<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a 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>



NAIROBI, Aug 15 (Reuters) &#8211; Kenya&#8217;s shilling was unchanged against the U.S. dollar on Thursday, despite a slight uptick in foreign exchange demand from fuel traders and manufacturers, traders said.



At 0910 GMT, commercial banks quoted the shilling at 128.50/129.50 per dollar, the same level it closed on Wednesday.



The shilling has traded relatively evenly recently, shrugging off major protests which forced the government to abandon planned tax hikes and triggered credit rating downgrades.



(Reporting by Hereward Holland; Editing by Alexander Winning)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling flat despite slight uptick in dollar demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-scaled.jpg" alt="" class="wp-image-459065" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/GettyImages-1166232739-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Mthuli Ncube, Zimbabwe&#8217;s finance minister, sits in the audience during a plenary session on day two of the 28th World Economic Forum (WEF) on Africa in Cape Town, South Africa, on Thursday, Sept. 5, 2019. The World Economic Forum on Africa meeting runs from 4-6 September. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



The&nbsp;current global financial architecture faces significant challenges in addressing the financial needs for climate action, sustainable development, and debt management. The calls for reform are growing louder, seeking to create a more equitable, inclusive, and sustainable financial system.



Increasing the representation of developing countries, particularly African nations, in global economic decision-making processes is crucial for the continent&#8217;s development and prosperity. We therefore commend the International Monetary Fund (IMF) for creating a third chair (board membership) for sub-Saharan Africa to improve its voice and representation.



Climate change is one of the most pressing issues of our time, with far-reaching consequences for our planet and its inhabitants.&nbsp;Addressing climate action requires a multi-faceted approach that involves individuals, communities, organizations, and governments.



<h2 class="wp-block-heading" id="h-tackling-public-debt-in-african-countries">Tackling public debt in African countries</h2>



We need to build a prosperous, inclusive, and resilient Africa through renewed partnerships and strong institutions. However, a troubling trend has emerged: governments worldwide are grappling with mounting public debts, limiting their ability to invest in core social services that their citizens so desperately need.



The average public debt in Africa is around 65% of GDP, amounting to $1.1 trillion, with some countries having much higher debt levels. Alarmingly, nearly 40% of African countries are in, or at high risk of, debt distress. To make matters worse, 60% of African nations now spend more on servicing their external public debt than on healthcare.



The existing global debt architecture is ill-equipped to address the pressing needs of African countries. Urgent reforms to the G20 Common Framework are required to make it more effective, transparent, and fit for purpose. Furthermore, we appeal for the suspension of debt service for all countries entering Common Framework restructurings and a comprehensive review of the&nbsp;<a href="https://www.imf.org/en/About/Factsheets/Sheets/2023/imf-world-bank-debt-sustainability-framework-for-low-income-countries">IMF-World Bank Debt Sustainability Analysis Framework</a>&nbsp;to prioritize solvency over mere liquidity.



The path ahead is not without its challenges. Achieving the Sustainable Development Goals (SDGs) by 2030 will require an estimated $1.3 trillion per year, while the costs of addressing climate change alone are projected to reach $2.8 trillion by 2030 in Africa. Sadly, even as these financing needs grow, official development assistance to Africa declined by 3.5% in 2022, while borrowing costs have soared in the tighter global monetary environment and private capital remained sidelined.



<h2 class="wp-block-heading" id="h-addressing-the-widening-financing-gap-in-africa">Addressing the widening financing gap in Africa</h2>



Africa&nbsp;has made significant progress in financing its development through domestic resources in recent years. However, this funding is inadequate to close a widening financing gap.



To bridge the funding gap, African countries need to boost domestic resource mobilization (DRM) by increasing financial resources, improving public spending efficiency, leveraging large pension fund markets and sovereign wealth funds, curbing illicit financial flows out of the continent, and harnessing partnerships. New sources of tax revenue should be sought, including those from digital payments, informal sector taxes, and sin taxes, among others.



Africa must explore innovative solutions and leverage the ongoing&nbsp;<a href="https://www.un.org/sustainabledevelopment/financing-for-development/">Financing for Development</a>&nbsp;processes to secure adequate financial and technical resources to support Africa&#8217;s participation and engagement in the tax reform process.



Deepening Africa’s capital markets for resource mobilisation will enable countries to source additional financial resources from the private sector and the pension fund industry. The use of Public-Private Partnerships (PPPs) will also allow African countries to finance critical infrastructure projects with resources from the private sector.



By leveraging carbon credits, countries can unlock benefits supporting sustainable development, economic growth, and climate resilience while contributing to global efforts to combat climate change. There is scope for the issuance of green and blue bonds linked to climate change to raise additional resources for development. Climate insurance at both sovereign and micro-level goes a long way in mitigating the negative impact of climate shock to vulnerable communities for example Zimbabwe and Malawi recently received pay-outs from the African Risk Capacity Group (ARC), for the insurance they took against the 2023\2024 agricultural season.



Africa’s significant diaspora community enables various countries to issue diaspora bonds and related instruments to raise additional funding. Sovereign wealth funds have also proved to be a critical economic pillar in driving economic development in some countries. There is, therefore, a need to create sovereign wealth funds across Africa, not only to harness natural resource revenues to achieve inter-generational equity but to harness the full potential of state-owned enterprises. The example of Temasek, a sovereign wealth fund in Singapore, presents a successful case for achieving optimal contributions from state-owned entities and beyond. Such sovereign wealth funds will also help to improve the credit rating of African countries.



<h2 class="wp-block-heading" id="h-funding-sustainable-development">Funding sustainable development</h2>



Scaling up resources from International Financial Institutions (IFIs) is vital for African countries to address economic challenges, including those exacerbated by geopolitical tensions. These resources should be more concessionary, long-term, and inclusive. In particular, the Poverty Reduction Growth Trust (PRGT) and the Growth and Sustainability Fund (GSF), under the IMF, need reform to better serve Africa and developing countries.



Affordable finance is crucial for sustainable development, and strengthening multilateral development banks (MDBs) is essential to increasing lending capacity and supporting development projects. By strengthening MDBs, we can unlock more resources for sustainable development, bridge the financing gap, and achieve the SDGs.



Furthermore, innovative financing tools and mechanisms can help reduce financing costs, making it easier for countries to access affordable finance for development. The balance sheets of IFIs can also be utilised to provide guarantees for crowding in resources from the private sector.



Debt swaps can be valuable for managing debt and alleviating financial stress. By exchanging debt for new obligations with more favourable terms, countries can manage their debt more effectively, reduce financial stress, and create space for sustainable development and economic growth.



 Alongside debt relief, African nations are also calling for support in developing tools and instruments to lower extreme financing costs. The recent UN General Assembly resolution 78/230 emphasizes the need for a UN Framework Convention on international tax cooperation, which is a positive step in the right direction. Concrete action is needed to achieve results from the UN Framework Convention on International Taxation in order to establish a globally fair and transparent tax system. This will ensure the achievement of a more just and equitable global tax system.



African countries should begin implementing the Domestic Minimum Top-Up Tax (DMTT) to ensure that multinational companies contribute their fair share of taxes in Africa and minimize transfer pricing leakages. For example, Zimbabwe and South Africa have begun implementing the DMTT provision, which will ensure that multinational cooperation pays at least 15% of corporate tax.



Hon. Professor <a href="https://www.weforum.org/agenda/authors/mthuli-ncube/">Mthuli Ncube</a>



Minister of Finance, Economic Development and Investment Promotion,&nbsp;Ministry of Finance, Economic Development and Investment Promotion of Zimbabwe

Day Two Of The 28th World Economic Forum on Africa

How to finance Africa’s future economic development

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, Aug 15 (Reuters) &#8211; South Africa&#8217;s rand was little changed in early trade on Thursday, pausing after the previous day&#8217;s modest gains on U.S. inflation data which strengthened expectations that interest rate cuts in the world&#8217;s biggest economy are near.



At 0655 GMT, the rand traded at 18.08 against the dollar, close to the level where it ended Wednesday&#8217;s session.



The rand closed up more than 0.1% against the U.S. currency on Wednesday, supported by upbeat domestic business confidence and retail sales figures in addition to the U.S. inflation data.



&#8220;With the bulk of the market-moving U.S. data now released, the dollar-rand market will lose some of that downside momentum. Technical support around current levels, given the several prior lows, will also make significant further rand appreciation more challenging,&#8221; ETM Analytics said in a research note.



No major South African data is due to be released on Thursday or Friday, so the rand is likely to move mainly on offshore factors.



South Africa&#8217;s benchmark 2030 government bond was marginally weaker in early deals, the yield up 2 basis points to 9.155%.



(Reporting by Alexander Winning; Editing by Shounak Dasgupta)

Illustration photo of South African rand

South African rand pauses after modest gains on US data

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-501467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Aug 15 (Reuters)&nbsp;&#8211;&nbsp;The following company announcements, equity and currency market moves may affect South African markets on Thursday.



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



Standard Bank half-year results



Coal miner Exxaro Resources half-year results



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



South Africa&#8217;s rand gained on Wednesday after U.S. inflation data strengthened expectations that rate cuts in the world&#8217;s biggest economy are near.



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



Asian stocks were firm on Thursday while the dollar remained on the back foot after benign consumer inflation data overnight reinforced bets for the Federal Reserve to start cutting interest rates next month.



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



The S&amp;P 500 ended higher on Wednesday, stretching its winning streak to five sessions, as the latest inflation data reassured investors betting the Federal Reserve would start cutting U.S. interest rates next month.



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



Gold prices inched up on Thursday after a 1% decline in the previous session. 



&#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; Retail sales rise, but shoppers are still under pressure



&#8211; Energy committee shifts focus as Eskom keeps the lights on



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



&#8211; Presidency postpones signing of health compact over NHI



(Compiled by Alexander Winning)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Aug 15

<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, Aug 15 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



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



Nigeria&#8217;s statistics office is expected to release the latest inflation data.



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



Asian stocks were firm on Thursday while the dollar remained on the back foot amid lower U.S. Treasury yields after benign consumer inflation data overnight reinforced bets for the Federal Reserve to start cutting interest rates next month.



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



Oil prices rose on Thursday, supported by optimism potential U.S. interest rate cuts will boost economic activity and fuel consumption though concerns over slower global demand curbed gains.



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



South Africa&#8217;s rand firmed on Wednesday after U.S. inflation data strengthened expectations that rate cuts in the world&#8217;s biggest economy are near.



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



Kenya&#8217;s shilling was flat against the U.S. dollar on Wednesday, as foreign-currency inflows for a bond auction matched reduced dollar demand from manufacturers and fuel importers, traders said.



<h2 class="wp-block-heading" id="h-africa-mpox">AFRICA MPOX</h2>



The World Health Organization on Wednesday declared mpox a global public health emergency for the second time in two years, following an outbreak of the viral infection in Democratic Republic of Congo that has spread to neighbouring countries.



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



Suspected jihadists ambushed a military convoy carrying more than 1,000 civilians in Burkina Faso last week, leading to civilian deaths and injuries, the regional governor said in a statement published on Wednesday, without providing a death toll.



<h2 class="wp-block-heading" id="h-nigeria-politics">NIGERIA POLITICS</h2>



Nigerian lawmakers on Wednesday withdrew a proposed law that would have imposed punishments of up to 10 years in jail for actions deemed subversive following a public outcry over fears that it was an attempt to crack down on dissent following a wave of anti-government protests.



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



A rebel group controlling Sudan&#8217;s Nuba Mountains and parts of Blue Nile state said on Wednesday that the local population was experiencing a hunger catastrophe.



<h2 class="wp-block-heading" id="h-kenya-security">KENYA SECURITY</h2>



Gunmen kidnapped two South Korean missionaries in northern Kenya, near the border of Ethiopia, on Monday evening while eight Kenyans were shot dead in a separate incident in the region, local officials said.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Aug 15

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UWIKV4GDEJJVZLW6UE2OMJCQHA.jpg" alt="" class="wp-image-519143" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UWIKV4GDEJJVZLW6UE2OMJCQHA.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UWIKV4GDEJJVZLW6UE2OMJCQHA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UWIKV4GDEJJVZLW6UE2OMJCQHA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UWIKV4GDEJJVZLW6UE2OMJCQHA-768x513.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">A general view of the cityscape of Addis Ababa, Ethiopia, April 24, 2024. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



LONDON/NEW YORK, Aug 14 (Reuters)&nbsp;&#8211;&nbsp;A group of foreign holders of Ethiopia&#8217;s $1 billion international bond said on Wednesday it was disappointed with recent government comments regarding a possible 20% principal haircut on their holdings.



The group &#8220;does not view any such haircut as being consistent with its evaluation of Ethiopia&#8217;s economic fundamentals,&#8221; it said via email, calling the government&#8217;s recent public statements &#8220;incompatible with a good-faith approach to debt restructuring.&#8221;



The government did not respond to a request for comment.



The comments set the stage for tense restructuring negotiations in the wake of Ethiopia defaulting on its sole international bond in December and has made little headway since.



The country surprised bondholders by announcing plans earlier this month to reduce the bond principal to $800 million, indicating a 20% haircut, citing the need to match debt relief offered by official creditors.



The creditor group, which says it holds more than 40% of the bond, called for transparency and public disclosure of any assumptions made with the input of official bilateral creditors.



The East African country requested a debt&nbsp;rework in&nbsp;early 2021 under the G20 Common Framework restructuring process, but a two-year civil war, which ended in a truce in late 2022, delayed progress.



Ethiopia had secured an agreement with the International Monetary Fund for a new $3.4 billion financing program in July.



The government at the time said it planned to finalise the restructuring before the first review of its&nbsp;IMF programme.&nbsp;According to the&nbsp;Fund, initial reviews will be held on a quarterly basis.



The IMF did not respond to a request for comment.



Negotiating in&nbsp;good faith&nbsp;is key for the progress of any country&#8217;s IMF programme, which includes&nbsp;timely dialogue,&nbsp;information sharing and&nbsp;the opportunity for&nbsp;creditor input.



Ethiopia&#8217;s Eurobond slipped 0.3 cents in a sixth straight session of declines, being bid at 76.5 cents, Tradeweb data showed.



The security is held by major asset management firms, such as Eaton Vance, Morgan Stanley, Vanguard and BlackRock, according to EMAXX data.



The bond&nbsp;makes up a small part of Ethiopia&#8217;s external debt.



The IMF estimates that as of end-June, external debt stood at $28.9 billion, around half of which it owed to multilateral lenders such as the IMF, World Bank and African Development Bank.



Of the $12.4 billion owed to bilateral lenders, China accounts for $7.4 billion and Saudi Arabia just over $1 billion. Ethiopia&nbsp;owes under $2 billion to Paris Club rich creditor nations.



Ethiopia failed to reach an agreement in formal talks with investors late last year. Back then, the government proposed to swap the existing bond for a new $1 billion issue that would be paid off starting in 2028.



&#8220;There&#8217;s no formal proposal out there so we don&#8217;t know what the government intends,&#8221; said Kevin Daly, portfolio manager at abrdn, which holds the bond but is not part of the creditor group,&nbsp;adding&nbsp;a deal would probably be found between the previous government offer and the 20% haircut proposal.



Yvette Babb, portfolio manager at William Blair, said a swift debt rework should be possible, though Ethiopia&#8217;s apparent lack of desire to issue Eurobonds down the line might make for less urgency on the government side.



&#8220;This is not a very complex case &#8211; it&#8217;s a single bond, $1 billion, the IMF parameters are pretty clear. It&#8217;s really a matter of the willingness for all parties to get this done quickly.&#8221;



(Reporting by Libby George, Duncan Miriri, Rodrigo Campos and Karin Strohecker; Editing by Chizu Nomiyama, Jan Harvey, Richard Chang, Jonathan Oatis and Ana Nicolaci da Costa)

A general view of the cityscape of Addis Ababa

Ethiopia bondholders disappointed by proposed bond haircut

Desirèe Henry on why training is the hardest part of going pro

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2002633089-scaled.jpg" alt="" class="wp-image-518909" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2002633089-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2002633089-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2002633089-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2002633089-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2002633089-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2002633089-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">CAPE TOWN, SOUTH AFRICA &#8211; FEBRUARY 13: Ashor Sarupen, deputy chairperson of the DA Federal Council at the podium during the 2024 State of the Nation Address (SONA) Debate at Cape Town City Hall on February 13, 2024 in Cape Town, South Africa. The National Assembly (NA) and the National Council of Provinces (NCOP) held joint sittings to debate the State of the Nation Address (SONA), which President Cyril Ramaphosa delivered at the Cape Town City Hall on February 8th. (Photo by Jeffrey Abrahams/Gallo Images via Getty Images)</figcaption></figure>



PRETORIA, Aug 14 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s new government is committed to rapid reforms that could help push growth to at least 3.5% in the medium term and reduce unemployment, Deputy Finance Minister Ashor Sarupen said on Wednesday.



Growth in Africa&#8217;s most industrialised nation has been anaemic in the last decade owing partly to an energy crisis and challenges in the state-dominated logistics sector, while unemployment and inequality have risen. The economy grew 0.6% in 2023.



President Cyril Ramaphosa, whose African National Congress (ANC) was forced into a government of national unity after losing its parliamentary majority in May&#8217;s election, has repeatedly urged reforms to boost growth and jobs.



The official&nbsp;unemployment rate&nbsp;hit 33.5% in April-June of this year, not far off record highs.



Sarupen, of the free-market Democratic Alliance (DA), said the unity government acknowledged that reforms &#8220;need to happen with pace to get people into jobs&#8221;.



&#8220;There&#8217;s appetite for reform and that&#8217;s been heartening to see, and that&#8217;s made the transition also a little bit easier,&#8221; Sarupen told Reuters in an interview at his office in Pretoria.



South Africa&#8217;s GDP even shrank 0.1% in the first quarter from the previous one, though it was up 0.5% year-on-year.



&#8220;We&#8217;ve got to get growth in the medium term, so at the end of three years, maybe to the outer year &#8230; I think we&#8217;ve got to try to get that up to 3-1/2%,&#8221; Sarupen said.



Some political analysts had feared the divergence in ideology between the two biggest parties in the government &#8211; ANC and DA &#8211; would make it hard to agree how to revive the economy.



Sarupen, who shares the role of deputy finance minister with the ANC&#8217;s David Masondo, added that, while the government would maintain its fiscal path and discourage higher spending, he had a new appreciation for the constraints on the Treasury.



Two big contributors to government spending in recent years have been the public sector wage bill and a 350 rand ($19) per month grant introduced in 2020 to support those hardest hit by the COVID-19 pandemic.



Sarupen said he would support keeping the grant beyond 2026 and perhaps converting it to a basic income payment:



&#8220;For social stability, for social security, and if it can be accommodated within the fiscal envelope as it stands &#8230; I think it should stay in place.&#8221; 



($1 = 18.0526 rand)



(Reporting by Kopano Gumbi; Editing by Olivia Kumwenda-Mtambo and Kevin Liffey)

SONA Debate At Cape Town City Hall Day 01 In South Africa

South Africa’s government set on speedy reforms, says deputy minister

How do artistic swimmers hold their breath for so long?

Why It Feels Like The U.S. Is In A Recession

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/FYWWSVJ7GZPUZHCREMBLZUUK6I-scaled.jpg" alt="" class="wp-image-518808" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/FYWWSVJ7GZPUZHCREMBLZUUK6I-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/FYWWSVJ7GZPUZHCREMBLZUUK6I-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/FYWWSVJ7GZPUZHCREMBLZUUK6I-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/FYWWSVJ7GZPUZHCREMBLZUUK6I-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/FYWWSVJ7GZPUZHCREMBLZUUK6I-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/FYWWSVJ7GZPUZHCREMBLZUUK6I-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A view of the Bank of Zambia in Lusaka, Zambia February 23, 2024. REUTERS/Namukolo Siyumbwa/File Photo</figcaption></figure>



LUSAKA, Aug 14 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s central bank kept its benchmark lending rate unchanged on Wednesday, saying that although inflation remained high its stance was appropriate given the economic impact of a severe drought.



The decision to hold the Monetary Policy Rate at 13.50% follows six successive meetings at which it was raised. So far this year the Bank of Zambia has implemented a 100 basis point hike in May and a 150 basis point increase in February.



&#8220;While actual and projected inflation remain elevated relative to the 6%-8% target band, the committee judged that the current monetary policy stance is appropriate,&#8221; central bank Governor Denny Kalyalya told a news conference.



Inflation has been rising since the middle of last year, reaching 15.4% year on year in July, fuelled by a slide in the kwacha currency and the worst drought in the southern African region in decades.



The central bank now anticipates inflation will average 15.3% in 2024, up from the 13.7% forecast it gave at its last policy meeting in May.



Kalyalya said the completion of Zambia&#8217;s external debt restructuring and implementation of structural reforms remained critical to lower inflation.



Weighed down by delays in restructuring talks and limited foreign-currency inflows, the kwacha hit repeated record lows against the dollar from November to February and has been highly volatile since.



&#8220;In taking the decision to maintain the Policy Rate as opposed to raising it, the committee also took into account the impact on the stability of the financial system and growth, particularly in 2024, in the wake of the drought,&#8221; Governor Kalyalya said.



(Writing by Bhargav Acharya; Editing by Alexander Winning and David Holmes)

FYWWSVJ7GZPUZHCREMBLZUUK6I

Zambia central bank holds key rate, citing impact of drought

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108001452-1720019731770-gettyimages-1223257669-dsc04844_2020050625641680-820x461.jpeg" alt="" class="wp-image-518888" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108001452-1720019731770-gettyimages-1223257669-dsc04844_2020050625641680-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108001452-1720019731770-gettyimages-1223257669-dsc04844_2020050625641680-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108001452-1720019731770-gettyimages-1223257669-dsc04844_2020050625641680-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108001452-1720019731770-gettyimages-1223257669-dsc04844_2020050625641680-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108001452-1720019731770-gettyimages-1223257669-dsc04844_2020050625641680-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/108001452-1720019731770-gettyimages-1223257669-dsc04844_2020050625641680.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



Inflation rose as expected in July, driven by higher housing-related costs, according to a Labor Department report Wednesday that is likely to keep an interest rate cut on the table in September.



The consumer price index, a broad-based measure of prices for goods and services, increased 0.2% for the month, putting the 12-month inflation rate at 2.9%. Economists surveyed by Dow Jones had been looking for respective readings of 0.2% and 3%.



Excluding food and energy, the core CPI came in at a 0.2% monthly increase and a 3.2% annual rate, meeting expectations.



The annual rate is the lowest since March 2021, while the core is the lowest since April 2021, according to the Bureau of Labor Statistics report. Headline inflation was 3% in June.



A 0.4% rise in shelter costs was responsible for 90% of the all-items inflation increase. Food prices climbed 0.2% while energy was flat.



Stock market futures were mildly negative after the report, while Treasury yields were mostly higher.



Though food inflation was soft on the month, multiple categories saw sizeable increases, most notably eggs, which were up 5.5%. Cereals and bakery items declined 0.5% while dairy and related products fell 0.2%.



Inflation readings have been gradually drifting back to the central bank’s 2% target. A report Tuesday from the Labor Department showed that producer prices, a proxy for wholesale inflation, rose just 0.1% in July and were up 2.2% year over year.



Fed officials have indicated a willingness to ease, though they’ve been careful not to commit to a specific timetable nor to speculate about the pace at which cuts might occur. Futures market pricing currently points to a slightly better chance of a quarter percentage point reduction&nbsp;at the Fed’s next scheduled meeting, Sept. 17-18,&nbsp;and at least a full point in moves by the end of 2024.



“Today’s CPI print removes any lingering inflation obstacles that may have been preventing the Fed from starting the rate cutting cycle in September,” said Seema Shah, chief global strategist at Principal Asset Management. “Yet, the number also suggests limited urgency for a 50 basis point cut.”



As inflation has eased, percolating concerns about a slowing labor market seemed to have raised the likelihood that the Fed will start cutting for the first time since the early days of the Covid crisis.



“Coming down, but the sticky areas continue to be sticky,” Liz Ann Sonders, chief investment strategist at Charles Schwab, said in describing the CPI report. “We have to keep a close eye on both the inflation data as well as the employment data.”



There were several crosscurrents in the report that indeed suggest inflation is stubborn in some areas.



Automotive prices continued to decline, with new vehicles down 0.2% and used cars and trucks off 2.3% for the month and 10.9% from a year ago. However, auto insurance costs climbed another 1.2% and are up 18.6% on a 12-month basis.



On the shelter component, which makes up more than one-third of the index, an item that asks property owners what they could get in rent increased 0.4% and was up 5.3% annually, again defying Fed expectations for an easing in housing-related costs.



On the other hand, multiple categories showed signs of deflation on the month, including medical care services (-0.3%), apparel (-0.4%) and core commodity prices (-0.3%).

108001452-1720019731770-gettyimages-1223257669-dsc04844_2020050625641680

U.S. annual inflation rate slows to 2.9% in July, lowest since 2021

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1153" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-scaled.jpg" alt="" class="wp-image-518815" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-1536x865.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Photo courtesy of Godfrey Mutizwa</figcaption></figure>



Land borders in Africa are by nature intimidating places if you don’t know where you are going. First are the crowds, among them hangers-on and tricksters always looking for an opportunity for a quick buck. And then the officials, serious looking and rarely offering a smile.



But I was going home and as a veteran of Beitbridge, one of Africa’s busiest land borders, I was excited to be making the crossing for the first time since it was upgraded and modernised almost three years ago by Zimborders for some $300 million on a Build, Operate and Transfer basis.



On approaching the South African border however my excitement was tempered by a two to three-kilometre stretch of goods trucks – harking back to the bad days before the upgrade when it would take truck drivers as many as two weeks to cross – because of inefficiencies, corruption and in some cases just sheer volumes.



Beitbridge is one busy border post, providing the biggest trade link for the southern Africa hinterland comprising Zimbabwe, Zambia, the Democratic Republic of the Congo (DRC), Malawi and sometimes further afield to parts of western Tanzania. Between them, Zambia and the DRC are key global copper producers, while Zimbabwe’s new Chinese funded lithium mines now account for more than two-thirds of Africa’s lithium output, Bloomberg reports.



There are serious mineral volumes and capital equipment being moved here before counting manufactured goods that flow north for South Africa’s neighbours with no meaningful manufacturing bases of their own. But Zimborders was supposed to solve that, I consoled myself.



In an opinion piece published on our web page in March this year, Glynn Cohen, the Chairman of Zimborders wrote: ‘’This flagship project will undoubtedly be successful – improving efficiency, reducing congestion and transit fraud…already, it now takes a few hours for trucks to cross the border compared with up to a week before’’.



But I had not reckoned with the South African side of the border. The arrival hall was one mass of people when we arrived with queues stretching outside and no sign of any official intervention. With my nephew in tow, we squeezed inside, and I am ashamed to say, many `sorries’ later, we jumped the queue and an hour later were by the exit gates.



But the ordeal was just beginning. Unbeknown to me, the immigration lady who stamped my passport, had made a mistake and an eagle-eyed police officer at the exit gate spotted the error and promptly sent me back to the hoards inside the arrival hall. Many swear words later I was back at the exit gate but by then my transport was gone and so I had to walk to the Zimbabwean side, an experience I have been told could be hazardous.



I took off but was pleasantly surprised by the visible policing on the South Africa side. However, the minute you step on the Zimbabwean side, things change. Hawkers selling everything from roasted maize to cool drinks dotted the route even at 1am. And then the darkness! While the South African side was well lit, there were neither lights nor security until I reached the army post at the entrance to Zimbabwe. I made it without a scratch but truth be told I was shaken.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1153" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-scaled.jpg" alt="" class="wp-image-518816" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-1536x865.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Photo courtesy of Godfrey Mutizwa</figcaption></figure>



A few metres later however Zimborders was there. True of border posts, the new building is imposing and it has to be said, impressive. The experience inside was even better, the whole exit process taking me half an hour. Thank you Africa Export-Import Bank and South African banks that funded this, I thought as we headed into the night.



So I must concede Mr Cohen was right. The upgrade has certainly made a huge difference from the corruption infested old post I had used for many years. However, the South African side has clearly not read the script and the experience got even worse when I returned, this time by bus. The hour I spent on the way out became four hours.



Put simply, the South African officials we encountered on the 12th of August 2024 didn’t care. We were grouped by our busses but the queue outside the arrival hall was one giant milling mass of people. One minute we were told to follow our driver inside, and the next we were chucked out because the official decided otherwise.



While all this is happening one could clearly see the officials sitting behind their desks chatting with nary a care in the world. You are shouted at like you are misbehaving children when those queues contain adults taking care of their households, working in the mines, running companies sustaining the economies of southern Africa.



It was shameful. But when you have done this crossing as many times as I have, you understand an immigration official wields absolute power. One word out of turn will take you and your fellow travellers to the back of the queue. You wait for this important man – it was mostly men – to stamp your passport without complaint.



So much for boosting intra-African trade. This was one bruising encounter that will take some time to heal but who is listening? While the Border Management Authority represents South Africa’s latest attempt to clean up its ports of entry, on the ground, I saw no change.



You can still cross the border without a passport for a thousand rand or more, a lady travelling beside me told me. Some 700 rand allows you to be given more days – as many as three months instead of a week, and 500 rand can enable you to jump the patient masses and get your passport stamped quicker.



For the record, I didn’t pay. All I did was push and hustle my fellow travellers for which I am truly sorry.

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Chronicle of a Beitbridge border crossing

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Aug 14 (Reuters) &#8211; The Ugandan shilling traded stable on Wednesday, underpinned by a slowdown in appetite for hard currency from both merchandise importers and players in the interbank market, traders said.



At 0942 GMT commercial banks quoted the shilling at 3,725/3,735, same level as Tuesday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan shilling stable as demand thins out

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-820x547.jpg" alt="" class="wp-image-409717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg 2048w" 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 countrys Treasury has already cut this years 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 via Getty Images</figcaption></figure>



NAIROBI, Aug 14 (Reuters) &#8211; Kenya&#8217;s shilling was flat against the U.S. dollar on Wednesday, as foreign-currency inflows for a bond auction matched reduced dollar demand from manufacturers and fuel importers, traders said.



At 0907 GMT, commercial banks quoted the shilling at 128.75/129.75 per dollar, the same level it closed on Tuesday.



On Wednesday the central bank will auction 50 billion Kenyan shillings of infrastructure bonds.



&#8220;The central bank has also been buying dollars to keep the rate at a stable level,&#8221; one trader said.



(Reporting by Hereward Holland; Editing by Alexander Winning)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling flat as FX inflows for bond auction match demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-820x539.jpg" alt="" class="wp-image-518805" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-1536x1010.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A logo of the Bank of Namibia is seen at the company&#8217;s headquarters in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko</figcaption></figure>



WINDHOEK, Aug 14 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s central bank cut its main interest rate by 25 basis points on Wednesday, citing a slowdown in inflation and inflation expectations.



The Bank of Namibia reduced its repo rate to 7.50% from 7.75%, where the rate had been since June 2023.



Namibia&#8217;s inflation was at 4.6% year on year in July, the same level as in June but down from 4.9% in May.



The central bank revised down its average inflation forecast for this year to 4.7%, versus a 4.9% forecast given at its last Monetary Policy Committee meeting in June.



It attributed the downward revision to an appreciation of the Namibian dollar and a moderation in crude oil prices.



&#8220;With inflation and inflation expectations slowing and nominal interest rates unchanged, real interest rates have increased thereby signalling an effective tightening of monetary policy,&#8221; central bank Governor Johannes !Gawaxab said in a statement accompanying the decision.



&#8220;Considering these factors, the MPC felt that a moderate easing of monetary policy was warranted.&#8221;



The central bank reduced its 2024 economic growth forecast by 0.6 percentage point to 3.1%, partly because of a severe drought gripping the southern African region.



(Writing by Bhargav Acharya; Editing by Alexander Winning and Toby Chopra)

A logo of the Bank of Namibia is seen at the company’s headquarters in Windhoek

Namibia central bank cuts main interest rate by 25 basis points

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="567" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg" alt="" class="wp-image-502655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-820x567.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-768x531.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-1536x1063.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/TAKTGYGGUFIUFGNJON3QOOIO24-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



JOHANNESBURG, Aug 14 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand was little changed early on Wednesday, ahead of the release of local business confidence and retail sales data.



At 0659 GMT, the rand traded at 18.1025 against the dollar, near its previous close.



The South African Chamber of Commerce and Industry will release business confidence numbers for June and July at 0930 GMT.



June retail sales data from Statistics South Africa is due at 1100 GMT.



On the stock market, the Top-40 index was up 0.1% in early trade.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, with the yield down 3 basis points to 9.235%.



(Reporting by Bhargav Acharya; Editing by Shounak Dasgupta)

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Kenyan shilling flat despite slight uptick in dollar demand

How to finance Africa’s future economic development

South African rand pauses after modest gains on US data

South African Markets – Factors to watch on Aug 15

African Markets – Factors to watch on Aug 15

Ethiopia bondholders disappointed by proposed bond haircut

Desirèe Henry on why training is the hardest part of going pro

South Africa’s government set on speedy reforms, says deputy minister

How do artistic swimmers hold their breath for so long?

Why It Feels Like The U.S. Is In A Recession

Zambia central bank holds key rate, citing impact of drought

U.S. annual inflation rate slows to 2.9% in July, lowest since 2021

Chronicle of a Beitbridge border crossing

Ugandan shilling stable as demand thins out

Kenyan shilling flat as FX inflows for bond auction match demand

Namibia central bank cuts main interest rate by 25 basis points

South African rand muted ahead of local data releases

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home

Kenyan shilling flat despite slight uptick in dollar demand

How to finance Africa’s future economic development

South African rand pauses after modest gains on US data

South African Markets – Factors to watch on Aug 15

African Markets – Factors to watch on Aug 15

Ethiopia bondholders disappointed by proposed bond haircut

Desirèe Henry on why training is the hardest part of going pro

South Africa’s government set on speedy reforms, says deputy minister

How do artistic swimmers hold their breath for so long?

Why It Feels Like The U.S. Is In A Recession

Zambia central bank holds key rate, citing impact of drought

U.S. annual inflation rate slows to 2.9% in July, lowest since 2021

Chronicle of a Beitbridge border crossing

Ugandan shilling stable as demand thins out

Kenyan shilling flat as FX inflows for bond auction match demand

Namibia central bank cuts main interest rate by 25 basis points

South African rand muted ahead of local data releases

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