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



ACCRA, Sept 27 (Reuters) &#8211; Ghana&#8217;s central bank on Friday slashed its main interest rate by 200 basis points to 27%, its first rate cut since January, as inflation continues to ease while economic recovery remains robust according to the governor.



Bank of Ghana Governor Ernest Addison told a news conference that economic trends suggest the disinflation process is on course, and price rises will continue to ease towards the short-term range target of 13% to 17% for the year.



&#8220;Such a strong signalling of the monetary policy rate by reducing it by 200 basis points tells you that the central bank is quite satisfied with the progress of recovery of this economy,&#8221; Addison said, adding that all economic indicators including growth, inflation and reserves are improving.



Bank of Ghana&#8217;s decision comes as central banks in major advanced economies have begun the much-anticipated policy easing cycle amid declining inflation rates, Addison added.



Economists polled by Reuters had forecast in July that Ghana&#8217;s interest rate would fall by 200 basis points by the end of the year.



&#8220;This easing of policy is understandable, given that the recent falls in inflation had caused real interest rates to rise, something that this cut will partially reverse,&#8221; said Leslie Dwinght-Mensah, economist and research fellow at Accra-based Institute for Fiscal Studies



He added that the strong rate of economic activity, which official data recently revealed, also gave the central bank the comfort to take this step.



&#8220;The Bank of Ghana also expressed confidence in fiscal policy being on track. This is unlikely therefore to pose a hurdle to November easing, should inflation continue to be well-behaved,&#8221; said Razia Khan, chief economist for Africa and the Middle East at Standard Chartered.



Ghana&#8217;s consumer inflation slowed to 20.4% year-on-year in August from 20.9% in July, but it remains well above the central bank&#8217;s medium-term target of 8% with a margin of error of 2 percentage points either side.



Growth recovered significantly to 6.9% year-on-year in the second quarter of 2024, the fastest rate in five years, boosted by expansion in several key sectors as the gold, cocoa, and oil-producing nation continues to emerge from its worst economic crisis in a generation.



The governor announced that Ghana was set to launch a gold coin sale to attract more liquidity and offer more instruments to financial markets and investors who see gold as a safe haven.



The coin, which will be available for purchase through commercial banks, will be launched in two weeks, he added.



Ghana invited holders of roughly $13 billion of its international bonds to swap their holdings for new instruments after reaching a preliminary debt restructuring agreement with two bondholder groups.



Bondholders have until Sept. 30 to accept the offer.



(Reporting by Maxwell Akalaare Adombila; Writing by Anait Miridzhanian; Editing by Bate Felix and Andrew Cawthorne)

VFKU2JNBTBIDVNPMOMLDRAUIO4

Ghana central bank slashes key rate as inflation outlook improves

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="575" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-820x575.jpg" alt="" class="wp-image-535605" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-820x575.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-768x539.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-1536x1078.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2YFSNLSNFRP7VNWQPEPCOAWUMU-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man shows off Zimbabwean currency notes outside a grocery store in Harare, Zimbabwe, March 17, 2022. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Sept 27 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s central bank allowed the local gold-backed currency to fall over 40% against the dollar on Friday and hiked its policy rate, giving in to weeks of sustained pressure on the currency which was only launched in April.



The central bank&#8217;s website gave the mid rate for the ZiG currency as 24.3902 to the dollar on Friday versus 13.9987 on Thursday, a 42.6% fall, according to Reuters calculations.



The ZiG, which stands for Zimbabwe Gold, is the southern African country&#8217;s sixth attempt at a stable currency in 15 years after a bout of hyperinflation under then longtime leader Robert Mugabe.



But authorities have struggled to convince a sceptical population to stop transacting in foreign currencies.



The Reserve Bank of Zimbabwe said in a statement that its Monetary Policy Committee (MPC) met on Friday and decided to allow greater exchange rate flexibility.



MPC members increased the bank&#8217;s policy rate from 20% to 35% with immediate effect.



&#8220;The MPC is convinced that the above measures will go a long way in addressing the emerging exchange rate risks, anchor the inflation expectations and stabilise prices in the near to short term,&#8221; the central bank said.



Bloomberg News earlier reported that Zimbabwe was said to have devalued the ZiG by 44% against the dollar, citing four treasury dealers.



Independent Zimbabwean economist Hapi Zengeni said it was important to note that the central bank had not said whether it was allowing the currency to float freely or would still control the exchange rate after the devaluation.



This &#8220;highlights the complexities in Zimbabwe &#8230; where the official exchange rate does not reflect the realities of the parallel market, leading to more challenging economic implications for trade, investment and more importantly consumer behaviour&#8221;, Zengeni said.



(Additional reporting by Shubham Kalia in Bengaluru; Writing by Bhargav Acharya; Editing by Alexander Winning and Toby Chopra, Kirsten Donovan)

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Zimbabwe allows currency to slump over 40%, hikes policy rate

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ATFX, a globally-regulated and award-winning fintech broker, has set its sights on Africa.



To expand its operations on the continent, ATFX acquired Khwezi Financial Services (FS), a South African forex and CFDs broker based in Cape Town. With an established clientele and a commitment to customer service, Khwezi FS was one of the first non-bank, financial services provider in the country to be licensed as an over-the-counter derivatives provider (ODP).



Now operating as ATFX Africa, the local brokerage forms part of ATFX’s global business led by Linton White, ATFX’s new regional head, and Monty Barnard, ATFX Africa’s COO.



<h2 class="wp-block-heading" id="h-local-expertise-global-knowledge">Local expertise, global knowledge</h2>



“We’re driving ATFX in South Africa. We have a big task ahead of us but we’re very excited,” says White.



ATFX started in 2017 and currently has 23 locations around the world in countries such Australia, the U.K., Cyprus, Malaysia, Jordan and Dubai. It has also been ranked the fourth largest broker of its kind in terms of the total volume of contracts for difference (CFDs) and derivatives traded on the MetaTrader 5 trading platform.



“We’ve got good coverage on most of the continents and a key eye on expansion,” says White.



Tasked with establishing ATFX’s footprint in South Africa and with a goal of moving further up the continent by 2025, White explains that ATFX was particular about what they were after when making the South African acquisition. Being fully-licensed was the first step, but ATFX also required local knowledge and expertise from the people who were part of those companies.



“That’s what sets ATFX apart from a lot of the other global brokers,” says White, adding, “They’ve focused on maintaining the local presence, knowledge and expertise instead of bringing in an international template and applying that to a local business.”



White believes that the autonomy ATFX has given to their Africa-based team will be paramount to the success of the business.



“It’s not a straightforward process. When you’re a key part of South Africa’s financial infrastructure, you need the regulator’s approval on anything that you do,” says Barnard. “That said, it was and still is a very exciting process. The team is growing and we’re expanding quickly.”



Unlike other acquisitions where a business is bought out and the staff let go, the entire Khwezi team moved across to ATFX, which was an important part of the deal.



“We’ve simply built on from the great team that we originally had,” says Barnard, who also shares that one of the highlights of being a part of ATFX was the annual dinner in Vietnam earlier in the year.&nbsp;



With over 700 employees worldwide, seeing the global team together was not only an unforgettable experience but a reminder of what makes ATFX different from its competitors.



“There’s a lot of copy-and-paste-style businesses and brokers in our space and they all tend to focus on what the competition is doing in order to present themselves as a competitor,” says White.



“But ATFX is a completely different business and we’re approaching the industry with a unique perspective because we don’t just want to be seen as another competitor.”



<h2 class="wp-block-heading" id="h-the-perfect-match">The perfect match</h2>



From ATFX’s client-centric approach to maintaining the highest standards of regulatory compliance, White likens their customer service to what you would receive from a personal banker – professional, personalized and respectful.



“… [to] not immediately go for the jugular and get deposits and force transactions, it’s more about taking care of the clients and making sure that their needs are met rather than trying to force them to meet ours,” says White.



“It’s one of the reasons the two brands, Khwezi and ATFX, came together. The focus is the client. It’s all about treating them fairly,” adds Barnard. “This industry can be cutthroat and sometimes the consumer comes second. We want to change that; we want people to trust us while we accommodate all of their requests quickly.”



Being one of the first non-bank financial services providers in South Africa with an ODP license, ATFX could also be assured that Khwezi FS aligned with the global standards of regulatory compliance and security that the company upholds.



Acting as an agent of one of the five major banks in South Africa, ATFX Africa is allowed to open segregated bank accounts for clients which means, from an administrative point of view, the funds are kept completely separate from the fintech broker’s day-to-day accounts.



“Investors want to know that their money is going to be safe and this gives our clients an extra layer of security,” says Barnard.



“We also work quite closely with the banks, sharing FICA processes and they conduct annual checks to make sure we’re doing things the right way.”



As for the services ATFX offers, they provide a comprehensive range of financial services in Africa such as trading in currencies and commodities like gold and oil, and indices like the S&amp;P 500, Dow Jones and NASDAQ. In South Africa, ATFX uses MetaTrader 5 which is one of the most popular trading platforms among brokers worldwide.



“The ODP license is fairly new as there are only 11 of these licenses locally which have been awarded to non-banks. These licenses determine what we can sell and are determined on aspects like capital adequacy and manpower,” adds Barnard.



“But with the ATFX acquisition, there are big plans for Q3 and Q4 of this year regarding what we can add to those products such as shares or crypto. The sky’s the limit.”



Being the fourth largest brokerage, globally, comes with other benefits like a big liquidity pool which means competitive trading fees – an advantage in a high-risk trading environment.



<h2 class="wp-block-heading" id="h-giving-back-moving-forward">Giving back, moving forward</h2>



Handling billions of dollars in transactions every day, it’s easy to assume that ATFX would be purely focused on maximizing revenue but the fintech broker’s extensive educational resources demonstrate its commitment to prioritizing clients&#8217; needs and long-term success over short-term profits.



“In Africa, there is major opportunity for a broker who is legitimate, trustworthy and focused on educating those who need access to these kinds of resources,” says White, who adds that they’re also in talks with some of the larger institutions across South Africa about scholarships and internships going into 2025.



Globally, ATFX is also the official partner to the Duke of Edinburgh Cup, an international event that raises funds for children in need.



“It&#8217;s not just about making money for the business, but it&#8217;s about how you provide and give back to the community,” says White. “Personally, and professionally, you need to treat everyone with the same level of respect.”



For both White and Barnard, this is only the beginning. With all the noise around regulations, they believe that ATFX is the broker that everyone has been waiting for.



“Being able to represent ATFX in Africa is not only exciting, we feel privileged to work for them,” says Barnard. “There’s definitely a need for growth in the South African brokerage space and we’re poised to be that entity going forward.”



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Watch Focus On: Fintech brokers in Africa



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Customer-Centric And Growth-Focused, This Fintech Is Moving Onwards And Upwards

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<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, Sept 27 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was steady against the dollar on Friday, as the local currency held onto recent gains amid improved risk appetite and positive sentiment at home.



At 0758 GMT, the rand traded at 17.1975 against the dollar, not far from its previous close.



The rand has been on an upward trajectory since a big interest rate hike by the Federal Reserve last week, hitting repeated 20-month highs.



Analysts say the improvement in South Africa&#8217;s risk profile following the formation of a coalition government after an election in May has also contributed to the currency&#8217;s strength.



On the stock market, the Top-40 index was down about 0.4%.



South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 4 basis points to 8.79%.



(Reporting by Bhargav Acharya; Editing by Ros Russell)

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

South African rand holds on to gains against dollar

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg" alt="" class="wp-image-422769" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Kenya Central Bank Governor Patrick Njoroge displays Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. REUTERS/Baz Ratner</figcaption></figure>



NAIROBI, Sept 27 &#8211; Kenya&#8217;s shilling inched higher against the dollar on Friday, supported by an inflow of foreign currency from tea exports and remittances, traders said.



The shilling was trading at 128.25/129.25 to the dollar at 0734 GMT, compared to its closing rate of 128.50/129.50 on Thursday, according to London Stock Exchange Group (LSEG) data.



A slight strengthening of the East African currency is anticipated over the next week, following its steady performance since early August, a trader said.



(Reporting by Sonia Rao; Editing by Hereward Holland)

Kenya Central Bank Governor Patrick Njoroge displays the newly designed Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi

Kenyan shilling strengthens on the back of tea exports and remittances

<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>



Sept 27 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.



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



Zambia&#8217;s finance minister Situmbeko Musokotwane will present the 2025 national budget on Friday.



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



Chinese stocks are headed for the best week since 2008 as Beijing rolled out a huge stimulus package to revive the economy, lifting Asian shares to 2-1/2-year highs, while a sharp fall in oil prices bodes well for disinflation globally.



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



Oil prices eased for a third day on Friday and were on track to fall for the week as investors focused on expectations of increased output from Libya and the broader OPEC+ group, although fresh stimulus from top importer China limited losses.



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



South Africa&#8217;s rand edged higher on Thursday, with stronger risk appetite among investors after rate cuts by the U.S. Federal Reserve last week and positive sentiment in the months following May&#8217;s national election.



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



The Kenyan, Ugandan and Nigerian currencies are expected to strengthen in the next week to Thursday, Ghana&#8217;s is forecast to weaken and Zambia&#8217;s could be little changed, traders said.



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



Kenya&#8217;s shilling was steady on Thursday, as the central bank bought dollars to stabilise fluctuations in the market and bolster their reserves, a commercial trader said.



<h2 class="wp-block-heading" id="h-sudan-politics">SUDAN POLITICS</h2>



Sudan&#8217;s army launched artillery and airstrikes in Sudan&#8217;s capital on Thursday in its biggest operation to regain ground there since early in its 17-month war with the Rapid Support Forces (RSF), witnesses and military sources said.



<h2 class="wp-block-heading" id="h-africa-debt-swaps">AFRICA DEBT-SWAPS</h2>



At least five African countries are working on what could be the world&#8217;s first joint &#8220;debt-for-nature&#8221; swap to raise at least $2 billion to protect a coral-rich swathe of Indian Ocean, according to a global conservation group.



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



Uganda on Thursday commissioned its largest electricity generation plant, a 600 megawatt (MW) power plant built on the River Nile that cost $1.7 billion, financed with a loan from China.



<h2 class="wp-block-heading" id="h-uganda-world-bank">UGANDA WORLD BANK</h2>



The World Bank said on Thursday it is rolling out measures to ensure the recipients of any fresh lending to Uganda are not discriminated against by a tough anti-gay law.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 27

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Kigali, Rwanda –&nbsp;The Rwanda Development Board (RDB) today hosted a press conference at the Kigali Convention Centre to announce details of the 20th edition of the Kwita Izina Gorilla Naming Ceremony, scheduled for 18 October 2024 at the foothills of Volcanoes National Park in Kinigi, Musanze District.



Quote from RDB Chief Tourism Officer, Michaella Rugwizangoga:



“It is a great pleasure to welcome you to this press conference as we prepare for one of the most significant events on Rwanda’s conservation and tourism calendar—Kwita Izina. Through this annual event, we celebrate our successful conservation efforts and acknowledge the incredible contributions made by local communities, conservation professionals, and partners from around the globe.”



The Kwita Izina ceremony, which has named 395 baby mountain gorillas since its inception, is part of Rwanda’s broader effort to protect the country’s wildlife and natural ecosystems. These efforts, alongside sustainable ecotourism, have helped Rwanda achieve remarkable growth in its tourism sector, which generated over USD 620 million in revenue from 1.4 million visitors in 2023. Gorilla tourism alone contributes 1% of Rwanda’s GDP and is a key driver of local community development.



Through the Tourism Revenue Sharing Program, 10% of all national park revenues are reinvested in socio-economic projects that benefit communities living near protected areas.



Since 2005, Rwf 12.86 billion has been used to fund 1,108 community projects, including schools, health centres, and dairy farms. These initiatives have empowered communities to become guardians of conservation, protecting both the wildlife and the environment surrounding national parks such as Volcanoes, Akagera, Gishwati-Mukura, and Nyungwe.



“This year’s Kwita Izina marks a significant milestone as we celebrate 20 years of this flagship event,” Ms. Rugwizangoga added.



“We will be naming 22 baby gorillas, and we are excited to welcome past and new Namers from around the world, whose names will be revealed in the coming days.”



In addition to the traditional naming ceremony, pop-up events will be organised in collaboration with the private sector, bringing celebrations to communities across the country. These events aim to make the Kwita Izina festivities accessible to more Rwandans and visitors while further promoting conservation awareness.



Other events include the Business of Conservation Conference (14-16 October), the Kwita Izina Golf Tournament (19 October), and the Kwita Izina Gala Dinner, featuring performances from local and international artists.



Quote from Governor of the Northern Province, Maurice Mugabowagahunde:



“Kwita Izina has brought global recognition to Rwanda’s conservation efforts. In the Northern Province, tourism has fueled growth, benefiting communities and businesses, particularly in Musanze, Nyabihu, and Rubavu. This development includes the rise of luxury hotels and improved road infrastructure, driven by tourism revenues. Additionally, the Tourism Revenue Sharing Program has funded over 659 community projects worth Rwf 5.16 billion since 2005.”



Quote from the Director General of the Rwanda Tourism Chamber, Yves Ngenzi:



“We see Kwita Izina as a vital opportunity to connect Rwanda’s tourism sector with the global market. Each year, this event has grown in significance, creating more avenues for the private sector to engage, whether through pop-up/side events, merchandise sales, or expanded business collaborations. The continued partnership between the private sector and conservation efforts has enhanced Rwanda’s global tourism offering, while also fostering sustainable economic growth and empowering local communities.”



Quote from the Head of Professional Development, African Leadership University School of Wildlife Conservation, Dr. Mike Musgrave:



“The Business of Conservation Conference has been running for four years, and we organise it in partnership with the Government of Rwanda because Kwita Izina and gorilla conservation represent the pinnacle of what can be achieved using Africa’s natural resources. Our vision for conservation shifts the traditional model from one that excludes people to one focused on sustainable development. We aim to transform conservation from a sector reliant on donor funding into a vibrant economic engine that supports livelihoods through wildlife and natural resources. BCC brings together influential leaders and experts from across Africa and the world to discuss policy changes, develop new models, and invigorate conservation as a sector that generates income and prosperity for the continent.”

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Rwanda Set to Celebrate 20 Years of Kwita Izina: Highlights and Key Events Unveiled

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<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, Sept 27 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Friday.



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



Inflation-linked bond auction



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



Insurer Momentum full-year results



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



South Africa&#8217;s rand edged higher on Thursday, with stronger risk appetite among investors after rate cuts by the U.S. Federal Reserve last week and positive sentiment in the months following May&#8217;s national election.



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



Chinese stocks are headed for the best week since 2008 as Beijing rolled out a stimulus package to revive the economy, lifting Asian shares to 2-1/2-year highs, while a sharp fall in oil prices bodes well for disinflation globally. 



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



The S&amp;P 500 scored a record closing high and the Dow and Nasdaq rose on Thursday, as Micron Technology shares rallied and a strong U.S. jobless claims report eased labour market concerns.



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



Gold and silver prices retreated on Friday from record highs, but were positioned for weekly gains on growing anticipation of another bumper U.S. interest rate cut this year, as markets awaited an inflation report for guidance. 



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



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



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



&#8211; MultiChoice and NBC fork out 3 bln rand on Showmax since April



(Compiled by Alexander Winning)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 27

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



KAMPALA, Sept 26 (Reuters)&nbsp;&#8211;&nbsp;The World Bank said it is rolling out measures to ensure the recipients of lending to Uganda are not discriminated against by a tough anti-gay law.



A World Bank spokesperson said the measures, which include an independent monitoring mechanism to ensure compliance, would apply to ongoing and new projects.



Uganda, a mostly conservative country, enacted the Anti-Homosexuality Act (AHA) in May last year, drawing widespread condemnation from the West and sanctions from the United States.



Under the law, same-sex intercourse is punishable by life in prison while those who commit so-called aggravated homosexuality receive the death penalty.



The bank suspended all new lending to Uganda last year after finding that the law contradicts its values.



The World Bank is one of Uganda&#8217;s biggest funders, especially of critical infrastructure such as roads and energy. The funding suspension was seen as a significant blow to its finances.



&#8220;We will not propose any new public financing for Uganda to our board until we are satisfied that&#8230; mitigation measures are in place,&#8221; the bank said.



LGBT activists had asked the bank to keep the ban on funding as long as the law remains in force, they said in a statement this week.



&#8220;The World Bank&#8217;s mitigation measures are a facade, designed to provide the illusion of protection,&#8221; said Richard Lusimbo, a top official at Convening for Equality (CFE), a Ugandan LGBT activist group.



(Reporting by Elias Biryabarema; Editing by Sonia Rao, Hereward Holland and Ros Russell)

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

World Bank says it aims to protect projects in Uganda from anti-LGBT law

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-820x461.jpeg" alt="" class="wp-image-535493" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



BEIJING — China aims to stop the property slump, top leaders said Thursday in a readout of a high-level meeting published by state media.



Authorities “must work to halt the real estate market decline and spur a stable recovery,” the readout said in Chinese, translated by CNBC. It also called for “responding to concerns of the masses.”



Chinese President Xi Jinping led Thursday’s meeting of the Politburo, the second-highest circle of power in the ruling Chinese Communist Party, state media said.



The readout said leaders called for strengthening fiscal and monetary policy support, and touched on a swath of issues from employment to the aging population. It did not specify the timeframe or scale of any measures.



“I take the messages from this meeting as a positive step,” Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said in an email to CNBC. “It takes time to formulate a comprehensive fiscal package to address the economic challenges, [and] the meeting took one step in that direction.”



Stocks in mainland China and Hong Kong extended gains after the news to close sharply higher on Thursday. An index of Chinese property stocks in Hong Kong surged by nearly 12%.



Real estate once accounted for more than a quarter of China’s economy. The sector has slumped since Beijing’s crackdown in 2020 on developers’ high levels of debt. But the decline has also cut into local government revenue and household wealth.



China’s broader economic growth has slowed, raising concerns about whether it can reach the full-year GDP target of around 5% without additional stimulus. Just days after the U.S. cut interest rates, the People’s Bank of China on Tuesday announced a slew of planned interest rate cuts and real estate support. Stocks rose, but analysts cautioned the economy still needed fiscal support.



Official data shows real estate’s decline has moderated slightly in recent months. The value of new homes sold fell by 23.6% for the year through August, slightly better than the 24.3% drop year-to-date as of July.



Average home prices fell by 6.8% in August from the prior month on a seasonally adjusted basis, according to Goldman Sachs. That was a modest improvement from a 7.6% decline in July.



“Bottom-out stabilization in the housing market will be a prerequisite for households to take action and break the ‘wait-and-see’ cycle,” Yue Su, principal economist China, at the Economist Intelligence Unit, said in a note. “This suggests that the policy priority is not to boost housing prices to create a wealth effect, but to encourage households to make purchases. This real estate policy is aiming at reducing its drag on the economy.”



Thursday’s meeting called for limiting growth in housing supply, increasing loans for whitelisted projects and reducing the interest on existing mortgages. The People’s Bank of China on Tuesday said forthcoming cuts should lower the mortgage payment burden by 150 billion yuan ($21.37 billion) a year.



While Thursday’s meeting did not provide many details, it is significant for a country where policy directives are increasingly determined at the very top.



The high-level meeting reflects the setting of an “overall policy,” as there previously wasn’t a single meeting to sum up the measures, Bank of China’s chief researcher Zong Liang said in Mandarin, translated by CNBC.



He noted how the meeting follows the market’s positive response to the policy announcements earlier in the week. Zong expects Beijing to increase support, noting a shift from focus on stability to taking action.



<h2 class="wp-block-heading" id="h-tempering-growth-expectations"><a></a>Tempering growth expectations</h2>



The meeting readout said China would “work hard to complete” the country’s full-year economic targets.



That’s less aggressive than the Politburo meeting in July, when the readout said China would work to achieve those goals “at all costs,” according to Bruce Pang, chief economist and head of research for Greater China at JLL.



That shows policymakers are looking for middle ground between short-term growth and longer-term efforts to address structural issues, he said.



Goldman Sachs and other firms have trimmed their growth forecasts in the last few weeks.



The change in tone about the economic targets signals “the government may tolerate growth below 5%,” the EIU’s Su said. “We estimate real economic growth to be around 4.7% in 2024, before slowing down to 4.5% (a moderate upward revision to our previous forecast).”



“The Politburo meetings on economic deployment usually take place in April, July, and October,” she said.



“The fact that this meeting was held earlier, along with the emphasis on stabilizing growth, reflects policymakers’ concerns about the current economic growth trend.”



Initial analyst reactions to Thursday’s meeting readout were varied.



HSBC said “the tide has turned; be prepared for more proactive initiatives.” Capital Economics, on the other hand, said Beijing’s hint at stimulus did not make it clear whether it would include large-scale fiscal support.



S&amp;P Global Ratings analysts said in a report earlier this year that fiscal stimulus is losing its effectiveness in China and is more of a strategy to buy time for longer-term goals.



Senior officials in the summer told reporters that the economy needed to endure necessary “pain” as it transitioned to one of higher-quality growth with a bigger high-tech industry.



— CNBC’s Sonia Heng contributed to this report.

107334836-17001387862023-11-16t045757z_657805151_rc24e4ay49fs_rtrmadp_0_apec-usa

China’s Xi and top leaders call for halting real estate decline, responding to public concerns

<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/AFYN63AFIVNRTGBCXCOCW3YSWE-820x547.jpg" alt="" class="wp-image-535260" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFYN63AFIVNRTGBCXCOCW3YSWE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A loader is seen at the Klipfontein Colliery near Balmoral, in the Mpumalanga province, South Africa September 11, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Sept 26 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s donor-funded climate programme has spent just over a sixth of its allotted $11.6 billion, with a focus on expanding the power grid and preventing its coal-mining region slipping into decline as it shifts to renewables, two sources said.



A donor and a South African official involved in the plan, neither of whom were willing to be named because they were not authorised to speak publicly, said about $1.9 billion had been spent, half of it on policy-based loans to the government.



Of the rest, about $488 million had gone towards electricity, a breakdown seen by Reuters showed. The remaining quarter was for projects to revive the coal belt province, Mpumalanga, a planned green hydrogen hub and skills training, among other things.



Britain, France, Germany, the European Union and United States initially pledged $8.5 billion at COP26 climate talks in 2021. That figure &#8211; all but a fraction of it in the form of concessional loans &#8211; grew last year, as Denmark, Canada, Spain, the Netherlands and Switzerland joined the initiative.



Owing to its complexity, the number of donors involved and South Africa&#8217;s internal politics, the climate programme has been moving more slowly than planned, and South Africa has told donors it will not meet its 2030 emissions-reduction targets.



Environment Minister Dion George was quoted in the national press this month as saying that German officials had told him South Africa was moving away from fossil fuels too slowly.



A spokesperson for the German embassy declined to comment.



<h2 class="wp-block-heading" id="h-easy-win">EASY WIN?</h2>



Africa&#8217;s most industrialised nation, where 80% of the power is generated from coal, is seen as an easy win for donor-assisted green energy programmes, with its well-developed infrastructure and abundant sun and wind.



But politicians are nervous about winding down a 160-year-old coal business that directly employs 90,000 people and supports whole communities, even while it poisons their air and water.



&#8220;It&#8217;s about &#8230;the mine workers, the coal truckers&#8230;the entire ecosystem (around coal) whose material interests are threatened,&#8221; said Joanne Yawitch, head of the Just Energy Transition at President Cyril Ramaphosa&#8217;s climate commission.



Yawitch said the focus was on new skills and economic opportunities for coal-belt residents, especially its most vulnerable: informal workers, youths and women.



&#8220;With South Africa&#8217;s levels of poverty and unemployment&#8230;if we don&#8217;t take care of the needs of that community&#8230;(the) transition&#8230;will just be resisted all the way.&#8221;



Burning coal has rendered South Africa one of the world&#8217;s most carbon intensive economies, central bank data shows. South Africa is in the top 15 greenhouse gas emitters, ahead of France and Britain.



The policy loans have funded reforms such as a law enacted last month to bring private companies and competition into a power sector long dominated by state monopoly Eskom, the donor source said.



Grants are only $676 million of the total, and Ramaphosa has complained that they make up too small a portion.



(Reporting by Tim Cocks; Editing by Kirsten Donovan)

FILE PHOTO: A loader is seen at the Klipfontein Colliery

Focus on coal miners, power grid as South Africa spends just sixth of climate aid

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China’s economy shows mixed signals amid struggles and emerging opportunities

Inside The First All-Female Hacker House In San Francisco

How the Fed became the world’s most powerful central bank

Ghana central bank slashes key rate as inflation outlook improves

Zimbabwe allows currency to slump over 40%, hikes policy rate

Customer-Centric And Growth-Focused, This Fintech Is Moving Onwards And Upwards

Japan’s ruling party picks Shigeru Ishiba as next PM

South African rand holds on to gains against dollar

Kenyan shilling strengthens on the back of tea exports and remittances

African Markets – Factors to watch on Sept 27

Rwanda Set to Celebrate 20 Years of Kwita Izina: Highlights and Key Events Unveiled

PODCAST: U.S. firms like Nvidia get the attention. But what’s China doing in AI?

South African Markets – Factors to watch on Sept 27

World Bank says it aims to protect projects in Uganda from anti-LGBT law

China’s Xi and top leaders call for halting real estate decline, responding to public concerns

Focus on coal miners, power grid as South Africa spends just sixth of climate aid

Japan is pushing a 4-day working week

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