<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3276" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/2V3STLYNKBL7XMBFJ4ETGLPALQ.avif" alt="" class="wp-image-606741"/><figcaption class="wp-element-caption">An MTN logo is seen outside the company&#8217;s headquarters in Johannesburg, South Africa, March 13, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, April 7 (Reuters) &#8211; MTN Group, Africa&#8217;s biggest mobile operator, said on Monday it has entered into a strategic partnership with UK video software maker Synamedia to develop a new streaming platform tailored for mobile and fibre subscribers across Africa.



Launched in 1994, MTN Group has diversified from just providing voice calls and data, to being a technology media company that also provides fintech, digital and entertainment services as voice declines.



&#8220;We see a unique opportunity to transform video consumption in Africa with high-quality, accessible and relevant content,&#8221; said Selorm Adadevoh, Group Chief Commercial Officer at MTN Group.



MTN Group, which has 291 million customers across 16 markets in Africa, is hoping to capitalise on the rapid uptake of smartphones and improving telecommunications infrastructure on the continent, which have both driven demand for video streaming services.



The proposed service will leverage Synamedia&#8217;s cloud-based technologies to deliver both linear television and video-on-demand content, the companies said in a joint statement.



The platform will offer diverse monetization models, including subscriptions, ad-supported content and free streaming channels with targeted advertising, they said.



Each market will benefit from a curated content strategy, adapted to local cultures, languages, and viewing habits, they added.



The parties will enter a streaming market where not only MultiChoice&#8217;s Showmax has a strong foothold, but also global competitors Netflix, Disney, Amazon Prime and Apple TV.



(Reporting by Nqobile Dludla; Editing by Alexandra Hudson)

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MTN teams up with UK’s Synamedia to launch African streaming platform

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



April 7 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.



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



Major stock indexes plunged in Asia on Monday as White House officials showed no sign of backing away from their sweeping tariff plans, and investors wagered the mounting risk of recession could see U.S. interest rates cut as early as May.



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



Oil prices slid more than 3% on Monday, deepening last week&#8217;s losses, as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude.



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



South African assets fell further on Friday as investors worried about the impact of U.S. President Donald Trump&#8217;s sweeping tariffs and the future of South Africa&#8217;s coalition government.



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



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



<h2 class="wp-block-heading" id="h-ethiopia-debt">ETHIOPIA DEBT</h2>



Ethiopia&#8217;s official creditors expect to finalise within months a draft debt restructuring that gives the government more time to pay but stops short of an outright haircut, the co-chair of the group told Reuters.



<h2 class="wp-block-heading" id="h-mali-drone">MALI DRONE</h2>



Mali accused neighbouring Algeria of shooting down one of its surveillance drones near their shared border in a statement read out by the security minister on national TV on Sunday.

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on April 7

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1955" height="1299" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/O7IN5SSY2ZJCJAUBLVKBRK4AYI.avif" alt="" class="wp-image-606683"/><figcaption class="wp-element-caption">South African President Cyril Ramaphosa delivers his 2025 State of the Nation Address in Cape Town, South Africa, February 6, 2025. REUTERS/Esa Alexander/File Photo</figcaption></figure>



April 6 (Reuters) &#8211; South Africa&#8217;s National Treasury is looking at alternative revenue-raising options to a value-added tax increase, but the chances of avoiding it are low, President Cyril Ramaphosa said on Sunday.



The second biggest party in the ruling coalition, the pro-business Democratic Alliance (DA), on Wednesday rejected a proposal in the budget to raise VAT by 1 percentage point spread over two years, arguing it would hit the poorest hard.



&#8220;We will look at all ways and means of seeing whether that is possible or not,&#8221; Ramaphosa said on X. &#8220;From current examination, Treasury has said — having looked at various areas where they can look, it doesn&#8217;t seem to be so.



&#8220;That process will be engaged in for the next 30 days, and it&#8217;s only thereafter that the report will be available and will be presented, that we will be able to take the matter forward.&#8221;



The DA filed a court case on Thursday challenging the legality of the budget process and sought to block the implementation of a VAT increase, widening a rift in the fragile coalition.



Market fears have grown that the DA may quit the multi-party government, which was formed last year after the ANC lost its parliamentary majority for the first time since the end of apartheid in 1994.



(Reporting by Disha Mishra in Bengaluru; Editing by Andrew Cawthorne)

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South Africa’s treasury looking at alternatives to VAT hike

<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/CT25G4KUGNPL3PD2GVCENAU3QU.avif" alt="" class="wp-image-605696"/><figcaption class="wp-element-caption">A screen displays the logo of Spotify on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 4, 2023. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



JOHANNESBURG, April 4 (Reuters)&nbsp;&#8211;&nbsp;Audio streaming giant Spotify&#8217;s&nbsp;SPOT.N&nbsp;royalty payments to artists from Nigeria and South Africa &#8211; its two biggest African markets &#8211; spiked to around $59 million last year as performers rode a wave of growing interest in music from the continent.



The Swedish company paid out some $10 billion in royalties worldwide in 2024. And while Africa represents only a small part of its offering, interest in African artists has ballooned, buoyed in part by internationally recognised acts like South African singer Tyla and Nigeria&#8217;s Burna Boy.



Around 250 million user-created playlists now feature at least one Nigerian artist, and 220 million contain a South African, the company said on&nbsp;Thursday.



&#8220;What we&#8217;re seeing is an excellent evolution around more and more mid-tier or up-and-coming artists making a living,&#8221; said Jocelyne Muhutu-Remy, Spotify&#8217;s managing director for Sub-Saharan Africa.



Nigerian artists received over 58 billion Nigerian naira ($38 million) in royalties last year, more than double the 2023 figure. Royalties for South African performers reached 400 million rand ($21 million), up 54% year-on-year.



Much of that came from outside their home markets. Nigerian artists have seen a 49% increase in export growth over the past three years, while South Africa saw export growth of 104%.



The number of Nigerian artists earning 10 million Naira, meanwhile, doubled year-on-year and has tripled since 2022.



In South Africa, the number of those earning between 100,000 and 500,000 rand has doubled over the past three years.



($1 = 1,532.3400 naira)



($1 = 19.0170 rand)



(Reporting by Siyanda Mthethwa; Editing by Joe Bavier)

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Spotify royalty payouts to Nigerian, South African artists boom in 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="553" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/OPWNXI3IXRL3ZANB4MPMT3BVHE-820x553.jpg" alt="" class="wp-image-605677" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/OPWNXI3IXRL3ZANB4MPMT3BVHE-820x553.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/OPWNXI3IXRL3ZANB4MPMT3BVHE-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/OPWNXI3IXRL3ZANB4MPMT3BVHE-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/OPWNXI3IXRL3ZANB4MPMT3BVHE-768x518.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/OPWNXI3IXRL3ZANB4MPMT3BVHE.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker inspects cars at a port, in East London, in the Eastern Cape province, South Africa, July 7, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, April 4 (Reuters) &#8211; South Africa has no immediate plans to retaliate against the United States over tariffs announced by President Donald Trump this week and will instead seek to negotiate exemptions and quota agreements, senior government officials said on Friday.



Trump imposed a 31% tariff on U.S. imports from South Africa on Wednesday, when he announced a 10% baseline tariff on all imports and higher targeted duties on dozens of countries.



The United States is South Africa&#8217;s second-largest bilateral trading partner after China.



Africa&#8217;s most industrialised nation has said previously that it wants to agree a bilateral trade deal with Trump&#8217;s team. That looks to be a tall order, however, after the U.S. president&#8217;s repeated attacks on South Africa since his return to the White House in January.



&#8220;To say we will impose reciprocal tariffs without first understanding how the U.S. arrived at 31% &#8230; would be counterproductive,&#8221; trade minister Parks Tau told a press conference, saying South Africa&#8217;s average tariff on imports was 7.6%.



Foreign affairs minister Ronald Lamola, meanwhile, said Trump&#8217;s tariffs&nbsp;effectively nullified the benefits African countries&nbsp;had enjoyed&nbsp;under the African Growth and Opportunity Act.



The AGOA initiative, which grants qualifying African nations duty-free access to the U.S. market, is due to expire in September. And Trump&#8217;s&nbsp;far-reaching&nbsp;tariffs suggest that a renewal of the trade accord enacted in 2000 is now unlikely.



The actions by the United States underscored the need for South Africa to accelerate efforts to diversify its export markets, the ministers said, mentioning markets in Asia and the Middle East as potential opportunities.



In the meantime, they said the government would seek to support industries most affected by the tariffs, including car manufacturing, agriculture, processed&nbsp;foodsand&nbsp;metals.



The government will not remove benefits U.S. carmakers enjoy under its Automotive Production Development Programme, a production incentive scheme, Tau said.



South Africa&#8217;s National Treasury estimates that losing its AGOA status could reduce economic growth by less than 0.1 percentage points.



The central bank has modelled several scenarios related to South Africa&#8217;s access to U.S. markets, with the impacts ranging from under 0.1 percentage points to 0.7 percentage points depending on the severity of the trade barriers and how badly financial market sentiment is affected.



Trump&#8217;s latest tariffs are in addition to the 25% imposed on all vehicles and car parts imported into the U.S. That is a particular threat to South Africa, which exports over $2 billion a year in vehicles and auto parts to the U.S.



(Reporting by Nqobile Dludla and Bhargav Acharya; Additional reporting by Sfundo Parakozov and Olivia Kumwenda-Mtambo; Writing by Alexander Winning; Editing by Joe Bavier)

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South Africa not planning to retaliate over Trump’s tariffs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="708" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/F5BFWBT2MVIHRHVHGQXHVFAS5I.avif" alt="" class="wp-image-605657"/><figcaption class="wp-element-caption">Workers perfom their duties at Quantum Apparel factory on the outskirts of Maseru, the capital of Lesotho, the tiny Southern African kingdom that U.S. President Donald Trump ridiculed last month, April 4, 2025. REUTERS/Siphiwe Sibeko</figcaption></figure>



MASERU, April 4 (Reuters) &#8211; Lesotho scrambled to put together a delegation on Friday to head to Washington to engage with the United States on tariffs that risk wiping out nearly half of its exports, its trade minister said, in what could be a death blow to its economy.



The 50% reciprocal trade tariff on the tiny southern African mountain kingdom was the highest levy on U.S. President Donald Trump&#8217;s list of target economies.



&#8220;The latest policy direction undertaken by the United States is shocking &#8230; as (it) &#8230; has been a very important market for Lesotho,&#8221; Trade Minister Mokhethi Shelile told parliament on Friday, adding that the 45% of exports went to the United States.



He said that officials had already engaged the U.S. embassy &#8220;to clarify and how, why Lesotho was included in the list of &#8230; such high reciprocal tariffs&#8221;.



Trump on Wednesday hit America&#8217;s global trading partners with tariffs, upending decades of rules-based trade that campaigners have long said is exceptionally favourable to rich countries like the United States.



Lesotho&#8217;s exports to the United States, mostly textiles for popular brands such as Levis, added up to $237 million in 2024 and account for more than a tenth of its GDP.



&#8220;Lesotho is also assembling a high-level delegation to the United States to try to maintain the current market dispensation,&#8221; Shelile said.



In the medium term, he said, the kingdom would &#8220;increase efforts to export to alternative markets such as the European Union and the Africa free continental trade area&#8221;.



Encircled by a South African mountain range, the kingdom of 2 million people is one of the world&#8217;s poorest countries, with GDP per capita of $916 in 2023, according to World Bank figures.



(Reporting by Marafaele Mohloboli in Maseru; Additional reporting by Bhargav Acharya; Writing by Tim Cocks; editing by Barbara Lewis)

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Baffled Lesotho seeks to engage with US on ‘shocking’ tariffs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="398" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/YP2JKATXUNPVDPCDRNJC273VUI.avif" alt="" class="wp-image-605654"/><figcaption class="wp-element-caption">Kenyan workers prepare clothes for export at the United Aryan Export Processing Zone (EPZ) factory, operating under the U.S. African Growth and Opportunity Act (AGOA), in Ruaraka district of Nairobi, Kenya October 26, 2023. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



JOHANNESBURG, April 4 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s&nbsp;government&nbsp;said on Friday that tariffs announced by President Donald Trump this week effectively nullified&nbsp;the benefits African countries enjoy under U.S. trade initiative the&nbsp;African Growth and Opportunity Act (AGOA).



AGOA, which grants qualifying African nations duty-free access to the U.S. market, is due to expire in September. And Trump&#8217;s far-reaching tariffs suggest that a renewal of the trade accord enacted in 2000 is now unlikely.



Addressing a press conference, South Africa&#8217;s foreign and trade ministers said the government may seek to secure additional exemptions and quota agreements with the U.S. as well as diversify its export markets.



&#8220;The sweeping tariff measures will affect several sectors of our economy, including automotive industry, agriculture, processed food and beverage, chemical, metals and other segments of manufacturing, with implications for jobs and growth,&#8221;&nbsp;the two ministers said in a joint statement.



&#8220;The government will invest strategically in industries impacted by the tariffs, supporting economic growth through modernization and targeted infrastructure development.&#8221;



(Reporting by Nqobile Dludla and Bhargav Acharya; Additional reporting by Sfundo Parakozov; Editing by Alexander Winning)

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South Africa says Trump’s tariffs cancel out AGOA trade initiative

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/OU5SML6ZAZO77GNGQ5F7MVEMUQ.avif" alt="" class="wp-image-605604"/><figcaption class="wp-element-caption">A general view of the skyline of Addis Ababa, Ethiopia November 3, 2021. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



LONDON, April 4 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia&#8217;s official creditors expect to finalise within months a draft debt restructuring that gives the government more time to pay but stops short of an outright haircut, the co-chair of the group told Reuters.



The East African nation, which defaulted in December 2023, announced a preliminary agreement with its Official Creditor Committee (OCC) in March to restructure $8.4 billion in debt &#8211; a key step for it to emerge from sovereign default.



Under the deal, Ethiopia will get around $2.5 billion in debt service relief over the course of its International Monetary Fund programme, which runs out in 2028.



&#8220;We reduce the stock of debt through an extension of maturities and also reducing specifically the payments during the IMF programme period,&#8221; said William Roos, co-chair of Ethiopia&#8217;s OCC.



Ethiopia, which is restructuring under the G20 Common Framework scheme that is meant to speed up poor countries&#8217; debt treatments, is in a standoff with holders of its sole $1 billion Eurobond. They say Ethiopia does not need debt &#8220;haircuts&#8221; but instead faces a liquidity, or short-term cash flow, issue.



Bondholders have firmly rejected the country&#8217;s proposed 18% haircut.



Under its current IMF programme, Ethiopia must reduce its debt service by $3.5 billion until 2028 in order to make its debt &#8220;sustainable&#8221;.



In February, bondholders said the IMF&#8217;s assessment contained flaws that &#8220;artificially&#8221; created a solvency issue, partially by undervaluing gold and coffee exports.



REDUCING DEBT STOCK



Roos, who also co-chairs the Paris Club of wealthy creditor nations, said that while the OCC is monitoring Ethiopia&#8217;s exports, the IMF&#8217;s assessment was valid.



&#8220;We should work with the scenario we have on the table and which is the basis of the current IMF programme,&#8221; Roos said. &#8220;The situation of Ethiopia is not only an issue about liquidity, there is also a need to reduce the stock of debt.&#8221;



Bondholders have also said there is a lack of transparency around the official creditor deal, but Roos said they have had direct talks with bondholders and were open to meeting them in the future.



The OCC agreement does not include any contingencies that would raise or lower payments in line with shifting economic conditions, Roos said, adding that official creditors had focused on reducing debt service over the IMF programme period.



Still, he said Ethiopia was better able to pay compared with Zambia or Ghana, which concluded their own Common Framework debt restructurings last year.



&#8220;There is a capacity to pay from Ethiopia during the (IMF) programme period which is on average larger than what was possible for Zambia and for Ghana,&#8221; said Roos.



Roos said work between the OCC co-chairs, France and China, had been productive.



&#8220;All the work with China has been very constructive and now we are used to working together&#8230; We have been able to find a consensus first between us and then to negotiate with Ethiopia.&#8221;



Three other official creditors &#8211; the United Arab Emirates, Kuwait and Poland &#8211; have chosen to renegotiate Ethiopia&#8217;s debt separately, Roos said.



(Reporting by Karin Strohecker and Libby George in London; Editing by Gareth Jones)

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Official creditors grant Ethiopia more time to pay debt, no write-down

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="666" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/LX55NIUH2NIQDOSFK7OZGOV4OI.avif" alt="" class="wp-image-605601"/><figcaption class="wp-element-caption">The logo of Meta is seen at the entrance of the company&#8217;s temporary stand ahead of the World Economic Forum (WEF) in Davos, Switzerland January 18, 2025. REUTERS/Yves Herman/File Photo </figcaption></figure>



NAIROBI, April 4 (Reuters)&nbsp;&#8211;&nbsp;A Kenyan court has ruled that Facebook&#8217;s parent company Meta&nbsp;META.O&nbsp;can be sued in the East African country over its alleged role in promoting content that led to ethnic violence in neighbouring Ethiopia, a plaintiff in the case said.



The landmark case, which stems from alleged hate speech on the platform during the 2020-2022 civil war in northern Ethiopia&#8217;s Tigray region, could have implications for how Meta works with content moderators globally.



The company has argued that local courts do not have the power to hear cases against it where it is not registered as a company.



Kenya&#8217;s High Court rejected that argument in its ruling on Thursday, said the Katiba Institute, which is a plaintiff in the case alongside two Ethiopian researchers.



&#8220;The court here has refused to shy away from determining an important global matter, recognising that homegrown issues must be addressed directly in our courts,&#8221; said Nora Mbagathi, the institute&#8217;s executive director.



A Meta spokesperson did not immediately respond to a request for comment.



The plaintiffs allege that Facebook&#8217;s recommendation systems amplified violent posts in Ethiopia during the Tigray war.



Plaintiff Abrham Meareg alleges that his father, Meareg Amare, was killed in 2021 following threatening posts on Facebook. Fisseha Tekle, an Amnesty International researcher, says he faced online hate for human rights work in Ethiopia.



They are demanding that Meta create a restitution fund for victims of hate and violence and alter Facebook&#8217;s algorithm to stop promoting hate speech.



Meta has previously said it invested heavily in content moderation and removed hateful content from the platform.



The case is the third to be brought against Meta in Kenya, where the company also faces lawsuits from content moderators employed by a local contractor who say they faced poor working conditions and were fired for trying to organise a union.



Meta has responded that it requires partners to provide industry-leading conditions.



The company, which had invested billions and hired thousands of content moderators globally over the years to police sensitive content, in January scrapped its U.S. fact-checking program.



It also said at the time that it would stop proactively scanning for hate speech and other types of rule-breaking, reviewing such posts only in response to user reports.



(Reporting by Hereward Holland; Editing by Aaron Ross and Tomasz Janowski)

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Meta can be sued in Kenya over posts related to Ethiopia violence, court rules

<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/TA2USGDCXBOXJAPYDCXGGP66XA.jpg" alt="" class="wp-image-605598" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/TA2USGDCXBOXJAPYDCXGGP66XA.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/TA2USGDCXBOXJAPYDCXGGP66XA-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/TA2USGDCXBOXJAPYDCXGGP66XA-142x90.jpg 142w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">A general picture shows the skyline of Tanzania&#8217;s port city of Dar es Salaam, File. REUTERS/Andrew Emmanuel</figcaption></figure>



DAR ES SALAAM, April 4 (Reuters) &#8211; Tanzania&#8217;s central bank on Friday kept its key interest rate TZINTR=ECI unchanged at 6%, saying that while inflation was under control global trade tensions posed a risk.



It was the fourth monetary policy meeting in a row that the rate was maintained.



&#8220;Maintaining the central bank rate will help to minimise negative spillover effects of trade tariffs and geopolitical conflicts on the economy,&#8221; central bank deputy governor Yamungu Kayandabila told a press conference.



This week U.S. President Donald Trump unveiled far-reaching tariffs that have triggered a plunge in world financial markets and drew condemnation from other leaders reckoning with the end of a decades-long era of trade liberalisation.



The Bank of Tanzania targets inflation of 5%, and consumer inflation&nbsp;TZCPIY=ECI&nbsp;has hovered around 3% since it launched its policy rate in January 2024.



The East African country&#8217;s economy is projected to grow about 6% this year,&nbsp;from an estimated 5.4% in 2024, its finance minister and central bank governor said in November.



Kayandabila said the country&#8217;s foreign exchange reserves stood at around $5.6 billion, enough to cover imports for four-and-a-half to five months.



(Reporting by Nuzulack Dausen; Writing by George Obulutsa; Editing by Alexander Winning and Peter Graff)

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Tanzania central bank keeps benchmark interest rate unchanged

<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/Z7X6TB6JQFNKLOKXREFGQM3DOY.avif" alt="" class="wp-image-605579"/><figcaption class="wp-element-caption">Democratic Republic of Congo&#8217;s President Felix Tshisekedi arrives for the inauguration of Namibia&#8217;s first female President, Netumbo Nandi-Ndaitwah at the State House in Windhoek, Namibia, March 21, 2025. REUTERS/Stringer/File Photo</figcaption></figure>



April 3 (Reuters)&nbsp;&#8211;&nbsp;The United States is in talks to invest billions of dollars in mineral-rich Congo and wants to help end a conflict raging in the country&#8217;s east, President Donald Trump&#8217;s senior adviser for Africa said during a visit on Thursday.



Democratic Republic of Congo, which has vast reserves of cobalt, lithium and uranium among other minerals, has been fighting Rwanda-backed M23 rebels who have seized swathes of its territory this year.



The U.S., which on Wednesday sent shockwaves across the world by announcing a 10% baseline tariff on all imports, said last month that it is open to exploring critical minerals partnerships with Congo after a Congolese senator contacted U.S. officials to pitch a minerals-for-security deal.



&#8220;You have heard about a minerals agreement. We have reviewed the Congo&#8217;s proposal, and &#8230; the president and I have agreed on a path forward for its development,&#8221; U.S. senior adviser Massad Boulos said after meeting Congo President Felix Tshisekedi in Kinshasa.



The details of any potential deal, or Congo&#8217;s proposal, were not made public on Thursday.



Congo&#8217;s minerals, which are used in mobile phones and electric cars, are currently dominated by China and its mining companies.



How the U.S. will operate in Congo is unclear, but Boulos suggested that U.S. companies will be involved.



&#8220;Rest assured, American companies are operating transparently and will stimulate local economies. These are multi-billion-dollar investments,&#8221; he said.



Joseph Bangakya, Congolese parliamentarian and president of a Congo-U.S. friendship parliamentary group, told Reuters that MPs were preparing a bill to promote the Central African country&#8217;s business climate.



&#8220;It is essential for our country to achieve a trade agreement with the United States,&#8221; he said.



Boulos added that the U.S. wants to help forge peace in the east where thousands have been killed and hundreds of thousands forced to flee amid M23&#8217;s advance, which has seen the group take over eastern Congo&#8217;s two largest cities.



&#8220;We want a lasting peace that affirms the territorial integrity and sovereignty of the DRC,&#8221; he said. &#8220;There can be no economic prosperity without security.&#8221;



(Writing by Edward McAllister; editing by Mark Heinrich and Portia Crowe)

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After tariffs, US dangles billions of dollars in Congo mineral investment 

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="402" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/SHP6T5Q3KNKQTMJHH7GASSFHRY.avif" alt="" class="wp-image-605576"/><figcaption class="wp-element-caption">A general view shows the central business district of Kenya&#8217;s capital Nairobi, April 10, 2017. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, April 4 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector activity expanded at its fastest pace in 10 months in March, helped by improved performance in most sectors apart from manufacturing, which experienced a contraction, a survey showed on Friday.



The Stanbic Bank Kenya Purchasing Managers&#8217; Index (PMI) jumped to 51.7 in March &#8211; the highest reading since last May &#8211; from 50.6 in February. Readings above 50.0 signal growth in activity.



&#8220;There were robust expansions in output and new orders across several sectors such as services, wholesale and retail. Only the manufacturing sector exhibited soft demand,&#8221; said Christopher Legilisho, an economist at Stanbic Bank.



The finance ministry projects the economy will grow 5.3% in 2025 and 2026, speeding up from an estimated 4.6% expansion last year.



(Reporting by George Obulutsa; Editing by Hugh Lawson)

SHP6T5Q3KNKQTMJHH7GASSFHRY

Kenya private sector activity expands in March, PMI shows

<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.avif" alt="" class="wp-image-605558"/><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 4 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.



ECONOMIC EVENTS



Inflation-linked bond auction



SOUTH AFRICAN MARKETS



South African assets remained under pressure on Thursday after being hit by a double-whammy of U.S. President Donald Trump&#8217;s announcement of new and higher tariffs and a contentious budget vote that has threatened the ruling coalition&#8217;s future.



On the Johannesburg stock market, the Top-40&nbsp;.JTOPI&nbsp;index closed 3.3% lower.&nbsp;.JZAR/



GLOBAL MARKETS



Financial markets were gripped by recession fears as stocks extended a punishing global selloff on Friday in the wake of U.S. President Donald Trump&#8217;s sweeping tariffs, helping drive a rally in U.S. Treasuries and supporting gold near a record peak. MKTS/GLOB



WALL STREET



Wall Street benchmarks slumped on Thursday, ending with the largest single-day percentage losses in years, as U.S. President Donald Trump&#8217;s sweeping tariffs ignited fears of an all-out trade war and a global economic recession. .N



GOLD



Gold prices fell on Friday as investors reassessed their risk outlook in the wake of U.S. President Donald Trump&#8217;s tariff measures, which have provided more clarity on market trends but raised concerns over economic slowdown.&nbsp;GOL/



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



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



BUSINESS DAY



&#8211; JSE suffers rout on Trump tariffs and coalition fears



FIN 24



&#8211; Inside the ANC-DA exchanges that could destroy the coalition



&#8211; How South Africans will be impacted by Trump&#8217;s tariffs



(Compiled by Sfundo Parakozov)

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South African Markets – Factors to watch on April 4

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="466" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/TPOGIITDYZID5PWPHKLOH2IPDI.avif" alt="" class="wp-image-605310"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken November 5, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, April 3 (Reuters) &#8211; South African assets remained under pressure on Thursday after being hit by a double-whammy of U.S. President Donald Trump&#8217;s announcement of new and higher tariffs and a contentious budget vote that has threatened the ruling coalition&#8217;s future.



The risk-sensitive rand&nbsp;ZAR=D3&nbsp;traded at 18.80 against the dollar by 1412 GMT, hovering near a three-month low. It hit 19.0150 per dollar earlier in the day, its weakest level since mid-January.



On Wednesday, Trump announced a 10% baseline tariff on all imports to the United States, and higher duties on dozens of countries, including South Africa, which was hit with a 31% rate.



Trump said the tariffs were a response to duties and other non-tariff barriers put on U.S. goods.



South Africa&#8217;s presidency said it urgently wanted a new trade deal with the United States.



Major South African exports to the U.S. include vehicles and auto parts, precious stones and metals, iron and steel, machinery and aluminium products and citrus.



&#8220;While SA will look to enhance other trading partners, Pretoria’s response also requires long overdue domestic economic policy changes to kickstart growth,&#8221; Daniel Silke, director of the Political Futures Consultancy, said in a post on X.



South Africa&#8217;s parliament passed the budget&#8217;s fiscal framework on Wednesday after weeks of political wrangling, but the second-biggest party in the coalition, the pro-business Democratic Alliance (DA), voted against the measure and on Thursday challenged the outcome in court.



The rand gradually weakened over the course of the day on Wednesday as market fears grew that the alliance may potentially exit the coalition, and went into freefall after the tariff announcement. It slipped as much as 2.6% against the dollar.



On the Johannesburg stock market, the Top-40&nbsp;.JTOPI&nbsp;index was last down about 3.5%.



(Editing by Christian Schmollinger and Tomasz Janowski)

TPOGIITDYZID5PWPHKLOH2IPDI

South African markets hit by double whammy of tariffs and shaky coalition

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="470" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/VWJ6NSIHSRLL7HATPZ6FTRKWKQ.avif" alt="" class="wp-image-605292"/><figcaption class="wp-element-caption">Factory workers walk home after work outside the capital Maseru in Lesotho, October 6, 2022.REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



April 3 (Reuters) &#8211; The tiny southern African kingdom of Lesotho has been hit with a 50% reciprocal trade tariff by U.S. President Donald Trump, the highest levy of any single state on his long list of target economies.



Lesotho, which Trump had ridiculed in March as a country &#8220;nobody has ever heard of&#8221;, is a poor and landlocked country with a gross domestic product of just over $2 billion.



It has a large trade surplus with the United States, mostly made up of diamonds and textiles, including Levi&#8217;s jeans.



Its exports to the United States, which in 2024 totalled $237 million, account for more than 10% of GDP, Oxford Economics said.



Trump on Wednesday imposed sweeping new reciprocal tariffs on global trading partners, upending decades of rules-based trade and threatening cost increases for consumers.



Trump said the &#8220;reciprocal&#8221; tariffs were a response to duties and other non-tariff barriers put on U.S. goods. Lesotho charges 99% tariffs on American goods, according to the U.S. administration.



In Africa, the move signalled the end of the AGOA (African Growth and Opportunity Act) trade deal that was supposed to help African economies develop through preferential access to U.S. markets, trade experts said.



It also compounded the pain after Trump&#8217;s administration dismantled USAID, the government agency that was a major supplier of aid to the continent.



The government of Lesotho, a mountainous nation of about 2 million people that is encircled by South Africa, had no immediate comment on the trade tariffs on Thursday.



But its foreign minister told Reuters last month the country, which has one of the highest HIV/AIDS infection rates in the world, was feeling the impact of the aid cuts as the health sector had been reliant on them.



The formula used to calculate the U.S. tariffs took the U.S. trade deficit in goods with each country as a proxy for alleged unfair practices, then divided it by the amount of goods imported into the United States from that country.



The resulting tariff equals half the ratio between the two, meaning countries such as Lesotho and Madagascar, which import only small quantities of U.S. goods, have been hit with more punitive tariffs than much richer countries.



(Writing by Silvia Aloisi; Editing by Hugh Lawson)

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Trump slaps tiny African kingdom of Lesotho with highest tariff of all

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="466" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/3WSFZQUN4BJ6PAU7VYVJ5KCG2Y.avif" alt="" class="wp-image-605289"/><figcaption class="wp-element-caption">South African opposition Democratic Alliance leader Helen Zille arrives to cast her vote in Rondebosch, Cape Town, May 7, 2014. REUTERS/Sumaya Hisham/File Photo</figcaption></figure>



JOHANNESBURG, April 3 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s pro-business Democratic Alliance party filed a court case challenging the legality of the budget process on Thursday and sought to block the implementation of a value-added tax increase, widening a rift in the fragile ruling coalition.



South Africa&#8217;s National Assembly narrowly passed the budget&#8217;s fiscal framework and revenue proposals on Wednesday, with the biggest party in the coalition government, the African National Congress, securing support from smaller partners and parties outside the coalition.



The DA, which is the second biggest party in the coalition, voted against the legislation, saying the adoption by a parliamentary committee of a report supporting the fiscal framework was procedurally flawed.



It also opposed a proposal in the budget to raise VAT by 1 percentage point spread over two years, arguing it would hit the poorest hard.



Market fears have grown that the DA may quit the multi-party government, which was formed last year after the ANC lost its parliamentary majority for the first time since the end of apartheid in 1994.



The DA is expected to make a decision on its continued participation in government in the coming days.



Helen Zille, chairperson of the DA&#8217;s federal council, said the party was seeking an interdict to stop South Africa&#8217;s tax service from implementing the 0.5% increase to VAT on May 1.



&#8220;This interdict request is based on our legal challenge to suspend the finance minister&#8217;s announcement of the VAT hike and overturning Parliament&#8217;s adoption of the Fiscal Framework,&#8221; she said.



(Reporting by Sfundo Parakozov; Editing by Bhargav Acharya and Alex Richardson)

3WSFZQUN4BJ6PAU7VYVJ5KCG2Y

South Africa’s DA challenges legality of budget process in court

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/32X5ULKWXNJB5GWQB3E5EDY5UQ.avif" alt="" class="wp-image-605286"/><figcaption class="wp-element-caption">The new logo of the Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, April 3 (Reuters) &#8211; Nigeria&#8217;s President Bola Tinubu has appointed ex-Shell executive Bayo Ojulari and a new board to run the Nigerian National Petroleum Company, raising hopes of a much-needed overhaul at the troubled state-owned firm and a boost in oil production.



Long serving as Nigeria&#8217;s golden goose, NNPC&#8217;s opaque dealings, corruption and high-level political meddling have crippled its finances in recent years, creating challenges the new leadership must tackle if they are to get the company &#8211; and the nation&#8217;s economy &#8211; back on track.



Here is what to know about NNPC&#8217;s operations.



WHY DOES NNPC MATTER?



Nigeria&#8217;s economy is dependent on oil, which accounts for 90% of exports and typically half of the revenues that fund its national budget, making NNPC&#8217;s performance critical to the economic well-being of Africa&#8217;s most populous nation.



&#8220;No Nigerian president can succeed in moving the needle of the economy without addressing the long hydra-headed issues that have made the state oil company a cesspit of malfeasance for decades,&#8221; said Abuja-based energy analyst Kelvin Emmanuel.



Nigeria produces around 1.75 million barrels of oil per day mostly through NNPC&#8217;s joint ventures with international partners Shell, ExxonMobil, TotalEnergies, Chevron and Eni.



NNPC, which is also Nigeria&#8217;s largest importer of refined fuels, said last year that it had $161 billion in assets.



RESTRUCTURING NNPC



One of the biggest tasks for Ojulari, a 24-year industry veteran, will be to restructure NNPC to become more efficient, analysts said.



That could involve cutting its workforce of over 5,700 employees and selling off some of NNPC&#8217;s sprawling assets, which include petrol stations and troubled refineries, in order to concentrate on oil production.



Any large-scale changes, however, could face pushback from powerful politicians, who influence appointments at NNPC and benefit from the company&#8217;s contracts, the analysts said.



Jeremiah Enoch, an associate at consultancy firm J.S. Held, said Ojulari would also have to carefully navigate &#8220;the persistent issue of ethnic politics within the organisation,&#8221; referring to how ethnic identity can make or break careers in Nigeria.



TRANSPARENCY



NNPC has long been accused of lacking transparency. It only started publishing financial results in 2021 after four decades of operations.



Last September, after months of denials, it finally admitted it was facing financial strain and owed $6 billion to gasoline suppliers.



NNPC has also not disclosed how much of its future crude revenues are earmarked for loan repayments, though local media report the figure could run into the billions of dollars.



Clementine Wallop, director for Sub-Saharan Africa at political risk consultancy Horizon Engage, said Ojulari faces a tough challenge to sustain recent production gains that many hope will underpin Nigeria&#8217;s economic recovery.



&#8220;He will need all his skills to tackle some serious challenges at NNPC, which has had a rocky time financially in the last year,&#8221; she said.



Restructuring and transparency would also help ready NNPC for a planned initial public offering, which could come in the next 12 to 15 months and provide a useful injection of fresh capital, a senior company official said.



($1 = 1,532.3800 naira)



(Reporting by MacDonald Dzirutwe in Lagos, Ben Ezeamalu in London and Ope Adetayo in Abuja, editing by Joe Bavier)

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Reuters

MTN teams up with UK’s Synamedia to launch African streaming platform

African Markets – Factors to watch on April 7

South Africa’s treasury looking at alternatives to VAT hike

Spotify royalty payouts to Nigerian, South African artists boom in 2024

South Africa not planning to retaliate over Trump’s tariffs

Baffled Lesotho seeks to engage with US on ‘shocking’ tariffs

South Africa says Trump’s tariffs cancel out AGOA trade initiative

Official creditors grant Ethiopia more time to pay debt, no write-down

Meta can be sued in Kenya over posts related to Ethiopia violence, court rules

Tanzania central bank keeps benchmark interest rate unchanged

After tariffs, US dangles billions of dollars in Congo mineral investment

Kenya private sector activity expands in March, PMI shows

South African Markets – Factors to watch on April 4

South African markets hit by double whammy of tariffs and shaky coalition

Trump slaps tiny African kingdom of Lesotho with highest tariff of all

South Africa’s DA challenges legality of budget process in court

EXPLAINER-What to know as a new CEO takes over at Nigeria’s state oil firm NNPC

News Tips

Advertise With Us

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