<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/5KGMLDAKZZPMZBFLD6IPJ2HQA4-820x547.jpg" alt="" class="wp-image-608265" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/5KGMLDAKZZPMZBFLD6IPJ2HQA4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/5KGMLDAKZZPMZBFLD6IPJ2HQA4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/5KGMLDAKZZPMZBFLD6IPJ2HQA4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/5KGMLDAKZZPMZBFLD6IPJ2HQA4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/5KGMLDAKZZPMZBFLD6IPJ2HQA4.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A cargo ship sits outside of the Port of Elizabeth marine terminal seen from Bayonne, New Jersey, U.S., April 9 2025. REUTERS/Shannon Stapleton/File Photo</figcaption></figure>



GENEVA, April 11 (Reuters) &#8211; Sweeping tariffs on imports imposed by U.S. President Donald Trump and countermeasures could have a &#8220;catastrophic&#8221; impact on developing countries, hitting even harder than foreign aid cuts, the director of the United Nations trade agency said on Friday.



Global trade could shrink by 3-7% and global gross domestic product by 0.7%, with developing countries the worst affected, the International Trade Centre said.



&#8220;It is huge,&#8221; Pamela Coke-Hamilton, executive director of the International Trade Centre, told Reuters. &#8220;If this escalation between China and the U.S. continues it will result in an 80% reduction in trade between the countries, and the ripple effect of that across the board can be catastrophic.&#8221;



Global markets remained in turmoil on Friday. Trump this week announced a 90-day tariff pause on dozens of countries but hiked the duties on Chinese goods to an effective rate of 145%. On Friday, Beijing increased its tariffs on U.S. imports to 125% in a trade war that threatens to up-end global supply chains.



&#8220;Tariffs could have a much more harmful impact than the removal of foreign aid,&#8221; Coke-Hamilton said, warning that developing economies risk sliding back on the economic gains they made in recent years.



Some of the world&#8217;s least developed countries, including Lesotho, Cambodia, Laos, Madagascar and Myanmar, may look to improve regional trade relations to absorb the loss of some of the U.S. market for their exports, the ITC&nbsp;said.



Bangladesh, the world’s second largest apparel exporter, could lose $3.3 billion in annual exports to the U.S. by 2029 if the U.S. tariff of 37% stays after the pause, ITC data found. It may look to European markets as an alternative as they still hold growth potential, Coke-Hamilton suggested.



The projections by the International Trade Centre, the joint agency of the World Trade Organization and the United Nations, which seeks to help countries develop through exports, are based on data it gathered before Trump&#8217;s 90-day pause and subsequent hikes on duties on Chinese imports.



(Reporting by Olivia Le Poidevin; Editing by Friederike Heine, Ludwig Burger and Frances Kerry)

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Impact of tariffs on developing countries could be ‘catastrophic’, says UN trade agency

<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>



April 11 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.



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



Global stocks slumped and the dollar sank further on Friday, while a manic bond selloff took hold in a brutal end to the week of tit-for-tat worldwide tariffs that have fed fears of a deep recession and shaken investor confidence in U.S. assets.



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



Oil prices fell on Friday and were set to drop for a second week on concerns prolonged trade war between the United States and China, the world&#8217;s largest economies, will crush crude consumption as their dispute curtails economic growth.



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



The Nigerian and Ghanaian currencies are expected to be broadly stable in the next week to Thursday thanks to central bank support, while the Ugandan and Zambian currencies could fall, traders said.



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



South Africa&#8217;s rand stumbled on Thursday on global market jitters while stocks jumped, as investors digested U.S. President Donald Trump&#8217;s announcement of an immediate 90-day tariff pause for many countries.



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



Kenya&#8217;s shilling gained ground against the dollar on Thursday, after U.S. President Donald Trump&#8217;s unexpected decision to temporarily suspend most of his recently imposed tariffs, traders said.



<h2 class="wp-block-heading" id="h-sudan-genocide">SUDAN GENOCIDE</h2>



Sudan told the International Court of Justice on Thursday that the United Arab Emirates was violating the Genocide Convention by supporting paramilitary forces in Darfur, but the UAE argued the case should be thrown out as the court lacked jurisdiction.



<h2 class="wp-block-heading" id="h-us-aid">US AID</h2>



President Donald Trump&#8217;s administration wants the U.N. World Food Programme to modify operations backed by the U.S. in six countries, a State Department spokesperson said on Wednesday, after Washington terminated and then reinstated the assistance.



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



Tanzanian opposition party leader Tundu Lissu was on Thursday charged with treason, a capital offence, for comments he made last week that prosecutors said called on the public to launch a rebellion and disrupt an election due this year.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on April 11

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4092" height="2493" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Z7OUSBHECZMJVEHQT7G2AZVSQU-1.avif" alt="" class="wp-image-593738"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, April 11 (Reuters)&nbsp;&#8211;&nbsp;The rand gained in early trade on Friday, making a cautious recovery after this week&#8217;s global tariff turmoil, but worries lingered over U.S. President Donald Trump&#8217;s next trade move and over whether South Africa&#8217;s coalition government might split.



At 0720 GMT the rand traded at 19.3675 against the dollar, roughly 0.5% stronger than Thursday&#8217;s closing level.



The risk-sensitive currency has been highly volatile this week.



It fell steeply on Monday and Tuesday and hit a record low against the dollar on Wednesday, before staging a sharp relief rally after Trump announced a 90-day pause in higher tariff rates on dozens of trading partners including South Africa.



Analysts said the rand would continue to move on global developments in Trump&#8217;s tariff war, as well as local headlines on the future of the market-friendly coalition government.



The two biggest parties in the coalition, the African National Congress (ANC) and the pro-business Democratic Alliance (DA), clashed over the budget last week, with the DA voting against it in parliament and challenging it in court.



The ANC and DA are due to meet on Saturday to discuss the budget impasse.



The benchmark 2030 government bond was marginally weaker in early deals, as the yield rose 1 basis point to 9.25%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning and Gareth Jones)

Z7OUSBHECZMJVEHQT7G2AZVSQU (1)

South African rand stages cautious recovery, tariff and coalition worries linger

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4987" height="3325" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AVUKD6NDQRNW5H4WASP4IO5AFM.avif" alt="" class="wp-image-608214"/><figcaption class="wp-element-caption">Chinese Commerce Minister Wang Wentao attends a meeting with global business leaders at the Great Hall of the People in Beijing, China, March 28, 2025. REUTERS/Florence Lo/File Photo</figcaption></figure>



BEIJING, April 11 (Reuters)&nbsp;&#8211;&nbsp;China&#8217;s Commerce Minister Wang Wentao had discussions with his Saudi Arabian and South African counterparts to exchange views on responding to the United States&#8217; &#8220;reciprocal tariffs&#8221;, the Chinese ministry said on Friday.



The conversations took place over separate video calls on Thursday in which China discussed strengthening bilateral economic and trade cooperation with Saudi Arabia and South Africa.



Wang also spoke to Saudi Arabia&#8217;s Commerce Minister Majid bin Abdullah al-Qasabi about enhancing cooperation with countries within the Gulf Cooperation Council, while G20 and BRICS&#8217; roles were brought up in his conversation with South Africa&#8217;s Parks Tau.



The Chinese commerce ministry&#8217;s statements did not elaborate on the discussions.



(Reporting by Liz Lee, Yukun Zhang and Shanghai newsroom; Editing by Jacqueline Wong)

AVUKD6NDQRNW5H4WASP4IO5AFM

China speaks with Saudi Arabia, South Africa about response to US tariffs

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="593" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GMDZRSA6BRKDPKJ2BPS5RJ25YA-820x593.jpg" alt="" class="wp-image-607969" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GMDZRSA6BRKDPKJ2BPS5RJ25YA-820x593.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GMDZRSA6BRKDPKJ2BPS5RJ25YA-300x217.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GMDZRSA6BRKDPKJ2BPS5RJ25YA-124x90.jpg 124w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GMDZRSA6BRKDPKJ2BPS5RJ25YA-768x556.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GMDZRSA6BRKDPKJ2BPS5RJ25YA-1536x1111.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GMDZRSA6BRKDPKJ2BPS5RJ25YA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause</figcaption></figure>



JOHANNESBURG, April 10 (Reuters)&nbsp;&#8211;&nbsp;Pressure from U.S. aid freezes and global trade tension is unlikely to result in widescale credit downgrades in Africa, Fitch Ratings said on Thursday.



The impact of tariffs on Africa is limited, Fitch said, due to the region&#8217;s export composition and weaker integration into global supply chains compared to a region such as Asia.



But Sub-Saharan Africa has been one of the largest recipients of funds disbursed by the United States Agency for International Development (USAID) which was frozen by executive order of U.S. President Donald Trump.



Nonetheless, South Africa, Namibia and Ivory Coast remain relatively shielded from recent events, Paul Gamble, head of Middle East/Africa in Fitch’s Sovereign Ratings Group, said.



And Nigeria and the Seychelles both hold positive credit outlooks from Fitch Ratings &#8211; an indication that a rating is expected to be raised in the future &#8211; thanks to ongoing reforms, he told a webinar.



&#8220;The reforms that we&#8217;ve seen really put the region in a better position to absorb some of these shocks,&#8221; Gamble.



&#8220;The impact for the ratings looks manageable.&#8221;



However, the freeze on U.S. foreign aid was not without negative consequences, Fitch said.



Some of the poorest nations were at risk for having projects come to an abrupt end and would see fiscal stability come under pressure. Ethiopia received U.S. assistance worth around 80% of its foreign exchange reserves, with Mozambique, Uganda, and Lesotho also seen at risk.



&#8220;African-owned multilateral banks might become more important institutions in this shifting landscape,&#8221; Arnaud Louis, senior director at Fitch, said on the webinar.



Gamble also pointed to Washington&#8217;s pivot to strategic investments in minerals in Africa as potentially becoming a new sphere for the trade tensions as it could intensify competition on the continent with China.



&#8220;Africa will be a playing field for U.S.-China tensions,&#8221; said Gamble. The U.S. interest is becoming &#8220;more opportunistic, transactional&#8221; focusing on access to minerals and rare earths rather than broad-based development, he said.



The Trump administration has said it wants to invest billions of dollars in the Democratic Republic of Congo. Congo&#8217;s minerals, which are used in mobile phones and electric cars, are currently dominated by China and its mining companies.



(Reporting by Colleen Goko; Editing by Alison Williams)

The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London

African credit ratings can absorb aid cuts and trade strains, Fitch 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>



April 10 (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>



Rwanda&#8217;s statistics office releases consumer inflation data for March.



Mozambique statistics office releases consumer inflation data for March.



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



Asian shares climbed and a manic bond selloff stabilised on Thursday after U.S. President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries.



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



Oil prices retreated on Thursday as U.S. President Donald Trump ramped up a trade war with China, even as he announced a 90-day pause on tariffs aimed at other countries.



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



The rand struck an all-time low in jittery trade on Wednesday, as U.S. President Donald Trump&#8217;s trade war and the risk that South Africa&#8217;s market-friendly coalition government could split unnerved investors.



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



Kenya&#8217;s shilling was broadly stable against the dollar on Wednesday, data from the London Stock Exchange Group showed.



<h2 class="wp-block-heading" id="h-central-africa-oil">CENTRAL AFRICA OIL</h2>



U.S. lawmakers have introduced legislation that could block International Monetary Fund support for some Central African countries, in an effort to guard billions of dollars that oil companies must set aside for environmental restoration.



<h2 class="wp-block-heading" id="h-us-aid">US AID</h2>



President Donald Trump&#8217;s administration wants the U.N. World Food Programme to modify operations backed by the U.S. in six countries, a State Department spokesperson said on Wednesday, after Washington terminated and then reinstated the assistance.



<h2 class="wp-block-heading" id="h-congo-coup">CONGO COUP</h2>



The U.S. Department of Justice has charged four Americans for their role in an attempted coup in the Democratic Republic of Congo after three of the men were returned to U.S. custody this week, according to a criminal complaint unsealed on Wednesday.



<h2 class="wp-block-heading" id="h-nigeria-cenbank">NIGERIA CENBANK</h2>



Nigeria recorded a balance of payments surplus of $6.83 billion in 2024, driven by the impact of reforms, a stronger trade performance and renewed investor confidence in the economy, the Central Bank of Nigeria said on Monday.



<h2 class="wp-block-heading" id="h-gabon-election">GABON ELECTION</h2>



The top opposition candidate in Gabon&#8217;s presidential election challenged the eligibility of Brice Oligui Nguema in an interview with Reuters, saying the putschist-turned-frontrunner posed a threat to democracy.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on April 10

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="463" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/2PLENK7UEVP6LHO27XU5VACMUU.avif" alt="" class="wp-image-590509"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, April 10 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand firmed in early trade on Thursday, recouping some of its recent loss as investors took a breather after U.S. President Donald Trump announced an immediate 90-day tariff pause for many countries.



At 0631 GMT, the rand traded at 19.25 against the U.S. dollar, about 0.4% stronger than its previous close.



The local currency hit a record low of 19.9325 on Wednesday, the day Trump&#8217;s country-specific import tariffs kicked in.



Trump said he would temporarily lower tariffs imposed on dozens of countries including South Africa but kept a 10% blanket duty on almost all U.S. imports.



In addition to Trump&#8217;s tariffs, local politics have also weighed on the risk-sensitive rand, after a contentious budget vote last week threatened the future of the ruling coalition.



The second-biggest party in the coalition, the pro-business Democratic Alliance, voted against key legislation in the budget and challenged the budget process in court.



South Africa-focused investors on Thursday will look out for February domestic manufacturing data due at 1100 GMT for clues on the health of the economy.



Benchmark 2030 government bonds were stronger in early deals, with the yield down 15.5 basis points at 9.15%.



(Reporting by Sfundo Parakozov; Editing by Bhargav Acharya and Christopher Cushing)

2PLENK7UEVP6LHO27XU5VACMUU

South African rand regains some ground after US pauses tariffs

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg" alt="" class="wp-image-533970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-768x475.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-1536x950.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, April 9 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand touched a new all-time low against the U.S. dollar on Wednesday, under pressure from global risk aversion over U.S. President Donald Trump&#8217;s tariffs and uncertainty about the future of the local coalition government.



The rand fell as low as 19.9325 to the dollar, weaker than the previous record low of 19.9075 struck in June 2023, data from the London Stock Exchange Group showed.



This is a developing story&#8230;



(Reporting by Tannur Anders; Editing by Alexander Winning)

Photo illustration of South African bank notes displayed next to the American dollar notes in Johannesburg

South Africa’s rand touches new record low against dollar

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg" alt="" class="wp-image-568119" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, April 9 (Reuters) &#8211; The South African rand traded near an all-time low against the dollar on Wednesday, bruised by global risk aversion linked to U.S. President Donald Trump&#8217;s tariffs and uncertainty over the future of the country&#8217;s ruling coalition.



The rand fell as low as 19.83 to the dollar in choppy trade, not far from the weakest it has ever traded at 19.9075 in June 2023.



At 1305 GMT it was at 19.8050, down 0.2% on the day and more than 3% weaker so far this week.



&#8220;The past few trading sessions have been a wild ride, and there are no indications as yet that the volatility is about to end,&#8221; said Danny Greeff, co-head of Africa at ETM Analytics.



The South African currency is highly susceptible to shifts in financial market sentiment, which has soured badly over Trump&#8217;s&nbsp;global tariff&nbsp;war.



U.S. tariffs on dozens of countries kicked in on Wednesday, while China was hit with 104% duties. China said it will impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced.



Another important factor behind the rand&#8217;s recent slide is local politics,&nbsp;which some analysts think has outweighed global developments.



The two biggest parties in the broad coalition government have disagreed sharply over the budget, with the junior partner voting against it in parliament and going to court.



Despite both parties saying on Tuesday that they are not yet walking away from the Government of National Unity (GNU), investors are still worried at the prospect that the pro-business Democratic Alliance could exit government.



&#8220;Optimism around the GNU&#8217;s ability to implement much-needed reforms is fading quickly. That being said, as more time passes with the coalition still intact, the market may begin to view current trading levels as attractive,&#8221; said Greeff at ETM Analytics.



On the Johannesburg Stock Exchange, the Top-40 index last traded down 1.8%.



The benchmark 2030 government bond also dropped, as the yield rose 10.5 basis points to 9.305%.



(Reporting by Sfundo Parakozov and Tannur Anders; Editing by Alexander Winning and Sharon Singleton)

rand2 (1)

South African rand near record low on tariff war, coalition friction

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3834" height="2402" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/5OMVZV4VZBNBNI3UP6TQZXKT2M.avif" alt="" class="wp-image-583183"/><figcaption class="wp-element-caption">A general view shows people walking past the Central Bank of Kenya headquarters building along Haile Selassie avenue in Nairobi, Kenya October 9, 2017. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, April 9 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s central bank expects economic growth to accelerate slightly to 5.6% next year from 5.4% this year, the bank&#8217;s governor said on Wednesday.



&#8220;The economy is projected to pick up in 2025 and in 2026 supported by resilience of key service sectors and agriculture, expected recovery in growth of credit to the private sector and also because of improved exports,&#8221; Governor Kamau Thugge told a press conference.



&#8220;The growth outlook is subject to both external and domestic risks, including the trade tensions&#8230; and the geopolitical conflicts.&#8221;



Thugge was speaking a day after the Central Bank of Kenya cut its benchmark lending rate for the fifth monetary policy meeting in a row.



(Reporting by George Obulutsa; Editing by Alexander Winning)

5OMVZV4VZBNBNI3UP6TQZXKT2M

Kenya’s central bank sees economic growth rising to 5.6% next year

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="390" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Z7OUSBHECZMJVEHQT7G2AZVSQU.avif" alt="" class="wp-image-605558"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File photo</figcaption></figure>



JOHANNESBURG, April 9 (Reuters) &#8211; The South African rand neared an all-time low against the dollar in early trade on Wednesday, bruised by global risk aversion linked to U.S. President Donald Trump&#8217;s tariffs and uncertainty over the future of the country&#8217;s ruling coalition.



The rand fell as low as 19.8225 to the dollar, not far from the weakest it has ever traded at 19.9075 in June 2023.



By 0655 GMT, it had recovered some ground to reach 19.73, up 0.2% on the day, but it is still down over 3% so far this week.



The South African currency is highly susceptible to shifts in financial market sentiment, which has soured badly over Trump&#8217;s tariff war. U.S. tariffs on dozens of countries kicked in on Wednesday, while China was hit with 104% duties.



Another important factor behind the rand&#8217;s recent slide is local politics.



The two biggest parties in the broad coalition government have disagreed sharply over the budget, with the junior partner voting against it in parliament and going to court.



Despite both parties saying on Tuesday that they are not yet walking away from the Government of National Unity (GNU), investors are still worried about the prospect that the pro-business Democratic Alliance could exit government.



&#8220;Local developments concerning the GNU have intensified the shift away from the rand,&#8221; ETM Analytics said in a note.



The benchmark 2030 government bond dropped in early deals, as the yield rose 13 basis points to 9.33%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning and Sharon Singleton)

Z7OUSBHECZMJVEHQT7G2AZVSQU

South African rand nears all-time low on tariff turmoil and coalition tension

<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>



April 9 (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-events">EVENTS:</h2>



Kenya&#8217;s central bank governor holds a news conference a day after announcing the latest lending rate decision.



The African Development Bank will host a press conference on its upcoming annual meeting in the last week of May.



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



Stocks in Asia extended a slide on Wall Street on Wednesday as President Donald Trump looked set to press ahead with whopping 104% tariffs on Chinese goods, pummelling oil prices to four-year lows as global recession fears gripped financial markets.



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



Oil prices dropped to their lowest in more than four years in early trade on Wednesday on looming demand concerns fuelled by an escalating tariff war between the U.S. and China, the world&#8217;s two biggest economies, and a rising supply outlook.



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



South Africa&#8217;s rand strengthened on Tuesday as the country&#8217;s two biggest political parties said they were not walking away from the coalition government and were open to further talks to try to resolve a bitter dispute over the budget.



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



Kenya&#8217;s shilling strengthened slightly against the dollar on Tuesday, data from the London Stock Exchange Group showed.



<h2 class="wp-block-heading" id="h-us-aid">US AID</h2>



President Donald Trump&#8217;s administration on Tuesday moved to reinstate at least six recently canceled U.S. foreign aid programs for emergency food assistance, six sources familiar with the matter told Reuters.



<h2 class="wp-block-heading" id="h-kenya-rates">KENYA RATES</h2>



Kenya&#8217;s central bank cut its policy rate on Tuesday for the fifth meeting in a row, a surprise move aimed at further stimulating private sector lending.



<h2 class="wp-block-heading" id="h-congo-justice">CONGO JUSTICE</h2>



Three American citizens jailed over a failed coup attempt in Democratic Republic of Congo were handed over to U.S. custody on Tuesday, officials said, following high-level talks between the two countries on security and mining deals, the Congolese presidency told Reuters on Tuesday.



<h2 class="wp-block-heading" id="h-ethiopia-politics">ETHIOPIA POLITICS</h2>



Ethiopia&#8217;s Prime Minister Abiy Ahmed on Tuesday appointed Tadesse Worede to lead the interim administration in the northern Tigray region, where divisions in the ruling party have sparked fears of a renewed war between Ethiopia and Eritrea.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on April 9

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/WSODY4AV2JNYNIDLTPZFGGWEU4.avif" alt="" class="wp-image-607487"/><figcaption class="wp-element-caption">Labour MP Bambos Charalambous speaks at the House of Commons in London, Britain, November 16, 2022. UK Parliament/Jessica Taylor/Handout via REUTERS/File Photo</figcaption></figure>



LONDON, April 9 (Reuters)&nbsp;&#8211;&nbsp;A British lawmaker has introduced a private member&#8217;s bill that would set new rules around debt restructurings in a push to speed up negotiations for poor countries struggling with unsustainable debt.



Bambos Charalambous, who introduced the bill late last year, said support from other members of parliament had grown since the UK and the United States slashed aid spending. He represents the ruling Labour party in parliament, but neither it nor the opposition conservatives have thrown their support behind the bill.



Charalambous said his party may be persuaded to back it and it was being studied by some in governmemt. His effort follows similar proposals in New York state, which supporters say would enable poor nations to emerge faster and stronger from debt distress, while opponents warn they could make future borrowing more expensive.



Lawyers and investors following the debate on both sides of the Atlantic expect debt campaigners to keep pushing until some iteration of the proposals becomes law.



Trillions of dollars in bonds &#8211; accounting for nearly all tradeable sovereign debt issued by developing governments and companies on international capital markets &#8211; are issued under the laws of either New York state or England.



English law governs a disproportionate share &#8211; estimated at up to 90% &#8211; of those bonds issued by the poorest nations, such as Ethiopia and Ghana.



&#8220;It would, number one, compel private creditors to negotiate in good faith, and quickly, with the debt-distressed countries,&#8221; Charalambous told Reuters regarding the bill.



&#8220;And it could be worth billions to (the countries), and that money could be reinvested into health and education projects.&#8221;



Charalambous&#8217;s bill would allow countries to seek debt payment freezes while restructuring negotiations are underway, and also enable a stay on legal proceedings during the process.



It would also cap the claims that private creditors can make via lawsuits after restructurings are concluded, aiming to prevent holdout creditors from blocking or slowing debt deals.



<h2 class="wp-block-heading" id="h-states-vulnerable">STATES VULNERABLE</h2>



Currently, if a country defaults on its bonds, creditors can go to court in the jurisdiction governing the contract to force repayment; some of Ethiopia&#8217;s bondholders have said they could undertake legal proceedings.



Such court cases typically spark lengthy legal proceedings that can delay or complicate a broader restructuring.



A wave of developing countries, from Ghana to Sri Lanka, have defaulted since 2020, weakened by the COVID-19 pandemic and a global interest rate hiking cycle.



The G20 created an initiative called the Common Framework to try to bring together diverse lenders &#8211; from China to New York investors &#8211; to speed up poor countries&#8217; debt reworks.



But it took Zambia more than three years to restructure its primary debts, and critics say the debt relief it and other nations have secured leaves them vulnerable to future crises.



No iteration of the New York bill has made it to the governor&#8217;s desk, but emerging market bond investors have begun to include clauses in bond deals that would allow them to switch jurisdictions to avoid potential curbs.



(Reporting by Libby GeorgeEditing by Alexandra Hudson)

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UK bill aims to speed debt restructuring for poor countries

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4000" height="2667" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/4RI6JH2DCRIBTOTEG67K23A2OM.avif" alt="" class="wp-image-591756"/><figcaption class="wp-element-caption">An American flag and USAID flag fly outside the USAID building in Washington, D.C., U.S., February 1, 2025. REUTERS/Annabelle Gordon/File Photo</figcaption></figure>



WASHINGTON, April 8 (Reuters)&nbsp;&#8211;&nbsp;President Donald Trump&#8217;s administration on Tuesday moved to reinstate at least six recently canceled U.S. foreign aid programs for emergency food assistance, six sources familiar with the matter told Reuters.



The quick reversal of decisions made just days ago underscored the rapid-fire nature of Trump&#8217;s cuts to foreign aid. That has led to programs being cut, restored then cut again, disrupting international humanitarian operations.



USAID Acting Deputy Administrator Jeremy Lewin, who has previously been identified as a member of billionaire Elon Musk&#8217;s Department of Government Efficiency, asked staff in an internal email to reverse the terminations.



He asked to restore awards to the World Food Programme in Lebanon, Syria, Somalia, Jordan, Iraq and Ecuador, five sources familiar with the matter said.



The administration has also resumed four awards to the International Organization for Migration in the Pacific region, two sources familiar with the matter said.



&#8220;Sorry for all the back and forth on awards,&#8221; Lewin said on Tuesday in the internal email seen by Reuters. &#8220;There are a lot of stakeholders and we need to do better about balancing these competing interests — that’s my fault and I take responsibility,&#8221; he added.



Reuters reported on Monday that the Trump administration had ended life-saving aid programs for more than a dozen countries including Afghanistan, Yemen, Somalia and Syria, totaling over $1.3 billion.



According to Stand Up For Aid, an advocacy group of current and former U.S. officials, WFP contracts canceled on Lewin’s orders last weekend for Lebanon, Syria, Somalia and Jordan totaled more than $463 million.



Many of the terminated programs had been granted waivers by U.S. Secretary of State Marco Rubio following an initial round of cuts to foreign aid programs. The State Department said those did not reflect a final decision.



The State Department did not immediately respond to a request for comment about restoring the awards.



<h2 class="wp-block-heading" id="h-a-death-sentence">A &#8216;DEATH SENTENCE&#8217;</h2>



The decision to restore some aid followed pressure from inside the administration and from Congress, two sources said.



The World Food Programme said on Monday that the U.S. notified the organization it was eliminating emergency food assistance funding in 14 countries, warning: &#8220;If implemented, this could amount to a death sentence for millions of people facing extreme hunger and starvation.&#8221;



The U.S. did not restore aid to Taliban-ruled Afghanistan and to Yemen, most of which is controlled by Islamist militants of the Iran-backed Houthi movement. Washington has been the largest aid donor to both countries, which have suffered years of devastating war.



State Department spokesperson Tammy Bruce on Tuesday told reporters that the United States had concerns that WFP funding for Yemen and Afghanistan was benefiting the Houthis and the Taliban.



&#8220;There were a few programs that were cut in other countries that were not meant to be cut that have been rolled back and put into place,&#8221; Bruce said, adding that the administration remains committed to foreign aid.



Among the cuts over the weekend were $169.8 million for the WFP in Somalia, covering food assistance, nutrition for malnourished babies and children and humanitarian air support. In Syria, $111 million was cut from WFP food assistance.



The cuts have been the latest piece of the Trump administration&#8217;s&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3QF0Q8&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">drive to dismantle</a>&nbsp;USAID, the main U.S. humanitarian aid agency.



The administration has canceled billions of dollars in foreign aid since the Republican president began his second term on January 20 in an overhaul that officials described as marked by&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL6N3OZ00X&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">chaos and confusion</a>.



Senate Foreign Relations Committee Democrats on Tuesday wrote a letter to Rubio regarding plans to restructure the State Department, including by folding in USAID, which they said was &#8220;unconstitutional, illegal, unjustified, damaging, and inefficient.&#8221;



(Reporting by Jonathan Landay, Daphne Psaledakis and Humeyra Pamuk; Additional reporting by Patricia Zengerle and Michelle Nichols; Editing by Don Durfee and Cynthia Osterman)

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Trump administration moves to restore some terminated foreign aid programs, sources say

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3319" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/RZR3NS7JLNNQHIVFPVXPTMNINE.avif" alt="" class="wp-image-607197"/><figcaption class="wp-element-caption">Ethiopia&#8217;s Prime Minister Abiy Ahmed addresses parliament members on the current situation of the country at the parliament building in Addis Ababa, Ethiopia, March 20, 2025. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



ADDIS ABABA, April 8 (Reuters) &#8211; Ethiopia&#8217;s Prime Minister Abiy Ahmed on Tuesday appointed Tadesse Worede to lead the interim administration in the northern Tigray region, where divisions in the ruling party have sparked fears of a renewed war between Ethiopia and Eritrea.



Tadesse, the administration&#8217;s deputy president for the last two years, was a top commander in the Tigray People&#8217;s Liberation Front (TPLF) during the 2020-2022 war with Ethiopia&#8217;s federal government, which killed tens of thousands of people and forced millions from their homes.



Eritrean forces fought in support of Ethiopia&#8217;s federal army during that conflict, but relations between the longtime rivals have since soured over an agreement ending the conflict signed in November 2022.



Analysts say Ethiopia&#8217;s neighbour Eritrea was unhappy at being excluded from the deal, which allowed the TPLF, with which it remains deeply hostile, to govern Tigray.



Last year the TPLF split into two factions, with a dissident group led by Debretsion Gebremichael accusing Tigray&#8217;s interim administration &#8211; led initially by TPLF spokesperson Getachew Reda, whose two-year term has now expired &#8211; of selling out Tigrayan interests.



Debretsion&#8217;s faction, which seized the town of Adigrat last month, has denied administration accusations of allying with Eritrea, heightening the risk of a regional war.



In February, Eritrea ordered a nationwide military mobilisation, according to a human rights group. Ethiopia deployed troops toward their shared border, although Abiy has sought to downplay the prospect of conflict.



Tadesse, who analysts say has stayed largely neutral over the TPLF split, has agreed to eight commitments including the return of people displaced by the war and demobilisation of combatants, according to a letter shared by Abiy&#8217;s spokesperson Billene Seyoum.



&#8220;(Tadesse) has a clear understanding of both the strengths and shortcomings of the previous administration, and many believe he is well-positioned to guide Tigray through this critical transition,&#8221; Abiy wrote on X.



&#8220;It is my hope that (Tadesse) will seize this historic opportunity to help the people of Tigray realize their aspirations for peace and development,&#8221; he added.



(Reporting by Dawit Endeshaw; Writing by Hereward Holland; Editing by George Obulutsa, Jan Harvey)

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Ethiopia’s PM Abiy appoints new leader of Tigray administration

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4500" height="3000" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/S6AZUG3GPJNWBFZDG42JBIMG74.avif" alt="" class="wp-image-607180"/><figcaption class="wp-element-caption">Fikile Mbalula, the Secretary-General of the African National Congress addresses the media during a press conference at Chief Albert Luthuli House, the headquarters of the African National Congress in Johannesburg, South Africa, April 1, 2025. REUTERS/Ihsaan Haffejee/File Photo</figcaption></figure>



JOHANNESBURG, April 8 (Reuters)&nbsp;&#8211;&nbsp;The African National Congress&nbsp;remains&nbsp;committed to South Africa&#8217;s multiparty government, it said on Tuesday, after its main coalition partner, the Democratic Alliance, voted against the budget and went to court to try to block it.



The deepening schism between the ANC and DA &#8211; South Africa&#8217;s biggest and second-biggest parties &#8211; threatens to sink the country&#8217;s first attempt at coalition rule in its 30-year democratic era and has left investors rattled.



The ANC and DA held separate meetings of their top officials on Monday to discuss how to move on from last week&#8217;s fractious budget vote, which followed weeks of failed negotiations over the bill.



The DA had pushed for a bigger say in economic policymaking during the talks after not getting its way in earlier disagreements over health insurance and education laws.



The ANC, however, did not cede to the DA&#8217;s demands and instead secured the backing of a small party outside the coalition to pass the budget&#8217;s first piece of legislation.



ANC Secretary General Fikile Mbalula told a press conference that the DA had acted as an opposition force by seeking to block several high-profile legislative projects.



&#8220;This dishonesty undermines the very essence of collective governance,&#8221; he said.



But he stopped short of saying the ANC wanted to force the DA out of government&nbsp;and said the ANC&nbsp;would continue talks with the DA.



&#8220;We remain committed to the (coalition government) as a tactical element,&#8221; Mbalula said. &#8220;We remain committed, but its integrity cannot be compromised.&#8221;



Mbalula said that, in addition to the DA, the ANC would talk to its other coalition partners and parties outside the government to try to resolve any remaining disagreements over the budget, whose most contentious element is a plan to&nbsp;increase value-added tax.



DA leader John Steenhuisen said in a statement on Tuesday that his party wanted to discuss power-sharing with the ANC, which he called a natural consequence of the 2024 election&nbsp;in which&nbsp;no single party secured a majority.



&#8220;The electorate sent a clear message: single party rule is over, and no one party gets to dictate our policy direction,&#8221; he said.



The prospect that the pro-business DA could exit the coalition with the former liberation movement of Nelson Mandela and a host of other smaller parties&nbsp;has contributed&nbsp;to a steep fall in the rand&nbsp;ZAR=D3&nbsp;in recent days.



(Additional reporting by Bhargav Acharya and Sfundo Parakozov; Writing by Alexander Winning; Editing by Joe Bavier)

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South Africa’s ANC committed to coalition despite budget disagreements

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/JYIBRDLI4ZIFRIFK2GBOCQLY3Y.avif" alt="" class="wp-image-607146"/><figcaption class="wp-element-caption">U.S. President Donald Trump in the Oval Office at the White House in Washington, U.S., April 7, 2025. REUTERS/Kevin Mohat</figcaption></figure>



April 8 (Reuters)&nbsp;&#8211;&nbsp;Tariffs announced by U.S. President Donald Trump will hurt South African citrus farms and could potentially affect 35,000 jobs, a farmers&#8217; association said on Tuesday.



Trump imposed a 31% tariff on U.S. imports from South Africa on April 2, when he announced a 10% baseline tariff on all imports and higher targeted duties on dozens of countries.



South Africa, the world&#8217;s second largest citrus exporter after Spain, ships between 5%-6% of its produce to the U.S., earning more than $100 million annually.



The new tariff would place an additional $4.50 cost on each carton, making South Africa&#8217;s fruit less competitive in the U.S. market, the Citrus Growers&#8217; Association of Southern Africa (CGA) said in a statement.



Towns such as Citrusdal in the Western Cape, which are heavily dependent on citrus exports to the U.S., could be hit especially hard, CGA chairperson Gerrit van der Merwe said.



&#8220;The severity and immediate nature of the impending tariffs could mean that towns like it now face either increased unemployment or maybe even total economic collapse,&#8221; van der Merwe said. &#8220;There is immense anxiety in our communities.&#8221;



A total of 35,000 jobs are directly connected to South Africa&#8217;s citrus exports, he added.



With South African farmers starting to pack citrus destined for the U.S. market this week, growers have called on the government &#8220;to prioritise immediate negotiations with the U.S on tariff reductions or exemptions on citrus&#8221;.



Africa&#8217;s most advanced economy has said it will not retaliate against the U.S., its second largest bilateral trading partner after China. Instead, South Africa says it will seek to negotiate exemptions and quota agreements.



South Africa has also said Trump&#8217;s tariffs effectively nullified the benefits African countries have enjoyed under the African Growth and Opportunity Act, which grants qualifying states duty-free access to the U.S. market. The 25-year-old trade initiative is set to expire in September.



(Reporting by Nelson Banya; Editing by Alex Richardson)

Reuters

Impact of tariffs on developing countries could be ‘catastrophic’, says UN trade agency

African Markets – Factors to watch on April 11

South African rand stages cautious recovery, tariff and coalition worries linger

China speaks with Saudi Arabia, South Africa about response to US tariffs

African credit ratings can absorb aid cuts and trade strains, Fitch says

African Markets – Factors to watch on April 10

South African rand regains some ground after US pauses tariffs

South Africa’s rand touches new record low against dollar

South African rand near record low on tariff war, coalition friction

Kenya’s central bank sees economic growth rising to 5.6% next year

South African rand nears all-time low on tariff turmoil and coalition tension

African Markets – Factors to watch on April 9

UK bill aims to speed debt restructuring for poor countries

Trump administration moves to restore some terminated foreign aid programs, sources say

Ethiopia’s PM Abiy appoints new leader of Tigray administration

South Africa’s ANC committed to coalition despite budget disagreements

US tariffs threaten 35,000 citrus jobs in South Africa, farmers say

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Reuters

Impact of tariffs on developing countries could be ‘catastrophic’, says UN trade agency

African Markets – Factors to watch on April 11

South African rand stages cautious recovery, tariff and coalition worries linger

China speaks with Saudi Arabia, South Africa about response to US tariffs

African credit ratings can absorb aid cuts and trade strains, Fitch says

African Markets – Factors to watch on April 10

South African rand regains some ground after US pauses tariffs

South Africa’s rand touches new record low against dollar

South African rand near record low on tariff war, coalition friction

Kenya’s central bank sees economic growth rising to 5.6% next year

South African rand nears all-time low on tariff turmoil and coalition tension

African Markets – Factors to watch on April 9

UK bill aims to speed debt restructuring for poor countries

Trump administration moves to restore some terminated foreign aid programs, sources say

Ethiopia’s PM Abiy appoints new leader of Tigray administration

South Africa’s ANC committed to coalition despite budget disagreements

US tariffs threaten 35,000 citrus jobs in South Africa, farmers say

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