<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, 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" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><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, July 23 (Reuters) &#8211; The Ugandan shilling weakened slightly on Tuesday on the back of some demand for dollars from merchandise importers and commercial banks, traders said.



At 0943 GMT commercial banks quoted the shilling at 3,692/3,702, compared with Monday&#8217;s closing rate of 3,688/3,698.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling slightly weaker on importer FX demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1280" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1.jpg" alt="" class="wp-image-510152" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-1536x1024.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">President William Kipchirchir Ruto of Kenya speaks during a plenary session of the Summit on peace in Ukraine, in Stansstad near Lucerne, Switzerland, June 16, 2024. URS FLUEELER/Pool via REUTERS/File Photo</figcaption></figure>



NAIROBI, July 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya has submitted an economic repair plan to the International Monetary Fund and it expects the fund&#8217;s board to review it for approval at the end of August, the country&#8217;s chief minister told a parliamentary panel.



Kenya had to rapidly draw up new spending cuts after widespread youth-led protests against tax hikes previously put forward by President William Ruto&#8217;s government left at least 50 people dead.



Kenya&#8217;s chief minister Musalia Mudavadi said that the Treasury &#8220;has had a very robust engagement with the International Monetary Fund&#8221; despite the tax-hike setback.



&#8220;It is our desire and hope that Kenya&#8217;s proposition will receive favourable consideration so that we can move beyond the challenges that we are facing,&#8221; Mudavadi told the parliamentary budget committee in remarks seen by Reuters on Tuesday.



The IMF did not immediately comment. The East African nation has a $3.6 billion IMF programme, and the Fund had reached a staff level agreement on the seventh review of Kenya&#8217;s programme in early June.



But its board had not signed off on the review when Ruto scrapped the tax hikes that were a core part of its plan to meet IMF targets, and investors said the political turmoil would make getting IMF cash trickier.



Even at the review, Kenya had sought IMF waivers after failing to meet two targets on balancing the budget and tax collection.



Mudavadi said that under the revised spending plan for the 2024/25 financial year, the budget deficit is projected to rise to 4.2% of gross domestic product, up from 3.3% before the withdrawal of the finance bill.



&#8220;The revision to the deficit barely a week after the initial plan underlines the herculean task faced by the authorities to achieve their fiscal consolidation goals,&#8221; Ayodeji Dawodu, head of Africa research and strategy with boutique investment banking group BancTrust &amp; Co said in a note.



(Reporting by Duncan Miriri; Editing by Alison Williams, Libby George and Alexandra Hudson)

42CTWLL6LJPYDHMYIWIJ6ISWHI (1)

IMF to consider Kenya’s economic plan at end of August, chief minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-scaled.jpg" alt="" class="wp-image-381494" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1920x1280.jpg 1920w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The countrys Treasury has already cut this years growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg</figcaption></figure>



NAIROBI, July 23 (Reuters) &#8211; Kenya&#8217;s shilling weakened against the dollar on Tuesday, traders said, weighed on by banks covering their positions.



At 0801 GMT, the shilling traded at 131.50/132.50 per dollar, compared with Monday&#8217;s closing rate of 130.50/131.50.



The higher demand for dollars was driven by the need to support importers in sectors like manufacturing and energy, traders said.



Investors have also expressed concerns about political turmoil sparked by violent protests, which started last month, against a government plan to hike taxes.



(Reporting by George Obulutsa and Duncan Miriri)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenya’s shilling eases against the dollar on bank demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1241" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-scaled.jpg" alt="" class="wp-image-510149" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-300x182.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-820x497.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-149x90.jpg 149w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-768x465.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-1536x931.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Uganda security forces patrol near the National Unity Platform (NUP) political party offices led by Robert Kyagulanyi, popularly known as Bobi Wine, ahead of anti-government protests at the Makerere Kavule, in the suburb of Kampala, Uganda July 22, 2024. REUTERS/Abubaker Lubowa</figcaption></figure>



KAMPALA, July 23 (Reuters)&nbsp;&#8211;&nbsp;Ugandan security forces detained a number of young people on Tuesday in downtown Kampala who were taking part in a banned rally against what the protesters say are rampant corruption and human rights abuses by the country&#8217;s rulers.



A Reuters witness saw the detentions being made, while a video posted by NTV Uganda on the X social media platform also showed a small group of young people being intercepted and detained by police while they were marching.



The protesters were holding placards and shouting slogans denouncing corruption. One wore a T-shirt bearing the words &#8220;Speaker Must Resign&#8221;.



A police spokesman was not immediately available to say how many people had been detained.



Authorities banned the planned protest, citing intelligence they said showed criminally-minded youths might hijack it in order to loot and vandalise.



Soldiers and police have been deployed around the parliament building and in the centre of the Ugandan capital with the aim of deterring any protesters.



All roads to the parliament were blocked off, with only lawmakers and other parliamentary staff having access, and NTV Uganda images showed military&nbsp;armoured personnel carriers&nbsp;patrolling the area.



Ugandans&nbsp;with businesses near parliament were experiencing difficulty getting to their premises.



&#8220;It&#8217;s like a war zone,&#8221; Edwin Mugisha, who works in Kampala, told Reuters,&nbsp;referring to the military&nbsp;patrols.



On Monday police sealed off the offices of Uganda&#8217;s biggest opposition party, accusing it of mobilising for the protests, and detained some party officials, including its lawmakers.



The party denied it was organising the march, but said it supported it.



Opposition leaders and rights activists say embezzlement and misuse of government funds are widespread in Uganda. They&nbsp;have long accused&nbsp;President Yoweri&nbsp;Museveni of failing to prosecute corrupt senior officials who are politically loyal or related to him.



Museveni has repeatedly denied condoning corruption and says whenever there is sufficient evidence,&nbsp;culprits&nbsp;including lawmakers and even ministers&nbsp;are prosecuted.



(Writing by Elias Biryabarema; Editing by George Obulutsa, Clarence Fernandez and Gareth Jones)

Police and troops block Ugandan opposition NUP’s headquarters ahead of protest, in Kampala

Heavy security patrols in Uganda’s capital ahead of planned protest

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-scaled.jpg" alt="" class="wp-image-373504" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1920x1280.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-600x400.jpg 600w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /></figure>



JOHANNESBURG, July 23 (Reuters)&nbsp;&#8211;&nbsp;The South African rand weakened in early trading on Tuesday, as investors looked towards June inflation data due out on Wednesday and markets watched for developments in the U.S. presidential race.



At 0725 GMT, the rand traded at 18.38 against the dollar, about 0.75% weaker than its previous close.



&#8220;Market participants (are) sitting on the sidelines watching the U.S. presidential race unfold and also local inflation data out tomorrow,&#8221; said Rand Merchant Bank analysts in a research note.



On Sunday, U.S. President Joe Biden withdrew his bid for reelection in the November vote and endorsed Vice President Kamala Harris to face Republican Donald Trump.



Investors will turn to June inflation data due on Wednesday for hints on the future interest rate path of Africa&#8217;s most industrialised economy.



Monetary policy has remained tight as the central bank tries to steer inflation back towards the midpoint of its 3%-6% target range.



&#8220;Inflation is being forecast to print marginally softer at 5.1% for the month compared to May&#8217;s 5.2%,&#8221; Rand Merchant Bank analysts added.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index traded around 0.4% weaker in early trade.



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, as the yield gained 3.5 basis point to 9.6%.



(Reporting by Tannur Anders; Editing by Bernadette Baum)

101416618-rand

South African rand weakens, eyes on inflation data

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Dr-Sania-Nishtar-CEO-of-Gavi-the-Vaccine-Alliance.jpg" alt="" class="wp-image-509912" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Dr-Sania-Nishtar-CEO-of-Gavi-the-Vaccine-Alliance.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Dr-Sania-Nishtar-CEO-of-Gavi-the-Vaccine-Alliance-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Dr-Sania-Nishtar-CEO-of-Gavi-the-Vaccine-Alliance-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Dr-Sania-Nishtar-CEO-of-Gavi-the-Vaccine-Alliance-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Dr-Sania-Nishtar-CEO-of-Gavi-the-Vaccine-Alliance-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Dr-Sania-Nishtar-CEO-of-Gavi-the-Vaccine-Alliance-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Dr. Sania Nishtar, CEO of Gavi</figcaption></figure>



A seminal moment in the future of immunisation in Africa occurred in Abidjan, Cote D’Ivoire, this week. In a meeting of the health ministers of nine African nations, a declaration was signed that will see these nations commit to a future where the costs of immunisation will be borne entirely out of their own budgets, helping fulfill the long-term mission of the organisation I lead, Gavi, which is to ultimately put itself out of business.



Why is this so important? Since 2000 Gavi has facilitated the immunisation of over one billion children – over half of the global birth cohort. Providing a shield against deadly yet easily preventable diseases has generated over US$200 billion in economic benefits as young people grow into healthy, wage-earning adults, parents are spared debilitating healthcare costs and health systems’ resources are freed up to provide other essential services. But Gavi’s model is designed so that countries pay a greater share of their national immunisation programmes as their income increases, placing them in the driving seat for determining the healthy futures of their populations.



Political will is one thing, however securing the resources and technical ability to realise that ambition is another entirely. Only 19 countries have transitioned away from Gavi support since 2000. A new era of immunisation began this week with the agreement of the Abidjan declaration &#8211; a commitment to self-sufficiency and vaccine sovereignty that sits at the heart of the Gavi model. Thank you to all those who have welcomed me in Abidjan and participated in a hugely productive visit for the Vaccine Alliance. Achieving sustainability requires huge amounts of collaboration, capacity-building and, at times, course-correction. Having nine countries signal their intention to joining the club in one week therefore represents a huge moment.



This is what makes this week’s Abidjan Declaration unprecedented. The nine signatory countries &#8211; Benin, Congo, Côte d’Ivoire, Djibouti, Ghana, Mauritania, Nigeria, Sao Tome and Principe and Senegal &#8211; all at separate stages on the Gavi transition pathway, have effectively formed a club to support and guide each other through the transition pathway. This means collaboration on establishing strategies that strengthen not only immunisation programmes but the institutions that underpin them and the budgetary mechanisms to support them. And it means building systems capable of supporting new vaccine introductions whenever they come online.



The collaboration will inevitably take many forms; for me, one of the most innovative new approaches is a plan to create a peer monitoring mechanism to allow the sharing of best practices across the group. The group’s commitment to working closely with civil society and the private sector, and to strengthen more broadly primary healthcare infrastructure are equally laudable.



That these commitments are being undertaken is admirable; that they are being undertaken at a time of considerable fiscal constraint caused by high costs of debt servicing, the ravages of climate change and other factors is even more impressive. In the spirit of the Lusaka Agenda, global health initiatives like Gavi are in turn committed to help countries achieve their long-term vision of nationally-funded healthcare systems in Africa.



In practice, Gavi will use its expertise to help countries plan and monitor vaccine programmes as they transition. It will also provide support to help structure innovative finance mechanisms in support of domestic resource mobilisation. We will also continue to support these countries even after they graduate &#8211; as we do for other former-Gavi countries and indeed other middle-income countries that have never been fully supported by our Alliance, through technical assistance.



The World Health Organisation also has an important role to play to support countries in transition in helping build capacity and sharing best practices that will assist the transition. Lastly, all international organisations have an obligation to coordinate support and assistance to countries to optimise the benefits they bring and minimise the transaction costs.



As I look back on my many meetings in Abidjan this week, I cannot help but think reflect on events that took place here as representing a milestone not just for the countries of Africa but for Gavi also. The government of Cote D’Ivoire deserves enormous credit, not just for committing to a sustainable immunisation future for itself but also for showing leadership, and showing the world what a Global South-led transition will look like. For Gavi, too, as we enter a replenishment year where donor funding will be crucial to helping us protect more children, against more diseases, than ever before over the coming five years, the Abidjan Declaration presents a powerful endorsement of our model; that money invested in Gavi today will help countries stand on their own tomorrow.

Dr Sania Nishtar, CEO of Gavi, the Vaccine Alliance

The Abidjan Declaration: an unprecedented moment in charting the future of sustainable immunisation in Africa

<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, July 23 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



*Nigeria&#8217;s central bank announces its latest interest rate decision.



*Ghana&#8217;s Finance Minister Mohammed Amin Adam is expected to present the West African nation&#8217;s midyear budget review to parliament.



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



Asian stocks bounced from one-month lows on Tuesday, with Taiwan&#8217;s market snapping a five-day losing streak as semiconductor shares took a lead from a Wall Street recovery, while sagging commodity prices weighed on the Aussie dollar.



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



Oil prices slipped for a third trading session on Tuesday as investors focused on the prospect of swelling oil supplies and weak demand, while showing little reaction to U.S. presidential campaign upheaval.



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



The South African rand was stable on Monday as investors awaited inflation data later this week for hints on the country&#8217;s future interest rate path.



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



Nigerian lawmakers on Monday set up a committee to investigate crude shortages to local refineries and importation of dirty fuels, issues at the heart of a rift between the Dangote Refinery and Nigeria&#8217;s downnstream oil regulator.



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



Kenya&#8217;s shilling edged down on Monday due to increased demand for dollars from the manufacturing sector and general goods importers, traders said.



<h2 class="wp-block-heading" id="h-uganda-politics">UGANDA POLITICS</h2>



Soldiers and police sealed off the headquarters of Uganda&#8217;s biggest opposition party on Monday in what a police spokesperson called a precautionary move ahead of anti-government protests planned for Tuesday despite a ban.



<h2 class="wp-block-heading" id="h-tanzania-politics">TANZANIA POLITICS</h2>



Tanzania&#8217;s President Samia Suluhu Hassan has fired two senior members of government including the foreign minister in a mini-cabinet reshuffle, her office said.



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



Main crop cocoa arrivals at ports in top grower Ivory Coast had reached 1.644 million metric tons by July 21 since the start of the season on Oct. 1, down 27.2% from the same period last season, exporters estimated on Monday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 23

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1367" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-scaled.jpg" alt="" class="wp-image-510146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-1536x1025.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">NAIROBI, KENYA &#8211; JULY 16: Demonstrators opposed to the &#8220;Finance Bill 2024&#8221;, which proposes a tax bill, march towards the parliament building to protest against the government in Nairobi, Kenya on July 16, 2024. The Kenyan Parliament passed the Finance Bill 2024 last month, with 204 members voting in favor and 105 against. (Photo by Gerald Anderson/Anadolu via Getty Images)</figcaption></figure>



NAIROBI, July 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s police has asked protesters to avoid marching to the capital&#8217;s main airport and its environs, while the airport&#8217;s operator has asked passengers to arrive hours before flights due to enhanced security checks.



Youth-led protests across Kenya against proposed tax hikes have continued even after President William Ruto withdrew the legislation in late June and fired almost all of his cabinet. He named part of his new cabinet on Friday, mostly retaining holdovers from the cabinet he had sacked.



Some protesters had mobilised to march to the airport, prompting the police warning.



Activists say they want Ruto to resign and are calling for reforms to clean up corruption and address poor governance and service delivery at national and regional governments.



Protesters should avoid going into restricted areas, including airports, Douglas Kanja, acting police inspector general, said in a statement late on Monday.



Airport operator Kenya Airports Authority advised passengers using the Jomo Kenyatta International Airport to arrive earlier than usual.



Police have in the past said the protests, which have claimed at least 50 lives since erupting nearly a month ago, had been infiltrated by criminal gangs.



The marches began peacefully but later turned violent.



Some demonstrators briefly stormed parliament on June 25, and the police opened fire.



(Writing by George Obulutsa; Editing by Duncan Miriri and Michael Perry)

Demonstration against tax bill in Kenya

Kenya police warn against protests at capital’s main airport

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1678" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161957502-scaled.jpg" alt="" class="wp-image-510111" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161957502-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161957502-300x246.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161957502-820x672.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161957502-110x90.jpg 110w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161957502-768x629.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161957502-1536x1259.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FAYETTEVILLE, USA &#8211; JULY 18: US Vice President Kamala Harris holds a campaign event that is her seventh visit to North Carolina this year and 15th trip to the state since taking office in Fayetteville NC, United States on July 18, 2024 (Photo by Peter Zay/Anadolu via Getty Images)</figcaption></figure>



Democrats united behind Vice President Kamala Harris as the party’s front-runner for the presidential nomination Monday, and their excitement translated into a juggernaut day of fundraising for the party and for Harris’ campaign.



Late Monday night, NBC News projected that Harris had won endorsements from a majority of the Democratic party’s pledged convention delegates. The threshold is 1,976 delegates, and NBC estimates that Harris has the spoken or written backing of 1,992 delegates.



While not yet formally the party’s presumptive nominee, Harris’ position as frontrunner is rock solid, and no potential challengers have signaled they intend to vie for the nomination.



In the hours since President Joe Biden announced that he would end his teetering reelection campaign, Harris and the Democratic party have pulled in roughly $250 million in online donations and major donor commitments. 



The Democratic fundraising platform ActBlue has processed $106 million in contributions to Democratic candidates since Biden dropped out, according to an automated tracker. 



It is not clear yet how much of this money was given to House and Senate campaigns and how much went to the former Biden campaign, rebranded overnight as the Harris for President campaign.&nbsp;



In addition to the online donations, a super political action committee that supports the Biden-Harris ticket announced that over the past 24 hours, major donors have made contribution commitments totaling $150 million to the Harris election effort.&nbsp;



The pledges to Future Forward were described to NBC News as coming from donors who had been sitting on the sidelines for the past month, amid concerns about Biden as the nominee. 



The pledged donations to Future Forward are just that, however: promises. Until the PAC files mandatory federal campaign finance reports, these numbers cannot be verified.&nbsp;



The historic fundraising numbers are energizing Democrats and breathing new life into their bid to defeat former President Donald Trump and his Republican running mate, Sen. JD Vance of Ohio.



Since Sunday, more than 888,000 small-dollar donors have contributed to the Harris campaign, according to a memo late Monday.



Harris’ momentum could be the reason that West Virginia Sen. Joe Manchin, who recently switched his political affiliation to Independent, dropped his suggestion that he was open to challenging Harris for the Democratic nomination.



Republicans, meanwhile, are scrambling to retool a Trump campaign that was built to defeat Biden into one capable of defeating a very different candidate.



Trump spent much of the morning attacking Biden, but shifted to attacking Harris in the afternoon.

US Vice President Kamala Harris holds campaign in North Carolina

Majority of pledged Democratic delegates endorse Harris after massive fundraising day

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2000" height="1354" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA.jpg" alt="" class="wp-image-401890" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA.jpg 2000w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/BWEXMGXBZJGV5F4OV3LMRETAPA-1536x1040.jpg 1536w" sizes="auto, (max-width: 2000px) 100vw, 2000px" /><figcaption class="wp-element-caption">A flame rises from a gas flare stack at the under-construction Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district, outside of Lagos, Nigeria, on Friday, March 6, 2020. Aliko Dangote, Africas richest man, plans to spend more than his net worth of $13.5 billion building one of the worlds biggest oil refineries. Photographer: Tom Saater/Bloomberg</figcaption></figure>



LAGOS, July 22 (Reuters)&nbsp;&#8211;&nbsp;Nigerian lawmakers on Monday set up a committee to investigate crude shortages to local refineries and importation of dirty fuels, issues at the heart of a rift between the Dangote Refinery and Nigeria&#8217;s downstream oil regulator.



The committee constituted by Nigeria&#8217;s lower parliament will investigate alleged importation of dirtier fuels, operations of standards agencies, why refineries including Dangote Refinery are unable to get adequate crude supplies and rising fuel queues.



&#8220;Our investigation will proceed in phases beginning with the allegation of production and importation of sub standard petroleum products and unavailability of crude oil to domestic refineries,&#8221; said Ikenga Ugochinyere, a co-char of the committee.



The findings of the investigative panel, which does not have the power to act on them, will be presented to parliament from which recommendations would be made to the president.



The $20 billion Dangote Oil refinery, built by Africa&#8217;s richest man Aliko Dangote on the outskirts of Lagos, began operations in January but has been unable to get adequate crude supplies from Nigeria where vandalism, sabotage and low investments deter production.



Last month, the Dangote Refinery said oil majors were blocking its access to locally produced crude and the regulator was allowing fuel traders import high-sulphur gasoil thereby undermining its refinery.



In response, the head of the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the downstream regulator, said the Dangote Refinery was 45% completed hence unable to meet the country&#8217;s needs. He also said gasoil processed by the refinery is between 650 to 1200 parts per million of sulphur, thus inferior to imported products.



Nigerian regulation allows for the sulphur content in gasoil to be about 50 ppm and is set to begin enforcing the standards from next year.



When some lawmakers visited the plant on Saturday, Africa&#8217;s richest man, Aliko Dangote insisted on a test of the gasoil from his plant with others sold in the local market. The result showed that Dangote Refinery&#8217;s diesel had a sulphur content of 87.6 ppm, whereas the other two samples showed sulphur levels exceeding 1800 ppm and 2,000 ppm, respectively.



Dangote announced he was no longer proceeding with an investment into steel production in Nigeria due to allegations that he seeking to be a monopoly.



The investigative panel said it will conduct a forensic audit of the entire sector.



&#8220;The committee is urging stakeholders in the current dispute to deescalate tensions as the committee embarks on the great task of resolving the issue,&#8221; Ugochinyere said.



(Reporting by Isaac Anyaogu; editing by David Evans)

Africas Richest Man Builds Nigerias $15 Billion Oil Refinery

Nigeria investigates fuel imports after Dangote Refinery rift with regulator

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DASF5S7CCBO4TFSBMEVWMCUQT4-scaled.jpg" alt="" class="wp-image-493552" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DASF5S7CCBO4TFSBMEVWMCUQT4-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DASF5S7CCBO4TFSBMEVWMCUQT4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DASF5S7CCBO4TFSBMEVWMCUQT4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DASF5S7CCBO4TFSBMEVWMCUQT4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DASF5S7CCBO4TFSBMEVWMCUQT4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DASF5S7CCBO4TFSBMEVWMCUQT4-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Tanzania&#8217;s President Samia Suluhu Hassan speaks with U.S. Vice President Kamala Harris (not pictured) during a meeting inside the Eisenhower Executive Office Building at the White House in Washington, U.S., April 15, 2022. REUTERS/Elizabeth Frantz/File Photo</figcaption></figure>



DAR ES SALAAM, July 22 (Reuters)&nbsp;&#8211;&nbsp;Tanzania&#8217;s President Samia Suluhu Hassan has fired two senior members of government including the foreign minister in a mini-cabinet reshuffle, her office said.



The changes came as Hassan seeks to regain trust from foreign powers over a programme of economic and political reforms, including easing restrictions on opposition parties and media, that some critics had seen as faltering.



The presidency announced late on Sunday that Hassan terminated the appointments of the minister of foreign affairs and East Africa cooperation, January Makamba, and the minister of information, communication and information technology, Nape Nnauye.



They are influential figures in the ruling party, Chama cha Mapinduzi (CCM).



No reason was given for their removal. Makamba and Nnauye did not immediately respond to requests for comment.



The dismissal of Nnauye comes a week after comments he made surfaced in a video, saying elections results would depend on who counts votes and announces the results.



Nnauye later apologised, saying it was a joke, but activists and some social media users said the statement undermined Hassan&#8217;s push to improve democracy.



Hassan appointed Mahmoud Thabit Kombo as new foreign affairs minister and Jerry Silaa as minister of information, communication and information technology.



Before Kombo&#8217;s appointment, he was Tanzania&#8217;s ambassador to Italy while Silaa was the minister of lands, housing and human settlements development. Two more ministers and deputy ministers were also appointed, the presidency said.



In power since 2021, Hassan&#8217;s government has won praise for rolling back her predecessor&#8217;s crackdowns on the opposition and civil rights groups. But arrests last year of a lawyer and an opposition politician have raised questions over her government&#8217;s human rights record.



(Reporting by Nuzulack Dausen; Editing by George Obulutsa and Andrew Cawthorne)

FILE PHOTO: U.S. Vice President Kamala Harris meets with Tanzania’s President Samia Suluhu Hassan inside the Eisenhower Executive Office Building at the White House in Washington

Tanzania’s president dismisses foreign, information ministers

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau 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, July 22 (Reuters) &#8211; The Ugandan shilling was flat on Monday, drawing some support from subdued importer demand for dollars, traders said.



At 0900 GMT, commercial banks quoted the shilling at 3,690/3,700, unchanged from Friday&#8217;s closing rate.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan shilling flat; importer FX demand low

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1200" height="628" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg" alt="" class="wp-image-506011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg 1200w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-768x402.jpg 768w" sizes="auto, (max-width: 1200px) 100vw, 1200px" /><figcaption class="wp-element-caption">A teller serves a client with Kenya shilling notes at the cashier&#8217;s booth of a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, July 22 (Reuters) &#8211; Kenya&#8217;s shilling edged down on Monday due to increased demand for dollars from the manufacturing sector and general goods importers, traders said.



At 0857 GMT, commercial banks quoted the shilling at 130.75/131.75 per dollar, compared with Friday&#8217;s closing rate of 130.50/131.50.



(Reporting by George Obulutsa; Editing by Duncan Miriri)

HCVRNAVJRJMOJBUK4XOB7PEJGY

Kenyan shilling inches down due to increased importer FX demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1367" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-scaled.jpeg" alt="" class="wp-image-397971" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-scaled.jpeg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-768x513.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1160299406-1536x1025.jpeg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Emissions rise from towers at the Sasol Ltd. Sasol One Site in Sasolburg, South Africa, on Wednesday, Aug. 7, 2019. Sasol said some of its South African plants are under threat from sulfur dioxide emission standards that it will need to comply with by 2025. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



July 22 (Reuters) &#8211; South African petrochemicals company Sasol increased coal exports by 5% in the year to June 30, driven by improved freight rail performance and higher production at its Thubelisha colliery, it said on Monday.



A production update from the world&#8217;s biggest producer of fuels and chemicals from coal and gas said that it exported 2.1 million tons of coal during its financial year, up from 2 million tons previously.



The company, however, reported a 2% dip in coal production to 30.2 million metric tons from 30.8 million tons the previous year, mainly owing to a reduction to its mining operations.



Output from Sasol&#8217;s Secunda operations, where the company produces synthetic fuels and chemicals from coal, was flat at 7 million tons.



Revenue from the chemicals business declined 13% to $7.86 billion, mainly because of lower prices.



Sasol releases its financial results on Aug. 20.



(Reporting by Nelson Banya; Editing by David Goodman)

Sasol Ltd.’s South Africa Plants Threatened By Emission Standards

Sasol coal exports up 5% despite production dip

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="768" height="512" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine.jpg" alt="" class="wp-image-372386" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/05/Kalgoorlie_open_cast_mine-600x400.jpg 600w" sizes="auto, (max-width: 768px) 100vw, 768px" /><figcaption class="wp-element-caption">Photo: via Flickr</figcaption></figure>



JOHANNESBURG, July 22 (Reuters) &#8211; South Africa&#8217;s Anglo American Platinum (Amplats) expects its demerger from parent company Anglo American to be completed next year and is planning a secondary listing in London, its CEO said on Monday.



Amplats, which reported first half results, also said it had cut some 3,700 jobs to reduce spending ahead of the demerger.



Meeting cost targets and the unbundling plan are crucial for efforts by Anglo American CEO Duncan Wanblad to restructure the wider group &#8211; after fending off a $49 billion takeover bid from rival mining giant BHP Group.



Amplats CEO Craig Miller said the standalone business would have brighter prospects.



&#8220;The planned demerger will create a more focused, independent global leader in the PGM industry,&#8221; Miller said, adding that a secondary listing would diversify its investors.



Amplats&#8217; profit fell 18% to 6.5 billion rand ($355.4 million) in the six months to June 30, while it declared a dividend of 9.75 rand per share, amounting to a total of 2.6 billion rand, in the first-half.



The wider Anglo group is due to report first half results on July 25, with investors hoping for a progress update.



Anglo has been battling an underground fire at one of its Australian coal mines since June 29, which could affect the way investors value the assets. Anglo&#8217;s sale of the coal assets is seen by investors as instrumental to raising capital.



&#8220;Anglo&#8217;s main problem this reporting period will be with the coal operations and how it will sell a burning coal mine,&#8221; said Ian Woodley, a portfolio manager at Old Mutual.



A spokesperson for Anglo said the coal assets sale had attracted strong demand from various investors.



&#8220;The sale process is well under way and there is strong interest in this world class set of steelmaking coal assets from a large number of parties,&#8221; the spokesperson said.



($1 = 18.2898 rand)



(Reporting by Felix Njini and Melanie Burton; Additional reporting by Nelson Banya and Clara Denina; Editing by Louise Heavens, David Goodman and Alexander Smith)

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Ugandan shilling slightly weaker on importer FX demand

IMF to consider Kenya’s economic plan at end of August, chief minister says

Kenya’s shilling eases against the dollar on bank demand

Heavy security patrols in Uganda’s capital ahead of planned protest

South African rand weakens, eyes on inflation data

The Abidjan Declaration: an unprecedented moment in charting the future of sustainable immunisation in Africa

African Markets – Factors to watch on July 23

Kenya police warn against protests at capital’s main airport

Majority of pledged Democratic delegates endorse Harris after massive fundraising day

Why the Port of Baltimore is getting a makeover

Nigeria investigates fuel imports after Dangote Refinery rift with regulator

How Crowdstrike’s global IT meltdown exposed the fragility of our connected world

Tanzania’s president dismisses foreign, information ministers

Ugandan shilling flat; importer FX demand low

Kenyan shilling inches down due to increased importer FX demand

Sasol coal exports up 5% despite production dip

Amplats says on track to demerge in 2025, plans secondary London listing

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Ugandan shilling slightly weaker on importer FX demand

IMF to consider Kenya’s economic plan at end of August, chief minister says

Kenya’s shilling eases against the dollar on bank demand

Heavy security patrols in Uganda’s capital ahead of planned protest

South African rand weakens, eyes on inflation data

The Abidjan Declaration: an unprecedented moment in charting the future of sustainable immunisation in Africa

African Markets – Factors to watch on July 23

Kenya police warn against protests at capital’s main airport

Majority of pledged Democratic delegates endorse Harris after massive fundraising day

Why the Port of Baltimore is getting a makeover

Nigeria investigates fuel imports after Dangote Refinery rift with regulator

How Crowdstrike’s global IT meltdown exposed the fragility of our connected world

Tanzania’s president dismisses foreign, information ministers

Ugandan shilling flat; importer FX demand low

Kenyan shilling inches down due to increased importer FX demand

Sasol coal exports up 5% despite production dip

Amplats says on track to demerge in 2025, plans secondary London listing

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