<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1387" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-scaled.jpg" alt="" class="wp-image-469888" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-1536x1040.jpg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">People walk past the Bank of Ghana in Accra, Ghana, November 28, 2018. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



ACCRA, July 26 (Reuters) &#8211; Ghana&#8217;s central bank held its main interest rate steady at 29% for the third meeting in a row on Friday, saying a strong monetary stance was needed due to uncertainty over the inflation outlook.



Economists polled by Reuters before Friday&#8217;s announcement predicted a 50-basis-point cut in its main rate. They expect Ghana to finish the year with interest rates 200 basis points lower.



&#8220;Even though inflation is expected to remain within the target year band, the risks have tilted slightly on the upside,&#8221; Bank of Ghana Governor Ernest Addison told a news conference.



&#8220;This will require maintaining a strong monetary policy stance, supported by strong fiscal consolidation efforts,&#8221; Addison said.



He added that there was some uncertainty regarding the inflation path for the year given the recent exchange rate pressures, upward adjustment in utility tariffs, and increases in export fuel prices.



Ghana&#8217;s consumer inflation slowed last month to 22.8% year on year in June from 23.1% in May, but it remains well above the central bank&#8217;s 8% target with a margin of error of 2 percentage points either side.



Finance minister Mohammed Amin Adam said on Tuesday the West African nation would be able to reach the target for the year of 15% by the end of 2024, adding that its economy was rebounding faster than expected.



&#8220;The central bank is clearly reacting to the stalling disinflation during the first half of 2024, which has put both its short- and medium-term inflation targets at risk,&#8221; said Leslie Dwight Mensah, economist and research fellow at the Institute for Fiscal Studies in Accra.



&#8220;The decision has also been made with an eye on the cedi exchange rate, which has had a bad run in recent months and remains prone to depreciation given the economy&#8217;s limited foreign financing options,&#8221; Mensah said.



The West African cocoa, gold and oil producer has been restructuring its $30 billion debt in an attempt to emerge from its worst economic crisis in a generation.



Central bank governor Addison said economic activity in Ghana remained resilient in the context of a generally tight policy stance.



Ghana&#8217;s trade balance improved in the first half of the year, driven by higher exports of gold and crude oil, he said.



Strong gold output, and soaring prices helped Ghana earn more from the precious metal in the first half of 2024.



&#8220;The value of gold exports increased by 46.4% to $5.04 billion, while earnings from crude oil increased to $2 billion from $1.7 billion in the same period last year,&#8221; Addison said.



(Reporting by Christian Akorlie, additonal reporting by Maxwell Akalaare Adombila Writing by Anait MiridzhanianEditing by Bate Felix, William Maclean and Ros Russell)

People walk past the Bank of Ghana in Accra

Bank of Ghana keeps main rate unchanged over inflation concerns

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-820x576.jpg" alt="" class="wp-image-425778" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-1536x1079.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/OHD5J7KDHJJKBG6Q7MD3YOK36E-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu waves to a crowd as he takes the traditional ride on top of a ceremonial vehicle, after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, July 26 (Reuters)&nbsp;&#8211;&nbsp;Nigeria plans to issue a diaspora bond of up to $500 million, its Finance Minister Olawale Edun said, as part of its strategy to stabilise and grow the economy.



The domestic dollar-denominated bond, set for issuance in the third quarter, aims to attract investment from Nigerians living abroad and those with savings held overseas, but also to demonstrate the strength and resilience of the economy amidst ongoing economic reforms.



Nigeria&#8217;s move to issue the securities comes in the wake of ongoing reforms by President Bola Tinubu, which have seen significant strides including a projected budget deficit of 4% this year, Edun said in a statement late on Thursday.



Since taking office a little over a year ago, Tinubu has instituted landmark reforms cheered by investors, including slashing costly petrol and electricity subsidies and twice devaluing the naira currency with a year.



Edun said the reforms, and the issuance of securities as an integral part of them, represent a concerted push by the government to boost inclusive growth, potentially lifting millions out of poverty while attracting domestic and foreign investments.



(Writing by Elisha Bala-Gbogbo; Editing by Sharon Singleton)

FILE PHOTO: Nigeria’s President Bola Tinubu waves to a crowd as he takes the traditional ride on top of a ceremonial vehicle after his swearing-in ceremony in Abuja

Nigeria to launch $500 million diaspora bond in economic growth push

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, July 26 (Reuters) &#8211; The Ugandan shilling was steady on Friday, but was expected to weaken on the back of increased demand for dollars from commercial banks, traders said.



At 0813 GMT, commercial banks quoted the shilling at 3,735/3,745, compared with Thursday&#8217;s closing rate of 3,732/3,742.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

GettyImages-924883576-1

Ugandan shilling stable; to ease due to commercial bank FX demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="(max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, July 26 (Reuters) &#8211; Kenya&#8217;s shilling gained ground on Friday, helped by dollar inflows from tea exporters, trader said.



At 0808 GMT, commercial banks quoted the shilling at 131.50/132.50, compared with Thursday&#8217;s closing rate of 132.50/133.50.



The central bank has also sold dollars during the week, traders said, helping to support the shilling.



(Reporting by George Obulutsa; Editing by Duncan Miriri)

ANCK25OQIFMHTJYACOM5XU5T24

Kenya shilling firms, tea export dollar inflows help

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="444" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA.jpg" alt="" class="wp-image-422268" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA-148x90.jpg 148w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, July 26 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained in early trade on Friday, as markets focused on a key U.S. inflation reading that could offer more cues on the Federal Reserve&#8217;s future interest rate path.



At 0730 GMT, the rand traded at 18.26 against the dollar, about 0.6% stronger than its previous close.



The U.S. personal consumption expenditure data for June &#8211; the Fed&#8217;s favoured measure of inflation &#8211; is due later on Friday and could give hints on the timing of interest rate cuts in the world&#8217;s biggest economy.



Data out of the U.S. on Thursday showed that the economy grew faster than expected in the second quarter, but inflation pressures subsided, leaving intact expectations of a September rate cut.



Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. economic data and monetary policy in addition to local factors.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was little changed in early trade.



South Africa&#8217;s benchmark 2030 government bond was slightly stronger in early deals, as the yield slipped 2.3 basis points to 9.452%.



(Reporting by Tannur Anders; Editing by Sharon Singleton)

South African Rand coins are seen in this illustration picture

South African rand gains, focus on US inflation data

<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="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, July 26 (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-events">EVENTS:</h2>



*Ghana&#8217;s central bank is due to announce its latest benchmark lending rate decision.



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



The yen stabilized near a 12-week high against the dollar on Friday while Asia-Pacific equity markets remained on the back foot a day after their worst session since mid-April.



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



Oil prices rose slightly on Friday but remained on track for a third straight week of decline due to weak demand in China, the world&#8217;s largest crude importer, and expectations of a ceasefire deal for the Gaza war and related violence in the Middle East.



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



The South African rand strengthened against a weaker dollar on Thursday, after U.S. economic data readings left intact expectations of an interest rate cut by the Federal Reserve in September.



<h2 class="wp-block-heading" id="h-africa-economy">AFRICA ECONOMY</h2>



Inflation in key sub-Saharan African economies is unlikely to slow to targets even after recent aggressive interest rate hikes as central banks look to reverse those increases, a Reuters poll found.



<h2 class="wp-block-heading" id="h-africa-currencies">AFRICA CURRENCIES</h2>



Kenyan and Ugandan shilling are expected to be stable against the dollar in the next week to Thursday, while Ghana&#8217;s cedi and Zambia&#8217;s kwacha are seen weakening and Nigeria&#8217;s naira could strengthen, traders said.



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



Kenya&#8217;s shilling was stable on Thursday, but could to come under pressure due to offshore dollar demand, while any sales by the central bank could give it a boost, traders said.



<h2 class="wp-block-heading" id="h-kenya-politics">KENYA POLITICS</h2>



Kenyan police detained several people on Thursday who attempted to present a petition to the president&#8217;s office and lay flowers to honour those killed a month ago on the most violent day of anti-government protests, protesters said.



<h2 class="wp-block-heading" id="h-zimbabwe-budget">ZIMBABWE BUDGET</h2>



Zimbabwe&#8217;s 2024 budget deficit is forecast to be 1.3% of gross domestic product, Finance Minister Mthuli Ncube said on Thursday, but warned that concerns remained over the impact of a drought on finances



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on July 26

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



JOHANNESBURG, July 26 (Reuters)&nbsp;&#8211;&nbsp;The following economic event, equity and currency market moves may affect South African markets on Friday.



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



South Africa&#8217;s government will hold its weekly auction of inflation-linked bonds.



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



The South African rand strengthened against a weaker dollar on Thursday, after U.S. economic data readings left intact expectations of an interest rate cut by the Federal Reserve in September.



On the stock market, the Top-40 index closed 0.12% higher.



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



The yen stabilized near a 12-week high against the dollar on Friday while Asia-Pacific equity markets remained on the back foot a day after their worst session since mid-April.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



The S&amp;P 500 and Nasdaq Composite ended a fickle session weaker on Thursday, failing to regain ground lost in the previous day&#8217;s tech-triggered sell-off as investors grappled with the likely direction of megacaps.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold was on track for a weekly loss, even as prices firmed on Friday ahead of a key U.S. inflation reading that could offer more cues on when the Federal Reserve will cut interest rates.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; SA banks face nearly R1-trillion exposure to energy transition risks



&#8211; SA pushes for relaxation of Agoa eligibility criteria



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets -Factors to watch on July 26

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="571" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-820x571.jpg" alt="" class="wp-image-511175" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-820x571.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-1536x1069.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-699242978-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">BLOEMFONTEIN, SOUTH AFRICA JUNE 15: (SOUTH AFRICA OUT) President of the Supreme Court of Appeal (SCA) Mandisa Maya opens up during an interview at her offices on June 15, 2017 in Bloemfontein, South Africa. Maya is the first female to occupy the post of President of the SCA in South Africa. (Photo by Gallo Images / The Times / Simphiwe Nkwali)</figcaption></figure>



JOHANNESBURG, July 25 (Reuters)&nbsp;&#8211;&nbsp;South African President Cyril Ramaphosa on Thursday named Mandisa Maya as the first female chief justice, effective on Sept. 1, following consultations with the Judicial Service Commission.



This is a significant milestone for the country, the presidency said in a statement.



Maya, the current deputy chief justice, will replace Raymond Zondo, whose term ends on Aug. 31.



This is a developing story&#8230;



(Reporting by Bhargav Acharya; Editing by Kevin Liffey and Richard Chang)

Close up with Supreme Court of Appeal head Mandisa Maya

South Africa appoints first woman chief justice

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1.jpg" alt="" class="wp-image-511113" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1-768x576.jpg 768w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photos: via Flickr</figcaption></figure>



July 25 (Reuters) &#8211; Malawi&#8217;s central bank kept its benchmark lending rate unchanged at 26.0% in a decision announced on Thursday.



(Reporting by Bhargav Acharya; writing by Tannur Anders; editing by Mark Heinrich)

48085890627_1aed377e0b_k-820×615

Malawi central bank keeps main interest rate unchanged at 26%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="619" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-820x619.jpg" alt="" class="wp-image-511102" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-820x619.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-300x227.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-119x90.jpg 119w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-768x580.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-1536x1160.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/YCWFEE2J3NLKPHC3NQ2YRVFRB4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO &#8211; Zimbabwean Finance Minister Mthuli Ncube looks on before the swearing in of new cabinet ministers at State House in Harare, Zimbabwe, September 10, 2018. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, July 25 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s 2024 budget deficit is forecast to be 1.3% of gross domestic product, Finance Minister Mthuli Ncube said on Thursday,but warned that concerns remained over the impact of a drought on finances.



The finance ministry projected 2024 growth at 2% earlier this month, down from 3.5% forecast in November, as southern Africa suffers its worst drought in decades.



In his midterm budget review, Ncube told lawmakers that the agriculture sector was now projected to contract by 21.2%, against a contraction of 4.9% in November, due to the drought.



Ncube added that spending priorities for the remainder of the year could change as the government takes stock of the impact of the drought on food security and water.



In April, the southern African nation introduced its new gold-backed currency, Zimbabwe Gold (ZiG), its sixth attempt at a domestic currency in 15 years.



&#8220;Since the introduction of the ZiG currency, the economy is experiencing relatively stable prices and exchange rate,&#8221; Ncube said, adding that inflation had remained stable in the two months since its introduction.



Zimbabweans however have been slow to adopt the new currency, opting instead to continue trading in foreign currency, mainly US dollars.



Ncube introduced revised tax proposals which he says will encourage greater use of the currency, including changes to corporate taxes and making some domestic taxes only payable in local currency.



(Reporting by Nyasha Chingono in Harare and Kopano Gumbi in Johannesburg, additional reporting by Tannur Anders and Bhargav Acharya, writing by Kopano Gumbi, editing by Mark Heinrich and Bernadette Baum)

FILE PHOTO – Zimbabwean Finance Minister Mthuli Ncube looks on before the swearing in of new cabinet ministers at State House in Harare

Zimbabwe’s 2024 budget deficit seen at 1.3% of GDP, finmin says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-820x573.jpg" alt="" class="wp-image-511082" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CQVBUS4TCRKRPKTBUCLDNRK4CM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Solar panels are seen near the cooling towers of a retired coal-fired Komati Power Station, operated by Eskom, near Komati village, in the Mpumalanga province in South Africa, May 9, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, July 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa, the world&#8217;s 14th biggest carbon emitter, has made strong commitments to climate action but is moving too slowly to wean itself off coal and roll out renewables to meet them, a key report said on Thursday.



Africa&#8217;s most industrialised country has been lauded for making ambitious pledges to cut greenhouse gas emissions &#8211; which are higher even than far richer nations like France, Britain and Italy &#8211; and for producing a comprehensive plan to achieve them.



&#8220;Despite all the strong public support and policy commitments, we&#8217;ve got a huge discrepancy between that and what&#8217;s actually happening,&#8221; Melissa Fourie, one of the authors of the Presidential Climate Commission report, said at its launch in the commercial capital Johannesburg.



The report, commissioned by the president&#8217;s office but independent, said a more than six-fold increase in the pace of renewables buildout was needed.



Several countries&#8217; actions globally are lagging behind their pledges.



President Cyril Ramaphosa signed a sweeping climate change act into law this week that set caps for large emitters.



Donors are providing $12 billion of mostly loans to fund South Africa&#8217;s energy transition, a model they hope to export elsewhere in the developing world.



At the same time, the country has been firing up its coal burners to end years of power shortages. Last year, officials backtracked on pledges to shut down eight coal-fired power stations and have admitted South Africa will not meet its 2030 targets.



The report said total renewable capacity in South Africa was 10.4 gigawatts (GW) in 2022, growing by 1 GW per year since 2015. To meet net zero by 2050, however, it would need between 190 GW and 390 GW, requiring between 6 GW and 14 GW per year.



The report blamed &#8220;contradictory public policies &#8230; particularly regarding the future of the energy



sector,&#8221; adding: &#8220;The lack of consensus about the pace of the coal phaseout is delaying the &#8230; the transition&#8221;.



It added that investment was far below what was required, with 131 billion rand ($7.09 billion) a year being committed, against the 334 billion to 535 billion needed.



($1 = 18.4799 rand)



(Reporting by Tim Cocks; Editing by Alexandra Hudson)

FILE PHOTO: South Africa’s ANC walks political tight rope over coal plant shutdowns

South Africa’s climate action too slow to meet its bold pledges, says report

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1254" height="836" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w" sizes="(max-width: 1254px) 100vw, 1254px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



July 25 (Reuters)&nbsp;&#8211;&nbsp;Stocks in most developing markets dropped to more than a one-month low on Thursday, as risk taking took a dive after a surprise interest rate decision out of China, while Ukraine bond yields ticked up following a credit rating downgrade.



MSCI&#8217;s index tracking equities across emerging markets dropped 0.6% on track for its ninth day of declines out of ten, but still hanging onto gains of over 4% year-to-date.



A currencies gauge edged up 0.2% against a softer dollar, with markets awaiting economic growth data out of the U.S. later in the day.



The People&#8217;s bank of China (PBOC) surprised markets for a second time this week with an unscheduled lending operation at steeply lower rates, in a heavier effort to prop the economy, which spooked investors and sent China stocks lower by 0.5% each.



China&#8217;s offshore yuan, however, firmed to levels seen last in early May, while bond yields across the curve were flat.



&#8220;The PBOC is trying to shore-up sluggish Chinese economic activity. However, until China deals with its huge debt overhang (total debt is more than 300% of GDP), the country looks set for weaker growth in the years ahead,&#8221; said Elias Haddad, senior markets strategist at Brown Brothers Harriman.



Indian equities continued their decline for the fifth straight day, with the indexes on track for their first weekly losses since late May after equity trading tax hikes earlier in the week.



The capital gains tax revisions sparked a selloff with data showing foreign investors offloaded nearly $1 billion worth of equities in the two days since the budget announcement.



South Africa&#8217;s rand depreciated 0.8%, tracking a weakness in precious metal prices, a top export item from the country.



In central and eastern Europe, Hungary&#8217;s forint weakened for the third-straight day by 0.1% to a two-week low on expectations of more monetary policy easing after an interest rate cut earlier in the week. Concerns also remain as the country struggles with the largest debt in the region.



An index tracking stocks in central and eastern Europe also slid 1.5% to a more than one month low.



Investors monitored ceasefire negotiations between Israel and Hamas, which U.S. officials said were appearing to be in their closing stages. The shekel was flat.



Elsewhere, Ukraine&#8217;s central bank was due to announce an interest rate decision.



Yields on dollar bonds ticked up 28 basis points (bps) as ratings agency Fitch downgraded the war-torn country&#8217;s credit rating further into default territory, citing a recently concluded in-principle agreement with a group of creditors to restructure $20 billion of international bonds.



(Reporting by Johann M Cherian in Bengaluru; editing by Philippa Fletcher)

Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

Stocks slide to more than one-month low; China, Ukraine in focus

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-820x533.jpg" alt="" class="wp-image-511030" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-1536x999.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Protestors chant slogans during a rally against what they say are rampant corruption and human rights abuses by the country&#8217;s rulers in Kampala, Uganda July 23, 2024. REUTERS/Michael Muhati/File Photo</figcaption></figure>



KAMPALA, July 25 (Reuters)&nbsp;&#8211;&nbsp;Ugandan police detained several people in the capital Kampala on Thursday during a second day of anti-corruption protests that are demanding the resignation of the parliament speaker, footage broadcast by local media showed.



Drawing inspiration from weeks of youth-led protests in neighbouring Kenya that forced the president there to withdraw proposed tax hikes, young Ugandans began demonstrating this week against alleged graft by elected leaders.



The police quickly shut down a planned march to parliament on Tuesday. They arrested at least 73 young protesters, according to Chapter Four Uganda, an organisation providing legal services to those detained.



On Thursday, more demonstrators took to the streets, according to video posted on X by the Daily Monitor newspaper. The footage showed police in riot gear forcing several&nbsp;young adults&nbsp;into the back of a truck as they shouted protest slogans.



Footage broadcast by NTV Uganda showed about a dozen people marching with signs that said, &#8220;The Corrupt are Messing with a Wrong Generation&#8221; and &#8220;This is our 1986&#8221;, a reference to when President Yoweri Museveni overthrew a repressive government.



Reached for comment, police spokesperson Kituuma Rusoke referred Reuters to comments on Monday in which he said protests had been banned because they would be hijacked by people looking to loot and vandalise.



Museveni, who over the weekend warned protesters against &#8220;playing with fire&#8221;, accused them on Thursday of receiving foreign funding.



&#8220;Those involved should know that Uganda is not a neo-colony,&#8221; he said. &#8220;The fight against corruption is in my hands. I just need evidence and action will be taken.&#8221;



Ugandan and Kenyan activists have used audio forums on X as the main platform for organising their protests.



In one such forum on Thursday, activists encouraged Ugandans to take to the streets but acknowledged the challenge of mobilising in a country where anti-government demonstrations routinely draw forceful police crackdowns.



&#8220;You want it done today? Get out of your house &#8230; Be the soldier for this anti-corruption fight,&#8221; said one speaker identified only by their X handle.



The protesters&#8217; demands include the resignation of parliament speaker Anita Among, who was sanctioned this year by the United States and Britain for alleged involvement in corruption.



Among has denied all allegations of graft and says she is being targeted by Western governments for her role pushing through harsh anti-LGBTQ legislation last year.



The Ugandan protesters have borrowed slogans from their counterparts in Kenya, where more than 50 people have been killed in six weeks of protests, characterising themselves as &#8220;fearless&#8221; and &#8220;leaderless&#8221;.



Nigerian activists are also looking to emulate the protests in Kenya and have called for demonstrations next month in response to a cost of living crisis.



(Reporting by Elias Biryabarema in Kampala and Aaron Ross in Nairobi; Editing by Toby Chopra)

FILE PHOTO: Ugandan security forces detain young protesters marching in Kampala

Uganda police arrest more people protesting corruption

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, July 25 (Reuters) &#8211; The Ugandan shilling weakened on Thursday, pressured by increased demand for dollars from commercial banks, traders said.



At 0812 GMT, commercial banks quoted the shilling at 3,725/3,735, compared with Wednesday&#8217;s closing rate of 3,715/3,725.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling weakens on increased FX demand from commercial banks

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



NAIROBI, July 25 (Reuters) &#8211; Kenya&#8217;s shilling was stable on Thursday, but could to come under pressure due to offshore dollar demand, while any sales by the central bank could give it a boost, traders said.



At 0741 GMT, commercial banks quoted the shilling at 132.50/133.50 per dollar, the same as Wednesday&#8217;s rate.



(Reporting by George Obulutsa; Editing by Bate Felix)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenya shilling steady, central bank sales could provide support

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg" alt="" class="wp-image-408693" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-1536x1024.jpg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A sign stands at the entrance to the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



LONDON, July 25 (Reuters) &#8211; Anglo American took a further $1.6 billion writedown on its costly British fertiliser project on Thursday, but the miner said it expects to reach a deal for the sale of its coal assets by early 2025, despite a fire at one of its mines.



CEO Duncan Wanblad is under pressure to boost returns to investors and demonstrate he can deliver on his May 14 plan to radically refocus the company on copper and iron ore, after fighting off a $49 billion takeover attempt from bigger rival BHP Group.



Wanblad pinned his approach on getting an early start with selling Anglo&#8217;s coking coal assets in Australia, but a fire at its Grosvenor mine threatened to set back the timing with a likely hit to the deal&#8217;s valuation.



Anglo said the company plans to conduct a two-stage auction process for the coal assets, including Grosvenor, adding that the mine would probably only resume operations under a new owner.



&#8220;There are so many interested potential buyers for this set of assets,&#8221; Wanblad told reporters.



&#8220;Our expectation is that hopefully by the end of this year, very early next year&#8230;we will have a deal,&#8221; he added.



Anglo&#8217;s shares were unchanged at the London market open.



The CEO said Anglo is still looking for partners at its Woodsmith fertiliser project in northern England, despite the impairment. It already wrote down $1.7 billion on the project a year ago.



The miner also said its nickel assets in Brazil have attracted interest from potential buyers.



&#8220;We have had inbound interest from a number of credible parties and we will be starting a formal process later this year,&#8221; a spokesperson told Reuters via email.



The company declared an interim dividend of $0.42 per share, down from $0.55 a year earlier and far below the record levels of 2021.



It posted a $672 million loss for the first half, mostly reflecting the impairment at Woodsmith, while core earnings or EBITDA of $5 billion was slightly lower than $5.1 billion a year earlier but above the $4.6 billion seen in an analysts&#8217; consensus estimate.



Anglo cut diamond production by 19% during the first six months of the year amid lower prices. Production guidance at its De Beers unit was revised down to 23-26 million carats from 26-29 million to help preserve cash.



The company&#8217;s restructuring plan includes the divestment of De Beers and also of its nickel mines, and the demerger of its South African platinum unit.



(Reporting by Clara Denina in London and Felix Njini in Johannesburg; editing by Jon Boyle and Jason Neely, Kirsten Donovan)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo takes further fertiliser writedown, sees coal deal by early 2025

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, July 25 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was weaker in early trade on Thursday, ahead of U.S. economic data readings that could give hints on the future interest rate path of the world&#8217;s biggest economy.



At 0631 GMT, the rand traded at 18.42 against the dollar, about 0.2% weaker than its previous close.



Markets await a U.S. gross domestic product reading on Thursday and personal consumption expenditure data &#8211; the Federal Reserve&#8217;s favoured measure of inflation &#8211; on Friday. These readings could give hints on the country&#8217;s the future interest rate path.



&#8220;Ahead of this afternoon&#8217;s much anticipated U.S. data&#8230; markets have seen risk off sentiment increase and thus EM (emerging market) currencies remain on the back foot,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



&#8220;The rand&#8230; could possibly test the R18.50 mark in the current market conditions, with headwinds for commodity currencies also flaring up,&#8221; Cilliers added.



Like other risk-sensitive currencies, the rand often takes cues from global factors in addition to domestic drivers.



Locally, investors will turn their attention to South Africa&#8217;s producer inflation figures for June, expected around 0930 GMT.



On Wednesday, Statistics South Africa data showed headline consumer inflation eased to 5.1% year-on-year in June from 5.2% in May.



South Africa&#8217;s benchmark 2030 government bond was slightly stronger in early deals, as the yield slipped 0.2 basis point to 9.5%.



(Reporting by Tannur Anders; Editing by Toby Chopra)

Reuters

Bank of Ghana keeps main rate unchanged over inflation concerns

Nigeria to launch $500 million diaspora bond in economic growth push

Ugandan shilling stable; to ease due to commercial bank FX demand

Kenya shilling firms, tea export dollar inflows help

South African rand gains, focus on US inflation data

African Markets – Factors to watch on July 26

South African Markets -Factors to watch on July 26

South Africa appoints first woman chief justice

Malawi central bank keeps main interest rate unchanged at 26%

Zimbabwe’s 2024 budget deficit seen at 1.3% of GDP, finmin says

South Africa’s climate action too slow to meet its bold pledges, says report

Stocks slide to more than one-month low; China, Ukraine in focus

Uganda police arrest more people protesting corruption

Ugandan shilling weakens on increased FX demand from commercial banks

Kenya shilling steady, central bank sales could provide support

Anglo takes further fertiliser writedown, sees coal deal by early 2025

South African rand weaker, focus on US economic data

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Reuters

Bank of Ghana keeps main rate unchanged over inflation concerns

Nigeria to launch $500 million diaspora bond in economic growth push

Ugandan shilling stable; to ease due to commercial bank FX demand

Kenya shilling firms, tea export dollar inflows help

South African rand gains, focus on US inflation data

African Markets – Factors to watch on July 26

South African Markets -Factors to watch on July 26

South Africa appoints first woman chief justice

Malawi central bank keeps main interest rate unchanged at 26%

Zimbabwe’s 2024 budget deficit seen at 1.3% of GDP, finmin says

South Africa’s climate action too slow to meet its bold pledges, says report

Stocks slide to more than one-month low; China, Ukraine in focus

Uganda police arrest more people protesting corruption

Ugandan shilling weakens on increased FX demand from commercial banks

Kenya shilling steady, central bank sales could provide support

Anglo takes further fertiliser writedown, sees coal deal by early 2025

South African rand weaker, focus on US economic data

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