<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand edged lower on Wednesday, ahead of the closely watched minutes from the Federal Reserve&#8217;s September meeting.



At 0746 GMT, the rand traded at 17.6125 against the dollar, 0.11% lower than its previous close.



The dollar index was last up 0.17% against a basket of currencies.



Fed minutes due later in the day are expected to provide an explanation for the central bank&#8217;s big interest rate cut last month, and could potentially offer more clues on its interest rate trajectory.



The risk-sensitive rand is susceptible to global movers like the direction of U.S. monetary policy and its recent weakness was expected ahead of closely watched U.S. data, analysts say.



&#8220;Uncertainties in the US are keeping the rand under pressure. A stronger USD would make the ZAR relatively weaker, and the Fed&#8217;s messaging regarding interest rate cuts is a key factor here,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



On Thursday, September U.S. consumer inflation figures will be released, while domestic investors also turn their focus towards monthly mining and manufacturing data.



On the stock market, the Top-40 index was down 0.85%.



South Africa&#8217;s benchmark 2030 government bond was stronger, with the yield down 2.5 basis points to 9.210%.



(Reporting by Bhargav Acharya, Editing by Louise Heavens)

Illustration photo of South African rand

South African rand edges lower ahead of Fed minutes

<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, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;The following equity and currency market moves may affect South African markets on Wednesday.



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



The South African rand weakened on Tuesday, and is likely to take direction from U.S. inflation data and minutes from the Federal Reserve&#8217;s September meeting due this week.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.95% lower.



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



Chinese shares slumped and commodities were struggling to find a footing on Wednesday as investors tempered expectations for a robust Chinese economic recovery, while a downbeat outlook from New Zealand&#8217;s central bank sent the kiwi to a seven-week low.



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



Wall Street&#8217;s benchmarks finished up on Tuesday, recouping some of the previous session&#8217;s losses, as investors bought back in to technology stocks and investors shifted their focus to upcoming inflation data and the start of third-quarter earnings season.



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



Gold prices were subdued on Wednesday as investors strapped in for minutes from the Federal Reserve&#8217;s latest policy meeting for insights into the U.S. central bank&#8217;s interest rate trajectory. 



&#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; Visa relief for SA employers as Schreiber gazettes reforms



&#8211; ARC Investments reassesses JSE listing



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



&#8211; Facebook body to make key ruling over posts glorifying apartheid, old SA flag



&#8211; SA&#8217;s new transmission company needs cost-reflective power tariff &#8211; chair



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct 9

<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 9 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.



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



Mozambicans talks about their hopes and fears as the country votes in presidential and parliamentary elections.



Nigeria&#8217;s Federal High Court in Abuja will rule on whether to release on bail Binance&#8217;s head of financial compliance Tigran Gambaryan or keep him in prison custody while he undergoes trial on money laundering charges, which he denies.



Kenya&#8217;s central bank governor holds a news conference a day after announcing the bank&#8217;s latest lending rate decision.



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



Mainland Chinese stocks returned from an extended break with a roaring start on Tuesday, scaling multi-year highs as investor exuberance over Beijing&#8217;s aggressive stimulus measures showed no signs of easing.



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



Oil prices steadied in Asian trading on Wednesday as traders weighed developments in the Middle East conflict against continued bearish expectations for demand.



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



The South African rand weakened on Tuesday, and is likely to take direction from U.S. inflation data and minutes from the Federal Reserve&#8217;s September meeting due this week.



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



Kenya&#8217;s shilling was unchanged against the dollar on Tuesday, data from the London Stock Exchange Group showed.



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



Kenya&#8217;s parliament voted on Tuesday to impeach Deputy President Rigathi Gachagua on charges including enriching himself and stirring ethnic hatred, the chamber&#8217;s speaker said, paving the way for the senate to consider the motion.



<h2 class="wp-block-heading" id="h-mozambique-election">MOZAMBIQUE ELECTION</h2>



Mozambique votes on Wednesday in a tense general election highly likely to deliver victory to the ruling party, Frelimo, which has governed the Southern African nation since 1975.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 9

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="511" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-820x511.jpg" alt="" class="wp-image-540176" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-820x511.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-768x479.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-1536x958.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman prepares her stall, with election posters in the background, ahead of the presidential elections, in the suburb of Katembe, Maputo, Mozambique. REUTERS/Siphiwe Sibeko.</figcaption></figure>



MAPUTO, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;Mozambique votes on Wednesday in a tense general election highly likely to deliver victory to the ruling party, Frelimo, which has governed the Southern African nation since 1975.



Four candidates are vying to replace President Filipe Nyusi, who is stepping down after serving two terms. The favourite is Daniel Chapo, 47, a lawyer viewed as a safe choice for business and a fresh face for the long-ruling party.



He faces Venancio Mondlane, a charismatic independent candidate who draws huge crowds, former rebel commander Ossufo Momade, and a small opposition party leader, Lutero Simango.



Dozens of posters of Chapo&#8217;s face were pasted along Maputo&#8217;s palm tree-lined seaside promenade, and red Frelimo flags flew over streets flanked by high rises dispersed with Portuguese colonial buildings. No opposition poster was in sight.



Poverty is the major concern of Mozambique&#8217;s 35 million people, about half of them registered to vote. An Islamist insurgency in the north that has forced thousands to flee their homes and halted multi-billion dollar gas projects also weighs.



&#8220;The next president must create jobs. We are tired of hearing promises,&#8221; said Amandio Sergio, 32, a small business owner in the seaside capital.



Frelimo first allowed elections in 1994 and has since been accused of rigging them, which it denies. Rebel force turned-opposition party Renamo usually comes a distant second.



Mondlane poses a challenge to both this year, but lacks the machinery of established parties and may struggle to win votes in rural areas, analyst Dercio Alfazema said.



&#8220;This election is different because we have new actors &#8230; (but) Frelimo has a big probability to win,&#8221; Alfazema said.



Chapo has experience in local government but has not been tainted by Frelimo&#8217;s corruption scandals, he added.



Counting will start after the polls close at 6 p.m. (1600 GMT), although it can take up to two weeks for official results.



A disputed outcome would likely trigger protests, which broke out after Frelimo swept last year&#8217;s municipal elections and were forcefully suppressed.



Apathy may dampen them, however.



&#8220;I feel it doesn&#8217;t make any difference,&#8221; 26-year-old fisherman Mussa Issufo said of the poll.



&#8220;Nothing ever changes.&#8221;



(Reporting by Nellie Peyton and Manuel Mucari; Additional reporting by Thando Hlophe and Sisipho SkweyiyaEditing by Tim Cocks and Sandra Maler)

A woman prepares her stall, ahead of the presidential elections, in the suburb of Katembe, Maputo

Mozambique votes in tense election likely to see ruling party win

Why Jeep And Dodge’s Parent Company Stellantis Is Struggling

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-820x461.jpeg" alt="" class="wp-image-539941" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/107240789-1684075132097-gettyimages-1240490159-UK_UBER.jpeg 1858w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An Uber-dedicated charger at a BP Pulse electric vehicle charging station in central London, U.K., on Monday, April 11, 2022. Bloomberg | Bloomberg | Getty Images</figcaption></figure>



Uber CEO Dara Khosrowshahi on Tuesday announced that the company is updating its platform with new sustainability-minded features, including an “EV preference” that will let customers opt for fully electric vehicles by default, whenever they hail a ride.



The company previously launched an “Uber Green,” service which has historically included a mix of battery electric vehicles, and hybrid electric models. Now, Uber can offer battery electric vehicles as the sole “green” option in more than 40 cities globally, executives said at Uber’s annual Go Get Zero sustainability conference in London on Tuesday.



Speaking at Uber’s GO-GET Zero event in London, Khosrowshahi said that the company’s rollout of new sustainability-focused features arrives ahead of the 2024 U.S. elections, adding this is a time when the topic of EVs has become a “politically-charged issue.”



However, he noted that the overall trend is moving toward all-electric mobility options.



“The reality is that we will only reach or zero emission goals if policymakers and other businesses do their part as well,” Khosrowshahi said at the event.



“We need more affordable EVs, we need stronger EV mandates, we need incentives for people who are driving the most. We want to make sure that chargers are available at every community, not just the wealthiest. So we all need to step up,” he said.



For drivers, Uber said it is rolling out an “EV Mentor” program, which connects drivers for any questions about electric mobility. The company also debuted an AI chatbot powered by OpenAI’s ChatGPT, looking to answer questions for drivers on the ride-hail network about what it takes to buy and use a battery electric vehicle instead of a gas-burning vehicle.



Transportation has been responsible for about 25% of carbon emissions from human activity globally, according to estimates by the non-profit International Council on Clean Transportation. Carbon emissions, and other greenhouse gases from human activity, cause long-term shifts in temperatures and weather, while also contributing to respiratory disease by forming smog and air pollution.



Ride-hailing services like Uber’s can contribute to traffic congestion and therefore, pollution, according to analysis by Suvrat Dhanorkar, Gordon Burtch and others published in the journal of Transportation Science. Uber has been working to reduce its environmental footprint and looks to become a “zero-emissions platform” by 2040.



On the delivery side of its platform, Uber is adding farmers’ market produce to Uber Eats offerings in two major U.S. markets: New York City and Los Angeles.



Uber said it will also be investing nearly $1 million to enable restaurants in Paris that sell meals via Uber Eats to switch to more sustainable packaging, such as seaweed-based packaging from NotPLA,&nbsp;bags made of foliage by Releaf, and&nbsp;straws made of agricultural suAgar residuals from IAmPlasticFree.



According to statistics tracked by the Organization for Economic Co-operation and Development (OECD), residents in Paris generate more than 400 kg (880 lb) of waste each year. France has implemented laws to reduce this waste, requiring fast food restaurants to move away from disposable, plastic packaging and utensils.



In the U.K., specifically, Uber said it’s launched a partnership with British energy supplier Octopus Energy and Chinese EV firm BYD to co-fund 1,000 free home chargers worth almost £1,000 each for drivers in the U.K.



The deal will give Uber drivers the ability to access Octopus’ “Intelligent Go” tariff to help them with EV charging costs. Drivers will also be able to get 8% off at public charging systems across Octopus’ Electroverse network.



“This is the first partnership between uber a power company and an EV manufacturer and it will meaningfully reduce charging costs for drivers,” Rebecca Tinucci, Uber’s head of global sustainability, said at the London event Tuesday. Tinucci was formerly senior director of charging infrastructure at Tesla.

107240789-1684075132097-gettyimages-1240490159-UK_UBER

Uber gives users option to only hail full-electric cars, launches AI chatbot for EV-curious drivers

Where florist Kaiva Kaimins unwinds in Dalston

Ever wanted a personal assistant? An AI one could be around the corner

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-820x540.jpg" alt="" class="wp-image-539880" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-1536x1012.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s Deputy President Rigathi Gachagua speaks during a press conference, ahead of lawmakers&#8217; vote over his impeachment motion at his residence in Karen, Nairobi Kenya, October 7, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Oct 8 (Reuters)&nbsp;&#8211;&nbsp;Kenyan Deputy President Rigathi Gachagua was fighting to keep his job on Tuesday as lawmakers began impeachment proceedings against him, accusing him of enriching himself, stirring ethnic hatred and undermining the government.



Gachagua, who denies all the charges, backed President William Ruto in his 2022 election win and helped secure a large block of votes from the populous central Kenya region.



The deputy president says he has since been sidelined, amid widespread reports in local media that he has fallen out with Ruto as political alliances have shifted.



Ruto dismissed most of his cabinet and brought in members of the main opposition following nationwide protests against unpopular tax increases in June and July in which more than 50 people were killed.



The high court has declined a request by Gachagua to halt the impeachment proceedings, initiated by Ruto&#8217;s coalition allies a week ago. Gachagua, who has refused to resign, was expected to defend himself in parliament later on Tuesday.



&#8220;I am innocent of all these charges,&#8221; Gachagua told a press conference late on Monday and offered a detailed denial of the allegations, which include amassing a large unexplained property portfolio, and promoting &#8220;ethnic balkanisation&#8221;.



&#8220;I have no intention whatsoever to resign from this job. I will fight to the end.&#8221;



Almost two thirds of people who took part in a public consultation last week approved of Gachagua&#8217;s impeachment, lawmaker Millie Odhiambo told parliament on Tuesday as the hearing began.



Ruto has not commented publicly on the impeachment proceedings. More than 80% of lawmakers signed up to launch the motion on Oct. 1.



If the national assembly votes by more than two-thirds to impeach Gachagua, the senate will be asked to uphold the motion.



Gachagua outraged many in Ruto&#8217;s coalition for likening the government to a company and suggesting that those who voted for the coalition had first claim on public sector jobs and development projects.



&#8220;I have done nothing wrong against the people of Kenya. I have worked hard. I have been very loyal to my boss, President William Ruto,&#8221; Gachagua said Monday.



(Reporting by George Obulutsa; Writing by Hereward Holland; Editing by Ammu Kannampilly, Christina Fincher and Ros Russell)

Kenya’s Deputy President Rigathi Gachagua speaks during a press conference, ahead of lawmakers’ vote over his impeachment motion at his residence in Karen, Nairobi

Kenya’s deputy president vows to fight impeachment ‘to the end’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="500" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg" alt="" class="wp-image-495627" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-820x500.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-768x468.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-1536x936.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/J32EXN6PQFNGNFCW2LXA3JCAGE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Oct 8 (Reuters)&nbsp;&#8211;&nbsp;The South African rand weakened in early trade on Tuesday, and was likely to take direction from U.S. inflation data and minutes from the Federal Reserve&#8217;s September meeting due this week.



At 0720 GMT, the rand traded at 17.48 against the dollar, about 0.6% weaker than its previous close.



&#8220;The USD/ZAR is influenced by U.S. CPI data, the Fed’s monetary policy direction, and the U.S. election,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



&#8220;The dollar remains strong, supported by solid U.S. jobs data, while the ZAR awaits further clarity on these factors.&#8221;



Minutes from the Fed&#8217;s September meeting due on Wednesday are expected to explain the central bank&#8217;s big rate cut last month, possibly offering further clues to the bank&#8217;s future path on interest rates.



Thursday&#8217;s focus will also be on U.S. September inflation figures, which Cilliers said could provide signs of disinflation, crucial for shaping Fed policy.



Like other risk-sensitive currencies, the rand often takes cues from global drivers such as U.S. monetary policy in the case of a light domestic calendar.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was down about 1.7% in early trade.



South Africa&#8217;s benchmark 2030 government bond was slightly weaker in early deals, with the yield up 0.5 basis points at 9.215%.



(Reporting by Tannur Anders; Editing by Clarence Fernandez)

FILE PHOTO: South African Rand coins are seen in this illustration picture

South African rand weakens, focus on upcoming US data

<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, Oct 8 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled events, equity and currency market moves may affect South African markets on Tuesday.



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



Africa Oil Week conference commences



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



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



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



South Africa&#8217;s rand gained against the dollar on Monday after tumbling last week, as investors turned their attention towards U.S. inflation data later this week and comments by Federal Reserve officials.



On the stock market, the Top-40 index closed little changed.



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



Mainland Chinese stocks returned from an extended break with a roaring start on Tuesday, scaling multi-year highs as investor exuberance over Beijing&#8217;s aggressive stimulus measures showed no signs of easing.



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



Wall Street&#8217;s three major indexes closed down around 1% on Monday while Treasury yields rose, as traders tamped down bets for Federal Reserve interest-rate easing and worried about the Middle East conflict&#8217;s impact on oil prices.



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



Gold prices edged lower on Tuesday, pressured by a stronger dollar, while market participants awaited minutes of the Federal Reserve&#8217;s last meeting and economic data for further cues on U.S. interest rate path.



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



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



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



&#8211; SA to file memorial against Israel at ICJ by month end, Lamola says



&#8211; Industry conditions still challenging but De Beers expects return to growth in 2025



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



&#8211; SA grid crisis: New National Transmission Company to open door for private sector



(Compiled by Tannur Anders; Editing by Kim Coghill)

South African Markets – Factors to watch on Oct 8

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="590" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-820x590.jpg" alt="" class="wp-image-539817" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-820x590.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-300x216.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-768x553.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-1536x1106.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Daniel Chapo, presidential candidate of the ruling Frelimo party, President of Mozambique Filipe Nyusi and former President of Mozambique Joaquim Chissano react during the final rally campaign ahead of the national election, in Matola, Mozambique October 6, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Oct 8 (Reuters)&nbsp;&#8211;&nbsp;Whoever wins Mozambique&#8217;s presidential election on Wednesday will face an economy battered by worsening cyclones, insecurity, delays to planned gas projects and high levels of debt.



Ruling party candidate Daniel Chapo is the frontrunner though there are three other candidates vying to replace Felipe Nyusi as president of the southeast African nation.



Rising borrowing costs are putting pressure on Mozambique to embrace fiscal discipline, particularly as delayed gas revenues mean it is running out of options to refinance its debt &#8211; which is nearly as big as its annual GDP.



&#8220;Debt in the country is rocketing,&#8221; Gabriel Muthisse, a former transport and communications minister, told Reuters. &#8220;Debt servicing is (diverting)&#8230;resources that could be used to finance the real economy.&#8221;



The yield on Mozambique&#8217;s international bond due 2031 stands at close to 13%.



The country of 34 million people is still trying to shake off a decade-old &#8220;tuna bonds&#8221; scandal involving Credit Suisse, in which loans for a fishing fleet went missing, leading Mozambique to default on its debt and the International Monetary Fund to suspend lending.



Last year, the Swiss bank settled out of court.



&#8220;Financing options for the deficit are limited,&#8221; said Kevin Daly, portfolio manager at Abrdn, which holds Mozambique&#8217;s 2031 international bond.



Mozambique struck a $456 million deal with the IMF in May 2022, but its programme expires next year and will have to be renegotiated.



&#8220;The future of the economy is really based on the development of these oil and gas&#8230;(fields),&#8221; said Thys Louw, portfolio manager at global asset manager, Ninety One. Yet Islamist violence has delayed TotalEnergies and ExxonMobil&#8217;s development of some of Africa&#8217;s biggest gas fields.



Total says it is still committed to them, but investor enthusiasm is waning.



&#8220;There was a time where everyone was excited and waiting to go into Mozambique,&#8221; said Tshepo Ncube, head of International Coverage at Absa Corporate and Investment Bank.



&#8220;Now it is all about: &#8216;let&#8217;s see how it plays out&#8217;.&#8221;



(Reporting by Kopano Gumbi in Johannesburg and Duncan Miriri in Nairobi; Additional reporting by Libby George and Karin Strohecker in London; Editing by Tim Cocks and Christina Fincher)

Mozambique opposition party Frelimo holds final rally ahead of election

Mozambique election winner faces tough financial squeeze

<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>



NAIROBI, Oct 8 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



Kenya&#8217;s Deputy President Rigathi Gachagua will defend himself in parliament against an impeachment motion launched by allies of President William Ruto which accuses him of stirring ethnic hatred and undermining the government.



Tanzania statistics office releases consumer inflation data for September.



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



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



Mainland Chinese stocks returned from an extended break with a roaring start on Tuesday, scaling multi-year highs as investor exuberance over Beijing&#8217;s aggressive stimulus measures showed no signs of easing.



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



Oil prices fell more than $1 on Tuesday as traders took profits from a rally in the previous session that lifted the market to its highest level in over a month amid fears that the Middle East could be on the brink of a region-wide war.



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



South Africa&#8217;s rand gained against the dollar on Monday after tumbling last week, as investors turned their attention towards U.S. inflation data later this week and comments by Federal Reserve officials.



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



Kenya&#8217;s shilling was steady against the dollar on Monday, and is expected to remain level in the coming week, traders said.



<h2 class="wp-block-heading" id="h-congo-mining">CONGO MINING</h2>



A U.S. congressional watchdog has found no evidence that a 2012 Securities and Exchange Commission (SEC) conflict minerals disclosure rule has reduced violence in Democratic Republic of Congo, it said in a report on Monday.



<h2 class="wp-block-heading" id="h-uganda-rates">UGANDA RATES</h2>



Uganda&#8217;s central bank trimmed its key lending rate on Monday by 25 basis points for the second time in a row, lowering it to 9.75%, saying that inflation was expected to remain below its target in the near term.



<h2 class="wp-block-heading" id="h-burkina-faso-mining">BURKINA FASO MINING</h2>



Fortuna Mining said on Monday that the government of Burkina Faso does not plan to withdraw the Canadian company&#8217;s existing mining permits in the country.



<h2 class="wp-block-heading" id="h-rwanda-marburg">RWANDA MARBURG</h2>



The U.S. Centers for Disease Control and Prevention will issue its second-highest level of travel notice for Rwanda, recommending people to avoid nonessential travel due to the Marburg disease outbreak in the east African country, the U.S. government said on Monday.



<h2 class="wp-block-heading" id="h-zambia-mining">ZAMBIA MINING</h2>



Rescue efforts were underway after a mine pit collapsed in Zambia&#8217;s Mumbwa District, killing 10 people and injuring five, police said on Monday.



<h2 class="wp-block-heading" id="h-ivory-coast-cocoa">IVORY COAST COCOA</h2>



Above average rainfall recorded in most of Ivory Coast’s main cocoa producing regions boosted farmers’ hopes of higher output in the ongoing October to March season.



<h2 class="wp-block-heading" id="h-congo-mining-0">CONGO MINING</h2>



Ivanhoe Mines plans to build a copper mine in the Democratic Republic of Congo, as it favours boosting output through organic growth in a sector dominated by deal-making.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on Oct 8

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1858" height="1045" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY.jpeg" alt="" class="wp-image-539784" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY.jpeg 1858w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY-1536x864.jpeg 1536w" sizes="auto, (max-width: 1858px) 100vw, 1858px" /><figcaption class="wp-element-caption">Britain’s Prime Minister Keir Starmer speaks at a press conference, during his visit to the European Commission headquarters on October 2, 2024 in Brussels, Belgium. Pool | Getty Images News | Getty Images</figcaption></figure>



LONDON — British Prime Minister Keir Starmer is seeking to reset his government and recover from a shaky first 100 days in office beset by policy misfires, doom mongering and a “freebie” scandal.



Over the weekend, Starmer conducted a shake-up of his office in No.10, after his Chief of Staff Sue Gray was forced to quit amid criticism over her performance and management style, as well as a furor over pay.



Gray, who was hired by Starmer in 2023 to help him prepare for government, was replaced by Morgan McSweeney, who led the Labour party’s winning election campaign. Another two figures were added as deputy chiefs of staff.



Meanwhile, Downing Street’s media relations team was bolstered with the appointment of James Lyons, recently head of policy communications at TikTok, who will lead a new team in the wake of backlash over gifts and “freebies” received by Starmer and other senior ministers.



Now more than three months on from the election, and with the Labour administration still light on policy details, analysts have begun to question whether the overhaul will be enough for Starmer to show that he has a plan for government.



“They still don’t have any discernible policy platform or direction, so the ship is essentially at sea without direction,” Phillip Blond, director of&nbsp;independent, non-partisan public policy thinktank ResPublica, told CNBC via email.



“Having better crew members will help but it can’t cover up the lack of a destination,” he added.



Tony Travers, visiting professor at the London School of Economics, noted that Starmer will have a steep hill to climb to reassert control after allowing infighting to perpetuate under his watch.



“A challenge for the prime minister lies in the fact No. 10 got out of control in the first place,” Travers said via email.



“All ‘private offices’ are different and they regularly go wrong. Keir Starmer now needs to show he’s got control,” he added.



All eyes are now on the forthcoming Autumn Budget due out on Oct. 30, when Finance Minister Rachel Reeves is expected to outline her spending plan for the new government.



Both Starmer and Reeves tried to walk back on negative rhetoric over the state of the U.K. economy at the Labour Party conference last month, saying that the country was poised for a&nbsp;period of national renewal.



Reeves has even suggested watering down tax rises for private equity bosses and aborting plans to scrap the U.K.’s controversial&nbsp;non-dom status, amid concerns that implementing such measures would spark a wealth exodus.



Meanwhile, the finance minister has talked up plans to boost investment, including by way of a new national wealth fund and possible changes to&nbsp;pensions rules, in a bid to encourage growth as speculation grows around possible changes to the U.K.’s debt rule. Labour had previously committed to a fiscal rule set by the former Conservative government, which stated that debt must fall as a share of gross domestic product (GDP) within a five-year horizon.



Nevertheless, negative sentiment has weighed over the country since Starmer warned of “tough decisions” ahead, after the Treasury discovered a £22 billion ($29 billion) “black hole” in the public finances allegedly inherited from the Conservative Party. Former Finance Minister Jeremy Hunt&nbsp;has denied the claims as&nbsp;“fictitious.”



Analysts at Citi said in a note on Monday that the government would need to move quickly to enact its growth plan for the country.



“The U.K. is approaching a make-or-break moment. A transition from the low growth, low investment equilibrium is increasingly urgent,” they wrote.



New&nbsp;research&nbsp;released Monday by KPMG and the Recruitment &amp; Employment Confederation showed that British businesses have put hiring on hold because of uncertainty over the government’s plans on tax, industrial strategy and workers’ rights.



Last month consumer confidence tumbled the most since Russia’s invasion of Ukraine, even as a drop in interest rates has eased pressure on households,&nbsp;according to GfK data.

108044035-1728304977827-gettyimages-2175394098-EU-BRITAIN-DIPLOMACY

UK Prime Minister Keir Starmer attempts government reset less than 100 days into office

Your Robotaxi Is Here

Your Robotaxi Is Here, But Can You Trust It?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DFSLHXCTFBMB3IHZTWD4HAPD3E-820x546.jpg" alt="" class="wp-image-539528" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DFSLHXCTFBMB3IHZTWD4HAPD3E-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DFSLHXCTFBMB3IHZTWD4HAPD3E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DFSLHXCTFBMB3IHZTWD4HAPD3E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DFSLHXCTFBMB3IHZTWD4HAPD3E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DFSLHXCTFBMB3IHZTWD4HAPD3E-1536x1023.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DFSLHXCTFBMB3IHZTWD4HAPD3E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Administrator of United Nations Development Programme (UNDP) Achim Steiner delivers the keynote speech at the Hamburg Sustainability Conference in Hamburg, Germany, October 7, 2024. REUTERS/Fabian Bimmer</figcaption></figure>



HAMBURG, Germany, Oct 7 (Reuters)&nbsp;&#8211;&nbsp;The world&#8217;s poorest countries are having to prioritize debt service over investments, United Nations Development Programme administrator Achim Steiner said on Monday, scuppering progress towards their sustainable development goals.



Speaking at an event in Hamburg, Steiner said the financial crunch meant countries worldwide were struggling to meet the goals &#8211; a set of 17 wide-ranging targets such as tackling poverty and hunger, improving access to education and health care, providing clean energy and protecting biodiversity.



&#8220;For many, least developed countries, they have literally been priced out of the financial markets. They cannot borrow any more money,&#8221; Steiner told the Hamburg Sustainability Conference, adding that they must draw down other spending to avoid debt default. &#8220;It&#8217;s a very extreme situation.&#8221;



Countries like Ghana, Sri Lanka and Zambia have defaulted on their debt in recent years, while others are struggling to make payments after the global interest rate hiking cycle sent borrowing costs higher.



At the same time, the world needs trillions of dollars more per year to meet climate spending goals. Steiner said boosting financing was &#8220;absolutely central&#8221; to meeting sustainable development goals – something his organisation is monitoring closely.



&#8220;We have to tackle this issue of our international financial architecture and our international financial system,&#8221; Steiner said. &#8220;If not, we are going to fall apart in our endeavour to find answers that our citizens are expecting us to find.&#8221;



World Bank President Ajay Banga, speaking at the same event, said official and multilateral lenders would not be able to provide the $4 trillion needed to reach the goals without help.



&#8220;That gap is going to need the private sector,&#8221; Banga said during a panel discussion.



Using public money to de-risk private investment was one way of leveraging multilateral balance sheets, he added, saying the Washington-based lenders had boosted the insurance for investors looking to get involved in renewables in developing world.



&#8220;We&#8217;ve already doubled where we were a year ago. There is more to come.&#8221;



The World Bank announced in July it had started operating a one-stop-shop loan and investment guarantee platform with the aim of tripling the provision of guarantees and risk insurance provided around the world to $20 billion a year.



Reaching the sustainable development goals would require standardizing financing vehicles and making it easier for public private partnerships to get off the ground, German Chancellor Olaf Scholz said.



&#8220;Without the expertise and investment of the private sector, the sustainable development goals cannot be reached,” Scholz said during a keynote speech.



(Reporting by Libby George, writing by Karin Strohecker, Editing by Duncan Miriri, Gareth Jones, Ed Osmond and Christina Fincher)

Hamburg Sustainability Conference

Debt burden threatens poor countries’ development goals, UN official says

<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/NUF6JEUE6JNDPJY5TZYOOXTLIY-820x547.jpg" alt="" class="wp-image-539465" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NUF6JEUE6JNDPJY5TZYOOXTLIY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An illegal artisanal miner searches for gold in an excavated pit at the Prestea-Huni Valley Municipal District in the Western Region, Ghana August 17, 2024. REUTERS/Francis Kokoroko</figcaption></figure>



PRESTEA-HUNI VALLEY, Ghana, Oct 7 (Reuters)&nbsp;&#8211;&nbsp;At an unlicensed gold mine in Ghana, men in t-shirts, shorts and rubber boots wade through pools of muddy water laced with mercury, pull out rocks with bare hands and operate a rickety sluice as they search for the precious ore.



The ramshackle mine is part of a booming business that is generating livelihoods and informal revenue streams for Ghana&#8217;s economy, even as it harms miners&#8217; health, pollutes waterways, destroys forests and cocoa farms, and fuels crime.



&#8220;It&#8217;s risky but I just want to survive,&#8221; said one of the men at the wildcat site visited by Reuters in the Prestea-Huni Valley district in western Ghana.



The 24-year-old accounting student, who asked not to be named because he was involved in illegal activities, said he had been skipping classes to prospect for gold because he needed the money, having lost his father as a teenager.



There was no professional protective equipment at the mine. Men wore flimsy plastic shopping bags on their heads. One had swimming goggles and another a rice bag covering his torso.



The unlicensed gold mining industry, known in Ghana as &#8220;galamsey&#8221;, has grown at a breakneck pace this year as global gold prices have risen by almost 30%, enticing new entrants.



Small-scale mines produced 1.2 million ounces of gold in the first seven months of this year, more than in the whole of 2023, according to data from Ghana&#8217;s mining sector regulator.



About 40% of Ghana&#8217;s total gold output comes from small mines, as opposed to concessions operated by multi-national firms. Some 70-80% of the small mines are unlicensed.



<h2 class="wp-block-heading" id="h-poisoned-profits">POISONED PROFITS</h2>



Martin Ayisi, head of Ghana&#8217;s Minerals Commission, the mining industry regulator, said most galamsey gold was smuggled out of the country and was therefore not contributing to national gold export revenues.



For Ayisi, the rise in gold prices is good for Ghana, helping it recover from a severe economic crisis in 2022 that required a $3-billion IMF bailout.



&#8220;We should be able to get a lot of money and probably exit the IMF programme earlier,&#8221; he said, forecasting national gold export revenues would more than double to $10 billion this year.



But industry experts say the lines between legal mining and galamsey are blurred, and gold from informal mines represents a larger proportion of revenues than the authorities acknowledge.



The dangers of galamsey, however, are not in dispute.



Dozens of miners have been killed in collapsing pits in recent years, according to news reports and human rights groups, while hospitals and health centres report high numbers of early deaths from pulmonary diseases of miners and residents of towns and villages near mines.



These are caused by inhaling dust that contains heavy metals such as lead, as well as poisonous fumes from the mercury and nitric acid the miners use to leach gold out of sediment.



The chemicals are then dumped on the ground or in rivers. Ghana&#8217;s water authority says mercury and heavy metals from mining have contaminated about 65% of water sources.



Meanwhile, thousands of hectares (acres) of cocoa plantations and virgin forest have been destroyed by illegal miners, according to data from Global Forest Watch, an online monitoring platform.



Protesters have taken to the streets in Accra in recent weeks to criticise President Nana Akufo-Addo&#8217;s government over what they saw as its failure to tackle these problems. &#8220;Leaders, you&#8217;ve failed us!&#8221; read some of the placards.



&#8220;Galamsey has to stop. We want to live long. We don&#8217;t want to fall sick. We don&#8217;t want to go to the hospital,&#8221; said Aboubacar Sadekh, who was taking part in a march on Sept. 22, draped in a Ghanaian flag.



The government denies that it is failing to act on galamsey. When he came to power in 2017, Akufo-Addo pledged to take action on the issue, and during his time in office the government has launched crackdowns, deploying soldiers to arrest illegal miners. In some cases, mining equipment was seized and destroyed.



<h2 class="wp-block-heading" id="h-organised-crime">ORGANISED CRIME</h2>



Opinion polls suggest galamsey is one of the top five issues for voters ahead of a Dec. 7 general election.



The main candidates to replace outgoing Akufo-Addo as president, Vice President Mahamudu Bawumia and former President John Mahama, have pledged to formalise galamsey, for example by funding a state agency to explore for gold and map areas for locals to mine.



But successive governments have been promising for years to tackle the problem without making much headway, partly because powerful people are benefitting from the industry, experts say.



Chris Aston, head of a British-backed programme aimed at regulating small-scale gold mining in Ghana, said artisanal miners were vulnerable to organised crime gangs, who provide them with funding for equipment up-front, unlike other lenders.



&#8220;Miner pre-financing is one way that organised crime groups can penetrate the gold supply chain,&#8221; he said. Funders then &#8220;require miners to sell the gold they mine back to them at a subsidised rate&#8221;.



Emmanuel Kwesi Anning, a security consultant based in Accra, said galamsey was fuelling an increase in gun-trafficking because those overseeing illegal mines sought armed protection against rivals or thieves.



He also said politicians and traditional rulers in some areas were taking a cut of galamsey profits, further entrenching the problem.



&#8220;It has become an elite consensus that they&#8217;ll not touch this business.&#8221;



Ghana&#8217;s information minister did not respond to requests for comments on the allegations of organised crime involvement, gun running and corruption.



A top official in the National Security Ministry, who did not wish to be named because they were not authorised to speak about the issue in public, said authorities were working to address the links between illegal mining, money laundering and gun trafficking.



(Reporting by Maxwell Akalaare Adombila; Editing by Estelle Shirbon and Frances Kerry)

home

South African rand edges lower ahead of Fed minutes

South African Markets – Factors to watch on Oct 9

African Markets – Factors to watch on Oct 9

Mozambique votes in tense election likely to see ruling party win

Why Jeep And Dodge’s Parent Company Stellantis Is Struggling

Uber gives users option to only hail full-electric cars, launches AI chatbot for EV-curious drivers

Where florist Kaiva Kaimins unwinds in Dalston

Ever wanted a personal assistant? An AI one could be around the corner

Kenya’s deputy president vows to fight impeachment ‘to the end’

South African rand weakens, focus on upcoming US data

South African Markets – Factors to watch on Oct 8

Mozambique election winner faces tough financial squeeze

African Markets – Factors to watch on Oct 8

UK Prime Minister Keir Starmer attempts government reset less than 100 days into office

Your Robotaxi Is Here, But Can You Trust It?

Debt burden threatens poor countries’ development goals, UN official says

Ghana’s wildcat gold mining booms, poisoning people and nature

News Tips

Advertise With Us

home

South African rand edges lower ahead of Fed minutes

South African Markets – Factors to watch on Oct 9

African Markets – Factors to watch on Oct 9

Mozambique votes in tense election likely to see ruling party win

Why Jeep And Dodge’s Parent Company Stellantis Is Struggling

Uber gives users option to only hail full-electric cars, launches AI chatbot for EV-curious drivers

Where florist Kaiva Kaimins unwinds in Dalston

Ever wanted a personal assistant? An AI one could be around the corner

Kenya’s deputy president vows to fight impeachment ‘to the end’

South African rand weakens, focus on upcoming US data

South African Markets – Factors to watch on Oct 8

Mozambique election winner faces tough financial squeeze

African Markets – Factors to watch on Oct 8

UK Prime Minister Keir Starmer attempts government reset less than 100 days into office

Your Robotaxi Is Here, But Can You Trust It?

Debt burden threatens poor countries’ development goals, UN official says

Ghana’s wildcat gold mining booms, poisoning people and nature

News Tips

Advertise With Us

Newsletters