
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="514" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/4E5JLNLLANP4HIWTHREINONFZQ-820x514.jpg" alt="" class="wp-image-531665" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/4E5JLNLLANP4HIWTHREINONFZQ-820x514.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/4E5JLNLLANP4HIWTHREINONFZQ-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/4E5JLNLLANP4HIWTHREINONFZQ-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/4E5JLNLLANP4HIWTHREINONFZQ-768x482.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/4E5JLNLLANP4HIWTHREINONFZQ-1536x963.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/4E5JLNLLANP4HIWTHREINONFZQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker carries a bale of imported second-hand clothes past displayed apparel, amid the coronavirus disease (COVID-19) outbreak at the Gikomba market in Nairobi, Kenya September 18, 2020. REUTERS/Thomas Mukoya</figcaption></figure>



<p>NAIROBI, Sept 17 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s finance ministry forecasts a fall in the budget deficit to 3.5% of gross domestic product (GDP) in the 2025/26 fiscal year that starts next July, from 4.3% of GDP in the current fiscal year, a draft budget document showed.</p>



<p>President William Ruto scrapped tax hikes worth more than 346 billion shillings ($2.7 billion) in June in the face of youth-led demonstrations that created the biggest crisis of his two-year-old presidency.</p>



<p>The tax hikes were meant to increase revenue this fiscal year, but the government opted for spending cuts and more borrowing after they were pulled.</p>



<p>The budget deficit is expected to drop further to 3.3% of GDP in the 2026/27 fiscal year, the finance ministry said in the draft budget outlook paper seen by Reuters on Tuesday.</p>



<p>($1 = 128.5000 Kenyan shillings)</p>



<p>(Reporting by George Obulutsa; Editing by Alexander Winning and Ros Russell)</p>


The global aftermarket for second-hand apparel amid COVID-19 crisis

Kenya forecasts budget deficit will fall to 3.5% of GDP next fiscal year


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KCFPRJVFHBJAVIHQY7H4XLQJ2Y-2.jpg" alt="" class="wp-image-531632" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KCFPRJVFHBJAVIHQY7H4XLQJ2Y-2.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KCFPRJVFHBJAVIHQY7H4XLQJ2Y-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KCFPRJVFHBJAVIHQY7H4XLQJ2Y-2-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Shoppers queue to purchase televisions during Black Friday shopping, at a store in Canal Walk Mall in Cape Town, South Africa, November 25, 2022. REUTERS/Esa Alexander/File Photo</figcaption></figure>



<p>Sept 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s consumer confidence recovered further in the third quarter to its best since 2019, helped by improved willingness to spend and hopes of an interest rate cut in September, survey data released on Tuesday showed.</p>



<p>The consumer confidence index (CCI), sponsored by First National Bank (FNB) and compiled by the Bureau for Economic Research (BER), improved to minus 5 points in the quarter from minus 10 in the previous three months.</p>



<p>&#8220;A confluence of positive developments has bolstered the confidence levels of South Africa&#8217;s more affluent consumers over the last six months,&#8221; FNB Chief Economist Mamello Matikinca-Ngwenya said.</p>



<p>The central bank is due to announce its rate decision on Thursday, with economists expecting a 25-basis-point cut as inflation slows, according to a Reuters poll.</p>



<p>Besides the deceleration in inflation, the formation of the government of national unity, the absence of load-shedding, a stronger rand exchange rate and substantial fuel price declines have also contributed to improving consumer confidence.</p>



<p>&#8220;Moreover, the implementation of the two-pot retirement system on Sept. 1 now allows consumers access to a portion of their retirement savings, which will no doubt hearten households experiencing financial distress,&#8221; Matikinca-Ngwenya said.</p>



<p>However, while confidence among high-income and middle-income households improved, low-income households showed weakness as the lack of pension funds and debt that is tied to the prime interest rate minimizes the impact of the two-pot policy and possible rate cuts.</p>



<p>(Reporting by Prerna Bedi in Bengaluru; Editing by Savio D&#8217;Souza)</p>


KCFPRJVFHBJAVIHQY7H4XLQJ2Y (2)

S. Africa consumer confidence recovers to pre-pandemic levels, survey shows


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 17 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcement, equity and currency market moves may affect South African markets on Tuesday.</p>



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



<p>South Africa&#8217;s government will hold its weekly auction of long-term bonds.</p>



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



<p>South African insurer OUTsurance will report its full-year results.</p>



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



<p>The South African rand gained on Monday against a weaker dollar, as markets geared up for a week packed with interest rate announcements and a local inflation print.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index&nbsp;closed down about 0.1%.</p>



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



<p>Asian stocks gained on Tuesday while the dollar and U.S. Treasury yields came under pressure, with just a day to go before the expected start of the Federal Reserve&#8217;s easing cycle that could see policymakers deliver an outsized rate cut.</p>



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



<p>The S&amp;P 500 eked out a slight gain in a subdued session while the Nasdaq fell on Monday, weighed down by a drop in technology stocks as investors assessed the likelihood of an upsized rate cut from the U.S. Federal Reserve this week.</p>



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



<p>Gold prices hovered near a record high on Tuesday, ahead of the anticipated start of the U.S. interest rate reduction cycle, which could see policymakers deliver an outsized cut.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



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



<p>&#8211; Exporters choose SA’s neighbours amid delayed port privatisation</p>



<p>&#8211; Ramaphosa in talks with Elon Musk about Starlink</p>



<p>(Compiled by Tannur Anders)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 17


<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>



<p>NAIROBI, Sept 17 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.</p>



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



<p>Asian stocks wobbled on Tuesday while the dollar and U.S. Treasury yields came under pressure, with just a day to go before the expected start of the Federal Reserve&#8217;s easing cycle that could see policymakers deliver an outsized rate cut.</p>



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



<p>Oil prices extended gains on Tuesday as the market eyed U.S. output concerns in the aftermath of Hurricane Francine and expectations of lower U.S. crude stockpiles.</p>



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



<p>The South African rand gained on Monday against a weaker dollar, as markets geared up for a week packed with interest rate announcements and a local inflation print.</p>



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



<p>Nigeria&#8217;s inflation rate fell for a second consecutive month in August, down to 32.15% year-on-year from 33.40% in July, statistics agency data showed on Monday.</p>



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



<p>Nigerian state oil firm NNPC Ltd on Monday increased the price of petrol by 11%, the second increase in two weeks and a day after it started purchasing the fuel from the giant Dangote oil refinery on the outskirts of Lagos.</p>



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



<p>Kenya&#8217;s shilling was steady on Monday, and was expected to gain ground, bolstered by dollar inflows from tea exporters, traders said.</p>



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



<p>Kenya&#8217;s auditor general has started to examine the country&#8217;s debt to ascertain the amounts owed to various creditors, Finance Minister John Mbadi told Reuters on Monday.</p>



<h2 class="wp-block-heading" id="h-ivory-coast-cocoa">IVORY COAST COCOA</h2>



<p>Cocoa arrivals at ports in top grower Ivory Coast had reached 1.733 million metric tons by Sept. 15 since the start of the season on Oct. 1, down 25.3% from the same period last season, exporters estimated on Monday.</p>



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



<p>Ghana has lost more than a third of its 2023/24 cocoa output to smuggling, a top official from the cocoa marketing board (Cocobod) told Reuters, as low local prices and payment delays push some farmers to sell to increasingly sophisticated trafficking rings.</p>



<h2 class="wp-block-heading" id="h-angola-oil">ANGOLA OIL</h2>



<p>Angola will load a total of 33 crude oil cargoes in November, a trade source citing a preliminary loading programme told Reuters.</p>


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 17


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1322" height="769" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CBDC-image.jpg" alt="" class="wp-image-531580" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CBDC-image.jpg 1322w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CBDC-image-300x175.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CBDC-image-820x477.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CBDC-image-155x90.jpg 155w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CBDC-image-768x447.jpg 768w" sizes="auto, (max-width: 1322px) 100vw, 1322px" /><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



<p>LONDON, Sept 17 (Reuters)&nbsp;&#8211;&nbsp;A total of 134 countries representing 98% of the global economy are now exploring digital versions of their currencies, with almost half at an advanced stage and pioneers like China, the Bahamas and Nigeria starting to see a pick up in usage.</p>



<p>The research by the U.S.-based Atlantic Council think-tank published on Tuesday showed that all G20 nations are now looking into central bank digital currencies (CBDCs) as they are known and that 44 countries in total are piloting them.</p>



<p>That is up from 36 a year ago and is part of a global push by authorities to respond to declining cash usage and the threat to their money-printing powers from the likes of bitcoin and &#8216;Big Tech&#8217;.</p>



<p>The Atlantic Council&#8217;s Josh Lipsky and Ananya Kumar said one of the most noteable developments this year has been the sizable increase in the Bahamas, Jamaica and Nigeria&#8217;s CBDCs, the only three countries that have already launched them.</p>



<p>China too, which is running the world&#8217;s largest pilot scheme, has seen use of its protype e-CNY nearly quadruple to 7 trillion yuan ($987 billion) of transactions according to officials.</p>



<p>&#8220;There has been a narrative that the countries that have launched CBDCs have seen low or no usage, but in the last months we have seen a real uptake,&#8221; Lipsky said.</p>



<p>&#8220;My predication is that the PBOC (China&#8217;s central bank) will be close to full launch a year from now,&#8221; he added.</p>



<p>Other big advances have been the European Central Bank&#8217;s launch of a multi-year digital euro pilot and the United States, which has long dragged its feet on a digital dollar, joining a cross-border CBDC project with six other major central banks.</p>



<p>It still lags far behind nearly every other leading bank however Lipsky highlighted that it is one of the countries where privacy and other concerns about CBDCs are most vocal.</p>



<p>In May, the U.S. House of Representatives passed a bill prohibiting the direct issuance of a &#8216;retail&#8217; CBDC &#8211; the type used by the public. The Senate has not yet acted, but it remains a live issue in the presidential election campaign between Donald Trump and Kamala Harris.</p>



<p>Since Russia&#8217;s invasion of Ukraine and the G7 sanctions response, &#8216;wholesale&#8217; bank-to-bank only CBDC projects have more than doubled in number to 13.</p>



<p>The fastest growing one, codenamed mBridge, connects CBDCs from China, Thailand, the UAE, Hong Kong and Saudi Arabia and is expected to expand to more countries this year.</p>



<p>Russia is unlikely to be one of them but its digital rouble pilot means it is now accepted in the Moscow metro and in some petrol stations. Iran is also working on a digital rial.</p>



<p>&#8220;No matter what happens with the U.S. election, the Fed is years behind,&#8221; Lipsky said.</p>



<p>($1 = 7.0930 Chinese yuan renminbi)</p>



<p>(Reporting by Marc Jones; Editing by Michael Perry)</p>


CBDC-image

Central bank digital currency momentum growing, study shows

<p><iframe src="https://www.youtube.com/embed/ur2Wr7eoW9Q" width="100%" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Critics say the European Union’s provisional tariffs on Chinese EVs could raise prices, reduce choice and slow the pace with which the EU meets its climate change mitigation targets. Some European automakers, especially those from Germany, oppose them. They also might not be high enough to actually stop the tide of Chinese imports. And yet supporters say these measures are necessary to offset the harm done by China’s pattern of generously subsidizing its own industries and subsequently crushing global competition.</p>
<p>Chapters:<br />
01:37 Why EU’s tariffs won’t stop Chinese EVs<br />
01:43 Chapter 1. Tariffs<br />
04:03 Chapter 2. Climate vs. Industry<br />
09:06 Chapter 3. Industry Opposition </p>
<p>Producer: Robert Ferris<br />
Editor: Maria Chiu, Andrea Miller<br />
Animation: Mallory Brangan<br />
Senior Managing Producer: Tala Hadavi<br />
Additional footage: Getty Images, Audi, BMW, Mercedes-Benz, Zeekr</p>
<p>» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC<br />
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision</p>
<p>About&#8230;</p>


Why EU’s Tariffs Won’t Stop Chinese EVs


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1240724687-820x536.jpg" alt="" class="wp-image-531305" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1240724687-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1240724687-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1240724687-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1240724687-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1240724687-1536x1005.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/GettyImages-1240724687-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Sergio Pimenta, regional vice president for Africa at the International Finance Corporation, a member of the World Bank Group, at the Bloomberg Invest: Focus on Africa summit in London, UK, on Tuesday, May 17, 2022. African nations should resist pressure from &#8220;powerful interests&#8221; to hastily abandon fossil fuels to avoid hurting their economies, Angola&#8217;s President Joao Lourenco said. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



<p>South Africa is one of Africa’s largest economies, with robust manufacturing, mining, and agriculture sectors. It is also an important financial center, a digital innovator, and a hive of artistic creativity.</p>



<p>And yet, the country’s struggling power infrastructure is preventing a bright economy from really dazzling.</p>



<p>During a recent visit to South Africa, I met with public and private sector partners to affirm IFC’s commitment to deepening its support for the country’s private sector development agenda.</p>



<p>Energy transmission was an important focus of our meetings, with discussions centering on how private investment can buttress government efforts to build some of the vital power infrastructure the country needs.</p>



<p>Challenges associated with generating power often grab the headlines, but the transmission challenge is an equally urgent global issue: countries around the world need to add or replace &nbsp;about 50 million miles of transmission lines by 2040&nbsp; to meet their climate goals and to achieve energy security, <a href="https://www.iea.org/reports/electricity-grids-and-secure-energy-transitions">according to a recent report by the International Energy Agency</a>.&nbsp;&nbsp;</p>



<p>In South Africa, the transmission grid needs significant investments to be able to absorb new generation capacity, especially from renewables.</p>



<p>South Africa’s Minister of Energy and Electricity, Kgosientsho Ramokgopa, and I discussed the country’s energy challenges and opportunities, particularly around transmission and distribution infrastructure, which includes the lattice towers, poles, high-voltage cables, and transformers that bring power to homes, schools, businesses, and hospitals.</p>



<p>South Africa’ s government has already opened generation to the private sector, under the Renewable Energy Independent Power Producer Program. This has achieved notable results: since 2011 over 6,000MW of wind, solar photovoltaic and other renewable energy generation capacity has been procured.</p>



<p>However, Eskom, the state utility, remains entirely responsible for building and maintaining the country’s transmission infrastructure.</p>



<p>This might soon change.</p>



<p>In August 2024, South African President Cyril Ramaphosa signed the Electricity Regulation Amendment Bill, which introduced far-reaching reforms of South Africa’s energy sector aimed at establishing a competitive electricity market, including in transmission.</p>



<p>The country’s transmission needs certainly are enormous. The country must build an estimated 1,400 km of new transmission lines annually for the next 10 years to meet its energy needs. This equates to roughly $10 billion in investment for the lines and associated infrastructure to improve and expand the power grid.</p>



<p>The investment and capacity needed to meet the energy gap is huge—and cannot be achieved at the scale and speed needed using the status quo approach.</p>



<p>That is why IFC is providing advisory support to the Government of South Africa to help identify and operationalize private sector participation models in transmission, something that is already happening successfully in Latin America and India, for example.&nbsp;</p>



<p>Specifically, IFC is sharing its regional and global experience with South Africa and supporting a&nbsp; regulatory framework for private participation to enable the government to roll out the first independent power transmission projects and document lessons learned to support a broader program rollout.</p>



<p>Besides that, we have partnered with South Africa’s government to create an Energy One Stop Shop, which will be a single point for energy projects and will expedite approvals.</p>



<p>President Ramaphosa has <a href="https://thepresidency.gov.za/president-ramaphosa-assents-electricity-regulation-amendment-bill">hailed the new electricity bill</a> as one that will “lead to long term energy security, a more competitive energy system, more rapid uptake of renewable energy sources, and ultimately lower energy prices for all South Africans.” IFC is committed to supporting South Africa towards its energy goals. &nbsp;We are working through a joint World Bank Group approach to help create an enabling environment that can unlock the massive investments needed to ensure energy security in the country.</p>


Key Speakers At Bloomberg Invest: Focus on Africa Summit

Investing in Energy Transmission in South Africa: A Truly Bright Idea


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-820x547.jpg" alt="" class="wp-image-531302" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view of road traffic along the Marina in Lagos, Nigeria, July 18, 2024. REUTERS/Marvellous Durowaiye/File Photo</figcaption></figure>



<p>LAGOS, Sept 16 (Reuters) &#8211; Nigeria&#8217;s headline consumer inflation fell for the second month in a row in August, to 32.15% year-on-year from 33.40% in July, data from its bureau of statistics showed on Monday.</p>



<p>July marked the first month in well over a year that inflation had slowed in Africa&#8217;s most populous nation, as the effects of a currency devaluation started to fade.</p>



<p>But analysts say August&#8217;s further slowdown could be short-lived, after the price of petrol was increased twice in September, angering citizens who are grappling with the worst cost-of-living crisis in a generation.</p>



<p>Price increases have been stoked by President Bola Tinubu&#8217;s decision to remove a decades-old fuel subsidy, devalue the naira currency and hike electricity tariffs. The reforms are aimed at lifting economic growth and shoring up public finances.</p>



<p>(Reporting by Shamsuddin Mohd in Bengaluru and Chijioke Ohuocha in Abuja; Writing by MacDonald Dzirutwe in Lagos; Editing by Alexander Winning)</p>


A general view of road traffic along the Marina in Lagos

Nigerian inflation falls for second straight month in August


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



<p>KAMPALA, Sept 16 (Reuters) &#8211; The Ugandan shilling was stable on Monday, drawing some support from inflows of dollars from remittances, traders said.</p>



<p>At 0920 GMT commercial banks quoted the shilling at 3,710/3,720, the same level as Friday&#8217;s closing rate.</p>



<p>(Reporting by Elias Biryabarema; Editing by George Obulutsa)</p>


GettyImages-924883576-1

Ugandan shilling stable as remittance FX inflows lend support


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-scaled.jpg" alt="" class="wp-image-419784" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Kenya&#8217;s President-elect William Ruto speaks after the Supreme Court upheld his win in Nairobi, Kenya September 5, 2022. REUTERS/Monicah Mwangi</figcaption></figure>



<p>NAIROBI, Sept 16 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s auditor general has started to examine the country&#8217;s debt to ascertain the amounts owed to various creditors, Finance Minister John Mbadi told Reuters on Monday.</p>



<p>The East African nation&#8217;s debt stands at 10.5 trillion shillings ($81.71 billion) but an audit of the borrowings was one of the key demands of anti-tax hike protesters that forced the government to abandon a number of planned tax increases in June.</p>



<p>The audit has already started, Mbadi said, but did not provide further details regarding the focus of the investigation or when a report is expected to be ready.</p>



<p>The auditor general is a constitutionally mandated independent office that is funded by the state.</p>



<p>During the height of the protests, President William Ruto appointed a committee to perform the audit. However, several appointees, including the head of the Law Society of Kenya, declined the appointments, saying the task should be carried out by the auditor general.</p>



<p>During his parliamentary vetting for the post, Mbadi had promised to ensure there is more &#8220;debt accountability&#8221; to help the public better understand the issue.</p>



<p>More than 50 people were killed in the protests, which forced President Ruto to abandon the government&#8217;s financing law.</p>



<p>It also led to a series of credit downgrades by the three main global ratings agencies.</p>



<p>A team from the International Monetary Fund is in the country on a fact-finding mission ahead of its board meeting to approve the latest review of Kenya&#8217;s programme and approve a disbursement of $600 million.</p>



<p>($1 = 128.5000 Kenyan shillings)</p>



<p>(Reporting by Duncan Miriri; Editing by Jacqueline Wong)</p>


Kenya’s top court to deliver verdict on disputed presidential election

Kenya begins national debt audit, finance minister says


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429.jpg" alt="" class="wp-image-519304" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, Sept 16 (Reuters) &#8211; Kenya&#8217;s shilling was steady on Monday, and was expected to gain ground, bolstered by dollar inflows from tea exporters, traders said.</p>



<p>Commercial banks quoted the shilling at 128.50/129.50 per dollar at 0750 GMT, same as Friday&#8217;s closing rate.</p>



<p>(Reporting by George Obulutsa; Editing by Bate Felix)</p>


LYEEWJTJKRPK3GJPCKWFP3EK7E

Kenya’s shilling stable; tea sector FX inflows to boost


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg" alt="" class="wp-image-523852" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new logo of the privatised Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



<p>ABUJA, Sept 16 (Reuters)&nbsp;&#8211;&nbsp;Nigerian state oil firm NNPC Ltd on Monday increased the price of petrol by 11%, the second increase in two weeks and a day after it started purchasing the fuel from the giant Dangote oil refinery on the outskirts of Lagos.</p>



<p>Nigeria expects the 650,000 barrels per day refinery to end years of imports of gasoline, which had been subsidised for decades until President Bola Tinubu began removing support when he took office in May last year.</p>



<p>The price of gasoline is a sensitive issue in Nigeria because many households and small businesses use it to power generators because the majority of citizens are not connected to the national electricity grid.</p>



<p>On Monday, NNPC said it had increased gasoline prices from 858 naira ($0.53) a litre to 950 naira in Lagos and as high as 1,019 naira in northeastern states. It said it buys the product at 898 naira per litre from the refinery.</p>



<p>NNPC said it had started buying the fuel from Dangote on Sunday in U.S. dollars and that a deal to purchase gasoline in the local naira currency was still to take effect.</p>



<p>The latest increase is likely to add to public anger as Nigerians are already struggling with inflation of 33.4%, which has driven up transport costs and caused a cost of living crisis that led to violent protests in early August.</p>



<p>On Friday, a Nigerian presidential committee announced that NNPC would distribute gasoline from the $20 billion Dangote refinery to the local market, ending a deadlock that had stalled distribution.</p>



<p>From October NNPC will supply 385,000 barrels of crude per day to be paid for in naira by Dangote refinery, which will in turn sell its fuel in the local currency.</p>



<p>($1 = 1,614.2000 naira)</p>



<p>(Reporting by Camillus Eboh, Editing by MacDonald Dzirutwe and Louise Heavens)</p>


XTUYFFOIU5I5JMOASXHMTVFSTI

Nigeria’s NNPC raises petrol prices again as Dangote fuel hits market


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-820x547.jpg" alt="" class="wp-image-373504" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1920x1280.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-600x400.jpg 600w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



<p>JOHANNESBURG, Sept 16 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained in early trade on Monday, as markets geared up for a week packed with interest rate announcements and a local inflation print.</p>



<p>At 0720 GMT, the rand traded at 17.66 against the dollar, about 0.6% firmer than its previous close.</p>



<p>&#8220;There are many moving parts to consider this morning that will have an important role to play in determining SA&#8217;s economic future over the next few months,&#8221; said ETM Analytics in a research note.</p>



<p>On Wednesday, local investors will look to South Africa&#8217;s August consumer inflation figures. Consumer inflation fell to 4.6% year-on-year in July, only just above the level the South African central bank aims for, 4.5%.</p>



<p>Another reading near the target would further cement expectations for a rate cut from the South African Reserve Bank (SARB) on Thursday. Economist polled by Reuters predict a 25 basis point cut.</p>



<p>&#8220;Most of this week&#8217;s attention will fall on the SARB&#8217;s interest rate decision&#8230; However, the domestic MPC (Monetary Policy Committee) is just one of three important central banks deciding on monetary policy,&#8221; ETM Analytics added.</p>



<p>The U.S. Federal Reserve will announce its policy decision on Wednesday. Markets are betting the central bank of the world&#8217;s biggest economy will cut rates but are divided on the size of the cut.</p>



<p>The Bank of England is expected to keep its main lending rate unchanged when it announces its decision on Thursday.</p>



<p>South Africa&#8217;s benchmark 2030 government bond also gained in early deals, as the yield slipped 6.5 basis points to 8.85%.</p>



<p>(Reporting by Tannur Anders; Editing by Alex Richardson)</p>


101416618-rand

South African rand gains, interest rates in focus this week


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 16 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Monday.</p>



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



<p>The Johannesburg Stock Exchange will release data on foreigners&#8217; buying and selling of bonds and stocks during the previous week.</p>



<p>South Africa&#8217;s government will hold its weekly auction for Treasury bills.</p>



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



<p>The South African rand firmed on Friday against a weaker dollar, as markets weighed up bets on the size of a rate cut expected in the United States on Sept. 18.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 0.4% up.</p>



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



<p>Asian stocks dithered and the dollar slipped on Monday in a week that is almost certain to see the start of an easing cycle in the United States, with investors flirting with the chance of an outsized move.</p>



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



<p>Wall Street&#8217;s main indexes closed higher on Friday as investors homed in on the chance of a bigger interest rate cut by the Federal Reserve, with rate-sensitive small cap stocks outperforming.</p>



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



<p>Gold prices surged to record highs on Monday, driven by a softer dollar and expectations of a larger interest rate reduction by the U.S. Federal Reserve.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



<p>&#8211; Ramaphosa opens door to revisit NHI, tells Motsoaledi it is time to talk</p>



<p>&#8211; Transnet in court over multibillion-rand deal with Filipino ports giant at key Durban terminal</p>



<p>(Compiled by Tannur Anders; Editing by Peter Graff)</p>


South African Markets – Factors to watch on Sept 16


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



<p>NAIROBI, Sept 16 (Reuters)&nbsp;&#8211;&nbsp;The Kenyan central bank&#8217;s Monetary Policy Committee will hold its rate-setting meeting on Oct. 8, the bank said on Monday.</p>



<p>At its last meeting in August, the bank cut its benchmark lending rate by 25 basis points to 12.75% from 13.00% previously.</p>



<p>(Reporting by George Obulutsa; Editing by Kim Coghill)</p>


XRWAJLZOAVK3DL2J5JMRWBBQ6A

Kenya central bank to hold its next rate-setting meeting on Oct 8


<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>



<p>NAIROBI, Sept 16 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.</p>



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



<p>*Nigeria&#8217;s statistics office releases consumer inflation data for August.</p>



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



<p>Asian stocks made a cautious start on Monday in a week that is almost certain to see the start of an easing cycle in the United States with the only question mark being the size of the cut, with markets split on the chance of an outsized move.</p>



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



<p>Oil prices edged up in early trade on Monday amid expectations of a U.S. interest rate cut this week, though gains were capped by weaker China data and persistent demand worries.</p>



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



<p>The South African rand firmed on Friday against a weaker dollar, as markets weighed up bets on the size of a rate cut expected in the world&#8217;s biggest economy next week.</p>



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



<p>Nigerian communities are claiming 505 billion naira ($310 million) in damages from Shell, which they accuse of breaching an existing court order by striking a deal to sell its onshore assets in the Niger Delta, court papers showed on Friday.</p>



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



<p>The Kenyan shilling  edged lower against the dollar on Friday, according to data from the London Stock Exchange Group (LSEG), though it remained within a stable range seen over the past month.</p>



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



<p>Kenya has awarded a public-private partnership concession to build power transmission lines to India&#8217;s Adani Group and a unit of the African Development Bank, according to an economic advisor to the country&#8217;s president.</p>



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



<p>A team of staff from the International Monetary Fund is visiting Kenya on a fact-finding trip, the IMF said late on Thursday, part of efforts to craft a way forward in the wake of deadly protests that scuppered the government&#8217;s planned tax hikes.</p>



<p>((Compiled by Nairobi Newsroom))</p>


African Markets – Factors to watch on Sept 16


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/F6FVLRKWENP73DD6QLMRUYW374-820x547.jpg" alt="" class="wp-image-531175" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/F6FVLRKWENP73DD6QLMRUYW374-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/F6FVLRKWENP73DD6QLMRUYW374-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/F6FVLRKWENP73DD6QLMRUYW374-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/F6FVLRKWENP73DD6QLMRUYW374-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/F6FVLRKWENP73DD6QLMRUYW374-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/F6FVLRKWENP73DD6QLMRUYW374-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Heads of state of Mali&#8217;s Assimi Goita, Niger&#8217;s General Abdourahamane Tiani and Burkina Faso&#8217;s Captain Ibrahim Traore attend the opening of for the first ordinary summit of heads of state and governments of the Alliance of Sahel States (AES) in Niamey, Niger July 6, 2024. REUTERS/ Mahamadou Hamidou/File Photo</figcaption></figure>



<p>BAMAKO, (Reuters) &#8211; Mali, Burkina Faso and Niger will introduce new biometric passports as part of their withdrawal from a West African bloc in favour of a new Sahel alliance after military leaders seized power in all three countries, Mali&#8217;s leader said on Sunday.</p>



<p>The three junta-led Sahel neighbours jointly announced in January they would leave the 15-member Economic Community of West African States (ECOWAS), which has sought to persuade them to reconsider their decision.</p>



<p>Burkina Faso announced earlier this month that it was rolling out new passports without the ECOWAS logo.</p>



<p>&#8220;In the coming days, a new biometric passport of the AES (Alliance of Sahel States) will be put into circulation with the aim of harmonising travel documents in our common area and facilitating the mobility of our citizens throughout the world&#8221;, Malian junta leader Assimi Goita announced on Sunday evening.</p>



<p>He spoke ahead of a meeting Monday between the three countries&#8217; foreign ministers on the anniversary of the decision to form their own alliance.</p>



<p>Goita also said they were planning to launch a shared information channel &#8220;in order to promote a harmonious dissemination of information in our three states.&#8221;</p>



<p>ECOWAS has warned that the three countries&#8217; withdrawal would undermine the freedom of movement and common market of the 400 million people living in the 49-year-old bloc.</p>



<p>Their departure comes as their armies battle groups linked to al Qaeda and Islamic State, whose insurgencies have destabilised the region over the past decade and threaten to spill over into coastal West African states.</p>



<p>(Reporting by Tiemoko Diallo and Boureima Balima in Niamey; Writing by Portia Crowe; Editing by Sandra Maler)</p>


home

Kenya forecasts budget deficit will fall to 3.5% of GDP next fiscal year

S. Africa consumer confidence recovers to pre-pandemic levels, survey shows

South African Markets – Factors to watch on Sept 17

African Markets – Factors to watch on Sept 17

Central bank digital currency momentum growing, study shows

Why EU’s Tariffs Won’t Stop Chinese EVs

Investing in Energy Transmission in South Africa: A Truly Bright Idea

Nigerian inflation falls for second straight month in August

Ugandan shilling stable as remittance FX inflows lend support

Kenya begins national debt audit, finance minister says

Kenya’s shilling stable; tea sector FX inflows to boost

Nigeria’s NNPC raises petrol prices again as Dangote fuel hits market

South African rand gains, interest rates in focus this week

South African Markets – Factors to watch on Sept 16

Kenya central bank to hold its next rate-setting meeting on Oct 8

African Markets – Factors to watch on Sept 16

Mali, Burkina and Niger to launch biometric passports under new alliance

News Tips

Advertise With Us

home

Kenya forecasts budget deficit will fall to 3.5% of GDP next fiscal year

S. Africa consumer confidence recovers to pre-pandemic levels, survey shows

South African Markets – Factors to watch on Sept 17

African Markets – Factors to watch on Sept 17

Central bank digital currency momentum growing, study shows

Why EU’s Tariffs Won’t Stop Chinese EVs

Investing in Energy Transmission in South Africa: A Truly Bright Idea

Nigerian inflation falls for second straight month in August

Ugandan shilling stable as remittance FX inflows lend support

Kenya begins national debt audit, finance minister says

Kenya’s shilling stable; tea sector FX inflows to boost

Nigeria’s NNPC raises petrol prices again as Dangote fuel hits market

South African rand gains, interest rates in focus this week

South African Markets – Factors to watch on Sept 16

Kenya central bank to hold its next rate-setting meeting on Oct 8

African Markets – Factors to watch on Sept 16

Mali, Burkina and Niger to launch biometric passports under new alliance

News Tips

Advertise With Us

Newsletters