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<p>A new report by the World Trade Organization, points to the need to enhance trade in Africa. The report states that African trade in goods and services has amounted to only 3 per cent of global exports and imports on average. Trade Analyst, Paul Batibonak joins CNBC Africa for more.</p>


Paul Batibonak on how to strengthen trade on the African continent

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<p>Agriculture for the most part has been a shining light for the continent and the investor community. Governments have recognised that agri is a key driver for the African continent’s growth and development. To fully realise the benefits of the agri opportunity, investment in infrastructure is critical. Mopai Mashatola, Head of Agriculture, Absa Business Banking joins CNBC Africa&#8217;s Fifi Peters to unpack this more&#8230;.</p>


ABSA Insight Series: How to unlock Africa’s agricultural potential

ABSA Insights Series: How to unlock Africa’s agricultural potential

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<p>With many economies on the continent having faced a recession as a result of the COVID-19 pandemic, some predict the road to recovery will need consolidated but creative economic models. In this conversation we look at alternative financing options for economies on the continent. With many countries trying to rebuild their economies after COVID-19, it is fundamental that they see this as a unique opportunity to lay the foundation for a green, resilient, and inclusive future&#8230;.</p>


Finding alternative financing options for African economies

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<p>The quarterly labour force statistics for the first quarter of 2021 are out and the unemployment rate has recorded a slight increase of 0.1 percentage point bringing the overall rate to 32.6 per cent. This is the highest it&#8217;s been in 13 years unemployment according to the expanded definition increased by 0.6 of a percentage point in quarter 1 to 43.2 per cent. Joining CNBC Africa for more is South Africa&#8217;s Statistician-General, Risenga Maluleke.</p>


SA’s unemployment rises to 13-year high

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<p>Global trade has contributed to growth and poverty reduction in the past three decades, but according to the World Bank, gains from trade can be more inclusive. Jakob Engel, Economist in the Global Trade and Regional Integration Unit of the World Bank joins CNBC Africa on spreading the benefits of trade more widely.</p>


Assessing the distributional impact of trade policies in Africa

<p>MAPUTO, May 31 (Reuters) &#8211; Mozambique on Monday began construction of gas-to-power plant and transmission line projects worth $1 billion in the southern province of Inhambane as the government aims to boost energy supply.</p>
<p>The World Bank is one of the financing partners of the infrastructure projects, alongside the United States, Norway, African Development Bank (AfDB), Islamic Bank and The OPEC Fund for International Development, according statements from the World Bank and the U.S. embassy.</p>
<p>&#8220;Today we mark a milestone in the framework of this endeavour to illuminate Mozambique. Our governance aspires that more than 10 million Mozambicans will have access to electricity for the first time in their homes by 2024,&#8221; Mozambique President Filipe Nyusi said at the launch of the project.</p>
<p>Upon completion, the gas-to-power Temane Thermal Power Plant will have a capacity of 450 megawatts.</p>
<p>&#8220;Today, we are witnessing the exceptional beginning of a vision that aims to provide energy for all Mozambicans: this is a transformative project for the country,&#8221; the representative of the World Bank in Mozambique, Idah Pswarayi-Riddihough, said during the launch.</p>
<p>U.S. Ambassador to Mozambique Dennis Hearne said the United States was supporting the Temane project through a $200 million direct loan for its construction via the U.S. International Development Finance Corporation (DFC).</p>
<p>&#8220;In addition, thanks to the support of the U.S. government&#8217;s signature Power Africa program, we are providing a &#8220;transaction advisor&#8221; assigned to EDM (Mozambique power utility Eletricidade de Moçambique) to help bring the critical Temane Transmission Line Project to financial close,&#8221; said Hearne. (Reporting by Manuel Mucari Editing by Bill Berkrot)</p>
<p>(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html</p>
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Mozambique launches construction of $1 bln power plant, transmission line


<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Eskom_results-820x544.jpg" alt="" class="wp-image-399685" width="841" height="558" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Eskom_results-820x544.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Eskom_results-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Eskom_results-768x510.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Eskom_results.jpg 830w" sizes="(max-width: 841px) 100vw, 841px" /><figcaption>Eskom results held at Megawatt Park in Johannesburg on Tuesday, July 30 2019. Pic: Waldo Swiegers / Bloomberg</figcaption></figure>



<p>JOHANNESBURG, May 31 (Reuters) &#8211; South African power utility Eskom said it would implement scheduled power cuts from Monday afternoon to Tuesday morning due to high demand and breakdowns of generation units.</p>



<p>The power cuts will be from 4:00 PM local time (1400 GMT) until 5:00 AM on Tuesday, with the possibility that the power cuts could be extended, the utility said. </p>



<p>(Reporting by Olivia Kumwenda-Mtambo; Editing by Kirsten Donovan)</p>


Embattled Power Company Eskom Holdings SOC Ltd. Reports Record Loss

South Africa’s Eskom says to implement power cuts from Monday

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<p>Blockchain is revolutionising the speed and efficiency of transactions. While the application of the technology is still in the proof-of-concept stage, it could play a positive role in a diverse range of industries and sectors including banking, for more on how best it could change banking as we know it, CNBC Africa is joined by Micheal Awori, Chief Operating officer for the Trade and Development Bank for more.</p>


TDB’s Awori on how blockchain technology is transforming the banking industry

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<p>The Bank of Ghana has cut its prime interest rate by 100 basis points to 13.5 per cent at its 100th policy meeting which was concluded today. Governor of the Bank of Ghana, Ernest Addison says consumer inflation will remain within the bank&#8217;s target band of eight per cent plus or minus two percentage points. Joining CNBC Africa for a post analysis of the decision is John Gatsi, Dean of the School of Business at the University of Cape Coast.</p>


Ghana cuts prime interest rate by 100 basis points to 13.5%


<p>GENEVA, May 31 (Reuters) &#8211; The World Health Organization, battling to coordinate the global response to the coronavirus pandemic, agreed on Monday to study recommendations for ambitious reforms made by independent experts to strengthen the agency, with member states firmly in the driver&#8217;s seat.</p>



<p>Health ministers from its 194 members will also meet from Nov. 29 to decide whether to launch negotiations on an international treaty aimed at boosting defences against any future pandemic.</p>



<p>&#8220;We really do welcome the recommendations within the resolutions and also the decision to take this forward to an international agreement or framework convention on preparedness and response for pandemics,&#8221; WHO&#8217;s emergencies director Mike Ryan told its annual ministerial assembly. </p>



<p>(Reporting by Stephanie Nebehay; editing by Emma Farge)</p>


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WHO agrees to study major reforms, meet again on pandemic treaty

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<p>The potential for sports on the continent to turn into the next foreign direct investments pull has been highlighted by the success of the basketball Africa league but what will it take for more sports investment on the continent? CNBC Africa caught up with the Co-owner of the Milwaukee Bucks NBA team and Aston Villa English Premier League Club, Wes Edens for more.</p>


Unlocking Africa’s Dynamic Possibilities through the AfCFTA

Wes Edens on the investment case for basketball in Africa


<p>May 31 (Reuters) &#8211; Gold firmed on Monday and was on course for its biggest monthly jump since July 2020 as the U.S. dollar headed for a second month of decline, while growing inflationary pressures also lifted bullion&#8217;s appeal.</p>



<p>Spot gold was up 0.1% at $1,904.34 per ounce by 0848 GMT, while U.S. gold futures rose 0.2% to $1,909.00. Spot prices have climbed nearly 7.7% so far this month.</p>



<p>Most markets will be closed in the United States and Britain on Monday for public holidays.</p>



<p>&#8220;The dollar is staying weaker, that&#8217;s fairly supportive. Gold bulls now have their eyes set on $2,000, and most are thinking it&#8217;s going to go quite a lot higher,&#8221; said Stephen Innes, managing partner at SPI Asset Management.</p>



<p>The dollar index was headed for its second straight monthly decline versus rivals, while the U.S. 10-year Treasury yield fell to 1.593% on Friday, reducing the opportunity cost of holding non-interest bearing gold.</p>



<p>Data on Friday showed U.S. consumer prices surged in April, with a measure of underlying inflation blowing past the Federal Reserve&#8217;s 2% target and posting its largest annual gain since 1992.</p>



<p>Gold is often seen as an inflation hedge, although Fed Chair Jerome Powell has repeatedly stated that higher inflation will be transitory.</p>



<p>&#8220;For as long as the Fed refuses to change its monetary policy in response to rising inflation, real interest rates will continue sliding ever further into negative territory, which is good news for gold,&#8221; Commerzbank analyst Carsten Fritsch said in a note.</p>



<p>Investors&#8217; focus this week will be on U.S. payrolls data on Friday, with median forecasts suggesting they will show an increase of 650,000.</p>



<p>Palladium rose 0.3% to $2,834.40 per ounce, but was set for its first monthly decline in four. Platinum climbed 0.6% to $1,184.00.</p>



<p>Silver gained 0.3% to $27.96 and was heading for its largest monthly gain since December.</p>



<p>(Reporting by Brijesh Patel and Arundhati Sarkar in Bengaluru; Editing by Rashmi Aich, Ramakrishnan M. and Jan Harvey)</p>


Gold ingots and coins

Gold set for biggest monthly rise in 10 on soft dollar, inflation risk

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<p>The Kingdom of eSwatini is making moves towards electricity security and a sustainable energy future. eSwatini has added two more Solar PV plants to their energy portfolio as their Lavumisa 10 Mega Watt plant nears completion. Peter Bhembe, eSwatini Minister for Natural Resources and Energy joins CNBC Africa for more.</p>


eSwatini adds two more Solar PV plants to energy portfolio


<p>Kenya has extended its nightly curfew by 60 days to slow the spread of COVID-19, the Interior Ministry said on Sunday.</p>



<p>The move followed a decision by President Uhuru Kenyatta in late March to extend the 10 p.m to 4 a.m. curfew.</p>



<p>A ban on political gatherings and processions that could turn into super spreader events was also extended for 60 days, as was a prohibition on overnight events and vigils, the ministry said.</p>



<p>When the first coronavirus cases were confirmed in Kenya in March 2020, the government closed schools, imposed a curfew, banned public gatherings and on multiple occasions restricted movement in and out of the most-affected regions.</p>



<p>Some restrictions, such as on schools, were eventually relaxed. The ban on public gatherings and processions and overnight meetings will stay in force, the ministry said.</p>



<p>Kenya has recorded 170,485 cases and 3,141 deaths, Ministry of Health data showed on Saturday, with a positivity rate of 8.9%.</p>



<p>COVID-19 vaccinations began on March 5 and so far 968,733 people have received their first dose. </p>



<p>(Reporting by Humphrey Malalo; Writing by George Obulutsa; Editing by Giles Elgood)</p>


Kenya’s president Uhuru Muigai Kenyatta, delivers his

Kenya extends COVID-19 curfew by 60 days


<p>JOHANNESBURG, May 30 (Reuters) &#8211; South Africa has extended its nightly curfew and limited the number of people at gatherings to slow the spread of COVID-19 as positive cases surge, President Cyril Ramaphosa said on Sunday.</p>



<p>The level two lockdown restrictions will start on Monday, forcing non-essential establishments like restaurants, bars and fitness centres to close by 2200 local time (2000 GMT) as the curfew will now start at 2300 from midnight and end at 0400, Ramaphosa said in an address to the nation.</p>



<p>All gatherings will be limited to a maximum of 100 people indoors from 250 and 250 people outdoors from 500. Where the venue is too small to accommodate these numbers, no more than 50% of the capacity of the venue may be used.</p>



<p>Ramaphosa said according to the country&#8217;s health experts, the recent surge in new infections is due to the increasing number of social gatherings where people are not observing essential health protocols.</p>



<p>Funerals and so-called &#8220;after tears&#8221; parties, as well as camps and sporting activities at schools have also been identified as other sites of increased transmission.</p>



<p>&#8220;The Ministerial Advisory Committee on COVID-19 has therefore recommended that the country urgently implement further restrictions to limit the increase in infections,&#8221; Ramaphosa said.</p>



<p>&#8220;It bases this recommendation on the sustained increase in new cases in the last 14 days, increased hospital admissions in almost all provinces and an increase in the proportion of COVID tests that are positive.&#8221;</p>



<p>Over the last seven days, the country has seen an average of 3,745 daily new infections, with cases rising by 4,515 over the past 24 hours to over 1.659 million cases. Over 960,000 people have been vaccinated in the country.</p>



<p>The provinces of Free State, Northern Cape, North West and Gauteng, which houses Johannesburg, have reached the threshold of a third wave of infections and &#8220;it may only be a matter of time before the country as a whole will have entered a third wave,&#8221; Ramaphosa said. </p>



<p>(Reporting by Nqobile Dludla; Editing by Angus MacSwan and Giles Elgood)</p>


Ramaphosa imposes further restrictions as COVID-19 cases rise

South Africa extends nightly curfew as COVID cases surge


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="677" height="453" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/namibian-flag.jpg" alt="" class="wp-image-405300" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/namibian-flag.jpg 677w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/namibian-flag-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/namibian-flag-150x100.jpg 150w" sizes="(max-width: 677px) 100vw, 677px" /><figcaption>Namibian National Flag:<br>Image from <a rel="noreferrer noopener" target="_blank" href="https://commons.wikimedia.org/wiki/File:National_Flag_Namibia.JPG">Wikimedia Commons</a> </figcaption></figure>



<p>Germany apologised on Friday for its role in the slaughter of Herero and Nama tribespeople in Namibia more than a century ago and officially described the massacre as genocide for the first time, as it agreed to fund projects worth over a billion euros.</p>



<p>Namibia&#8217;s President Hage Geingob welcomed the &#8220;historic&#8221; move, but Herero paramount chief Vekuii Rukoro dismissed a deal agreed by the two governments as &#8220;an insult&#8221; because it did not include payment of reparations.</p>



<p>Instead Germany will fund 1.1 billion euros ($1.3 billion) of reconstruction and development projects in Namibia, which German Foreign Minister Heiko Maas said would directly benefit the genocide-affected communities.</p>



<p>&#8220;That&#8217;s a black cat in the bag instead of reparations for a crime against humanity,&#8221; Rukoro told Reuters.</p>



<p>&#8220;No self-respecting African will accept such an insult in this day and age from a so-called civilized European nation.&#8221;</p>



<p>German soldiers killed some 65,000 Herero and 10,000 Nama people in a 1904-1908 campaign after a revolt against land seizures by colonists in what historians and the United Nations have long called the first genocide of the 20th century.</p>



<p>While Germany has previously acknowledged &#8220;moral responsibility&#8221; for the killings, it had avoided making an official apology for the massacres to avoid compensation claims.</p>



<p>In a statement announcing an agreement with Namibia following more than five years of negotiations, Maas said the events of the colonial period should be named &#8220;without sparing or glossing over them&#8221;.</p>



<p>&#8220;We will now also officially call these events what they were from today&#8217;s perspective: a genocide,&#8221; he added.</p>



<p>&#8220;In light of Germany&#8217;s historical and moral responsibility, we will ask Namibia and the descendants of the victims for forgiveness.&#8221;</p>



<p>Namibian media reported on Thursday that the funds promised by Germany would support infrastructure, healthcare and training programmes over 30 years.</p>



<p>Namibia&#8217;s president Geingob welcomed the move as a &#8220;step in the right direction&#8221;, his spokesman told Reuters.</p>



<p>&#8220;The apology on the part of Germany and acceptance there was a genocide is in itself historic and speaks to the moral responsibility Germany has towards Namibia and the communities affected by the first genocide of the 20th century,&#8221; Alfredo Hengari told Reuters.</p>



<p>HUMAN DIGNITY</p>



<p>Germany, which lost all its colonial territories after World War One, was the third biggest colonial power after Britain and France. However, its colonial past was ignored for decades while historians and politicians focused more on the legacy of Nazi crimes, including the Holocaust.</p>



<p>Sima Luipert, 52, who identified herself as of Namibia&#8217;s Nama people, said Germany should not have directed its apology to the Namibian state, which did not exist at the time of the genocide and was given no mandate to speak to Germany on behalf of traditional authorities.</p>



<p>&#8220;Germany must come to the Nama people, and to the Herero people, and to ask for forgiveness,&#8221; she said. &#8220;It is up to us to decide if that apology is genuine or not.</p>



<p>&#8220;This is not about money, it is about the restoration of human dignity.&#8221;</p>



<p>($1 = 0.8203 euros)</p>



<p> (Reporting by Caroline Copley in Berlin and Nyasha Francis in Windhoek; Editing by Robert Birsel and Catherine Evans)</p>


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Germany apologises for colonial-era genocide in Namibia

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<p>In its latest Fund Managers Survey, Bank of America says that 80 per cent of South African Fund Managers see the equity market up in 6 months; with a net 73 per cent seeing more buys than sells. In 12 months, equity returns are expected to be 13 per cent. Joining CNBC Africa to unpack the May survey is John Morris, South Africa Investment Strategist at Bank of America.</p>


Newsletter

Paul Batibonak on how to strengthen trade on the African continent

ABSA Insights Series: How to unlock Africa’s agricultural potential

Finding alternative financing options for African economies

SA’s unemployment rises to 13-year high

Assessing the distributional impact of trade policies in Africa

Mozambique launches construction of $1 bln power plant, transmission line

South Africa’s Eskom says to implement power cuts from Monday

TDB’s Awori on how blockchain technology is transforming the banking industry

Ghana cuts prime interest rate by 100 basis points to 13.5%

WHO agrees to study major reforms, meet again on pandemic treaty

Wes Edens on the investment case for basketball in Africa

Gold set for biggest monthly rise in 10 on soft dollar, inflation risk

eSwatini adds two more Solar PV plants to energy portfolio

Kenya extends COVID-19 curfew by 60 days

South Africa extends nightly curfew as COVID cases surge

Germany apologises for colonial-era genocide in Namibia

SA’s fund managers see equity market up in 6 months: BofA Survey

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Newsletter

Paul Batibonak on how to strengthen trade on the African continent

ABSA Insights Series: How to unlock Africa’s agricultural potential

Finding alternative financing options for African economies

SA’s unemployment rises to 13-year high

Assessing the distributional impact of trade policies in Africa

Mozambique launches construction of $1 bln power plant, transmission line

South Africa’s Eskom says to implement power cuts from Monday

TDB’s Awori on how blockchain technology is transforming the banking industry

Ghana cuts prime interest rate by 100 basis points to 13.5%

WHO agrees to study major reforms, meet again on pandemic treaty

Wes Edens on the investment case for basketball in Africa

Gold set for biggest monthly rise in 10 on soft dollar, inflation risk

eSwatini adds two more Solar PV plants to energy portfolio

Kenya extends COVID-19 curfew by 60 days

South Africa extends nightly curfew as COVID cases surge

Germany apologises for colonial-era genocide in Namibia

SA’s fund managers see equity market up in 6 months: BofA Survey

News Tips

Advertise With Us

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