<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-820x536.jpg" alt="" class="wp-image-527142" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-1536x1003.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KIHNVAE5M5NLLFD5WGKGLZZIDA-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The sun is reflected on railway tracks during sunrise in Harare, Zimbabwe, August 4, 2018. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



HARARE, Sept 5 (Reuters) &#8211; Zimbabwe&#8217;s state-owned railway operator has opened its network up to private players, including a unit of South Africa&#8217;s Grindrod, as it seeks to boost freight volumes that had collapsed after decades of underinvestment, an official said.



National Railways of Zimbabwe hauled 12 million tons of cargo annually at its 1990s peak, but now manages less than 3 million tons owing to a lack of locomotives and poor maintenance of its rail infrastructure.



The collapse also followed a sharp decline in agricultural and mineral output, triggered by the violent seizure of white-owned farms championed by Zimbabwe&#8217;s former leader Robert Mugabe in 2000.



However, mineral output is on the rebound, mainly driven by chrome and lithium demand from China.



Chinese companies such as Tsingshan Holdings, Sinosteel, Sinomine 002738.SZ, Zhejiang Huayou Cobalt 603799.SS and Chengxin Lithium 002240.SZ have in recent years established iron ore, steel, chrome and lithium operations in Zimbabwe.



They export the minerals to China through Mozambique&#8217;s ports, and the growing commodity export volumes exceed the NRZ&#8217;s current capacity. The state-owned group is now looking to restore its capacity with the aid of private companies.



&#8220;Last year we uplifted 2.8 million tons against available business of 3 million tons,&#8221; NRZ spokesperson Andrew Kunambura told Reuters in an interview on Wednesday.



&#8220;So these private companies are coming in with their locomotives and wagons to augment what we have.&#8221;



Grindrod, through its Zimbabwean subsidiary Beitbridge Bulawayo Railway, has deployed three locomotives and 150 wagons since March as part of the arrangement.



The South African logistics company is positioning itself for freight rail partnerships in southern Africa as under-funded state-owned operators open up their creaking networks to private investors.



The mineral-rich region holds some of the world&#8217;s biggest deposits of copper and lithium, needed for cleaner energy, and is seeing growth in new mining projects which require expanded rail capacity.



Grindrod has restructured its rail business to take advantage of emerging market opportunities in the region, CEO Xolani Mbambo told analysts last week.



The company has recently agreed a partnership with the DRC&#8217;s inland railway company and says it is ready to partner South Africa&#8217;s Transnet, which also plans to open up its network to private players.



(Reporting by Nelson Banya)

The Wider Image: Zimbabwe’s dingy trains mirror economic decline

Zimbabwe turns to private firms to boost freight rail volumes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-820x615.jpg" alt="" class="wp-image-524604" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/Impala-chief-sees-no-new-platinum-mines-built-in-South-Africa-amid-EV-threat-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An aerial view of Shaft 11 at Impala Platinum Mine, in Rustenburg, South Africa, November 28, 2023. REUTERS/Shafiek Tassiem/File Photo</figcaption></figure>



JOHANNESBURG, Aug 29 (Reuters)&nbsp;&#8211;&nbsp;Impala Platinum&nbsp;IMPJ.J&nbsp;sees little prospect of new platinum mines being built in South Africa as the industry struggles with a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3JU24E&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">price slump</a>, its Chief Executive Nico Muller said on Thursday.



Johannesburg-based Impala said projects it had halted in South Africa and Zimbabwe were unlikely to be revived due to the growing market for&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N3FE9AH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">electric vehicles</a>&nbsp;&#8211; which don&#8217;t need platinum-group catalysts in their engines.



&#8220;It&#8217;s highly improbable that you&#8217;re going to see material investment in new PGMs (platinum group metals) production in South Africa,&#8221; Muller said on a media call.



Impala, which has mines in South Africa, Zimbabwe and Canada, is curbing new investment after headline earnings in the year through June 30 plunged 87% to 2.4 billion rand ($135.4 million).



Impala has also shortened the life of its Canadian palladium operations due to a slump in prices and Muller said investors were balking at spending on new mines, which take as many as 20 years to build.



Platinum, of which South Africa is the world&#8217;s top supplier, and palladium prices will&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3JE1U4&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">continue to hover below</a>&nbsp;$1,000 an ounce this year due to overstocking, according to a Reuters poll.



Platinum was trading around $940.85 an ounce and palladium at $946.16 on Thursday.



Platinum miners are bound by antitrust rules which prohibit them from voluntarily cutting output to stimulate prices, Muller said.



&#8220;We are not (as an industry) in a position where we can sit around a cigar table and agree to cut production in order to rebalance the market,&#8221; the CEO said. &#8220;That is the dilemma we sit with.&#8221;



The industry&#8217;s plight also reflects &#8220;the long-term state of electrification (of vehicles)&#8221;, Muller said.



&#8220;I&#8217;m not convinced that any shareholder or company is going to see a clear and attractive return for development in new assets,&#8221; he added.



Impala will place its Two Rivers project on &#8220;care and maintenance&#8221; after halting a planned 5.7 billion rand investment, in addition to spending curbs at the North Hill project in Zimbabwe where a $134 million investment was initially planned, and job cuts in South Africa.



($1 = 17.7210 rand)



(Reporting by Nelson Banya and Felix Njini in Johannesburg; Editing by Helen Popper and David Holmes)

An aerial view of Shaft 11 at Impala Platinum Mine, in Rustenburg

Impala chief sees no new platinum mines built in South Africa amid EV threat

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-820x547.jpg" alt="" class="wp-image-524168" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/AWYW6U6DUVK4ZG27GR6R4GCY7I-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view of the city and Christ Church in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko</figcaption></figure>



Aug 28 (Reuters)&nbsp;&#8211;&nbsp;The discovery of increased reserves of crude oil in Namibia has sparked interest in Namibian assets, with an index fund tracking local government bonds poised for its biggest annual jump on record.



The Exchange Traded Fund tracking local government bonds is listed on the Namibian Stock Exchange and in South Africa and has jumped over 20% in U.S. dollar terms since Portugal-based Galp&#8217;s discovery in April that the Mopane field could hold at least 10 billion barrels of oil.



Since then there has been interest from at least 12 other oil majors.



The fund is on track for its biggest annual gain &#8211; nearly 12% in U.S. dollar terms. Meanwhile, an ETF tracking the closely watched JPMorgan emerging markets bonds index has gained 3.6% year-to-date.



Yields on local sovereign bonds have dropped further following the discovery, with those on bonds maturing in 2037 declining around 150 bps since April, while those on papers maturing in 2050 down around 200 bps.



&#8220;Most of the bonds issued are held by Namibian pension funds, but we are seeing some foreign buying now. We have seen massive yield compression &#8230; since the oil discoveries were first announced,&#8221; said Rowland Brown, co-founder of Cirrus Capital based in Windhoek.



Brown added that Namibian government bonds were still paper- settled, leaving foreign investors looking to the ETF to increase exposure to the resource-rich country.



The southwest African nation has garnered attention from major international energy companies following several major discoveries in recent years along its coast, although the country has not yet produced any oil or gas.



TotalEnergies and Shell say they expect production in 2029-2030.



<h2 class="wp-block-heading" id="h-presidential-election">PRESIDENTIAL ELECTION</h2>



The local equities index has gained over 19% year-to-date in U.S. dollar terms, compared with a 7.5% gain in MSCI&#8217;s index tracking emerging markets equities.



On the currency front, the Namibian dollar has strengthened 4.5% against the greenback this year, snapping a four-year losing streak, with total central bank reserves soaring nearly $1 billion since December 2019, as per LSEG data.



Against the backdrop of Namibia&#8217;s economic potential following its oil discoveries, attention will be on any changes to the economic policy after a presidential election due at the end of the year.



Graham Hopwood, executive director at Institute for Public Policy Research in Windhoek, expects the ruling left-leaning South West Africa People&#8217;s Organisation candidate Netumbo Nandi-Ndaitwah to win.



&#8220;One signal to watch is whether she keeps the level-headed finance minister in his post. He is cautious and sees the importance of reducing debt and avoiding outlandish promises to the electorate,&#8221; he said.



Namibian debt stands at over 60% of its gross domestic product, but analysts say that the fact that a majority of the bonds are issued domestically still remains a positive for the country.



Earlier this year, ratings agency Fitch affirmed a &#8220;stable&#8221; outlook for Namibia on expectations that the government debt to GDP ratio will stabilise in the medium term, while Moody&#8217;s lifted the country&#8217;s outlook to &#8220;positive&#8221; from &#8220;stable&#8221;.



The Namibian economy is heavily dependent on mineral exports including diamonds and rare earths. But following recent discoveries, energy could eventually overtake mining in terms of significance to the middle-income country&#8217;s economy.



&#8220;Oil exports per capita out of Namibia will look like a Gulf state in the 2040s, provided they are competitive globally &#8230; which should be a positive for debt to GDP ratios in the country,&#8221; said Charlie Robertson, head of macro strategy at FIM Partners.



In South America, a similar oil boom in Guyana has been key to its economic growth that is expected to increase by 34.3% in 2024, its fifth straight year of GDP growth above 20%.



(Reporting by Johann M Cherian in Bengaluru; Editing by Alison Williams)

A general view of the city and Christ Church in Windhoek, Namibia

Namibian asset demand soars ahead of election and amid oil discoveries

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-820x531.jpg" alt="" class="wp-image-496289" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A building of the Bank of Botswana is seen in the capital Gaborone in Botswana, in this November 26, 2015 file photo. REUTERS/Siphiwe Sibeko</figcaption></figure>



GABORONE, Aug 22 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s central bank lowered its key lending rate for the second meeting in a row on Thursday, saying there was scope to ease monetary policy as the economy continued to operate below capacity.



Bank of Botswana lowered its Monetary Policy Rate by a further 25 basis points to 1.90% after reducing it by 25 bps in June.



In a news conference explaining the decision, central bank Governor Cornelius Dekop reiterated his previous comments that Botswana&#8217;s economy was forecast to operate below capacity in the medium term, failing to generate demand-driven inflationary pressures.



&#8220;As a result, the prevailing economic conditions and outlook provide scope for easing of monetary policy,&#8221; Dekop added. &#8220;Our aim is that this will assist in stimulating economic growth.&#8221;



The southern African country&#8217;s consumer inflation quickened to 3.7% year on year in July from 2.8% in June, but stayed within the Bank of Botswana&#8217;s 3% to 6% medium-term target range.



Inflation is expected to average 3.0% in 2024, Dekop said, down from 3.6% the bank forecast at its June meeting.



(Reporting by Brian Benza; Writing by Tannur Anders; Editing by Alison Williams, Bhargav Acharya and Toby Chopra)

File photo of building of the Bank of Botswana in the capital Gaborone in Botswana

Botswana central bank cuts interest rate again by 25 basis points

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-820x531.jpg" alt="" class="wp-image-519734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/ZP5SCARSEZIFHHSESICMUJV474-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chicks of broiler chicken are seen at Gruisfontein farm in Lichtenburg in the North West province, South Africa, January 19, 2023. REUTERS/Siphiwe Sibeko</figcaption></figure>



WINDHOEK, Aug 16 (Reuters)&nbsp;&#8211;&nbsp;Namibia has resumed imports of live poultry and birds from South Africa, the agriculture ministry said in a statement on Friday.



Namibia banned imports of live poultry, birds and poultry products from neighbouring South Africa in September 2023, following an outbreak of highly pathogenic avian influenza in the country.



Namibia consumes an estimated 2,500 metric tons of chicken every month, typically relying on imports mainly from South Africa.



The ministry also said it had suspended imports of live birds and uncooked poultry products from Brazil&#8217;s Rio Grande do Sul state following an outbreak of the avian Newcastle disease.



Consignments containing poultry products from the state packed in their final packaging on or after June 18, the date of suspension, will be sent back or destroyed at the importer&#8217;s cost, Namibia&#8217;s agriculture ministry said.



(Reporting by Nyasha Nyaungwa; Editing by Tannur Anders, Kirsten Donovan)

Broiler chickens at Gruisfontein farm in Lichtenburg

Namibia resumes live poultry, bird imports from South Africa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1153" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-scaled.jpg" alt="" class="wp-image-518815" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_003223-1536x865.jpg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Photo courtesy of Godfrey Mutizwa</figcaption></figure>



Land borders in Africa are by nature intimidating places if you don’t know where you are going. First are the crowds, among them hangers-on and tricksters always looking for an opportunity for a quick buck. And then the officials, serious looking and rarely offering a smile.



But I was going home and as a veteran of Beitbridge, one of Africa’s busiest land borders, I was excited to be making the crossing for the first time since it was upgraded and modernised almost three years ago by Zimborders for some $300 million on a Build, Operate and Transfer basis.



On approaching the South African border however my excitement was tempered by a two to three-kilometre stretch of goods trucks – harking back to the bad days before the upgrade when it would take truck drivers as many as two weeks to cross – because of inefficiencies, corruption and in some cases just sheer volumes.



Beitbridge is one busy border post, providing the biggest trade link for the southern Africa hinterland comprising Zimbabwe, Zambia, the Democratic Republic of the Congo (DRC), Malawi and sometimes further afield to parts of western Tanzania. Between them, Zambia and the DRC are key global copper producers, while Zimbabwe’s new Chinese funded lithium mines now account for more than two-thirds of Africa’s lithium output, Bloomberg reports.



There are serious mineral volumes and capital equipment being moved here before counting manufactured goods that flow north for South Africa’s neighbours with no meaningful manufacturing bases of their own. But Zimborders was supposed to solve that, I consoled myself.



In an opinion piece published on our web page in March this year, Glynn Cohen, the Chairman of Zimborders wrote: ‘’This flagship project will undoubtedly be successful – improving efficiency, reducing congestion and transit fraud…already, it now takes a few hours for trucks to cross the border compared with up to a week before’’.



But I had not reckoned with the South African side of the border. The arrival hall was one mass of people when we arrived with queues stretching outside and no sign of any official intervention. With my nephew in tow, we squeezed inside, and I am ashamed to say, many `sorries’ later, we jumped the queue and an hour later were by the exit gates.



But the ordeal was just beginning. Unbeknown to me, the immigration lady who stamped my passport, had made a mistake and an eagle-eyed police officer at the exit gate spotted the error and promptly sent me back to the hoards inside the arrival hall. Many swear words later I was back at the exit gate but by then my transport was gone and so I had to walk to the Zimbabwean side, an experience I have been told could be hazardous.



I took off but was pleasantly surprised by the visible policing on the South Africa side. However, the minute you step on the Zimbabwean side, things change. Hawkers selling everything from roasted maize to cool drinks dotted the route even at 1am. And then the darkness! While the South African side was well lit, there were neither lights nor security until I reached the army post at the entrance to Zimbabwe. I made it without a scratch but truth be told I was shaken.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1153" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-scaled.jpg" alt="" class="wp-image-518816" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/20240812_023622-1536x865.jpg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Photo courtesy of Godfrey Mutizwa</figcaption></figure>



A few metres later however Zimborders was there. True of border posts, the new building is imposing and it has to be said, impressive. The experience inside was even better, the whole exit process taking me half an hour. Thank you Africa Export-Import Bank and South African banks that funded this, I thought as we headed into the night.



So I must concede Mr Cohen was right. The upgrade has certainly made a huge difference from the corruption infested old post I had used for many years. However, the South African side has clearly not read the script and the experience got even worse when I returned, this time by bus. The hour I spent on the way out became four hours.



Put simply, the South African officials we encountered on the 12th of August 2024 didn’t care. We were grouped by our busses but the queue outside the arrival hall was one giant milling mass of people. One minute we were told to follow our driver inside, and the next we were chucked out because the official decided otherwise.



While all this is happening one could clearly see the officials sitting behind their desks chatting with nary a care in the world. You are shouted at like you are misbehaving children when those queues contain adults taking care of their households, working in the mines, running companies sustaining the economies of southern Africa.



It was shameful. But when you have done this crossing as many times as I have, you understand an immigration official wields absolute power. One word out of turn will take you and your fellow travellers to the back of the queue. You wait for this important man – it was mostly men – to stamp your passport without complaint.



So much for boosting intra-African trade. This was one bruising encounter that will take some time to heal but who is listening? While the Border Management Authority represents South Africa’s latest attempt to clean up its ports of entry, on the ground, I saw no change.



You can still cross the border without a passport for a thousand rand or more, a lady travelling beside me told me. Some 700 rand allows you to be given more days – as many as three months instead of a week, and 500 rand can enable you to jump the patient masses and get your passport stamped quicker.



For the record, I didn’t pay. All I did was push and hustle my fellow travellers for which I am truly sorry.

20240812_003223

Chronicle of a Beitbridge border crossing

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-820x539.jpg" alt="" class="wp-image-518805" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-1536x1010.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/YWWKJYXNFNKNXNNTA7PVQVR7QU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A logo of the Bank of Namibia is seen at the company&#8217;s headquarters in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko</figcaption></figure>



WINDHOEK, Aug 14 (Reuters)&nbsp;&#8211;&nbsp;Namibia&#8217;s central bank cut its main interest rate by 25 basis points on Wednesday, citing a slowdown in inflation and inflation expectations.



The Bank of Namibia reduced its repo rate to 7.50% from 7.75%, where the rate had been since June 2023.



Namibia&#8217;s inflation was at 4.6% year on year in July, the same level as in June but down from 4.9% in May.



The central bank revised down its average inflation forecast for this year to 4.7%, versus a 4.9% forecast given at its last Monetary Policy Committee meeting in June.



It attributed the downward revision to an appreciation of the Namibian dollar and a moderation in crude oil prices.



&#8220;With inflation and inflation expectations slowing and nominal interest rates unchanged, real interest rates have increased thereby signalling an effective tightening of monetary policy,&#8221; central bank Governor Johannes !Gawaxab said in a statement accompanying the decision.



&#8220;Considering these factors, the MPC felt that a moderate easing of monetary policy was warranted.&#8221;



The central bank reduced its 2024 economic growth forecast by 0.6 percentage point to 3.1%, partly because of a severe drought gripping the southern African region.



(Writing by Bhargav Acharya; Editing by Alexander Winning and Toby Chopra)

A logo of the Bank of Namibia is seen at the company’s headquarters in Windhoek

Namibia central bank cuts main interest rate by 25 basis points

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1290" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-scaled.jpg" alt="" class="wp-image-513730" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-820x516.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-768x484.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-1536x967.jpg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Diamonds are displayed at the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana, November 24, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



GABORONE, (Reuters) &#8211; Botswana intends to renegotiate its proposed purchase of a stake in Belgian gem dealer HB Antwerp to double the size of its shareholding at no extra cost following the downturn in the diamond market, the country&#8217;s mines minister said on Tuesday.



Botswana is the world&#8217;s biggest diamond producer by value, meaning its economy has been disproportionately hit by a drop in demand for diamonds caused by a global economic slowdown.



Lefoko Moagi told parliament the weaker diamond market had also affected the company&#8217;s valuation, giving the country room to renegotiate.



&#8220;We will not be injecting more capital, but we will get more shares for the same amount proposed in 2023,&#8221; Moagi said. &#8220;Instead of the 24%, we will negotiate to get 49.9% for the same amount initially proposed.”



Finance ministry budget documents showed in February that the country had set aside 890 million pula ($65.95 million) for the 24% stake, valuing the Belgian company at about $275 million.



The HB Antwerp deal was announced during Botswana&#8217;s negotiations for a new sales contract with Anglo American&#8217;s diamond unit De Beers in March 2023.



As Botswana sought to increase its power to market its stones outside a decades-old agreement with De Beers, it said the HB Antwerp deal would strengthen its presence in the downstream diamond industry.



It includes supplying the trader with rough diamonds for five years through the state-owned Okavango Diamond Company (ODC).



($1 = 13.4953 pulas)



(Reporting by Brian Benza; editing by Nelson Banya and Barbara Lewis)

FILE PHOTO: Diamonds are displayed at the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana

Botswana aims to negotiate bigger stake in HB Antwerp diamond dealer

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="516" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-820x516.jpg" alt="" class="wp-image-513730" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-820x516.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-768x484.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-1536x967.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TY7OYQCA35KY5IVPS5BCE5Y65M-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Diamonds are displayed at the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana, November 24, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



GABORONE, Aug 1 (Reuters)&nbsp;&#8211;&nbsp;Sales of rough diamonds at Debswana Diamond Company fell 49.2% in the first half of 2024, according to data released by the Botswana central bank late on Wednesday, as the downturn in the global diamond market continued.



Debswana, equally owned by the government of Botswana and Anglo American Plc&#8217;s De Beers, sells 75% of its output to De Beers with the balance taken up by state-owned Okavango Diamond Company (ODC).



Botswana and De Beers in June last year agreed a new ten-year diamond sales deal, which will see ODC&#8217;s share of Debswana output rise to 30% before gaining gradually to 50% by the end of the new contract, as the country seeks to get more revenues from its resources.



In the first half of the year, Debswana sold diamonds worth $1.29 billion compared to $2.54 billion registered in the same period last year, Bank of Botswana data showed. In local currency terms, the Debswana sales fell 47.3% to 17.555 billion pula.



Anglo, which plans to divest from De Beers as part of an organisational shake up, cut diamond production by 19% during the first six months of the year. It reported last week that output guidance at De Beers was revised down to 23-26 million carats from 26-29 million in response to the diamond market&#8217;s ongoing downturn.



Botswana gets 30%-40% of its revenue, 75% of its foreign exchange earnings and a third of national output from diamonds.



($1 = 13.5685 pulas)



(Reporting by Brian Benza, Editing by Bhargav Acharya and Miral Fahmy)

Diamond sales at Botswana’s Debswana fall 49.2% as market downturn continues

<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="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-820x546.jpg" alt="" class="wp-image-510697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-1536x1022.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1247822978-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">WINDHOEK, NAMIBIA &#8211; 2023/01/10: An aerial view of the capital city Windhoek and the Lutheran church called Christ Church (Christuskirche) which was designed by the architect Gottlieb Redecker is a landmark in the middle of a roundabout in the center of Windhoek. (Photo by Peter Charlesworth/LightRocket via Getty Images)</figcaption></figure>



CAPE TOWN/WINDHOEK, July 24 (Reuters)&nbsp;&#8211;&nbsp;A dispute in Namibia over access to diamond-rich land around the town of Luderitz is now threatening to derail major energy projects, state and company officials said as the government steps up efforts to resolve the dispute.



Any protracted delays may scare off investors at a crucial time for Namibia, as it aims to accelerate its first oil production following large offshore finds by TotalEnergies, Shell and Galp.



At the heart of the discord are vast tracts of desert land surrounding Luderitz and Elizabeth Bay, 25 kms south, that form part of a mining licence held by Sperrgebiet Diamond Mining (SDM) company and which companies need for their projects.



&#8220;At the moment, the ministry and licence holder are in talks to find a best solution to address the issue (of land access),&#8221; a spokesperson for the mines and energy ministry said.



Besides a proposed 800 megawatt gas-to-power plant, Hyphen Energy&#8217;s $10 billion green hydrogen project and two wind farms are among those potentially affected as the year-long deadlock drags on, officials said.



Elizabeth Bay is where BW Energy plans to land a pipeline from its offshore Kudu gas field to supply a gas-to-power plant and liquefied natural gas facility.



BW Energy, which postponed a final investment decision on its Kudu project, previously told Reuters that getting land to build a power plant and 40 km onshore pipeline is a challenge.



&#8220;We have been at an impasse now for a year to conclude the mechanics of how we will coordinate and cooperate once we are in operation &#8230; this is quite urgent,&#8221; Manfriedt Muundjua, a senior BW Energy official told an energy conference in April.



The co-owners of SDM are embroiled in a Windhoek high court spat, complicating land negotiations, since the mine&#8217;s majority shareholder, Dubai-based GEM Group, was taken to court by its minority partner, Lewcor, over allegations of asset stripping.



&#8220;We are still negotiating with the mine operators but its a time-consuming process and we don&#8217;t have time,&#8221; Luderitz mayor Phillippus Balhao said.



($1 = 18.3666 Namibian dollars)



(Reporting by Wendell Roelf in Cape Town, Nelson Banya in Harare, Nyasha Nyaungwa in Windhoek; editing by David Evans)

An aerial view of the capital city Windhoek and the Lutheran

Land dispute threatens to derail Namibia’s energy hub plans

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1166297288-scaled.jpeg" alt="" class="wp-image-397450" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1166297288-scaled.jpeg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1166297288-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1166297288-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1166297288-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1166297288-1536x1024.jpeg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">HARARE, ZIMBABWE &#8211; SEPTEMBER 06. Zimbabwe&#8217;s president Emmerson Mnangagwa holds a press conference at State House:on September 6, 2019 in Harare, Zimbabwe. The current President of Zimbabwe, Emmerson Managagwa, cut short his visit to the World Economic Forum in Cape Town, South Africa on hearing of the death of former President Robert Mugabe. (Photo by Tafadzwa Ufumeli/Getty Images)</figcaption></figure>



HARARE,July 19 (Reuters)&nbsp;&#8211;&nbsp;The United States wants to see key reforms before rejoining debt resolution talks between Zimbabwe and multilateral lenders from which Washington withdrew following the African country&#8217;s disputed 2023 election.



The new U.S ambassador to Zimbabwe, Pamela Tremont, on Thursday hinted that there are prospects for Washington to rejoin the debt talks.



&#8220;We are looking forward to new democracy and governance indicators that will give us the sense of where the government is, that is its democracy and governance pathway so that we return to the table and continue these talks,&#8221; Tremont told Reuters.



Tremont said the U.S pulled out of the debt talks led by the African Development Bank (AfDB) president Akinwumi Adesina in January because last year&#8217;s election that gave President Emmerson Mnangagwa a second term was not free and fair.



&#8220;We were an active participant in those talks but we had to put a pause on that after the elections that we did not find free and fair,&#8221; she said.



Zimbabwe is owing over $17 billion in debt and arrears to several multilateral funders, including the World Bank, AFDB and 17 Paris Club members.



It has been locked out of international financial markets for more than two decades but sees the debt resolution talks as a step towards clearing the arrears.



Before resuming debt resolution talks last year, Zimbabwe had committed to key governance and electoral reforms that included running a clean election.



The August elections were widely criticized by observers like SADC and EU observer missions which said the process fell short of international standards.



Zimbabwe&#8217;s main opposition leader Nelson Chamisa, who came second to Mnangagwa, described the election as a gigantic fraud.



Deputy Finance Minister Kuda Mnangagwa said the U.S was still welcome to rejoin the debt talks.



&#8220;We remain committed to the talks and re-engagement to foster strong economic ties with those who are willing to work with us,&#8221; Mnangagwa told Reuters.



The U.S remains a key party to the debt talks as it wields influence in the International Monetary Fund and World Bank.



&#8220;We think the AfDB process is really useful to discuss the reforms that the International Financial Institutions need for Zimbabwe to access the concessionery loans it wants,&#8221; Tremont said.



(Reporting by Nyasha Chingono; Editing by Nelson Banya and Angus MacSwan)

President Mnangagwa Holds Press Conference After The Death Of Robert Mugabe

US wants reforms before it returns to key Zimbabwe debt talks: Ambassador

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="597" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-820x597.jpg" alt="" class="wp-image-506072" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-820x597.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-300x218.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-124x90.jpg 124w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-768x559.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-1536x1119.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/JQPE6SE4FVJ2TESCZASBTQHGQI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">File photo: A woman fetches drinking water from an unprotected well, as Zimbabwe is experiencing an El Nino-induced drought, resulting in malnutrition among children under the age of five, pregnant and lactating women, and adolescents, in Kotwa in Mudzi district, Zimbabwe July 2, 2024. REUTERS/Philimon Bulawayo/File photo</figcaption></figure>



HARARE, July 10 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe has revised its economic growth forecast downwards as southern Africa&#8217;s worst drought in decades ravages crop yields, its finance minister told Reuters on Wednesday, but a bounceback in growth is likely in 2025.



Finance Minister Mthuli Ncube said economic growth is forecast at 2% for 2024, down from 3.5% forecast in November, due to an El Niño-induced drought which has led to widespread crop failure.



El Niño is a natural climate phenomenon in which surface waters of the central and eastern Pacific become unusually warm, causing changes in global weather patterns.



Zimbabwe is among the hardest hit by drought in the region, impacting crop yields. Neighbours Zambia and Malawi have declared states of disaster as a result of the drought.



Last month, the International Monetary Fund also said it expected Zimbabwe&#8217;s growth to fall to 2%, down from 5.3% last year.



&#8220;We are all downgrading our growth targets for 2024 because of deeper than expected impact on our agriculture, but next year is brighter,&#8221; Ncube said.



Growth is expected to recover to above 5% in 2025, he added.



In May, the Zimbabwean government forecasted that staple maize production will drop 72% in the 2023/24 season.



Ncube said the drought had affected agriculture output and the country expects to import 1.4 million metric tonnes of grain.



To ease hunger across the country, Zimbabwe received around $32 million drought insurance last week from an African Union agency. Government has also appealed to international donors to assist with food aid.



Ncube will give the mid-term budget review later this month.



(Reporting by Nyasha Chingono, Editing by Tannur Anders and Angus MacSwan)

A woman fetches drinking water from an unprotected well, in Kotwa in Mudzi district

Lower growth forecast for Zimbabwe as drought ravages crop yields – finmin

The &#8220;Doing Business Angola 2024&#8221; event, held this Tuesday in Lisbon, brought together key stakeholders to discuss Angola’s evolving business landscape. Organized by Forbes Africa Lusophone and Jornal Económico, the second edition of DBA emphasized Angola&#8217;s potential as a gateway to the Southern African Development Community (SADC) region and addressed critical infrastructure, economic, and tourism challenges.



<h2 class="wp-block-heading" id="h-macro-perspective-on-business-environment">Macro Perspective on Business Environment</h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="513" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-820x513.webp" alt="" class="wp-image-498204" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-820x513.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-300x188.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-144x90.webp 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-768x480.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb.webp 960w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



N’Gunu Tiny, founder of the Media9 group, opened the event by emphasizing a macro approach to Angola’s business environment, particularly the transportation sector&#8217;s role in linking to the regional economy. Highlighting Angola&#8217;s GDP growth from $14 billion to $70 billion, Tiny stressed the importance of infrastructure developments such as the Lobito Corridor and the new Luanda airport. He noted, &#8220;These infrastructures usher the country into a new era of growth, but access to markets remains a significant challenge.&#8221;



<h2 class="wp-block-heading" id="h-investment-and-pragmatism">Investment and Pragmatism</h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="513" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-820x513.webp" alt="" class="wp-image-498203" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-820x513.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-300x188.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-144x90.webp 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-768x480.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15.webp 960w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



João Afonso Fialho from Vieira de Almeida urged Portugal to enhance its investment support for Angola, moving from rhetoric to action. He praised the U.S. for its pragmatic investment policies, suggesting Europe, and specifically Portugal, should follow suit. &#8220;We need to put money behind these programs; it&#8217;s time to be pragmatic,&#8221; Fialho asserted, highlighting the strategic importance of the Lobito Corridor project and critical minerals.



<h2 class="wp-block-heading" id="h-attracting-foreign-investment">Attracting Foreign Investment</h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-820x547.webp" alt="" class="wp-image-498208" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-820x547.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-300x200.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-135x90.webp 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-768x512.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-1536x1024.webp 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax.webp 1600w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Arlindo Chagas Rangel, president of the Angolan Private Investment and Export Promotion Agency (AIPEX), underscored Angola’s competitive advantages and the country&#8217;s evolution into an attractive destination for foreign capital. He spotlighted the agro-food and pharmaceutical sectors as pivotal for diversifying Angola’s economy. Rangel highlighted ongoing legislative reforms and fiscal incentives, such as tax reductions, to entice investors. He also mentioned the recent waiver of visa requirements for 98 countries, including Portugal, as a step towards opening up the country to the world.



<h2 class="wp-block-heading" id="h-tourism-and-economic-growth">Tourism and Economic Growth</h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="513" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-820x513.webp" alt="" class="wp-image-498205" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-820x513.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-300x188.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-144x90.webp 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-768x480.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf.webp 960w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Pedro Machado, Portugal’s Secretary of State for Tourism, highlighted the strong ties between Portugal and Portuguese-speaking countries. He noted Portugal&#8217;s improved standing in the IMD World Competitiveness Center (WCC) ranking, now at 36th place. Machado emphasized the strategic importance of tourism, citing that Portugal hosted over 30 million tourists in 2023, generating €21 billion in revenue.



The &#8220;Doing Business Angola 2024&#8221; event underscored the importance of strategic investments, infrastructure development, and international partnerships in fostering economic growth in Angola. As Angola opens its doors to global investors and tourists, the country&#8217;s commitment to creating a favorable business environment and reducing reliance on raw materials is evident. The collaborative efforts between Angola and Portugal, backed by pragmatic investment strategies, are expected to play a crucial role in shaping the future economic landscape of Angola and the broader SADC region.

NGunu-Tiny-2cee6cbb

“Doing Business Angola 2024” Highlights Economic Opportunities and Strategic Partnerships

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/T36KKEMZKBN7LFA5QARLJ6JYBA-820x429.jpg" alt="" class="wp-image-497783" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/T36KKEMZKBN7LFA5QARLJ6JYBA-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/T36KKEMZKBN7LFA5QARLJ6JYBA-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/T36KKEMZKBN7LFA5QARLJ6JYBA-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/T36KKEMZKBN7LFA5QARLJ6JYBA-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/T36KKEMZKBN7LFA5QARLJ6JYBA-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/T36KKEMZKBN7LFA5QARLJ6JYBA.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



GABORONE, June 18 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s economy may fall short of the government&#8217;s 4.2% growth target for this year, a senior central bank official said on Tuesday, citing global and domestic constraints.



Finance minister Peggy Serame made the projection for a 4.2% increase in GDP in a budget speech in February, saying the government expected growth to accelerate from 2023 due to an improved performance in the diamond sector. Gross domestic product grew 2.7% in 2023.



However, Botswana&#8217;s mining sector, which is dominated by diamonds, is still struggling, reflecting sluggish market conditions globally.



Sales at Debswana Diamond Company, a joint venture between the southern African country&#8217;s government and Anglo American&#8217;s De Beers unit, were down about 48% year-on-year in the first quarter of 2024.



&#8220;From what we have seen in the first half of the year, unfavourable global economic conditions &#8230; as well as domestic structural constraints, one would expect that we are unlikely to attain the projected economic growth,&#8221; Innocent Molalapata, the central bank&#8217;s director of research and financial stability, told an economic briefing.



&#8220;A downward revision of the growth target might therefore be required,&#8221; Molalapata said, adding that mining output contracted roughly 27% in the first quarter.



The Bank of Botswana tends not to give precise GDP growth forecasts, leaving that to the finance ministry.



The International Monetary Fund forecasts Botswana&#8217;s economy will grow 3.6% in 2024.



(Reporting by Brian Benza; Editing by Tannur Anders, Alexander Winning and Susan Fenton)

T36KKEMZKBN7LFA5QARLJ6JYBA

Botswana may fall short of 4.2% growth target, cenbank official says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1325" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-scaled.jpg" alt="" class="wp-image-496289" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/4OOZWTKIY5LIFJQATNM7KMQ4T4-1536x994.jpg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A building of the Bank of Botswana is seen in the capital Gaborone in Botswana, in this November 26, 2015 file photo. REUTERS/Siphiwe Sibeko</figcaption></figure>



GABORONE, June 13 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s central bank lowered its key lending rate&nbsp;by 25 basis points to 2.15% on Thursday.



Governor Cornelius Dekop told a news conference that there was scope to ease monetary policy as the economy was forecast to operate below full capacity and not generate any demand-driven inflationary pressures.



The southern African country&#8217;s consumer inflation rose to 3.1% year on year in April from 2.9% in March, at the bottom end of the bank&#8217;s 3% to 6% medium-term objective range.



Inflation is expected to remain within the objective range in the medium term, averaging 3.6% in 2024 and 4.5% in 2025, Dekop added.



The central bank&#8217;s Monetary Policy Rate is based on a seven-day instrument. It was lowered to 2.40% in December, before which it had been at 2.65% for over a year.



(Reporting by Brian Benza; Writing by Tannur Anders; Editing by Alexander Winning)

Botswana central bank cuts key rate by 25 basis points

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="560" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/D7BPO7626ZOYRDBIVIP4MZP3IY-820x560.jpg" alt="" class="wp-image-494353" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/D7BPO7626ZOYRDBIVIP4MZP3IY-820x560.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/D7BPO7626ZOYRDBIVIP4MZP3IY-300x205.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/D7BPO7626ZOYRDBIVIP4MZP3IY-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/D7BPO7626ZOYRDBIVIP4MZP3IY-768x524.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/D7BPO7626ZOYRDBIVIP4MZP3IY-1536x1049.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/D7BPO7626ZOYRDBIVIP4MZP3IY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A truck drives amongst workings at the De Beers Voorspoed Diamond mine near Kroonstad, South Africa May 3, 2017. REUTERS/James Oatway/File Photo</figcaption></figure>



JOHANNESBURG, June 6 (Reuters)&nbsp;&#8211;&nbsp;The Botswana government may raise its shareholding in global diamond miner De Beers, President Mokgweetsi Masisi told JCK News, after parent company Anglo American&nbsp;AAL.L&nbsp;said it plans to spin off or sell the business.



The government owns a 15% stake in De Beers and Botswana accounts for 70% of the company&#8217;s annual rough diamond supply.



Anglo outlined a radical review of its business including a sale or divestment of the diamond business to focus on copper, iron ore and a fertilizer project in the UK to fend off a takeover from bigger rival BHP Group BHP.AX .



Masisi told JCK in Las Vegas that Anglo&#8217;s sale of De Beers would be &#8220;the best thing&#8221; if it happens.



The government could raise its shareholding in De Beers &#8220;if it&#8217;s attractive to,&#8221; Masisi told the online diamond news channel. The president in May told CNBC Africa that government would defend its interests in the diamond miner.



Among the plans Anglo could consider is an initial public offering for the diamond business, Reuters reported on May 14, citing sources.



Like other luxury goods, diamond prices have been hammered by a slump in global demand. De Beers has been limiting supply and offering flexibility to contracted customers. In February, Anglo announced a $1.6 billion impairment charge on De Beers. Anglo acquired De Beers in 2011, buying the Oppenheimer family&#8217;s 40% stake for $5.1 billion.



Masisi told JCK News Botswana&#8217;s ideal partner in De Beers would be a long-term investor. The government will try to keep the &#8220;bad guys out&#8221; and wants investors whose vision is aligned with the government&#8217;s.



&#8220;One of the characteristics of a bad owner is someone who has impatient capital,&#8221; Masisi said. &#8220;This industry requires somebody who is in it for the long-haul, because it has its ups and downs.&#8221;



(Reporting by Felix Njini; Additional reporting by Clara Denina. Editing by Jane Merriman)

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“Doing Business Angola 2024” Highlights Economic Opportunities and Strategic Partnerships

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Botswana central bank cuts key rate by 25 basis points

Botswana may raise De Beers stake as Anglo weighs spin-off

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Southern Africa

Zimbabwe turns to private firms to boost freight rail volumes

Impala chief sees no new platinum mines built in South Africa amid EV threat

Namibian asset demand soars ahead of election and amid oil discoveries

Botswana central bank cuts interest rate again by 25 basis points

Namibia resumes live poultry, bird imports from South Africa

Chronicle of a Beitbridge border crossing

Namibia central bank cuts main interest rate by 25 basis points

Botswana aims to negotiate bigger stake in HB Antwerp diamond dealer

Diamond sales at Botswana’s Debswana fall 49.2% as market downturn continues

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

Land dispute threatens to derail Namibia’s energy hub plans

US wants reforms before it returns to key Zimbabwe debt talks: Ambassador

Lower growth forecast for Zimbabwe as drought ravages crop yields – finmin

“Doing Business Angola 2024” Highlights Economic Opportunities and Strategic Partnerships

Botswana may fall short of 4.2% growth target, cenbank official says

Botswana central bank cuts key rate by 25 basis points

Botswana may raise De Beers stake as Anglo weighs spin-off

News Tips

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