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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-820x547.jpg" alt="" class="wp-image-532934" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LT2OJQDRHNOTNLDH6UAPLOQ7NU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ghana&#8217;s former president and current main opposition National Democratic Congress (NDC) party presidential candidate John Dramani Mahama, 65, gestures as he and his wife Lordina Mahama attend a political campaign launch ahead of December polls, in Tamale, Ghana, July 27, 2024. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s Vice President Mahamudu Bawumia and ex-president John Dramani Mahama are among 13 candidates approved for the 2024 presidential poll, the electoral commission said on Friday.



Voters in the West African gold- and cocoa-producing nation head to the polls on Dec. 7 to elect a successor to President Nana Akufo-Addo, who will step down in January after serving the constitutionally mandated eight years.



Former president Mahama, 65, represents the main opposition National Democratic Congress (NDC) party and Bawumia, a 60-year-old economist and former central banker, was picked by Akufo-Addo&#8217;s ruling New Patriotic Party as its candidate.



No party has won more than two consecutive terms in government in Ghana&#8217;s democratic history.



The commission said it had also accepted the candidacies of Alan John Kwadwo Kyerematen, a former trade and industry minister who resigned from the ruling party to stand as an independent, Nana Kwame Bediako, a businessman competing for the first time for the top job, and Nana Akosua Frimpomaa, one of two women in the race.



On Tuesday, Mahama&#8217;s NDC party held nationwide protests against alleged irregularities, saying the electoral commission had illegally transferred voters to different voting stations without their knowledge.



The electoral commission said it would review a petition submitted by the party at the end of the demonstrations and provide a response in the coming days.



The allegations dent the electoral authority&#8217;s image when public confidence is low.



A July survey by pan-African research group Afrobarometer showed trust in Ghana&#8217;s electoral commission at an historic low since confidence polls started in 1999.



(Reporting by Christian Akorlie and Maxwell Akalaare Adombila; Writing by Anait Miridzhanian;Editing by Ros Russell and Barbara Lewis)

Ghana’s NDC party campaign launch ahead of December elections, in Tamale

Ghana’s VP and former president among 13 candidates for presidency

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DUU4LK5KNNLCFNH2XOSJSQHLSM-820x533.jpg" alt="" class="wp-image-532894" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DUU4LK5KNNLCFNH2XOSJSQHLSM-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DUU4LK5KNNLCFNH2XOSJSQHLSM-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DUU4LK5KNNLCFNH2XOSJSQHLSM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DUU4LK5KNNLCFNH2XOSJSQHLSM-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DUU4LK5KNNLCFNH2XOSJSQHLSM-1536x999.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/DUU4LK5KNNLCFNH2XOSJSQHLSM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Electricity pylons are seen near cooling towers of South African petrochemical company Sasol&#8217;s synthetic fuel plant in Secunda, north of Johannesburg, South Africa, May 20, 2018. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Sept 20 (Reuters) &#8211; South African petrochemicals company Sasol and state power utility Eskom said on Friday they had agreed to jointly explore ways the country could use liquefied natural gas (LNG).



As the country&#8217;s two biggest users of coal, Sasol and Eskom are major polluters and so are central to the country&#8217;s efforts to transition to cleaner energy sources.



Eskom is hoping to build on a recent improvement in its plant performance, after years of imposing power cuts.



&#8220;The collaboration aims to determine the potential volumes that South Africa requires to establish a viable LNG import market along with the enabling infrastructure, and will be facilitated by government-to-government relations where necessary,&#8221; the two companies said in a statement.



&#8220;This initiative focuses on using gas for power generation to provide essential base load electricity and position gas as a key enabler of re-industrialisation,&#8221; they added.



Asked at a news conference which governments South Africa could approach to source LNG, Electricity and Energy Minister Kgosientsho Ramokgopa said Qatar was near the top of the list.



&#8220;Qatar is top of the food chain because of the historic relations that Sasol enjoys with Qatar, and also the amount of reserves that they have,&#8221; Ramokgopa said.



Sasol and Eskom did not give a specific timeframe or potential joint projects on Friday.



(Reporting by Tannur Anders; Editing by Alexander Winning and Frances Kerry)

Electricity pylons are seen near cooling towers of South African petrochemical company Sasol’s synthetic fuel plant in Secunda, north of Johannesburg

South Africa’s Eskom, Sasol agree to explore LNG options

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Sept 20 (Reuters) &#8211; The Ugandan shilling posted gains on Friday, helped by a drop in hard-currency appetite from commercial banks and merchandise importers, traders said.



At 0925 GMT commercial banks quoted the shilling at 3,700/3,710 to the U.S. dollar, compared to Thursday&#8217;s closing level of 3,710/3,720.



(Reporting by Elias Biryabarema; Editing by Alexander Winning)

Ugandan Economy Following Rate Cut

Ugandan shilling stronger as foreign-currency appetite drops

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg" alt="" class="wp-image-516586" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-1536x976.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller handles U.S. dollar banknotes and Kenya shilling banknotes inside the cashier&#8217;s booth at a forex exchange bureau in downtown Nairobi, Kenya, February 16, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Sept 20 (Reuters) &#8211; Kenya&#8217;s shilling was unchanged on Friday, with dollar inflows from companies preparing to pay taxes matching foreign-currency demand from importers, traders said.



At 0752 GMT, commercial banks quoted the shilling at 128.50/129.50 per dollar, the same as Thursday&#8217;s closing rate.



(Reporting by George Obulutsa; Editing by Alexander Winning)

RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling stable as dollar supply matches importer demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="444" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA.jpg" alt="" class="wp-image-422268" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/UXGWX6XZO5LIROPXQDLPV6SPGA-148x90.jpg 148w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;The South African rand softened in early trade on Friday, cooling off after strong gains in a week that saw interest rate cuts by both the U.S. Federal Reserve and the South African Reserve Bank (SARB), plus a local inflation print.



At 0715 GMT, the rand traded at 17.50 against the dollar, about 0.1% weaker than its previous close.



The local unit has gained about 1.4% against the greenback this week.



&#8220;The rand is likely to remain within a R17.40/R17.70 range in the short term as it tracks international moves but we could see further profit-taking, given the rand&#8217;s recent strong run,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.



The Fed cut interest rates by 50 bps on Wednesday, weakening the dollar and boosting the risk-sensitive rand.



Also on Wednesday, data showed that South Africa&#8217;s annual inflation rate fell to 4.4% last month, the lowest since April 2021 and just below the mid-point of the central bank&#8217;s 3% to 6% target range.



The SARB joined the easing club when it announced a 25 basis point (bps) rate cut on Thursday, the first time interest rates have been reduced in four years.



&#8220;We believe that the SARB has now entered a cycle of rate cuts,&#8221; said Volkmar Baur, Commerzbank FX analyst, in a research note.



&#8220;Further rate cuts are likely to follow, but these should not weigh on the rand if they are accompanied by structural improvements in the economy,&#8221; Baur added.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index was little changed in early trade.



South Africa&#8217;s benchmark 2030 government bond was slightly weaker in early deals, as the yield gained 3 basis points to 8.88%.



(Reporting by Tannur Anders; Editing by Ros Russell)

South African Rand coins are seen in this illustration picture

South African rand cools after strong gains in data-filled week

<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, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcement, equity and currency market moves may affect South African markets on Friday.



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



South Africa&#8217;s government will hold its weekly auction of inflation-linked bonds.



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



South African petrochemicals company Sasol and state-owned power utility Eskom will sign agreement on sustainable energy solutions.



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



The South African rand held onto early gains on Thursday following the South African Reserve Bank&#8217;s (SARB) decision to cut interest rates for the first time in over four years, after a super-sized interest rate cut by the U.S. Federal Reserve.



On the Johannesburg Stock Exchange, the Top-40 index .JTOPI closed about 1.3% higher.



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



Asian shares extended their rally on Friday, bathing in the afterglow of an outsized interest U.S. rate cut, while the yen edged higher as the Bank of Japan held rates steady and stayed upbeat on the economy.



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



The S&amp;P 500 surged to a record high close on Thursday, the day after the Federal Reserve cut interest rates by 50 basis points and indicated more rate cuts were on the horizon.



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



Gold lingered near record high levels on Friday and was on track for a weekly gain after the Federal Reserve&#8217;s recent super-sized interest rate reduction and on signs that further cuts were on the horizon.



&#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; Reserve Bank eases into cutting cycle as inflation outlook improves



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



&#8211; Regulatory delays in Vodacom tie-up may have cost SA R4bn in new fibre, says Rupert&#8217;s Remgro



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 20

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



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



*Mauritius&#8217; central bank to announce its latest benchmark lending rate decision.



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



Asian shares extended their rally on Friday, bathing in the afterglow of an outsized interest rate cut in the United States, while the yen edged higher as the Bank of Japan held rates steady and stayed upbeat on the economy.



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



Oil prices, which were little changed in early Asian trade on Friday, were on track to end higher for a second straight week following a large cut in U.S. interest rates and declining global stockpiles.



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



The South African rand held onto early gains on Thursday following the South African Reserve Bank&#8217;s (SARB) decision to cut interest rates for the first time in over four years, after a super-sized interest rate cut by the U.S. Federal Reserve.



<h2 class="wp-block-heading" id="h-africa-currencies">AFRICA CURRENCIES</h2>



The Kenyan, Nigerian and Ghanaian currencies are expected to be broadly stable against the dollar in the next week to Thursday, while Zambia&#8217;s is seen under pressure and Uganda&#8217;s could strengthen, traders said.



<h2 class="wp-block-heading" id="h-nigeria-coca-cola">NIGERIA COCA COLA</h2>



Coca-Cola plans to invest $1 billion in its Nigeria operations over the next five years, the country&#8217;s presidency said after a meeting between President Bola Tinubu and senior executives of the soft drinks maker on Thursday.



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



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



<h2 class="wp-block-heading" id="h-zimbabwe-currency">ZIMBABWE CURRENCY</h2>



Five months after its launch, Zimbabwe&#8217;s new currency is under pressure as increased grain imports eat away at foreign reserves, putting at risk the government&#8217;s plan to make it the only currency in the market by 2026.



<h2 class="wp-block-heading" id="h-angola-central-bank-rate">ANGOLA CENTRAL BANK RATE</h2>



Angola&#8217;s central bank left its main interest rate unchanged at 19.50% in a decision announced on Thursday, after inflation started easing last month.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 20

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="592" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-820x592.jpg" alt="" class="wp-image-532758" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-820x592.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-300x217.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-768x555.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-1536x1109.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/2MFSM7KPW5NEHA5OJMULAT6TIA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past shelves of Coca-Cola bottles and cans at a Shoprite store inside Palms shopping mall in Lagos, Nigeria November 5, 2019. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, (Reuters) &#8211; Coca-Cola plans to invest $1 billion in its Nigeria operations over the next five years, the country&#8217;s presidency said after a meeting between President Bola Tinubu and senior executives of the soft drinks maker on Thursday.



Tinubu met John Murphy, president and chief financial officer of Coca‑Cola, Zoran Bogdanovic, CEO of Coca-Cola HBC &#8211; one of Coca-Cola&#8217;s many bottlers worldwide &#8211; and several other company officials as he seeks to attract investment into the economy.



Bogdanovic told Tinubu that Coca-Cola had since 2013 invested $1.5 billion in Nigeria to expand its production capacity, improve its supply chain and on training and development, the Nigerian presidency said in a statement.



&#8220;I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years,&#8221; Bogdanovic was quoted as saying.



The investment announcement comes after Tinubu&#8217;s government saw several multinationals like Procter &amp; Gamble, GSK Plc and Bayer AG leave the country or appoint third parties to distribute their products due to foreign exchange shortages.



Tinubu, in office since May last year, said his government wanted to create an environment open to businesses.



&#8220;We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that,&#8221; he said.



Nigeria, with a population of more than 200 million is seen as a potential market for many global brands, but forex woes, red tape and policy inconsistency discourages some investors.



Bottler Coca-Cola HBC in April said its operating profit would rise this year, supported by strong demand for its coffee, energy and sparkling drinks even as prices were hiked to keep up with high costs and currency devaluation in countries like Egypt and Nigeria.



(Reporting by Felix Onuah, writing by MacDonald Dzirutwe; Editing by Aurora Ellis)

FILE PHOTO: A man walks past shelves of Coca-Cola bottles and cans at a Shoprite store inside Palms shopping mall in Lagos

Coca-Cola plans to invest $1 billion in Nigeria operations, presidency 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/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q-820x547.jpg" alt="" class="wp-image-532541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/E6VGTQJGT5PWVIY65GTH6X443Q.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Governor of the South African Reserve Bank, Lesetja Kganyago, gestures during an interview with Reuters in Centurion, South Africa April 3, 2024 REUTERS/James Oatway/File Photo</figcaption></figure>



PRETORIA, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s central bank cut its main interest rate for the first time in more than four years&nbsp;on Thursday, as it said it saw inflation staying below the midpoint of its target range as far out as 2026.



The South African Reserve Bank (SARB) lowered the repo rate by 25 basis points to 8.00%, as predicted by economists polled by Reuters.



South Africa&#8217;s headline consumer inflation came in at 4.4% year-on-year in August, just below the 4.5% midpoint of the target range the central bank aims for.



The rate cut follows the U.S. Federal Reserve&#8217;s decision on Wednesday to begin lowering rates, and makes South Africa the latest emerging market to embark on an easing cycle after early movers in Latin America and central Europe.



Prior to Thursday&#8217;s cut, the SARB had kept the repo rate unchanged at seven policy meetings in a row. Before that it raised rates 10 times consecutively.



For much of the past three years annual inflation has been near the top of the central bank&#8217;s target band or above it, averaging 5.9% in 2023 and 6.9% in 2022.



But it dropped sharply in July and further in August.



The SARB said on Thursday that it thought progress bringing down inflation would be sustained, &#8220;with inflation contained below the 4.5% midpoint of our range through to the end of the forecast horizon, in 2026&#8221;.



On inflation expectations the bank noted they were slowly moving in the right direction, as shown in a recent quarterly survey.



&#8220;As long as headline inflation stabilises at lower levels, we anticipate further progress in re-anchoring expectations around the middle of our target range,&#8221; the SARB said in a statement.



Economic growth is expected to improve in the final two quarters of this year, bolstered by power utility Eskom suspending rolling power blackouts and higher consumer spending spurred by the government&#8217;s &#8220;two-pot&#8221; pension reform.



The rand currency has also benefited from confidence linked to the formation of a coalition government following May&#8217;s election, when the African National Congress party lost its majority in parliament.



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

E6VGTQJGT5PWVIY65GTH6X443Q

South Africa central bank joins easing club with 25 basis point rate cut

India can achieve growth of up to 8%

India can achieve growth of up to 8%, central bank chief says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1317" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/R5IFRXYGKRJAJJVUQVPJG5LLYI-scaled.jpg" alt="" class="wp-image-532488" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/R5IFRXYGKRJAJJVUQVPJG5LLYI-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/R5IFRXYGKRJAJJVUQVPJG5LLYI-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/R5IFRXYGKRJAJJVUQVPJG5LLYI-820x527.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/R5IFRXYGKRJAJJVUQVPJG5LLYI-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/R5IFRXYGKRJAJJVUQVPJG5LLYI-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/R5IFRXYGKRJAJJVUQVPJG5LLYI-1536x988.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A man cycles past a chimney giving off emissions in an industrial area of Singapore January 5, 2016. REUTERS/Tim Wimborne/File Photo</figcaption></figure>



SINGAPORE, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;Singapore&#8217;s low carbon, state-backed investment firm GenZero will collaborate with Rwanda on projects to generate carbon credits to offset emissions, it said on Thursday.



Countries such as Australia and Britain have ruled out the use of offsets, which have been widely criticised, to meet their net zero targets, but Singapore is relying on them because the city state lacks the space to build large-scale renewable projects.



The deal, signed by GenZero, the Rwanda Green Fund and carbon certification body Gold Standard that pledges to ensure project integrity, falls under Article 6 of the Paris Agreement on climate change.



The clause sets out ways for countries to meet climate targets by investing in low-carbon projects in other nations, either through bilateral arrangements or a yet-to-be finalised U.N. trading scheme.



&#8220;We will review potential projects with the Rwandan Green Fund and the Rwanda Environment Management Authority over the coming months, to determine their eligibility and suitability to be included in the collaboration,&#8221; Frederick Teo, chief executive of GenZero, an arm of the state investment fund Temasek, said.



&#8220;Projects can be nature-based solutions such as nature restoration, or technology-based solutions such as improved waste management.&#8221;



Though Article 6 negotiations are ongoing, Singapore has signed memoranda of understanding with Laos and the Philippines as well as legally binding &#8220;implementation agreements&#8221; with Ghana and Papua New Guinea.



Negotiations have also been completed on pacts with Bhutan, Paraguay and Vietnam, Ravi Menon, Singapore&#8217;s Ambassador for Climate Action, told a conference last week.



Singapore firms can offset up to 5% of taxable carbon emissions by buying credits through Article 6 deals.



Article 6 will be a priority during COP29 climate talks in Azerbaijan in November after negotiations on a final text broke down in Dubai last year.



Parties have struggled to reach consensus on how a U.N.-run carbon market should operate and some worry that bilateral agreements could impact national sovereignty.



(Reporting by David Stanway; editing by Barbara Lewis)

FILE PHOTO: A man cycles past a chimney giving off emissions in an industrial area of Singapore

Singapore’s GenZero to work with Rwanda on carbon offset projects

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Sept 19 (Reuters) &#8211; The Ugandan shilling was firmer on Thursday, underpinned by inflows of dollars from commodity exporters and remittances, traders said.



At 0853 GMT, commercial banks quoted the shilling at 3,709/3,719, compared with Wednesday&#8217;s closing rate of 3,715/3,725.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan shilling firms; commodity, remittance dollar flows help

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