<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="390" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Z7OUSBHECZMJVEHQT7G2AZVSQU-1.avif" alt="" class="wp-image-615600"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, April 30 (Reuters)&nbsp;&#8211;&nbsp;The South African rand slipped&nbsp;on&nbsp;Wednesday&nbsp;following mixed local economic data and&nbsp;as the dollar gained after data showed the U.S. economy contracted in the first quarter.



At&nbsp;1329 GMT, the rand traded at 18.62 against&nbsp;the dollar&nbsp;ZAR=D3, roughly 0.4% weaker than Tuesday&#8217;s closing level.



Domestic data showed South Africa recorded a trade surplus of 24.77 billion rand ($1.33 billion) in March, while the budget deficit stood at 13.11 billion rand in the same month.



The dollar=USD was last trading up about 0.25% against a basket of currencies, after a Commerce Department report showed U.S. gross domestic product (GDP) fell 0.3% in the first quarter.



The data was worse than market expectations, but better than the dire predictions touted by some of the biggest U.S. banks.



Earlier on Wednesday, South African Finance Minister Enoch Godongwana briefed reporters on the next steps for the local budget after he scrapped a fiercely-opposed increase in value-added tax and a court set aside parliament&#8217;s adoption of the fiscal framework.



He said a new budget would be presented on May 21, which would maintain a government focus on stabilising public debt.



Separately, central&nbsp;bank data showed private sector credit extension slowed slightly in March&nbsp;ZACRED=ECI&nbsp;to 3.45% year-on-year from 3.68% in February.



On the stock market, the Top-40&nbsp;.JTOPI&nbsp;index was last trading about 0.3% higher.



The benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was&nbsp;little changed,&nbsp;with the yield&nbsp;up 0.5 basis point at&nbsp;8.815%.



(Reporting by Sfundo Parakozov and Bhargav Acharya; Editing by Alexander Winning, Sharon Singleton and Mark Heinrich)

Z7OUSBHECZMJVEHQT7G2AZVSQU

South Africa’s rand weakens after mixed local data, US GDP dip

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/CBN3E2M4SFJYBDTJWK6AHBOLS4.avif" alt="" class="wp-image-615597"/><figcaption class="wp-element-caption">A general view of the gold mine site, operated by Endeavour Mining Corporation in Hounde, Burkina Faso February 13, 2020. Picture taken February 13, 2020. Reuters/Anne Mimault/File Photo</figcaption></figure>



DAKAR, April 30 (Reuters)&nbsp;&#8211;&nbsp;International mining companies should consider joint ventures with local partners and dual listings on regional stock exchanges to navigate an increasingly complex landscape in West Africa, the head of a regional lobby group said.



Military-led governments across West Africa have upended the mining sector by rewriting contracts, detaining executives and suspending operations as they demand greater control over natural resources.



Mining companies also face growing security challenges from jihadist groups that have forced the suspension of some exploration activities.



The new reality means big miners must adapt, including by meeting governments&#8217; growing demands for localisation, Adama Soro, president of the West African Federation of Chambers of Mines, told Reuters.



Dual listings on regional exchanges and joint ventures with local partners could go a long way towards strengthening these companies&#8217; positions, he said.



&#8220;We&#8217;re pushing at the regional level to get dual listing on the regional stock market &#8230; so that the local investor can also benefit,&#8221; Soro said. &#8220;The big companies are open, they know this is the reality (and) you can&#8217;t go against the winds.&#8221;



Despite regulatory changes affecting major players such as Barrick&nbsp;ABX.TO, Endeavour&nbsp;EDV.L, Resolute Mining&nbsp;RSG.AX&nbsp;and Fortuna&nbsp;FVI.TO&nbsp;in Mali and Burkina Faso, West Africa&#8217;s mineral wealth continues to attract global interest.



The region boasts deep reserves with Ghana, Mali and Burkina Faso collectively accounting for over 10% of worldwide gold production in 2024, while Guinea dominates global bauxite exports.



&#8220;Operating a mine in Africa is more profitable. Other regions have stability but (are) less profitable,&#8221; Soro said.



Record gold prices this year, fuelled by U.S. President Donald Trump&#8217;s trade policies and geopolitical uncertainty, have escalated tensions among stakeholders, Soro said.



&#8220;When you have the gold price rising, you see all stakeholders trying to pull everything to their side,&#8221; he said. &#8220;The best thing is to have open discussions.&#8221;



Soro said national governments and international mining companies seem to be on board with his group&#8217;s push for increased localisation, but the capacity of the region&#8217;s stock markets remains a challenge.



Nevertheless, he predicted some local listings could occur soon, without providing details.



(Reporting by Maxwell Akalaare Adombila; Editing by Robbie Corey-Boulet, Kirsten Donovan)

CBN3E2M4SFJYBDTJWK6AHBOLS4

West Africa upheaval requires joint mining ventures, local listings, lobby group says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BCL2V6MOJVKVRHJHNIF7JTB6QQ.avif" alt="" class="wp-image-615579"/><figcaption class="wp-element-caption">Raw copper from Zambia awaits export in a warehouse at Newlyn Terminal at Bayhead at the port in Durban, South Africa, April 4, 2024. REUTERS/Rogan Ward/File photo</figcaption></figure>



LUSAKA, April 30 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s copper production was up about 30% on the previous year in the first quarter of 2025, reaching roughly 224,000 metric tons from around 173,000 metric tons in the first quarter of 2024, Mines Minister Paul Kabuswe said on Wednesday.



Kabuswe said in a statement that higher production by two big companies, Konkola Copper Mines and Mopani Copper Mines, contributed to the increased overall output.



(Reporting by Chris Mfula; Editing by Alexander Winning)

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Zambia copper production up 30% year on year in Q1, minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AXTQND6WLFKFNC2T36FCP2DLTI.avif" alt="" class="wp-image-615576"/><figcaption class="wp-element-caption">A view of smelted gold bars at a smelting facility in Accra, Ghana August 22, 2024. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, April 30 (Reuters)&nbsp;&#8211;&nbsp;Ghana has reached a deal with nine more mining companies to purchase 20% of their gold production, a government body said on Wednesday, aiming to consolidate a gold purchase programme meant to boost the country&#8217;s gold reserves and stabilise its currency.



Africa&#8217;s top gold producer signed an agreement with members of an industry group that included Gold Fields GFIJ.J, Newmont NEM.N, AngloGold Ashanti AU.N, and Asanko Mining in 2022 to purchase 20% of their annual output for the central Bank of Ghana. Purchases are settled in the Ghanaian cedi currency.



Bank of Ghana&#8217;s gold holdings rose to 30.8 metric tons in February from 8.77 tons in 2022, helping its gross reserves to hit $9.4 billion this year.



The new deal covers mining companies not participating in the central bank&#8217;s arrangement, according to a statement on X from GoldBod, a government body set up to streamline gold purchases from small-scale miners, increase their earnings, and reduce the impact of smuggling.



The companies are Golden Team Mining Company Limited, Akroma Gold Limited, Adamus Resources Limited, Cardinal Namdini Mining Limited, Goldstone Akrokeri Limited, Earl International Group (GH) Limited, Xtra Gold Mining Limited, Prestea Sankofa Gold Limited and Gan He Mining Resource Development Limited.



Gold mining countries have sought increased value from the precious metal as prices rose 29% this year, boosted by U.S. President Donald Trump&#8217;s tariffs and geopolitical uncertainty.



&#8220;Under the agreement, the mining companies will deliver 20% of any gold they seek to export out of the country to the GoldBod in the form of doré bars,&#8221; the GoldBod statement said.



&#8220;This agreement represents a significant step toward optimising national benefits from Ghana&#8217;s gold resources.&#8221;



The mining companies will receive payment in Ghanaian cedis, discounted at one percent of the London Bullion Market Association (LBMA) spot price.



The nine gold miners produce approximately 200 kilograms of gold monthly, GoldBod&#8217;s spokesperson told Reuters.



(Reporting by Christian Akorlie; Writing by Maxwell Akalaare Adombila; Editing by Ayen Deng Bior and Ros Russell)

AXTQND6WLFKFNC2T36FCP2DLTI

Ghana secures deal with nine more gold miners to buy 20% of their output

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/3GWHJ24G6BNGHDPVWY36IOPFFQ.avif" alt="" class="wp-image-615524"/><figcaption class="wp-element-caption">South Africa&#8217;s Finance Minister Enoch Godongwana speaks during his 2023 budget speech in Cape Town, South Africa, February 22, 2023. REUTERS/Shelley Christians/File Photo</figcaption></figure>



PRETORIA, April 30 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s finance ministry said on Wednesday that a new budget would be presented on May 21 which would maintain the government&#8217;s focus on stabilising public debt.



Africa&#8217;s biggest economy will adjust revenue and spending projections and growth forecasts after scrapping a contentious increase in value added tax that exposed deep rifts in the coalition government.



Finance Minister Enoch Godongwana&nbsp;said there would be thorough consultations with all political parties in the coalition before the revised budget is tabled in parliament, adding that fiscal consolidation was still in place.



His ministry issued a statement saying that debt stabilisation was &#8220;a crucial element in strengthening our public finances&#8221;.



Months of political wrangling over this year&#8217;s budget has caused investor unease, hurting the rand currency&nbsp;ZAR=D3.



The budget was postponed in February because of disagreements in the coalition over a plan to increase VAT from 15% to 17%.



A revised version in March proposed raising VAT by 1 percentage point over two years, but that plan was also deeply unpopular.



The Democratic Alliance, the second-biggest party in the Government of National Unity coalition, took the budget to court before agreeing an out-of-court settlement with the finance minister.



Godongwana acknowledged on Wednesday that the budget process had been messy.



&#8220;We are in a coalition government and we have to do things differently,&#8221; he said.



(Additional reporting by Bhargav Acharya and Sfundo Parakozov; Writing by Alexander Winning; Editing by Ed Osmond)

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South Africa says revised budget will keep focus on stabilising debt

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1.png" alt="" class="wp-image-615497" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1.png 612w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1-300x175.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1-154x90.png 154w" 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>



EVENTS:



Uganda releases April inflation statistics



GLOBAL MARKETS



Shares struggled for direction on Wednesday and oil prices slid as relief over a potential easing of global trade tensions was offset by a worsening economic outlook and dour signals from corporates swept up by Donald Trump&#8217;s tariffs.



WORLD OIL PRICES



Oil prices extended declines on Wednesday and were set for their largest monthly drop in more than three years as the global trade war eroded the outlook for fuel demand, while fears of mounting supply also weighed.



SOUTH AFRICA MARKETS



The South African rand weakened on Tuesday as investors waited for the finance minister to say when he will present another revised national budget.



KENYA MARKETS



The Kenyan Shilling was steady against the dollar in early trade on Tuesday with traders noting minimal activity on both the demand and supply sides.



KENYA INFLATION



Kenya&#8217;s inflation rate in April rose to 4.1% year-on-year, up from 3.6% a month before, the statistics office said on Wednesday.



KENYA DEFICIT



Kenya will cap its fiscal deficit at 4.5% of GDP in 2025/26, down from 5.1% the previous year, and revise its initial budget of 4.3 trillion Kenyan shillings ($33 billion) substantially, its cabinet said on Tuesday.



SOMALIA TAIWAN DIPLOMACY



Somalia has banned entry to Taiwan passport holders citing compliance with a United Nations resolution, the island&#8217;s foreign ministry said, blaming Chinese pressure on Mogadishu at a time Taiwan is boosting ties with Somaliland.



MALI POLITICS



A national conference of political actors in Mali has recommended naming junta leader Assimi Goita, who seized power following coups in 2020 and 2021, as president with a five-year mandate, it said in a statement on Tuesday.



CONGO SECURITY



Rwanda escorted the troops of a Southern African force through Rwandan territory to Tanzania on Tuesday as they pulled out from eastern Democratic Republic of Congo, Rwanda&#8217;s foreign minister and army spokesperson said.

istockphoto-1030878162-612×612-1

African Markets – Factors to watch on April 30

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AWIZDBZH5VO2XJX7G2VI2D5PBI.avif" alt="" class="wp-image-615478"/><figcaption class="wp-element-caption">Ragui El-Etreby, Assistant Minister for Multilateral International and Regional Economic Affairs of Egypt, UAE Deputy Prime Minister and Minister of Interior and Reem bint Ebrahim Al Hashimy , Russian Foreign Minister Sergei Lavrov , Ethiopian Foreign Minister Gedion Timothewos, Brazilian Foreign Minister Mauro Vieira, Chinese Foreign Minister Wang Yi, Indonesian Foreign Minister Sugiono, South African Minister of International Relations and Cooperation Ronald Lamola, Iranian Deputy Foreign Minister on Economic Diplomacy, Seyed Rasoul Mohajer and Ambassador Dammu Ravi pose for a family picture, on the day of the BRICS Meeting of Ministers of Foreign Affairs in Rio de Janeiro, Brazil, April 28, 2025. REUTERS/Pilar Olivares</figcaption></figure>



RIO DE JANEIRO, April 29 (Reuters)&nbsp;&#8211;&nbsp;Foreign ministers from the BRICS group of developing nations failed to agree on a joint communique on Tuesday, highlighting differences within the fast-growing diplomatic bloc,&nbsp;while&nbsp;the chair Brazil issued a statement condemning trade protectionism.



In the statement, Brazil said the group&#8217;s foreign ministers expressed &#8220;serious concern at the prospect of a fragmented global economy and the weakening of multilateralism&#8221; at their gathering in Rio de Janeiro.



The statement did not name the United States, which has taken a sharp protectionist shift under President Donald Trump, whose unilateral tariffs have raised concerns about a global economic slowdown.



The failure to reach a joint declaration was unexpected, a diplomatic source said, adding that there was room to iron out differences before July, when BRICS leaders will gather in Rio.



The expanded BRICS group, which includes Brazil, Russia, India, China and South Africa as well as new joiners Egypt, Saudi Arabia, the United Arab Emirates, Ethiopia, Indonesia and Iran, faces daunting challenges from U.S. trade actions.



&#8220;The ministers voiced serious concerns about the rise of unjustified unilateral protectionist measures inconsistent with WTO rules, including indiscriminate raising of reciprocal tariffs and non-tariff measures,&#8221; the statement said.



The statement reflected a broad consensus among the 11 countries, although a person involved in the negotiations said China &#8211; affected by 145% levies in the trade war with the U.S. &#8211; had pushed for a harsher tone.



&#8220;There was a consensus among all the countries, which is expressed in the declaration,&#8221; said Brazilian Foreign Relations Minister Mauro Vieira.



Still, the final declaration was a &#8220;chair statement,&#8221; falling short of a joint statement as the countries could not reach an agreement on all issues. Egypt and Ethiopia refused to accept some of the language calling for reform of the United Nations, including its Security Council, a longstanding aspiration of Brazil, India and South Africa.



That difference underscores the group&#8217;s new composition&nbsp;after&nbsp;new&nbsp;members that have&nbsp;competing views on some issues&nbsp;joined in 2024. The&nbsp;diplomatic source told Reuters that the new African members took issue with putting forward South Africa as a preferred BRICS candidate for a reformed Security Council.



&#8220;The expansion has its costs. Of course we have to work more to reach a consensus. But, at the same time, an expanded group has more power, more resources, more space for cooperation,&#8221; said the source.



Brazilian diplomats stressed the importance of a strong shared position on the central issue of &#8220;unjustified&#8221; trade barriers condemned in the declaration, which cited tariffs and non-tariff measures, such as the abuse of green policies for protectionist purposes.



&#8220;The main&nbsp;thing for BRICS is to ensure that the multilateral trade system doesn&#8217;t fall apart completely&#8221;, a diplomat told Reuters.



(Reporting by Lisandra Paraguassu; Additional reporting and writing by Andre Romani; Editing by Brad Haynes, Gabriel Araujo and Nia Williams)

AWIZDBZH5VO2XJX7G2VI2D5PBI

Growing BRICS group shows internal rifts as ministers fall short of joint statement

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="407" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU.jpg" alt="" class="wp-image-615460" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU-142x90.jpg 142w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">The Glencore logo is pictured in Baar, Switzerland, November 20, 2012. REUTERS/Arnd Wiegmann/File Photo</figcaption></figure>



LONDON, April 30 (Reuters)&nbsp;&#8211;&nbsp;Glencore&nbsp;GLEN.L&nbsp;on Wednesday reported lower copper production in the first quarter, and said it expects 2025 profit at its trading division to be in the middle of its long-term annual guidance.



The miner and trader reported a 30% drop in first-quarter copper production to 167,900 metric tons, but maintained its full-year forecast for 2025 at 850,000-910,000 tons, expecting higher output in coming months.



Last year it produced around 952,000 tons of the metal used in electric vehicle wiring and batteries, green energy plants and data centres.



Glencore&#8217;s share price opened 3.4% lower in London.



Worries about global trade tensions have weighed on prices of most industrial metals this year, but analysts anticipate growing demand for copper, cobalt and other transition minerals, driven by the shift towards electric vehicles and renewable infrastructure.



First-quarter production of cobalt rose 44% on higher grades and volumes at its Mutanda mine, while nickel production fell 21%, it said. The company kept 2025 production guidance unchanged for both.



Glencore forecasts full-year marketing earnings before interest and tax (EBIT) in the middle of its long-term guidance of $2.2 billion-$3.2 billion this year, compared to $3.2 billion in 2024, as commodities markets continue to fluctuate due to &#8220;U.S. tariff newsflow and uncertainty&#8221;.



&#8220;Owing to the various proposed and currently being implemented tariffs across commodity supply chains, it is likely that some physical trade flow re-orientation and dislocation will manifest over the coming months,&#8221; it said in a statement.



The trading division, whose profit hit a record $6.4 billion in 2022, includes coal, oil, liquefied natural gas and related products, as well as metals.



&#8220;Disappointing that in these volatile times with significant regional arbitrage in copper that marketing guidance was not at the top end of the range,&#8221; RBC Capital Markets analysts said.



Glencore&#8217;s first-quarter thermal coal production fell 7% to 23.4 million tons from 25.2 million tons a year before on lower output from its Australian mines.



The company is one of the largest producers and exporters of thermal coal, mining 99.6 million tons in 2024.



It said in March it would begin reducing production at its Colombia mine Cerrejon by between 5 million and 10 million tons annually.



(Reporting by Clara Denina, Chandini Monnappa; Editing by Sumana Nandy and Jan Harvey)

A5FFDDCYVFKINPBJBDQEWDIARU

Glencore posts 30% drop in first-quarter copper production

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="370" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/I626AAIJRJP7DJDRYXCYV56KLA-2.avif" alt="" class="wp-image-615457"/><figcaption class="wp-element-caption">The Hillbrow Tower, an iconic tower used to identify the Johannesburg skyline, is seen as the sun rises, in Johannesburg, South Africa, June 20, 2019. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, April 30 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Wednesday.



ECONOMIC EVENTS



March money supply&nbsp;ZAM3=ECI, credit data&nbsp;ZACRED=ECI



March budget balance&nbsp;ZABUD=ECI



March trade balance&nbsp;ZATBAL=ECI



Treasury to hold press briefing on budget process



SOUTH AFRICAN MARKETS



The South African rand weakened on Tuesday as investors waited for the finance minister to say when he will present another revised national budget.



On the stock market, the Top-40 .JTOPI index was last up about 0.7%. 



GLOBAL MARKETS



Shares struggled for direction on Wednesday and oil prices slid as relief over a potential easing of global trade tensions was offset by a worsening economic outlook and dour signals from corporates swept up by Donald Trump&#8217;s tariffs.



WALL STREET



U.S. stocks closed solidly in positive territory on Tuesday, after seesawing between modest gains and losses in choppy trading as investors assessed the latest round of corporate earnings, economic data and changes on the trade policy front.



GOLD



Gold prices dropped on Wednesday, pressured by a firmer dollar and a de-escalation in trade tensions, while investors awaited key U.S. data for cues on the Federal Reserve&#8217;s rate outlook. 



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



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



BUSINESS DAY



&#8211; Moody&#8217;s sees further squeeze on SA banks&#8217; interest margin



FIN 24



&#8211; Godongwana&#8217;s fresh blueprint to plug a deeper revenue hole



(Compiled by Sfundo Parakozov)

I626AAIJRJP7DJDRYXCYV56KLA

South African Markets – Factors to watch on April 30

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="419" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/N4FGFWTT7RIZRCJBSK4K5GA5P4.avif" alt="" class="wp-image-615454"/><figcaption class="wp-element-caption">Traffic flows under the surveillance closed-circuit television camera (CCTV) system along Hoima road in Kampala, Uganda August 14, 2019. REUTERS/James Akrena/File Photo</figcaption></figure>



KAMPALA, April 30 (Reuters)&nbsp;&#8211;&nbsp;Uganda&#8217;s proposed budget for the 2025/2026 financial year has grown 25% to 71.9 trillion shillings ($19.6 billion), compared to the previous projection of 57.4 trillion shillings given in September, the finance ministry said.



The ministry did not provide a reason for the raise in a statement posted on X on Tuesday. The government has previously said spending priorities in the financial year starting July would be in agro-industrialisation, tourism and minerals including petroleum.



Parliament is currently scrutinising the proposed budget and, once approved, final spending plans will be outlined in a budget speech in June.



The planned spending for the financial year is slightly lower than 72.1 trillion shillings for the current financial year which ends in June.



($1 = 3,660.0000 Ugandan shillings)



(Reporting by Elias Biryabarema; Editing by Hereward Holland and Christopher Cushing)

N4FGFWTT7RIZRCJBSK4K5GA5P4

Uganda’s 2025/26 budget up 25% from previous projection

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/JT5FON3TKNLAVIU755DNGWMJVE.avif" alt="" class="wp-image-615451"/><figcaption class="wp-element-caption">A fruit vendor stands in his shop at a market place in Nairobi, Kenya December 3, 2018. REUTERS/Ahmed Jadallah/File Photo</figcaption></figure>



NAIROBI, April 30 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s inflation rate&nbsp;KECPI=ECI&nbsp;in April rose to 4.1% year-on-year, up from 3.6% a month before, the statistics office said on Wednesday.



On a monthly basis, inflation was at 0.3% in April, the Kenya National Bureau of Statistics said in a statement.



Kenya&#8217;s inflation rate has risen steadily since a low of 2.7% in October, but remains well within the central bank&#8217;s 2.5% to 7.5% target range.



Earlier this month Kenya&#8217;s central bank cut its policy interest rate for the fifth meeting in a row to KECBIR=ECI 10.0%, a surprise move aimed at further stimulating private sector lending.



(Reporting by Hereward Holland; Editing by Christian Schmollinger and Christopher Cushing)

JT5FON3TKNLAVIU755DNGWMJVE

Kenya inflation rate rises to 4.1% in April

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-820x547.jpg" alt="" class="wp-image-427449" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bill Gates, co-chairman of the Bill and Melinda Gates Foundation, during the EEI 2023 event in Austin, Texas, US, on Monday, June 12, 2023. The event aims to address the major challenges and opportunities facing electric companies today. Photographer: Jordan Vonderhaar/Bloomberg via Getty Images</figcaption></figure>



April 29 (Reuters)&nbsp;&#8211;&nbsp;A group of philanthropies including the Gates Foundation has set up a fund backed with nearly $500 million to help save the lives of newborn babies and mothers in sub-Saharan Africa, standing out against a bleak global health funding landscape.



The Beginnings Fund was launched on Tuesday in Abu Dhabi, the home of another key backer &#8211; the United Arab Emirates&#8217; recently established Mohamed Bin Zayed Foundation for Humanity.



The project has been in the works for at least a year. But its role has become more important as governments worldwide follow the U.S. in&nbsp;pulling back from international aid, its chief executive Alice Kang’ethe told Reuters in an interview.



“It is an opportune moment,” she said earlier this month, stressing that the fund aimed to work alongside African governments, experts and organizations rather than parachuting in experts or technologies, an approach she said differed from many traditional donor programmes.



The Beginnings Fund aims to save the lives of 300,000 mothers and newborn babies by 2030, and expand quality care for 34 million mothers and babies.



The partners also pledged $100 million in direct investments in maternal and child health, separate to the fund.



It plans to operate in Ethiopia, Ghana, Kenya, Malawi, Lesotho, Nigeria, Rwanda, Tanzania, Uganda, and Zimbabwe, focusing on low-cost interventions and personnel in high-burden hospitals. The work will track and target the key reasons babies and mothers die, including infection, severe bleeding for mothers, and respiratory distress for infants.



The world has made major progress in reducing newborn and maternal deaths, halving the neonatal mortality rate between 1990 and 2022. But that&nbsp;progress has stagnated or even reversed&nbsp;in nearly all regions in the last few years, according to the World Health Organization, which has warned that aid cuts could&nbsp;make this worse.



“Mothers and newborns should not be dying from causes we know how to prevent,” said Dr. Mekdes Daba, minister of health for Ethiopia, stressing that the majority of deaths are avoidable.



Kang’ethe said the Beginnings Fund, like other philanthropies, was getting calls to fill gaps in global aid funding, but remained focused on its long-term aim of changing the trajectory of mother and newborn survival.



The fund is also backed by the Children’s Investment Fund Foundation, Delta Philanthropies and the ELMA Foundation, among others. It will be led from Nairobi, Kenya.

GettyImages-1258640786-1

Gates, others launch $500 million maternal, newborn health fund, bucking aid cuts trend

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/7556639200_1b374f684f_b-820x615.jpg" alt="" class="wp-image-615118" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/7556639200_1b374f684f_b-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/7556639200_1b374f684f_b-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/7556639200_1b374f684f_b-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/7556639200_1b374f684f_b-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/7556639200_1b374f684f_b.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



April 29 (Reuters)&nbsp;&#8211;&nbsp;The Uganda shilling&nbsp;UGX=&nbsp;strengthened slightly on Tuesday, bolstered by month-end inflows of hard currency from charities, according to traders.



As of 0801 GMT, commercial banks quoted the shilling at 3,660/3,670, an improvement from Monday&#8217;s close of 3,665/3,675.

7556639200_1b374f684f_b

Uganda shilling strengthens due to month-end charity inflows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men-SBI-349544181-820x461.jpg" alt="" class="wp-image-615115" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men-SBI-349544181-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men-SBI-349544181-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men-SBI-349544181-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men-SBI-349544181-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men-SBI-349544181-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men-SBI-349544181-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



April 29 (Reuters)&nbsp;&#8211;&nbsp;The Kenyan Shilling&nbsp;KES=&nbsp;was steady against the dollar in early trade on Tuesday with traders noting minimal activity on both the demand and supply sides.



As of 0745 GMT, commercial banks quoted the shilling at 129.00/129.50, unchanged from Monday&#8217;s closing rate.

kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men–SBI-349544181

Kenyan shilling steady amid scant activity

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg" alt="" class="wp-image-568119" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS/Siphiwe Sibeko</figcaption></figure>



&nbsp;April 29 (Reuters)&nbsp;&#8211;&nbsp;The South African rand weakened slightly in early trade on Tuesday as investors waited for the finance minister to say when he will present another revised national budget.



Finance Minister Enoch Godongwana has to make further adjustments after scrapping&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3R12UQ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">a contentious hike</a>&nbsp;in value-added tax (VAT) that was fiercely opposed across the political spectrum.



The high court on Sunday issued an order suspending the VAT hike and setting aside the adoption of the fiscal framework, paving the way for Godongwana to table new budget instruments in parliament.



At 0741 GMT, the rand traded at 18.57 against the dollar&nbsp;ZAR=D3, down 0.43% on its previous close.



Wrangling over the 2025 budget has been the biggest test yet of the Government of National Unity coalition formed last year when the African National Congress lost its parliamentary majority in an election.



Godongwana initially proposed a two percentage-point hike in VAT in a February budget that was&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N3OJ0E4&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">postponed at the last minute</a>&nbsp;because of disagreements in the coalition.



He watered that down to a one point VAT increase spread over two years in an amended March budget, but most political parties continued to reject the plan and last week Godongwana caved to pressure to withdraw it.



No major domestic economic data releases are expected on Tuesday, but on Wednesday March credit extension&nbsp;ZACRED=ECI, budget&nbsp;ZABUDM=ECI&nbsp;and trade&nbsp;ZATBAL=ECI&nbsp;figures are scheduled for release.



The benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was marginally stronger in early deals, as the yield fell 5 basis points to 8.815%.

rand2 (1)

South African rand slips as investors wait for another revised budget

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-820x534.jpg" alt="" class="wp-image-426938" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-1536x1000.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton, South Africa, July 24, 2018. REUTERS/Siphiwe Sibeko</figcaption></figure>



April 27 (Reuters)&nbsp;&#8211;&nbsp;Foreign ministers from the BRICS group of developing nations met on Monday to discuss a shared defense of the global trade system, coordinating their response to the barrage of new&nbsp;<a href="https://www.reuters.com/business/tariffs/" target="_blank" rel="noreferrer noopener">tariffs</a>&nbsp;from U.S. President&nbsp;<a href="https://www.reuters.com/world/us/donald-trump/" target="_blank" rel="noreferrer noopener">Donald Trump</a>.



The meeting in Rio de Janeiro is expected to produce a joint statement criticizing &#8220;unilateral measures&#8221; on trade from the group formed by Brazil, Russia, India, China and South Africa and recently expanded to include six more nations.



&#8220;The ministers are negotiating a declaration to reaffirm the centrality of&#8230; multilateral trade negotiations as the main axis of action in trade,&#8221; Brazilian Ambassador Mauricio Lyrio said. &#8220;They will reaffirm their criticism of unilateral measures of any origin, which has been a longstanding position of BRICS countries.&#8221;



The expanded BRICS group, which added Egypt, Saudi Arabia, the United Arab Emirates, Ethiopia, Indonesia and Iran last year, faces daunting challenges from U.S. trade actions.



China, which was hit with 145% tariffs on its exports to the United States, has pushed for a harsher tone in the communique but, according to a source familiar with negotiations, the final text will be critical but not confrontational.



The BRICS group as a whole has come under fire from Trump, who threatened another 100% in tariffs if the bloc moves ahead with a single currency to replace the dollar in trade relations.



Brazil has already&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3P41EI&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">dropped the pursuit of a common currency</a>&nbsp;in its BRICS presidency, Reuters reported in February, although its agenda may pave the way for less reliance on the U.S. dollar in global trade.



With an eye on the United Nations climate summit Brazil is hosting in November, the BRICS ministers also will discuss a shared position on climate finance, a key priority for Brazil&#8217;s presidency.



Major developing nations including China face growing pressure from wealthier nations to contribute to financing adaptation and mitigation initiatives in the poorest countries.



&#8220;What is not on the agenda is the revision of which countries have to pay for the energy transition and the countries that can eventually, voluntarily, also finance it. This distinction is absolutely fundamental,&#8221; said Lyrio.



&#8220;The financial obligation to finance the fight against climate change and the energy transition in developing countries lies with rich countries,&#8221; he added.

A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton

BRICS nations discuss shared response to Trump trade policies

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-820x547.jpg" alt="" class="wp-image-546353" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: IMF African Department Director Abebe Aemro Selassie listens to a question during an interview with Reuters at the annual meeting of the International Monetary Fund and the World Bank, in Marrakech, Morocco October 9, 2023. REUTERS/Susana Vera/File Photo</figcaption></figure>



April 25 (Reuters)&nbsp;&#8211;&nbsp;Sub-Saharan African economies should work to increase their domestic revenue collection to avoid having to take on debt amid &#8220;turbulent global conditions&#8221;, International Monetary Fund Africa Director Abebe Aemro Selassie said.



The region&#8217;s economy is likely to expand by 3.8% this year, the Fund said in its World Economic Outlook report this week, marking a cut from its previous forecast of 4.2% due to the potential impact of the U.S. administration&#8217;s stance on trade.



&#8220;There is a period where maybe relying on debt financing is not the right way to do development,&#8221; Abebe told Reuters, adding that policymakers have to also identify new sources of cheaper capital.



Investors sold off risky assets after President Donald Trump announced sweeping tariffs on dozens of U.S. trading partners, pushing up the yields of most issuers in sub-Saharan Africa into double digits, a sign that such so-called frontier economies could struggle to access capital markets.



&#8220;You have to look for internal resources to address the development and address social spending needs,&#8221; Abebe said. &#8220;These policies that are to enhance resilience, there is a higher premium on those.&#8221;



The average debt-to-economic-output ratio in the region was steady last year at less than 60% of GDP, the IMF said, but some economies like Kenya have been struggling with high debt-servicing costs.



Although the United States is not a major trading partner for many economies in the region, the knock-on effects from its approach to international trade are also piling pressure on the foreign exchange rates of economies, he said.



&#8220;We have already seen oil prices decline&#8230; Countries like Nigeria and Angola are going to see a mark-down in economic activity, and they are some of the largest economies in sub-Saharan Africa,&#8221; he said.



The projected setback could interrupt a &#8220;hard fought economic recovery&#8221; from the global pandemic, a worldwide inflation spike and an interest rate surge that effectively locked many African economies out of foreign capital markets, the IMF said.



Growth in the region, home to a wide range of economies, including fairly diversified ones like Tanzania and Senegal, reached 4% last year, surpassing the IMF&#8217;s forecast of 3.6%, the Fund said.



Last year&#8217;s robust economic expansion in the region was accompanied by an improvement in macroeconomic imbalances, the IMF said, citing lower average inflation and stable debt levels.



&#8220;We have seen quite a lot of resilience in the region,&#8221; Abebe said, adding that 11 out of the 20 fastest-growing economies in the world will be in sub-Saharan Africa.



(Reporting by Karin Strohecker in Washington DC and Duncan Miriri in Nairobi; Editing by Hugh Lawson)

FILE PHOTO: IMF African Department Director Selassie at interview with Reuters during International Monetary Fund and the World Bank meeting in Marrakech

Reuters

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Reuters

South Africa’s rand weakens after mixed local data, US GDP dip

West Africa upheaval requires joint mining ventures, local listings, lobby group says

Zambia copper production up 30% year on year in Q1, minister says

Ghana secures deal with nine more gold miners to buy 20% of their output

South Africa says revised budget will keep focus on stabilising debt

African Markets – Factors to watch on April 30

Growing BRICS group shows internal rifts as ministers fall short of joint statement

Glencore posts 30% drop in first-quarter copper production

South African Markets – Factors to watch on April 30

Uganda’s 2025/26 budget up 25% from previous projection

Kenya inflation rate rises to 4.1% in April

Gates, others launch $500 million maternal, newborn health fund, bucking aid cuts trend

Uganda shilling strengthens due to month-end charity inflows

Kenyan shilling steady amid scant activity

South African rand slips as investors wait for another revised budget

BRICS nations discuss shared response to Trump trade policies

Sub-Saharan Africa must lift revenue to ride out global turbulence – IMF Africa head

News Tips

Advertise With Us

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