<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/GZ42FNCPGRK2ZE3SBHPBDHACCI.avif" alt="" class="wp-image-563964"/><figcaption class="wp-element-caption">Supporters of Ghana&#8217;s main opposition National Democratic Congress (NDC) party candidate and former President John Dramani Mahama celebrate after his rival Vice President Mahamudu Bawumia conceded defeat day after the presidential and parliamentary election in Ghana, December 8, 2024. REUTERS/Zohra Bensemra</figcaption></figure>



ACCRA, (Reuters) &#8211; Ghana&#8217;s former President John Dramani Mahama has staged a political comeback by winning the West African nation&#8217;s presidential election after his rival Vice President Mahamudu Bawumia conceded defeat on Sunday.



The result of Ghana&#8217;s general election is another blow to a ruling party in a region where voters, hit by economic hardship, high inflation and local currency depreciation, have caused upsets as they seek changes in leadership.



Mahama, 66, who served as Ghana&#8217;s president from 2012 to 2016, framed Bawumia as representing a continuation of the policies that led to Ghana&#8217;s worst economic crisis in a generation.



The world&#8217;s second biggest cocoa grower, and major gold-producing nation, reached a deal with the International Monetary Fund last year for a $3 billion bailout after it defaulted on most of its international debt.



&#8220;I have, this morning, received a congratulatory call from my brother Dr. Bawumia, following my emphatic victory in Saturday’s election. Thank you, Ghana,&#8221; Mahama said in a post on X social media.



Addressing a press conference from his residence, Bawumia said he called Mahama to congratulate him, adding that Mahama&#8217;s National Democratic Congress (NDC) also won the parliamentary election.



&#8220;The data from our own internal collation of the election results indicate that former President John Dramani Mahama has won the presidential election decisively,&#8221; Bawumia said, adding that NDC also won the parliamentary election.



Bawumia said he conceded before the official result to ease tensions.



Before his concession, scuffles had been reported in several local constituency centres where results were still arriving from polling stations.



&#8220;I am making this concession speech before the official announcement by the Electoral Commission to avoid further tension and preserve the peace of our country,&#8221; Bawumia said.



&#8220;It is important that the world investor community continues to believe in the peaceful and democratic character of Ghana,&#8221; he added.



Hundreds of NDC supporters took to the streets of the capital Accra on Sunday to celebrate after Bawumia conceded defeat.



Early results had shown Mahama and the NDC party with a commanding lead. Joy News reported that Mahama was leading with over 53% of the vote to Bawumia&#8217;s 45.16% after provisional results from 68 out of a total 276 constituencies were counted.



In a news conference on Sunday before Bawumia conceded, Sammy Gyamfi, national spokesperson for the NDC, said provisional internally collated results by party agents from 38,896 out of the total 40,976 polling stations showed Mahama was leading with around 56%.



He said the party appeared on track to win around 185 out of 276 seats in Parliament.



(Reporting by Maxwell Akalaare Adombila, Christian Akorlie and Bate Felix Writing by Bate Felix; Editing by Kirsten Donovan and Christina Fincher)

GZ42FNCPGRK2ZE3SBHPBDHACCI

Ghana’s former President Mahama wins election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-820x547.jpg" alt="" class="wp-image-563928" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ABU DHABI, UNITED ARAB EMIRATES &#8211; DECEMBER 05: Max Verstappen of the Netherlands and Oracle Red Bull Racing looks on in the Paddock during previews ahead of the F1 Grand Prix of Abu Dhabi at Yas Marina Circuit on December 05, 2024 in Abu Dhabi, United Arab Emirates. (Photo by Mark Thompson/Getty Images)</figcaption></figure>



ABU DHABI, Dec 8 (Reuters)&nbsp;&#8211;&nbsp;Formula One world champion Max Verstappen will serve a penalty for swearing when he visits Rwanda next week to collect his winner&#8217;s trophy, the governing FIA said on Sunday.



Verstappen, who secured his fourth successive championship in Las Vegas last month, was ordered to do &#8220;work of public interest&#8217; after swearing during a Singapore Grand Prix press conference in September.



The FIA&#8217;s prize-giving gala is in Kigali next week, a first for the governing body.



It said after the season-ending Abu Dhabi Grand Prix that the Red Bull driver &#8220;would undertake some work with junior competitors as part of the grassroots development programme organised by the Rwanda Automobile Club&#8221;.



The activity will involve an FIA Affordable Cross Car built locally from blueprints provided by the governing body.



The Dutch driver collected a 10-second penalty in Sunday&#8217;s season-ending Abu Dhabi Grand Prix after a first-lap collision with McLaren&#8217;s Oscar Piastri.



While Verstappen apologised to Piastri, he was less complimentary about the stewards who gave him the time penalty and two penalty points on his licence.



The 27-year-old now has a total of eight points for the 12-month period, with 12 triggering an automatic one-race ban.



&#8220;Could we ask for 20 seconds, stupid idiots,&#8221; he said over the radio, a reference to the two 10-second penalties he received in Mexico in October.



The&nbsp;Piastri collision&nbsp;could have been disastrous for McLaren, who were fighting Ferrari for the constructors&#8217; title and emerged on top thanks to Lando Norris winning from pole position.



&#8220;I apologised to Oscar. I never want to crash with anyone, especially not Oscar who is a great guy,&#8221; Verstappen told Sky Sports television.



&#8220;I went up the inside because we had a really good launch but then I realised that it was going to be tight at the apex.



&#8220;I tried to stay on the kerb but unfortunately we clipped with the tyres, hooked each other and both spun. It&#8217;s not great, as simple as that.&#8221;



Piastri fought back to 10th and McLaren&nbsp;became&nbsp;champions for the first time in 26 years,&nbsp;by 14 points.



(Reporting by Alan Baldwin, editing by Toby Davis and Clare Fallon)

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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/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-820x547.jpg" alt="" class="wp-image-562966" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian President Bola Ahmed Tinubu listens to French President Emmanuel Macron (not seen) as he delivers a statement to the press after a meeting at the Elysee Palace in Paris as part of his a two-day state visit to France, November 28, 2024. REUTERS/Sarah Meyssonnier/Pool/File Photo</figcaption></figure>



ABUJA, Dec 6 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Senate has passed a bill seeking to make it a crime to export large quantities of unprocessed corn in an effort to alleviate hunger in the West African nation, documents seen by Reuters on Friday showed.



Africa&#8217;s most populous country is grappling with its worst cost-of-living crisis in a generation.



Economic hardship has worsened since President Bola Tinubu started austerity reforms, including devaluing the country&#8217;s naira currency and ending a decades-old petrol subsidy, fuelling inflation.



The weak Nigerian currency has spurred informal exports of corn, rice and sorghum to neighbouring countries due to the exchange rate differential with the West African CFA franc.



Corn is a staple in Nigeria that is also used for animal feed, drinks and processed flour.



The United States Department of Agriculture (USDA) forecasts a rise in Nigeria&#8217;s 2024/25 corn exports to 75,000 metric tons from its 2023/24 estimate of 50,000 metric tons.



The Senate bill, which will need the president&#8217;s assent to become law, will make it illegal to export unprocessed corn from a minimum of 1 metric ton.



Violators would pay the value of the corn in fines or face a one-year prison sentence.



A joint report by Nigeria&#8217;s government and the United Nations said in November that more than 30 million people are expected to be food insecure next year, a one-third jump from this year.



The USDA estimates that Nigeria consumes about 12 million metric tons of corn a year, importing roughly 100,000 metric tons.



(Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by Alexander Winning and Barbara Lewis)

FILE PHOTO: French President Macron meets Nigerian President Bola Tinubu in Paris

Nigeria’s Senate seeks to criminalise corn exports to tackle hunger

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-820x462.jpg" alt="" class="wp-image-562913" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-1536x865.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



For the first time since its inception 12 years ago, the All Africa Business Leaders Awards has announced its first African of the Decade Award. This prestigious new award pays homage to an African who, over the past decade, has made enormous strides in developing Africa and its people and made an impactful contribution to improve the fortunes of economies on the continent.&nbsp; &nbsp;&nbsp;



Introduced by the ABN Group, in partnership with CNBC Africa, the AABLA™ is a signature event and the continent’s leading business recognition platform, which has been telling Africa&#8217;s stories of perseverance, success, innovation, and accountability for the past 12 years by identifying and honouring the best in African business.



The African of the Decade Award recognises an individual who has spearheaded innovative solutions, projects and initiatives that address pressing social, economic, or environmental challenges. This is a person who has consistently shown leadership, vision, and dedication in driving positive change and sustainable development in Africa; someone who has created a lasting and measurable impact on the lives of individuals, communities, or the continent as a whole.



The recipient of the inaugural African of the Decade Award is Dr. Akinwumi&nbsp;Adesina, whose exceptional leadership and commitment to Africa&#8217;s progress have made an undeniable and lasting impact.



Dr. Akinwumi&nbsp;Adesina&nbsp;started his impactful tenure as Nigeria&#8217;s Minister of Agriculture. Furthermore, as the visionary leader of the African Development Bank, he has elevated the continent&#8217;s potential on the global stage. Through the bank&#8217;s High Fives initiative and his ambitious collaboration with the World Bank to provide electricity to 300 million Africans, his leadership has been at the forefront of improving lives across Africa over the past decade.



According to Dr Rakesh Wahi, Chairman of the ABN Group and Founder of the AABLA™, Dr. Adesina had been selected for the Award because of his single-minded commitment to the development of the African continent and its people. “He has not only invested and catalysed development but has inspired and empowered others to become change makers and to contribute to the advancement of Africa. He has sustained a track record of success and achievement over the past decade, with tangible results and outcomes that have made a remarkable difference on the continent. It is with pride that we present this award to Dr. Adesina,” Dr Wahi elucidated.&nbsp;



Other criteria for the award, met by Dr. Adesina, were that he:



<ul class="wp-block-list">
<li>Collaborated with diverse stakeholders, including governments, NGOs, businesses, and communities, to achieve shared goals and create lasting change.&nbsp;</li>



<li>Shown resilience, determination, and perseverance in the face of challenges and obstacles, and continued to drive forward despite setbacks.</li>



<li>Demonstrated a deep understanding of the complexities and nuances of the African context, and leveraged this knowledge to create effective and sustainable solutions.</li>



<li>Embodies the values of inclusivity, diversity, and equity, and works towards creating a more just, equitable, and prosperous Africa for all.</li>
</ul>

20241206_135110(0)

Inaugural African of the Decade Award announced by All Africa Business Leaders Awards

<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="442" height="490" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Linda-Oniwe.png" alt="" class="wp-image-562892" style="width:440px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Linda-Oniwe.png 442w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Linda-Oniwe-271x300.png 271w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Linda-Oniwe-81x90.png 81w" sizes="auto, (max-width: 442px) 100vw, 442px" /><figcaption class="wp-element-caption">Linda Oniwe, Vice President for Technology, Media and Telecommunication at Standard Bank</figcaption></figure></div>


The global data centre industry has emerged as a cornerstone of the digital age, facilitating the storage, processing, and management of vast amounts of data. As businesses and individuals increasingly adopt advanced technologies such as Artificial Intelligence, Machine Learning, the Internet of Things (IoT), cloud-based solutions and edge computing, the demand for robust data centres is growing exponentially.



Over the past decade, the global data centre industry has witnessed unprecedented growth. Valued at USD93.7 billion in 2023, the market is projected to maintain a strong growth trajectory with a CAGR of approximately 22% from 2018 to 2025. As digital transformation becomes a strategic imperative across various sectors, the need for secure, scalable, and reliable data storage and processing solutions has and will continue to skyrocket. Concerns about data privacy, data nationalism and data localization requirements further accelerate digital transformation initiatives, driving demand for local data centres.&nbsp;



In Africa, the industry, though still in its infancy, is rapidly growing and evolving, propelled by the continent’s burgeoning digital economy and its ability to leapfrog basic services through technological innovation. The increasing access to the internet and data usage, primarily via mobile phones, is fueling a digital revolution, positioning Africa as the next frontier of the global data centre industry.



We continue seeing strong demand fundamentals that favour Africa as a destination for data centres. Growing interest from the major global cloud service providers such as AWS, Google Cloud and Microsoft, along with content delivery network providers over the last few years continues to drive demand for data centre infrastructure.



Enterprise demand from governments and private companies migrating their servers to third-party leased space, as well as demand from connectivity providers are also significantly increasing demand. Many global, pan-African, and local data centre operators are recognizing this potential and are now investing in building robust data centre ecosystems to meet the growing demand for digital services. For example, Equinix which has invested USD160 million into its first facility in South Africa that will offer 1 860sq m of rack space with 4MW of IT load. Similarly, it also acquired MainOne, a West African data center provider. This acquisition allowed Equinix to expand its presence in Africa and leverage MainOne’s established infrastructure to strengthen its position in the region. Africa Data Centres, one of the largest pan African operators on the continent, has various facilities in Johannesburg, Cape Town, Lagos, and Nairobi and continues to have a strong pipeline of expansion sites. Digital Realty, another key player in the global data center industry, finalized a deal to acquire a majority stake in Teraco, an African data center provider with multiple facilities across South Africa. Private equity firms have likewise been actively involved in data centre investments across Africa. Notable names include Actis and Helios Investment Partners, who have invested in several data center projects across the continent.



However, the region faces challenges due to insufficient infrastructure investment, high temperatures requiring advanced cooling systems and late adoption, resulting in a disproportionate capacity gap. The African data centre colocation market also remains highly concentrated in a few countries, namely South Africa, Egypt, Nigeria, and Kenya representing majority of the available white space. South Africa is the largest market in Africa, with approximately 300MW of live supply and accounting for around 70% of the continent’s IT load.



South Africa, with its advanced telecommunications infrastructure, strategic geographic location, and robust regulatory environment, stands as a prime destination for data centre investments in Africa, serving as a hub for the region. The country boasts a vibrant digital ecosystem, a growing tech-savvy population, a strong financial sector, and has various initiatives promoting the Information and Communications industry. Favorable land prices (compared to other countries on the continent and in developed markets), connectivity and infrastructure make it an attractive choice for hyperscale tenants expanding their operations across the continent, therefore driving demand for data centre infrastructure in country.



Despite this potential, several country specific challenges could inhibit growth. These include energy supply issues and costs, other environmental concerns such as cooling and water consumption, security concerns including crime, the construction mafia and cybersecurity, and a shortage of skilled labour.



International and local data centre operators continue to express strong interest in investing in Africa, particularly South Africa, with demand remaining robust. However, establishing strategic public-private partnerships is crucial for fostering industry growth and addressing current challenges. These initiatives may include investments in renewable energy sources which can support both a reduction in power costs and environmental impact of these facilities, enhanced security measures deployed to building sites as well as innovation and skills development by educational institutions.



The demand for cloud-computing and data centres in Africa plays a crucial role in driving digital transformation. Businesses benefit from increased processing speeds, reduced latency, and enhanced reliability, leading to improved operational efficiency and contributing to the digital success of organisations, ultimately resulting in improved service delivery and enhanced user experiences.&nbsp;

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Powering the Digital Age: The Rise of the African Data Centre Industry

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="707" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Jeanne-Marie-Fatti-1-820x707.jpeg" alt="" class="wp-image-562872" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Jeanne-Marie-Fatti-1-820x707.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Jeanne-Marie-Fatti-1-300x259.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Jeanne-Marie-Fatti-1-104x90.jpeg 104w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Jeanne-Marie-Fatti-1-768x662.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Jeanne-Marie-Fatti-1-1536x1324.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Jeanne-Marie-Fatti-1-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Jeanne-Marie Fatti, Senior Vice President: Energy &amp; Infrastructure, Corporate and Investment Banking at the Standard Bank of South Africa</figcaption></figure>



Johannesburg – 02 December 2024 – CrossBoundary Energy has secured a US$140M senior debt commitment from the Standard Bank of South Africa on a fully underwritten basis. The groundbreaking transaction highlights the potential role of commercial funders in supporting the adoption of renewable energy solutions by businesses across Africa.



The financing is being undertaken as a first tranche within a broader mandate with the Standard Bank of South Africa, which has been appointed to lead and arrange up to US$300M senior debt to support the scaling of CrossBoundary Energy&#8217;s renewable energy portfolio serving Commercial and Industrial (C&amp;I) clients across Africa.



CrossBoundary Energy was supported by Cygnum Capital acting as exclusive financial adviser, and by Bracewell (UK) LLP as borrower’s counsel. Trinity International LLP acted as lenders’ counsel on the transaction.



In Africa, access to reliable and affordable power is one of the largest impediments to business growth. While service providers can solve this, access to finance remains an immense barrier to companies accessing that power. The IEA estimates that the energy transition <a href="https://www.iea.org/reports/scaling-up-private-finance-for-clean-energy-in-emerging-and-developing-economies/executive-summary">will require US$160B annual </a>investment between 2026—2030 to align with climate goals, the bulk of which will come from the private sector.



Jeanne-Marie Fatti, Senior Vice President: Energy &amp; Infrastructure, Corporate and Investment Banking at the Standard Bank of South Africa, remarked, “There is a growing need for innovative energy solutions in Africa. Companies like CrossBoundary Energy are addressing this block holistically through energy systems that are financed, distributed, and led by renewables. Standard Bank is committed to supporting pioneers like CrossBoundary Energy on their growth trajectory”.



Pieter Joubert, President and Chief Investment Officer at CrossBoundary Energy, added, “Scalable, affordable infrastructure financing solutions are a catalyst to unlock reliable and affordable power access for businesses on the continent. Our partnership with Standard Bank will allow us to expand and accelerate energy-as-a-service to African customers, ultimately improving the sustainability and competitiveness of businesses across Africa”. 



CrossBoundary Energy provides financed renewable-led power solutions to African enterprises. Its current awarded portfolio comprises $570M of projects across 18 African countries, with 330 MW of solar and wind assets and 178 MWh of battery energy storage solutions. CrossBoundary Energy’s clients include leading businesses in the mining, industrial, and telecommunications sectors such as Rio Tinto, Unilever, Diageo, Heineken, the Devki Group, and IHS Africa. The portfolio features large-scale renewable-led hybrid power plants for mines, rooftop and ground-mount solar PV plants for industrial clients, and distributed solar PV and battery power solutions for telecommunications sites. CrossBoundary Energy is headquartered in Mauritius, with offices in Kenya, Nigeria, South Africa, and Ghana.

Evoto

CrossBoundary Energy secures US$140M senior debt from the Standard Bank of South Africa to scale renewable energy portfolio across Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Capetown-Landscape-2-820x547.jpg" alt="" class="wp-image-562851" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Capetown-Landscape-2-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Capetown-Landscape-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Capetown-Landscape-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Capetown-Landscape-2-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Capetown-Landscape-2-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Capetown-Landscape-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Africa boasts an impressive 22,000 km of train tracks, weaving through its stunning landscapes. Image credit, Credit is the  Railway Safety Regulator </figcaption></figure>



When the Railway Safety Regulator (RSR) unveiled the State of Safety Report 2023/24 on 30 October, it presented a pivotal moment for South Africa&#8217;s rail sector—a mirror reflecting not just its challenges but also its resilience and potential for transformation.



The report is a narrative of contrasts, blending progress with persistent hurdles. It paints a picture of decreasing operational fatalities yet exposes rising threats in security-related incidents. At its core, the report underscores the intricate tapestry of rail safety in South Africa, one where operational efficiency must coexist with security and infrastructural integrity.



<h2 class="wp-block-heading" id="h-progress-amid-adversities">Progress amid adversities</h2>



The strides made in reducing train accidents and operational fatalities are commendable. With an overall decrease in Fatalities Weighted Injuries (FWI) related to operational occurrences by 6% compared to the previous reporting period, the sector showcased the effectiveness of enhanced safety protocols and dedicated efforts from railway operators like Transnet Freight Rail (TFR) and the Passenger Rail Agency of South Africa (PRASA).



Yet, the shadow of recurring incidents—like the 14% increase in train collisions and a sharp rise in people-related occurrences at station platforms—serves as a stark reminder that the safety journey is far from complete.



KwaZulu-Natal, contributing to 36% of the operational occurrences, remains a focal point, demanding urgent, tailored interventions. The province’s alarming rate of 896 recorded occurrences not only highlights systemic vulnerabilities but also calls for community-centric solutions, strengthened enforcement, and infrastructural upgrades.



<h2 class="wp-block-heading" id="h-the-security-conundrum">The security conundrum</h2>



The report unearths a troubling rise in security-related fatalities, with incidents escalating by 345.74% from the previous period. The new reporting category, &#8220;human bodies found within railway reserves,&#8221; alone contributed to a significant portion of these numbers, emphasizing the harsh realities within the railway environment.



Theft and vandalism, impacting 74% of security-related incidents, reveal systemic gaps in asset protection and the urgent need for robust collaboration between law enforcement and rail operators.



<h2 class="wp-block-heading" id="h-operational-challenges-and-the-way-forward">Operational challenges and the way forward</h2>



Operationally, South Africa&#8217;s railways faced unique stressors, not least of which was the ongoing electricity crisis. Frequent power outages disrupted services, amplified risks, and tested the resilience of safety systems. However, these challenges also became a crucible for innovation, as teams adapted to maintain operations under extraordinary pressures.



Amid these adversities, PRASA’s 116% surge in train kilometres and increased passenger rail usage reflects renewed public trust in rail as a viable transport option. This progress must be safeguarded with relentless vigilance and strategic investments.



<h2 class="wp-block-heading" id="h-a-collective-call-to-action">A collective call to action</h2>



The State of Safety Report is more than a ledger of incidents—it is a blueprint for transformation. The RSR’s mandate to oversee safety and collaborate with stakeholders provides a solid foundation, but real progress will require a unified effort from government, operators, communities, and regulatory bodies.



<h2 class="wp-block-heading" id="h-towards-a-safer-tomorrow">Towards a safer tomorrow</h2>



The 2023/24 State of Safety Report is a clarion call for change. South Africa&#8217;s rail sector stands at a crossroads where decisions made today will echo into the future. The question that looms is not just how challenges will be tackled but how the industry will seize this moment to reimagine a safer, more inclusive rail network.



The journey to transforming these insights into actionable progress is long, but the destination—a rail system that prioritises safety without compromise—is worth the effort.



For an in-depth look at the findings and the full report, visit <a href="http://www.rsr.org.za">www.rsr.org.za</a>.

Capetown Landscape  2

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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59.jpg" alt="" class="wp-image-422969" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59-768x487.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: A car drives past a construction site of the Central Business District (CBD) in the capital Gaborone, Botswana, September 21, 2018. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



GABORONE, Dec 6 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s economy could shrink 1.7% this year, the first contraction since the COVID-19 pandemic, mostly because of a prolonged downturn in the global diamond market, finance minister Ndaba Gaolathe said.



In February, when it presented its budget, the southern African country&#8217;s government forecast 4.2% growth in 2024 but weakness in the diamond market since late last year has hurt demand for Botswana&#8217;s key export.



Debswana, Botswana&#8217;s joint venture with De Beers, lowered its 2024 diamond production guidance by about 6 million carats to 17.9 million carats. De Beers diamond sales were down 40% in the first nine months of 2024 from the year earlier period.



Gaolathe told lawmakers on Thursday that the contraction in Gross Domestic Product (GDP) this year could be greater than 1.7% should additional risks materialise, according to a copy of his remarks sent to reporters by the finance ministry.



Those risks include further disruptions in the diamond market, the impact of a severe regional drought and defects at a major power plant.



The budget deficit is now seen at 6.75% of GDP, compared to the estimate of 2.8% given in February, Gaolathe said.



Like other southern African countries Botswana has been affected by the worst regional drought in decades, which has sapped economic growth in neighbouring Namibia and Zimbabwe.



Botswana&#8217;s central bank said on Thursday that the economy would contract in 2024 but did not say by how much.



(Reporting by Brian Benza; Writing by Tannur Anders; Editing by Alexander Winning, Kirsten Donovan)

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Botswana economy could shrink 1.7% this year, finance minister 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/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-820x547.jpg" alt="" class="wp-image-562831" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Souvenir vendors wait for customers at a market place in Nairobi, Kenya December 3, 2018. REUTERS/Ahmed Jadallah</figcaption></figure>



NAIROBI, Dec 5 (Reuters) &#8211; Kenya&#8217;s central bank cut its benchmark lending rate by a larger-than-expected 75 basis points to 11.25% on Thursday, saying there was room for looser policy to support economic growth as inflation was under control.



It is the third policy meeting in a row where the Central Bank of Kenya has lowered the interest rate. In October it also cut by 75 basis points (bps) after a 25-bps cut in August.



A Reuters poll of eight economists had a median forecast of a 50 bps rate cut on Thursday.



The bank&#8217;s Monetary Policy Committee (MPC) said in a statement that &#8220;inflation was expected to remain below the midpoint of the target range in the near term, supported by low fuel inflation, stable food inflation, and exchange rate stability&#8221;.



Kenya&#8217;s inflation edged up to 2.8% year on year in November, from 2.7% a month earlier, but it remains well within the government&#8217;s preferred band of 2.5%-7.5% in the medium term.



&#8220;The MPC noted economic growth in the first half of 2024 had decelerated, and therefore concluded that there was scope for a further easing of the monetary policy stance.&#8221;



Kenya&#8217;s umbrella banking association had called for a significant cut to the central bank&#8217;s policy rate to provide a strong signal to the market and enable a drop in market interest rates.



The MPC&#8217;s statement observed that short-term rates on government securities had declined sharply in line with its key rate, but it said banks had not responded by lowering their rates proportionately.



&#8220;The MPC, therefore, urges the banks to take necessary steps to lower their lending rates in order to stimulate credit to the private sector.&#8221;



The bank reiterated its previous growth forecasts for the next two years, 5.1% and 5.5% respectively.



The East African nation&#8217;s government, which has been struggling with heavy debt, has been looking for new financing after mass protests in June forced it to scrap planned tax hikes worth more than 346 billion shillings ($2.68 billion).



($1 = 129.0000 Kenyan shillings)



(Reporting by George Obulutsa; Editing by Alexander Winning, Alexandra Hudson and Andrew Heavens)

FILE PHOTO: Souvenir vendors wait for customers at a market place in Nairobi

Kenya cuts main rate more than expected to stimulate growth

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3345" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QBEYZAZEXFJCNHYDTQA5BDKG2M.avif" alt="" class="wp-image-562813"/><figcaption class="wp-element-caption">The logo of consulting firm McKinsey and Company is seen at the high profile startups and high tech leaders gathering, Viva Tech,in Paris, France May 16, 2019. REUTERS/Charles Platiau/File Photo</figcaption></figure>



WASHINGTON/NEW YORK, Dec 5 (Reuters) &#8211; McKinsey and Company Africa Ltd, a subsidiary of McKinsey &amp; Company, will pay more than $122 million to resolve a U.S. investigation into a bribery scheme in South Africa, the Justice Department said on Thursday.



Privately owned McKinsey Africa was charged with one count of conspiracy to violate the Foreign Corrupt Practices Act for agreeing to pay bribes to officials at state-owned energy company Eskom and port and freight rail operator Transnet in exchange for non-public information about consulting contracts.



McKinsey Africa entered into a three-year deferred prosecution agreement with the Justice Department.



&#8220;McKinsey Africa bribed South African officials in order to obtain lucrative consulting business that generated tens of millions of dollars in profits,&#8221; said Nicole M. Argentieri, head of the Justice Department’s Criminal Division.



Vikas Sagar, a senior former partner at McKinsey, previously pleaded guilty to one count of conspiracy to violate the act. He could not immediately be reached for comment.



In a statement, McKinsey said Sagar had concealed his conduct from the company, and that it fired him soon after it learned about the issues.



McKinsey and McKinsey Africa earned around $85 million in profits through the bribery scheme, the Justice Department said. Eskom had hired McKinsey to help it execute a &#8220;turnaround plan.&#8221;



Inefficiencies at Eskom and Transnet have constrained growth in Africa&#8217;s most industrialized economy for more than a decade.



The Justice Department said McKinsey Africa had received credit for cooperating with its investigation and conducting anti-corruption training for employees. The $122,850,000 McKinsey has agreed to fork up includes a penalty it will pay in South Africa.



McKinsey is also in talks with the Justice Department to pay more than $600 million to resolve a separate investigation into the consulting firm&#8217;s work helping opioid manufacturers boost sales that allegedly contributed to a deadly addiction epidemic, people familiar with the matter have told Reuters.



(Reporting by Doina Chiacu and Ismail Shakil; additional reporting by Nate Raymond; Writing by Luc Cohen; Editing by Caitlin Webber and Jonathan Oatis)

QBEYZAZEXFJCNHYDTQA5BDKG2M

McKinsey Africa to pay $122 million in South Africa bribery scheme, US Justice Department says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="517" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg" alt="" class="wp-image-416545" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-300x189.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-143x90.jpeg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-768x484.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-1536x969.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A participant stands near a logo of World Bank at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018.
Johannes Christo | Reuters</figcaption></figure>



Dec 6 (Reuters)&nbsp;&#8211;&nbsp;Donor countries have pledged a record $100 billion three-year replenishment of the World Bank&#8217;s fund for the poorest nations, providing a vital lifeline for their struggles against crushing debts, climate disasters, inflation and conflict.



The World Bank made the announcement early on Friday in Seoul at a pledging conference for the International Development Association, which provides grants and very low-interest loans to 78 low-income countries.



The total exceeds the previous $93 billion IDA replenishment announced in December 2021. Countries will contribute about $24 billion directly to IDA, only marginally increased from the $23.5 billion pledged in 2021, but the fund will issue bonds and employ other financial leverage to stretch that to the targeted $100 billion in grants and loans through mid-2028.



The two-day pledging conference fell short of the $120 billion goal that African heads of state had called for, partly because the U.S. dollar&#8217;s strength .DXY &#8211; pushed up by Donald Trump&#8217;s U.S. presidential election victory &#8211; diminished the dollar value of significant increases in foreign currency contributions by several countries.



At a G20 leaders&#8217; summit in Brazil last month, Norway increased its pledge by 50% from 2021 to 5.024 billion krone. That&#8217;s $455 million at current exchange rates, but at the start of 2024, it would have been worth $496 million.



South Korea boosted its pledge by 45% to 846 billion won, ($597 million), Britain by 40% to 1.8 billion pounds, and Spain by 37% to 400 million euros. Spain&#8217;s pledge was worth $423 million on Friday, $10 million less than the day it was announced in October.



U.S. President Joe Biden pledged a $4 billion U.S. contribution, up from $3.5 billion in the previous round.



The World Bank did not immediately reveal the amounts of other pledges, but said that 17 donor countries had committed to raising their contributions by more than 25%, with 10 offering increases of 40% or more.



World Bank President Ajay Banga said in a statement that IDA will be able to stretch the new pledges further because of work done to optimize the development lender&#8217;s balance sheet over the past two years, increasing its lending capacity by some $150 billion over 10 years.



The bank&#8217;s ability to leverage contributions will transform &#8220;modest contributions into life-changing investments,&#8221; Banga said in an open letter to shareholders and client countries.



About 35 countries have graduated from IDA to become donors, including China, South Korea, Chile, Jordan, and Turkey.



Banga said the resources will allow the bank to put job creation at the center of its work, even as it addresses climate change and other global crises.



&#8220;In this context, IDA is not just a financial instrument; it is a catalyst for job creation,&#8221; Banga said. &#8220;It provides countries with the resources to build infrastructure, improve education and health systems and foster private sector growth.&#8221;



($1 = 0.9455 euros)



(Reporting by David Lawder; Editing by Shri Navaratnam and Saad Sayeed)

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World Bank wins $100 bln replenishment of fund for poorest countries

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Ghana’s former President Mahama wins election

Motor racing-Verstappen to serve swearing penalty in Rwanda

Why Facebook-Parent Meta Is Willing To Lose Billions On The Metaverse

Inside the iconic venue powered by human body heat

Introducing Converge, where leadership meets innovation

How Thermal Batteries Could Replace Lithium-Ion Batteries

Nigeria’s Senate seeks to criminalise corn exports to tackle hunger

Inaugural African of the Decade Award announced by All Africa Business Leaders Awards

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CrossBoundary Energy secures US$140M senior debt from the Standard Bank of South Africa to scale renewable energy portfolio across Africa

Rail safety in South Africa — Charting the path to a safer future

Big bets on trendy glasses to be the future of augmented reality

Botswana economy could shrink 1.7% this year, finance minister says

Kenya cuts main rate more than expected to stimulate growth

McKinsey Africa to pay $122 million in South Africa bribery scheme, US Justice Department says

World Bank wins $100 bln replenishment of fund for poorest countries

Bob Geldof on what makes a good leader

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