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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-820x546.jpg" alt="" class="wp-image-566085" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/PRST-receiving-ABN-award-1.jpg 1201w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Rabat, Morocco&nbsp;– In a milestone celebration of African leadership, Dr. Akinwumi Adesina&#8217;s decade-long impact on continental development has earned him the inaugural &#8220;African of the Decade&#8221; award. The&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC5JgF0yrrvOiGrvAGknr-2BK7BA6H-2FmR-2FxhNqLVDLRgxw5-2BSaVeHFBi7E5qvUIYDeLug-3D-3D5kOH_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49Oucmvx8xSvxS37h7LM1F8g2awPhMbvGplyFofWvD19aa-2FGUELu0XXDHZ3m2o-2BZfBZpQvh-2FanPcrZ9mm8W9w2rtrvEDw9jB5dwSmKZBacPaUm1XoLscHZW6-2FfNyHFpNKL28IlMhCZbSqeCjYM-2FjSzQQ-3D">African Development Bank Group President received this distinguished honor</a>&nbsp;at last week&#8217;s Africa Investment Forum in Rabat, marking a defining moment in the history of the All-Africa Business Leaders Awards.



The prestigious award, introduced by the ABN Group in collaboration with CNBC Africa, honors individuals who have made a lasting and profound impact on the continent. Dr. Adesina, who will conclude his 10-year tenure as head of the African Development Bank Group next year, is widely celebrated for his visionary leadership and achievements in improving the lives of millions across Africa.



ABN Group Chairman Rakesh Wahi presented the award to Dr. Adesina during the 2024 Africa Investment Forum in Rabat, Morocco. In a citation read by CNBC Africa Chief Editor Godfrey Mutizwa, the awards committee praised Adesina for his unwavering commitment to ethical and responsible leadership and his ability to drive meaningful change across Africa, particularly through the Bank’s&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC69uOBtMTWdeAaLbNAEGp4P4K6lRkuuIdiEO9A5BCUELsEFMjF8oK-2FHjl09T0L7VSM4-2B4zUKqXgvt2phLrschebPTUUUYhIlD36oisgGIXgugcDQD-2F6oyP6LQcTPd1OkPncRrqkMcnetooTA42jDYnE-3DYvup_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49DFRbcyiy9qoxMGgjztdi56eiVvSDVZLUFkN17dv43Ct9o6-2FyCOtTAn1ChROgaoSDoiuRMBenpWURNFDs3FG1x415acPJbHV7oG6nwe79i7GQGQZk4pbWCqo4MbPXXfYGj0yKu8ElPDl5Hrg5gBp-2FII-3D">High5 strategic priorities</a>.



“Dr. Adesina has demonstrated a significant impact on the African continent through innovative solutions, projects, or initiatives that address the continent&#8217;s pressing socio-economic and environmental challenges. He has consistently shown leadership, vision, and dedication, driving positive change in sustainable development in Africa,” Wahi said.



The awards committee highlighted Adesina’s innovative collaborations, including leading the African Development Bank in a&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC69uOBtMTWdeAaLbNAEGp4P4K6lRkuuIdiEO9A5BCUELSDDjIAZnBdDgmOTtRXcwgleVdIfpe3YDqrW8HDAnNn959meTkywR1tklGs7Kq8pc-2FT3bOL-2Bn67SQ-2Fv74UfpLY34bm4mNcUToeba4kxkzLeJTSkFJiARX4OkA5EUTAs4c65h1quK5OWefrOn47EqjBA-3D-3Df6Wh_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49Gin2LLYHzEJuN4ZtZLsx6Nw-2ButgvPC-2B93EIxCK7DjkxggtcWS4CgYYfAuKwk2aYUa-2FElESIlvkux8lmIIEzYhjKw6H7giBCBXj6FcwhDsmqwjD1KfKzj-2B8kXzX0CAb8uhAeJcwThRjjN8x4lEBac5U-3D">groundbreaking partnership</a>&nbsp;with the World Bank to provide electricity access to 300 million Africans.



The award also recognizes Adesina’s earlier role as Nigeria’s Agriculture Minister.



“Over ten years ago, Dr. Akinmumi Adesina&#8217;s impactful tenure as Nigeria&#8217;s Minister of Agriculture revolutionized the country&#8217;s agro-industrial value chains and transformed the lives of millions of small-holder farmers,” Wahi stated.



Under Adesina’s tenure, Nigeria ended 40 years of corruption in the fertilizer sector by developing and implementing an innovative electronic wallet system, which directly provides farmers with subsidized farm inputs at scale using their mobile phones.



Since assuming leadership of the African Development Bank in 2015, Adesina,&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://u7061146.ct.sendgrid.net/ls/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC7CyhXvJjyYmVKjYoq0qjCaZR5EVVtI0gq-2FmXPz-2FaODfJ-2F-2Bar-2BbQvYIPtUnbTfTiMVCY4-2FmqDDV0WILK1t2g3D0TLp4zc-2B3YmdOFYMTTaZe0SwA4_dsYArOl9AHTGYzUqAHd1psOtkwtArKIAQMYib4c5MlcY-2F34Uia8Z79F5z7i5KoUvuYl5poIOg3NUUU1SMGx32o70QYox4UA738Szh3SCGw3JxaYMsvEvWMks3-2BOO4hYv8mZCPc5kilzKudtUP06VQB4N2agw-2BeMtW27m2DJjcHh55OX7jTD3rDQgJ8xsd8ESqjJaboYOPk-2FfFNtBxxb49FZnVbBT6lBIpOLbDBaafJDei0qMBQUZ6Dz-2BP53E5MS-2BROVDl4gXeAzP4oqpCwmHIdiq641ZpBONCmp0jNiUL1AIvZ9wXhsbVo3Es-2BE5HXDlbFGJDZrA24irLi9mS-2BQVxHY-2FVnY7Vj-2B8VtXW2UcGOPQ-3D">a World Food Prize laureate,</a>&nbsp;has been instrumental in attracting global investment, championed innovative development strategies, and consistently positioned Africa as a continent of immense potential and opportunity.



Accompanied by his wife Mrs Grace Yemisi Adesina, the African Development Bank president expressed his gratitude for the honor, describing the award as a testament to what is possible in the transformative power of Africa’s potential. “I dedicate this recognition to the resilient people of Africa and all those working tirelessly to advance the continent’s development,” he said.



“God did not make a mistake when he made me an African…and I will do all I can, to my final breath, for Africa,” Adesina vowed.

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/3ZBREFEEMBMVNIDF57IIH75RYU.avif" alt="" class="wp-image-565676"/><figcaption class="wp-element-caption">FIA President Mohammed Ben Sulayem talks to Rwanda&#8217;s President Paul Kagame during the FIA General Assembly at the Kigali Convention Center, in Kigali, Rwanda December 13, 2024. REUTERS/Jean Bizimana</figcaption></figure>



KIGALI, Dec 13 (Reuters)&nbsp;&#8211;&nbsp;Rwandan president Paul Kagame announced his country&#8217;s bid for a Formula One race on Friday, ahead of an awards ceremony in the capital Kigali that will hand the champion&#8217;s trophy to Max Verstappen for a fourth year in a row.



Formula One has not raced in Africa since the last South African Grand Prix was held at Kyalami, north of Johannesburg, in 1993.



&#8220;I am happy to formally announce that Rwanda is bidding to bring the thrill of racing back to Africa by hosting a Formula One Grand Prix,&#8221; Kagame said in an opening address to the governing FIA&#8217;s General Assembly.



&#8220;A big thank you to (Formula One chief executive) Stefano (Domenicali) and the entire team at F1, for the good progress in our discussions so far.



&#8220;I assure you that we are approaching this opportunity with the seriousness and commitment which it deserves. Together we will build something we can all be proud of.&#8221;



Domenicali said in August that Rwanda wanted to host a race at a permanent circuit.



Media reports say the track, to be designed by a company run by Austrian former F1 racer Alexander Wurz, would be&nbsp;near a new international airport under construction at Bugesera some 40km from Kigali.



Seven-times world champion Lewis Hamilton also said in August that the time was right for a race in Africa.



&#8220;The time&#8217;s 100% right. We can&#8217;t be adding races in other locations and continue to ignore Africa, which the rest of the world just takes from. No one gives anything to Africa,&#8221; said the Briton.



&#8220;I think having a Grand Prix there will really be able to highlight just how great the place is and bring in tourism and all sorts of things. Why are we not on that continent?&#8221;



The FIA is holding its general assemblies in Africa for the first time and the FIA&#8217;s Emirati President Mohammed Ben Sulayem and Rwanda&#8217;s Sports Minister Richard Nyirihishema met earlier in Kigali.



&#8220;To be here in Rwanda for such an important moment in the FIA’s calendar is a testament to the strength of this nation, in particular its growing influence in motorsport,&#8221; said Ben Sulayem.



&#8220;We are aligned on our values and shared goals across key sectors such as innovation, sustainability, and road safety, and I look forward to our continued partnership. The future of motorsport in Africa is bright.&#8221;



Verstappen is also carrying out &#8216;work of public interest&#8217; in Rwanda as punishment for swearing in a Singapore Grand Prix press conference in October.



The activity involves an Affordable Cross Car built locally in Rwanda from blueprints provided by the&nbsp;FIA.



Kagame has won praise from Western and regional leaders for helping to end the 1994 genocide in Rwanda and rebuilding the country into an attractive destination for investment and aid.



But he also stands accused of a brutal crackdown on critics at home, and supporting the M23 rebel group in neighbouring Democratic Republic of Congo, who rights groups say are guilty of killings, rapes and other apparent war crimes.



He has repeatedly denied the allegations.



(Writing by Alan Baldwin in London, additional reporting by Hereward Holland in Nairobi, editing by Christian Radnedge)

3ZBREFEEMBMVNIDF57IIH75RYU

Rwandan president announces bid for F1 race

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-501467" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Dec 13 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.



ECONOMIC EVENTS



South Africa shifts to FDI outflows in third quarter, central bank says



South African inflation-linked bond auction



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



The South African rand was steady against the dollar on Thursday, after the release of third quarter employment data and producer inflation figures.



On the Johannesburg Stock Exchange, the Top-40 index closed about 0.2% lower.



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



Asia shares fell on Friday as a strong dollar weighed on risk sentiment, while longer-dated Treasury yields are headed for their biggest weekly rise in a year on receding U.S. rate cut expectations for 2025.



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



Wall Street pulled back on Thursday as investors evaluated key economic indicators ahead of the Federal Reserve&#8217;s meeting next week.



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



Gold prices edged higher on Friday and were set for a weekly gain, driven by recent reports of top consumer China resuming gold purchases, and heightened expectations of an interest rate reduction by the Federal Reserve at its Dec. 17-18 meeting. 



&#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; Lesotho and SA clash over appointment of water project CEO



&#8211; VBS liquidator pays R458m to creditors as hunt for looted cash continues



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



&#8211; Claims of spiralling costs and coal theft emerge as corporate chaos rips through Exxaro



&#8211; Former finance minister Trevor Manuel to head G20 expert panel on Africa



(Compiled by Bhargav Acharya)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Dec 13

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-820x541.jpg" alt="" class="wp-image-425628" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-1536x1013.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/E2LAHPZEEFN6VLWP7WHSXPENYQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The logo of South Africa&#8217;s central reserve bank is seen during the delivery of a keynote address by South Africa&#8217;s central bank governor, Lesetja Kganyago, at the University of the Witwatersrand in Johannesburg, South Africa, November 1, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



PRETORIA, Dec 13 (Reuters)&nbsp;&#8211;&nbsp;South Africa recorded foreign direct investment outflows of 3.2 billion rand ($179.87 million) in the third quarter, compared to inflows of 16.6 billion in the second quarter, central bank data showed on Friday.



The South African Reserve Bank (SARB) said in its Quarterly Bulletin that the outflows were due to domestic subsidiaries of multinational companies paying back their loans to the parent companies.



For the first time in two years, portfolio investments recorded inflows of 45.6 billion rand in July-September, from outflows of 20.1 billion rand in the second quarter.



Nthabiseng Molemoeng, head of balance of payments at the SARB, said the inflows were mainly due to an increase in foreign purchases of publicly traded government bonds following eight consecutive quarters of equity outflows.



&#8220;I think it was just a general decline in investor sentiment towards emerging markets,&#8221; she said. &#8220;Now with this quarter the inflow is mainly from debt securities.&#8221;



($1 = 17.7908 rand)



(Reporting by Kopano Gumbi, Editing by Bhargav Acharya)

FILE PHOTO: South Africa’s central bank governor to delivers keynote address

South Africa shifts to FDI outflows in third quarter, central bank 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/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



NAIROBI, Dec 13 (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-global-markets">GLOBAL MARKETS</h2>



Asia shares fell on Friday as a strong dollar kept risk sentiment fragile, while longer-dated Treasury yields are heading for their biggest weekly rise this year as expectations for deep U.S. rate cuts in 2025 recede.



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



Oil prices inched lower on Friday as investors focused on a forecast of ample supply and shrugged off expectations of higher demand next year from Chinese stimulus measures, while eyeing another Federal Reserve interest rate cut next week.



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



The South African rand was steady against the dollar on Thursday, after the release of third quarter employment data and producer inflation figures.



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



The Ghanaian and Ugandan currencies are expected to continue strengthening against the dollar in the next week to Thursday, while Nigeria&#8217;s and Zambia&#8217;s could be broadly steady, traders said.



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



Ivory Coast&#8217;s cocoa grind rose 16.1% year-on-year in November to 60,694 metric tons, data from exporter association GEPEX showed on Thursday.



((Compiled by Nairobi Newsroom))

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

African Markets – Factors to watch on Dec 13

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ-820x461.jpeg" alt="" class="wp-image-565548" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A coffee cup with a printed message from Salvadoran President Nayib Bukele’s X account is pictured at Franco’s Pupusa restaurant in San Salvador on July 17, 2024. Marvin Recinos | Afp | Getty Images</figcaption></figure>



A record-breaking rally for coffee prices shows no sign of slowing down, analysts say, with some warning it could take years for one of the world’s most traded commodities to recover.



Arabica coffee futures with March delivery hit a fresh intraday high of 348.35 cents per pound on Tuesday, notching their highest level in nearly 50 years. The contract has since cut some of its gains but remains up a whopping 70% year-to-date.



The last time the price for arabica beans, the world’s most popular variety, traded that high was in 1977 when snow destroyed large areas of Brazilian plantations.



Renowned for their smooth taste and sweet flavor, arabica beans make up between 60% to 70% of the global coffee market. They are commonly used in espressos and other barista-made coffee.



Drought and high temperatures, alongside a global reliance on supplies from relatively few regions, are regarded as the primary drivers for the recent price rise.



Robusta futures, meanwhile, also climbed to a fresh record high in late November. Robusta beans are known for their strong and bitter flavor and are typically used in instant blends.



The extraordinary price rally for coffee, which is considered the second-most traded commodity by volume, after crude oil, comes amid concerns over the 2025 crop in Brazil, by far the world’s largest producer.



“The country experienced its worst drought in 70 years during August and September, followed by heavy rains in October, raising fears that the flowering crop could fail,” Ole Hansen, head of commodity strategy at Denmark’s Saxo Bank, said in a research note published Tuesday.



For some, the poor growing weather in Brazil means it could take a long time for coffee prices to unwind.



“History suggests that coffee prices will only ease back as and when supply improves and stocks are replenished,” David Oxley, chief climate and commodities economist at Capital Economics, said in a research note published on Nov. 29.



“Crucially, this is a process that can take years, not months,” Oxley said.



<h2 class="wp-block-heading" id="h-coffee-particularly-vulnerable-to-bad-weather"><a></a>Coffee ‘particularly vulnerable’ to bad weather</h2>



A staple beverage for billions of people across the world, demand for coffee has been boosted in recent years by growing consumption in China. Production, however, has struggled to keep up.



“Like cocoa, coffee is grown in a relatively narrow tropical band, with key producers including Brazil, Vietnam, Colombia, and Ethiopia,” Saxo Bank’s Hansen said.



“This concentration makes it particularly vulnerable to adverse weather conditions, especially in Brazil and Vietnam, which together account for approximately 56% of global production,” he added.



The U.S. Department of Agriculture said in its semi-annual report last month that it expects Brazil’s coffee production for the marketing year 2024/2025 to come in at 66.4 million (60 kilogram per bag) comprising of 45.4 million bags of arabica and 21 million of robusta.



The USDA said its forecast reflected a 5.8% drop from its previous projection, attributing the decrease to irregular weather patterns that negatively affected crop development, particularly for arabica trees.



“In Brazil, this will be the fifth consecutive arabica harvest that is disappointing because of adverse weather,” Carlos Mera, head of agricultural commodities markets at Dutch lender Rabobank, told CNBC via video call.



Asked whether the climate crisis appears to be amplifying the risks for coffee production, Mera said it was difficult to measure accurately, but there are growing concerns across the industry that extreme weather could prevent typical growth in coffee trees.



Looking ahead, Mera said coffee prices “can certainly go even higher” from their current record levels.



<h2 class="wp-block-heading"><a></a>Price increases for coffee drinkers?</h2>



For coffee drinkers, analysts say it is practically inevitable that coffee makers will need to pass on the costs to consumers in order to limit the impact of higher bean prices on their bottom line.



Nestlé, the world’s biggest coffee maker, which owns leading brands including Nescafé and Nespresso, said last month that it would continue raising prices and making packs smaller to offset the impact of higher prices.



“Like every manufacturer, we have seen significant increases in the cost of coffee, making it much more expensive to manufacture our products,” a Nestlé spokesperson told CNBC via email.



“As always, we continue to be more efficient and absorb increasing costs where possible whilst maintaining the same high quality and delicious taste that consumers know and love,” they added.



Italian coffee maker Lavazza and U.S. coffee giant Starbucks both declined to comment when contacted by CNBC.

108074907-1733992205729-gettyimages-2161859444-AFP_364E4TQ

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3488" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/FHAFUN3FDVOOFH6LJMRBKOX2FI.avif" alt="" class="wp-image-565245"/><figcaption class="wp-element-caption">Wilted maize crops are seen in Mumijo, Buhera district, east of capital Harare, Zimbabwe, March 16, 2024. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



CHIVI, Zimbabwe, Dec 12 (Reuters) &#8211; Zimbabwe appears to be heading into another dry spell that could worsen hunger for millions of people already suffering from an El Nino-induced drought, the U.N. World Food Programme said on Thursday.



The drought in Southern Africa that started early this year has been the worst in decades and prompted Zimbabwe and neighbouring countries to declare a state of disaster over food shortages.



Rainfall was forecast to resume in October, which is normally the start of a six-month rainy season. But so far Zimbabwe has received only a few days of rain in late November.



&#8220;We are worried. You can see the ground in front of us is bone dry,&#8221; said World Food Programme country director Barbara Clemens during a food distribution event in Chivi, southern Zimbabwe.



Families in the district are already skipping meals to preserve the little food they have.



Georgina Maphosa, 74, said she feared worse hunger next year after the maize crop she planted in late November failed to germinate.



&#8220;I can now afford to eat once a day. I had hoped that this season would be better, but my early crop is already a write-off,&#8221; said Maphosa, who woke up at 5:00 am to queue for food handouts.



More than half of Zimbabwe&#8217;s population of 16 million was in need of food aid this year, the government said in May.



Zimbabwe has failed to feed itself since 2000, when former president Robert Mugabe led land reforms that disrupted production, while climate change has worsened the country&#8217;s ability to grow enough food.



(Editing by Nellie Peyton; Editing by David Goodman)

FHAFUN3FDVOOFH6LJMRBKOX2FI

Zimbabwe at risk of another dry season after El Nino drought, says WFP

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="460" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AdobeStock_1104449386-Cyber-Security-Image-for-article-820x460.jpg" alt="" class="wp-image-565228" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AdobeStock_1104449386-Cyber-Security-Image-for-article-820x460.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AdobeStock_1104449386-Cyber-Security-Image-for-article-300x168.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AdobeStock_1104449386-Cyber-Security-Image-for-article-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AdobeStock_1104449386-Cyber-Security-Image-for-article-768x430.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AdobeStock_1104449386-Cyber-Security-Image-for-article-1536x861.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AdobeStock_1104449386-Cyber-Security-Image-for-article-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">#BusinessDoneBetter with Cyber Security Solutions from MTN Business</figcaption></figure>



In today’s interconnected world, where technology underpins virtually every business operation, the threat of cybercrime has become increasingly significant. Cyberattacks are not only growing in frequency but are also becoming more sophisticated, making robust cybersecurity a critical necessity for organizations of all sizes. At MTN Business, we understand the scale of this challenge and are dedicated to equipping businesses with the tools and strategies needed to secure their digital futures.&nbsp;



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As businesses navigate the complexities of the digital era, the significance of cybersecurity extends beyond asset protection. It is also essential for fostering trust with customers, partners, and stakeholders. MTN Business aims to be a trusted partner in this journey, providing end-to-end security solutions that empower organizations to innovate without compromising their safety. Our offerings, including managed firewalls, enterprise mobility management, cloud security, and data encryption, are designed to adapt to an ever-changing threat landscape. By partnering with globally recognized providers such as Cloudflare, MTN ensures access to best-in-class technologies while tailoring these solutions to meet local business needs.&nbsp;&nbsp;



Addressing cybercrime requires collective effort. Businesses must prioritize cybersecurity at the executive level, allocate resources for continuous improvements, and cultivate a culture of accountability and awareness. Cyber resilience is an ongoing journey rather than a one-time investment. By working together, we can build a safer, more innovative future for everyone.&nbsp;



For more information on MTN Businesses Cyber Security solutions, visit&nbsp;<a href="https://www.mtnbusiness.co.za/en/Security-as-a-service/Pages/default.aspx" target="_blank" rel="noreferrer noopener">www.mtnbusiness.co.za</a>&nbsp;&nbsp;

Yellow Digital Padlock with Binary Code: AI Encryption and Cyber

Cyber Resilience in the Digital Age: A Call to Action for Business Leaders

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="515" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-820x515.jpg" alt="" class="wp-image-526361" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-820x515.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-768x483.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-1536x965.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NKYFZRFDD5MS5NQEZSVZ6PYNTI-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Shoppers are seen outside the Shoprite store at the Garden City mall along Thika Road in Nairobi, Kenya November 13, 2020. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



JOHANNESBURG, Dec 12 (Reuters)&nbsp;&#8211;&nbsp;South African analysts, business people and trade unions have lowered their inflation expectations through to 2026, taking them to the midpoint of the central bank&#8217;s inflation target range, a quarterly survey showed on Thursday.



The findings are likely to encourage the South African Reserve Bank (SARB) to forge ahead with its monetary easing cycle, potentially by cutting interest rates in larger increments.



The fourth-quarter survey conducted by the Bureau for Economic Research found that the average inflation forecast of analysts, business people and labour unions was for headline consumer inflation of 4.6% in 2024, 4.5% in 2025 and 4.6% in 2026.



That is down from average forecasts of 5.1%, 4.8% and 4.8% in the third-quarter survey and the lowest expectations have been in more than three years.



The SARB likes to see inflation around 4.5%, the midpoint of its 3% to 6% target band.



It has lowered its main lending rate by 25 basis points (bps) at each of its last two meetings.



But some analysts believe there is room for a 50 bp cut at the next policy meeting in January.



Data on Wednesday showed headline consumer inflation stood at 2.9% year on year in November, below the target band for the second month in a row thanks to food inflation slowing to its lowest level in almost 14 years.



(Reporting by Kopano Gumbi; Editing by Alexander Winning, Kirsten Donovan)

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How China Is Challenging Elon Musk’s Starlink Satellite Service

How AWS uses ‘chaos engineering’ to combat real-world failures

African Development Bank’s Adesina Wins Inaugural ‘African of the Decade’ Award

Why Fast-Food Companies Are Going All In On Chicken Tenders

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South African Markets – Factors to watch on Dec 13

South Africa shifts to FDI outflows in third quarter, central bank says

African Markets – Factors to watch on Dec 13

Coffee prices climb to near 50-year highs — and it may take years for the rally to run out of steam

Costa Rica’s former president on why women make good leaders

How Gen Z Is Reviving U.S. Shopping Malls

Zimbabwe at risk of another dry season after El Nino drought, says WFP

Cyber Resilience in the Digital Age: A Call to Action for Business Leaders

South African inflation expectations fall to midpoint of central bank range

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