<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/IA4F5V5BOBKMZGXUYZUHEWQQVQ.avif" alt="" class="wp-image-605143"/><figcaption class="wp-element-caption">The World Bank logo is seen at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. REUTERS/Elizabeth Frantz/File Photo</figcaption></figure>



LONDON, April 3 (Reuters)&nbsp;&#8211;&nbsp;The World Bank&#8217;s private investment arm is backing the rush into digital data in Africa with a $100 million investment in regional data centre developer and operator Raxio Group, funding centres from Ethiopia to Angola.



Digital demand on the continent is surging, but infrastructure remains scarce. Africa accounts for less than 1% of the world&#8217;s data centre capacity even as mobile data usage grows by around 40% annually &#8211; nearly double the global average, according to U.S. advocacy group Internet Society.



The debt funding by the World Bank&#8217;s International Finance Corporation (IFC) &#8211; its largest such investment to date in Africa &#8211; reflects rising interest from global institutions in the continent&#8217;s digital economy, where mobile money, AI-driven services and cloud-based platforms are rapidly expanding. Hosting data locally reduces costs, improves speeds and gives governments more control over cybersecurity and regulation.



&#8220;Data centres as such and overall digital connectivity is an important area of focus for the IFC,&#8221; said Sarvesh Suri, IFC regional industry director, infrastructure and natural resources in Africa.



Improving digital connectivity and building the backbones of digital infrastructure are of key importance to support economic growth in Africa, Suri added.



After launching its first facility in Uganda in 2021, Raxio is building a network of top standard data centres, including one in Ivory Coast with construction underway in Mozambique, Ethiopia and Democratic Republic of Congo.



The expansion comes as global tech giants and infrastructure investors view Africa as the next battleground for cloud services. Cloud computing and tech giants such as Amazon Web Services AMZN.O, Microsoft Azure MSFT.O and Huawei are ramping up partnerships and presence on the continent, but many still rely on Europe or South Africa for hosting.



&#8220;We see the interest, the support, the engagement, the collaboration we are getting from the governments where we operate, who really want this to happen,&#8221; said Raxio Group CEO Robert Skjodt.



Building data centres in frontier markets isn&#8217;t without risk. Unreliable power supply, complex regulation and political instability can deter commercial players.



Development finance institutions play a crucial role by de-risking early investments that can unlock long-term private capital, said Suri.



&#8220;We bring in the right kind of instruments to help support investors to reduce the risk over all this, to make sure that these investments continue to be long-term, sustainable, and profitable, but also economically beneficial for the countries,&#8221; said Suri.



(Reporting by Colleen Goko; Editing by Karin Strohecker)

IA4F5V5BOBKMZGXUYZUHEWQQVQ

World Bank backs Africa digital data push with $100 million Raxio deal

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-820x462.png" alt="" class="wp-image-605140" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-820x462.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-768x432.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs.png 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., on April 2, 2025. Leah Millis | Reuters</figcaption></figure>



President Donald Trump on Wednesday laid out the U.S. “reciprocal tariff” rates that more than 180 countries and territories, including European Union members, will face under his sweeping new trade policy.



Trump and the White House shared a series of charts on social media detailing the tariff rates they say other countries impose on the U.S. Those purported rates include the countries’ “Currency Manipulation and Trade Barriers.”



An adjacent column shows the new U.S. tariff rates on each country, as well as the European Union.



Those rates are, in most cases, roughly half of what the Trump administration claims each country has “charged” the U.S.



The reciprocal rates are not necessarily the only U.S. tariffs these countries will face.



The White House told CNBC’s Eamon Javers on Wednesday that the new reciprocal rate on China will be added to existing tariffs totaling 20%, meaning the true tariff rate on Beijing&nbsp;under this Trump term&nbsp;is 54%.



Trump said his plan will set a 10% baseline tariff across the board. But as his charts make clear, many countries are set to face significantly higher rates.



“We will charge them approximately half of what they are and have been charging us,” Trump said in an announcement in the Rose Garden at the White House.



“So, the tariffs will be not a full reciprocal,” he said.



But that halved figure includes “the combined rate of all their tariffs, nonmonetary barriers and other forms of cheating,” he said.



See all the new rates here:



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125354-1743628618479-image.png?v=1743628691&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: Donald Trump via Truth Social



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125386-1743629783277-b4fc0291ac1ed15f.jpg?v=1743629815&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: U.S. President Donald Trump via Truth Social



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125388-1743629845642-c474871a0394e761.jpg?v=1743629853&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: U.S. President Donald Trump via Truth Social



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125381-1743629674285-9b3146f9401db67a.jpg?v=1743629766&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: U.S. President Donald Trump via Truth Social



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125420-1743631430241-GnjytNRWsAE7uF5.jpg?v=1743631805&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: The White House



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125421-1743631489523-image_720.png?v=1743631794&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: The White House

108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs

See Trump’s list: More than 180 countries and territories facing reciprocal tariffs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1800" height="1200" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/VFKU2JNBTBIDVNPMOMLDRAUIO4.avif" alt="" class="wp-image-560171"/><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/File Photo</figcaption></figure>



ACCRA, April 2 (Reuters)&nbsp;&#8211;&nbsp;Two of the five&nbsp;members of the Ghana&nbsp;central bank&#8217;s&nbsp;Monetary Policy&nbsp;Committee (MPC)&nbsp;voted for its prime interest rate to be kept at 27% during the last meeting, at which the bank hiked the rate by 100 basis points to 28%, minutes showed on Wednesday.



The split decision highlights diverging views within the Bank of Ghana&#8217;s MPC over how aggressively to tackle inflation.



Announcing the surprise rate hike on Friday, governor Johnson Asiama said the tight monetary policy stance was needed to lower inflation.



Ghana&#8217;s annual consumer inflation slowed for a third straight month to 22.4% in March from 23.1% the previous month, the country&#8217;s statistics agency said earlier on Wednesday.



Asiama had previously warned that consumer inflation in the gold, oil and cocoa-producing West African nation remains &#8220;uncomfortably high&#8221; and above the bank&#8217;s target of 8% with a margin of error of 2 percentage points either side.



(Reporting by Christian Akorlie; Writing by Bate Felix; Editing by Chizu Nomiyama)

VFKU2JNBTBIDVNPMOMLDRAUIO4

Ghana central bank’s MPC split over rate decision, minutes show

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-820x547.jpg" alt="" class="wp-image-581989" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/02/TEARGEYJVBNJZJNNXKQV4QH2KQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. President Donald Trump speaks to an audience at the &#8220;American Freedom Tour&#8221; event in Memphis, Tennessee, U.S., June 18, 2022. REUTERS/Karen Pulfer Focht/File Photo</figcaption></figure>



President Donald Trump in recent weeks has changed his tariff policies more often than some of us change our clothes. The velocity of tariff changes has probably provoked a few nervous breakdowns in the accounts department of American companies trading goods with Mexico and Canada. So far, the African continent has been largely unaffected. The question ahead of 2 April, Trump’s “liberation day”, when he unveils his tariff plans, will we still be so relaxed?



We think the continent can, mostly, relax.



<h1 class="wp-block-heading" id="h-what-does-the-trump-administration-want-to-achieve-with-his-trade-war">What does the Trump administration want to achieve with his trade war?</h1>



Many are still unsure what the Trump administration’s goal is with tariffs.



Why does it matter? Because it means analysis of the potential tariffs on 2nd April are over-complicating the issue. There is too much focus on scenarios like “reciprocal tariffs” (the US will match the tariffs others use against the US), or “including VAT tariffs” (because of the potential US stance that value-added tax act as a de facto tariff).



For reasons we outline below – in this piece we consider just three scenarios.



<ol style="list-style-type:upper-alpha" class="wp-block-list">
<li>The US tariffs everybody</li>



<li>The US tariffs everybody who runs a trade surplus with the US, and</li>



<li>The US tariffs everything except commodities that the US imports.</li>
</ol>



One political consultancy last week told us that the US wants to use the threat of tariffs as leverage for others like the EU or India to cut their tariffs. In the end, tariff threats today may lower global tariffs and therefore boost global trade. We think this is the US Treasury secretary’s hope; however, it does not reflect the rhetoric of the President. We believe this outcome is highly optimistic.



Others focus on the US President’s fond reminisces about the 19th century when tariffs were responsible for most US government revenues, and his hope that tariffs will fund tax cuts. This position ignores the fact that US government spending was less than 10% of GDP in the 19th century, while today it is over 30% of GDP. Tariffs cannot possibly replace income taxes, but yes, at the margin it may help the deficit.



Another view is that the current administration genuinely believes it can create a manufacturing renaissance in the US, with American sweatshops of the 19th century rising again and displacing imports from Asia or Africa. We will be a little surprised if Americans want to compete with the $100-$200 monthly wages of Bangladesh. We also note that in President Trump’s first term, foreign direct investment in the US fell, so the policy did not work.



Our reading of the President’s biographies suggests his tariff views might be viewed as deeply personal. President Trump hates weakness and sees deficits as a weakness which might infect the US. As such, the focus is rarely on the service sector, where the US runs a surplus, but only about trade where it runs a deficit. The current policy stance might not recognise that buying cheap t-shirts from abroad allows Americans work in higher value-added jobs at Google and saves them money so they can spend more at home. As imports are a



small share of the US economy, the import bill is not greatly negative. We pencil in the assumption that the US imposes 10% tariffs but recognise this may be just against countries who have a trade surplus with the US.



<h1 class="wp-block-heading" id="h-who-does-the-us-have-a-trade-deficit-with">Who does the US have a trade deficit with?</h1>



If there is one African country that should be more worried than most, it is South Africa. They are not having it easy, given the cabal of South African immigrants whispering into the US President’s ear. It is perhaps bad timing for South Africa to have a $9bn trade surplus with the US. South Africa’s potential exclusion from AGOA and an inclusion of 10% tariffs both seem eminently plausible.



The next three countries in the proverbial firing line are Nigeria, Algeria and Angola.



Two of the Trump administration’s favourite African countries, Egypt and Morocco, run deficits with the US, thus if any countries on the continent are going to escape 2nd April unscathed, it should be these two. Indeed, over half the continent can argue the case that they run deficits with the US. It wouldn’t surprise us if they are untouched.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1134" height="603" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-1.png" alt="" class="wp-image-604880" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-1.png 1134w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-1-300x160.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-1-820x436.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-1-160x85.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-1-768x408.png 768w" sizes="auto, (max-width: 1134px) 100vw, 1134px" /></figure>



The commodity experts have noticed that the US is running the biggest trade deficits with Africa’s biggest commodity exporters. Over half of South Africa’s exports to the US are precious metals, diamonds, jewelry and platinum. The vast majority of Nigeria, Algeria and Angola’s exports are oil.



Is the US administration so focused on signaling strength as to tariff the commodities that US industry wants, or the US oil industry refines so it can sell back to Africa?



Yes.



The US has already begun an investigation into copper, which might see tariffs enacted on that mineral. This is why copper prices are surging in recent weeks, as stockpiles are built up, just in case. While there was talk of a lower 10% tariff being imposed on Canadian oil vs 25% on Canada’s other exports, in the end this did not happen.



Does it really matter to an oil exporter if the US imposes tariffs? Not much.



Exporters can divert their oil to any other country. The same will be true of most commodities.



<h1 class="wp-block-heading">How important is the US as an export destination for any African country?</h1>



The US does not trade much with Africa. It imported $39bn of goods in 2024, which is roughly what it imports from Mexico or Canada in just over a month. The US imports more in 24 hours from either of them (over $1bn a day), than it imports in a year from about 40 African countries. The biggest exceptions are South Africa and to some extent Nigeria, which account for over half of everything the US imports from the continent.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1121" height="633" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-2.png" alt="" class="wp-image-604881" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-2.png 1121w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-2-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-2-820x463.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-2-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-2-768x434.png 768w" sizes="auto, (max-width: 1121px) 100vw, 1121px" /></figure>



Fortunately for most African countries, the US is not that important either. For over half the countries in Africa, the US accounts for 2% or less of total exports.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1149" height="589" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-3.png" alt="" class="wp-image-604882" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-3.png 1149w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-3-300x154.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-3-820x420.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-3-160x82.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-3-768x394.png 768w" sizes="auto, (max-width: 1149px) 100vw, 1149px" /></figure>



Share of exports is however not the right metric. Instead, we need to understand how open an economy is, by examining how high exports are as a proportion of GDP. So, the best metric is to look at “exports to the US” as a share of the exporting country’s GDP.



When we do this, we find it is Lesotho which gets hit hardest. Its exports to the US are equivalent to 10% of its GDP. That’s particularly unfair because Trump doesn’t believe anyone has even heard of <a href="https://x.com/khayadlanga/status/1897215513270608284">Lesotho.</a>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1149" height="559" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-4.png" alt="" class="wp-image-604883" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-4.png 1149w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-4-300x146.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-4-820x399.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-4-160x78.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-4-768x374.png 768w" sizes="auto, (max-width: 1149px) 100vw, 1149px" /></figure>



How much pain would be imposed by 10% US tariffs. We should assume that US retailers may cut their margins by a 2-3%, and Lesotho exporters may do the same. Together that could halve the impact of the tariffs. We might see some currency weakness against the US dollar – even just 5% would then offset the remaining impact.



We can be more bearish and suggest 10% tariffs cut exports to the US by 5% and being extra bearish, assume that countries cannot re-direct their exports elsewhere. For Lesotho, that would cut GDP by about 0.5%, but it is an extreme and unlikely scenario. For South Africa, that would be an impact worth 0.2% of GDP (5% of the 4% of GDP figure above). For Nigeria, the impact would be half this at 0.1% of GDP. But this is surely an exaggeration, because Nigerian oil can be sold elsewhere.



<h1 class="wp-block-heading">What about indirect effects of Trump’s trade wars?</h1>



Should anyone worry about the Trump administration’s tariffs? Yes. There are 14 countries (excluding a few tiny islands) where exports to the US as a share of GDP are higher than Lesotho. Mexico and Vietnam have 27% of their GDP coming from exports to the US. A worst-case 5% hit to that figure from 10% tariffs would strip 1.35% off economic output.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1150" height="440" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-5.png" alt="" class="wp-image-604884" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-5.png 1150w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-5-300x115.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-5-820x314.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-5-160x61.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-5-768x294.png 768w" sizes="auto, (max-width: 1150px) 100vw, 1150px" /></figure>



This would be more painful if tariffs are higher than 10%. For the EU and China, we think there will be (tariffs on China have already been hiked to 20% since Trump took office in January). Germany, still one of the world’s top 5 economies could suffer more if the tariffs imposed on the EU are around 25%. If exports drop 10-15%, that might be a 0.4% of GDP hit. We know Germany is planning on a fiscal bazooka to lift its economy and balance the effect of tariffs. GDP growth is likely to accelerate versus the pre-Trump baseline, even if he imposes 25% tariffs; so, Germany may buy more from the rest of the world, including Africa. What about China, where the Trump administration has talked about 50-60% tariffs? Only 2% of China’s GDP comes from exports to the US, so an absolute worst-case scenario would not see more than 0.5% of GDP taken off China’s growth, and China is promising fiscal stimulus too. Any slowdown in China would matter more to Africa. The share of South African exports going to China is double that going to the US. It does not look likely that US tariffs will cause a very high amount of pain to China, or to its trading partners.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1124" height="605" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-6.png" alt="" class="wp-image-604885" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-6.png 1124w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-6-300x161.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-6-820x441.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-6-160x86.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-6-768x413.png 768w" sizes="auto, (max-width: 1124px) 100vw, 1124px" /></figure>



Nonetheless, some small indirect impact on Africa is likely to come from Trump’s tariffs. Global trade is likely to be hit, cutting demand for energy, and pushing oil prices down. Even here, we should be cautious. Global trade may just be re-directed as happened in 2018 when China stopped buying soyabeans from the US and bought them from Brazil instead regardless of the longer shipping route. Consequently, US soyabean exports took Brazil’s previous export markets, again probably adding to shipping and fuel costs.



The key point is that the US is not the only economy in town. Yes, it is responsible for half the world’s current account deficit, so it matters, but it doesn’t matter too much to Africa.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1110" height="436" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-7.png" alt="" class="wp-image-604886" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-7.png 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-7-300x118.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-7-820x322.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-7-160x63.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Image-7-768x302.png 768w" sizes="auto, (max-width: 1110px) 100vw, 1110px" /></figure>



<h1 class="wp-block-heading">What about inflation and US interest rates?</h1>



Should Africa worry because tariffs are inflationary and they might prompt the Fed to raise interest rates, or cut interest rates less than expected?



The last thing we want to see on the continent is more countries running onto the default rocks. From Mozambique to Senegal, we can see that is still a risk. The Fed kind of answered this question last week. They see tariffs as transitory (yes, we have heard that before), because while there will be a one-off adjustment in prices, there should not be a price-wage spiral as we saw after COVID.



That might underestimate where the Trump administration goes with tariffs. Their last trade war did not achieve preset objectives. The deficit with China remained massive. Perhaps this time the target is to succeed via a continuous ramping up of tariffs. We cannot know this, but at least today, we can be comforted by the Fed’s view that tariffs are a negative for GDP growth, and more important than the inflation impact. As such, the FED assumes two fund rate cuts in this year and another two next year.



<h1 class="wp-block-heading">Conclusion</h1>



We cannot be sure if the Trump administration will impose tariffs on any African countries at all, and if he does, he might go after only the minority of countries. We do not believe AGOA will offer any more protection than NAFTA did in 2016, or its successor USMCA has done in 2025. We do think South Africa is likely to face tariffs, and that it will be Lesotho which gets hit hardest if Trump imposes universal tariffs.



Our most important conclusion is that Trump’s tariffs won’t matter too much, assuming they’re just 10% on Africa.



Enjoy April and be thankful you did not emigrate (japa) to tariff-hit Canada.

The African Continent is (relatively) immune to Trump’s tariffs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3101" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BLHFUL2OK5O2NCFHI7QKTQ3YKA.avif" alt="" class="wp-image-604858"/><figcaption class="wp-element-caption">Kenya&#8217;s Finance Minister John Mbadi gestures during an interview with Reuters where he says Kenya has started talks with IMF for a new program, in Nairobi, Kenya, February 5, 2025. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, April 2 (Reuters)&nbsp;&#8211;&nbsp;Kenya denied on Wednesday it had discussed debt restructuring with China&#8217;s finance minister after amending a reference in a social media post released in the wake of a meeting between the two country&#8217;s top finance officials.



China&#8217;s Finance Minister Lan Foan and his Kenyan counterpart John Mbadi had held talks in Beijing, aimed at securing stronger trade and investment ties between the East African nation and the world&#8217;s second largest economy.



&#8220;He (China&#8217;s finance minister) also expressed China&#8217;s willingness to facilitate discussions on debt restructuring and concessional financing to support Kenya&#8217;s economic stability,&#8221; the finance ministry said in a post on X on Wednesday morning.



The post was then deleted and later reposted without the reference to restructuring or concessional financing.



Kenya, which is struggling with a heavy debt load and the accompanying high debt service costs, caught investor attention last month when it ditched the final review of its programme with the International Monetary Fund, sending its dollar bonds lower.



Asked for more details, the Kenyan finance ministry said there had been no discussions on restructuring debt at the meeting in Beijing. China&#8217;s finance ministry did not immediately respond to a request for comment.



China has become Kenya&#8217;s biggest bilateral lender after Nairobi took a spate of loans to finance infrastructure construction projects, including a modern railway line from the port of Mombasa into the hinterland.



Kenyan officials have been engaging with their Chinese counterparts to secure funds for more projects, including the extension of that railway line to the border with Uganda.



&#8220;Kenya and China have reaffirmed their commitment to deepening economic cooperation, with a focus on trade, infrastructure investment, and financial collaboration,&#8221; the Kenyan ministry said in a summary of a meeting.



Kenyan President William Ruto, who took over in September 2022, has vowed that his government will not default on its external debt, pledging to cut waste and boost revenue to tackle the challenge.



But his efforts have been met with stiff resistance, including last year&#8217;s youth-led anti-tax hike protests, in which dozens of people were killed.



Ruto has also been seeking to diversify sources of financing, including striking a deal for a privately placed bond with the United Arab Emirates for $1.5 billion.



(Reporting by Duncan Miriri; Additional reporting by Ethan Wang in Beijing; editing by Karin Strohecker and Ros Russell)

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Kenya retracts comment on China debt talks, sowing confusion

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/AXGKYDH4PFJ6TDMBPUR33LNVXM.avif" alt="" class="wp-image-573364"/><figcaption class="wp-element-caption">A general view of the Makola market, one of the country&#8217;s largest trading centres in Accra, Ghana March 26, 2022. Picture taken March 26, 2022. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, April 2 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s annual consumer inflation slowed for a third straight month to 22.4% in March from 23.1% the previous month, as food price pressures eased, the statistics agency said on Wednesday.



The easing of inflationary pressures is likely to be welcomed by Ghana&#8217;s central bank, which last week surprised the market with a 100-basis-point interest rate hike to 28%, saying a tight monetary policy stance was needed to lower inflation.



&#8220;The rate of 22.4% is the lowest in the last four months,&#8221; government statistician Samuel Kobina Annim told a press conference.



&#8220;In the month of March 2025, we recorded a much sharper decline in food inflation and a marginal decline in non-food inflation.&#8221;



Ghana&#8217;s central bank governor Johnson Asiama has warned that consumer inflation in the gold, oil and cocoa-producing West African nation remains &#8220;uncomfortably high&#8221;and above its target of 8% with a margin of error of 2 percentage points either side.



Finance Minister Cassiel Ato Forson said during his budget speech in March that steep spending cuts would allow Ghana to drive down inflation to 11.9% by the end of the year.



(Reporting by Christian Akorlie and Emmanuel Bruce; Editing by Bate Felix and Joe Bavier)

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Ghana consumer inflation eases to 22.4% in March

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/CRTJOWDTJBK3HC6RND6KFRQUB4.avif" alt="" class="wp-image-604324"/><figcaption class="wp-element-caption">John Steenhuisen, leader of the opposition Democratic Alliance (DA) and Minister of Agriculture of South Africa, arrives at the Cape Town City Hall ahead of the State Of The Nation (SONA) address by South African president Cyril Ramaphosa in Cape Town, South Africa February 6, 2025. REUTERS/Nic Bothma/File Photo</figcaption></figure>



CAPE TOWN, April 2 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s Democratic Alliance (DA)partyon Wednesday rejected the country&#8217;s contested budget as lawmakers gathered to vote on it in parliament.



The budget has been the sternest test of the broad coalition government formed last year after the African National Congress (ANC) lost its parliamentary majority for the first time since apartheid ended in 1994.



The budget was meant to be presented in February but was postponed at the last minute, before a revised version was presented last month. Its most contentious elements include proposals to raise value-added tax and not adjust personal income tax brackets for inflation.



Lawmakers are due to vote later on Wednesday on a report by a key parliamentary committee supporting the budget&#8217;s fiscal framework and revenue proposals.



The DA and two big opposition parties say the process that led to the adoption of the report on Tuesday was flawed.



&#8220;As the DA, we will remain on our course of growth and jobs and vote firmly against this farce of a report. We reject it,&#8221; DA lawmaker Mark Burke told a sitting of parliament.



&#8220;If we&#8217;re forced to exit this government for driving a growth and jobs agenda, then so be it,&#8221; Burke added.



The ANC&#8217;s Joe Maswanganyi, chair of the committee that adopted the report, urged members of parliament to approve the fiscal framework and revenue proposals.



The ANC and DA, the two biggest parties in the coalition, have negotiated for weeks to try to agree a deal on the budget but have failed to do so.



The rand&nbsp;ZAR=D3&nbsp;has weakened over the past few days as the prospect of a deal between the ANC and DA has receded.



President Cyril Ramaphosa&#8217;s spokesperson said on Wednesday that Ramaphosa was still committed to the coalition with the DA.



The speaker of parliament earlier rejected calls to postpone Wednesday&#8217;s budget vote.



(Additional reporting by Bhargav Acharya and Sfundo Parakozov; Writing by Alexander Winning; Editing by Michael Perry, Aidan Lewis and Ed Osmond)

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South Africa’s DA rejects budget before parliamentary vote

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-820x461.jpeg" alt="" class="wp-image-604771" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Traders work on the floor of the New York Stock Exchange during morning trading on April 01, 2025 in New York City.  Michael M. Santiago | Getty Images</figcaption></figure>



Stock futures slipped early Wednesday as Wall Street braced for the expected rollout of President Donald Trump’s tariffs.



Futures tied to the S&amp;P 500 lost 0.16%, while Nasdaq-100 futures were 0.15% lower. Futures tied to the Dow Jones Industrial Average were down 63 points, or 0.15%.



The moves come ahead of the implementation of a raft of Trump’s “reciprocal tariffs” that will “start with all countries.” The White House revealed Tuesday that the tariffs “will be effective immediately.”



Treasury Secretary Scott Bessent told lawmakers on Tuesday that Wednesday’s tariffs will essentially serve as a “cap,” where the tariffs that are announced will be the highest amount set, Rep. Kevin Hern (R-OK) revealed to CNBC’s Emily Wilkins. That will give countries the opportunity to take steps to bring the tariff amount down.



According to The Washington Post, which cited three sources familiar with the matter, the Trump administration is also considering imposing tariffs of roughly 20% on most imports coming into the country. However, the report said that advisors cautioned that several options are still on the table.



During Tuesday’s session, the S&amp;P 500 finished about 0.4% higher, seesawing between gains and losses throughout the chaotic trading day. The Nasdaq Composite also ended the day roughly 0.9% higher, while the Dow Jones Industrial Average closed marginally lower.



Stocks have come under pressure as uncertainty around Trump’s tariffs has spurred recent market volatility, with the broad market index down five out of the past six weeks. However, some investors think the sell-off is overdone.



“I think we’re overpriced to the downside here,” Jeff Kilburg, founder and CEO at KKM Financial, said on CNBC’s “Power Lunch” Tuesday. “I think the market has the ability to have a little bit of a 2% to 4% rally to really reprieve everyone’s anxiety.”



In addition to the tariffs, traders are looking ahead to the ADP employment report for March, which is scheduled for release on Wednesday morning. Economists polled by Dow Jones are expecting that private companies added 120,000 jobs last month, up from the 77,000 jobs added in February.



The Bureau of Labor Statistics reported Tuesday that job openings dropped more than expected in February, with available positions falling to 7.57 million for the month. That’s just below the Dow Jones estimate of 7.6 million.

108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7

Stock futures slip ahead of Trump tariffs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BDVHV2IAWBNVHPGGZKTIP7M4U4.avif" alt="" class="wp-image-604768"/><figcaption class="wp-element-caption">A person holds a new 1000 Naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria, December 15, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, April 2 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s net foreign exchange reserves stood at $23.11 billion at the end of 2024, their highest level in three years, the Central Bank of Nigeria said, signalling a major improvement in the country&#8217;s external financial position.



The NFER, which adjusts gross reserves to account for near-term liabilities such as currency swaps and forward contracts, stood at just $3.99 billion at the end of 2023, the CBN said in a statement late on Tuesday. The figure was $8.19 billion in 2022 and $14.59 billion in 2021.



The CBN said the improved position was due to &#8220;substantial reduction&#8221; in short-term foreign exchange liabilities, notably swaps and forward obligations. It also cited measures aimed at boosting forex market confidence and reserves, alongside increased non-oil foreign exchange inflows.



&#8220;This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability,&#8221; Central Bank Governor Olayemi Cardoso said.



&#8220;We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.&#8221;



Gross external reserves also climbed to $40.19 billion at the end of 2024, up from $33.22 billion the previous year.



While reserves declined in the first quarter of 2025 due to seasonal factors and foreign debt interest payments, the CBN anticipates a &#8220;steady uptick&#8221; in reserves throughout the second quarter, supported by increased oil output and non-oil export growth.



(Reporting by Elisha Bala-Gbogbo; Editing by Kevin Liffey)

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Nigeria’s net FX reserves hit three-year high, central bank says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/2CZKYYGDZZIGXBFDISQYFIWIUQ.avif" alt="" class="wp-image-604762"/><figcaption class="wp-element-caption">Drivers wait in line to refuel their vehicles at a Nigerian National Petroleum Corporation (NNPC) station in Abuja, Nigeria, September 2, 2024. REUTERS/Marvellous Durowaiye/File Photo</figcaption></figure>



ABUJA, April 2 (Reuters)&nbsp;&#8211;&nbsp;Nigerian President Bola Ahmed Tinubu has appointed Bayo Ojulari, a former Shell executive, to head the state-owned oil firm NNPC Ltd as the country seeks to raise oil production and revitalise its refining capacity, the presidency said on Wednesday.



After ending costly subsidies and twice devaluing the naira currency in his first year in office, Tinubu has shifted his focus to overhauling the state oil firm to maximise its contribution to the country&#8217;s revenue.



Ojulari replaces Mele Kyari, with the appointment effective immediately, presidential spokesman Bayo Onanuga said in a statement.



Ojulari was most recently chief operating officer at Nigerian consortium Renaissance Africa Energy Co., which owns Shell&#8217;s former onshore subsidiary in the country. Prior to that, he was head of Shell Nigeria&#8217;s exploration unit.



Tinubu also replaced the board of NNPC, appointing an 11-member team to drive reforms and boost efficiency in the oil sector.



Nigeria, Africa&#8217;s biggest oil producer with output of 1.8 million barrels per day, relies on the commodity for around half of government earnings.



Nigeria under Tinubu aims to boost its oil and gas output, targeting 2 million barrels per day of oil and 8 billion standard cubic feet per day of gas by 2027, with further ambitions to reach 3 million barrels per day and 10 billion standard cubic feet per day by 2030.



Tinubu has also tasked the new NNPC leadership board with raising the company&#8217;s oil refining output to 200,000 barrels per day by 2027, and 500,000 barrels per day by 2030, despite its four 445,000 barrels per day capacity refineries being idle due to maintenance.



(Reporting by Ope Adetayo; Writing by Elisha Bala-Gbogbo; Editing by Peter Graff and Barbara Lewis)

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Nigeria names ex-Shell executive to lead state oil firm NNPC

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/2L22EPIT25NB3M5STX2UUF5ICY.avif" alt="" class="wp-image-604710"/><figcaption class="wp-element-caption">Members of parliament stand in a makeshift dome after South Africa&#8217;s Finance Minister Enoch Godongwana&#8217;s 2025 budget speech was postponed, in Cape Town, South Africa, February 19, 2025. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, April 2 (Reuters)&nbsp;&#8211;&nbsp;South African opposition party the Economic Freedom Fighters has written to the speaker of parliament seeking to block lawmakers from meeting on Wednesday to vote on the next stage of the budget process.



The EFF said in a letter to National Assembly Speaker Thoko Didiza that Tuesday&#8217;s proceedings at a key parliamentary committee, which supported the fiscal framework despite reservations about some budget revenue-generating measures, were &#8220;procedurally defective and vulnerable to legal challenge&#8221;.



It asked for the committee&#8217;s report supporting the fiscal framework to be withdrawn and for a Wednesday afternoon sitting of parliament to consider and vote on the report to be rescheduled.



&#8220;Should this not occur, the EFF &#8230; will consider urgent legal steps, including the possibility of an interdict, to prevent the tabling and processing of a report adopted in violation of the law,&#8221; the letter said.



The biggest political party in the ruling coalition, the African National Congress, relied on the small party outside the coalition, ActionSA, to get the support it needed on Tuesday in parliament&#8217;s Standing Committee on Finance.



The ANC&#8217;s main coalition partner, the Democratic Alliance has accused it of crossing a &#8220;line in the sand&#8221; by using a party outside the coalition to get the fiscal framework approved.



The country&#8217;s biggest trade union group COSATU, a longstanding ANC ally, said it would be a &#8220;travesty&#8221; if parliament&#8217;s reservations about raising value-added tax (VAT) and not adjusting personal income tax (PIT) brackets for inflation were ignored.



It said in a statement: &#8220;That will be a calamity and breach of trust that politicians heading into the 2026 local elections dare not play with.&#8221;



(Reporting by Alexander Winning; Editing by Michael Perry)

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South African opposition party seeks to block parliament budget vote

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_4LL3SONEEFM2JCCE6N2Y5SCJEE.jpg" alt="" class="wp-image-604447" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_4LL3SONEEFM2JCCE6N2Y5SCJEE.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_4LL3SONEEFM2JCCE6N2Y5SCJEE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_4LL3SONEEFM2JCCE6N2Y5SCJEE-135x90.jpg 135w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">The Cape Town headquarters of the South African Revenue Service (SARS) is seen in this picture, File. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, April 1 (Reuters)&nbsp;&#8211;&nbsp;South Africa collected a net 1.855 trillion rand ($101.02 billion) of tax in the fiscal year that ended on March 31, more than 6% higher than the previous year, preliminary figures showed on Tuesday.



The South African Revenue Service (SARS) said collections were robust from the finance, community, wholesale and construction sectors.



There were also healthy gains from personal income tax, helped partly by withdrawals under the &#8220;two pot&#8221; pension reform, SARS said in a statement.



The reform implemented last year allowed fund members to make partial withdrawals from their pension funds before retirement to help those members in financial distress.



($1 = 18.3636 rand)



(Reporting by Sfundo Parakozov; Editing by Alexander Winning, Aidan Lewis)

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South Africa’s tax take rises over 6% in 2024/25 fiscal year

Singapore’s bold AI push: Digital minister Josephine Teo on innovation and global leadership

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4450" height="2821" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A7SIENHHFZJPXGXH6CVMW2PNXQ.avif" alt="" class="wp-image-604368"/><figcaption class="wp-element-caption">A general view shows the Tetra Pak factory floor in Durban, South Africa, April 4, 2024. REUTERS/Rogan Ward/File Photo</figcaption></figure>



JOHANNESBURG, April 1 (Reuters)&nbsp;&#8211;&nbsp;A South African purchasing managers&#8217; index (PMI) survey showed that conditions in the manufacturing sector remained depressed in March, but there was a slight improvement in sentiment thanks to better demand.



The seasonally-adjusted PMI sponsored by South African bank Absa rose to 48.7 points in March from 44.7 in February, but it remained below the 50-point mark that separates expansion from contraction.



&#8220;While the headline PMI remained in contractionary territory for a fifth consecutive month, this is the highest reading since the 52.6 points recorded in October,&#8221; Absa said in a statement.



There was an improvement in the business activity sub-index as export sales helped demand recover.



But Absa said scheduled power cuts and strained South Africa-U.S. relations were likely putting a dampener on the mood.



President Donald Trump has cut U.S. financial assistance to South Africa, citing disapproval of the country&#8217;s approach to land reform and its genocide case against Washington&#8217;s close ally Israel at the World Court.



Businesses also fear South Africa&#8217;s preferential trade status under the U.S. African Growth and Opportunity Act could be under threat with Trump in the White House.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning)

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The African Continent is (relatively) immune to Trump’s tariffs

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Ghana consumer inflation eases to 22.4% in March

South Africa’s DA rejects budget before parliamentary vote

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Nigeria’s net FX reserves hit three-year high, central bank says

Nigeria names ex-Shell executive to lead state oil firm NNPC

South African opposition party seeks to block parliament budget vote

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Will Trump’s Tariffs Cause Inflation?

South Africa’s tax take rises over 6% in 2024/25 fiscal year

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South African manufacturing conditions still depressed, Absa PMI shows

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home

World Bank backs Africa digital data push with $100 million Raxio deal

See Trump’s list: More than 180 countries and territories facing reciprocal tariffs

Ghana central bank’s MPC split over rate decision, minutes show

The African Continent is (relatively) immune to Trump’s tariffs

Kenya retracts comment on China debt talks, sowing confusion

Is Tesla FSD Finally Full Self-Driving?

Ghana consumer inflation eases to 22.4% in March

South Africa’s DA rejects budget before parliamentary vote

Stock futures slip ahead of Trump tariffs

Nigeria’s net FX reserves hit three-year high, central bank says

Nigeria names ex-Shell executive to lead state oil firm NNPC

South African opposition party seeks to block parliament budget vote

I’m not worried about the next generation, says Singapore’s Digital Minister

Will Trump’s Tariffs Cause Inflation?

South Africa’s tax take rises over 6% in 2024/25 fiscal year

Singapore’s bold AI push: Digital minister Josephine Teo on innovation and global leadership

South African manufacturing conditions still depressed, Absa PMI shows

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