<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108070539-1733239543660-gettyimages-2187495843-AFP_36PB2LJ-1-820x461.jpeg" alt="" class="wp-image-561728" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108070539-1733239543660-gettyimages-2187495843-AFP_36PB2LJ-1-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108070539-1733239543660-gettyimages-2187495843-AFP_36PB2LJ-1-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108070539-1733239543660-gettyimages-2187495843-AFP_36PB2LJ-1-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108070539-1733239543660-gettyimages-2187495843-AFP_36PB2LJ-1-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108070539-1733239543660-gettyimages-2187495843-AFP_36PB2LJ-1-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108070539-1733239543660-gettyimages-2187495843-AFP_36PB2LJ-1.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Police stand guard in front of the main gate of the National Assembly in Seoul on December 3, 2024, after South Korea’s President Yoon Suk Yeol declared emergency martial law. South Korea President Yoon on December 3 declared emergency martial law, saying the step was necessary to protect the country from “communist forces” amid parliamentary wrangling over a budget bill.&nbsp; Jung Yeon-je | Afp | Getty Images</figcaption></figure>



South Korean stocks dropped in the U.S. on Tuesday after President Yoon Suk Yeol invoked emergency powers and declared martial law, raising fear of instability in the world’s 13th largest economy.



The iShares MSCI South Korea ETF, which tracks more than 90 large and mid-sized companies in South Korea, tumbled as much as 7% to hit a 52-week low. The ETF cut losses to about 2.4% after lawmakers in the South Korean National Assembly voted to overturn Yoon’s martial law decree early Wednesday morning in Seoul.



Korea Electric Power’s American Depositary Receipts (ADRs) dropped 5%, and Korean e-commerce giant Coupang shed 6%. KT Corporation, formerly Korea Telecom, saw shares fall 3%. Posco, a South Korean steel manufacturer, declined more than 6%.



Within three hours of Yoon declaring martial law late Tuesday night, 190 out of the 300 National Assembly lawmakers gathered to overturn the emergency martial law.



The president accused opposition parties of sympathizing with North Korea and controlling parliament. Yoon did not specify how martial law — a temporary rule by military authorities in a time of emergency — would affect governance and democracy in the country.



“The Administration is in contact with the ROK government and is monitoring the situation closely,” said the White House National Security Council in a statement to NBC News.



Under the martial law declaration, all political activities and acts that “incite social disorder” are prohibited. This is the first time since 1980 a South Korean leader has issued a martial law declaration.



The Korea Exchange announced it would hold an emergency meeting “to prepare response measures” and&nbsp; later decide whether the market would open on Wednesday, according to local media reports.



The U.S. dollar jumped 1.9% against the South Korean won Tuesday.

108070539-1733239543660-gettyimages-2187495843-AFP_36PB2LJ

South Korean stocks rocked in U.S. trading after martial law declared

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1333" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-scaled.jpg" alt="" class="wp-image-483474" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/ULFSMF35VNITNPEOTI7CQNT7FU-1536x1000.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">File photo: A man looks at an item before buying at a spaza shop in Thembisa, on the East Rand, in South Africa, August 2, 2023. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



PRETORIA, Dec 3 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s economy unexpectedly&nbsp;shrank&nbsp;in the third quarter of this year&nbsp;as a drought caused&nbsp;a big drop in agricultural production,&nbsp;but analysts said they expected a return to modest growth in the coming quarters.



Data from Statistics South Africa showed gross domestic product (GDP) fell 0.3% in seasonally-adjusted quarter-on-quarter terms, whereas economists polled by Reuters had predicted an expansion of 0.5%.



Agriculture, forestry and fishing&nbsp;contracted 28.8%&nbsp;quarter on quarter,&nbsp;primarily due to field crops.



&#8220;Maize and soy account for about 70% of field crops and we know they have had a difficult quarter due to drought,&#8221;&nbsp;statistician Joe&nbsp;de Beer told a&nbsp;news conference.



Southern Africa has faced&nbsp;its&nbsp;worst drought in decades this year, hurting economic output across the region.



De Beer said the contraction in agriculture had pulled economic growth into negative territory.



&#8220;If we for a moment ignore the agricultural contraction&#8230; then you end up with a GDP figure of 0.4%, which is very much closer to what we&#8217;ve seen from consensus estimates,&#8221; he said.



Capital Economics analyst David Omojomolo said in a research note that the downside surprise could encourage the South African Reserve Bank to continue with its monetary easing cycle.



Razia Khan, chief economist for Africa and the Middle East at Standard Chartered, said the outlook for Africa&#8217;s most industrialised economy remained positive despite the third-quarter contraction.



&#8220;This does not alter our big picture outlook,&#8221; she said, highlighting that mining, manufacturing and construction all grew in the latest quarter.



Of the 10 industries tracked by Stats SA, only four contracted, a presentation by the agency showed.



South Africa&#8217;s third-quarter GDP grew 0.3% on a year-on-year basis, also worse than the 1.2% growth predicted by economists.



(Reporting by Kopano Gumbi; Additional reporting by Tannur Anders; Editing by Alexander Winning and Sharon Singleton)

A man looks at an item before buying at a spaza shop

South African economy unexpectedly shrinks due to drought

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="696" height="441" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/IMG_6346.jpeg" alt="" class="wp-image-561585" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/IMG_6346.jpeg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/IMG_6346-300x190.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/IMG_6346-142x90.jpeg 142w" sizes="auto, (max-width: 696px) 100vw, 696px" /><figcaption class="wp-element-caption">Namibia&#8217;s Vice President and SWAPO presidential candidate Netumbo Nandi-Ndaitwah gestures after casting her vote in the elections in Windhoek, Namibia, November 27, 2024. REUTERS/Noah Tjijenda/File Photo</figcaption></figure>



WINDHOEK, Dec 3 (Reuters) &#8211; Namibia&#8217;s ruling SWAPO party led both the presidential and parliamentary races on Tuesday, a week after voting took place in an election marred by technical challenges.



SWAPO, which has governed the southern African nation since leading it to independence from apartheid South Africa in 1990, fielded Vice President Netumbo Nandi-Ndaitwah as its presidential candidate. If victorious, she would become Namibia&#8217;s first female leader.



Results were initially expected a few days after the Nov. 27 poll, but voting was extended to Nov. 29 and Nov. 30 at several polling stations after some voters were unable to cast their ballots on election day due to technical difficulties and ballot paper shortages.



At 0636 GMT, the electoral commission&#8217;s election portal showed Nandi-Ndaitwah was leading the presidential race with 54.82% of the vote after 65.57% of votes had been counted.



To win the presidency, a candidate must secure over 50% of votes, failing which a run-off is required.



Namibians vote separately for members of the National Assembly, and SWAPO led the ballot with 56.38% of the 66.39% of the votes tallied.



Opposition candidate Panduleni Itula and his Independent Patriots for Change trailed a distant second, with 28.09% of the presidential vote and 19.23% of the vote for the National Assembly.



The timeline for the final result announcement was unclear.



(Reporting by Nyasha Nyaungwa; writing by Tannur Anders; editing by Olivia Kumwenda-Mtambo and Lincoln Feast.)

IMG_6346

Namibia’s ruling party takes lead in election results

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg" alt="" class="wp-image-529685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



ACCRA, Dec 2 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund (IMF) has approved the third review of Ghana&#8217;s $3 billion lending programme, unlocking an immediate disbursement of about $360 million, the&nbsp;IMF said Monday.



&#8220;Ghana&#8217;s performance under the IMF-supported program has been generally satisfactory. All quantitative performance criteria and indicative targets for the third review were met,&#8221; the IMF said in a statement.



The&nbsp;country&#8217;s finance minister, Mohammed Amin Adam,&nbsp;earlier on Monday told Reuters the review had been approved.



The West African gold and cocoa producer has been recovering from the impact of its 2022 debt default and is set to hold a presidential and parliamentary election on Dec. 7.



&#8220;With three successful IMF reviews in a row, it shows the determination of the government to turn the economy to winning ways. We have demonstrated uncharacteristic discipline in fiscal management,&#8221; Amin told Reuters.



&#8220;We appreciate the enormous work we still have to do, and we will do everything for the benefit of our people,&#8221; he added.



The IMF board approved Ghana&#8217;s current lending programme in May of last year, and the arrangement expires in 2026.



Ghana&#8217;s debt restructuring is expected to lower its debt owed to bondholders by $4.7 billion and provide cash flow relief worth $4.4 billion during the period of the IMF programme.



(Reporting by Maxwell Akalaare Adombila; writing by Anait Miridzhanian and Duncan Miriri; editing by Mark Heinrich and Deepa Babington)

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

IMF approves third review of Ghana’s $3 billion programme

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1823067415-820x547.jpg" alt="" class="wp-image-561385" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1823067415-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1823067415-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1823067415-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1823067415-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1823067415-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1823067415-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. President Joe Biden shakes hands with President Joao Lourenco of Angola during a meeting in the Oval Office of the White House on November 30, 2023 in Washington, DC. (Photo by Alex Wong/Getty Images)</figcaption></figure>



LUANDA, Dec 2 (Reuters)&nbsp;&#8211;&nbsp;U.S. President Joe&nbsp;Biden&nbsp;landed in&nbsp;Angola&nbsp;on Monday for a visit focused on a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3N00D4&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">U.S.-backed railway project</a>&nbsp;and on the legacy of slavery, but his decision to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS0N3HW02C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">pardon his son Hunter&nbsp;Biden</a>&nbsp;threatened to overshadow the official agenda.



The visit fulfils a promise to visit Sub-Saharan Africa during his presidency and aims to bolster the Lobito Corridor project, which links resource-rich Democratic Republic of Congo and Zambia to the&nbsp;Angolan port of Lobito on the Atlantic Ocean.



At stake are vast supplies of minerals like copper and cobalt, which are found in Congo and are a key component of batteries and other electronics. China is the top player in Congo, which has become an increasing concern to Washington.



China signed an agreement with&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AP8N3JL034&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Tanzania and Zambia</a>&nbsp;in September to revive a rival railway line to Africa&#8217;s eastern coast.



&#8220;It&#8217;s going to create incredible economic opportunities here on the continent,&#8221;&nbsp;Biden&#8217;s national security spokesperson John Kirby said, speaking about the Lobito Corridor during a briefing to reporters on Air Force One during the flight to Luanda.



He said&nbsp;Biden&nbsp;would unveil additional commitments to the project during his visit, as well as to health, climate and clean energy programs.



However, reporters on the flight had more questions about the Hunter&nbsp;Biden&nbsp;pardon than they did about investment in Africa. The president&#8217;s spokesperson Karine Jean-Pierre responded to them mostly by repeating Joe&nbsp;Biden&#8217;s own statement on the issue.



The president, whose term in office finishes in January, flew out of Washington shortly after pardoning his son, who had pleaded guilty to tax violations and been convicted on firearms-related charges.



Biden&nbsp;himself did not answer reporters&#8217; questions on the pardon during a brief refueling stop in the small island nation of Cape Verde, off the coast of West Africa, earlier on Monday.



During his two-day visit to&nbsp;Angola,&nbsp;Biden&nbsp;is scheduled to meet with President Joao Lourenco and the Zambian leader President Hakainde Hichilema, and to tour the national slavery museum and various facilities in Lobito.



Partly funded by a U.S. loan, the Lobito Corridor would make it faster and easier to export critical minerals towards the United States, which has been widely seen as a way to divert some of those resources from China.



&#8220;There is no Cold War on the continent. We&#8217;re not asking countries to choose between us and Russia and China,&#8221; Kirby said.



&#8220;We&#8217;re simply looking for reliable, sustainable, verifiable investment opportunities that the people of&nbsp;Angola&nbsp;and the people of the continent can rely on, because too many countries have relied on spotty investment opportunities and are now racked by debt,&#8221; he said.



The Lobito project is backed by global commodities trader Trafigura, Portuguese construction group Mota-Engil&nbsp;MOTA.LS&nbsp;and railway operator Vecturis. The U.S. Development Finance Corporation has provided a $550 million loan to refurbish the 1,300-kilometer (800-mile) rail network from Lobito to Congo.



(Reporting by Trevor Hunnicutt; Writing by Estelle Shirbon; Editing by Angus MacSwan and Chris Reese)

President Biden Meets With Angolan President Goncalves Lourenco At White House

Start of Biden’s visit to Angola overshadowed by son’s pardon

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="273" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_1-820x273.png" alt="" class="wp-image-561209" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_1-820x273.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_1-300x100.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_1-160x53.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_1-768x256.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_1-1536x512.png 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_1.png 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



As Africa stands on the verge of an urban mobility transformation, we are at a critical crossroads. The decisions made today will shape the future of transportation across the continent for decades to come. The objective is not merely to increase the number of vehicles on our roads but to ensure these vehicles are sustainable, efficient, and equitable. Electric vehicles (EVs) are no longer just a trend; they are integral to achieving Africa’s sustainable transportation future.



<h3 class="wp-block-heading" id="h-the-imperative-for-sustainable-mobility-in-africa"><a></a>The Imperative for Sustainable Mobility in Africa</h3>



Africa is urbanizing at an extraordinary pace. Cities such as Lagos, Accra, Johannesburg and Nairobi are expanding rapidly, and with this growth comes an increased demand for efficient and reliable transportation solutions. However, this urban growth also brings significant challenges: rising carbon emissions, air pollution, and traffic congestion. The dominance of traditional internal combustion engine (ICE) vehicles only exacerbates these issues.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="616" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_3-820x616.png" alt="" class="wp-image-561210" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_3-820x616.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_3-300x225.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_3-120x90.png 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_3-768x577.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_3-1536x1153.png 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_3.png 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



According to global mobility experts Andreas Herrmann, Walter Brenner, and Rupert Stadler in Reinventing the Wheel: The Future of Mobility, adopting electric vehicles is about more than just reducing carbon footprints. It is about building resilient, inclusive, and sustainable transportation ecosystems for the future.



<h3 class="wp-block-heading" id="h-the-case-for-electric-vehicles-in-africa"><a></a>The Case for Electric Vehicles in Africa</h3>



Why electric vehicles? The reasons are clear.



EVs offer a comprehensive solution to Africa’s mobility challenges, aligning well with the continent’s broader goals of sustainable development. They come with multiple advantages over traditional vehicles. Environmentally, electric vehicles produce zero tailpipe emissions, which can significantly reduce air pollution in densely populated cities across Africa. This is particularly critical in regions like Nigeria, where respiratory illnesses linked to poor air quality are on the rise.



Economically, EVs are more competitive. We are seeing a shift from the “green premium” to a “green discount”. The acquisition cost of an EV is now comparable to that of an ICE vehicle. The total cost of ownership is significantly lower due to reduced maintenance needs and lower energy costs. This is an especially crucial factor in Africa, where the price of petrol has increased recently. The acquisition cost of an EV is now comparable to that of an ICE vehicle. The total cost of ownership is significantly lower due to reduced maintenance needs and lower energy costs. This is an especially crucial factor in Africa, where the price of petrol has increased recently. For example, in Nigeria, fuel prices surged by over 215% between July 2022 and July 2023, and by 360% between July 2023 and October 2024. For drivers across the continent, cost efficiency will be a significant driver of EV adoption. For drivers across the continent, cost efficiency will be a significant driver of EV adoption.



Moreover, Africa is well-positioned to power its EVs through renewable energy sources like solar and wind, reducing reliance on imported fossil fuels and enhancing energy security.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="616" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_4-820x616.png" alt="" class="wp-image-561211" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_4-820x616.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_4-300x225.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_4-120x90.png 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_4-768x577.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_4-1536x1153.png 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_4.png 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



&nbsp;This presents a unique opportunity to lower operational costs and invest in local energy resources. The transition to electric mobility also promises job creation across various sectors—manufacturing, infrastructure development, and vehicle maintenance—as charging networks are built and maintained.



Like the continent&#8217;s rapid adoption of mobile banking and decentralized solar energy, Africa could leapfrog older transportation technologies by embracing electric vehicles.



<h3 class="wp-block-heading" id="h-overcoming-the-challenges"><a></a>Overcoming the Challenges</h3>



However, the shift to widespread electric vehicle adoption in Africa does present challenges. Limited charging infrastructure, high infrastructure development costs, low awareness, and limited product choices remain barriers to EV adoption. Yet, these hurdles are not insurmountable. Addressing them will require strategic collaborations across the value chain, including OEMs, financial institutions, investors, energy providers, fleet operators, auto distributors and Governments.



Several initiatives are already underway to expand EV infrastructure, including projects being developed by companies like MAX, Spiro, Kofa, and Oando Clean Energy.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="288" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_2-820x288.png" alt="" class="wp-image-561212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_2-820x288.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_2-300x105.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_2-160x56.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_2-768x270.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_2-1536x539.png 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_2.png 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



These innovators are building and scaling charging networks, EV assembly, and financing programs across Nigeria and other African nations. Innovative financing models will help make EVs more affordable for consumers, particularly in markets where upfront cost is a primary concern.



Public awareness is another key factor. Educating communities about the environmental and economic benefits of EVs will help shape perception and increase demand. A coordinated approach that includes infrastructure development, financial innovation, and community engagement will be critical to overcoming the challenges of EV adoption in Africa.



<h3 class="wp-block-heading" id="h-the-future-of-mobility-in-africa"><a></a>The Future of Mobility in Africa</h3>



The vision for Africa’s future is one where transportation is not only efficient but also sustainable and inclusive. By embracing electric vehicles, we can reduce carbon emissions, improve public health, and create new economic opportunities. Our ultimate goal is to build a transportation system that is resilient, innovative, and equitable—one that leaves no one behind.



The road to sustainable transportation in Africa may be long, but with collaboration, vision, and determination, the continent can accelerate its transition to a greener, cleaner future.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="348" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_5-820x348.png" alt="" class="wp-image-561213" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_5-820x348.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_5-300x127.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_5-160x68.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_5-768x325.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_5-1536x651.png 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Max_Publication_Banner_5.png 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Electric vehicles will be central to this journey, serving as a driving force behind Africa’s sustainable mobility revolution.



The future of transportation in Africa depends on the choices we make today. By investing in electrification, we will create a cleaner, more sustainable continent. Whether you’re a business operator, community leader, or policymaker, now is the time to join the movement toward sustainable mobility on the Continent.

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On the Road to Sustainable Transportation Across Africa: Making a Case for Electric Vehicles

Why middle-class wages aren’t growing

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="526" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-820x526.jpg" alt="" class="wp-image-499905" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-768x493.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-1536x985.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Naspers&#8217; logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Dec 2 (Reuters) &#8211; South African technology investor Naspers said on Monday its Prosus e-commerce subsidiary plans more listings after last month&#8217;s Indian IPO of Swiggy, as it posted a 74% jump in half-year core earnings.



Naspers said the aim is for Amsterdam-listed Prosus, which holds international investments including a 24.3% stake in Chinese software and gaming giant Tencent 0700.HK, to deliver profit of $400 million and revenue of $6.2 billion, in the financial year to the end of March, 2025.



&#8220;We had strong growth and strong profitability across the portfolio and we&#8217;re quite confident that we&#8217;re going to keep this growth rate,&#8221; Fabricio Bloisi, CEO of Naspers and Prosus said in an earnings call.



The $400 million forecast in adjusted earnings before interest, tax (EBIT) is a large improvement on the $38 million in the previous financial year at Prosus.



Prosus hopes to list PayU next year and other Indian investments, including e-commerce startup meesho and online jewellery retailer Bluestone, in the next 18 months, it said.



There are many more potential listings in India even after the 18 month target, added Ervin Tu, Naspers and Prosus group chief investment officer.



The company identified one future potentials as Captain Fresh, a seafood company from India.



The e-commerce portfolio includes food delivery firms iFood of Brazil and Delivery Hero&nbsp;DHER.DE, online marketplaces such as OLX, educational software firms such as SkillSoft and Stack Overflow, and payments companies such as India-focused PayU.



Naspers said its core headline earnings for continuing operations rose to $1.5 billion in the six months ended Sept. 30, up from $866 million, while Prosus reported core headline earnings of $3.5 billion, up from $2 billion.



Group revenue rose by 23% to $3.4 billion, while adjusted EBIT swung to a profit of $36 million from a loss of $121 million as its e-commerce business turned profitable.



Consolidated e-commerce revenue at Prosus grew by 26% to $3 billion, driven by continued strong revenue growth in payments and fintech, e-tail and food delivery, Naspers said.



E-commerce adjusted EBIT swung to a profit of $181 million, from a loss of $36 million.



(Reporting by Nqobile Dludla; Editing by Rashmi Aich, Jason Neely and Alexander Smith)

FILE PHOTO: Illustration shows smartphone with Naspers’ logo

South Africa’s Naspers plans more IPOs in next 18 months after Swiggy success

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="667" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-820x667.jpg" alt="" class="wp-image-561205" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-820x667.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-300x244.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-111x90.jpg 111w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-768x625.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-1536x1250.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Ian-Williamson-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Iain Williamson, Group Chief Executive Officer, Old Mutual Group</figcaption></figure>



Johannesburg, 26 November 2024&nbsp;– South Africa needs more policy certainty, reform, and “gutsy” decisions from a political perspective if it is to achieve the much needed 4-5% growth required to begin elevating our economic prospects from current forecasts.



A healthier inflation prognosis and the prospect of deeper rate cuts have laid the foundations for a growth outlook nearing 1.7% next year, with foreign investors showing signs of interest for the first time since Covid-19. Ratings downgrades and the dreaded “Greylisting” kept these deep-pocketed investors on the sidelines until now, but some of the bigger players are beginning to sharpen their pencils to work out when the best time will be to jump back into the SA market. This is an opportunity that should not be missed. While SA remains on the Greylist, this is subject to reassessment in February 2025, while in a surprise move, ratings agency S&amp;P Global has raised the outlook on SA’s rating from stable to positive.



The recent Medium-Term Budget Policy Statement, meanwhile, highlighted sobering realities on the state of government revenue and the need for spending cuts and reform. A positive that has not gone unnoticed by these investors and ratings agencies is the Government of National Unity (GNU) showing signs of traction. It is imperative that if SA is to derive the benefits from the tailwinds of rate cuts, that prospective investment policy certainty and pro-business reforms follow in the wake of the recent national elections.



As it stands, South Africa is set to receive a boost from potentially further rate cuts following the two, minimal 25 basis points cuts in September and November this year, taking the repo rate to 7.75%. Further rate cuts will assist overburdened consumers further. The impact of lower inflation is already being seen in lower credit default rates.



Old Mutual, which is well on track to launch our bank next year, sees the falling interest rates as a positive for the bank. While they result in less endowment from a loan book perspective, they also lead to lower defaults on credit provision and encourage higher deposits.



While the global decline in inflation is a major milestone, the International Monetary Fund (IMF) cautions that downside risks are rising and now dominate the global outlook. These include an escalation in regional conflicts, monetary policy remaining tight for too long (SA is a clear case in point), a possible resurgence of financial market volatility with adverse effects on sovereign debt markets, a deeper growth slowdown in China, and the continued ratcheting up of protectionist policies. A weaker rand following the Trump victory in the US and its negative impact on imports like fuel will also need to be closely monitored.



However, the banking and insurance sectors in Africa are well-placed to help navigate risks and maximise opportunities, driving financial inclusion and closing existing gaps to solutions. In SA and the rest of Africa, savings rates remain too low, while the continent is also woefully under-insured in pure risk life and disability.



According to Deloitte’s 2024/25 insurance outlook report the continent’s youthful and growing population presents vast market opportunities. Insurtech will increasingly use mobile technologies to offer microinsurance products to underserved segments. It is pleasing to see Insurtech and fintech innovators like Omari make inroads in this space, where improved and affordable access to solutions like affordable digital home insurance can improve lives in emerging countries like Zimbabwe.



PWC&#8217;s insurance 2030 report notes that companies that build themselves around the customer can reach the point where insurance will finally be bought rather than sold. I think from both an insurance and banking perspective, this depends on the nature of the product – direct digital sales can work where consumers are comfortable doing things digitally and there is a fast feedback loop, such as in day-to-day transacting. However, they get extremely uncomfortable when transactions are large and more complex and need to be able to speak to someone who can guide them and give them confidence – a trusted conversation with an advisor.



Our approach is, therefore, to drive digital and AI solutions more broadly to enable efficiency and a great user experience while ensuring experienced and trusted human advisors are always available when things get more complicated, or a highly tailored solution is required.



The solution is, in fact, less about products and more about how a financial journey is supported over a lifetime. The most successful financial services businesses in the current, volatile landscape will consistently show up as quality advisory partners to help make decisions and then offer rewards for making good decisions and taking care of things that were not always seen as a high priority, like prioritising saving over spending.



However, it will be critical to future-proof businesses to keep pace.



Old Mutual, with our exciting banking launch imminent, is extremely well-placed to benefit from these trends while helping close the financial inclusion and insurance penetration gaps.

Ian Williamson 1

SA Inc needs more gutsy decisions from policymakers

<figure class="wp-block-image size-large is-resized"><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" style="width:840px;height:auto" 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, Dec 2 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand weakened early on Monday, ahead of a purchasing managers&#8217; index (PMI) survey for the domestic manufacturing sector.



At 0620 GMT, the rand traded at 18.15 against the dollar, 0.64% softer than its previous close.



The Absa PMI for November is set to be released at 0900 GMT and will shed light on manufacturing conditions in Africa&#8217;s most industrialised economy.



Local investors will also turn their focus towards last month&#8217;s vehicle sales data later in the day.



South Africa&#8217;s benchmark 2030 government bond slipped in early deals, with the yield up 4.5 basis points to 8.96%.



(Reporting by Bhargav Acharya; Editing by Tom Hogue)

Illustration photo of South African rand

South African rand weaker ahead of manufacturing PMI

<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-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Dec 2 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Monday.



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



South Africa manufacturing sector PMI



Foreigners&#8217; trading in South African bonds and equities



South African T-bill auction



South Africa monthly vehicle sales data



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



Naspers/Prosus half-year results



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



South Africa&#8217;s rand firmed on Friday, despite a slew of month-end local economic data releases which painted a mixed picture.



On the stock market, the Top-40 index closed 0.33% lower.



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



Asian stocks climbed on Monday, buoyed by record high closes on Wall Street, while the dollar bounced back from multiweek lows against the yen and British pound in a crucial week for the U.S. interest rate outlook.



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



The S&amp;P 500 and Dow Jones Industrial Average notched record closing highs in a shortened Black Friday session, lifted by technology stocks such as Nvidia, while retail was in focus as the holiday shopping season kicked off.



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



Gold prices snapped a four-session rally to fall on Monday, pressured by a firmer U.S. dollar and profit-taking, while investors awaited key U.S. economic data for cues on the Federal Reserve&#8217;s monetary policy 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; Invicta not deterred from offshore strategy despite forex hits



&#8211; Nampak’s turnaround strategy bears fruit



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



&#8211; Disaster averted for vast majority of prepaid meter users in SA



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Dec 2

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



Dec 2 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.



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



Ugandan opposition leader Kizza Besigye is set to appear in court on Monday after being charged with illegal possession of firearms.



U.S. President Joe Biden meets Cape Verde Prime Minister Ulisses Correia e Silva.



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



Asian stocks climbed on Monday, buoyed by record high closes on Wall Street, while the dollar bounced back from multiweek lows against the yen and British pound in a crucial week for the U.S. interest rate outlook.



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



Oil prices edged up on Monday supported by upbeat factory activity in the world&#8217;s second largest oil consumer China and as Israel resumed attacks on Lebanon despite a ceasefire agreement, stoking tensions in the Middle East.



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



South Africa&#8217;s rand firmed on Friday, despite a slew of month-end local economic data releases which painted a mixed picture.



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



The Kenyan shilling depreciated slightly against the dollar on Friday, data from the London Stock Exchange Group showed.



<h2 class="wp-block-heading" id="h-mali-security">MALI SECURITY</h2>



Mali&#8217;s government said on Sunday it had killed a senior Tuareg rebel commander and other rebels in a drone strike on a town in the north of the country.



<h2 class="wp-block-heading" id="h-u-s-africa">U.S. AFRICA</h2>



Joe Biden headed to Angola on Sunday for a trip that will deliver on a promise to visit Africa during his presidency and focus on a major U.S.-backed railway project that aims to divert critical minerals away from China.



((Compiled by Nairobi Newsroom))

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

African Markets – Factors to watch on Dec 2

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/47PRCOI25FKKNHQMNP6BLNRXJQ.avif" alt="" class="wp-image-561163"/><figcaption class="wp-element-caption">People at the Agbogbloshie market look on, as supporters of Ghana&#8217;s main opposition party, the National Democratic Congress (NDC), gather in Accra, Ghana, November 28, 2024. REUTERS/Francis Kokoroko </figcaption></figure>



DABALA, Ghana, Dec 2 (Reuters)&nbsp;&#8211;&nbsp;After serving in Ghana&#8217;s police force for over three decades, pensioner Emmanuel Amey-Wemegah had a clear retirement plan: invest part of his pension benefits in government bonds, complete the construction of his house, and buy a car.



All was going according to plan until Jan. 6, 2023, when he received a call from his bank that Ghana was restructuring bonds he held.



&#8220;I started sweating,&#8221; said Amey-Wemegah, 63, recalling the uncertainty and fear that gripped him and other bondholders.



The retired chief inspector is one of thousands of Ghanaian private, corporate and foreign investors whose investments in government securities were restructured in 2023 for Ghana to obtain a three-year, $3 billion International Monetary Fund (IMF) bailout to deal with its worst economic crisis in a generation.



As over 18 million Ghanaians prepare to vote in a presidential election on Dec. 7, Amey-Wemegah&#8217;s plight reflects the economic anxiety gripping many in the West African country &#8211; the world&#8217;s number two cocoa producer. Jobs, education, and infrastructure are also key issues.



During the current authorities&#8217; tenure, Ghana&#8217;s economy buckled under the impact of the COVID-19 pandemic, the war in Ukraine, higher global interest rates and years of excessive borrowing.



Public debt rose from 63% of GDP in 2019 to 92.7% in 2022, the cedi currency suffered rapid depreciation, while inflation peaked above 54%, hitting consumers and forcing businesses to reduce operations.



The government&#8217;s mountain of domestic debt meant that there was no alternative to an IMF deal without restructuring local holdings, something experts said was unprecedented in Africa.



A domestic debt restructuring launched in December 2022 required holders to exchange old bonds for new ones with lower yields and longer maturities.



&#8220;Some of us didn&#8217;t realize exactly what the consequences were,&#8221; Amey-Wemegah told Reuters in his Dabala home in southeastern Ghana, where citations for his meritorious service decorate the walls.



&#8220;They stole our money. I was sad and devastated,&#8221; he said, describing how the restructuring squeezed his income.



He cannot afford to fuel or service his car, and now prioritises spending on his medications.



Businesses have also struggled. An Accra-based start-up consultancy firm which requested anonymity, said its 2 million Ghanaian cedis ($130,718) has been held up in the restructuring, straining liquidity and forcing it to cut jobs.



<h2 class="wp-block-heading" id="h-frustration-with-ruling-party">FRUSTRATION WITH RULING PARTY</h2>



The election is set to be a contest between Vice-President Mahamudu Bawumia, representing the ruling New Patriotic Party, and former President John Dramani Mahama of the main opposition National Democratic Congress.



Mussa Dankwa of Accra-based Global InfoAnalytics said polls show most Ghanaians are struggling with a cost-of-living crisis, making it a key influence on the election.



Voters like Amey-Wemegah and the owner of the consultancy said their challenges with the debt restructuring would inform who they vote for.



&#8220;We&#8217;ve gone to the IMF 17 times,&#8221; said Amey-Wemegah, referring to Ghana&#8217;s fund-assisted bailouts since independence in 1957. &#8220;None of those past governments introduced haircuts. Why is it that this government decided to introduce it. Why?&#8221;



Others, like rice-miller Julius Kwadzo Ameku, are dissatisfied with the authorities&#8217; economic performance more broadly.



Ameku, whose firm operates in southeastern Volta region, said the ruling party&#8217;s initiatives to boost agricultural production had failed and he hoped opposition leader Mahama would usher in positive change.



&#8220;All we need is proper irrigation and flexible loans or grants. The gold, oil and others won&#8217;t take us anywhere,&#8221; he said.



($1 = 15.3000 Ghanaian cedi)



(Editing by Bate Felix and Angus MacSwan)

47PRCOI25FKKNHQMNP6BLNRXJQ

Ghana’s economic crisis looms over impending elections

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="552" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108051586-17296890292024-10-23t105709z_1019049937_rc2aqaac1wbu_rtrmadp_0_russia-brics-820x552.jpeg" alt="" class="wp-image-561143" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108051586-17296890292024-10-23t105709z_1019049937_rc2aqaac1wbu_rtrmadp_0_russia-brics-820x552.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108051586-17296890292024-10-23t105709z_1019049937_rc2aqaac1wbu_rtrmadp_0_russia-brics-300x202.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108051586-17296890292024-10-23t105709z_1019049937_rc2aqaac1wbu_rtrmadp_0_russia-brics-134x90.jpeg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108051586-17296890292024-10-23t105709z_1019049937_rc2aqaac1wbu_rtrmadp_0_russia-brics-768x517.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108051586-17296890292024-10-23t105709z_1019049937_rc2aqaac1wbu_rtrmadp_0_russia-brics-1536x1034.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108051586-17296890292024-10-23t105709z_1019049937_rc2aqaac1wbu_rtrmadp_0_russia-brics-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Officials, including Chinese President Xi Jinping, Russian President Vladimir Putin and Indian Prime Minister Narendra Modi, attend the BRICS summit in Kazan, Russia October 23, 2024.&nbsp; Alexei Danichev | Reuters</figcaption></figure>



MOSCOW, Dec 2 (Reuters)&nbsp;&#8211;&nbsp;The Kremlin said on Monday that any U.S. attempt to compel countries to use the dollar would backfireafter&nbsp;U.S. President-elect Donald Trump&nbsp;threatened to&nbsp;impose tariffs on BRICS countries if they created their own currency.



Trump on Saturday demanded that BRICS member countries commit to not creating a new currency or supporting another currency that would replace the United States dollar, saying they would otherwise face 100% tariffs.



The BRIC grouping initially included Brazil, Russia, India and China, but has since expanded to take in other countries. The grouping does not have a common currency, but long-running discussions on the subject have gained some momentum after the West imposed sanctions on Russia over the war in Ukraine.



Asked about Trump&#8217;s comments, Kremlin spokesman Dmitry Peskov&nbsp;said the dollar was losing its appeal as a reserve currency for many countries,&nbsp;a trend he said was&nbsp;gathering pace.



&#8220;More and more countries are switching to the use of national currencies in their trade and foreign economic activities,&#8221; Peskov told reporters.



If Washington resorted to &#8220;economic force&#8221; to compel countries to use the dollar it would backfire, he predicted.



&#8220;If the U.S. uses force, as they say economic force, to compel countries to use the dollar it will further strengthen the trend of switching to national currencies (in international trade),&#8221; said Peskov.



&#8220;The dollar is beginning to lose its appeal as a reserve currency for a number of countries.&#8221;



Dollar dominance — the outsized role of the U.S. dollar in the world economy — has in fact been strengthened of late, thanks to the robust U.S. economy, tighter monetary policy and heightened geopolitical risks, even as economic fragmentation has boosted a push by BRICS countries to shift away from the dollar into other currencies.



A study by the Atlantic Council&#8217;s GeoEconomics Center this year showed that the U.S. dollar remains the world&#8217;s primary reserve currency, and neither the euro nor the so-called BRICS countries have been able to reduce global reliance on the dollar.



(Reporting by Reuters; Writing by Alexander Marrow/Anastasia Teterevleva; Editing by Andrew Osborn)

108051586-17296890292024-10-23t105709z_1019049937_rc2aqaac1wbu_rtrmadp_0_russia-brics

Kremlin says Trump threat to BRICS nations over US dollar will backfire

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1800" height="1200" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/VFKU2JNBTBIDVNPMOMLDRAUIO4.avif" alt="" class="wp-image-560171"/><figcaption class="wp-element-caption">Pedestrians walk in front of Ghana&#8217;s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Nov 29 (Reuters) &#8211; Ghana&#8217;s central bank kept its main interest rate GHCBIR=ECI at 27.00% on Friday, as food price increases drove consumer inflationGHCPIY=ECI higher for the second month in a row.



While inflation has eased considerably over the year, the pace of deceleration showed some sluggishness since the last monetary policy committee meeting, the central bank said.



&#8220;Inflation projections show a slightly elevated profile driven by high and unstable food prices,&#8221; the bank said in a statement.



Year-on-year inflation in the West African economy, which is set to hold a general election on Dec. 7, edged up to 22.1% in October from 21.5% in the previous month.



The bank said it now expected inflation to reach its medium-term target of 6% to 10% in the fourth quarter of 2025, shifting forward from an earlier forecast that it would reach that goal in the third quarter.



Ghana, which is the world&#8217;s second largest cocoa producer, defaulted on most of its $30 billion external debt in 2022 after years of overstretched borrowing.



It is now close to fully emerging from the default after a long debt restructuring process.



President Nana Akufo-Addo&#8217;s government secured a 3-year, $3 billion bailout from the International Monetary Fund in 2023 and is now on the final lap of a painful process required for the money to be disbursed.



Commercial banks have accumulated enough capital buffers to withstand the effects of the external debt restructuring, the central bank said on Friday.



The International Monetary Fund&#8217;s executive board is set to meet on Dec. 2 to approve the third review of Ghana&#8217;s $3 billion programme, which will unlock a $360 million loan tranche.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Anait Miridzhanian and Duncan Miriri; Editing by Kevin Liffey, William Maclean)

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