<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>



NAIROBI, Oct 8 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



Kenya&#8217;s Deputy President Rigathi Gachagua will defend himself in parliament against an impeachment motion launched by allies of President William Ruto which accuses him of stirring ethnic hatred and undermining the government.



Tanzania statistics office releases consumer inflation data for September.



Kenya&#8217;s central bank is due to announce its latest lending rate decision.



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



Mainland Chinese stocks returned from an extended break with a roaring start on Tuesday, scaling multi-year highs as investor exuberance over Beijing&#8217;s aggressive stimulus measures showed no signs of easing.



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



Oil prices fell more than $1 on Tuesday as traders took profits from a rally in the previous session that lifted the market to its highest level in over a month amid fears that the Middle East could be on the brink of a region-wide war.



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



South Africa&#8217;s rand gained against the dollar on Monday after tumbling last week, as investors turned their attention towards U.S. inflation data later this week and comments by Federal Reserve officials.



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



Kenya&#8217;s shilling was steady against the dollar on Monday, and is expected to remain level in the coming week, traders said.



<h2 class="wp-block-heading" id="h-congo-mining">CONGO MINING</h2>



A U.S. congressional watchdog has found no evidence that a 2012 Securities and Exchange Commission (SEC) conflict minerals disclosure rule has reduced violence in Democratic Republic of Congo, it said in a report on Monday.



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



Uganda&#8217;s central bank trimmed its key lending rate on Monday by 25 basis points for the second time in a row, lowering it to 9.75%, saying that inflation was expected to remain below its target in the near term.



<h2 class="wp-block-heading" id="h-burkina-faso-mining">BURKINA FASO MINING</h2>



Fortuna Mining said on Monday that the government of Burkina Faso does not plan to withdraw the Canadian company&#8217;s existing mining permits in the country.



<h2 class="wp-block-heading" id="h-rwanda-marburg">RWANDA MARBURG</h2>



The U.S. Centers for Disease Control and Prevention will issue its second-highest level of travel notice for Rwanda, recommending people to avoid nonessential travel due to the Marburg disease outbreak in the east African country, the U.S. government said on Monday.



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



Rescue efforts were underway after a mine pit collapsed in Zambia&#8217;s Mumbwa District, killing 10 people and injuring five, police said on Monday.



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



Above average rainfall recorded in most of Ivory Coast’s main cocoa producing regions boosted farmers’ hopes of higher output in the ongoing October to March season.



<h2 class="wp-block-heading" id="h-congo-mining-0">CONGO MINING</h2>



Ivanhoe Mines plans to build a copper mine in the Democratic Republic of Congo, as it favours boosting output through organic growth in a sector dominated by deal-making.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 8

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1858" height="1045" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY.jpeg" alt="" class="wp-image-539784" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY.jpeg 1858w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY-1536x864.jpeg 1536w" sizes="auto, (max-width: 1858px) 100vw, 1858px" /><figcaption class="wp-element-caption">Britain’s Prime Minister Keir Starmer speaks at a press conference, during his visit to the European Commission headquarters on October 2, 2024 in Brussels, Belgium. Pool | Getty Images News | Getty Images</figcaption></figure>



LONDON — British Prime Minister Keir Starmer is seeking to reset his government and recover from a shaky first 100 days in office beset by policy misfires, doom mongering and a “freebie” scandal.



Over the weekend, Starmer conducted a shake-up of his office in No.10, after his Chief of Staff Sue Gray was forced to quit amid criticism over her performance and management style, as well as a furor over pay.



Gray, who was hired by Starmer in 2023 to help him prepare for government, was replaced by Morgan McSweeney, who led the Labour party’s winning election campaign. Another two figures were added as deputy chiefs of staff.



Meanwhile, Downing Street’s media relations team was bolstered with the appointment of James Lyons, recently head of policy communications at TikTok, who will lead a new team in the wake of backlash over gifts and “freebies” received by Starmer and other senior ministers.



Now more than three months on from the election, and with the Labour administration still light on policy details, analysts have begun to question whether the overhaul will be enough for Starmer to show that he has a plan for government.



“They still don’t have any discernible policy platform or direction, so the ship is essentially at sea without direction,” Phillip Blond, director of&nbsp;independent, non-partisan public policy thinktank ResPublica, told CNBC via email.



“Having better crew members will help but it can’t cover up the lack of a destination,” he added.



Tony Travers, visiting professor at the London School of Economics, noted that Starmer will have a steep hill to climb to reassert control after allowing infighting to perpetuate under his watch.



“A challenge for the prime minister lies in the fact No. 10 got out of control in the first place,” Travers said via email.



“All ‘private offices’ are different and they regularly go wrong. Keir Starmer now needs to show he’s got control,” he added.



All eyes are now on the forthcoming Autumn Budget due out on Oct. 30, when Finance Minister Rachel Reeves is expected to outline her spending plan for the new government.



Both Starmer and Reeves tried to walk back on negative rhetoric over the state of the U.K. economy at the Labour Party conference last month, saying that the country was poised for a&nbsp;period of national renewal.



Reeves has even suggested watering down tax rises for private equity bosses and aborting plans to scrap the U.K.’s controversial&nbsp;non-dom status, amid concerns that implementing such measures would spark a wealth exodus.



Meanwhile, the finance minister has talked up plans to boost investment, including by way of a new national wealth fund and possible changes to&nbsp;pensions rules, in a bid to encourage growth as speculation grows around possible changes to the U.K.’s debt rule. Labour had previously committed to a fiscal rule set by the former Conservative government, which stated that debt must fall as a share of gross domestic product (GDP) within a five-year horizon.



Nevertheless, negative sentiment has weighed over the country since Starmer warned of “tough decisions” ahead, after the Treasury discovered a £22 billion ($29 billion) “black hole” in the public finances allegedly inherited from the Conservative Party. Former Finance Minister Jeremy Hunt&nbsp;has denied the claims as&nbsp;“fictitious.”



Analysts at Citi said in a note on Monday that the government would need to move quickly to enact its growth plan for the country.



“The U.K. is approaching a make-or-break moment. A transition from the low growth, low investment equilibrium is increasingly urgent,” they wrote.



New&nbsp;research&nbsp;released Monday by KPMG and the Recruitment &amp; Employment Confederation showed that British businesses have put hiring on hold because of uncertainty over the government’s plans on tax, industrial strategy and workers’ rights.



Last month consumer confidence tumbled the most since Russia’s invasion of Ukraine, even as a drop in interest rates has eased pressure on households,&nbsp;according to GfK data.

108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY

UK Prime Minister Keir Starmer attempts government reset less than 100 days into office

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DFSLHXCTFBMB3IHZTWD4HAPD3E-820x546.jpg" alt="" class="wp-image-539528" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DFSLHXCTFBMB3IHZTWD4HAPD3E-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DFSLHXCTFBMB3IHZTWD4HAPD3E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DFSLHXCTFBMB3IHZTWD4HAPD3E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DFSLHXCTFBMB3IHZTWD4HAPD3E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DFSLHXCTFBMB3IHZTWD4HAPD3E-1536x1023.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DFSLHXCTFBMB3IHZTWD4HAPD3E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Administrator of United Nations Development Programme (UNDP) Achim Steiner delivers the keynote speech at the Hamburg Sustainability Conference in Hamburg, Germany, October 7, 2024. REUTERS/Fabian Bimmer</figcaption></figure>



HAMBURG, Germany, Oct 7 (Reuters)&nbsp;&#8211;&nbsp;The world&#8217;s poorest countries are having to prioritize debt service over investments, United Nations Development Programme administrator Achim Steiner said on Monday, scuppering progress towards their sustainable development goals.



Speaking at an event in Hamburg, Steiner said the financial crunch meant countries worldwide were struggling to meet the goals &#8211; a set of 17 wide-ranging targets such as tackling poverty and hunger, improving access to education and health care, providing clean energy and protecting biodiversity.



&#8220;For many, least developed countries, they have literally been priced out of the financial markets. They cannot borrow any more money,&#8221; Steiner told the Hamburg Sustainability Conference, adding that they must draw down other spending to avoid debt default. &#8220;It&#8217;s a very extreme situation.&#8221;



Countries like Ghana, Sri Lanka and Zambia have defaulted on their debt in recent years, while others are struggling to make payments after the global interest rate hiking cycle sent borrowing costs higher.



At the same time, the world needs trillions of dollars more per year to meet climate spending goals. Steiner said boosting financing was &#8220;absolutely central&#8221; to meeting sustainable development goals – something his organisation is monitoring closely.



&#8220;We have to tackle this issue of our international financial architecture and our international financial system,&#8221; Steiner said. &#8220;If not, we are going to fall apart in our endeavour to find answers that our citizens are expecting us to find.&#8221;



World Bank President Ajay Banga, speaking at the same event, said official and multilateral lenders would not be able to provide the $4 trillion needed to reach the goals without help.



&#8220;That gap is going to need the private sector,&#8221; Banga said during a panel discussion.



Using public money to de-risk private investment was one way of leveraging multilateral balance sheets, he added, saying the Washington-based lenders had boosted the insurance for investors looking to get involved in renewables in developing world.



&#8220;We&#8217;ve already doubled where we were a year ago. There is more to come.&#8221;



The World Bank announced in July it had started operating a one-stop-shop loan and investment guarantee platform with the aim of tripling the provision of guarantees and risk insurance provided around the world to $20 billion a year.



Reaching the sustainable development goals would require standardizing financing vehicles and making it easier for public private partnerships to get off the ground, German Chancellor Olaf Scholz said.



&#8220;Without the expertise and investment of the private sector, the sustainable development goals cannot be reached,” Scholz said during a keynote speech.



(Reporting by Libby George, writing by Karin Strohecker, Editing by Duncan Miriri, Gareth Jones, Ed Osmond and Christina Fincher)

Hamburg Sustainability Conference

Debt burden threatens poor countries’ development goals, UN official says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-820x547.jpg" alt="" class="wp-image-539465" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An illegal artisanal miner searches for gold in an excavated pit at the Prestea-Huni Valley Municipal District in the Western Region, Ghana August 17, 2024. REUTERS/Francis Kokoroko</figcaption></figure>



PRESTEA-HUNI VALLEY, Ghana, Oct 7 (Reuters)&nbsp;&#8211;&nbsp;At an unlicensed gold mine in Ghana, men in t-shirts, shorts and rubber boots wade through pools of muddy water laced with mercury, pull out rocks with bare hands and operate a rickety sluice as they search for the precious ore.



The ramshackle mine is part of a booming business that is generating livelihoods and informal revenue streams for Ghana&#8217;s economy, even as it harms miners&#8217; health, pollutes waterways, destroys forests and cocoa farms, and fuels crime.



&#8220;It&#8217;s risky but I just want to survive,&#8221; said one of the men at the wildcat site visited by Reuters in the Prestea-Huni Valley district in western Ghana.



The 24-year-old accounting student, who asked not to be named because he was involved in illegal activities, said he had been skipping classes to prospect for gold because he needed the money, having lost his father as a teenager.



There was no professional protective equipment at the mine. Men wore flimsy plastic shopping bags on their heads. One had swimming goggles and another a rice bag covering his torso.



The unlicensed gold mining industry, known in Ghana as &#8220;galamsey&#8221;, has grown at a breakneck pace this year as global gold prices have risen by almost 30%, enticing new entrants.



Small-scale mines produced 1.2 million ounces of gold in the first seven months of this year, more than in the whole of 2023, according to data from Ghana&#8217;s mining sector regulator.



About 40% of Ghana&#8217;s total gold output comes from small mines, as opposed to concessions operated by multi-national firms. Some 70-80% of the small mines are unlicensed.



<h2 class="wp-block-heading" id="h-poisoned-profits">POISONED PROFITS</h2>



Martin Ayisi, head of Ghana&#8217;s Minerals Commission, the mining industry regulator, said most galamsey gold was smuggled out of the country and was therefore not contributing to national gold export revenues.



For Ayisi, the rise in gold prices is good for Ghana, helping it recover from a severe economic crisis in 2022 that required a $3-billion IMF bailout.



&#8220;We should be able to get a lot of money and probably exit the IMF programme earlier,&#8221; he said, forecasting national gold export revenues would more than double to $10 billion this year.



But industry experts say the lines between legal mining and galamsey are blurred, and gold from informal mines represents a larger proportion of revenues than the authorities acknowledge.



The dangers of galamsey, however, are not in dispute.



Dozens of miners have been killed in collapsing pits in recent years, according to news reports and human rights groups, while hospitals and health centres report high numbers of early deaths from pulmonary diseases of miners and residents of towns and villages near mines.



These are caused by inhaling dust that contains heavy metals such as lead, as well as poisonous fumes from the mercury and nitric acid the miners use to leach gold out of sediment.



The chemicals are then dumped on the ground or in rivers. Ghana&#8217;s water authority says mercury and heavy metals from mining have contaminated about 65% of water sources.



Meanwhile, thousands of hectares (acres) of cocoa plantations and virgin forest have been destroyed by illegal miners, according to data from Global Forest Watch, an online monitoring platform.



Protesters have taken to the streets in Accra in recent weeks to criticise President Nana Akufo-Addo&#8217;s government over what they saw as its failure to tackle these problems. &#8220;Leaders, you&#8217;ve failed us!&#8221; read some of the placards.



&#8220;Galamsey has to stop. We want to live long. We don&#8217;t want to fall sick. We don&#8217;t want to go to the hospital,&#8221; said Aboubacar Sadekh, who was taking part in a march on Sept. 22, draped in a Ghanaian flag.



The government denies that it is failing to act on galamsey. When he came to power in 2017, Akufo-Addo pledged to take action on the issue, and during his time in office the government has launched crackdowns, deploying soldiers to arrest illegal miners. In some cases, mining equipment was seized and destroyed.



<h2 class="wp-block-heading" id="h-organised-crime">ORGANISED CRIME</h2>



Opinion polls suggest galamsey is one of the top five issues for voters ahead of a Dec. 7 general election.



The main candidates to replace outgoing Akufo-Addo as president, Vice President Mahamudu Bawumia and former President John Mahama, have pledged to formalise galamsey, for example by funding a state agency to explore for gold and map areas for locals to mine.



But successive governments have been promising for years to tackle the problem without making much headway, partly because powerful people are benefitting from the industry, experts say.



Chris Aston, head of a British-backed programme aimed at regulating small-scale gold mining in Ghana, said artisanal miners were vulnerable to organised crime gangs, who provide them with funding for equipment up-front, unlike other lenders.



&#8220;Miner pre-financing is one way that organised crime groups can penetrate the gold supply chain,&#8221; he said. Funders then &#8220;require miners to sell the gold they mine back to them at a subsidised rate&#8221;.



Emmanuel Kwesi Anning, a security consultant based in Accra, said galamsey was fuelling an increase in gun-trafficking because those overseeing illegal mines sought armed protection against rivals or thieves.



He also said politicians and traditional rulers in some areas were taking a cut of galamsey profits, further entrenching the problem.



&#8220;It has become an elite consensus that they&#8217;ll not touch this business.&#8221;



Ghana&#8217;s information minister did not respond to requests for comments on the allegations of organised crime involvement, gun running and corruption.



A top official in the National Security Ministry, who did not wish to be named because they were not authorised to speak about the issue in public, said authorities were working to address the links between illegal mining, money laundering and gun trafficking.



(Reporting by Maxwell Akalaare Adombila; Editing by Estelle Shirbon and Frances Kerry)

Ghana’s wildcat gold mining booms, poisoning people and nature

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1037987712-820x547.jpg" alt="" class="wp-image-539399" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1037987712-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1037987712-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1037987712-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1037987712-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1037987712-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1037987712-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A virologust works in the new Biological Security Level 4 laboratory of the Bernhard Nocht Institute for Tropical Medicine (BNI) in Hamburg, Germany, 25 January 2013. The new labroratory will contribute to the institute&#8217;s reasearch on tropical diseases, including dangerous diseases such as Lassa fever, Marburg virus, Ebola fever and leishmaniasis. Photo: CHRISTIAN CHARISIUS | usage worldwide (Photo by Christian Charisius/picture alliance via Getty Images)</figcaption></figure>



KIGALI, Oct 6 (Reuters)&nbsp;&#8211;&nbsp;Rwanda said on Sunday it had begun administering vaccine doses against the Marburg virus to try to combat an outbreak of the Ebola-like disease in the east African country, where it has so far killed 12 people.



&#8220;The vaccination is starting today immediately,&#8221; Health Minister Sabin Nsanzimana said at a news conference in the capital Kigali.



He said the vaccinations would focus on those &#8220;most at risk, most exposed healthcare workers working in treatment centres, in the hospitals, in ICU, in emergency, but also the close contacts of the confirmed cases.&#8221;



The country has already received shipments of the vaccines including from the Sabin Vaccine Institute.



Rwanda&#8217;s first outbreak of the viral hemorrhagic fever was detected in late September, with 46 cases and 12 deaths reported since then. Marburg has a fatality rate as high as 88%.



Marburg symptoms include high fever, severe headaches and malaise within seven days of infection and later severe nausea, vomiting and diarrhoea.



It is transmitted to humans by fruit bats and then spreads through contact with the bodily fluids of those infected. Neighbouring Uganda has suffered several outbreaks in the past.



&#8220;We believe that with vaccines, we have a powerful tool to stop the spread of this virus,&#8221; the minister said.



(Reporting by Philbert Girinema; Editing by Elias Biryabarema and Hugh Lawson)

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-820x547.jpg" alt="" class="wp-image-474646" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/OEPY2GFC6ZM3LM7MKO3LBMCKVU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Central Bank of Nigeria&#8217;s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, Oct 4 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank is set to automate foreign currency trades from December, ditching a nearly decade-old over-the-counter trading system in a bid to enhance transparency and remove market distortions.



The Central Bank of Nigeria (CBN), seeking to boost liquidity in its currency markets, announced that the new system would &#8220;facilitate a market-driven exchange rate accessible to the public&#8221;. It also released new guidelines for players in the foreign exchange market.



&#8220;This development is expected to reduce speculative activities, eliminate market distortions and give the CBN improved oversight,&#8221; the bank said in a circular dated Oct. 2.



The CBN said a two-week test run would be carried out in November, without specifying the exact dates.



The transition comes against the backdrop of currency controls put in place by Nigeria in 2017 during the height of its economic crisis, when the CBN introduced multiple exchange rate regimes, including an over-the-counter trading system that masked weaknesses in the naira currency.



Lenders could only trade buy or sell orders from a customer under the old system, which restricted dollar supply and harmed the economy. With the new system, the CBN said it would publish real-time prices and buy/sell orders data.



LSEG data showed the naira at 1,634 to the dollar at 1240 GMT on Friday. The unit has hit record lows on both the official and parallel markets since the currency market was liberalised last year.



(Reporting by Chijioke Ohuocha; editing by Elisha Bala-Gbogbo and Mark Heinrich)

Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja

Nigeria’s central bank to automate FX trades from December

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg" alt="" class="wp-image-493882" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas</figcaption></figure>



Oct 4 (Reuters)&nbsp;&#8211;&nbsp;International Monetary Fund staff and officials in Ghana have reached an agreement on their third review of the West African country&#8217;s $3 billion IMF loan programme, the fund said on Friday.



The West African gold and cocoa producer is nearing completion of a debt-restructuring process under the G20&#8217;s Common Framework initiative, after it defaulted on most of its $30 billion international debt in 2022.



&#8220;Ghana has made remarkable progress on its public debt restructuring,&#8221; the fund said in a statement, adding that the performance of the programme was &#8220;generally satisfactory.&#8221;



More than 90% of Ghana&#8217;s bondholders have approved an overhaul of $13 billion worth of Eurobonds, the government said on Thursday, following a deal with bilateral creditors in June.



&#8220;The authorities are committed to pursuing good-faith efforts to reach an agreement with other commercial external creditors,&#8221; the IMF said.



Once the staff-level agreement is approved by the IMF&#8217;s executive board, Ghana will have access to $360 million in financing, the fund said.



The IMF board approved Ghana&#8217;s current lending programme, which expires in 2026, in May of last year.



Ghana&#8217;s debt restructuring is expected to reduce its debt stock by $4.7 billion and provide cash flow relief worth a total of $4.4 billion during the period of the IMF programme, the government said in June.



&#8220;Economic growth in the first half of 2024 was much higher than initially envisaged,&#8221; said the IMF.



Ghana&#8217;s economy grew at the fastest pace in five years in the second quarter, government data showed, and policymakers have started to lower interest rates on signs that inflation is easing.



(Reporting by Alessandra Prentice and Duncan Miriri; Editing by Mark Potter and Hugh Lawson)

IMF logo is seen outside the headquarters building in Washington

IMF and Ghana reach staff-level deal on $3 bln loan programme review

Japan’s largest rice shortage in years is exacerbated by sushi-hungry tourists

Japan’s largest rice shortage in years is exacerbated by sushi-hungry tourists, weather

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg" alt="" class="wp-image-533970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-768x475.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-1536x950.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Oct 4 (Reuters)&nbsp;&#8211;&nbsp;The South African rand recuperated some losses in early trade on Friday, ahead of a key U.S. payrolls data and after slumping on Thursday as tensions escalated in the Middle East.



By 0730 GMT, the rand traded about 0.5% firmer at 17.4275 against the dollar. Since the start of the week, however, the local unit was down nearly 2%.



&#8220;The ZAR had a tough week, largely driven by a USD resurgence fuelled by better-than-expected U.S. labour data and rising geopolitical risks,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



The dollar hovered near a six-week high ahead of a payrolls report that could give hints on the path of interest rate cuts in the world&#8217;s biggest economy.



The greenback was also supported by demand for safe-haven assets after an Iranian missile attack on Israel on Tuesday left investors assessing widening Middle East tensions and their impact on the global economy.



Like other risk-sensitive currencies, the rand often takes direction from global drivers in the absence of major local factors.



The local unit has gained more than&nbsp;4.5%&nbsp;against the greenback over the last three months.



&#8220;The ZAR&#8217;s correction was overdue after a period of significant appreciation, and the nonfarm payroll data today will play a key role in determining its next move,&#8221; Cilliers added.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was about 0.6% up in early trade.



South Africa&#8217;s benchmark 2030 government bond was slightly softer in early deals, with the yield up 3.5 basis points to 9.19%.



(Reporting by Tannur Anders; Editing by Varun H K)

Photo illustration of South African bank notes displayed next to the American dollar notes in Johannesburg

South African rand gains, focus on Middle East tension and US payrolls data

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



ABUJA, Oct 4 (Reuters)&nbsp;&#8211;&nbsp;Nigerian private sector activity expanded for the second straight month in September as new orders rose, especially for chemical and pharmaceutical products, results of a central bank business survey showed on Friday.



The central bank&#8217;s purchasing managers index (PMI) of private-sector activity rose to 50.5 points from 50.2 points in August, above the 50 point line that denotes increases in activity.



The PMIs are one set of indicators the central bank&#8217;s monetary policy committee considers when it sets interest rates.



President Bola Tinubu&#8217;s reforms to the currency market and cutting of petrol and electricity subsidies have stoked inflation, eroding Nigerians&#8217; purchasing power.



The PMI report said 23 out of 36 sub-sectors reported growth in September, with cement posting the highest rise, while transportation and warehousing reported the biggest decline.



Non-metallic mineral products, petroleum and coal products were among the sectors that remained unchanged.



The central bank has hiked interest rates five times this year to tackle inflation, but analysts say this has raised the cost of borrowing for businesses with a negative impact on economic activity.



(Reporting by Chijioke Ohuocha, Editing by MacDonald Dzirutwe and Barbara Lewis)

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

Nigeria’s private sector gets boost from new orders in September

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg" alt="" class="wp-image-381494" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1920x1280.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The country&#8217;s Treasury has already cut this year&#8217;s growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg</figcaption></figure>



NAIROBI, Oct 4 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Friday, London Stock Exchange Group data showed.



At 0655 GMT, the shilling traded at 128.50/129.50 per dollar, the same as Thursday&#8217;s closing rate.



(Reporting by Sonia Rao; Editing by George Obulutsa)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling unchanged versus dollar, LSEG data 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>



JOHANNESBURG, Oct 4 (Reuters)&nbsp;&#8211;&nbsp;The following economic event, equity and currency market moves may affect South African markets on Friday.



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



South Africa&#8217;s government will hold its weekly auction of inflation-linked bonds.



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



The South African rand slumped against a buoyant dollar on Thursday as tensions simmered in the Middle East following Iran&#8217;s ballistic missile attack on Israel.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.75% weaker.



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



Asian stocks retreated on Friday while oil prices headed for their sharpest weekly gain in more than a year, as escalating tensions in the Middle East kept markets on edge ahead of a U.S. jobs report later in the day.



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



U.S. stocks finished lower on Thursday ahead of Friday&#8217;s monthly U.S. payrolls report and as investors kept a watchful eye on the growing conflict in the Middle East.



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



Gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards U.S. payrolls report to gauge the trajectory of the Federal Reserve&#8217;s policy path.



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



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



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



&#8211; Growth could triple if government reform accelerates, says think-tank



&#8211; Eskom price hike to kill smelters and create ghost towns, says Rio Tinto exec



&#8211; Ramokgopa will oppose Eskom hike above 20%, wants delay of carbon tax



(Compiled by Tannur Anders)

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Nigeria’s private sector gets boost from new orders in September

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South African Markets – Factors to watch on Oct 4

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home

African Markets – Factors to watch on Oct 8

UK Prime Minister Keir Starmer attempts government reset less than 100 days into office

Your Robotaxi Is Here, But Can You Trust It?

Debt burden threatens poor countries’ development goals, UN official says

Ghana’s wildcat gold mining booms, poisoning people and nature

Rwanda begins Marburg vaccinations to curb deadly outbreak

The Rise of Grab: How I built a $2 billion a year super app

Why Macy’s And Other Brands Are Moving Into Strip Malls

How Amazon Is Trying To Get Rid Of Checkout Lines At Stores

Why Middle Class Wages Aren’t Growing

Nigeria’s central bank to automate FX trades from December

IMF and Ghana reach staff-level deal on $3 bln loan programme review

Japan’s largest rice shortage in years is exacerbated by sushi-hungry tourists, weather

South African rand gains, focus on Middle East tension and US payrolls data

Nigeria’s private sector gets boost from new orders in September

Kenyan shilling unchanged versus dollar, LSEG data shows

South African Markets – Factors to watch on Oct 4

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