png" alt="" class="wp-image-490065" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PDAA-graphic-hero--820x429.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PDAA-graphic-hero--300x157.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PDAA-graphic-hero--160x84.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PDAA-graphic-hero--768x402.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/PDAA-graphic-hero-.png 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



In an era when the internet is often described as a necessity for personal and professional growth as well as a catalyst to advance commerce, healthcare, education, and economic development, only approximately 40% of people in Africa are currently connected. This figure is in stark contrast to the global average of about 70%.



For women and girls in Africa, the situation is even more lopsided and challenging: only two women are connected to the internet for every three men. There has been no improvement in the ratio of women to men utilizing the internet across the African continent over a three-year period. In Africa, this digital divide has far-reaching implications, affecting access to vital government services, educational opportunities, healthcare, public information, and entrepreneurial prospects for hundreds of millions of people. The lack of affordable access to the internet effectively blocks the gateway to a brighter future for many Africans.



At the same time, many companies throughout the world understand the commercial potential of increasing access to more users and providing affordable connectivity services to the burgeoning market in Africa. With a projected population of almost 1.7 billion people and projected spending of almost seven trillion U.S. dollars by 2030, Africa’s growth trajectory is remarkably upward-looking.



Following President Joe Biden&#8217;s promise of a new <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/12/14/fact-sheet-new-initiative-on-digital-transformation-with-africa-dta/">Digital Transformation with Africa</a> (DTA) and Vice President Kamala Harris&#8217; <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/03/29/fact-sheet-vice-president-harris-launches-global-initiatives-on-the-economic-empowerment-of-women-totaling-over-1-billion/">Call to Action</a>, a groundbreaking initiative, <a href="https://pdaa.com/">Partnership for Digital Access in Africa</a> (PDAA) was launched this week. The partnership brings together private and public sector leaders from Africa, the United States, and other parts of the world. It is driven not only by economic opportunities but also by the moral imperative to bridge Africa&#8217;s digital divide. PDAA will serve as a champion and accelerator for DTA and will support and amplify the efforts of all entities playing key roles in bringing affordable and accessible internet to Africa.



This announcement comes as President Biden and First Lady Jill Biden host President William Ruto and First Lady Rachel Ruto of Kenya for a State Visit at the White House. The visit marks the 60th anniversary of the U.S.-Kenya diplomatic relations and reinforces the strategic partnership between the two nations. It also represents the first State visit by an African leader since 2008.



“President and First Lady Ruto’s visit marks a historic moment in our shared journey towards digital accessibility and affordability. Concurrently, the launch of PDAA is not only timely but crucial, to ensure that we harness the power of digital innovation for the betterment of all Africans – especially women and girls – across the continent,” said Former Liberian President and PDAA Co-Chair Ellen Johnson Sirleaf. “In this era of rapid technological advancement, this initiative stands as a beacon of our commitment to inclusive growth for our people. Its importance to achieving our overarching goal of gender parity, including in digital access, further motivates our involvement and participation in the PDAA.&#8221;



For its part, PDAA has set forth an ambitious goal to double the number of people connected to the internet in Africa, from the current 500 million to a targeted 1 billion people by 2030.



“Only 40 percent of Africans are currently connected to the internet versus 68 percent globally,” said PDAA Interim-CEO Ibrahima Guimba-Saïdou. “With respect to women and girls, the goal is to increase connectivity from 30 percent to 80 percent. I am confident that PDAA, in collaboration with our partners, will dynamically transform Africa’s digital footprint.”



Guimba-Saïdou will lead PDAA to achieve DTA’s objectives along three core pillars:



<ol class="wp-block-list" start="1">
<li>Expand affordable internet and broadband services: To make the highest performance and lowest cost broadband available to as many Africans as possible;</li>
</ol>



<ol class="wp-block-list" start="2">
<li>Lower device cost: To improve accessibility by making such accessibility to internet-enabled devices (smartphones) and digital technology more affordable throughout Africa; and</li>
</ol>



<ol class="wp-block-list" start="3">
<li>Enhance digital skills: To assist in the upskilling of millions of Africans with the necessary capacity to more effectively and efficiently use digital technology.</li>
</ol>



The economic implications of this endeavor are significant. The results are likely to increase the potential to mobilize hundreds of billions of dollars into the annual GDPs of African nations. Along with its enormous potential, achieving this could place Africa at the forefront of global competition, commerce, and inclusive development.



PDAA has formed partnerships with public and private sector leaders, including the World Bank Group, M-KOPA, Smart Africa, African Leadership Group, Nokia, LifeHikes, and SpaceX. Each is committed to helping DTA realize its mission and objectives.



Across all of its initiatives and with all its partners, PDAA will focus on ensuring gender parity and equity in digital access and connection to the Internet. Increasing the number of women and girls connected and using the internet is crucial to providing them with opportunities for education, employment, entrepreneurship, and social and political participation, but it also can allow them to acquire new skills, address health disparities, and improve the overall quality of life – both for themselves and their families. To that end, PDAA’s collaborative efforts represent an unprecedented opportunity to work with Africa’s leaders to empower the people in Africa, reduce disparities, unlock the continent&#8217;s boundless potential, and help reach President Biden’s promise of a Digital Transformation with Africa. The rapid development of full digital capacity holds more than a promise for economic growth and job creation; its potential to improve gender equity, healthcare, increased trade among African countries and their global partners, food security, climate action, and cultural advancements is significant, both for the people in Africa and the world.



Africa&#8217;s time has come, and together, through collective action and collaboration, PDAA believes it is possible to break down barriers, bridge divides, and pave the way for a brighter and more prosperous future for Africa and the world.

PDAA-graphic-hero-

New Public-Private Partnership Supporting Digital Access in Africa Aims to Connect 1 Billion People in Africa to the Internet with Gender Parity

<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/levi-meir-clancy-bxyV1SfGMFU-unsplash-820x547.jpg" alt="" class="wp-image-490015" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/levi-meir-clancy-bxyV1SfGMFU-unsplash-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/levi-meir-clancy-bxyV1SfGMFU-unsplash-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/levi-meir-clancy-bxyV1SfGMFU-unsplash-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/levi-meir-clancy-bxyV1SfGMFU-unsplash-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/levi-meir-clancy-bxyV1SfGMFU-unsplash-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/levi-meir-clancy-bxyV1SfGMFU-unsplash.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo Credit: Levi Meir Clancy</figcaption></figure>



All for health, health for all. That’s the theme of this year’s World Health Assembly (WHA)’s annual meeting. It encapsulates the central problem facing all health systems – and, by extension, the ministers who direct them – that every individual should have equal access to the health services they require without financial hardship. The truth is that very few people do.



The COVID-19 pandemic has been a transformative force for healthcare systems, both positively and negatively. On the positive side, it accelerated the development of vaccines, fostered the creation of alternative care models, and spurred the digitalization of health services. However, it also unleashed a host of challenges. It disrupted universal health coverage, disproportionately affecting low- and middle-income countries (LMICs), triggered a mass departure of healthcare workers, and wreaked havoc on families and societies with its toll on lives and resources.



Health ministers are agents of change; the more effective they are, the greater the change. Typically, however, health ministers face a raft of challenges, blunting their effectiveness. Health portfolios are often under-resourced in terms of funding and personnel. Compared to their ministerial counterparts, the health minister typically has less influence and power, resulting in health needs slipping down the list of priorities in the face of mounting geopolitical and economic challenges. And yet, health ministers should be at the forefront of setting and championing health policies on the pressing challenges of our day.



As the World Health Organisation’s decision-making body, the WHA is at the vanguard of tackling global health-related challenges. It has enjoyed marked success since its inception, notably in eradicating smallpox and polio and facilitating the collaboration required to develop and distribute vaccines for malaria and COVID-19. The WHA is currently turning its attention to continued work in the field of immunisation and pandemic preparedness, as well as improving maternal health, addressing Antimicrobial Resistance (AMR), climate and health issues, and finally, workforce health, the progress on which then affects health-related elements of the SDGs.



The organization operates at the direction of its member states. Still, it is important to note that its mandate has grown disproportionately large in relation to its funding, potentially affecting its longer-term ability to deliver. This is vital to understand because it means that some of the support to effect change needs to come from elsewhere, most obviously through the health ministers of WHA member states and through the type of collaboration and knowledge sharing that the World Economic Forum and its stakeholders can offer.



Governments often view the likes of health, education, housing, transport, or the green transition as conflicting priorities when, in fact, they should be viewed holistically as drivers of health and invested in as such. On a broad level, we need to think about why healthcare is not better prioritised in different situations globally and how the situation can be changed. This may, in turn, provide the answers and solutions to the dilemma of the health minister, who faces the same problems at a ministerial level. The crux of the issue is that health ministers make decisions affecting all societal sectors and, ultimately, a country’s prosperity. Therefore, health ministries must be adequately resourced, and their ministers must be given the agency and knowledge to effect change.



No ‘one size fits all’ approach will eradicate the world’s health and healthcare provision problems, but all would benefit from stronger collaboration, dialogue, and shared best practices. Through its multistakeholder approach, which naturally provides a range of perspectives on an issue, the World Economic Forum’s Centre for Health &amp; Healthcare helps to strengthen the knowledge and understanding of those health ministers and ministries with which it works. In doing so, it seeks to propel the global health agenda and accelerate the progress of health-related SDGs.



Mirroring the WHA’s current priorities, the Forum has several primary action areas for its workstreams during 2024 and 2025 – AMR, climate &amp; health, digital health, health equity and women’s health. These are vital areas in need of further attention and action, without which health services globally will face increased challenges and costs.



AMR offers a good example because as antibiotics and antimicrobial drugs prove increasingly ineffective against infection, mortality rates will increase, hospital stays lengthen and healthcare costs rise, potentially reaching trillions of dollars by 2050. To address this, health ministers must be given the agency to champion multifaceted policies, but they need support to achieve this.



The Forum is dedicated to strengthening continued collaborations between government – and with them, their health ministers – and business to improve access to healthcare worldwide. A prime example of how it supports knowledge sharing between the public and private sectors is the Forum’s support for the Global Alliance for Women’s Health, which, at the WHA meeting, will launch the Cervical and Breast Cancer Coalition in collaboration with Kenya’s Ministry of Health.



Highlighting how health ministers can be empowered with greater knowledge and expertise, the coalition will provide ministers and their teams with access to expert partners and resources to help identify gaps and challenges and then step in to support health strategy. Incidents of regional best practice can then be shared and scaled up, where appropriate.



Everyone deserves quality, affordable, accessible healthcare products and services, and healthcare services deserve the resources and agency to offer this. By better supporting health ministries and strengthening the role and position of health ministers, we can create a virtuous circle in which health is prioritised, accelerating progress in tackling local and global health challenges.

levi-meir-clancy-bxyV1SfGMFU-unsplash

Why health ministers must be at the forefront of global healthcare processes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="538" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2154333200-820x538.jpg" alt="" class="wp-image-489997" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2154333200-820x538.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2154333200-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2154333200-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2154333200-768x503.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2154333200-1536x1007.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/GettyImages-2154333200-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">WASHINGTON, DC &#8211; MAY 23: U.S. President Joe Biden and Kenyan President William Ruto hold a joint press conference in the East Room at the White House on May 23, 2024 in Washington, DC. Biden welcomed Ruto for a state visit including a bilateral meeting, a joint press conference and a state dinner. Ruto’s visit is the first official state visit to the White House by a leader from an African country since 2008. (Photo by Anna Moneymaker/Getty Images)</figcaption></figure>



WASHINGTON, May 23 (Reuters)&nbsp;&#8211;&nbsp;U.S. President Joe Biden and Kenyan President William Ruto on Thursday called for increased support for developing countries like Kenya, including through debt relief by major bilateral creditors like China.



Biden and Ruto, on a three-day state visit to the United States, issued a &#8220;Nairobi-Washington Vision&#8221; that includes detailed steps for addressing the staggering debt burden faced by many low-income countries, about half of&nbsp;which&nbsp;are in or close to debt distress.



Many countries are now paying the majority of their revenues to repay debts, limiting their ability to invest in development projects or climate.



&#8220;Countries willing to commit to ambitious reforms and high-quality plans for investments in sustainable development and in addressing global challenges like climate change, pandemics and health threats, and fragility and conflict should be buoyed not abandoned by the international community,&#8221; the statement for the Nairobi-Washington Vision said.



&#8220;High-ambition countries&#8221; should receive financial support from international financial institutions, it said, adding that creditor countries should provide reprieves.



China, the United States and other Group of 20 creditor countries set up the Common Framework for Debt Restructuring to help countries facing huge debt burdens during the pandemic, but the initiative has faced long delays.



A senior U.S. Treasury official said China &#8211; the largest official creditor &#8211; had taken some steps to aid debt-ridden countries, but more work was needed.



The U.S. and Kenya want a big push by the international financial institutions, China and other official bilateral creditors, and the private sector to ensure that debtor countries do not spend all their money servicing old debts.



&#8220;We can&#8217;t have official creditors free-riding on the rest of the system,&#8221; the senior Treasury official said.



Ruto told Reuters last month that Kenya expects a fresh $1 billion disbursement from the International Monetary Fund this month. Chinese loans to Kenya, which surged from around 2013-2022, now account for about 64% of Kenya&#8217;s current stock of external bilateral debt.



Commercial external lending also contributed to Kenya&#8217;s external debt problem, with a great focus on a $2 billion Eurobond maturing in June 2024.



The U.S. this week sent $250 million in fresh funding for crisis response by the World Bank&#8217;s International Development Association, and was working with Congress to provide $21 billion to the IMF&#8217;s Poverty Reduction and Growth Trust, the officials said. It is also urging Congress to approve $36 billion to the World Bank.



Washington, the official said, would also work with other Group of Seven advanced economies and Group of Twenty to push for more private investment, coordinated relief packages and reforms at the international financial institutions.



&#8220;It&#8217;s not just China. &#8230; The system needs to operate better,&#8221; the Treasury official said.



(Reporting by Andrea Shalal; editing by David Ljunggren and Leslie Adler)

President Biden Hosts Kenyan President William Ruto For Official State Visit

US, Kenya call for increased support for developing countries

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/MFRSJUG6ENIKRKT2TG6IDG6GTE-820x545.jpg" alt="" class="wp-image-489767" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/MFRSJUG6ENIKRKT2TG6IDG6GTE-820x545.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/MFRSJUG6ENIKRKT2TG6IDG6GTE-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/MFRSJUG6ENIKRKT2TG6IDG6GTE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/MFRSJUG6ENIKRKT2TG6IDG6GTE-768x510.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/MFRSJUG6ENIKRKT2TG6IDG6GTE-1536x1020.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/MFRSJUG6ENIKRKT2TG6IDG6GTE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s President William Ruto talks during a Reuters interview on the sidelines of the IDA for Africa Heads of State Summit at the Kenyatta International Conference Centre (KICC) in Nairobi, Kenya April 29, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



May 23 (Reuters) &#8211; U.S. President Joe Biden and Kenyan President William Ruto on Thursday announced investments in green energy, education and health manufacturing in the East African nation and a plan to reduce its debt burden.



Ruto arrived in Washington on Wednesday as part of a three-day state visit that includes bilateral talks with Biden on Thursday, followed by a state dinner in the evening. Ruto&#8217;s trip is the sixth state visit hosted by the Biden administration and the first for an African president since 2008.



Here are the key announcements:



<h2 class="wp-block-heading" id="h-diplomacy">DIPLOMACY</h2>



Biden will designate Kenya as a major non-NATO ally, making it the first sub-Saharan African country to receive the designation, a senior U.S. administration official said. Currently, 18 countries are designated as non-NATO allies, including Israel, Brazil and the Philippines.



The alliance &#8211; which is not a mutual defense pact &#8211; will bring some additional U.S. aid, including a new $7 million partnership to help modernize Kenya’s National Police Service, with a focus on staff and training development.



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



The two countries launched the Nairobi-Washington Vision, a call to the international community to help debt-laden countries like Kenya manage debt while investing in economic growth. It calls on international financial institutions to provide coordinated packages of support and on creditor countries to provide forms of debt relief.



The U.S. will soon make available lending of up to $21 billion to the International Monetary Fund’s Poverty Reduction and Growth Trust to support the poorest countries.



<h2 class="wp-block-heading" id="h-trade-and-investment">TRADE AND INVESTMENT</h2>



Microsoft MSFT.Ois partnering with United Arab Emirates-based artificial intelligence firm G42 to invest $1 billion in a data center in Kenya as part of its efforts to expand cloud computing services in East Africa. The data center, which will be built by G42 and its partners, will be powered by geothermal energy and provide access to Microsoft&#8217;s Azure cloud computing platform through a new cloud region for East Africa.



The U.S. International Development Finance Corporation announced it plans to open an office in Kenya&#8217;s capital Nairobi, playing a key role in driving its efforts across key sectors in Kenya such as agriculture, health, e-mobility and energy.



The U.S. Agency for International Development will provide $15 million for new activities designed to reduce poverty and malnutrition and address global food security by expanding investment opportunities.



<h2 class="wp-block-heading" id="h-climate">CLIMATE</h2>



The two countries launched the U.S.-Kenya Climate and Clean Energy Industrial Partnership. The U.S. and Kenya plan to work with international financial institutions and multilateral trust funds to identify mechanisms for mobilizing investment for clean energy manufacturing and services.



Virunga Power, a U.S. company and partner in the Power Africa effort to double access to electricity in sub-Saharan Africa, announced a pipeline of six hydropower projects in advanced stages of development in Kenya. With a total expected investment of $100 million, those projects will be built in sequence over the next five years and are expected to provide 31 megawatts of clean, renewable energy.



A $60 million grant from the Millennium Challenge Corporation will fund a four-year program focusing on the transportation needs of underserved groups in Kenya, safer options for women and pedestrians, and climate-friendly public transportation.



<h2 class="wp-block-heading" id="h-health">HEALTH</h2>



Kenya and the United States announced that the U.S. Centers for Disease Control and Prevention and Kenya&#8217;s government will share information, identifying best practices and defining steps toward the development and full launch of the Kenyan National Public Health Institute.



The International Development Finance Corporation is making a $10 million direct loan to Kenyan company Hewa Tele, which supplies medical oxygen to healthcare facilities in Africa, and equity investments in Kasha Global, a Kenya-based e-commerce company that provides personal care, healthcare, and beauty products to low-income women in Kenya and Rwanda.



<h2 class="wp-block-heading" id="h-education">EDUCATION</h2>



The administration intends to provide $3.3 million for a U.S. Department of State program for 60 Kenyan undergraduate students to study for a semester in the United States, with a focus on science, technology, engineering and mathematics.



The administration also plans to provide $500,000 to support Kenyan students, scientists, researchers, and engineers by encouraging U.S. universities to increase investment in relationships with Kenyan universities and research institutions.



(Reporting by Jarrett Renshaw; editing by Jonathan Oatis)

FILE PHOTO: Kenya’s President William Ruto talks during a Reuters interview on the sidelines of the IDA for Africa Heads of State Summit in Nairobi

US, Kenya announce slew of investments and plan on debt relief

How Costco And Record-High Prices Turned Gold Into A Hot Investment

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="581" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/OMGAKGST45NKLBLRIAB3HCLZXM-820x581.jpg" alt="" class="wp-image-489691" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/OMGAKGST45NKLBLRIAB3HCLZXM-820x581.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/OMGAKGST45NKLBLRIAB3HCLZXM-300x212.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/OMGAKGST45NKLBLRIAB3HCLZXM-127x90.jpg 127w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/OMGAKGST45NKLBLRIAB3HCLZXM-768x544.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/OMGAKGST45NKLBLRIAB3HCLZXM-1536x1088.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/OMGAKGST45NKLBLRIAB3HCLZXM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. President Joe Biden welcomes Kenyan President William Ruto at the South Portico of the White House in Washington, U.S., May 22, 2024. REUTERS/Leah Millis</figcaption></figure>



May 23 (Reuters)&nbsp;&#8211;&nbsp;U.S. President Joe Biden welcomed Kenyan President William Ruto to the White House on Thursday for a state visit aimed at deepening relations with African nations, which have been sidelined by wars in Ukraine and Gaza, with a flurry of deal announcements.



&#8220;We may be divided by distance, but we are united by the same democratic values,” Biden said, noting that the two countries are celebrating a 60-year partnership this year.



&#8220;Today, as we begin the next decade of our partnership, we&#8217;ve launched a new initiative to bring our country&#8217;s companies and communities closer together,&#8221; he said.



Ruto responded, “Today, as we celebrate our past, we are optimistic about our future. By undertaking this state visit, we will have the opportunity to discuss and to have a conversation about building global partnership and leadership.&#8221;



The Kenyan president, who arrived in the U.S. on Monday and visited Atlanta, Georgia, spoke with CEOs in the White House on Wednesday. Later on Thursday, he will meet with Biden in the Oval Office and hold a joint press conference before attending a lavish state dinner in the evening.



Ruto&#8217;s trip is the first state visit for an African president to the White House since 2008. Successive U.S. governments have said they wanted to offer a more sustainable and democratic alternative to relations with U.S. rivals China and Russia, but have failed to establish real ties.



Africa&#8217;s political landscape has been upended in the past year by a spate of military coups, wars and shaky elections that have given China and Russia greater influence. Biden hopes strengthening ties with Kenya, seen as a democratic stronghold, can help stabilize the continent and advance U.S. interests.



The White House said Biden would also designate Kenya as a major non-NATO ally, the first sub-Saharan African country to receive the designation. Currently, 18 countries are designated as non-NATO allies, including Qatar, Israel, Brazil and the Philippines.



<h2 class="wp-block-heading" id="h-green-energy-health-deals">GREEN ENERGY, HEALTH DEALS</h2>



The leaders will announce new U.S.-backed investments in green energy and health manufacturing, along with a detailed plan to cut Kenya&#8217;s high debt load, most of which is owed to China, the White House said.



The U.S. will announce $250 million in new investments in Kenya through the U.S. International Development Finance Corporation, including $180 million for a major affordable housing project, a U.S. government official said. That will bring the U.S. financing institution&#8217;s portfolio in Kenya to nearly $1.1 billion. The corporation will also open an office in Kenya.



The humanitarian crisis in Haiti will be a focus. Kenya&#8217;s plan to deploy 1,000 paramilitary officers to the Caribbean country as part of a U.N.-backed effort to curb gang violence and hunger has been delayed, sources told Reuters.



Biden told reporters on Wednesday that he plans an official visit to Africa in February after the U.S. presidential election, an announcement that presumes he will defeat Donald Trump. Biden had earlier pledged to make a trip to Africa sometime in 2023.



Ruto will be celebrated at a dinner lit by 1,000 candles and a menu of heirloom tomato soup, butter-poached lobster, smoked beef short ribs and a white chocolate dessert.



Country singer Brad Paisley will headline the dinner along with Howard University&#8217;s Gospel Choir, both of which are tributes to Ruto&#8217;s musical interests.



(Reporting By Andrea Shalal and Jarrett Renshaw; Additional reporting by Andrea Shalal and Trevor Hunnicutt; Editing by Don Durfee, Cynthia Osterman and Jonathan Oatis)

U.S. President Biden welcomes Kenyan President Ruto on at the White House in Washington

Biden welcomes Kenya’s Ruto to White House with investments, promises

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EFI4GYYDFVNN7NSNAMR7D6HG5A-820x545.jpg" alt="" class="wp-image-489643" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EFI4GYYDFVNN7NSNAMR7D6HG5A-820x545.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EFI4GYYDFVNN7NSNAMR7D6HG5A-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EFI4GYYDFVNN7NSNAMR7D6HG5A-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EFI4GYYDFVNN7NSNAMR7D6HG5A-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EFI4GYYDFVNN7NSNAMR7D6HG5A-1536x1021.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/EFI4GYYDFVNN7NSNAMR7D6HG5A-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. President Joe Biden goes in for a handshake during event with Kenyan President William Ruto and business executives at the White House, in Washington, U.S., May 22, 2024. REUTERS/Leah Millis</figcaption></figure>



WASHINGTON, May 22 (Reuters)&nbsp;&#8211;&nbsp;U.S. President Joe Biden is expected to designate Kenya as a major non-NATO ally during a three-day state visit by Kenyan President William Ruto&nbsp;this&nbsp;week, a source familiar with the plans said.



Kenya would be the first sub-Saharan African country to receive the designation, reflecting Washington&#8217;s drive to deepen relations with the East African nation, which has long also had close relations with Russia and China.



As he welcomed Ruto to the White House for a meeting with business executives, Biden told reporters he planned to visit Africa in February, following the U.S. presidential election. The two leaders will meet again in the Oval Office on Thursday, followed by a joint news conference and a state dinner.



Senior administration officials said Biden and Ruto would discuss a range of issues from trade to debt relief and the way forward for Haiti, Ukraine, Sudan and other areas during their meeting.



On Wednesday, Biden said he and Ruto would launch a new era of technology cooperation between the two countries that would include work on cyber security, artificial intelligence and semiconductors. He did not mention the security designation.



The U.S. will also announce $250 million in new investments through the U.S. International Development Finance Corporation (DFC), expanding the U.S. financing agency’s portfolio in Kenya to over $1 billion, DFC said.



Both countries share a commitment to ensuring technology is developed and deployed in a manner that advances transparency, accountability, and human rights, a U.S. official said.



Kenya, like the United States, has become &#8220;an engine for innovation&#8221;, the official said, citing its $1 billion “Silicon Savannah” technology hub that is home to more than 200 startups spanning a range of sectors, including clean energy, microelectronics, financial technology, and e-commerce.



Businesses that took part included Alphabet&nbsp;GOOGL.O; Baylis Emerging Markets, a private equity firm specializing in African markets; BasiGo, a Kenyan electric bus company; Teneo, a global CEO consulting and advisory&nbsp;firm, and Gearbox&nbsp;Software,&nbsp;which&nbsp;is an American video game development company.



Washington also plans a new semiconductor partnership with Kenya, and is working with Congress to make&nbsp;it the&nbsp;first country in Africa to benefit from funding through the U.S. CHIPS and Science Act of 2022, an administration official said.



Biden&#8217;s designation of Kenya as a major non-NATO ally comes as it is preparing to send forces to Haiti as part of a U.N.-led force deploying to address the security crisis in the Caribbean.



The designation is granted by the United States to close, non-NATO allies that have strategic working relationships with the U.S. military.



The White House had no immediate comment.



Biden in March designated Qatar as a major non-NATO ally of the U.S., fulfilling the promise he had made to Qatar earlier in the year.



Gyude Moore, head of the Africa Initiative at the Center for Global Development, said Kenya had proven to be a dependable and reliable partner for the U.S. at a time when South Africa was pursuing its own more independent foreign policy.



Cameron Hudson, a fellow at the Center for Strategic and International Studies, said the move would formalize a shift that has seen Kenya &#8220;move more squarely into a U.S. orbit&#8221; in recent years, including greater cooperation on Somalia.



&#8220;It&#8217;s very significant. No other sub-Saharan African country has it,&#8221; he said.



(Reporting by Andrea Shalal and Trevor Hunnicutt; Editing by Chris Reese, Sonali Paul and Lincoln Feast.)

U.S. President Biden welcomes Kenyan President Ruto to the White House in Washington

US expected to designate Kenya as major non-NATO ally, source says

<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>



May 23 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



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



Democratic Republic of Congo&#8217;s central bank is expected to hold its first monetary policy committee meeting for the year.



U.S. President Joe Biden hosts Kenyan President William Ruto for state visit to mark 60th anniversary of U.S.-Kenya diplomatic relations.



Chad&#8217;s newly elected president, junta leader Mahamat Idriss Deby, will be sworn in at a ceremony in the capital N&#8217;Djamena.



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



Several key Asian share benchmarks fell on Thursday as markets digested the implications of policymakers in major economies preferring to take patient approach to monetary easing amid sticky inflation.



[MKTS/GLOB]



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices eased for a fourth straight day on Thursday on worries that U.S. borrowing costs could be hiked again if inflation surged, a move that could hurt oil demand.



[O/R]



<h2 class="wp-block-heading" id="h-africa-stocks">AFRICA STOCKS</h2>



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



The South African rand fell against the dollar on Wednesday as traders awaited Federal Reserve meeting minutes for hints on the interest rate path of the world&#8217;s biggest economy.



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



The Kenyan shilling weakened slightly against the dollar on Wednesday, LSEG data showed.



<h2 class="wp-block-heading" id="h-kcb-group-results">KCB GROUP RESULTS</h2>



Kenya&#8217;s KCB Group&#8217;s KCB.NR pretax profit for the first quarter of this year jumped 53%, helped by higher interest income, it said on Wednesday.



<h2 class="wp-block-heading" id="h-usa-africa">USA AFRICA</h2>



U.S. President Joe Biden said he plans to make an official visit to Africa in February after the U.S. presidential election, an announcement that presumed he will defeat Donald Trump.



<h2 class="wp-block-heading" id="h-congo-apple">CONGO APPLE</h2>



International lawyers representing the government of the Democratic Republic of Congo said on Wednesday they had new evidence gathered from whistleblowers, which deepened concerns that Apple AAPL.O could be sourcing minerals from conflict areas in eastern Congo.



<h2 class="wp-block-heading" id="h-mozambique-oil">MOZAMBIQUE OIL</h2>



Abu Dhabi National Oil Company (ADNOC) has bought Galp&#8217;s GALP.LS 10% stake in the Area 4 concession of the multi-billion-dollar natural gas project in Mozambique&#8217;s Rovuma basin, its fourth international foray into gas.



<h2 class="wp-block-heading" id="h-congo-politics">CONGO POLITICS</h2>



The Democratic Republic of Congo&#8217;s national assembly elected Vital Kamerhe, whose home was violently attacked on Sunday, as speaker in a delayed vote, a key step towards installing a government five months after a presidential election.



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



U.S. President Joe Biden is expected to designate Kenya as a major non-NATO ally during a three-day state visit by Kenyan President William Ruto this week, a source familiar with the plans said.



<h2 class="wp-block-heading" id="h-rwanda-imf">RWANDA IMF</h2>



The International Monetary Fund said on Wednesday it was releasing a combined $164.6 million in funds to Rwanda after its executive board concluded reviews of the country&#8217;s support programmes.



<h2 class="wp-block-heading" id="h-africa-drought">AFRICA DROUGHT</h2>



The U.N. World Food Programme (WFP) needs $400 million to feed millions of people in Southern Africa following a drought that plunged parts of the region into hunger, the programme said on Wednesday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on May 23

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BHP-shares-hit-3-month-high-as-deadline-for-formal-Anglo-bid-looms-820x519.jpg" alt="" class="wp-image-488951" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BHP-shares-hit-3-month-high-as-deadline-for-formal-Anglo-bid-looms-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BHP-shares-hit-3-month-high-as-deadline-for-formal-Anglo-bid-looms-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BHP-shares-hit-3-month-high-as-deadline-for-formal-Anglo-bid-looms-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BHP-shares-hit-3-month-high-as-deadline-for-formal-Anglo-bid-looms-768x486.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BHP-shares-hit-3-month-high-as-deadline-for-formal-Anglo-bid-looms-1536x973.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/BHP-shares-hit-3-month-high-as-deadline-for-formal-Anglo-bid-looms-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A small toy figure and mineral imitation are seen in front of the BHP logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



PERTH/HONG KONG, May 23 (Reuters)&nbsp;&#8211;&nbsp;BHP&nbsp;BHP.AX&nbsp;will stand firm on the structure and value of its latest takeover proposal for Anglo American&nbsp;AAL.L, focusing instead on allaying its target&#8217;s concerns around execution risks over the coming week, sources said on Thursday.



The world&#8217;s biggest listed mining group now has until May 29 to make a firm bid for Anglo American or it will be forced to walk away for at least six months under the UK&#8217;s takeover rules after it was granted a one-week extension on Wednesday.



Two sources who have been in talks with the miner and its advisers said they expect BHP management will spend the next week properly understanding Anglo&#8217;s concerns on an asset-by-asset basis with a goal to convince it on the merits of the deal.



Baden Moore, analyst at broker CLSA in Sydney, said BHP&#8217;s goal will be to get Anglo American to agree to open its books and allow a further extension.



&#8220;They are gradually, gradually getting closer to a deal,&#8221; he said.



Anglo chairman Stuart Chambers highlighted concerns on Wednesday about completion and execution risks in BHP&#8217;s proposal, meaning the structure of any deal and the fate of Anglo&#8217;s businesses in South Africa remain big obstacles.



One solution that BHP has already offered is to foot the bill to demerge Kumba Iron Ore&nbsp;KIOJ.J&nbsp;which is expected to net the South African government $2 billion of much needed capital gains tax, according to a pre-due-diligence BHP estimate, said one of the sources.



Last week, Anglo announced plans to either spin-off or sell its less profitable nickel, diamond and platinum businesses to refocus on copper, and to also sell its coal businesses.



In that plan Anglo would need to bear those substantial spin-out costs itself, which would ultimately be borne by its shareholders.



If the deal does not go ahead, Anglo boss Duncan Wanblad will be under pressure to get top dollar for its diamonds business in particular and ensure its demergers proceed without any hiccups, two investors said. One foot wrong and BHP will be ready to pounce, they said.



&#8220;Anglo does not exist in a year&#8217;s time, one way or the other, in my mind,&#8221; one of the investors said.



BHP and Anglo are having joint meetings with UK and Australian regulators this week, a separate source told Reuters.



BHP&#8217;s latest 29.34 pounds per share approach, based on undisturbed share prices at market close on April 23, valued London-listed Anglo at 38.6 billion pounds (about $49.1 billion). The offer was still conditional on Anglo unbundling its platinum and iron ore assets in South Africa.



The May 29 deadline coincides with general elections in South Africa, where Anglo was formed and is still of significant national importance.



Shares of BHP fell 3.8% to A$44.47 on Thursday.



Anglo&#8217;s shares closed up 0.4% at 26.98 pounds on the London bourse on Wednesday.



($1 = 0.7864 pounds)



(Editing by Editing by Muralikumar Anantharaman)

FILE PHOTO: BHP shares jump 2.3% after Anglo announces break-up plan

BHP will not relent on structure, value of $49 bln Anglo offer, say sources

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="597" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XX2B2BC7YVPIDOIN4SRDRQVBYQ-820x597.jpg" alt="" class="wp-image-489422" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XX2B2BC7YVPIDOIN4SRDRQVBYQ-820x597.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XX2B2BC7YVPIDOIN4SRDRQVBYQ-300x218.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XX2B2BC7YVPIDOIN4SRDRQVBYQ-124x90.jpg 124w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XX2B2BC7YVPIDOIN4SRDRQVBYQ-768x559.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XX2B2BC7YVPIDOIN4SRDRQVBYQ-1536x1118.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/XX2B2BC7YVPIDOIN4SRDRQVBYQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A logo is pictured outside the World Trade Organization (WTO) in Geneva, Switzerland, September 28, 2021. REUTERS/Denis Balibouse/File Photo</figcaption></figure>



CAPE TOWN/BRUSSELS May 22 (Reuters)&nbsp;&#8211;&nbsp;South Africa is considering lodging a formal complaint at the World Trade Organization against the European Union&#8217;s &#8220;protectionist&#8221; carbon border levy, Trade Minister Ebrahim Patel said on Wednesday.



The EU&#8217;s proposed carbon border adjustment mechanism (CBAM), which will impose charges on imports of carbon-intensive goods like steel and cement into Europe, has faced criticism from some developing nations and sectors including China&#8217;s steel industry.



In October, the EU launched a trial phase of the world&#8217;s first carbon border levy, which from 2026 will impose costs on imports of steel, cement, aluminium, fertilisers, electricity, and hydrogen.



&#8220;We believe that first prize always is to reach agreement through engagement and negotiation and our door remains open to find a settlement with the European Union on this matter,&#8221; Patel told Reuters.



&#8220;Failing everything else, we would be obliged to take the next step which would be to lodge a formal complaint (at the WTO), but we are still continuing discussions with a view to finding an amicable solution,&#8221; he added.



A European Commission spokesperson said the border levy was designed to comply with WTO rules and would allow deductions for any carbon prices already paid abroad.



&#8220;EU domestic industry pays a carbon price. We need to make sure importers pay an equivalent price, based on the carbon content of their goods, to prevent carbon leakage and help reduce greenhouse gas emissions,&#8221; the spokesperson said.



&#8220;Carbon leakage&#8221; refers to the risk that, rather than reducing emissions, European industries would simply move abroad to avoid paying the EU&#8217;s domestic carbon price.



However, countries including South Africa say CBAM would penalise developing nations struggling to raise the large investments needed to reduce their industries&#8217; CO2 emissions.



&#8220;Instead of recognising differential levels of development, it imposes a one-size fits on all firms across the world,&#8221; Patel said.



He said South Africa, which could take a serious economic hit should CBAM be introduced, had raised the issue of trade-related measures on climate change at the WTO in February.



The EU is South Africa&#8217;s largest trading partner and the current version of CBAM could lead to a reduction of total exports to the EU of 4% in 2030 (or 0.02% reduction in GDP) relative to a baseline with no CBAM, an April report from the South African Reserve Bank said.



(Reporting by Wendell Roelf and Kate Abnett)

FILE PHOTO: A logo is pictured outside the World Trade Organization (WTO) in Geneva

S.Africa considers complaining to WTO against EU carbon border tax

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GRWCSJKK3NKH7M3COMPN5L5GGU.jpg" alt="" class="wp-image-420130" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GRWCSJKK3NKH7M3COMPN5L5GGU.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GRWCSJKK3NKH7M3COMPN5L5GGU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/GRWCSJKK3NKH7M3COMPN5L5GGU-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">The International Monetary Fund logo is seen at IMF headquarters in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



JOHANNESBURG, May 22 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund said on Wednesday it was releasing a combined $164.6 million in funds to Rwanda after its executive board concluded reviews of the country&#8217;s&nbsp;support programmes.



Rwanda&#8217;s economy is forecast to expand 6.6% this year and 6.5% next year after an 8.2% expansion last year, IMF said in a statement.



&#8220;While fiscal consolidation may temporarily dampen growth, a rebound to 7.3 percent is anticipated in the medium term,&#8221; it said.



Rwanda&#8217;s economy largely depends on agriculture, tourism and manufacturing.



(Reporting by Bhargav Acharya, Writing by Tannur Anders, George Obulutsa; Editing by Bate Felix)

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home

How The Price Of Chocolate’s Key Ingredient Surged More Than 300% In 2024

NEW NBA FINALS CAMPAIGN CELEBRATES THE GAME

Will South Africa have a new government or president after election?

How college endowment funds work

South Africa’s trade and competition minister Patel to exit cabinet after election

Ghana seals debt restructuring deal with official creditors, sources say

New Public-Private Partnership Supporting Digital Access in Africa Aims to Connect 1 Billion People in Africa to the Internet with Gender Parity

Why health ministers must be at the forefront of global healthcare processes

US, Kenya call for increased support for developing countries

US, Kenya announce slew of investments and plan on debt relief

How Costco And Record-High Prices Turned Gold Into A Hot Investment

Biden welcomes Kenya’s Ruto to White House with investments, promises

US expected to designate Kenya as major non-NATO ally, source says

African Markets – Factors to watch on May 23

BHP will not relent on structure, value of $49 bln Anglo offer, say sources

S.Africa considers complaining to WTO against EU carbon border tax

IMF to release $164.6 mln to Rwanda

News Tips

Advertise With Us

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