<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb-820x461.jpeg" alt="" class="wp-image-556953" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Getty Images</figcaption></figure>



Bitcoin breached the $95,000 level for the first time Wednesday evening as investors continued pricing in a second Donald Trump presidency.



The price of the flagship cryptocurrency was last higher by more than 3% at $97,646.68, according to Coin Metrics. Earlier, it rose as high as $97,788.00.



Shares of MicroStrategy, a bitcoin proxy, gained 3% in extended trading. Mining stocks rose as well, with Mara Holdings up 4%.



Bitcoin has been regularly hitting fresh records this month on hopes that Trump will usher in a golden age of crypto, which would include more supportive regulation for the industry and a potential national strategic bitcoin reserve or stockpile.



It is widely expected to reach $100,000 this year and double by the end of 2025.



“Bitcoin’s price continues to be driven by a number of factors including improved liquidity conditions, increased institutional adoption, and a regulatory environment that has flipped from a headwind to a tailwind,” said Sam Callahan, an analyst at Swan Bitcoin.



Another Trump term also implies larger budget deficits, potentially more inflation and changes to the international role of the dollar – all things that would have a positive impact on the&nbsp;price of bitcoin.



Bitcoin has gained more than 127% in 2024.

107357418-1704989066827-gettyimages-1921756255-0g1a0325_zwlec8kb

Bitcoin climbs, reaching a new all-time high above $97,000

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3271" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/6O5Q2NTHUVPPPMS2HHSHYSFF2Q.avif" alt="" class="wp-image-556950"/><figcaption class="wp-element-caption">Members of the South African National Defence Force (SANDF), part of the Southern African Development Community (SADC) military mission for eastern Congo, in Goma, North Kivu province of the Democratic Republic of Congo February 20, 2024. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



HARARE, (Reuters) &#8211; Southern Africa&#8217;s regional bloc on Wednesday extended by a year its troop deployment in Democratic Republic of Congo, where it is helping the government fight rebel groups.



The Southern African Development Community (SADC) deployed the mission in Congo, a major producer of metals like cobalt and copper, in December 2023 with a one-year mandate.



A communique issued after regional leaders met in Zimbabwe&#8217;s capital Harare expressed concern at the security and humanitarian situation in Congo and reiterated the bloc&#8217;s support for the government.



Congo is one of SADC&#8217;s 16 member states.



&#8220;Summit extended the mandate of the SADC Mission in the Democratic Republic of Congo by one year, continuing the regional response to address the prevailing unstable security situation,&#8221; the communique said.



Conflict in Congo&#8217;s restive east has raged for decades between a myriad of rival armed groups over land and resources.



Hundreds of thousands of people have been killed and millions displaced in the fighting, which has continued despite numerous ceasefires.



(Reporting by Nyasha Chingono; Writing by Tannur Anders; Editing by Alexander Winning)

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Southern African bloc extends troop deployment in Congo by a year

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3514" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/YSGCGBAO75MLPM4PMTIL4T6X4E-1.avif" alt="" class="wp-image-556691"/><figcaption class="wp-element-caption">Toyota Motor Corporation&#8217;s bZ SDN is pictured after a briefing on the company&#8217;s strategies on battery EVs in Tokyo, Japan December 14, 2021. REUTERS/Kim Kyung-Hoon/File photo</figcaption></figure>



NAIROBI/BAKU, Nov 20 (Thomson Reuters Foundation)&nbsp;&#8211;&nbsp;As the evening rush hour descends upon Nairobi, Kenyan motorcycle taxi driver Kariuki Mwangi skilfully weaves through the congestion on his electric bike, acutely aware that a quiet revolution is humming beneath him.



His emissions-free two-wheeler is at the forefront of a movement sweeping across several African cities, where ambitious initiatives are propelling the shift towards cleaner public transport.



&#8220;This bike is more efficient than the fuel bikes. It doesn&#8217;t need to be serviced regularly, the charging cost is cheaper than fuel and it&#8217;s a quiet, smooth and comfortable ride,&#8221; said Mwangi, 38, who bought his electric bike a year ago.



&#8220;If we don&#8217;t take care of our environment, where will we go? We don&#8217;t have any other planet.&#8221;



Africa&#8217;s electric vehicle (EV) sector has mushroomed in recent years with governments and startups in Kenya, Rwanda, Uganda and South Africa, among others, embracing e-mobility.



However, challenges in accessing investment have slowed the pace of transition and many in the electric mobility sector are looking to the COP29 climate summit in Baku, Azerbaijan, to kick-start momentum.



Prince Mustapha Audu, CEO of the Electric Motor Vehicle Company, one of the biggest e-mobility firms in Nigeria which has sold about 10,000 vehicles this year, is attending&nbsp;the&nbsp;annual U.N. climate summit for the fifth time.



&#8220;When you come to COP, a lot of good things are said, but the follow up &#8211; that&#8217;s always been challenging,&#8221; he said.



Audu said momentum was growing, with new initiatives supported by development finance institutions, but he wants more government commitments such as new infrastructure, targets to replace polluting vehicles, or supply agreements for EV taxis.



&#8220;That&#8217;s the kind of transaction that will set you on the right path,&#8221; Audu said. &#8220;The government needs to take an active step in these companies and to push them.&#8221;



The International Organisation of Motor Vehicle Manufacturers estimates Africa&#8217;s vehicle population surged to more than 60 million in 2020, a 17% increase from 2015.



While more transport has increased economic opportunities for millions of people, it has also led to a rise in carbon dioxide emissions and a fall in air quality.



The transport sector was responsible for 43% of Africa&#8217;s CO2 emissions in 2022, according to the International Energy Agency, while studies in cities such as Nairobi have found vehicles accounted for 40% of the air pollution.



Overall, African countries are responsible for less than 4% of global CO2 emissions. Required to update their national climate plans by February 2025, electrifying transport as the sector grows could have a major impact on future emissions.



Alexander Koerner, manager of global electric mobility at the United Nations Environment Programme, said the transport sector had the fastest-growing energy-related emissions on the continent.



&#8220;It must be in the focus of governments at COP29 if we are to decarbonise African economies,&#8221; Koerner told&nbsp;the Thomson Reuters Foundation.



<h2 class="wp-block-heading" id="h-prioritising-public-transport">PRIORITISING PUBLIC TRANSPORT</h2>



In many African cities, buses, motorcycles and three-wheelers are crucial to achieving COP targets, said Koerner.



&#8220;They are very intensively used, and you don&#8217;t need that huge charging infrastructure to supply them with electricity,&#8221; he said.



Over the past decade, electric vehicles in the shape of motorcycle taxis, buses and tuk-tuks have appeared on the bustling streets of Cape Town to the lush green hills of Kigali.



Researchers project the EV industry in sub-Saharan Africa to be worth more than $21 billion by 2027, almost double from nearly $12 billion in 2021.



Instead of focusing on private cars, countries are targeting the electrification of buses and taxis, the backbone of the continent&#8217;s urban mobility, to swiftly cut emissions and improve air quality.



The limited charging infrastructure and high costs make EVs less accessible for private use, but public fleets can utilise centralised charging.



&#8220;We deploy our charging infrastructure along the bus route so it&#8217;s convenient for bus operators.&#8221; said Jit Bhattacharya, co-founder of Kenya&#8217;s first electric bus company, BasiGo.



The start-up, which sources parts from China and assembles them locally, started in 2020 and has 43 buses in operation.



Bhattacharya said some African countries such as Kenya, where 90% of the nation&#8217;s electricity comes from renewable sources, were in a prime position to leverage their clean energy to power the e-mobility sector.



Kenya&#8217;s unused surplus of renewable energy last year, primarily from geothermal and wind sources, could have powered nearly 20,000 electric buses, he added.



&#8220;We want to see Africa become a leader in low carbon affordable public transport, because we already have the renewable energy,&#8221; said Bhattacharya.



<h2 class="wp-block-heading" id="h-incentives-and-innovation">INCENTIVES AND INNOVATION</h2>



Many African governments are leading the way, rolling out the red carpet for EV companies and offering tax breaks, reduced fees and subsidies as part of the welcome package.



Rwanda has implemented a slew of policies including import tax exemptions for EVs and equipment, rent-free land for charging stations, and lower corporate tax rates for EV firms.



African start-ups are proliferating, such as JUMO Energy in Kenya offering affordable EV motorcycle rentals, South Africa&#8217;s uYilo providing EV charging infrastructure and Rwanda&#8217;s Ampersand converting fuel-powered motorcycles to electric.



Many of these businesses offer creative financing options to reduce the high upfront costs, such as pay-as-you-go and lease-to-own models, which can prove more economical for consumers as they save on fuel expenses and maintenance costs.



But the region still faces several challenges in accelerating EV adoption.



Limited charging infrastructure, high import costs, unreliable electricity supply, a lack of government policy and low consumer awareness remain obstacles for most countries.



The biggest hindrance is access to finance.



Joanna Cheong, chief financial officer of ARC Ride, which sells electric motorcycles and offers a service to switch used batteries for charged ones, said high investments were needed to cover the high upfront costs of the EV sector.



These include research and development, expenditure on joint vehicle technology from countries such as China, as well as costs to install new charging infrastructure.



&#8220;We will be hoping for initiatives to boost investment in e-mobility from the COP climate talks,&#8221; said Cheong, whose company employs 75 people and has sold 1,100 vehicles since it started in 2020.



&#8220;Africa is one the last emerging markets in the world, so if you are not going to invest now, you will have missed the boat,&#8221; she warned.



(Reporting by Nita Bhalla; Editing by Jon Hemming. The Thomson Reuters Foundation is the charitable arm of Thomson Reuters.)

YSGCGBAO75MLPM4PMTIL4T6X4E

Africa’s electric vehicle firms look to COP29 for finance boost

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



Nov 20 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



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



Senegal to announce results of parliamentary elections on Wednesday, with analysts and local media anticipating the ruling party will win a majority.



Kenya&#8217;s finance ministry is expected to launch hearings to prepare the 2025/26 (July-June) fiscal budget.



Kenya&#8217;s KCB Group is due to release its financial results for the first nine months of 2024.



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



Asian shares were cautious on Wednesday as investors looked ahead to earnings results from AI darling Nvidia where the risk of disappointment is high, while the dollar gave back a little of its recent bumper gains.



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



Oil edged up on Wednesday amid an escalation in the Ukraine war and signs of growing Chinese crude imports, while rising U.S. crude stocks checked overall price gains.



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



The South African rand fell on Tuesday as investors pulled out of riskier assets after President Vladimir Putin updated Russia&#8217;s nuclear doctrine amid escalating tensions with the United States over Ukraine.



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



The Kenyan shilling was unchanged on Tuesday as dollar inflows from exports matched demand from the manufacturing sector, one trader said.



<h2 class="wp-block-heading" id="h-ghana-pensions">GHANA PENSIONS</h2>



Ghana is clamping down on private pension fund managers who want to invest in offshore assets on concerns it could worsen pressure on its cedi currency, three industry sources told Reuters.



<h2 class="wp-block-heading" id="h-somaliland-election">SOMALILAND ELECTION</h2>



Somaliland opposition leader Abdirahman Cirro defeated incumbent president Muse Bihi Abdi in last week&#8217;s election, the electoral commission said on Tuesday, setting up a handover of power as the breakaway Somali region pushes for global recognition.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Nov 20

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3266" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/OUYYQXCMJBIYFCNERSGFHJFKBA.avif" alt="" class="wp-image-556603"/><figcaption class="wp-element-caption">Shoppers walk past a shop window displaying Black Friday signage at Woodmead Value Mart, in Johannesburg, South Africa, November 25, 2023. REUTERS/Sumaya Hisham/ File Photo</figcaption></figure>



JOHANNESBURG, Nov 20 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s annual inflation rate slowed sharply to 2.8% in October, data showed on Wednesday, setting the stage for another interest rate cut by the central bank this week.



Statistics South Africa said falling fuel prices were the primary driver of the slowdown in the headline rate from 3.8% in September.



October&#8217;s reading is the lowest inflation has been since June 2020, during the peak of the COVID-19 pandemic.



Independent economist Elize Kruger said fuel and food price developments play a greater role in October, which is considered a low survey month.



South Africa&#8217;s government-regulated petrol and diesel prices fell by more than one rand a litre in October.



Economists polled by Reuters had forecast inflation would&nbsp;slow to&nbsp;3.1%, well below the 4.5% level the South African Reserve Bank (SARB) aims for&nbsp;but just within the bank&#8217;s 3%-6% target range.



The SARB will announce its next interest rate decision on Thursday.



A Reuters poll published last week predicted the central bank would lower its repo rate by 25 basis points (bps), the same size of cut as in September, when the SARB cut rates for the first time in more than four years.



&#8220;Given recent SARB rhetoric, the recent rand depreciation and a conservative (monetary policy) committee, a 25 bps cut remains the base case forecast,&#8221; Kruger said.



(Reporting by Bhargav Acharya, Kopano Gumbi and Tannur Anders; Editing by Alexander Winning)

OUYYQXCMJBIYFCNERSGFHJFKBA

South African inflation drops to lowest since June 2020

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3495" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PE4FFKBGVRIG3KXAM2ILG5AFKU.avif" alt="" class="wp-image-556585"/><figcaption class="wp-element-caption">Namibia&#8217;s newly appointed President Nangolo Mbumba and his wife, Sustjie Mbumba embrace each other, following the death of Hage Geingob, in Windhoek, Namibia, February 4, 2024. REUTERS/Sharon Kavhu</figcaption></figure>



JOHANNESBURG, Nov 20 (Reuters) &#8211; Namibians are set to vote for a new president and parliament on Nov. 27, after Hage Geingob died and was replaced as president on a interim basis by his deputy, Nangolo Mbumba.



The election could mark a historic shift in the country&#8217;s political landscape if the ruling SWAPO party, in power since independence in 1990, loses control of the presidency or parliament for the first time.



The president is directly elected by voters and needs to garner more than 50% of votes to win. Support for SWAPO dropped from 87% in the presidential election in 2014 to 56% in 2019.



Here are the main candidates running for president:



<h2 class="wp-block-heading" id="h-netumbo-nandi-ndaitwah">NETUMBO NANDI-NDAITWAH</h2>



Vice President Netumbo Nandi-Ndaitwah, 72, is also vice president of SWAPO and the party&#8217;s first female presidential candidate.



She joined SWAPO in the 1960s when the party fought for Namibia&#8217;s independence from apartheid South Africa. She served as SWAPO&#8217;s representative in central and eastern Africa after going into exile along with numerous party leaders.



After studying diplomacy in England, she returned to Namibia and has held various senior roles in SWAPO and government, including serving as a minister in portfolios of international relations, environment, and women&#8217;s affairs and child welfare.



<h2 class="wp-block-heading" id="h-panduleni-itula">PANDULENI ITULA</h2>



Panduleni Itula is a 67-year-old politician who secured 29% of the presidential vote as an independent candidate in 2019 &#8212; the best any challenger has done against SWAPO.



He has since formed a new political party, the Independent Patriots for Change (IPC), which champions grassroots participatory democracy and anti-corruption. IPC also plans to contest parliamentary seats.



Itula was a SWAPO party youth leader during the fight for independence and was imprisoned by the apartheid regime. Post-release, he moved to England where he studied and practised as a dentist for over three decades before returning to Namibia in 2013.



<h2 class="wp-block-heading" id="h-mchenry-venaani">MCHENRY VENAANI</h2>



McHenry Venaani is leader of Namibia&#8217;s largest opposition party in parliament, the Popular Democratic Movement (PDM), which holds 16 out of 96 elected seats.



Venaani, 47, studied law and became the country&#8217;s youngest member of parliament in 2003.



Despite the PDM strengthening its parliamentary presence in the 2019 election, Venaani came a distant third in the presidential race with only 5% of votes.



<h2 class="wp-block-heading" id="h-bernadus-swartbooi">BERNADUS SWARTBOOI</h2>



Bernadus Swartbooi, 47, is the leader of the Landless People&#8217;s Movement (LPM), a progressive party advocating for land redistribution and restorative justice.



Swartbooi founded the LPM in 2017 after losing his job as deputy minister of land reform and leaving SWAPO.



LPM has four seats in parliament. Swartbooi won 3% of votes in the 2019 presidential election.



<h2 class="wp-block-heading" id="h-job-amupanda">JOB AMUPANDA</h2>



Job Amupanda, 37, is a former SWAPO youth leader who fell out with the party and founded a leftist political movement called Affirmative Repositioning in 2014.



Like the LPM, the party focuses on land reform and redistribution of foreign-owned land.



Amupanda served as mayor of the capital, Windhoek, in 2021. He is also an associate professor of political science at the University of Namibia.



(Reporting by Nellie Peyton; Additional reporting by Nyasha Nyaungwa; Editing by Olivia Kumwenda-Mtambo and Alison Williams)

PE4FFKBGVRIG3KXAM2ILG5AFKU

Main candidates in Namibia’s presidential election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-820x547.jpg" alt="" class="wp-image-556534" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South Africa&#8217;s President Cyril Ramaphosa gives a statement on the coronavirus disease (COVID-19) vaccination, during a European Union &#8211; African Union summit, in Brussels, Belgium February 18, 2022. REUTERS/Johanna Geron/Pool/File Photo</figcaption></figure>



JOHANNESBURG, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;South Africa&nbsp;will use its&nbsp;G20 presidency&nbsp;to focus on advancing&nbsp;inclusive economic growth, food security and artificial intelligence, President Cyril Ramaphosa said on Tuesday at a summit of the Group of 20 major economies&nbsp;in Brazil.



South Africa takes over the G20 presidency from Brazil at the summit in Rio de Janeiro.



Brazil&#8217;s President Luiz Inacio Lula da Silva earlier urged G20 leaders to accelerate their national climate targets, calling on them to reach net zero climate emissions five to 10 years ahead of schedule.



&#8220;As South Africa, we undertake to advance the work of the G20 towards achieving greater global economic growth and sustainable development. We will work to ensure that no one is left behind,&#8221; Ramaphosa said.



He added: &#8220;South Africa&#8217;s Presidency will be the first time an African country has presided over the G20. We will use this moment to bring the development priorities of the African Continent and the Global South more firmly onto the agenda of the G20.&#8221;



(Reporting by Bhargav Acharya; Editing by Alexander Winning)

FILE PHOTO: South Africa’s President Cyril Ramaphosa

South Africa will focus G20 presidency on inclusive growth, food security

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Why Americans Love Iced Coffee

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-820x547.jpg" alt="" class="wp-image-556237" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view of the Pretoria skyline with smog in the air taken from the Union Buildings in Pretoria, South Africa, June 19, 2024. PHILL MAGAKOE/Pool via REUTERS/File Photo</figcaption></figure>



JOHANNESBURG, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s tax service said on Tuesday that pension withdrawals in the 11 weeks since a reform took effect allowing people to make partial withdrawals before retirement had risen to&nbsp;35.1 billion rand ($1.9 billion).



The South African Revenue Service said on Oct. 11 that 21.4 billion rand had been paid out since the Sept. 1 reform.



The &#8220;two-pot&#8221; pension reform is meant to support long-term retirement savings while offering flexibility to fund members in financial distress.



It is expected to spur economic growth in the final months of 2024 and boost the government&#8217;s tax take.



($1 = 18.0703 rand)



(Reporting by Tannur Anders; Editing by Alexander Winning and Kevin Liffey)

Inauguration of South Africa’s Cyril Ramaphosa as President at the Union Buildings, in Pretoria

South African pension withdrawals since reform up to $1.9 billion

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-820x539.jpg" alt="" class="wp-image-556157" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-1536x1010.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_LQYVQFTJKJOBTAMUPSCIIBML5U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man holds a Ghanaian five cedi note in Accra July 3, 2007. REUTERS/Luc Gnago</figcaption></figure>



ACCRA, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;Ghana is clamping down on private pension fund managers who want to invest in offshore assets on concerns it could worsen pressure on its cedi currency, three industry sources told Reuters.



After pension reforms in 2010, workers&#8217; retirement contributions in the world&#8217;s number two cocoa producer enjoyed strong growth, buoyed by a tiered scheme that allow private firms to manage some contributions.



Assets under management by the pension fund industry were 78.2 billion Ghanaian cedis ($4.93 billion) in June, of which over 73% were managed by 39 private fund management firms.



Ghana&#8217;s state-run pension fund handles tier one contributions towards employees&#8217; monthly retirement benefits, which are mandatory, while private firms manage tiers two and three &#8211; mandatory and voluntary contributions respectively &#8211; for lump-sum payment at or before retirement.



The majority of contributions are invested in Ghanaian assets, including Ghana government Eurobonds. However, private fund managers have been eager to explore offshore investment opportunities following the restructuring of 31 billion cedis of their holdings under a local debt rework.



Ghanaian laws permit private fund managers to invest up to 5% of total assets abroad, approximately 2.8 billion of current assets under management, though firms and authorities differ on the necessity of prior approval.



Some fund managers invested in offshore assets earlier this year, the sources, two in the private pension firms and one at the finance ministry said, but were stopped by the regulator, the national pensions regulatory authority (NPRA).



&#8220;They (NPRA) threatened to sanction us but we didn&#8217;t find any basis in law,&#8221; one of the source at a fund management company told Reuters.



&#8220;We have not exited but we can&#8217;t invest more (offshore). It&#8217;s a very strange development,&#8221; said the source who asked not to be named, adding that they had $5 million in offshore assets.



John Kwaning Mbroh, head of NPRA, told Reuters that &#8220;there&#8217;s no resistance&#8221; to investing pension assets offshore but the regulator needed approval from the government before signing off.



Mbroh said discussions were taking place to streamline the rules and clarify how to value offshore investments for contributors and fund managers, although he did not know when they would conclude.



<h2 class="wp-block-heading" id="h-protecting-liquidity">&#8216;PROTECTING LIQUIDITY&#8217;</h2>



Ghana is concluding a challenging debt-restructuring process under the G20&#8217;s Common Framework initiative, having defaulted on most of its $30 billion international debt in 2022.



Despite Ghana&#8217;s economic recovery, the cedi currency has depreciated 25% against the U.S. dollar year-to-date, having already fallen around 17% in 2023.



The source at the finance ministry, who also requested anonymity, said the ministry was concerned about the need to &#8220;balance the effects&#8221; of investing pension funds abroad on domestic liquidity and value appreciation to fund managers.



&#8220;The ministry won&#8217;t say &#8216;no&#8217; but it&#8217;s about how do we protect the economy, the liquidity,&#8221; the source said.



Private pension management firms in Ghana argue that authorities are overly cautious, pointing out that local mutual funds and African pension funds invest offshore without similar concerns.



They contend the current policy, given high inflation and cedi depreciation, limits value creation and mutes gains.



They also say it is contradictory to allow foreign pension funds to invest in Ghana&#8217;s market while preventing local funds from investing abroad.



&#8220;The world over, pension funds chase value but they want us to chase inflation,&#8221; an executive of one of the top five fund managers said, adding that investing 5% of their assets abroad doesn&#8217;t even move the needle.



($1 = 15.8800 Ghanian cedi)



(Reporting by Maxwell Akalaare Adombila; Editing by Bate Felix and Christina Fincher)

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Ghana blocks pension funds from offshore investment on currency concerns, sources say

<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="auto, (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, Nov 19 (Reuters) &#8211; The Kenyan shilling was unchanged on Tuesday as dollar inflows from exports matched demand from the manufacturing sector, one trader said.



The shilling traded at 128.75/129.75 at 07:00 GMT, according to LSEG data, the same as Monday&#8217;s closing rate.



The East African currency depreciated slightly in the last week, after holding steady since early August, but should stay stable towards the end of the month as companies convert dollars into local currencies to make statutory payments, the trader said.



(Reporting by Sonia Rao; Editing by Hereward Holland)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling steady as dollar supply meets manufacturing demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau 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, Nov 19 (Reuters) &#8211; The Ugandan shilling was firmer on Tuesday, strengthened by foreign currency inflows from remittances and exports of commodities like coffee, traders said.



At 0719 GMT commercial banks quoted the shilling at 3,667/3,677, compared to Monday&#8217;s close of 3,674/3,684.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan Economy Following Rate Cut

Ugandan shilling stronger on remittance, commodity FX inflows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;The following economic event, equity and currency market moves may affect South African markets on Tuesday.



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



South African government&#8217;s weekly long-term bonds auction



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



South Africa&#8217;s rand jumped on Monday, as markets welcomed rating agency S&amp;P&#8217;s decision to raise the country&#8217;s credit rating outlook.



On the stock market, the Top-40 index closed 0.6% up.



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



Asian stocks rose on Tuesday while U.S. bond yields and the dollar hung back from multi-month highs as traders awaited President-elect Donald Trump&#8217;s cabinet selection and sought to gauge the outlook for Federal Reserve easing.



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



The Nasdaq and S&amp;P 500 closed higher on Monday, recovering some losses as investors anticipate quarterly earnings from AI leader Nvidia, and Tesla jumped on the prospect of favorable policy changes from the incoming Trump administration.



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



Gold prices climbed to a one-week high on Tuesday, buoyed by a softer U.S. dollar, while the market awaited comments from Federal Reserve officials for cues on the U.S. interest rate outlook.



&#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; Ramaphosa says SA’s G20 presidency a chance to reform global governance



&#8211; Delay in electricity law raises concerns about reforms



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Nov 19

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, 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, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><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, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;The South African rand slightly weakened in early trade on Tuesday as investors awaited a local inflation report and upcoming monetary policy decision.



At 0559 GMT, the rand traded at 17.9650 against the U.S. dollar, about 0.1% weaker than its previous close.



&#8220;It is a quiet day on the data front,&#8221; said Adam Phillips, treasury specialist at Umkhulu Treasury.



&#8220;Technically, the ZAR could come back to 17.80, but I think the moves today should be more measured, with some consolidation taking place,&#8221; Phillips said.



South Africa-focussed investors will eye October&#8217;s inflation print on Wednesday and the central bank&#8217;s monetary policy decision on Thursday.



The bank is expected to reduce the repo rate by 25 basis point, according to a Reuters poll of economists, after implementing a cut of the same magnitude at its September meeting.



South Africa&#8217;s benchmark 2030 government bond was flat in early deals, with the yield at 9.117%.



(Reporting by Tannur Anders; Editing by Sherry Jacob-Phillips)

Illustration photo of South African rand

South African rand softens as market awaits inflation print, rate decision

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT-820x461.jpeg" alt="" class="wp-image-556053" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">He Lifeng, China’s vice premier, during the Global Financial Leaders’ Investment Summit in Hong Kong, China, on Tuesday, Nov. 19, 2024.  Paul Yeung | Bloomberg | Getty Images</figcaption></figure>



Chinese Vice Premier He Lifeng on Tuesday vowed to boost Hong Kong’s competitiveness by investing in the city’s innovation and delivering supportive financial policies.



Speaking at the third Global Financial Leaders Investment Summit, hosted by the Hong Kong Monetary Authority, He reiterated Beijing’s commitment to “explore and implement” measures aimed at building Hong Kong as an “international financial center.” That’s according to CNBC’s translation of his spoken Mandarin.



Beijing’s stimulus measures have already “benefited” Hong Kong, said He, who oversees a key economic and financial policymaking body. “The upward trajectory of the economy is more certain.”



To strengthen its financial industry, Hong Kong needs to leverage measures from mainland China as well as its global connections, Li Yunze, minister of China’s National Financial Regulatory Administration, said in a panel following He’s speech.



Almost 80% of mainland businesses that seek an offshore listing would go to Hong Kong, Li said, stressing the city’s future “has always been intertwined with” China.



During the same panel, Wu Qing, head of China’s securities regulator, said that Hong Kong will continue pursuing policies that attract more foreign investment.



Some of the world’s largest banks have moved to scale back operations and cut jobs in Hong Kong and mainland China amid a prolonged dearth in listing and deal-making activities.



An exodus of capital made the city’s Hang Seng the worst-performing major index last year, marking fourth straight years of decline. And Hong Kong’s stock market saw proceeds from initial public listings (IPOs) and follow-on share sales shrink 16% in the first six months this year, compared to a year ago, according to LSEG data.



Still, operators of Hong Kong’s stock exchange have pointed to signs of pickup in the third quarter as Beijing unveiled a raft of stimulus measures to bolster its flagging economy.



Vice premier He, a close confidant of President Xi Jinping, has been tasked with tackling China’s government debt crisis and protracted property downturn, which have strained the regions financial stability and stunted economic growth momentum.



Earlier this month, Chinese authorities took further steps to attract foreign investment, including lowering the capital threshold for foreign investors holding a non-controlling stake in an enterprise. Under the new regulations, foreign individuals are now allowed to invest in publicly-listed companies.



PBOC governor Pan Gongsheng also said in a meeting on Nov. 7 that that China would continue to implement accommodative monetary policy and bolster ties between domestic and foreign financial markets. Representatives from 11 foreign institutions including HSBC, Standard Chartered and Citigroup attended that meeting, according to a statement.

108064788-1731985547539-gettyimages-2184866467-HK_FINANCE_SUMMIT

China’s vice premier vows to boost Hong Kong competitiveness, says stimulus push has ‘benefited’ the city

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Bitcoin climbs, reaching a new all-time high above $97,000

Southern African bloc extends troop deployment in Congo by a year

Africa’s electric vehicle firms look to COP29 for finance boost

African Markets – Factors to watch on Nov 20

South African inflation drops to lowest since June 2020

Main candidates in Namibia’s presidential election

South Africa will focus G20 presidency on inclusive growth, food security

AI has a tricky relationship with facts. Can that be fixed?

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South African pension withdrawals since reform up to $1.9 billion

Ghana blocks pension funds from offshore investment on currency concerns, sources say

Kenyan shilling steady as dollar supply meets manufacturing demand

Ugandan shilling stronger on remittance, commodity FX inflows

South African Markets – Factors to watch on Nov 19

South African rand softens as market awaits inflation print, rate decision

China’s vice premier vows to boost Hong Kong competitiveness, says stimulus push has ‘benefited’ the city

Can a president fix the U.S. economy?

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