<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="432" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LRPYWTISXFKI3LGTJNVMUIQQ5E.jpg" alt="" class="wp-image-545616" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LRPYWTISXFKI3LGTJNVMUIQQ5E.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LRPYWTISXFKI3LGTJNVMUIQQ5E-300x180.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LRPYWTISXFKI3LGTJNVMUIQQ5E-150x90.jpg 150w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">A drone view shows combines harvesting wheat in a field in the Rostov Region, Russia July 9, 2024. REUTERS/Sergey Pivovarov/File Photo</figcaption></figure>



KAZAN, Russia, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Leaders of the nations in the BRICS grouping, which accounts for 37% of global economic output, predicted its influence would grow as they met in Russia on Tuesday, outlining common projects ranging from a grain exchange to a cross-border payments system.



Russia&#8217;s President Vladimir Putin, who has sought support from BRICS leaders amid his standoff with the West over the war in Ukraine, said that BRICS&#8217; average economic growth in 2024/25 would be 3.8%, compared to global growth of 3.2-3.3%.



&#8220;The trend for the BRICS&#8217; leading role in the global economy will only strengthen,&#8221; Putin said, citing population growth, urbanization, capital accumulation, and productivity growth as key factors.



The joint communique of the summit, called the Kazan Declaration, attacked unilateral sanctions imposed on some of the group&#8217;s members, including Russia and Iran, saying that they harm the poorest people in targeted states.



&#8220;Therefore, we call for their elimination,&#8221; the Kazan Declaration said.



Russia, the world&#8217;s biggest wheat exporter, proposed the creation of a BRICS grain exchange which could later be expanded to trade other major commodities such as oil, gas and metals. The Kazan Declaration welcomed the initiative.



&#8220;BRICS countries are among the world&#8217;s largest producers of grains, legumes, and oilseeds. In this regard, we proposed opening a BRICS grain exchange,&#8221; Putin told the leaders.



<h2 class="wp-block-heading" id="h-cross-border-payments">CROSS BORDER PAYMENTS</h2>



He added that the exchange &#8220;will contribute to the formation of fair and predictable price indicators for products and raw materials, considering its special role in ensuring food security&#8221;.



&#8220;The implementation of this initiative will help protect national markets from negative external interference, speculation, and attempts to create an artificial food shortage,&#8221; Putin said.



Other leaders backed the creation of a common cross-border payments system, which would help BRICS countries trade with each other, bypassing the dollar-dominated global financial system.



Brazilian President Luiz Inacio Lula da Silva, who took part in the BRICS summit via video conference after a head injury over the weekend, said that it is time for the BRICS nations to create alternative payment methods.



He added that the group&#8217;s New Development Bank (NDB) was designed as an alternative to what he called failing Bretton Woods institutions such as the International Monetary Fund (IMF).



<h2 class="wp-block-heading" id="h-local-currencies">LOCAL CURRENCIES</h2>



India&#8217;s Prime Minister Narendra Modi said that he welcomed the steps for financial integration of BRICS countries while China&#8217;s President Xi Jinping urged BRICS countries to deepen financial and economic cooperation.



The Kazan Declaration called for a feasibility study on the other Russian initiatives, a BRICS Clear depositary and securities trade settlement system and a common reinsurance company.



In his speech, Putin also called for the creation of a BRICS investment platform, which will facilitate mutual investment between BRICS countries and could also be used for investment in other countries in the Global South.



Contrary to earlier statements from senior Russian officials on the need to find an alternative to the International Monetary Fund (IMF), the Kazan Declaration enhanced the role of the IMF, stressing the need for further reforms.



The declaration did not mention global dollar dominance, an issue that was often raised during the Russian presidency, nor a BRICS single currency and the use of cryptocurrencies, mentioned by Russia as a way to protect trade from Western sanctions.



&#8220;We welcome the use of local currencies in financial transactions between BRICS countries and their trading partners,&#8221; the Kazan Declaration said.



(Reporting by Vladimir Soldatkin in Kazan, Gleb Bryanski in Moscow; Editing by Alison Williams, Emelia Sithole-Matarise, Philippa Fletcher, Alexandra Hudson)

LRPYWTISXFKI3LGTJNVMUIQQ5E

BRICS leaders tout joint finance, trade projects at Russian summit

Why China Is Testing Its Autonomous Cars On U.S. Roads

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-820x550.jpg" alt="" class="wp-image-545534" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-768x515.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-1536x1031.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People charge towards the police, during a nationwide strike called by Mozambique presidential candidate Venancio Mondlane to protest the provisional results of an October 9 election, in Maputo, Mozambique, October 21, 2024. REUTERS/Siphiwe Sibeko</figcaption></figure>



NAIROBI, Oct 23 (Reuters) &#8211; Mozambique&#8217;s dollar bond fell for a third day on Wednesday, Tradeweb data showed, as unrest simmered over disputed election results.



The country&#8217;s sole eurobond, which matures in 2031, shed 0.58 cents to bid at 84.89 on the dollar, taking its losses since Friday to above two cents. 



The full results of Mozambique&#8217;s Oct. 9 national election are expected this week, but opposition candidates say the poll was rigged.



On Saturday, gunmen killed an opposition lawyer and a party official, and police this week fired teargas and bullets at protesters who had gathered where the two were killed.



(Reporting by Duncan Miriri and Shashwat Chauhan, editing by Libby George)

Nationwide strike in Mozambique

Mozambique’s dollar bond falls as unrest over disputed election simmers

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="234" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/blog2099x600res-1as-inflation-recedes-global-economy-needs-policy-triple-pivotcimf-photomonacoshots-820x234.jpg" alt="" class="wp-image-545499" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/blog2099x600res-1as-inflation-recedes-global-economy-needs-policy-triple-pivotcimf-photomonacoshots-820x234.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/blog2099x600res-1as-inflation-recedes-global-economy-needs-policy-triple-pivotcimf-photomonacoshots-300x86.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/blog2099x600res-1as-inflation-recedes-global-economy-needs-policy-triple-pivotcimf-photomonacoshots-160x46.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/blog2099x600res-1as-inflation-recedes-global-economy-needs-policy-triple-pivotcimf-photomonacoshots-768x220.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/blog2099x600res-1as-inflation-recedes-global-economy-needs-policy-triple-pivotcimf-photomonacoshots-1536x439.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/blog2099x600res-1as-inflation-recedes-global-economy-needs-policy-triple-pivotcimf-photomonacoshots-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Credit: IMF Photo/Monacoshots</figcaption></figure>



Let’s start with the good news: it looks like the global battle against inflation has largely been won, even if price pressures persist in some countries. After peaking at 9.4 percent year-on-year in the third quarter of 2022, we now project headline inflation will fall to 3.5 percent by the end of next year, slightly below the average during the two decades before the pandemic. In most countries, inflation is now hovering close to central bank targets, paving the way for monetary easing across major central banks.



The global economy remained unusually resilient throughout the disinflationary process. Growth is projected to hold steady at 3.2 percent in 2024 and 2025, but some low-income and developing economies have seen sizable downside growth revisions, often tied to intensifying conflicts.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2024/10/22/as-inflation-recedes-global-economy-needs-policy-triple-pivot?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2024/10/10386072/weo-chart-1_original.png" alt="chart showing deviations of year-over-year inflation from their targets for 61 economies"/></a></figure>



In advanced economies, growth in the United States is strong, at 2.8 percent this year, but will revert toward its potential in 2025. For advanced European economies, a modest growth rebound is expected next year, with output approaching potential. The growth outlook is very stable in emerging markets and developing economies, around 4.2 percent this year and next, with continued robust performance from emerging Asia.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2024/10/22/as-inflation-recedes-global-economy-needs-policy-triple-pivot?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2024/10/10386067/weo-chart-2_original.png" alt="chart showing real GDP growth in 2024 for US, China, LIDCs, and other advanced and emerging economies"/></a></figure>



The decline in inflation without a global recession is a major achievement. As&nbsp;<a href="https://www.imf.org/en/Blogs/Articles/2024/10/16/global-inflationary-episode-offers-lessons-for-monetary-policy?utm_medium=email&amp;utm_source=govdelivery">Chapter 2</a>&nbsp;of our report argues, the surge and subsequent decline in inflation reflects a unique combination of shocks: broad supply disruptions coupled with strong demand pressures in the wake of the pandemic, followed by sharp spikes in commodity prices caused by the war in Ukraine.



These shocks led to an upward shift and a steepening of the relationship between activity and inflation, the Phillips curve. As supply disruptions eased and tight monetary policy started to constrain demand, normalization in labor markets allowed inflation to decline rapidly without a major slowdown in activity.



Clearly, much of the disinflation can be attributed to the unwinding of the shocks themselves, together with improvements in labor supply, often linked to increased immigration. But monetary policy played a decisive role by keeping inflation expectations anchored, avoiding deleterious wage-price spirals, and a repeat of the disastrous inflation experience of the 1970s.



Despite the good news on inflation, downside risks are increasing and now dominate the outlook. An escalation in regional conflicts, especially in the Middle East, could pose serious risks for commodity markets. Shifts toward undesirable trade and industrial policies can significantly lower output relative to our baseline forecast. Monetary policy could remain too tight for too long, and global financial conditions could tighten abruptly.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2024/10/22/as-inflation-recedes-global-economy-needs-policy-triple-pivot?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2024/10/10386078/weo-chart-3_original.png" alt="chart showing downside risks to world GDP as a deviation from baseline"/></a></figure>



The return of inflation near central bank targets paves the way for a policy triple pivot. This would provide much-needed macroeconomic breathing room, at a time where risks and challenges remain elevated.



The first pivot—on monetary policy—is under way already. Since June, major central banks in advanced economies have started to cut policy rates, moving toward a neutral stance. This will support activity at a time when many advanced economies’ labor markets are showing signs of cooling, with rising unemployment rates. So far, however, the rise in unemployment has been gradual and does not point to an imminent slowdown.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2024/10/22/as-inflation-recedes-global-economy-needs-policy-triple-pivot?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2024/10/10386076/weo-chart-4_original.png" alt="chart showing percent point deviation of unemployment rate from trough with marked recessions"/></a></figure>



Lower interest rates in major economies will ease the pressure on emerging market economies, with their currencies strengthening against the US dollar and financial conditions improving. This will help reduce imported inflation, allowing these countries to pursue their own disinflation path more easily.



However, vigilance remains key. Inflation in services remains too elevated, almost double pre-pandemic levels. A few emerging market economies are facing a resurgence of inflationary pressures and have started to raise policy rates again.



Furthermore, we have now entered a world dominated by supply disruptions—from climate, health, and geopolitical tensions. It is always harder for monetary policy to contain inflation when faced with such shocks, which simultaneously increase prices and reduce output.



Finally, while inflation expectations remained well-anchored this time, it may be harder next time, as workers and firms will be more vigilant about protecting pay and profits.



The second pivot is on fiscal policy. Fiscal space is a cornerstone of macroeconomic and financial stability. After years of loose fiscal policy in many countries, it is now time to stabilize debt dynamics and rebuild much-needed fiscal buffers.



While the decline in policy rates provides some fiscal relief by lowering funding costs, this will not be sufficient, especially as long-term real interest rates remain far above pre-pandemic levels. In many countries, primary balances (the difference between fiscal revenues and public spending net of debt service) need to improve.



For some, including the United States and China, current fiscal plans do not stabilize&nbsp;<a href="https://www.imf.org/en/Blogs/Articles/2024/10/15/global-public-debt-is-probably-worse-than-it-looks?utm_medium=email&amp;utm_source=govdelivery">debt dynamics</a>. In many others, while early fiscal plans showed promise after the pandemic and cost-of-living crises, there are increasing signs of slippage.



The path is narrow: delaying consolidation increases the risk of disorderly market-imposed adjustments, while an excessively abrupt turn toward fiscal tightening could be self-defeating and hurt economic activity.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2024/10/22/as-inflation-recedes-global-economy-needs-policy-triple-pivot?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2024/10/10386052/weo-chart-5_original.png" alt="chart showing annual output loss of squeezing five-year consolidation into two years in advanced vs emerging economies"/></a></figure>



Success requires implementing a sustained and credible multi-year adjustments without delay, where consolidation is necessary. The more credible and disciplined the fiscal adjustment, the more monetary policy can play a supporting role by easing policy rates while keeping inflation in check. But the willingness or ability to deliver disciplined and credible fiscal adjustments have been lacking.



The third pivot—and the hardest—is toward growth-enhancing reforms. Much more needs to be done to improve growth prospects and lift productivity, as this is the only way we can address the many challenges we face: rebuilding fiscal buffers; coping with aging and shrinking populations in many parts of the world; tackling the climate transition; increasing resilience, and improving the lives of the most vulnerable, within and across countries.



Unfortunately, growth prospects for five years from now remain lackluster, at 3.1 percent, the lowest in decades. While much of this reflects China’s weaker outlook, medium-term prospects in other regions, including Latin America and the European Union, have also deteriorated.



Faced with increased external competition and structural weaknesses in manufacturing and productivity, many countries are implementing industrial and trade policy measures to protect domestic workers and industries. But external imbalances often reflect macroeconomic forces: a weakening domestic demand in China, or excessive demand in the United States. Addressing these will require&nbsp;<a href="https://www.imf.org/en/Blogs/Articles/2024/09/12/trade-balances-in-china-and-the-us-are-largely-driven-by-domestic-macro-forces?utm_medium=email&amp;utm_source=govdelivery">setting the macro dials appropriately</a>.



Moreover, while industrial and trade policy measures can sometimes boost investment and activity in the short run—especially when relying on debt-financed subsidies—they often lead to retaliation and fail to deliver sustained improvements in standards of living. They should be avoided when not carefully addressing well-identified market failures or narrowly defined national security concerns.



Economic growth must come instead from ambitious domestic reforms that boost technology and innovation, improve competition and resource allocation, further economic integration and stimulate productive private investment.



Yet while reforms are as urgent as ever, they often face significant social resistance. How can policymakers win the support they need for reforms to succeed?



As&nbsp;<a href="https://www.imf.org/en/Blogs/Articles/2024/10/16/support-for-economic-reforms-hinges-on-communication-engagement-and-trust?utm_medium=email&amp;utm_source=govdelivery">Chapter 3</a>&nbsp;of our report shows, information strategies can help but can only go so far. Building trust between government and citizens—a two-way process throughout the policy design—and the inclusion of proper compensation to offset potential harms, are essential features.



Building trust is an important lesson that should also resonate when thinking about ways to further improve international cooperation and bolster our multilateral efforts to address common challenges, in the year that we celebrate the 80th anniversary of the Bretton Woods institutions.



—This blog is based on the October 2024&nbsp;<a href="https://www.imf.org/en/Publications/WEO/Issues/2024/10/22/world-economic-outlook-october-2024?cid=bl-com-AM2024-WEOEA2024002&amp;utm_medium=email&amp;utm_source=govdelivery">World Economic Outlook</a>. For more, see blog posts on the report’s analytical chapters:&nbsp;<a href="https://www.imf.org/en/Blogs/Articles/2024/10/16/global-inflationary-episode-offers-lessons-for-monetary-policy?utm_medium=email&amp;utm_source=govdelivery">Global Inflationary Episode Offers Lessons for Monetary Policy</a>&nbsp;and&nbsp;<a href="https://www.imf.org/en/Blogs/Articles/2024/10/16/support-for-economic-reforms-hinges-on-communication-engagement-and-trust?utm_medium=email&amp;utm_source=govdelivery">Support for Economic Reforms Hinges on Communication, Engagement, and Trust</a>.



<figure class="wp-block-image"><a href="https://www.imf.org/en/Blogs/Articles/2024/10/22/as-inflation-recedes-global-economy-needs-policy-triple-pivot?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://content.govdelivery.com/attachments/fancy_images/USIMF/2024/10/10386044/5777709/weo-chart-oct-2024-all_crop.png" alt="World Economic Outlook Projections table"/></a></figure>

blog2099x600res-1as-inflation-recedes-global-economy-needs-policy-triple-pivotcimf-photomonacoshots

As Inflation Recedes, Global Economy Needs Policy Triple Pivot

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GaAHElwW0AAaqci-800x800.jpeg" alt="" class="wp-image-545482" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GaAHElwW0AAaqci-800x800.jpeg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GaAHElwW0AAaqci-300x300.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GaAHElwW0AAaqci-90x90.jpeg 90w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GaAHElwW0AAaqci-768x768.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GaAHElwW0AAaqci-1536x1536.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GaAHElwW0AAaqci.jpeg 2048w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">The event&#8217;s goal of connecting Rwandan agricultural and horticultural suppliers with distributors and consumers in the UK.</figcaption></figure>



Following the success of the UK-Rwanda Business Forum in January 2024, interest in deepening trade relations between Rwanda and the UK has grown. In response, the Rwanda Development Board (RDB), in collaboration with the National Agricultural Export Development Board (NAEB), the High Commission of Rwanda in the UK, and the British High Commission in Kigali, organized the Taste of Rwanda event and participated in the World Coffee Innovation Summit in London from October 15-17, 2024.



The events, hosted at the Law Society and ExCeL London, aimed to promote Rwandan products, including coffee, tea, and horticultural goods, and strengthen trade ties between Rwandan exporters and UK importers. They provided a platform for business-to-business networking, fostering potential partnerships, and exploring new opportunities for trade and investment in both markets.



<h2 class="wp-block-heading" id="h-key-objectives-of-rwanda-s-participation">Key Objectives of Rwanda’s Participation:</h2>



<ol start="1" class="wp-block-list">
<li>Connecting Buyers and Sellers: Bringing together Rwandan suppliers and UK buyers to facilitate business deals and build lasting relationships.</li>



<li>Strengthening Market Access: Identifying new opportunities to increase Rwandan exports to the UK.</li>



<li>Showcasing Trade Opportunities: Highlighting Rwanda’s key sectors ripe for investment, including agriculture, processing, and manufacturing.</li>



<li>Networking Events: Organizing discussions and business meetings to connect UK importers with Rwandan exporters.</li>



<li>Regulatory Insights: Providing guidance on UK export regulations and Rwanda’s business environment to help businesses navigate market entry.</li>



<li>Sustainability Focus: Exploring opportunities for sustainable and inclusive growth in line with both Rwanda’s development goals and the UK’s sustainability commitments.</li>
</ol>



Rwanda’s trade mission consisted of 20 exporters from sectors such as coffee, tea, chili, honey, fruits, and vegetables. The events attracted 45 British companies, providing a platform to showcase Rwandan products, close business deals, and foster future partnerships.



<h2 class="wp-block-heading" id="h-expected-outcomes">Expected Outcomes:</h2>



<ul class="wp-block-list">
<li>Expanded market access for Rwandan goods in the UK.</li>



<li>Formation of new business partnerships and joint ventures.</li>



<li>Valuable market insights and networking opportunities for Rwandan companies.</li>



<li>Enhanced brand visibility for Rwandan products in the UK.</li>



<li>Increased sales orders and long-term contracts from UK buyers.</li>
</ul>



These events reflect Rwanda’s continued commitment to boosting exports and strengthening trade relations with international partners.

GaAHElwW0AAaqci

Rwanda Showcases at the Taste of Rwanda Event and World Coffee Innovation Summit in the UK

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="596" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/B-Ready-3-820x596.jpeg" alt="" class="wp-image-545479" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/B-Ready-3-820x596.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/B-Ready-3-300x218.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/B-Ready-3-124x90.jpeg 124w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/B-Ready-3-768x558.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/B-Ready-3-1536x1117.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/B-Ready-3.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Washington, DC, U.S.A&nbsp;– Rwanda has once again demonstrated its commitment to business excellence, achieving impressive results in the newly launched World Bank Business Ready (B-READY) Report unveiled today, solidifying its position as a leading investment destination in Africa.



The first edition of B-READY assessed the business environments of 50 global economies, focusing on three pillars – regulatory frameworks, public service delivery, and operational efficiency, and has ten indicators, which include Business Entry, Business Location, Utility Services (water, electricity, and internet), Labour Force, Financial Services (access), International Trade, Taxation, Disputes Resolution, Market Competition (Public Procurement), and Business Insolvency.



Rwanda is among the top performers in several key areas, demonstrating the country’s sustained drive to enhance its business environment and foster a welcoming climate for investors. In the 2024 B-READY Report, Rwanda achieved the following scores:



<ul class="wp-block-list">
<li>81.31 in Operational Efficiency (3rd globally)</li>



<li>67.37 in Public Services (8th globally)</li>



<li>70.35 in Regulatory Framework (17th globally)</li>
</ul>



These scores position Rwanda as one of the top-performing countries globally, and the top performing country in Sub-Saharan Africa.&nbsp;



<h2 class="wp-block-heading" id="h-key-highlights-of-rwanda-s-performance">Key Highlights of Rwanda’s Performance: </h2>



<ol start="1" class="wp-block-list">
<li>Operational Efficiency: Rwanda remains one of the fastest countries in Africa and globally for company registration. This efficiency stands in contrast to global averages of 32 days for domestic firms and 39 days for foreign firms, reinforcing Rwanda’s position as a regional leader in ease of doing business.</li>



<li>Public Services: Rwanda’s digitization of public services has been a key driver of its strong performance. Systems like the Integrated Electronic Case Management System (IECMS) for the judiciary and the e-titles system for land services have streamlined processes, reducing both the time and cost of doing business. These innovations play a vital role in enhancing the overall business environment.</li>



<li>Regulatory Framework: Rwanda’s legal reforms continue to enhance its global competitiveness. Recent legislative efforts, including the 2021 Investment Promotion Law, the Company Law, and the Insolvency Law, have created a more business-friendly regulatory environment. Additionally, Rwanda’s commercial courts and streamlined processes for business registration and dispute resolution set benchmarks for the region.</li>



<li>Environmental Sustainability: The B-READY report highlights Rwanda’s leadership in integrating environmental sustainability into its business practices. Initiatives such as e-mobility and renewable energy demonstrate the country’s commitment to a green economy, positioning Rwanda as a leader in sustainable development across Africa.</li>
</ol>



<h2 class="wp-block-heading" id="h-rwanda-s-strategic-reforms">Rwanda’s Strategic Reforms:</h2>



Rwanda’s success in the B-READY report is attributed to its long-term reform strategy, which began in 2008 with the creation of the Rwanda Development Board (RDB). Over the years, Rwanda has focused on administrative, legal, and digital reforms to enhance the business environment, attract foreign direct investment (FDI), and drive economic growth.



Key reforms include:



<ul class="wp-block-list">
<li>Free online business registration</li>



<li>Automated tax filing and payments</li>



<li>One-stop centre services for business permits and licences</li>



<li>Support for foreign ownership and ease of profit repatriation</li>



<li>Electronic Integrated Case Management System</li>
</ul>



Rwanda’s holistic approach to reform also prioritises good governance, macroeconomic stability, and anti-corruption measures, all of which have contributed to its favourable rankings in the B-READY report.



<h2 class="wp-block-heading" id="h-looking-ahead">Looking Ahead:</h2>



As Rwanda builds on these achievements, efforts are underway to further improve the business environment. Ongoing initiatives include the digitization of the One Stop Center, upgrades to business and mortgage registration systems, and the integration of trade services under a Single Transaction Portal.



Francis Gatare, CEO of the Rwanda Development Board, commented: “Rwanda’s performance in the B-READY report reflects our unwavering commitment to creating a conducive environment for private sector growth and investment. These reforms are the foundation of our socioeconomic transformation, and we will continue to prioritise innovation, sustainability, and efficiency to attract investment and grow the private sector.”&nbsp;



Download the World Bank Business Ready 2024 (B-READY) Report&nbsp;<a href="https://www.worldbank.org/en/businessready">here</a>

B-Ready 3

Rwanda Among Top Global Performers in Inaugural World Bank B-READY Report

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="773" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_3656option2-820x773.jpg" alt="" class="wp-image-545475" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_3656option2-820x773.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_3656option2-300x283.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_3656option2-95x90.jpg 95w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_3656option2-768x724.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_3656option2-1536x1448.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_3656option2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Mining entrepreneur, Pinagare Mogodi</figcaption></figure>



Pinagare Mogodi’s life and professional journey can be described as resilient and visionary with an unyielding drive to break barriers.



Born with a modest background, Pinagare Mogodi was raised by his single mother, Puleng Mogodi, who juggled three jobs to provide for her children. At the same time, his uncle, Ignitius Oupa Mphomane, played a pivotal role as a mentor and father figure, introducing Mogodi to business ethics and the significance of earning respect through hard work.



His uncle’s success, wealth and influence as a businessman contrasted with Mogodi’s humble beginnings, making him feel like a “Fresh Prince of Bel-Air”. This experience left a lasting impression and sparked Mogodi’s desire to pursue more than just financial security — he wanted freedom, respect, and the opportunity to help others.



Mogodi’s entrepreneurial journey began early in life. While still in high school, he found ways to make money by selling sweets, PlayStation games, and music CDs. His drive to succeed was evident even then, and by the time he reached his second year of university, he had already registered his first company, MAB Group (Matsapa-A-Botshelo).



The initial motivation behind the company was deeply personal — to alleviate his mother’s financial struggles. However, what began as a small operation soon grew into something far more significant.



MAB Group quickly expanded, venturing into industries that were not only highly competitive but also capital-intensive, such as mining, construction, real estate development, and trucking. Mogodi’s initial goal of helping his family gradually evolved into something much larger: he wanted MAB Group to be a symbol of success, a company that would challenge industry giants and redefine what was possible for a young, ambitious entrepreneur from humble beginnings.



Breaking into the mining industry was one of Mogodi’s biggest challenges. Mining, especially coal mining, is a sector dominated by established players with deep financial reserves and extensive industry connections.



As a young entrepreneur with limited capital, Mogodi had to overcome significant skepticism from potential clients who doubted whether MAB Group could deliver on large-scale coal exports, manage the logistics, and secure the necessary financial backing. Yet, with persistence, strategic insight, and unwavering faith in his vision, Mogodi worked to prove his doubters wrong.



He built trust with clients, demonstrating that MAB Group was not only capable of handling large projects but was also committed to quality and reliability.



Despite his success in business, Mogodi’s journey has not been without its personal struggles,which included facing financial difficulties early on. Yet, even during these challenging times, he never wavered in his commitment to building MAB Group into a respected name in the industry.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="671" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_0294option4-820x671.jpg" alt="" class="wp-image-545476" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_0294option4-820x671.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_0294option4-300x245.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_0294option4-110x90.jpg 110w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_0294option4-768x628.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_0294option4-1536x1257.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IMG_0294option4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">MAB aims to be at the forefront of mining projects building success through hands-on mining leadership</figcaption></figure>



One of the most significant decisions Mogodi made along his journey was to leave school to focus fully on his growing business. It was a difficult choice, as education had always been important to him. However, as MAB Group continued to expand and become more successful, Mogodi decided to return to school to complete his studies.



His decision to return was not just for personal fulfillment — it was also motivated by a desire to set a strong example for his children, showcasing that no matter how successful one becomes, education is an essential pillar of personal growth and development. With the support of his fiancée and children, Mogodi is now pursuing his academic goals while continuing to lead MAB Group to new heights.



Under Mogodi’s leadership, MAB Group has evolved into a multifaceted organization with a diverse portfolio. The company’s mining division offers a range of services, from exploration and extraction to processing and export, all while maintaining a strong focus on sustainability and community involvement. In the construction sector, MAB Group has taken on large-scale residential, commercial, and industrial projects, contributing to South Africa’s infrastructure development. Additionally, the company’s trucking services ensure efficient transportation of goods across the country, further solidifying its position as a key player in the logistics industry.



Beyond its business success, MAB Group is deeply committed to community development and social responsibility. Mogodi’s belief in the importance of uplifting the communities where the company operates is reflected in MAB Group’s numerous initiatives. The company offers internship and learnership programs that equip individuals with the skills they need to succeed in the workforce. It also supports local businesses and promotes economic growth in the areas where it operates. For Mogodi, giving back to the community is not just an obligation, it’s a core part of his company’s mission.



Throughout his 14-year journey, one of the key lessons Mogodi has learned is the power of strategic partnerships. These alliances have been instrumental in MAB Group’s growth, providing the financial strength and industry expertise necessary to scale operations and enter new markets. By partnering with other companies, MAB Group has been able to mitigate risk, innovate, and expand its reach, both locally and globally.



The company has significantly expanded its coal export operations, handling between 75,000 and 150,000 tons of coal. It is also in the process of developing new coal and chrome mines, with plans to complete a state-of-the-art wash plant by 2025.



In the construction sector, MAB Group has been involved in major projects such as Rama City, a large-scale development, and several public-private partnerships with the government. Despite facing challenges like debt and the economic impact of Covid-19, Mogodi has guided the company through these turbulent times.



Looking to the future, Mogodi remains optimistic about the prospects for South Africa’s mining, construction, and logistics industries. He believes that the country’s new Government of National Unity (GNU) has the potential to drive economic improvement, despite challenges such as disruptions in rail infrastructure and port logistics etc. For Mogodi, these challenges represent opportunities for growth and innovation, and he is confident that MAB Group will continue to thrive by adhering to ethical business practices.



Mogodi’s vision for MAB Group extends far beyond business success. He sees the company becoming one of Africa’s largest mining and exporting houses, with a mission to help reduce unemployment across the continent.



His focus on strategic expansion, innovation, and sustainability reflects his commitment to creating lasting change, not only for his company but for Africa as a whole.

IMG_3656option2

From Start To Scale: A South African Entrepreneur’s Foray Into Mining, Construction And More

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg" alt="" class="wp-image-381494" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1920x1280.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The countrys Treasury has already cut this years growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg</figcaption></figure>



NAIROBI, Oct 23 (Reuters) &#8211; The Kenyan shilling was unmoved against the dollar on Wednesday, as exporters converted dollars to the local currency to process payrolls, one trader said.



The shilling traded at 128.50/129.50 the dollar at 0720 GMT, LSEG data showed, the same as Tuesday&#8217;s closing rate.



&#8220;I foresee a very steady currency as we head into the end of the month,&#8221; the trader said.



(Reporting by Sonia Rao; Editing by Hereward Holland)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling unmoved against dollar on month-end FX supply

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="537" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg" alt="" class="wp-image-536666" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-768x503.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-1536x1005.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration taken September 9, 2015. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Wednesday, before the release of local consumer inflation figures that will be the main focal point for the day&#8217;s trading.



At 0535 GMT, the rand traded at 17.5425 against the U.S. dollar, down less than 0.1% on Tuesday&#8217;s closing level.



Statistics South Africa will release September Consumer Price Index (CPI) data around 0800 GMT.



Economists polled by Reuters predict that annual inflation fell to 3.9% last month, well below the 4.5% level the central bank aims for.



A further drop in inflation, from 4.4% in August, could encourage the South African Reserve Bank to deliver another interest rate cut at November&#8217;s monetary policy meeting, after its first cut in more than four years last month.



South Africa&#8217;s benchmark 2030 government bond was marginally stronger in early deals, with the yield down 2 basis points to 9.325%.



(Reporting by Alexander Winning; Editing by Savio D&#8217;Souza)

South African Rand coins are seen in this photo illustration

South African rand little changed; CPI data in focus

<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-1076949610-612x612-1-2.jpg" alt="" class="wp-image-524623" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-2-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Wednesday.



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



September consumer inflation data



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



Famous Brands interim results



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



The South African rand was stronger on Tuesday, buoyed by global precious metals prices and its appeal for carry trades.



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



Gold prices jumped to record high and the dollar was on the rise again on Wednesday, while stocks in Asia stuttered as investors were reluctant to place major bets ahead of a hotly contested U.S. election.



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



U.S. stocks ended little changed on Tuesday, but the Nasdaq eked out a modest gain while investors kept an eye on Treasuries yields and awaited more earnings to assess the health of American companies.



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



Gold prices surged to a record high on Wednesday, as conflicts in the Middle East and uncertainty surrounding the upcoming U.S. election spurred demand for safe-haven assets. 



(Compiled by Alexander Winning)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct 23

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled-1-820x547.jpg" alt="" class="wp-image-545436" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled-1.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A street vendor balances a box on her head as she makes a sale at Markets of Warwick in the Durban CBD, Durban, South Africa May 31, 2024. REUTERS/Alaister Russell/File photo</figcaption></figure>



JOHANNESBURG, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s inflation dropped sharply in September, hitting its lowest level in more than three years and bolstering expectations for another interest rate cut by the central bank next month.



Annual consumer price inflation slowed to 3.8% from 4.4% in August, Statistics South Africa data showed.



Economists polled by Reuters had forecast inflation would&nbsp;drop to&nbsp;3.9%, well below 4.5% &#8211; the mid-point of the South African Reserve Bank&#8217;s 3%-6% target range.



The Consumer Price Index (CPI) rose 0.1% month-on-month in September, the same as a month before.



&#8220;Inflation is well under control in South Africa, this is really the start of a period of about 6 months in which the headline CPI should be below 4%,&#8221; said independent economist Elize Kruger.



The central bank struck a measured tone at its September meeting when it trimmed its main interest rate by 25 basis points to 8%, saying there were still risks on the horizon.



Analysts expect the bank to continue easing policy in quarter point increments, taking the repo rate to 7% by the middle of next year.



&#8220;Larger 50 bps moves are unlikely, in our view,&#8221; Standard Chartered&#8217;s Razia Khan said in a research note. &#8220;We think the SARB will want to proceed cautiously, monitoring global risks and any consumption boost from South Africa&#8217;s recent Two Pot Pension Reforms, which allow earlier pension withdrawals,&#8221; she said.



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

5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled

South African inflation drops sharply, paving way for more rate cuts

<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>



Oct 23 (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-global-markets">GLOBAL MARKETS</h2>



Gold prices jumped to record high and the dollar was on the rise again on Wednesday, keeping the pressure on the yen and the euro, while stocks in Asia stuttered as investors were reluctant to place major bets ahead of a hotly contested U.S. election.



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



Oil prices dipped on Wednesday after industry data showed U.S. crude inventories swelled more than expected, though declines were capped as the market watched diplomatic efforts in the Middle East after Israel continued attacks on Gaza and Lebanon.



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



The South African rand was stronger on Tuesday, buoyed by global precious metals prices and its appeal for carry trades.



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



The Kenyan shilling was steady against the dollar on Tuesday, as limited foreign exchange demand from importers matched supply, traders said.



<h2 class="wp-block-heading" id="h-africa-floods">AFRICA FLOODS</h2>



Devastating rains that triggered deadly floods in Cameroon, Chad, Niger, Nigeria and Sudan in recent months were worsened by human-caused climate change, a team of international scientists said on Wednesday.



<h2 class="wp-block-heading" id="h-africa-democracy">AFRICA DEMOCRACY</h2>



Nearly half of Africa&#8217;s citizens live in a country where governance has worsened over the past decade, as deteriorating security erodes progress, according to a new report.



<h2 class="wp-block-heading" id="h-rwanda-economy">RWANDA ECONOMY</h2>



Rwanda&#8217;s economy is expected to grow by 8.3% in 2024, the International Monetary Fund (IMF) said on Tuesday, citing growth in the services and construction sectors and a recovery in food crop production.



<h2 class="wp-block-heading" id="h-uganda-accident">UGANDA ACCIDENT</h2>



Ten bodies were recovered from the scene of a fuel tanker explosion in Uganda&#8217;s capital Kampala on Tuesday, a Reuters witness said.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 23

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3TYBNL5NNRKODOQ2WWXYLQHUFE-820x615.jpg" alt="" class="wp-image-545417" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3TYBNL5NNRKODOQ2WWXYLQHUFE-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3TYBNL5NNRKODOQ2WWXYLQHUFE-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3TYBNL5NNRKODOQ2WWXYLQHUFE-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3TYBNL5NNRKODOQ2WWXYLQHUFE-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3TYBNL5NNRKODOQ2WWXYLQHUFE-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/3TYBNL5NNRKODOQ2WWXYLQHUFE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Residents walk in a flooded area during rescue operations in Maiduguri, northern Borno state, Nigeria September 12, 2024. REUTERS/Ahmed Kingimi/File Photo</figcaption></figure>



Oct 23 (Reuters) &#8211; Devastating rains that triggered deadly floods in Cameroon, Chad, Niger, Nigeria and Sudan in recent months were worsened by human-caused climate change, a team of international scientists said on Wednesday.



Global warming made the seasonal downpours this year about 5-20% more intense across the Niger and Lake Chad basins, said World Weather Attribution (WWA), a group of scientists studying the link between climate change and extreme weather.



It also said such intense rainfall could occur annually if warming continues.



&#8220;Spells of heavy summer rainfall have become the new normal in Sudan, Nigeria, Niger, Cameroon and Chad,&#8221; said Izidine Pinto, Researcher at the Royal Netherlands Meteorological Institute, in a WWA statement.



This year&#8217;s floods killed around 1,500 people and displaced over 1 million more in West and Central Africa, according to the U.N. aid agency OCHA. The rainfall also overwhelmed dams in Nigeria and Sudan.



If global warming reaches 2 degrees Celsius (3.6 degrees Fahrenheit), which could happen as early as the 2050s, such downpours are expected to occur nearly every year in the affected regions, WWA said, calling for more investment in early warning systems and dam upgrades.



&#8220;Africa has contributed a tiny amount of carbon emissions globally, but is being hit the hardest by extreme weather,&#8221; said Joyce Kimutai, researcher at the Centre for Environmental Policy at Imperial College in London.



She said the onus was on this year&#8217;s COP29 climate talks in November to ensure rich nations contribute &#8220;meaningful finance&#8221; to help.



(Reporting by Alessandra Prentice; editing by Barbara Lewis)

FILE PHOTO: Residents walk in a flooded area during rescue operations in Maiduguri

Climate change worsened rains in flood-hit African regions, scientists say

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-820x429.jpg" alt="" class="wp-image-545386" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/EOMWPC6NZ5IR5K2P3BFBOOSP4E.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Sudanese women from community kitchens, run by local volunteers, prepare meals for people who are affected by conflict and extreme hunger and are out of reach of international aid efforts, in Omdurman, Sudan, May 13, 2024. REUTERS/Mazin Alrasheed/File Photo</figcaption></figure>



LONDON, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Nearly half of Africa&#8217;s citizens live in a country where governance has worsened over the past decade, as deteriorating security erodes progress, according to a new report.



The annual Ibrahim Index of African Governance report found that despite positive progress in 33 countries, overall governance was worse in 2023 in 21 countries, accounting for just under half of Africa&#8217;s population, compared with 2014.



For several countries, including densely populated Nigeria and Uganda, the deterioration in overall governance had worsened over the second part of the decade, according to the report released by Sudanese-British billionaire businessman Mo Ibrahim&#8217;s foundation.



&#8220;We can see really a huge arc of instability and conflicts and this deterioration, and security and safety of our people, is the biggest driver of deterioration and governance&#8230;putting everything down in general,&#8221; Ibrahim told Reuters in an interview.



Ibrahim pointed to the coups in West Africa and war in Sudan, but said poor governance also fostered violence and instability.



&#8220;If there is deterioration on governance, if there is corruption, if there is marginalization&#8230;people are going to pick up arms,&#8221; he said.



The report found that infrastructure &#8211; from mobile phone access to energy &#8211; and women&#8217;s equality, were better in 2023 for roughly 95% of Africans.



Health, education and business environment metrics had also improved continent-wide.



But the report found that public perceptions on progress were grim, even when the corresponding governance dimensions showed progress; all public perception indicators, apart from those tracking women&#8217;s leadership, declined.



The worst drops were in perceptions of economic opportunities and of safety and security.



The foundation said this could be due to higher expectations in countries that were making progress, and also a tendency to focus on what is not working.



But Ibrahim said it was a serious problem.



&#8220;If public dissatisfaction is high, that obviously can lead to unrest, it can lead to increased migration, conflicts,&#8221; he said.



(Reporting By Libby George; Editing by Sharon Singleton)

EOMWPC6NZ5IR5K2P3BFBOOSP4E

African progress backslides as coups and war persist

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VVH4XUJLWRL2RHXOYP5AZXEKAM-820x547.jpg" alt="" class="wp-image-545184" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VVH4XUJLWRL2RHXOYP5AZXEKAM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VVH4XUJLWRL2RHXOYP5AZXEKAM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VVH4XUJLWRL2RHXOYP5AZXEKAM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VVH4XUJLWRL2RHXOYP5AZXEKAM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VVH4XUJLWRL2RHXOYP5AZXEKAM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VVH4XUJLWRL2RHXOYP5AZXEKAM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Russian President Vladimir Putin meets with South African President Cyril Ramaphosa on the sidelines of the BRICS summit in Kazan, Russia October 22, 2024. Alexander Nemenov/Pool via REUTERS</figcaption></figure>



JOHANNESBURG, Oct 22 (Reuters)&nbsp;&#8211;&nbsp;South Africa sees Russia as a valued ally, President Cyril Ramaphosa said at a bilateral meeting with Russia&#8217;s Vladimir Putin on Tuesday, on the eve of the BRICS summit of emerging economies&nbsp;that will take place in the Russian city of Kazan.



&#8220;We continue to see Russia as a valued ally, as a valued friend who supported us right from the beginning, from the days of our struggle against apartheid,&#8221; Ramaphosa said, according to a clip of the two leaders&#8217; meeting shared on social media by South Africa&#8217;s government news agency.



&#8220;We are going to have important discussions here in Kazan within the BRICS family,&#8221; the South African president added.



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

Russian President Vladimir Putin meets with South African President Cyril Ramaphosa in Kazan

South Africa sees Russia as a valued ally, Ramaphosa tells Putin

Why Meta And Snap Are Betting Big On AR Glasses

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1243645267-820x547.jpg" alt="" class="wp-image-545121" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1243645267-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1243645267-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1243645267-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1243645267-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1243645267-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1243645267-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The President of the Confederation of African Football (CAF) Patrice Motsepe, Host a Press Conference, in Algiers, Algeria, October 01, 2022. (Photo by APP/NurPhoto via Getty Images)</figcaption></figure>



ADDIS ABABA, Oct 22 (Reuters)&nbsp;&#8211;&nbsp;African football paid $50-million in an out of court settlement to former marketing company Lagardere Sports after abruptly cancelling their long-term agreement, the Confederation of African Football&#8217;s congress was told on Tuesday.



The French company had sued for compensation after their 10-year, $1-billion agreement was abruptly cancelled in 2019.



Lagardere Sports held the marketing, sponsorship and television rights to all CAF competitions for two decades, but CAF said it had to cancel the deal after two court rulings found that the agreement was made without proper tender.



The company, now known as Lagardere Unlimited, sued for compensation before accepting a settlement, with CAF paying in two equal tranches, the last of which was paid at the end of last year, CAF&#8217;s finance committee vice chairman Andrew Kamanga said.



CAF president Patrice Motsepe told congress the organisation had made a $72-million profit from this year&#8217;s Africa Cup of Nations finals in the Ivory Coast, significantly increased from a $4-million profit for the 2021 finals in Cameroon.



CAF said it projected a revenue of almost $150 million for the 2024-2025 financial year, with expenses of $138.2 million.



Some 30% of the budget would be spent on development programmes and contributions to CAF’s 54-member associations.



A proposal was approved to give each association president an annual salary of $50,000 from the $400,000 annual contribution.



Motsepe, expected to stand for re-election next year, said CAF wanted to increase African football&#8217;s revenue to $1-billion over the next eight years. &#8220;We are having a lot of discussions with potential sponsors,&#8221; he told the congress in the Ethiopian capital.



He said CAF wanted to give $1-million annually to each member association from 2026.



Motsepe also said CAF were reviewing rules on the treatment of visiting teams in the wake of Nigeria&#8217;s national team being held at a Libyan airport for a half day before last week&#8217;s scheduled Africa Cup of Nations qualifier.



Nigeria refused to play the game after saying they had been held hostage by Libyan authorities who diverted their charter plane to an unused airfield and then left them waiting.



&#8220;National teams must be treated with respect. If there are violations, we&#8217;ll take action,&#8221; said Motsepe.



(Writing by Mark Gleeson in Cape Town; Editing by Christian Radnedge)

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BRICS leaders tout joint finance, trade projects at Russian summit

Why China Is Testing Its Autonomous Cars On U.S. Roads

Mozambique’s dollar bond falls as unrest over disputed election simmers

As Inflation Recedes, Global Economy Needs Policy Triple Pivot

Rwanda Showcases at the Taste of Rwanda Event and World Coffee Innovation Summit in the UK

Rwanda Among Top Global Performers in Inaugural World Bank B-READY Report

From Start To Scale: A South African Entrepreneur’s Foray Into Mining, Construction And More

Kenyan shilling unmoved against dollar on month-end FX supply

South African rand little changed; CPI data in focus

South African Markets – Factors to watch on Oct 23

South African inflation drops sharply, paving way for more rate cuts

African Markets – Factors to watch on Oct 23

Climate change worsened rains in flood-hit African regions, scientists say

African progress backslides as coups and war persist

South Africa sees Russia as a valued ally, Ramaphosa tells Putin

Why Meta And Snap Are Betting Big On AR Glasses

African football paid out $50-million settlement over marketing rights

News Tips

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