<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/105156883-GettyImages-610823798.jpg" alt="" class="wp-image-407347" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/105156883-GettyImages-610823798.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/105156883-GettyImages-610823798-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/105156883-GettyImages-610823798-140x80.jpg 140w" sizes="(max-width: 740px) 100vw, 740px" /><figcaption>A bitcoin mine near Kongyuxiang, Sichuan, China on August 12, 2016. Paul Ratje | The Washington Post | Getty Images</figcaption></figure>



<a href="https://www.cnbc.com/quotes/BTC.CM=">Bitcoin</a>&nbsp;sank Monday on reports that China has intensified its crackdown on cryptocurrency mining.



The world’s largest digital currency fell 7% to a price of $32,801 Monday morning, dropping below $33,000 for the first time since June 8, according to data from Coin Metrics. It was last trading at $33,243 as of 5:50 a.m. ET. Smaller rivals like&nbsp;<a href="https://www.cnbc.com/quotes/ETH.CM=">ether</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/XRP.CM=">XRP</a>&nbsp;also tumbled, down 8% and 7% respectively.



Many bitcoin mines in Sichuan were shuttered Sunday after authorities in the southwestern Chinese province ordered a halt to crypto mining, according to a&nbsp;<a href="https://www.globaltimes.cn/page/202106/1226598.shtml" target="_blank" rel="noreferrer noopener">report</a>&nbsp;from the Communist Party-backed newspaper Global Times. More than 90% of China’s bitcoin mining capacity is estimated to be shut down, the paper said.



<a href="https://www.bloomberg.com/news/articles/2021-06-18/hydro-rich-chinese-city-is-said-to-clamp-down-on-crypto-mining" target="_blank" rel="noreferrer noopener">Bloomberg</a>&nbsp;and&nbsp;<a href="https://www.reuters.com/technology/chinas-cryptocurrency-mining-crackdown-spreads-sichuan-2021-06-19/" target="_blank" rel="noreferrer noopener">Reuters</a>&nbsp;also reported on the move from Sichuan authorities. It follows similar developments in China’s&nbsp;<a href="https://www.cnbc.com/2021/05/26/major-china-bitcoin-mining-hub-lays-out-harsher-crackdown-measures.html">Inner Mongolia</a>&nbsp;and Yunnan regions, as well as&nbsp;<a href="https://www.cnbc.com/2021/06/15/chinas-bitcoin-miner-exodus-.html">calls from Beijing to stamp out crypto mining</a>&nbsp;amid worries over its&nbsp;<a href="https://www.cnbc.com/2021/02/05/bitcoin-btc-surge-renews-worries-about-its-massive-carbon-footprint.html">massive energy consumption</a>.



Separately, China’s central bank&nbsp;<a href="http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4273265/index.html" target="_blank" rel="noreferrer noopener">said Monday</a>&nbsp;it had summoned Alipay, the payments service run by Alibaba affiliate Ant Group, and some major banks urging them to crack down on crypto trading. China had&nbsp;<a href="https://www.cnbc.com/2021/05/18/china-bans-financial-payment-institutions-from-cryptocurrency-business.html">already banned</a>&nbsp;financial institutions from providing crypto-related services.



China’s crackdown appears to have led to a significant decline in bitcoin’s hash rate — or processing power — which has fallen sharply in the last month, according to data from&nbsp;<a href="https://www.blockchain.com/charts/hash-rate" target="_blank" rel="noreferrer noopener">Blockchain.com</a>. An estimated 65% of global bitcoin mining is done in China.



Bitcoin’s network is decentralized, meaning it doesn’t have any central party or middleman to approve transactions or generate new coins. Instead, the blockchain is maintained by so-called miners who race to solve complex math puzzles using purpose-built computers to validate transactions. Whoever wins that race is rewarded with bitcoin.



This power-intensive process has led to growing concerns over the potential environmental harm of bitcoin, with everyone from&nbsp;<a href="https://www.cnbc.com/quotes/TSLA" target="_blank" rel="noreferrer noopener">Tesla</a>&nbsp;CEO&nbsp;<a href="https://www.cnbc.com/elon-musk/">Elon Musk</a>&nbsp;to U.S. Treasury Secretary&nbsp;<a href="https://www.cnbc.com/janet-yellen/">Janet Yellen</a>&nbsp;<a href="https://www.cnbc.com/2021/05/13/why-elon-musk-is-worried-about-bitcoin-environmental-impact.html">raising the alarm</a>. China, where most bitcoin mining is concentrated,&nbsp;<a href="https://www.cnbc.com/2021/04/29/climate-china-has-no-other-choice-but-to-rely-on-coal-power-for-now.html">relies heavily on coal power</a>. Last month, a coal mine in the Xinjiang region flooded and shut down, taking nearly a quarter of bitcoin’s hash rate offline.



However, miners in China often migrate to places like Sichuan, which are rich in hydropower, in the rainy season. And some industry efforts have been launched — including the Bitcoin Mining Council and the Crypto Climate Accord — in an effort to reduce cryptocurrencies’ carbon footprint.

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Bitcoin drops as China intensifies crypto mining crackdown

ADDIS ABABA, June 21 (Reuters) &#8211; Ethiopia held elections on Monday billed by the prime minister as proof of his commitment to democracy after decades of repressive rule, although voting was delayed due to violence in some areas and opposition parties boycotted the poll in others.



Election board chief Birtukan Midekssa said voting was mostly peaceful so far, but that several opposition parties had complained their agents were beaten and their badges confiscated in Amhara region and the Southern Nations, Nationalities, and Peoples&#8217; Region. She did not say who was responsible.



&#8220;This will jeopardise the credibility of the election process and its result,&#8221; Birtukan warned. &#8220;Local officials and law enforcement officers should immediately take corrective measures.&#8221;



Prime Minister Abiy Ahmed said last week the national and regional votes would be the &#8220;first attempt at free and fair elections&#8221; in Ethiopia, whose once booming economy has been hit by conflict and the COVID-19 pandemic.



But ethnic violence and printing mistakes have delayed elections in a fifth of constituencies, including all of those in Tigray, where Ethiopia&#8217;s military has been fighting the northern region&#8217;s former governing party, the Tigray People&#8217;s Liberation Front (TPLF), since November.



In Oromiya, Ethiopia&#8217;s most populous province, the largest opposition parties are boycotting the vote over what they say is intimidation by regional security forces.



Government officials did not return calls seeking comment about the allegations of intimidation.



Voting was mostly smooth in Addis Ababa, although nine polling stations opened late and some did not have enough ballots, Birtukan told a news conference.



Abiy, 45, oversaw sweeping political and economic reforms after his appointment in 2018 by the ruling coalition. But some rights activists say those gains are being reversed and he is coming under increasing international pressure over reports of abuses in the war in Tigray.



Abiy has said the government will hold anyone committing abuses in Tigray to account and the attorney general says more than 50 soldiers are on trial for either rape or killing civilians. No details of those cases have been released.



Results of the vote could reverberate beyond Ethiopia.



The Horn of Africa nation is a diplomatic heavyweight in a volatile region, providing peacekeepers to Somalia, Sudan and South Sudan. With Africa&#8217;s second-biggest population, over a third aged under 18, it is also a major frontier market.



A CROWDED FIELD



Abiy&#8217;s newly-formed Prosperity Party is the frontrunner in a crowded field of candidates mostly from smaller, ethnically-based parties. Billboards with his party&#8217;s lightbulb symbol scatter the capital.



Former political prisoner Berhanu Nega is the only other prominent candidate not running on an ethnic ticket. But his Ethiopian Citizens for Social Justice party has struggled to attract support outside cities.



&#8220;People are out in big numbers to vote,&#8221; Berhanu told Reuters after casting his ballot, saying his party was watching the process closely.



During the last election, the ruling coalition and its allies won all 547 seats. This time, more than 37 million of Ethiopia&#8217;s 109 million people are registered to vote, choosing from 46 parties for parliament.



Violence prevented voter registration in some areas.



The electoral board says more than 9,000 candidates are running this time &#8211; more than in any previous vote.



A second round of voting will take place in September for most constituencies where the vote was delayed.



No date has been set for voting in Tigray, where the United Nations says some 350,000 people face famine.



U.N. rights chief Michelle Bachelet said she expected a probe into reports of rights violations by &#8220;all parties to the conflict&#8221; in Tigray to be published in August.



The report is a joint investigation by the UN and the state-appointed Ethiopian Human Rights Commission.



Tigray is not Abiy&#8217;s only challenge. Ethnic violence in other regions has killed thousands since he took power.



Marketing director Yetayew Solomon, 30, told Reuters as he waited in line in the capital: &#8220;I will vote for a party that I think will bring peace.&#8221;



DEMOCRACY AND THE ECONOMY



Abiy&#8217;s reforms include lifting a ban on dozens of political parties and media outlets, releasing tens of thousands of political prisoners and easing restrictions on political gatherings.



But Fisseha Tekle from rights group Amnesty International said the government was still quashing dissent using a revised anti-terrorism law and new hate speech legislation that allows prison terms for online content.



&#8220;The government is using these laws to arrest people and keep them in prison for a long time,&#8221; Fisseha said.



Abiy&#8217;s spokewoman Billene Seyoum did not immediately respond to a request for comment but previously told Reuters: &#8220;There is no perfect environment; however, it cannot be said that a nascent democracy like Ethiopia is regressing.&#8221;



Many voters said they were also concerned about the economy.



Abiy has promised to bring in foreign investment and speed up electrification by filling a giant $4 billion hydropower dam on the Blue Nile, stoking tension with Egypt and Sudan, which fear the Nile water supplies they rely on might be interrupted.



But annual inflation is now about 20% and growth is forecast at just 2% this year after topping 10% before the pandemic.



&#8220;The cost of living is increasing,&#8221; said shopkeeper Murad Merga, whose window was crowded with ruling party posters. But he remained upbeat: &#8220;Everything will be fixed step by step.&#8221;



(Writing by Giulia Paravicini; Editing by Katharine Houreld, Edmund Blair and Catherine Evans)

Abiy Ahmed

Ethiopians vote in what government bills as first free election

ZURICH, June 21 (Reuters) &#8211; Africa is working with the European Union and other partners to help create regional vaccine manufacturing hubs in South Africa, Senegal and Rwanda, with Nigeria under consideration, World Trade Organization Director-General Ngozi Okonjo-Iweala said.



&#8220;We have now seen that over-centralization of vaccine production capacity is incompatible with equitable access in a crisis situation,&#8221; Okonjo-Iweala said on Monday during a virtual meeting.



&#8220;Regional production hubs, in tandem with open supply chains, offer a more promising path to preparedness for future health crisis.&#8221; 



(Reporting by John Miller; Editing by Toby Chopra)

WTO.

WTO head says South Africa, Senegal, Rwanda and Nigeria considered as vaccine production hubs

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On Friday, Uganda’s President Yoweri Museveni, enforced new COVID-19 measures that include a strict lockdown and curfew measures amidst an increase in COVID-19 related deaths in the country. Emmanuel Ainebyona, Senior Public Relations Officer at the Ministry of Health, joins CNBC Africa for more.

Uganda tightens measures amid rise in COVID-19 cases

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The proposed single currency for the Economic Community of West African States, the Eco, will be launched in 2027, replacing the CFA Franc, barring any other setbacks. According to the President of the regional bloc, Jean-Claude Kassi Brou, an agreement was reached by the 15-member regional group which will cover between 2022 to 2026. Joining CNBC Africa to discuss this development is Tilewa Adebajo, Chief Executive Officer of CFG Advisory.

ECOWAS targets 2027 for Eco single currency

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The Botswana Stock Exchange has been looking at ways to attract more listings in order to boost liquidity. BSE CEO, Thapelo Tsheole joins CNBC Africa for more.

Botswana Stock Exchange expects more listings to boost performance

Botswana Stock Exchange expects more listings to boost performance, says CEO

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Gauteng Economic Development MEC, Parks Tau has tabled his budget for the 2021/ 2022 and his focus is the recovery of businesses after the Covid-19 pandemic. Tau has zoomed in on Critical infrastructure in the province, as well as the Township Economic Revitalization Programme which has been allocated R250 million. He joins CNBC Africa for more.

MEC Parks Tau outlines robust plans to revitalize Gauteng’s economy post-Covid-19

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The face of Africa and global economies are expected to look very different post the Covid-19 pandemic. Standard Bank Group Chief Economist, Goolam Ballim joins CNBC Africa to share his perspective on how Africa will look.

Standard Bank’s Ballim on how vaccine nationalism is weighing on Africa’s recovery

ACCRA, June 19 (Reuters) &#8211; A group of fifteen West African countries have adopted a new road map to launch a single currency in 2027 after its previous plans were derailed by the coronavirus pandemic.



The new road map was agreed by heads of state of the Economic Community of West African States (ECOWAS), Jean-Claude Kassi Brou, president of the ECOWAS Commission, told a news conference after a summit of the leaders in Ghana on Saturday



The countries hope a single currency will help to boost trade and economic growth



&#8220;Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021&#8221; Brou said.



&#8220;We have a new road map and a new convergence pact that will cover the period between 2022-2026, and 2027 being the launch of the Eco,&#8221; he said, referring to the name of the new currency.



Nigeria, the largest economy in West Africa, currently operates a managed float for its currency, while eight others including top cocoa producer Ivory Coast, use the France-backed CFA, pegged to the euro. 



(Reporting by Christian Akorlie; Writing by Bate Felix Editing by Mark Potter)

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West African regional bloc adopts new plan to launch single currency in 2027

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One of the characteristics we have been accustomed to when it comes to cryptocurrency is high volatility. However, we have seen more and more institutional investors buying into this investment. On today’s Crypto Corner, we will be having a conversation on the investment principles that you should consider when investing on the crypto market. Tino Mombo, Actuarial Analyst at Novare Actuaries &#038; Consultants joins CNBC Africa for more.

Here’s what you need to know before investing in cryptocurrencies

GENEVA, June 18 (Reuters) &#8211; The trend of COVID-19 cases in Africa is very concerning, a senior World Health Organization official said on Friday.



Absolute numbers do not make Africa look in bad shape, said Mike Ryan, the WHO&#8217;s top emergency expert, adding that in the last week it had recorded just over 5% of global cases and 2.2% of deaths.



But given the level of underdiagnosis, he told a news conference: &#8220;It&#8217;s a trajectory that is very, very concerning.&#8221; 



(Reporting by Mike Shields and John Miller; Writing by Giles Elgood; Editing by Alison Williams)

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Africa COVID trajectory is ‘very concerning’, WHO official says

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The Johannesburg Stock Exchange was one of the sponsors that hosted the inaugural two-day South Africa Tomorrow Investor conference &#8211; that is ending today. We do know the economic disruption that Covid-19 has caused. And investment is needed to accelerate South Africa’s economic recovery. Joining CNBC Africa to unpack what came out of the conference is Valdene Reddy, the Director of Capital Markets at the Johannesburg Stock Exchange.

JSE’s Valdene Reddy unpacks key takeaways from the South Africa Tomorrow Investor Conference

JOHANNESBURG, June 18 (Reuters) &#8211; South Africa&#8217;s economy is on track to grow 4.1% in 2021, above recent median forecasts for Sub-Saharan Africa as a whole but not enough to make up for last year&#8217;s huge coronavirus-related contraction, a Reuters poll found on Friday.



The rebound comes after a 7.0% contraction last year and the latest median forecast of economists polled in the past week was 0.2 percentage points better than in last month&#8217;s survey. Next year&#8217;s growth was expected to slow to 2.4%.



Eskom, which supplies most of the electricity to Africa&#8217;s most industrialised nation, has been implementing regular power cuts, or load-shedding, due to ageing coal-fired power stations. A slow pace of COVID-19 vaccinations is another drag on growth.



&#8220;Until now, concerns about load-shedding, a third wave of COVID-19 infections, and the pedestrian local vaccine rollouts have been the crucial factors explaining the hesitancy to notably boost the real GDP growth forecast for 2021,&#8221; said Hugo Pienaar at the Bureau for Economic Research.



The country&#8217;s gross domestic product expanded by 1.1% quarter-on-quarter in the first three months of 2021 on a seasonally adjusted basis, after an expansion of 1.5% in the fourth quarter of 2020.



Pienaar added risks were now materialising but better-than-expected Q1 GDP data, as well as indications that at least some of the momentum was sustained this quarter, imply GDP growth of potentially well above 4% in 2021 was becoming a reality.



On a seasonally adjusted and annualised basis, the economy grew 4.6% quarter-on-quarter, following growth of 5.8% in the previous quarter.



&#8220;Importantly, like the second wave, this assumes a continued light(er) touch from government on lockdown restrictions through the third wave,&#8221; said Pienaar.



South Africa has entered a third wave of infections, leading authorities to impose a stricter level 3 lockdown amid a surge in daily cases. The level includes restrictions on alcohol sales and tougher rules around public gatherings.



Medians in a Reuters poll taken in April showed sub-Saharan Africa was expected to grow 3.3% in 2021 after contracting nearly 2% last year.



Statistics South Africa said in its latest GDP report that during periods of economic instability annualised readings can be misleading because they exaggerate growth rates unlikely to be repeated.



Stats SA said largely as a result of the COVID-19 pandemic and lockdown regulations real GDP contracted sharply in the second quarter of 2020 and rebounded strongly in the third quarter so annualised rates would no longer be their headline figures.





South Africa announced further steps to address its electricity supply problem, which has long weighed on the economy, but Capital Economics said the measures would probably take time to bear fruit.



Interest rates were expected to remain unchanged at 3.50% this year but be raised to 3.75% either in January or March next year and to 4.00% either in July or September.



Quarterly inflation figures show South Africa is already experiencing negative real rates although the rand currency has been very supportive in suppressing imported inflation.



Inflation, which South Africa tries to keep between 3-6%, was expected to average 4.2% this year and 4.4% next year.



(For other stories from the Reuters global long-term economic outlook polls package:)



(Reporting by Vuyani Ndaba; Additional polling by Manjul Paul; editing by Philippa Fletcher)

World map with charts and graphs as symbols of global finance

South Africa’s economy seen growing 4.1% 2021

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Ghana’s economic growth slowed marginally to 3.1 per cent in the first quarter of the year when compared with the 3.3 percent growth in the fourth quarter of 2020. Courage Kingsley Martey, a Senior Economist at Databank says the general picture for 2021 favors a recovery above the pandemic growth level but most likely below pre-pandemic growth levels. He joins CNBC Africa for more on Ghana first quarter economic performance.

Ghana’s economy slows marginally to 3.1% in first quarter

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The Bank of Uganda this week officially unveiled a regulatory sandbox to help financial technology companies develop new products and services. The country’s financial sector regulator said it will provide oversight to enable startups to create financial solutions in a controlled environment. Silver Kayondo, Technology Lawyer, joins CNBC Africa for more.

Uganda’s Central Bank unveils first regulatory sandbox to boost fintech innovation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/kennete-820x545.jpg" alt="" class="wp-image-407052" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/06/kennete-820x545.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/kennete-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/kennete-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/kennete-768x510.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/06/kennete.jpg 1200w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Zambia&#8217;s Founding President; Kenneth Kaunda Photo via Wikipedia </figcaption></figure>



Kenneth Kaunda, Zambia&#8217;s founding president and liberation hero, has died, aged 97, at a military hospital in Lusaka where he was being treated for pneumonia, his son, Kambarage, said on Wednesday.



Kaunda ruled Zambia from 1964, when the southern African nation won its independence from Britain, until 1991, and afterwards become one of Africa&#8217;s most committed activists against HIV/AIDS.



&#8220;I am sad to inform (members) we have lost Mzee. Let’s pray for him,&#8221; Kambarage said on the late president&#8217;s Facebook page.



 (Reporting by Chris Mfula; Writing by Tim Cocks; Editing by Alison Williams)

kennete

Zambia’s founding president, Kenneth Kaunda, dies aged 97 – son

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A recent report by the International Finance Corporation in partnership with the European Commission an data from e-commerce platform Jumia shows that by closing the gender gaps by 2025, Africa’s e-commerce sector could add nearly 15 billion dollars to the total value of the sector in Africa by 2030. Juliet Anammah Chairwoman Jumia Nigeria and Head of Institutional Affairs at the Jumia Group joins CNBC Africa for more.

Newsletter

Bitcoin drops as China intensifies crypto mining crackdown

Ethiopians vote in what government bills as first free election

WTO head says South Africa, Senegal, Rwanda and Nigeria considered as vaccine production hubs

Uganda tightens measures amid rise in COVID-19 cases

ECOWAS targets 2027 for Eco single currency

Botswana Stock Exchange expects more listings to boost performance, says CEO

MEC Parks Tau outlines robust plans to revitalize Gauteng’s economy post-Covid-19

Standard Bank’s Ballim on how vaccine nationalism is weighing on Africa’s recovery

West African regional bloc adopts new plan to launch single currency in 2027

Here’s what you need to know before investing in cryptocurrencies

Africa COVID trajectory is ‘very concerning’, WHO official says

JSE’s Valdene Reddy unpacks key takeaways from the South Africa Tomorrow Investor Conference

South Africa’s economy seen growing 4.1% 2021

Ghana’s economy slows marginally to 3.1% in first quarter

Uganda’s Central Bank unveils first regulatory sandbox to boost fintech innovation

Zambia’s founding president, Kenneth Kaunda, dies aged 97 – son

Report: Africa’s e-commerce could add $15bn if gender gaps close between 2025-2030

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Advertise With Us

Newsletter

Bitcoin drops as China intensifies crypto mining crackdown

Ethiopians vote in what government bills as first free election

WTO head says South Africa, Senegal, Rwanda and Nigeria considered as vaccine production hubs

Uganda tightens measures amid rise in COVID-19 cases

ECOWAS targets 2027 for Eco single currency

Botswana Stock Exchange expects more listings to boost performance, says CEO

MEC Parks Tau outlines robust plans to revitalize Gauteng’s economy post-Covid-19

Standard Bank’s Ballim on how vaccine nationalism is weighing on Africa’s recovery

West African regional bloc adopts new plan to launch single currency in 2027

Here’s what you need to know before investing in cryptocurrencies

Africa COVID trajectory is ‘very concerning’, WHO official says

JSE’s Valdene Reddy unpacks key takeaways from the South Africa Tomorrow Investor Conference

South Africa’s economy seen growing 4.1% 2021

Ghana’s economy slows marginally to 3.1% in first quarter

Uganda’s Central Bank unveils first regulatory sandbox to boost fintech innovation

Zambia’s founding president, Kenneth Kaunda, dies aged 97 – son

Report: Africa’s e-commerce could add $15bn if gender gaps close between 2025-2030

News Tips

Advertise With Us

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