<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IYRFFIUYYVJ5PJY7FOWT2TKKLQ-820x547.jpg" alt="" class="wp-image-413721" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IYRFFIUYYVJ5PJY7FOWT2TKKLQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IYRFFIUYYVJ5PJY7FOWT2TKKLQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IYRFFIUYYVJ5PJY7FOWT2TKKLQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IYRFFIUYYVJ5PJY7FOWT2TKKLQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IYRFFIUYYVJ5PJY7FOWT2TKKLQ.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Director General of the Ghana Health Service Dr. Patrick Kuma-Aboagye receives the coronavirus disease (COVID-19) vaccine during the vaccination campaign at the Ridge Hospital in Accra, Ghana March 2, 2021. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, March 30 (Reuters)&nbsp;&#8211;&nbsp;Ghana will start producing its own COVID-19 vaccines in January 2024, President Nana Akufo-Addo said on Wednesday in his State of the Nation Address in parliament.



A National Vaccine Institute would be established to lay out a strategy for the West African country to begin the first phase of commercial production for the jabs, he said without providing further details.



&#8220;A bill will shortly be brought to you, in this House, for your support and approval for the establishment of the National Vaccine Institute,&#8221; he said.



So far Ghana has fully vaccinated around 21.4% of its 30-million-odd inhabitants against coronavirus, according to Reuters data.



The government lifted most remaining coronavirus restrictions over the weekend, citing rapidly declining infections and a relatively successful inoculation campaign.



<h3 class="wp-block-heading" id="h-read-more-after-moody-s-cut-ghana-finance-ministry-says-ratings-agencies-biased-against-africa">Read more: <a href="https://www.cnbcafrica.com/2022/after-moodys-cut-ghana-finance-ministry-says-ratings-agencies-biased-against-africa/">After Moody’s cut, Ghana finance ministry says ratings agencies biased against Africa</a></h3>



The president also announced that a new assembly plant with capacity to assemble 5,000 new vehicles per annum has been established by Nissan&nbsp;7201.T&nbsp;in the eastern port city of Tema, which is currently producing Nissan and Peugeot brands of vehicles for the Ghanaian and West African markets.



He deplored a string of military coups that took place in West Africa over the past 18 months and said the region was making international headlines &#8220;for all the wrong reasons&#8221;.



The governments of Burkina Faso, Guinea and Mali have all been toppled since August 2020, and regional leaders are seeking to hasten a return to constitutional rule with sanctions and ultimatums.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VS1YX&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;We do not aspire to be an island of peace and stability in a region of turmoil,&#8221; said Akufo-Addo, who also chairs West Africa&#8217;s regional bloc ECOWAS.



(Reporting by Cooper Inveen; Writing by Sofia ChristensenEditing by James Macharia Chege, Kirsten Donovan)

IYRFFIUYYVJ5PJY7FOWT2TKKLQ

Ghana to start producing own Covid-19 vaccines in January 2024

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="774" height="545" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-39.jpg" alt="" class="wp-image-416169" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-39.jpg 774w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-39-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-39-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/download-39-768x541.jpg 768w" sizes="(max-width: 774px) 100vw, 774px" /><figcaption>Photo: via Reuters</figcaption></figure>



PERTH, March 30 (Reuters)&nbsp;&#8211;&nbsp;Much of the iron ore debate focuses on the outlook for demand in China but bubbling in the background are two factors likely to cause a structural shift in the market for the steel raw material &#8211; the lack of new supply and decarbonisation.



What happens in China is the main driver of short- and medium-term iron ore prices, which isn&#8217;t surprising given that it buys almost two-thirds of all sea-borne volumes and produces about half of the world&#8217;s steel.



What receives less attention is the state of supply, and this is perhaps because it has been largely stable in recent years, and only really becomes a market issue when there is a significant disruption, such as cyclones in top producer Australia or coronavirus-related production and transport difficulties in number two shipper Brazil.



But dig a little deeper and it becomes clear that at best iron ore supply is likely to remain steady in coming years, with the major miners only investing enough to replace depleting mines and junior producers not aiming to add much more than relatively small volumes.



This hasn&#8217;t been much of an issue so far but the question is what happens if global steel demand continues to increase at more or less the same pace it has done in recent decades?



Steel demand grows at roughly the same pace as the global economy, and if a compound annual growth rate of 2.5% is assumed, steel consumption will have more than doubled by 2050.



There are always caveats to this type of long-range forecast, and there are also other factors that could have an impact on how much iron ore will be needed.



These include the likelihood that China will reach peak steel demand some time this decade, and the increasing use of scrap in China and elsewhere in Asia.



But it&#8217;s worth noting that in other countries that have industrialised, peak steel was followed by a gentle decline in demand, rather than a sharp drop.



A further factor is that there are still some two billion people living in countries in Asia that are well behind China on the industrialisation scale, and these are likely to want to boost steel demand in coming decades.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/iron-ore-outlook-is-more-bullish-than-lower-china-growth-target-suggests-russell/">Iron ore outlook is more bullish than lower China growth target suggests: Russell</a></h3>



The lack of investment in additional iron ore capacity was one of the themes at the Global Iron Ore and Steel Forecast Conference in Perth this week.



The iron ore industry needs to add 100 million tonnes of new capacity every year just to replace mines that are depleting, Paul McTaggart, lead metal and mining analyst at Citi, told the conference.



While the major miners in Australia, such as Rio Tinto&nbsp;RIO.AX, BHP Group&nbsp;BHP.AX&nbsp;and Fortescue Metals Group&nbsp;FMG.AX, all have substantial investment plans and are developing new mines, in effect their capacity will remain more of less steady over the coming years.



It is possible that these iron ore giants are responding to shareholder demands for greater dividends from the current high prices, or perhaps they are still smarting from memories of the period from around 2011 to 2017, when too much capacity came online and the spot price of iron ore traded at low levels for an extended period.



They may also be sceptical of just how much steel is likely to be needed to build out renewable energy solutions in the drive to decarbonise the global economy.



Whatever the reason, it would appear that there may not be enough iron ore to meet rising demand among developing Asian countries as well as for steel-intensive renewable technologies such as wind turbines and electricity grids to handle intermittent renewable generation.



<h2 class="wp-block-heading" id="h-carbon-constraints">CARBON CONSTRAINTS</h2>



The impact of decarbonisation is a further uncertainty for iron ore producers.



The current process of turning ore into crude steel is energy intensive and largely powered by coking coal.



One way of reducing the amount of coal needed per tonne of crude steel is to use higher grade iron ore, and this is likely to drive a two-speed iron ore market, where high-grade material commands a widening premium over lower-quality ore.



If there is a looming supply shortfall, it&#8217;s likely that lower-grade iron ore will still be needed, but it may have to be priced at a substantial discount in order to justify the higher energy cost of turning it into steel, and possibly the price of carbon emissions, assuming China and others extend carbon pricing to industrial processes.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/iron-ore-rallies-on-australia-supply-fears-china-demand-hopes-russell/">Iron ore rallies on Australia supply fears, China demand hopes: Russell</a></h3>



Decarbonisation may also alter the way in which iron ore is turned into steel, with the possibility of using hydrogen to produce direct reduced iron, also called sponge iron, which is then turned into steel in an electric arc furnace.



This wouldn&#8217;t eliminate carbon emissions from producing steel but it would lower them substantially.



Once again, this method favours higher-grade iron ore, meaning that miners may have to invest in facilities to beneficiate lower grades in order to make them more suited to a carbon-constrained world.



The issue is that investments in additional iron ore capacity and upgrading have long lead times, and even if they were made today, the products may not reach the market in time.



(Editing by Robert Birsel)

download-39

Iron ore may see structural shift on lack of new supply, decarbonisation: Russell

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/HQTINHRREJJEFL2NLDS4IMQVZM-820x540.jpg" alt="" class="wp-image-416165" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/HQTINHRREJJEFL2NLDS4IMQVZM-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/HQTINHRREJJEFL2NLDS4IMQVZM-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/HQTINHRREJJEFL2NLDS4IMQVZM-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/HQTINHRREJJEFL2NLDS4IMQVZM-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/HQTINHRREJJEFL2NLDS4IMQVZM-1536x1012.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/HQTINHRREJJEFL2NLDS4IMQVZM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: Soccer Football &#8211; World Cup &#8211; African Qualifiers &#8211; Egypt v Senegal &#8211; Cairo International Stadium, Cairo, Egypt &#8211; March 25, 2022 Egypt&#8217;s Mohamed Salah in action with Senegal&#8217;s Nampalys Mendy REUTERS/Amr Abdallah Dalsh/File Photo</figcaption></figure>



CAPE TOWN, March 30 (Reuters)&nbsp;&#8211;&nbsp;The final night of African qualifying for the World Cup produced high drama and upsets on Tuesday, though the continent&#8217;s line-up in Qatar will have a familiar look about it.



Morocco, Senegal and Tunisia participated at the last finals in Russia in 2018, while Cameroon and Ghana were at the finals four years before that.



Both Cameroon and Ghana produced unexpected away success to qualify, eliminating the more fancied Algeria and Nigeria.



Cameroon secured their place with the last kick of the match, deep in extra time in Blida, as Karl Toko Ekambi swept home a speculative cross.



It left Algeria, who were African champions in 2019 and had breezed through the earlier stages of the World Cup preliminaries, crestfallen.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VW2XS&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



“We were only 10 seconds away from the World Cup. We collapsed,” Algeria coach Djamel Belmadi said after the 2-1 home loss.



“We put our lives on hold for this match and this success and we only had qualification on our minds. It is going to be hard to get through the next days.”



<h3 class="wp-block-heading" id="h-read-more-doubts-hang-over-cameroon-cup-of-nations-finals-as-caf-head-flies-in">Read more: <a href="https://www.cnbcafrica.com/2021/doubts-hang-over-cameroon-cup-of-nations-finals-as-caf-head-flies-in/">Doubts hang over Cameroon Cup of Nations finals as CAF head flies in</a></h3>



Ghana profited from a goalkeeping error to also advance on the away goals rule, their 1-1 draw in Nigeria setting off rioting by home fans in Abuja.



“We had a bit of luck in a really tough match and had to fight our way through. But our defensive line was excellent,” said former international Otto Addo, appointed coach just one month ago.



Nigeria’s failure to qualify is likely to see wholesale changes to their football leadership. The team dominated possession but lacked a cutting edge and looked a spent force before the final whistle.



Senegal repeated their penalty shootout success over Egypt as Sadio Mane again got the better of his Liverpool team mate Mohamed Salah.



Dakar’s new stadium was filled to capacity hours before the clash which saw Senegal beat Egypt 1-0 for a 1-1 draw on aggregate after extra time.



That set up another shootout between the teams, some six weeks after Mane had netted the decisive kick to win the Africa Cup of Nations finals in Cameroon.



He was again the talisman as he fired home to give Senegal a 3-1 shootout victory. Salah had put Egypt’s first effort well wide of goal.



Tunisia denied Mali a first World Cup finals appearance with a 1-0 aggregate triumph while Morocco enjoyed an emphatic 4-1 win over the Democratic Republic of Congo in Casablanca after a 1-1 draw in the first leg.



(Reporting by Mark Gleeson; Editing by Peter Rutherford)

FILE PHOTO: World Cup – African Qualifiers – Egypt v Senegal

Familiar look about Africa’s World Cup line-up

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX.jpg" alt="" class="wp-image-416150" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX-300x205.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX-768x524.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption>A customer holds his mobile phone as he prepares to pay for mosquito sprays at Makola market, one of the country&#8217;s largest trading centres in Accra, Ghana March 26, 2022. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, March 29 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s parliament approved a new 1.5% tax on electronic payments, known as the &#8220;e-levy&#8221;, on Tuesday after the opposition walked out in protest.



Finance Minister Ken Ofori-Atta proposed the e-levy in November to widen the tax net, but opposition was so fierce that it caused a brawl in parliament a month later.



Critics believe the e-levy will price lower income people and small business owners out of the digital economy.



Ruling MPs re-introduced the bill as a surprise on Tuesday, when many opposition MPs were not present, a move analysts have previously said would be one of the only ways for the tax to pass. <a href="https://www.reutersconnect.com/all?search=all%3AKCN2LQ0TC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-after-moody-s-cut-ghana-finance-ministry-says-ratings-agencies-biased-against-africa">Read more: <a href="https://www.cnbcafrica.com/2022/after-moodys-cut-ghana-finance-ministry-says-ratings-agencies-biased-against-africa/">After Moody’s cut, Ghana finance ministry says ratings agencies biased against Africa</a></h3>



It was expected to be re-submitted next week, but parliament speaker Alban Bagbin said it should be treated as urgent business and fast-tracked it.



The move sparked outrage among opposition parties, who refused to take part in the vote.



The tax, which would cover mobile money payments, bank transfers, merchant payments, and inward remittances, could raise up to 6.9 billion Ghanaian cedi ($926 million) in 2022, according to official estimates.



Ruling party officials see it as the panacea for a raft of financial woes that could spark an economic crisis.



Consumer inflation reached 15.7% year-on-year in February, the highest since 2016. The cedi depreciated some 20% against the dollar this year, second only to the Russian rouble, and public debt hovers around 80% of gross domestic product.



(Reporting by Cooper Inveen; Writing by Nellie Peyton and Sofia Christensen; editing by David Evans)

People make trade in Accra

Ghana parliament approves e-tax of 1.5% after opposition protest

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="459" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-820x459.jpg" alt="" class="wp-image-416146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-820x459.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-300x168.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-768x430.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-1536x860.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/D2QJG35CFJKZBIP4BJKWJG4LEE-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Photo</figcaption></figure>



DUBAI, March 29 (Reuters)&nbsp;&#8211;&nbsp;The energy ministers of Saudia Arabia and the United Arab Emirates, key members of OPEC+, said on Tuesday the producers&#8217; group should not engage in politics as pressure mounted on them to take action against Russia over its invasion of Ukraine.



Asked by the moderator at an industry event about whether OPEC+ has a moral responsibility to expel Russia from the group, Saudi Energy Minister Prince Abdulaziz bin Salman said &#8220;everybody leaves his politics at the door&#8221; when they hold meetings.



&#8220;If we don&#8217;t do that we would not have dealt with so many countries at different times. It could have been with Iraq at one point, it could have been with Iran at one point.&#8221;



OPEC+ has come under increasing pressure to pump more crude since Russia, the largest producer in the OPEC+ group, invaded Ukraine on Feb. 24, and Western nations enacted sanctions in response that have curtailed Russian oil exports.



Both Prince Abdulaziz and UAE energy minister Suhail al-Mazrouei said the focus was on balancing crude oil markets and satisfying consumers.



&#8220;We have one mission and only one mission which is stabilizing the market. So we cannot be politicizing, or bringing politics to the organization having that debate &#8230; our aim is to calm the market,&#8221; said Mazrouei.



&#8220;If we are asking anyone to leave, then we are raising the prices, then we are doing something that is against what consumers want.&#8221;



The Gulf states, close U.S. allies, are members of the Organization of the Petroleum Exporting Countries as well as OPEC+, which includes OPEC and other large oil producers such as Russia and Mexico.



<h3 class="wp-block-heading" id="h-read-more-opec-meets-quickly-sticks-to-script-dodges-debate-on-geopolitics">Read more: <a href="https://www.cnbcafrica.com/2022/opec-meets-quickly-sticks-to-script-dodges-debate-on-geopolitics/">OPEC+ meets quickly, sticks to script, dodges debate on geopolitics</a></h3>



Prince Abdulaziz said Russia produces enough oil every day equal to about 10% of the world&#8217;s consumption.



If the security of oil supplies is threatened the world economy will suffer. That security is a priority now and some countries are forgetting about the affordability of energy, he said.



Yemen&#8217;s Iran-aligned Houthis have escalated attacks on Saudi Arabia&#8217;s oil facilities in recent weeks and ahead of a temporary truce for the Muslim holy month of Ramadan. The movement have also launched attacks on the UAE.



Houthis said they launched recent attacks on Saudi energy facilities and the Saudi-led coalition said oil giant Aramco&#8217;s petroleum products distribution station in Jeddah was hit, causing a fire in two storage tanks but no casualties.



Prince Abdulaziz drew attention to the politics at play inside OPEC that members have to accept.



&#8220;I ask you, who has been throwing these rockets and missiles at us and at Abu Dhabi? Who is financing? Who&#8217;s training?,&#8221; he said at the industry event, referring to Saudi Arabia&#8217;s rival Iran, also a key player in OPEC.



&#8220;Who&#8217;s supplying these weapons? It is a member of OPEC. I leave it for your imagination &#8230; A cynical mind sometimes helps.&#8221;



(Reporting by Maha El-Dahan, Riham Alkousaa and Yousef Saba; Writing by Michael Georgy; Editing by Kirsten Donovan, Christian Schmollinger and David Evans)

FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters in Vienna

UAE, Saudi say OPEC+ should not play politics

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



March 29 (Reuters) &#8211; Gauges for emerging market stocks and currencies rose on Tuesday, with the rouble hitting a one-month high against the dollar, as investors await progress on peace talks between Ukraine and Russia.



The MSCI&#8217;s index for emerging market stocks&nbsp;.MSCIEF&nbsp;rose 0.6%, as it found its footing after worries sparked by a two-day lockdown in Shanghai. China&#8217;s Shanghai Composite index&nbsp;.SSEC&nbsp;ended the day lower.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VW06B&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Currencies in emerging markets&nbsp;.MIEM00000CUS&nbsp;rose 0.4% as the dollar&nbsp;=USD&nbsp;edged lower after Ukrainian and Russian negotiators met in Turkey for the first direct talks between the two sides in nearly three weeks.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VV66A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;It is unclear to what extent the negotiations will make any progress, but hopes of an end to the war might be refuelled,&#8221; said You-Na Park-Heger, forex and emerging markets analyst at Commerzbank.



&#8220;If the negotiations were to end without any progress being made disappointment is likely to take hold.&#8221;



The Russian rouble&nbsp;RUBUTSTN=MCX&nbsp;strengthened around 2% in Moscow trading, hitting a session high of 87.40 against the dollar, while dollar-denominated stocks in the region&nbsp;.IRTS&nbsp;gained around 9%.



Financial markets have been roiled since the onset of the war and as the West continues to harden its stance against Moscow in response to its invasion of Ukraine.



Turkey&#8217;s lira&nbsp;TRY=&nbsp;fell 0.2%, while South Africa&#8217;s rand&nbsp;ZAR=&nbsp;climbed 0.6% inching toward the five-month peak it hit last week as gold prices steadied.



The rand has been fairly shielded from the fallout of the war, along with Latin American currencies, as they are commodity exporting nations.



On the other hand, importers of commodities and raw materials from regions such as central and eastern Europe as well as Turkey, have suffered far more.



Latin American currencies&nbsp;.MILA00000CUS&nbsp;have gained 6.5% in March, and are set to post their biggest monthly percentage gain since June 2016, banking on the recent rally in commodity and raw material prices.



Poland&#8217;s zloty&nbsp;EURPLN=&nbsp;and Hungary&#8217;s forint&nbsp;EURHUF=&nbsp;were mixed against the euro ahead of elections over the weekend.



For GRAPHIC on emerging market FX performance in 2022, see&nbsp;<a href="http://tmsnrt.rs/2egbfVh" target="_blank" rel="noreferrer noopener">http://tmsnrt.rs/2egbfVh</a>



For GRAPHIC on MSCI emerging index performance in 2022, see&nbsp;<a href="https://tmsnrt.rs/2OusNdX" target="_blank" rel="noreferrer noopener">https://tmsnrt.rs/2OusNdX</a>



For TOP NEWS across emerging markets&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3ATOPEMRG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Amy Caren Daniel)

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

Stocks, currencies gain with focus on Russia-Ukraine peace talks

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/KSJCTPD32VO5XPXHEGDADKUJW4-820x429.jpg" alt="" class="wp-image-416127" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/KSJCTPD32VO5XPXHEGDADKUJW4-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/KSJCTPD32VO5XPXHEGDADKUJW4-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/KSJCTPD32VO5XPXHEGDADKUJW4-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/KSJCTPD32VO5XPXHEGDADKUJW4-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/KSJCTPD32VO5XPXHEGDADKUJW4-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/KSJCTPD32VO5XPXHEGDADKUJW4.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Akinwumi Adesina, President of African Development Bank (AfDB) Photo: via Reuters</figcaption></figure>



JOHANNESBURG, March 25 (Reuters) – The African Development Bank (AfDB) is aiming to raise $1 billion to rapidly ramp up agricultural production in Africa and stave off a potential food crisis brought on by Russia’s invasion of Ukraine, its president told Reuters on Friday.



But the war, which has sent commodities prices soaring, is also an opportunity for the continent to position itself as a natural gas supplier for Europe and a refuge for investors fleeing Russia.



During the coronavirus pandemic, Africa has not seen infection rates and deaths on the same levels as many more developed regions. Its economies, however, have been battered and its rebound has proven sluggish.



Like much of the world, African nations are staring at rapidly rising consumer prices, with the war in Ukraine endangering global wheat and corn supplies and sending fuel prices soaring.



“Already, coming out of COVID we have 24 million people that are falling further into extreme poverty, and that’s going to worsen the situation,” Akinwumi Adesina said in an interview.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/african-development-bank-secures-32-8-bln-for-projects-in-africa/">African Development Bank secures $32.8 bln for projects in Africa</a></h3>



To avoid a food crisis, he said the AfDB was planning to launch an emergency food production plan that would focus on rapidly boosting wheat, maize, rice and soybean output on the continent.



“The plan is to produce roughly 30 million metric tonnes of food and to get technology into the hands of 20 million farmers. So you’re looking at big scale with small-holder farmers,” he said.



The International Monetary Fund (IMF) had already voiced its support to help implement the plan, which will produce food staples worth $12 billion, Adesina said.



The bank plans to raise $1 billion needed to fund the initiative from various emergency support facilities, concessional financing and from the IMF’s proposed $50 billion resilient sustainability fund.



“When COVID struck, we were not ready. But this time, we’re fully ready,” he said.



<h2 class="wp-block-heading" id="h-alternative-to-russia">ALTERNATIVE TO RUSSIA</h2>



While Adesina decried the war’s impact on Ukraine and its people, he recognised that the conflict and the geopolitical shifts it has sparked could play to Africa’s favour in some areas.



“The biggest challenge Europe has is securing its energy supply,” he said. “Europe needs to look, and it’s looking, for alternative supplies of gas. Africa can be that place.”



Africa boasts a host of major oil and gas producers, including Algeria, Nigeria and Angola.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2021/afdb-head-says-gas-remains-key-for-stable-power-supply-in-africa/">AfDB head says gas remains key for stable power supply in Africa</a></h3>



And new offshore gas discoveries – the viability of which had been questioned due to the global shift to renewables – could now become critical to Europe’s energy security as it weans itself off Russian supplies.



France’s TotalEnergies along with US firm Exxon Mobil and Portugal’s Galp are currently developing projects to exploit Mozambique’s estimated 100 trillion cubic feet of gas reserves and make it a major liquefied natural gas player.



Africa is meanwhile ready to welcome investors currently pulling out of Russia, Adesina said.



“There are a lot of investors that are going to be diversifying out of Russia, of course… That’s a real opportunity, I think, for Africa at this point in time.” 



(Reporting by Joe Bavier)

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Ukraine war creates woes, but also an opportunity for Africa – AfDB Pres

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-820x531.jpg" alt="" class="wp-image-416123" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi</figcaption></figure>



NAIROBI, March 28 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s central bank has barred Ecobank from foreign exchange trading in the East African nation between March 29 and April 4 as part of regulatory action for unsafe trading practices, the regulator said on Monday.



Under Governor Patrick Njoroge, who was first appointed in 2015, the central bank has taken a hard line against several players in the market over the years, saying that discipline in the market was paramount.



&#8220;Ecobank did not have sufficiently robust risk controls to prevent breaches on its foreign exchange exposure limits, or the inaccurate reporting of its position,&#8221; the central bank said in a statement.



<h3 class="wp-block-heading" id="h-read-more-kenya-s-budget-deficit-to-widen-as-treasury-lays-out-extra-spending">Read more: <a href="https://www.cnbcafrica.com/2022/kenyas-budget-deficit-to-widen-as-treasury-lays-out-extra-spending/">Kenya’s budget deficit to widen as Treasury lays out extra spending</a></h3>



Ecobank Kenya, a unit of Togo-headquartered Ecobank Group, was not immediately available for comment.



Ecobank was required to put in place remedies to the lapses that were identified by an investigation, the central bank said, adding that it would also reverse the extra exposure resulting from the breach. It has up to the end of this month to do so.



&#8220;The remedial plan should also point to specific measures to address the unsafe trading practices that led to the non-compliance,&#8221; the central bank said.



(Reporting by George Obulutsa and Duncan Miriri; Editing by)

A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi

Kenya’s central bank temporarily blocks Ecobank from FX trading

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/VCWQ53OTVBLIZOSKZVIP25V7PM-820x429.jpg" alt="" class="wp-image-416112" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/VCWQ53OTVBLIZOSKZVIP25V7PM-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/VCWQ53OTVBLIZOSKZVIP25V7PM-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/VCWQ53OTVBLIZOSKZVIP25V7PM-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/VCWQ53OTVBLIZOSKZVIP25V7PM-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/VCWQ53OTVBLIZOSKZVIP25V7PM-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/VCWQ53OTVBLIZOSKZVIP25V7PM.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Ukrainian President Volodymyr Zelenskiy attends a joint news conference with German Chancellor Olaf Scholz in Kyiv, Ukraine February 14, 2022. REUTERS/Valentyn Ogirenko</figcaption></figure>



LVIV, Ukraine, March 27 (Reuters) &#8211; Ukraine is prepared to discuss adopting a neutral status as part of a peace deal with Russia but such a pact would have to be guaranteed by third parties and put to a referendum, Ukrainian President Volodymyr Zelenskiy said in remarks aired on Sunday.



Zelenskiy was speaking to Russian journalists in a 90 minute video call, an interview that Moscow authorities had pre-emptively warned Russian media to refrain from reporting. Zelenskiy spoke in Russian throughout, as he has done in previous speeches when targeting a Russian audience.



Zelenskiy said Russia&#8217;s invasion had caused the destruction of Russian-speaking cities in Ukraine, with damage worse than the Russian wars in Chechnya.



&#8220;Security guarantees and neutrality, non-nuclear status of our state. We are ready to go for it. This is the most important point,&#8221; Zelenskiy said.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/top-russian-ukrainian-diplomats-meet-for-first-time-since-invasion/">Top Russian, Ukrainian diplomats meet for first time since invasion</a></h3>



Zelenskiy said Ukraine refused to discuss certain other Russian demands, such as the demilitarisation of the country.



Speaking more than a month after Russia invaded Ukraine on Feb. 24, Zelenskiy said no peace deal would be possible without a ceasefire and troop withdrawals.



He ruled out trying to recapture all Russian-held territory by force, saying it would lead to a third world war, and said he wanted to reach a &#8220;compromise&#8221; over the eastern Donbas region, held by Russian-backed forces since 2014.



Russia says it is conducting a &#8220;special military operation&#8221; in Ukraine with the aim of demilitarising its neighbour. Ukraine and its Western allies call this a pretext for an unprovoked invasion.



<h2 class="wp-block-heading" id="h-humanitarian-catastrophe">&#8216;HUMANITARIAN CATASTROPHE&#8217;</h2>



Zelenskiy focused on the fate of the eastern port city of Mariupol, under siege for weeks. Once a city of 400,000 people, it has undergone prolonged Russian bombardment.



&#8220;All entries and exits from the city of Mariupol are blocked,&#8221; Zelenskiy said. &#8220;The port is mined. A humanitarian catastrophe inside the city is unequivocal, because it is impossible to go there with food, medicine and water,&#8221; he said.



&#8220;I don&#8217;t even know who the Russian army has ever treated like this,&#8221; he said, adding that, compared to Russian wars in Chechnya, the volume of destruction &#8220;cannot be compared&#8221;.



Russia has denied targeting civilians in Ukraine. Russia and Ukraine have traded blame for a failure to open humanitarian corridors.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/ramaphosa-says-south-africa-has-been-asked-to-mediate-russia-ukraine/">Ramaphosa says South Africa has been asked to mediate Russia-Ukraine</a></h3>



Zelenskiy pushed back against allegations from Moscow that Ukraine had curbed the rights of Russian speakers, saying it was Russia&#8217;s invasion that wiped Russian-speaking cities &#8220;off the face of the earth&#8221;.



He also dismissed as &#8220;a joke&#8221; allegations made by Russia that Ukraine had nuclear or chemical weapons.



Russian prosecutors said a legal opinion would be made on the statements made in the interview and on the legality of publishing the interview. [<a href="https://www.reutersconnect.com/all?search=all%3AS8N2VD0DW&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>]



Commenting afterwards, Zelenskiy said Russia destroyed the freedom of speech in its own country.



&#8220;The Russian censorship agency came out with a threat,&#8221; Zelenskiy said in his nightly video address. &#8220;It would be ridiculous if it weren&#8217;t so tragic.&#8221;



(Reporting by Pavel Polityuk and Oleksandr Oleksandr Kozhukhar; Writing by Matthias Williams and Lidia Kelly;Editing by Pravin Char and Stephen Coates)

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Ukraine ready to discuss adopting neutral status in Russia peace deal – Zelenskiy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WUYUY6XQ7FMIFBJ3JLHKTIOTZM-820x547.jpg" alt="" class="wp-image-416083" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WUYUY6XQ7FMIFBJ3JLHKTIOTZM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WUYUY6XQ7FMIFBJ3JLHKTIOTZM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WUYUY6XQ7FMIFBJ3JLHKTIOTZM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WUYUY6XQ7FMIFBJ3JLHKTIOTZM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WUYUY6XQ7FMIFBJ3JLHKTIOTZM.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>People and children walk at the border crossing between Poland and Ukraine, after Russian President Vladimir Putin authorized a military operation in eastern Ukraine, in Medyka, Poland, February 24, 2022. REUTERS/Kacper Pempel</figcaption></figure>



PRZEMYSL, Poland, March 25 (Reuters)&nbsp;&#8211;&nbsp;Ukrainian refugee Viktoria Lysykh had one message for world leaders after she crossed&nbsp;the border into Poland on Friday: &#8220;I want the war to end as soon as possible &#8230; In what way exactly? By any means.&#8221;



The 35-year-old arrived in Przemysl railway station with her teenage daughter and their two pet cats, as U.S President Joe Biden was preparing to visit the same frontier region to discuss the conflict with his Polish counterpart.



Asked what she hoped the high-level meeting would achieve, Lysykh laughed. The best hope was that the conflict would end &#8220;in the best way possible for Ukraine&#8221;. But above all, she just wanted to go back to her home in the Donetsk region.



&#8220;Let’s cease (fire) so that all of this will be over. In what way exactly this will be achieved doesn’t matter at all.&#8221;



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/russia-seeks-military-equipment-from-china-after-ukraine-invasion-reports/">Russia seeks military equipment from China after Ukraine invasion -reports</a></h3>



It had taken Lysykh and her daughter 19 hours to get to the frontier. She was planning to travel to Warsaw and then on to Germany where she was hoping to find work &#8211; her background is in human resources with a sideline as a beautician.



There were no friends or family waiting at their destination to take them in.



Around her in the station, more women and children kept arriving, loaded with bags. Around 32,500 refugees crossed into Poland on Thursday alone, border authorities said.



<h2 class="wp-block-heading" id="h-if-they-closed-the-sky">&#8216;IF THEY CLOSED THE SKY&#8217;</h2>



In all, Poland has taken in more than 2.23 million people,&nbsp;according to Poland&#8217;s border authority, more than half the refugees who fled Ukraine since Russia invaded.



Poland&#8217;s deputy education minister, Marzena Machalek, said on Friday around 700,000 Ukrainian children would be looking for places in local schools.



Biden was due to meet refugee organisations and sit down with Polish President Andrzej Duda in the town of Rzeszow, about&nbsp;80 km&nbsp;(50 miles) from the station.



His visit comes a day after he and other Western leaders put on a show of unity against what Russia calls its &#8220;special military operation&#8221; in Ukraine.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/african-students-wonder-what-next-after-ukraine-war-upends-education/">African students wonder what next after Ukraine war upends education</a></h3>



At an unprecedented triple summit in Brussels, NATO announced plans for new combat units in four eastern European countries near Ukraine, while the United States and Britain increased aid and expanded sanctions.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VR03A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Biden annouced more plans on Friday, saying the United States will supply more liquid natural gas to the European Union to help it cut its reliance on gas supplies from Russia.<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VO03P&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Back at Przemysl, a 52-year-old refugee called Alla said there was only one thing that would stop the fighting quickly &#8211; something that Western powers have repeatedly ruled out &#8211; an NATO-enforced no-fly zone over Ukrainian territory.



&#8220;If they closed the sky, then they would stop bombing our cities &#8230; and then the war would end fast,&#8221;&nbsp;she said as she waited to get on another train deeper into Poland.



(Reporting by Anna Koper in Przemysl, Felix Hoske in Gdansk, Luiza Ilie in Bucharest, Robert Muller and Jan Lopatka in Prague, writing by Krisztina Than; Editing by Andrew Heavens)

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As presidents meet, Ukraine refugees just want fighting to end

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg" alt="" class="wp-image-408693" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-154793099-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A sign stands at the entrance to the offices of Anglo American Plc in the Marshalltown district of Johannesburg, South Africa, on Friday, Oct. 26, 2012. Anglo American Plc Chief Executive Officer Cynthia Carroll , the first woman, external hire and non-South African to hold the job, will quit after Anglo lost $14 billion in value in the more than five years she was in charge. Photographer: Chris Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



HARARE, March 25 (Reuters)&nbsp;&#8211;&nbsp;Global mining giant Anglo American Plc&nbsp;AAL.L&nbsp;on Friday announced the sale of its remaining shareholding in Thungela Resources&nbsp;TGAJ.J, completing its exit from the South African coal business.



Under pressure from investors to exit coal businesses worldwide, the owner of gold, platinum and diamond mining companies, Anglo American hived off its entire stake in its South African coal mines into Thungela and distributed most of the shares to its shareholders through an initial public offering in June, barring 8%.



At the time of listing, investors had written off the prospects of Thungela amid global pressure on companies and countries to wean industries off of coal.



<h3 class="wp-block-heading" id="h-read-more-royal-bafokeng-platinum-delivers-blowout-quarter-supported-by-strong-metal-prices">Read more: <a href="https://www.cnbcafrica.com/2021/royal-bafokeng-platinum-delivers-blowout-quarter-supported-by-strong-metal-prices/">Royal Bafokeng Platinum delivers blowout quarter supported by strong metal prices</a></h3>



But rising coal prices turned the tables for Thungela and its shares are up six-fold in the last nine months.



Anglo said it sold its residual Thungela shareholding for 154 rand per share, realising gross proceeds of 1.67 billion rand ($115 million).



Thungela&#8217;s shares were trading at 160.68 rand at 0741 GMT on Friday, down 8.85%. The company listed at 25 rand per share in June.



On March 22, Thungela reported its first full-year profit for the year ended December 2021 of 6.9 billion rand, driven by higher coal prices.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VP19L&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



($1 = 14.5279 rand)



(Reporting by Nelson Banya; editing by Jason NeelyEditing by Promit Mukherjee)

Anglo American Plc’s South African Headquarters As CEO Cynthia Carroll Quits

Anglo American completes exit from South African coal miner Thungela

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5NNR4W6ISFNVDO64DUH2IOITLI-820x547.jpg" alt="" class="wp-image-416069" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5NNR4W6ISFNVDO64DUH2IOITLI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5NNR4W6ISFNVDO64DUH2IOITLI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5NNR4W6ISFNVDO64DUH2IOITLI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5NNR4W6ISFNVDO64DUH2IOITLI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5NNR4W6ISFNVDO64DUH2IOITLI.jpg 1080w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Ivorian President Alassane Ouattara, and Chairman in office of the West African Economic and Monetary Union, speaks during the summit of the Heads of state from the eight-nation West African Economic and Monetary Union (UEMOA) in Abidjan, Ivory Coast July 12, 2019. REUTERS/Luc Gnago/File Photo</figcaption></figure>



BAMAKO, March 24 (Reuters)&nbsp;&#8211;&nbsp;The court of the West African Economic and Monetary Union (UEMOA) on Thursday ordered suspension of the eight-nation body&#8217;s sanctions against Mali, imposed in January after the junta delayed elections.



The sanctions severed Mali&#8217;s access to regional financial markets and have contributed to its default on about $180 million in debt payments and jobs losses.<a href="https://www.reutersconnect.com/all?search=all%3AL1N2V410B&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL1N2UR1UP&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



It was not immediately clear whether UEMOA would follow the court decision.



&#8220;It is a suspension measure pending a detailed ruling of the court,&#8221; spokesperson Aminata Mbodj said.



UEMOA instructed all financial institutions under its umbrella to suspend Mali after the junta decided to delay elections intended to restore democratic rule after coups in 2020 and 2021.



The measures were imposed in conjunction with sanctions by the 15-nation Economic Community of West African States (ECOWAS), which froze Malian state assets, closed its borders and suspended non-essential financial transactions.



<h3 class="wp-block-heading" id="h-read-more-west-africa-bloc-chairman-says-mali-s-coup-was-contagious">Read more: <a href="https://www.cnbcafrica.com/2022/west-africa-bloc-chairman-says-malis-coup-was-contagious/">West Africa bloc chairman says Mali’s coup was “contagious”</a></h3>



Malian authorities have repeatedly asked for the sanctions to be lifted and filed a legal complaint with the UEMOA court last month, saying they would have severe consequences for the population.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2UW3H6&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



A regional banking source said the decision to unfreeze Malian assets can only be made by the heads of state who imposed the sanctions.



ECOWAS heads of state are due to meet on Friday in Ghana to discuss the post-coup situation in Mali. They will also discuss Guinea and Burkina Faso, which also had military takeovers in the last year.



Mali&#8217;s interim President Assimi Goita, who was invited to attend the meeting in person, responded on Thursday saying he could only join via video link but would send minister-representatives.



The government later announced on Twitter that it would no longer be sending those ministers because discussions would only involve heads of state and take place behind closed doors.



It was not immediately clear whether Goita still planned to participate virtually.



(Reporting by Thiam Ndiaga in Ouagadougou and Tiemoko Diallo in Bamako; Additional reporting by Diadie Ba; Writing by Nellie Peyton and Sofia Christensen; Editing by Aaron Ross, Nick Macfie and Grant McCool)

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West African court orders lifting of some sanctions against Mali

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Lesetja_Kganyago_WEF-820x547.jpg" alt="" class="wp-image-400177" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Lesetja_Kganyago_WEF-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Lesetja_Kganyago_WEF-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Lesetja_Kganyago_WEF-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/03/Lesetja_Kganyago_WEF.jpg 830w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Lesetja Kganyago, governor of South Africa&#8217;s central bank (SARB), poses for a photograph following a Bloomberg Television interview on the opening day of the 28th World Economic Forum (WEF) on Africa in Cape Town, South Africa, on Wednesday, Sept. 4, 2019. The World Economic Forum on Africa meeting runs from 4-6 September. Photographer: Waldo Swiegers/Bloomberg</figcaption></figure>



JOHANNESBURG, March 24 (Reuters) – South Africa raised its main lending rate by 25 basis points to 4.25% on Thursday as expected, citing inflation risks linked to the war in Ukraine.



The decision by the South African Reserve Bank (SARB) was in line with a Reuters poll, but the five-member Monetary Policy Committee was split 3-2, with two members preferring a larger 50-basis-point move.



It was the third hike in a row following similar moves in January and November. The rand extended gains after Governor Lesetja Kganyago announced the hike.



Kganyago said headline inflation had increased well above the midpoint of the SARB’s 3%-6% inflation target band and that it was forecast to breach that band in the second quarter.



“Global producer price and food price inflation continued to surprise higher in recent months and could do so again, particularly if the war in the Ukraine persists into the growing season,” the SARB said in its latest policy statement.



“Oil prices increased strongly through 2021 and are up again sharply year to date, propelled higher also by the war and economic sanctions,” the SARB said.



The bank now forecasts headline inflation this year of 5.8% from 4.9% seen in January, with the forecast raised primarily due to higher food and fuel prices. It sees 2022 economic growth of 2.0%, better than the 1.7% forecast previously because of higher commodities prices and stronger growth than expected in 2021.



Commodities like coal, iron ore, gold and platinum group metals are major South African exports. A commodities rally last year supported an economic rebound from the COVID-19 pandemic.



(Reporting by Alexander Winning, Olivia Kumwenda-Mtambo and Promit Mukherjee Editing by James Macharia Chege)

Opening Day Of The 28th World Economic Forum on Africa

South Africa raises rates citing inflation risks linked to Ukraine war.

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MYS3QSEAHFILLDMUWDPI2V7TJM-820x615.jpg" alt="" class="wp-image-416059" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MYS3QSEAHFILLDMUWDPI2V7TJM-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MYS3QSEAHFILLDMUWDPI2V7TJM-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MYS3QSEAHFILLDMUWDPI2V7TJM-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MYS3QSEAHFILLDMUWDPI2V7TJM-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/MYS3QSEAHFILLDMUWDPI2V7TJM.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Nkateko Muyimane a medical student who was studying in Ukraine before the war looks on during his interview with Reuters in Johannesburg, South Africa, March 18, 2022. REUTERS/Shafiek Tassiem</figcaption></figure>



JOHANNESBURG, March 24 (Reuters)&nbsp;&#8211;&nbsp;Nkateko Muyimane and six fellow African students hid in a subway while Russian shells pounded Kharkiv, before fleeing on a train to Budapest they very nearly failed to board.



Now their main concern is how to salvage the degrees they sacrificed so much to start.



South African Muyimane, 24, and classmate Mandisa Malindisa, 25, were both studying medicine with a year to go before graduating. Now, they say, there is no university left.



&#8220;It&#8217;s been bombed out and turned to rubble,&#8221; Muyimane said at his brother&#8217;s apartment in a northern Johannesburg suburb. &#8220;Even if we do continue online, medicine is practical: you need to be physically there with the patient.&#8221;



They are among tens of thousands of African students whose studies were upended by Russia&#8217;s war on its neighbour, many of whom were drawn to Ukraine&#8217;s world class educational facilities available at a fraction of the cost of Western universities.



Ukraine&#8217;s history of attracting Africans to its academies dates back to the Cold War, when Soviet states wooed students from newly independent African nations with the promise of a subsidised education.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/ramaphosa-says-south-africa-has-been-asked-to-mediate-russia-ukraine/">Ramaphosa says South Africa has been asked to mediate Russia-Ukraine</a></h3>



Like many parents, Malindisa&#8217;s mother, a nurse, and father, a civil engineer, tightened their belts, saved and borrowed to put her through Ukraine&#8217;s Kharkiv National Medical University.



&#8220;It was a big sacrifice for the school fees, and the apartment she was renting,&#8221; her mother Zandile told Reuters.



Malindisa&#8217;s anxiety about losing her qualification, after all her parents had invested, had kept her in Ukraine, but as war approached, she decided to fly out rather than risk staying.



Her mother booked her three tickets; all got cancelled. She, Muyimane and the five other African classmates endured days of bombardments before fleeing to Pivdennyi Vokzal station. There, they said, they had to fight to get on a train including against a passenger who bit one of them to try to prevent her boarding.



Compared with that horror, finding her a new school seems less daunting.



&#8220;I haven&#8217;t lost hope,&#8221; Zandile said. &#8220;Something will come up for her.&#8221;



<h2 class="wp-block-heading" id="h-online-option">ONLINE OPTION</h2>



Malindisa worries that she has no certificate to show prospective universities what she has accomplished &#8211; getting her transcripts from what is now a war zone isn&#8217;t going to be easy.



Her fears are shared by many students who returned from Ukraine in recent weeks.



Muyimane&#8217;s mother is a doctor, and she was proud to have a son follow in her footsteps, he said, adding: &#8220;I must make a plan: medicine is my dream&#8221;.



At her house in Ghana&#8217;s capital on March 5, 23-year-old medical student Maame Akousa Addo stood over two small duffel bags containing the few things she&#8217;d managed to bring back with her to Accra and wondered whether she would be able to go back after the war.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/south-africa-sees-food-inflation-opportunity-from-russia-ukraine-war/">South Africa sees food inflation, opportunity from Russia-Ukraine war</a></h3>



&#8220;We&#8217;re just waiting to hear from our schools,&#8221; she said. &#8220;To see if they will establish a sort of online option.&#8221;



For Nigerian student Joshua Adebowale, 32, the hope is that things will calm down soon so he can return to Kyiv Medical University, which his parents and brothers were paying for. &#8220;Otherwise these will be wasted years and money,&#8221; he said.



But for compatriot Jasper Ahamefula, 19, who had just started a business studies course, a degree no longer seems an option. He plans to try and start up a business &#8212; tailoring perhaps &#8212; without a qualification.



&#8220;It doesn&#8217;t matter,&#8221; he said. &#8220;My parents, yes it&#8217;s a lost investment, but they care that I&#8217;m alive. That&#8217;s great, I guess.&#8221;



(Additional reporting by Sisipho Skweyiya in Johannesburg, Cooper Inveen in Accra and MacDonald Dzirutwe in Lagos; Editing by Alexandra Zavis and Emelia Sithole-Matarise)

MYS3QSEAHFILLDMUWDPI2V7TJM

African students wonder what next after Ukraine war upends education

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg" alt="" class="wp-image-411734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>UNITED STATES &#8211; APRIL 25: Situmbeko Musokotwane, finance minister of Zambia, left, speaks as Mustafa Mkulo, finance minister of Tanzania, center, and Charles Koffi Diby, finance minister of the Ivory Coast, listen during a press briefing in Washington, D.C., U.S., Saturday, April 25, 2009. The global economic crisis may force as many as 90 million more people into extreme poverty this year and make it harder to meet goals to improve health and education, the World Bank and International Monetary Fund said yesterday. (Photo by Joshua Roberts/Bloomberg via Getty Images)</figcaption></figure>



JOHANNESBURG, March 23 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s public sector debt rose 18% to $31.74 billion by the end of 2021 from end-June, a finance ministry document published on Wednesday showed, at a time when the country is negotiating to restructure its crippling debt.



Foreign currency debt accounts for 54% of Zambia&#8217;s borrowing, rising 2% in the second half of 2021 to $17.27 billion. Local currency debt jumped 43% to $14.47 billion.



In 2020, Zambia became the first country to have defaulted in the pandemic-era, buckling under a debt burden of more than 120% of GDP.



It reached a staff-level agreement with the International Monetary Fund (IMF) in December 2021 on a $1.4bn three-year extended credit facility.



Finance minister Situmbeko Musokotwane told Reuters in February that he hoped to get a formal IMF agreement signed off in May, but the timeline was deemed ambitious by analysts as the group of Paris Club creditors and China have yet to form a creditor committee.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2UC3R2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



President Haikainde Hichilema pledged to deal with the &#8220;unsustainable&#8221; debt burden when sworn in as Zambia&#8217;s new leader in August 2021.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2PV33O&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Rachel Savage; Additional reporting by Karin Strohecker; Editing by Emma Rumney and Vinay Dwivedi)

Situmbeko Musokotwane, finance minister of Zambia, left, spe

Zambia’s public sector debt rises to almost $32 bln in 2021 – finance ministry

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="506" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/JKOVXWJH5BI3RFVD6UUXVLOP3I-2-820x506.jpg" alt="" class="wp-image-411287" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/JKOVXWJH5BI3RFVD6UUXVLOP3I-2-820x506.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/JKOVXWJH5BI3RFVD6UUXVLOP3I-2-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/JKOVXWJH5BI3RFVD6UUXVLOP3I-2-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/JKOVXWJH5BI3RFVD6UUXVLOP3I-2-768x474.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/JKOVXWJH5BI3RFVD6UUXVLOP3I-2.jpg 952w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>President Cyril Ramaphosa delivers his State of the Nation address in parliament in Cape Town, South Africa, February 11, 2021. Esa Alexander/Pool via REUTERS</figcaption></figure>



JOHANNESBURG, March 22 (Reuters)&nbsp;&#8211;&nbsp;South African President Cyril Ramaphosa said restrictive COVID-19 regulations that have weighed on the nation&#8217;s struggling economy for two years would be removed on Wednesday, with the national state of disaster also to end soon.



The state of disaster currently regulates the country&#8217;s COVID-19 rules and has been in place since the onset of the pandemic in March 2020. Its extension last week until April 15 drew criticism from businesses hard hit by its&nbsp;measures.



Ramaphosa said in a live television broadcast that the state of disaster would only end once a public consultation on new regulations to replace it was complete, but a number of the restrictions would be eased from Wednesday.



&#8220;This change&#8230; will be of great benefit to the sporting, cultural, entertainment and events industries in particular,&#8221; he said, referring to a relaxation of restrictions on the number of people allowed at gatherings or attending venues.



<h3 class="wp-block-heading" id="h-read-more-u-s-to-lift-travel-curbs-on-eight-african-countries-white-house">Read more: <a href="https://www.cnbcafrica.com/2021/u-s-to-lift-travel-curbs-on-eight-african-countries-white-house/">U.S. to lift travel curbs on eight African countries – White House</a></h3>



Other changes included the removal of a requirement to wear masks outdoors, though these would remain compulsory inside&nbsp;public buildings&nbsp;and on public transport.



Africa&#8217;s most industrialised nation is continent&#8217;s worst-affected in terms of confirmed infections and deaths, which stood at over 3.7 million and 99,893 respectively as of Tuesday, authorities said.



The country has been in an &#8216;adjusted level 1&#8217; lockdown, or the lowest of a five-tier system of restrictions, since October last year, but infections and deaths have dropped.



Business people, scientists and campaign groups were among those to criticise the extension of the national state of disaster. Some argued it was not necessary given infection rates were currently relatively low and past restrictions had not prevented COVID-19&#8217;s spread.



(Reporting by Emma RumneyEditing by James Macharia Chege)

JKOVXWJH5BI3RFVD6UUXVLOP3I 2

South Africa’s Ramaphosa eases COVID-19 restrictions to lift economy

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="639" height="426" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5ddfb2cb4cfd5450d31a60a3580803a2.jpg" alt="" class="wp-image-416013" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5ddfb2cb4cfd5450d31a60a3580803a2.jpg 639w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5ddfb2cb4cfd5450d31a60a3580803a2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/5ddfb2cb4cfd5450d31a60a3580803a2-135x90.jpg 135w" sizes="(max-width: 639px) 100vw, 639px" /><figcaption>Faridat Bakare, 12, a student enrolled in a special STEM programme for children from poor families at the Knosk Secondary School, for which she pays 100 naira ($0.25) per day, attends a class in Kuje, Abuja, Nigeria February 18, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA, March 22 (Reuters)&nbsp;&#8211;&nbsp;A Nigerian school is targeting students from poor families to give them a chance to excel at science, maths and engineering for a fee of 100 naira (25 cents) a day, hoping they can hone skills to help their families escape poverty.



One student, 12-year-old Faridat Bakare who enrolled at Knosk Secondary School in Abuja in 2020, a year after it opened, has set her sights on becoming an engineer.



In a technical laboratory at the school, she shows off a prototype for a solar-powered car made from cardboard, which she developed with her classmates.



&#8220;I want to become an electrical engineer who works with robots and solar panels and all the connections of all the snap circuits and &#8230; things like that,&#8221; said Bakare, who lives with her mother and four siblings in a poor neighbourhood in Abuja.



Knosk School runs largely on donations and school officials visit each family to establish that they have no capacity to pay full fees, which would work out at 66,000 ($159) naira a term.



The school currently has 82 pupils but is expanding each year.



Irene Bangwell, founder of Knosk, said the idea of a science-oriented high school for poor children came to her eight years ago when she had to take her child to hospital. When she heard a cleaner there tell another patient that her young daughter was also a cleaner instead of being in school, Bangwell&#8217;s heart sank.



&#8220;When we decided to run the Knosk School, we had to ask ourselves &#8216;what kind of education does (a) poor man&#8217;s child need to break out of poverty&#8217;,&#8221; said Bangwell, a former teacher trainer.



<h3 class="wp-block-heading" id="h-read-more-nigeria-tax-receipts-rise-29-in-2021">Read more: <a href="https://www.cnbcafrica.com/2022/nigeria-tax-receipts-rise-29-in-2021/">Nigeria tax receipts rise 29% in 2021</a></h3>



She says she plans to set up more such schools in Nigeria.



At least 10.5 million children in Nigeria do not attend school, the highest rate in the world, the United Nations said in January. Most affected are girls, children with disability and those from poor households.



&#8220;We said how can we fuse into learning, for the poor, enough value so that they can break out of poverty,&#8221; said Bangwell.



Students at Knosk spend 75% of their time studying science, technology, engineering and mathematics and when they graduate, each student has to develop a prototype of something they can use or pursue after school.



For the 100 naira a day fee they pay, students are given uniforms, books, lunch and girls are given sanitary pads once a month.



Fausat Bakare believes her daughter Faridat will end the family&#8217;s suffering.



&#8220;I believe that she will wipe away my tears, all my suffering will end through her,&#8221; Bakare said from her home as she selected cassava to sell at a local market.



($1 = 415.3900 naira)



(Reporting by Abraham Achirga; Writing by MacDonald Dzirutwe; Editing by Susan Fenton)

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South Africa’s Ramaphosa eases COVID-19 restrictions to lift economy

For 25 cents a day, poor Nigerians get a shot at science education

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