<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1247" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/V23ILMSJMNN2RL62T7LQBERPAI-1-scaled.jpg" alt="" class="wp-image-496274" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/V23ILMSJMNN2RL62T7LQBERPAI-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/V23ILMSJMNN2RL62T7LQBERPAI-1-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/V23ILMSJMNN2RL62T7LQBERPAI-1-820x499.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/V23ILMSJMNN2RL62T7LQBERPAI-1-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/V23ILMSJMNN2RL62T7LQBERPAI-1-768x468.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/V23ILMSJMNN2RL62T7LQBERPAI-1-1536x936.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Kenya&#8217;s Finance Minister Njuguna Ndung&#8217;u presents the Government Budget for the 2023/24 fiscal year inside the Parliament building in Nairobi, Kenya June 15, 2023. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, June 13 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s 2024/25 budget will aim to tackle its debt while protecting its fragile economic recovery at the same time, Finance Minister Njuguna Ndung&#8217;u said on Thursday.



In April, the finance ministry forecast economic growth to increase to 5.5% this year from 5.6% in 2023.



Ndung&#8217;u is due to present the budget later to parliament.



&#8220;The budget today is going to emphasise on the policies that we need to strength to implement &#8230; to support that fragile growth, that fragile economic recovery,&#8221; he told reporters.



&#8220;We want to make sure that we revive the economy so that it can generate jobs for the youth. We want to revive the economy so that we can pay our debt. We have been buffeted by that,&#8221; he added.



Total public debt stands at an estimated 68% of GDP for fiscal 2023/24, and is expected to fall to 64.8% in 2024/25, according to the World Bank.



The East African nation sold a $1.5 billion&nbsp;international bond&nbsp;in February at premium to fund the buyback of a large portion of a $2 billion bond maturing in June.



Before that, investors had feared Kenya might not be able to repay the bond due to its strained public finances.



Kenya&#8217;s economy is largely driven by agriculture, manufacturing, transport and storage, financial and insurance services and real estate.



Last week, parliament approved overall spending for the year at 4 trillion shillings ($31 billion), up from the 3.75 trillion shillings the minister presented last June for the 2023/24 year. That budget was later adjusted to 3.85 trillion shillings.



The 2024/25 budget will be accompanied by the Finance Bill 2024, a separate law outlining revenue-raising proposals which many critics say some could cripple sectors including financial and internet services, transport, manufacturing and retail.



Last week, the central bank governor said Kenya will use part of a $1.2 billion World Bank budget support loan to make a payment of roughly $500 million on a Eurobond maturing this month.



(Reporting by George Obulutsa; Editing by Bate Felix and Miral Fahmy)

Kenya’s Finance Minister Njuguna Ndung’u presents the Government Budget for the 2023/24 fiscal year in Nairobi

Kenya budget to tackle debt, protect economy, finance minister says

Inside Neuroelectrics

Inside Neuroelectrics, the brain science start-up hoping to curb epilepsy and depression

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1280" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Shereen-Banner-2-1.png" alt="" class="wp-image-496259" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Shereen-Banner-2-1.png 1280w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Shereen-Banner-2-1-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Shereen-Banner-2-1-820x461.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Shereen-Banner-2-1-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Shereen-Banner-2-1-768x432.png 768w" sizes="auto, (max-width: 1280px) 100vw, 1280px" /></figure>



What a privilege to have been part of the 2024 WomenLift Health Global Conference! It was an honor to have over 1,000 delegates from more than 40 countries. I <a>can’t</a> capture all my observations and learnings in a short article, but here are some highlights:



First, what delighted me. The warmth and the joy of human connection in our global health community. Seeing women and men allies bond across disciplines, sectors, backgrounds, and lived experiences. Dancing in a room full of women and men allies after three days of listening, learning, and sharing.&nbsp;



Second, what made me reflect. These are my top takeaways from three days of plenaries, sessions, and workshops.



<ol class="wp-block-list">
<li>Unpack the jargon. We think <a>we’re</a> saying one thing, but the recipients of our words might either tune us out or hear an entirely different thing. What do words like “empowerment,” “<a href="https://www.vox.com/the-highlight/2019/5/20/18542843/intersectionality-conservatism-law-race-gender-discrimination">intersectionality</a>,” and “<a href="https://www.samhsa.gov/dtac/disaster-planners/diversity-equity-inclusion/key-dei-terms">Diversity, Equity, and Inclusion</a>” really mean? How much gets lost in translation when working across disciplines, languages, and cultures? Do we care more about impressing our readers or about getting <a href="https://apolitical.co/solution-articles/en/for-clear-communication-cut-the-jargon">the heart of our message across</a>?</li>
</ol>



<ul class="wp-block-list">
<li>Build bridges. How do we balance <a href="https://www.thelancet.com/journals/lansea/article/PIIS2772-3682(23)00099-9/fulltext">local and global</a> initiatives? We need leaders and organizations with a global focus to understand and respect the power and expertise of those who get the local or regional context. <a>Perhaps we</a> also need to find new ways for leaders around the globe to <a href="https://www.youtube.com/watch?v=12bSY66PZuU">work together</a> and share learnings. <a>Perhaps this</a> needs to happen in a context where no one is trying to “save” anyone. <a>Maybe we</a> would all benefit from creating systems for equitable collaboration and partnership. Does the flow of ideas always have to be subject to the flow of money? Is it naïve to imagine otherwise?</li>
</ul>



<ul class="wp-block-list">
<li>Culture is the key. Policy change is important, and we should invest in it. But unless we change the culture of organizations and society at large, we will not see paradigm shifts. So, how do we do this? Culture is built by people. It starts with buy-in at the top, but for it to be ingrained into the DNA of an organization, it must pervade through every level. To me, the critical question is: how do we <a href="https://www.womenlifthealth.org/article/role-of-leadership-in-achieving-gender-equality-and-health-for-all/">invest</a> in our people? How do we ensure that people—at every level—are consistently informing, sustaining, and leading the evolution of our culture, no matter who is at the top?</li>
</ul>



<ul class="wp-block-list">
<li>We need to talk about caregiving. Caregiving is unofficially built into many women’s lives. An example is the idea of the “<a href="https://youtu.be/pDVW7EAlUEo?si=tM0shX5FdkVm2yc1">sandwich generation</a>”: many working adults end up being caregivers of both their children and their parents. They are not only working parents, but also working children. I found myself in this very place in 2019, with a 2-year-old child and a father dying of cancer. I was wracked with the guilt that I was not doing enough for either of them, despite working in the most enabling environment possible and having the strongest ally one could have in a life partner. What is it like for those who have no institutional or familial support?</li>
</ul>



<ul class="wp-block-list">
<li>Everyone needs emotional intelligence training. Emotional intelligence is much more than a skill or tool—it is fundamental to being a good human and a good leader. Fortunately, it can be learned, and <a>it’s</a> never too late. The alumna- and partner-led emotional intelligence workshop at the conference was incredibly well attended. Panelists in other sessions also expressed how important it is for men to cultivate emotional intelligence, so that they can not only become better allies to women but also do the same for each other.&nbsp;</li>
</ul>



<ul class="wp-block-list">
<li>Reframe the ideal professional and ideal mother.</li>
</ul>



What is an “ideal professional”? Is she someone who works on nights and weekends, answers every email within 24 hours, and responds to all messages within an hour?



What is an “ideal mother”? Is she someone who stays at home, cooks every meal, attends all school events, and drives her kid to as many extracurricular activities as possible?



Women are expected to be ideal professionals while taking care of their children and elderly parents.&nbsp;Women are expected to be ideal mothers and caretakers while working a full- or part-time job.&nbsp;



Oy, I am exhausted from just writing this!



How can anyone live up to these unattainable standards? What role can institutional leaders play in reframing these expectations and role modeling new behaviors?&nbsp;We need cultural paradigm shifts, and the solutions must come from both men and women, at work and at home. How can <a href="https://speakingofmedicine.plos.org/2022/04/28/walking-the-path-to-gender-equality-together/">male allies</a> amplify their efforts in their homes? How can mothers reframe expectations of themselves and shed the layers of guilt heaped on their existing burdens and responsibilities?



Third, what motivates me to push even harder. These are the things that keep the fire in my belly burning:



<ol class="wp-block-list">
<li>The growing anti-rights movement around the globe is scary. LGBTQIA+ rights <a>seemed to be</a> advancing around the world—including in <a href="https://time.com/5388231/india-decriminalizes-homosexuality-section-377/">India</a> and parts of <a href="https://asia.nikkei.com/Spotlight/Asia-Insight/LGBT-rights-in-Asia-Small-steps-forward-and-big-steps-back">Southeast Asia</a>. We welcomed our first African American president in the U.S. We were starting to see more women as heads of state around the world, albeit at a frustratingly slow pace (<a href="https://www.holoniq.com/notes/the-2024-global-state-of-womens-leadership">4 in 1995 to 17 in 2024</a>). But now, <a>we’re</a> seeing even this marginal progress being eroded by actions like the <a href="https://www.womenlifthealth.org/article/overturning-roe-vs-wade-will-reverberate-globally/">reversal of Roe v Wade in the United States</a>, a global pushback against equity and inclusion, and a rise in <a href="https://www.hrw.org/sitesearch?search=xenophobia">xenophobia</a>. How can we find common ground? Whatever the strategy, we must fight to protect fundamental human dignity, safety, and rights, especially for marginalized groups. We must do this collectively, systematically, and on a grand scale. The time is NOW.&nbsp;</li>
</ol>



<ul class="wp-block-list">
<li>The climate crisis is <a href="https://www.weforum.org/publications/global-risks-report-2024/digest/">already happening.</a> <a>In</a> this month alone there are <a href="https://www.bbc.com/news/articles/c72plp66g5no">devastating floods in Kenya</a>, and in <a href="https://www.cbsnews.com/news/heat-wave-asia-2024-deaths-india-severe-weather-climate-change/">Asia</a> and <a href="https://www.cbsnews.com/news/maps-extreme-summer-heat-us-forecast/">the U.S</a> <a>we’re</a> bracing for record heat waves. Where is our sense of urgency? Where are women leaders in this fight? At WomenLift Health, we are keen to invest in the leadership skills of women who work at the intersection of health, climate, and gender. Institutions have been investing billions of dollars in technological solutions and products for a long time. They have achieved a lot of success, but <a>we’re</a> still way behind global health targets. Why? How do we ensure that the monumental resources being spent on lifesaving technologies get through layers of bureaucracy to that precious last mile? How do we ensure that the diverse leaders who understand these complex contexts are included at decision-making tables? How do we ensure that when uncertainty and fear inevitably arise, we have leaders who can handle volatility and lead with <a href="https://www.cfr.org/article/womens-power-index">agility and resilience</a>?</li>
</ul>



Last, what excites me about the future. The collective power of WomenLift Health community and the desire to pay it forward.The ideas that germinate after these conferences and the belief that when we put our heads, hearts, and hands together, there is no ceiling too high, no barrier too daunting. There are big challenges, and together, we will <a>overcome</a>!&nbsp;



Connect with <a href="https://www.womenlifthealth.org/profile/shereen-bhan/">Shereen</a> on <a href="https://www.linkedin.com/in/shereenbhan/">https://www.linkedin.com/in/shereenbhan/</a>

IMG_3920 (1)

The Power of Human Connection

<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/GettyImages-630005282-scaled.jpg" alt="" class="wp-image-496255" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-630005282-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-630005282-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-630005282-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-630005282-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-630005282-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GettyImages-630005282-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Street scene, Dar es Salaam, Tanzania. (Photo by: Education Images/Universal Images Group via Getty Images)</figcaption></figure>



DAR ES SALAAM, June 13 (Reuters)&nbsp;&#8211;&nbsp;Tanzania&#8217;s economy is forecast to grow&nbsp;even&nbsp;faster this year&nbsp;than&nbsp;in 2023, Kitila Mkumbo, minister of state in the president&#8217;s Office for Planning and Investment, said on Thursday.



Mkumbo told parliament that the economy was projected to grow 5.4% this year from 5.1% in 2023, which was faster than the 4.7% a year earlier.



Tanzania&#8217;s economy largely relies on tourism, mining, agriculture and manufacturing.



Mkumbo said the government expected&nbsp;the&nbsp;budget deficit in&nbsp;the coming fiscal year&nbsp;to not exceed 3% of gross domestic product.



Finance Minister Mwigulu Nchemba is due to present the 2024/25 (July-June) budget to parliament later on Thursday.



The World Bank said in March that Tanzania had sustained its economic growth&nbsp;despitethe&nbsp;increasing impact of climate change.



The bank said&nbsp;growth was&nbsp;due to stronger business&nbsp;confidence&nbsp;and improved trade balances which boosted aggregate demand, balancing the damaging impact of droughts and floods on household income.



In the last three years, President Samia Suluhu Hassan’s administration has&nbsp;undertaken&nbsp;various economic reforms with ambitions to return the country’s economic growth to the pre-pandemic real GDP growth rates of 6-7%.



Tanzania’s central bank raised its key interest rate to 6% in April for the quarter ending June 2024 from 5.5% in January to&nbsp;keep a lid on&nbsp;lingering inflationary pressure.



(Reporting by Nuzulack Dausen; writing by George Obulutsa; editing by Jason Neely and Christina Fincher)

Street scene, Dar es Salaam, Tanzania

Tanzania’s GDP to accelerate to 5.4% in 2024, minister says

<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, June 13 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



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



*Kenya, Tanzania and Uganda finance ministers present their respective 2024/25 (July-June) fiscal budgets to their parliaments.



*Tanzania&#8217;s finance minister presents to parliament a report giving details of its 2023 economic performance.



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



Asian equities rallied on Thursday, while bond yields slid, as investors weighed cooling U.S. inflation against a more hawkish posture by the Federal Reserve.



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



Oil prices fell in early trade on Thursday as investors digested news that the U.S. Federal Reserve has opted against cutting interest rates in the near future, while ample U.S. crude and fuel stocks further weighed on the market.



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



The South African rand strengthened on Wednesday, as investors waited for collaboration signs between parties trying to form a government of national unity before lawmakers&#8217; swearing in on Friday.



<h2 class="wp-block-heading" id="h-nigeria-economy">NIGERIA ECONOMY</h2>



Nigeria&#8217;s President Bola Tinubu said on Wednesday economic reforms would continue despite increasing hardships that have fuelled public anger, and promised to send an executive bill to parliament soon to set a new minimum wage.



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



Singapore, Asia&#8217;s oil hub, will be receiving this week its first low-sulphur straight-run fuel oil (LSSR) cargo exported from Nigeria&#8217;s new Dangote refinery, according to ship-tracking data and market sources.



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



Kenya&#8217;s shilling gained ground on Wednesday, boosted by dollar inflows from tea exporters and low importer hard-currency demand, traders said.



<h2 class="wp-block-heading" id="h-ghana-cocoa">GHANA COCOA</h2>



Ghana&#8217;s cocoa output is expected to rebound strongly next season to over 800,000 metric tons, the cocoa regulator&#8217;s chief executive said on Wednesday.



<h2 class="wp-block-heading" id="h-ghana-debt">GHANA DEBT</h2>



Ghana&#8217;s finance ministry said on Wednesday it has finalised a pact with the official creditor committee to formalise a debt restructuring deal agreed in January, smoothing the path to a new funding tranche from the International Monetary Fund.



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



Zambia will set up a new entity for investment and trading in minerals as it seeks to earn more from its natural resources, the Cabinet said on Wednesday after giving its approval.



<h2 class="wp-block-heading" id="h-botswana-mining">BOTSWANA MINING</h2>



Chinese miner MMG Ltd will invest $700 million to double production at Botswana&#8217;s Khoemacau copper mine as part of a growth strategy to secure the critical metal, an official said on Wednesday.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on June 13

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="585" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/blog-2099x600-dollar-dominance-blue-planet-studio-by-getty-images-scaled.jpg" alt="" class="wp-image-496208" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/blog-2099x600-dollar-dominance-blue-planet-studio-by-getty-images-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/blog-2099x600-dollar-dominance-blue-planet-studio-by-getty-images-300x86.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/blog-2099x600-dollar-dominance-blue-planet-studio-by-getty-images-820x234.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/blog-2099x600-dollar-dominance-blue-planet-studio-by-getty-images-160x46.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/blog-2099x600-dollar-dominance-blue-planet-studio-by-getty-images-768x220.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/blog-2099x600-dollar-dominance-blue-planet-studio-by-getty-images-1536x439.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Credit: Blue Planet Studio/iStock by Getty Images</figcaption></figure>



Dollar dominance—the outsized role of the US dollar in the world economy—has been brought into focus recently as the robustness of the US economy, tighter monetary policy and heightened geopolitical risk have contributed to a higher greenback valuation. At the same time,&nbsp;<a href="https://www.imf.org/en/News/Articles/2024/05/07/sp-geopolitics-impact-global-trade-and-dollar-gita-gopinath?utm_medium=email&amp;utm_source=govdelivery">economic fragmentation</a>&nbsp;and the potential reorganization of global economic and financial activity into separate, nonoverlapping blocs could encourage some countries to use and hold other international and reserve currencies.



Recent data from the IMF’s&nbsp;<a href="https://data.imf.org/?sk=e6a5f467-c14b-4aa8-9f6d-5a09ec4e62a4&amp;utm_medium=email&amp;utm_source=govdelivery">Currency Composition of Official Foreign Exchange Reserves (COFER)</a>&nbsp;point to an ongoing gradual decline in the dollar’s share of allocated foreign reserves of central banks and governments. Strikingly, the reduced role of the US dollar over the last two decades has not been matched by increases in the shares of the other “big four” currencies—the euro, yen, and pound. Rather, it has been accompanied by a rise in the share of what we have called nontraditional reserve currencies, including the Australian dollar, Canadian dollar, Chinese renminbi, South Korean won, Singaporean dollar, and the Nordic currencies. The most recent data extend this trend, which we had pointed out in an earlier IMF&nbsp;<a href="https://www.imf.org/en/Publications/WP/Issues/2022/03/24/The-Stealth-Erosion-of-Dollar-Dominance-Active-Diversifiers-and-the-Rise-of-Nontraditional-515150?utm_medium=email&amp;utm_source=govdelivery">paper</a>&nbsp;and&nbsp;<a href="https://www.imf.org/en/Blogs/Articles/2022/06/01/blog-dollar-dominance-and-the-rise-of-nontraditional-reserve-currencies?utm_medium=email&amp;utm_source=govdelivery">blog</a>.



<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="950" height="821" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/chart-1-dollar-dominance-for-newsletter_original.jpg" alt="" class="wp-image-496207" style="width:512px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/chart-1-dollar-dominance-for-newsletter_original.jpg 950w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/chart-1-dollar-dominance-for-newsletter_original-300x259.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/chart-1-dollar-dominance-for-newsletter_original-820x709.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/chart-1-dollar-dominance-for-newsletter_original-104x90.jpg 104w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/chart-1-dollar-dominance-for-newsletter_original-768x664.jpg 768w" sizes="auto, (max-width: 950px) 100vw, 950px" /></figure>



These nontraditional reserve currencies are attractive to reserve managers because they provide diversification and relatively attractive yields, and because they have become increasingly easy to buy, sell and hold with the development of new digital financial technologies (such as automatic market-making and automated liquidity management systems).



This recent trend is all the more striking given the dollar’s strength, which indicates that private investors have moved into dollar-denominated assets. Or so it would appear from the change in relative prices. At the same time, this observation is a reminder that exchange rate fluctuations can have an independent impact on the currency composition of central bank reserve portfolios. Changes in the relative values of different government securities, reflecting movements in interest rates, can similarly have an impact, although this effect will tend to be smaller, insofar as major currency bond yields generally move together. In any event, these valuation effects only reinforce the overall trend. Taking a longer view, over the last two decades, the fact that the value of the US dollar has been broadly unchanged, while the US dollar’s share of global reserves has declined, indicates that central banks have indeed been shifting gradually away from the dollar.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="538" height="465" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/chart-2-dollar-dominance-for-newsletter_crop.jpg" alt="" class="wp-image-496206" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/chart-2-dollar-dominance-for-newsletter_crop.jpg 538w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/chart-2-dollar-dominance-for-newsletter_crop-300x259.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/chart-2-dollar-dominance-for-newsletter_crop-104x90.jpg 104w" sizes="auto, (max-width: 538px) 100vw, 538px" /></figure>



At the same time, statistical tests do not indicate an accelerating decline in the dollar’s reserve share, contrary to claims that US financial sanctions have accelerated movement away from the greenback. To be sure, it is possible, as some have argued, that the same countries that are seeking to move away from holding dollars for geopolitical reasons do not report information on the composition of their reserve portfolios to COFER. Note, however, that the 149 reporting economies make up as much as 93 percent of global FX reserves. In other words, non-reporters are only a very small share of global reserves.



One nontraditional reserve currency gaining market share is the Chinese renminbi, whose gains match a quarter of the decline in the dollar’s share. The Chinese government has been advancing policies on multiple fronts to promote renminbi internationalization, including the development of a cross-border payment system, the extension of swap lines, and piloting a central bank digital currency. It is thus interesting to note that renminbi internationalization, at least as measured by the currency’s reserve share, shows signs of stalling out. The most recent data do not show a further increase in the renminbi’s currency share: some observers may suspect that depreciation of the renminbi exchange rate in recent quarters has disguised increases in renminbi reserve holdings. However, even adjusting for exchange rate changes confirms that the renminbi share of reserves has declined since 2022.



Some have suggested that what we have characterized as an ongoing decline in dollar holdings and rise in the reserve share of nontraditional currencies in fact reflects the behavior of a handful of large reserve holders. Russia has geopolitical reasons to be cautious about holding dollars, while Switzerland, which accumulated reserves over the last decade, has reason to hold a large fraction of its reserves in euros, the Euro Area being its geographical neighbor and most important trading partner. But when we exclude Russia and Switzerland from the COFER aggregate, using data published by their central banks from 2007 to 2021, we find little change in the overall trend.



In fact, this movement is quite broad. In our 2022&nbsp;<a href="https://www.imf.org/en/Publications/WP/Issues/2022/03/24/The-Stealth-Erosion-of-Dollar-Dominance-Active-Diversifiers-and-the-Rise-of-Nontraditional-515150?utm_medium=email&amp;utm_source=govdelivery">paper</a>, we identified 46 “active diversifiers,” defined as countries with a share of foreign exchange reserves in nontraditional currencies of at least 5 percent at the end of 2020. These include major advanced economies and emerging markets, including most of the Group of Twenty (G20) economies. By 2023, at least three more countries (Israel, Netherlands, Seychelles) have joined this list.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2024/06/11/dollar-dominance-in-the-international-reserve-system-an-update?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2024/06/9634024/5505914/chart-3-dollar-dominance-for-newsletter_crop.jpg" alt="chart showing the declining percentage of global FX reserves held in US dollars"/></a></figure>



<a href="https://www.sciencedirect.com/science/article/pii/S0022199623001083?utm_medium=email&amp;utm_source=govdelivery">We also found</a>&nbsp;that financial sanctions, when imposed in the past, induced central banks to shift their reserve portfolios modestly away from currencies, which are at risk of being frozen and redeployed, in favor of gold, which can be warehoused in the country and thus is free of sanctions risk. That work also showed that the demand for gold by central banks responded positively to global economic policy uncertainty and global geopolitical risk. These factors may lie behind the further accumulation of gold by a number of emerging market central banks. Before making too much of this trend, however, it is important to recall that gold as a share of reserves still remains historically low.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2024/06/11/dollar-dominance-in-the-international-reserve-system-an-update?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2024/06/9634027/5505915/chart-4-dollar-dominance-for-newsletter_crop.jpg" alt="chart showing gold holdings in official reserve assets"/></a></figure>



In sum, the international monetary and reserve system continues to evolve. The patterns we highlighted earlier—very gradual movement away from dollar dominance, and a rising role for the nontraditional currencies of small, open, well-managed economies, enabled by new digital trading technologies—remain intact.

blog-2099×600-dollar-dominance-blue-planet-studio-by-getty-images

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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/DGXHOJLFTBOPZEJ42TWSLF6634-scaled.jpg" alt="" class="wp-image-496201" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DGXHOJLFTBOPZEJ42TWSLF6634-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DGXHOJLFTBOPZEJ42TWSLF6634-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DGXHOJLFTBOPZEJ42TWSLF6634-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DGXHOJLFTBOPZEJ42TWSLF6634-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DGXHOJLFTBOPZEJ42TWSLF6634-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DGXHOJLFTBOPZEJ42TWSLF6634-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Prime Minister of Rwanda Edouard Ngirente addresses Tallinn Digital Summit in Tallinn, Estonia October 10. 2022. REUTERS/Ints Kalnins/File Photo</figcaption></figure>



NAIROBI, June 13 (Reuters)&nbsp;&#8211;&nbsp;Rwanda has named statistics official Yusuf Murangwa as its new finance minister, Prime Minister Edouard Ngirente said, while the foreign minister will be Olivier Nduhungirehe, its ambassador to the Netherlands.



The appointments were unveiled in a statement on Wednesday, along with those of ministers holding the portfolios of public service and labour, gender and family promotion and the environment.



Murangwa, the new finance minister, was director-general of the government statistics office, the National Institute of Statistics of Rwanda, until his appointment.



The statement did not say where the former occupant, Uzziel Ndagijimana, had been reassigned, however, although Nduhungirehe&#8217;s predecessor will go to the interior ministry, Ngirente said in the statement.



Rwanda is set to hold its presidential election on July 15.



(Reporting by George Obulutsa; Editing by Jamie Freed and Clarence Fernandez)

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-820x573.jpg" alt="" class="wp-image-460717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A MultiChoice logo is displayed outside the company&#8217;s building in Cape Town, South Africa February 2, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



Pan-African broadcaster MultiChoice reported a steeper full-year loss, as it lost subscribers in its key South African and Nigerian markets, and the naira slumped against the dollar.



Tim Jacobs, the Chief Financial Officer of MultiChoice Group, told CNBC Africa a tough customer environment characterized by declining affordability, resulted in a loss of one million subscribers, led by Nigeria and South Africa where numbers dropped by 5 percent and 9 percent respectively. However, efforts to mitigate losses seemed to be showing signs of progress, he said.



South Africa, Multichoice&#8217;s biggest market has grappled with power shortages over the past few years, with the economy barely growing in 2023, and unemployment remaining close to a record high. In Nigeria, President Bola Tinubu has devalued the naira twice and cut fuel subsidies, resulting in inflation surging for 16 consecutive months. <code> </code>



&#8220;We are seeing customers under significant financial pressure and affordability being a big issue,&#8221; Jacobs said. &#8220;We actually started the end of last quarter of the previous financial year with load-shedding and significant pressure on the consumer. That flowed into the first half of this year and we saw that kind of overall trend, you know, kind of persist through the year,&#8221; Jacobs said.



Amidst the struggles in the traditional television segment, MultiChoice found encouragement in the growth of its streaming service DStv Stream, which witnessed a 139% increase, with 90% of customers being new additions to the platform. Jacobs said this shift towards streaming, primarily among a younger audience, reflects evolving consumer preferences. 



Trading in other African markets was no less difficult, with inflation rates soaring to the upper 20s and 30s, he said. The harsh economic conditions have forced consumers to prioritize basic necessities over discretionary expenses like pay television, leading to what Jacobs called a temporary decline in subscriber numbers. 



Operationally, earnings were rescued by tough cost-cutting measures, that saved the company R1.9 billion. However this was outdone by foreign exchange losses of R4.5 billion, the bulk of them at R3.5 billion owing to the devaluation of the naira exchange rate. 



While acknowledging the traditional television model was under pressure, Jacobs sees solace in the appeal of local content, which constituted 33% of broadcast minutes and garnered 46% of viewership. He acknowledges the global shift towards on-demand content consumption, but argues this will be a gradual transition.



Despite the challenges, sports content continues to be a robust acquisition driver for MultiChoice, with major sporting events bolstering platform engagement. He said the company&#8217;s extensive lineup of local and international content will be a key differentiator in a very competitive media landscape.

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/HYOZR4V5OFMSPNBFMBMKEZUGSQ-820x547.jpg" alt="" class="wp-image-495992" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/HYOZR4V5OFMSPNBFMBMKEZUGSQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/HYOZR4V5OFMSPNBFMBMKEZUGSQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/HYOZR4V5OFMSPNBFMBMKEZUGSQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/HYOZR4V5OFMSPNBFMBMKEZUGSQ-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/HYOZR4V5OFMSPNBFMBMKEZUGSQ-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/HYOZR4V5OFMSPNBFMBMKEZUGSQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A girl carries a jerrycan filled with water at a Tolou Keur garden in the Walalde department of Podor, in the Great Green Wall of the Sahara and the Sahel area, Senegal, July 11, 2021. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



LONDON/DAKAR, June 12 (Reuters)&nbsp;&#8211;&nbsp;Africa&#8217;s Great Green Wall, which is meant to restore degraded landscapes and boost economies across the continent, is low on cash and unlikely to meet a 2030 completion goal, the president of the most recent UN summit on desertification told Reuters.



Launched in 2007, the project to reinstate 100 million hectares of land is only 30% complete, said Alain Richard Donwahi, president of the 2022 U.N. summit held in the Ivory Coast, who has access to the analysis of how it is progressing.



The project aims to restore an 8,000 kilometre-long (500 mile-long) corridor from the Atlantic to the Red Sea and benefits some of the world&#8217;s poorest countries at the edge of the Sahara Desert, including Ethiopia, Mali and Sudan.



&#8220;It is an understatement to stress that we are not in line with our common objective to complete by 2030,&#8221; Donwahi said on the sidelines of this month&#8217;s Bonn Climate Change Conference, where he was seeking renewed support for the landmark project.



&#8220;The project faces substantial challenges, primarily in terms of financing and implementation,&#8221; said Donwahi, who serves as president of the U.N. summit on desertification until the next one in Riyadh, Saudi Arabia, in December.



With no centralised monitoring entity in charge of the project, coordinating the work across the 11 African countries involved has been especially challenging, Donwahi said.



Meanwhile, some of those countries have been beset by humanitarian crises in recent years fuelled by military coups, war, or Islamist insurgencies.



The project was estimated to need at least $33 billion more funding to achieve its 2030 target, according to a progress review in 2020 by the U.N. Convention to Combat Desertification (UNCCD), which has provided occasional implementation reports.



International donors pledged some $19 billion at a 2021 summit, but by March of last year, only $2.5 billion had come through, with the rest due by end-2025, according to the most recent funding update from the UNCCD.



Those pledged funds are also being spread across different projects that may be dedicated to international development, but not necessarily to the Great Green Wall, Donwahi said.



The difficulty keeping track of funding so far has been a key stumbling block, he added, welcoming the launch in June of an &#8216;observatory&#8217; to monitor financing and progress.



Even so, it is unclear where the project will get the remaining billions needed to get back on track. Donwahi said more investment would be needed from international donors, the private sector and Green Wall countries themselves.



Donwahi noted some progress, including 3 million jobs created in the restoration of the some 30 million hectares (74 million acres) of degraded land, roughly equivalent to the size of the Philippines.



With climate change escalating, though, the issue was increasingly a problem the wider world needs to face, said Donwahi, adding: &#8220;For too long, desertification and drought have been considered African problems&#8221;.



(Editing by Katy Daigle and Alexander Smith)

FILE PHOTO: Senegalese plant circular gardens in Green Wall defence against desert

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1379" height="945" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ3.jpg" alt="" class="wp-image-495984" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ3.jpg 1379w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ3-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ3-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ3-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ3-768x526.jpg 768w" sizes="auto, (max-width: 1379px) 100vw, 1379px" /></figure>



In construction since the latter part of 2018, OR Tambo International Airport SEZ Precinct 1 officially opened all its doors during the month of March 2024.



The milestone, which marked the end of OR Tambo Special Economic Zone (SEZ) Precinct 1’s development, was celebrated at an event attended by key government leaders, investors, tenants and stakeholder partners. This commemoration followed similar occasions held in April 2019, when the second largest food factory of its kind became operational and again in February 2023, when a building that houses a Belgian investor was unveiled in the presence of key dignitaries, including King Philippe of Belgium.&nbsp;



In addition to the building openings marked on other occasions, two other buildings have been operational at the Zone since 2020; these include a precious metals refinery as well as an administrative building where national regulatory agencies are located.&nbsp; These agencies, namely the South African Diamonds and Precious Metals Regulator (SADPMR) and the State Diamond Trader (SDT) are mandated with providing regulatory guidance and oversight of the minerals industry in South Africa as well as promoting equitable access to and beneficiation of the country’s diamond resources, respectively. Their presence at the Zone contributes to efficient operations by the manufacturers, who must, on a regular basis, engage with the agencies on issues of licensing, raw material access and exporting.&nbsp;



To herald the end of Precinct 1’s development, the six remaining buildings were completed, bringing to a successful realization, the objective set by the Gauteng Provincial Government to establish a globally competitive mineral beneficiation cluster – next to Africa’s largest airport.



This vision, which gives impetus to South Africa’s mineral beneficiation strategy, was conceptualized in support of the objective to contribute to the country’s re-industrialization, by facilitating enhanced value addition of minerals mined in South Africa, some of which continue to be exported in their raw form, resulting in the export of jobs to countries that add value.&nbsp;



To counter this and in recognition of South Africa’s mineral endowments, the development of a globally-competitive mineral beneficiation industrial park supported by a sector nuanced manufacturing eco-system and comprised of different role players within proximity to each other (thereby enhancing operational efficiencies), was birthed. &nbsp;



In acknowledgement of the competitive location of the OR Tambo International Airport (ORTIA) SEZ – next to sub-Saharan Africa’s largest airport, manufacturing activities at the first phase of the SEZ also include fresh food production. This is because the food system has the ability to employ a large number of people, supporting the country’s objective to create much needed job opportunities.&nbsp;



It is no mistake therefore, that the anchor on the northern side of ORTIA Precinct 1 is a premium fresh food producer with the capacity to package more than 1,400 food products.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ1.jpg" alt="" class="wp-image-495986" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ1.jpg 1080w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ1-768x512.jpg 768w" sizes="auto, (max-width: 1080px) 100vw, 1080px" /></figure>



<h2 class="wp-block-heading" id="h-unpacking-ortia-precinct-1-fresh-food-jewelry-and-diamond-manufacturing">Unpacking ORTIA Precinct 1: Fresh food, jewelry and diamond manufacturing</h2>



<h3 class="wp-block-heading" id="h-globally-competitive-food-processing-operations">Globally competitive food processing operations</h3>



ORTIA Precinct 1 comprises of 63,000 square meters of developed space.&nbsp; This includes a 22,735 square meter food-processing facility that became operational in 2019.



Described as the largest and most diverse ultra-fresh food facility of its kind in the southern hemisphere, In2food Bonaero, as it is known, accommodates food preparation, storage, office areas as well as a canteen, showers and a medical clinic.



The Bonaero industrial operations boast an impressive refrigeration and PV system that reduces demand on the grid.&nbsp; In addition, all water sources are monitored through a comprehensive building management system.&nbsp; Because of all this, In2food Bonaero is one of the few industrial facilities in South Africa that has achieved 4-star green accreditation and net-zero carbon level 1 certification, setting the benchmark for other industrial developments.&nbsp;



Since its opening, this facility has created over 2,500 operational jobs and has also supported and promoted emerging farmers that provide input to the facility for value addition.



<h3 class="wp-block-heading" id="h-globally-dynamic-mineral-beneficiation-cluster">Globally dynamic mineral beneficiation cluster</h3>



The remaining part of the precinct is where the Jewellery and Diamond Manufacturing Cluster is located.&nbsp;



Comprised of over 40,000 square meters of developed space, the JMP, as it is known, is home to 19 different companies that share similar characteristics and operating requirements. These include a precious metal refinery, diamond cutting and polishing companies, jewelry manufacturers, diamond-trading entities, a skills hub as well as regulatory agencies that support the industry. In addition, sector-specific service providers that support in high level security requirements inclusive of the movement of goods, also form part of the development.



<h3 class="wp-block-heading" id="h-enhanced-connection-and-collaboration-in-mineral-beneficiation">Enhanced connection and collaboration in mineral beneficiation</h3>



The location of like-minded businesses at the precinct is an intentional move by the OR Tambo SEZ aimed at ensuring that the mineral beneficiation cluster functions competitively and efficiently. &nbsp;This is because, worldwide, the cluster approach to economic development has been shown to not just foster industrial development, but also promote connection and collaboration, leading to increased creativity and productivity.&nbsp;



It is anticipated that through this approach, minerals mined and beneficiated in South Africa for global consumption will increase.&nbsp;



<h3 class="wp-block-heading" id="h-the-next-frontier-nbsp-ortia-precinct-2-and-the-springs-precinct">The next frontier:&nbsp; ORTIA Precinct 2 and the Springs Precinct</h3>



With the completion of ORTIA Precinct 1, focus of the SEZ’s development is on ORTIA Precinct 2, a 29ha land parcel projected to have 265,000 square meters of developable space and the Springs Precinct, a 13ha land parcel projected to have 45,000 square meters of developable space.



In lieu of their individual competitive locations, each precinct is positioned to promote the production and export of products best suited to their locations.&nbsp; In respect of ORTIA Precinct 2, which is located a stone’s throw away from ORTIA Precinct 1 and OR Tambo International Air Cargo, these are mineral-beneficiated products, pharmaceutical and health products, electronics and other just-in-time products, such as fresh food.&nbsp;&nbsp;



In respect of the Springs Precinct, there are fuel cells, electrolysers, capital as well as mining equipment. This is because the Springs Precinct is competitively located near a platinum refinery, making it ideal for the production of platinum-related products.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ-4-820x546.jpg" alt="" class="wp-image-495989" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ-4-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ-4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ-4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ-4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/GIDZ-4.jpg 1379w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



<h3 class="wp-block-heading" id="h-available-opportunities">Available opportunities</h3>



The OR Tambo SEZ is open to interest from companies manufacturing for export in the sectors identified at ORTIA Precinct 2 or the Springs Precinct.



Construction on the precincts (both are greenfield investments) is anticipated to commence in the latter part of 2024.



For more information, visit <a href="http://www.ortambosez.co.za">www.ortambosez.co.za</a>

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-820x547.jpg" alt="" class="wp-image-423316" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/F4TO3YKQWNK6NCNXZJUQ2UEGC4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, U.S., May 10, 2018. REUTERS/Yuri Gripas/</figcaption></figure>



ACCRA, June 12 (Reuters)&nbsp;&#8211;&nbsp;Ghana&nbsp;has finalized&nbsp;a&nbsp;pact with its official creditor committee to&nbsp;formalise a debt restructuring deal agreed in January,&nbsp;smoothing the path towards a release of further funding from the International Monetary Fund,&nbsp;its finance ministry said on Wednesday.



The&nbsp;outlines of the agreement&nbsp;pave the way for approval by the&nbsp;IMF&#8217;s executive board for a&nbsp;second review of a $3 billion loan package and release of the next tranche of $360 million.



&#8220;The IMF Board&#8217;s approval should also trigger more financial assistance from our development partners, particularly the World Bank,&#8221; the finance ministry said in a statement.



The announcement confirms a Reuters report last week that a memorandum of agreement was about to be formalised.



Ghana is restructuring its debt to help it emerge from its worst economic crisis in a generation after defaulting on&nbsp;much of&nbsp;its overseas debt in 2022 amid soaring servicing costs.



Each creditor nation is now expected to sign the agreement individually, the ministry said, adding it would&nbsp;also bolster ongoing restructuring discussions with private creditors.



Ghana&#8217;s sovereign dollar bonds were little changed by 0837 GMT, with most issues trading between 50-51 cents on the dollar, a distressed level that suggests the market expects trims on private debt.



The financial terms of the agreement with official creditors remained unchanged from the deal agreed in January, the ministry said, adding it provided &#8220;significant debt service relief&#8221; during the period of the IMF-supported programme.



Ghana, the world&#8217;s second largest cocoa producer, is also facing cocoa delivery delays due to poor harvests, a move that could cut its income and compound debt distress



(Reporting by Maxwell Adombila Akalaare; Additional reporting by Libby George in London; Writing by Sofia Christensen and Duncan Miriri; Editing by Bernadette Baum)

FILE PHOTO: Man walks past the IMF logo at HQ in Washington

Ghana, creditor panel agree on debt restructuring, paving way for IMF cash

<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, June 12 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



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



Asian shares were subdued on Wednesday after data showed China&#8217;s consumer prices still remained soft, while the dollar held firm ahead of a key U.S. inflation report and Federal Reserve policy decision that would set the near-term course for interest rates.



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



Oil prices ticked higher on Wednesday amid upbeat global demand views from the U.S. Energy Information Administration and OPEC, reinforced by industry data showing U.S. crude oil inventories fell more than expected last week.



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



The South African rand gained on Tuesday, as political parties continued talks to try and form a government of national unity in the country, days away from the first sitting of lawmakers.



<h2 class="wp-block-heading" id="h-nigeria-lng">NIGERIA LNG</h2>



Nigeria&#8217;s state firm NNPC has signed an agreement with Golar LNG to deploy a floating liquefied natural gas (LNG) vessel off the coast of its oil-rich Niger Delta, NNPC said on Tuesday.



<h2 class="wp-block-heading" id="h-nigeria-guinness">NIGERIA GUINNESS</h2>



Singapore-based consumer group Tolaram on Tuesday agreed to buy Diageo&#8217;s 58.02% shareholding in Guinness Nigeria and enter into long-term licence and royalty agreements, the Nigerian brewer said in a statement.



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



Kenya&#8217;s shilling was unchanged on Tuesday, with dollar inflows from tea, coffee and horticulture exports expected to strengthen it in the coming days, traders said.



<h2 class="wp-block-heading" id="h-ethiopia-budget">ETHIOPIA BUDGET</h2>



Ethiopia&#8217;s budget deficit is estimated at 2.1% of gross domestic product next fiscal year, the East African country&#8217;s finance minister Ahmed Shide said on Tuesday.



<h2 class="wp-block-heading" id="h-malawi-vice-president">MALAWI VICE PRESIDENT</h2>



Malawi&#8217;s Vice President Saulos Klaus Chilima and nine others, including former first lady Shanil Dzimbiri, were killed when the military plane they were travelling in crashed, President Lazarus Chakwera said on Tuesday.



((Compiled by Nairobi Newsroom))

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