<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/AXGKYDH4PFJ6TDMBPUR33LNVXM.avif" alt="" class="wp-image-573364"/><figcaption class="wp-element-caption">A general view of the Makola market, one of the country&#8217;s largest trading centres in Accra, Ghana March 26, 2022. Picture taken March 26, 2022. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, April 2 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s annual consumer inflation slowed for a third straight month to 22.4% in March from 23.1% the previous month, as food price pressures eased, the statistics agency said on Wednesday.



The easing of inflationary pressures is likely to be welcomed by Ghana&#8217;s central bank, which last week surprised the market with a 100-basis-point interest rate hike to 28%, saying a tight monetary policy stance was needed to lower inflation.



&#8220;The rate of 22.4% is the lowest in the last four months,&#8221; government statistician Samuel Kobina Annim told a press conference.



&#8220;In the month of March 2025, we recorded a much sharper decline in food inflation and a marginal decline in non-food inflation.&#8221;



Ghana&#8217;s central bank governor Johnson Asiama has warned that consumer inflation in the gold, oil and cocoa-producing West African nation remains &#8220;uncomfortably high&#8221;and above its target of 8% with a margin of error of 2 percentage points either side.



Finance Minister Cassiel Ato Forson said during his budget speech in March that steep spending cuts would allow Ghana to drive down inflation to 11.9% by the end of the year.



(Reporting by Christian Akorlie and Emmanuel Bruce; Editing by Bate Felix and Joe Bavier)

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Ghana consumer inflation eases to 22.4% in March

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/CRTJOWDTJBK3HC6RND6KFRQUB4.avif" alt="" class="wp-image-604324"/><figcaption class="wp-element-caption">John Steenhuisen, leader of the opposition Democratic Alliance (DA) and Minister of Agriculture of South Africa, arrives at the Cape Town City Hall ahead of the State Of The Nation (SONA) address by South African president Cyril Ramaphosa in Cape Town, South Africa February 6, 2025. REUTERS/Nic Bothma/File Photo</figcaption></figure>



CAPE TOWN, April 2 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s Democratic Alliance (DA)partyon Wednesday rejected the country&#8217;s contested budget as lawmakers gathered to vote on it in parliament.



The budget has been the sternest test of the broad coalition government formed last year after the African National Congress (ANC) lost its parliamentary majority for the first time since apartheid ended in 1994.



The budget was meant to be presented in February but was postponed at the last minute, before a revised version was presented last month. Its most contentious elements include proposals to raise value-added tax and not adjust personal income tax brackets for inflation.



Lawmakers are due to vote later on Wednesday on a report by a key parliamentary committee supporting the budget&#8217;s fiscal framework and revenue proposals.



The DA and two big opposition parties say the process that led to the adoption of the report on Tuesday was flawed.



&#8220;As the DA, we will remain on our course of growth and jobs and vote firmly against this farce of a report. We reject it,&#8221; DA lawmaker Mark Burke told a sitting of parliament.



&#8220;If we&#8217;re forced to exit this government for driving a growth and jobs agenda, then so be it,&#8221; Burke added.



The ANC&#8217;s Joe Maswanganyi, chair of the committee that adopted the report, urged members of parliament to approve the fiscal framework and revenue proposals.



The ANC and DA, the two biggest parties in the coalition, have negotiated for weeks to try to agree a deal on the budget but have failed to do so.



The rand&nbsp;ZAR=D3&nbsp;has weakened over the past few days as the prospect of a deal between the ANC and DA has receded.



President Cyril Ramaphosa&#8217;s spokesperson said on Wednesday that Ramaphosa was still committed to the coalition with the DA.



The speaker of parliament earlier rejected calls to postpone Wednesday&#8217;s budget vote.



(Additional reporting by Bhargav Acharya and Sfundo Parakozov; Writing by Alexander Winning; Editing by Michael Perry, Aidan Lewis and Ed Osmond)

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South Africa’s DA rejects budget before parliamentary vote

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BDVHV2IAWBNVHPGGZKTIP7M4U4.avif" alt="" class="wp-image-604768"/><figcaption class="wp-element-caption">A person holds a new 1000 Naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria, December 15, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, April 2 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s net foreign exchange reserves stood at $23.11 billion at the end of 2024, their highest level in three years, the Central Bank of Nigeria said, signalling a major improvement in the country&#8217;s external financial position.



The NFER, which adjusts gross reserves to account for near-term liabilities such as currency swaps and forward contracts, stood at just $3.99 billion at the end of 2023, the CBN said in a statement late on Tuesday. The figure was $8.19 billion in 2022 and $14.59 billion in 2021.



The CBN said the improved position was due to &#8220;substantial reduction&#8221; in short-term foreign exchange liabilities, notably swaps and forward obligations. It also cited measures aimed at boosting forex market confidence and reserves, alongside increased non-oil foreign exchange inflows.



&#8220;This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability,&#8221; Central Bank Governor Olayemi Cardoso said.



&#8220;We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.&#8221;



Gross external reserves also climbed to $40.19 billion at the end of 2024, up from $33.22 billion the previous year.



While reserves declined in the first quarter of 2025 due to seasonal factors and foreign debt interest payments, the CBN anticipates a &#8220;steady uptick&#8221; in reserves throughout the second quarter, supported by increased oil output and non-oil export growth.



(Reporting by Elisha Bala-Gbogbo; Editing by Kevin Liffey)

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Nigeria’s net FX reserves hit three-year high, central bank says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/2CZKYYGDZZIGXBFDISQYFIWIUQ.avif" alt="" class="wp-image-604762"/><figcaption class="wp-element-caption">Drivers wait in line to refuel their vehicles at a Nigerian National Petroleum Corporation (NNPC) station in Abuja, Nigeria, September 2, 2024. REUTERS/Marvellous Durowaiye/File Photo</figcaption></figure>



ABUJA, April 2 (Reuters)&nbsp;&#8211;&nbsp;Nigerian President Bola Ahmed Tinubu has appointed Bayo Ojulari, a former Shell executive, to head the state-owned oil firm NNPC Ltd as the country seeks to raise oil production and revitalise its refining capacity, the presidency said on Wednesday.



After ending costly subsidies and twice devaluing the naira currency in his first year in office, Tinubu has shifted his focus to overhauling the state oil firm to maximise its contribution to the country&#8217;s revenue.



Ojulari replaces Mele Kyari, with the appointment effective immediately, presidential spokesman Bayo Onanuga said in a statement.



Ojulari was most recently chief operating officer at Nigerian consortium Renaissance Africa Energy Co., which owns Shell&#8217;s former onshore subsidiary in the country. Prior to that, he was head of Shell Nigeria&#8217;s exploration unit.



Tinubu also replaced the board of NNPC, appointing an 11-member team to drive reforms and boost efficiency in the oil sector.



Nigeria, Africa&#8217;s biggest oil producer with output of 1.8 million barrels per day, relies on the commodity for around half of government earnings.



Nigeria under Tinubu aims to boost its oil and gas output, targeting 2 million barrels per day of oil and 8 billion standard cubic feet per day of gas by 2027, with further ambitions to reach 3 million barrels per day and 10 billion standard cubic feet per day by 2030.



Tinubu has also tasked the new NNPC leadership board with raising the company&#8217;s oil refining output to 200,000 barrels per day by 2027, and 500,000 barrels per day by 2030, despite its four 445,000 barrels per day capacity refineries being idle due to maintenance.



(Reporting by Ope Adetayo; Writing by Elisha Bala-Gbogbo; Editing by Peter Graff and Barbara Lewis)

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Nigeria names ex-Shell executive to lead state oil firm NNPC

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/2L22EPIT25NB3M5STX2UUF5ICY.avif" alt="" class="wp-image-604710"/><figcaption class="wp-element-caption">Members of parliament stand in a makeshift dome after South Africa&#8217;s Finance Minister Enoch Godongwana&#8217;s 2025 budget speech was postponed, in Cape Town, South Africa, February 19, 2025. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, April 2 (Reuters)&nbsp;&#8211;&nbsp;South African opposition party the Economic Freedom Fighters has written to the speaker of parliament seeking to block lawmakers from meeting on Wednesday to vote on the next stage of the budget process.



The EFF said in a letter to National Assembly Speaker Thoko Didiza that Tuesday&#8217;s proceedings at a key parliamentary committee, which supported the fiscal framework despite reservations about some budget revenue-generating measures, were &#8220;procedurally defective and vulnerable to legal challenge&#8221;.



It asked for the committee&#8217;s report supporting the fiscal framework to be withdrawn and for a Wednesday afternoon sitting of parliament to consider and vote on the report to be rescheduled.



&#8220;Should this not occur, the EFF &#8230; will consider urgent legal steps, including the possibility of an interdict, to prevent the tabling and processing of a report adopted in violation of the law,&#8221; the letter said.



The biggest political party in the ruling coalition, the African National Congress, relied on the small party outside the coalition, ActionSA, to get the support it needed on Tuesday in parliament&#8217;s Standing Committee on Finance.



The ANC&#8217;s main coalition partner, the Democratic Alliance has accused it of crossing a &#8220;line in the sand&#8221; by using a party outside the coalition to get the fiscal framework approved.



The country&#8217;s biggest trade union group COSATU, a longstanding ANC ally, said it would be a &#8220;travesty&#8221; if parliament&#8217;s reservations about raising value-added tax (VAT) and not adjusting personal income tax (PIT) brackets for inflation were ignored.



It said in a statement: &#8220;That will be a calamity and breach of trust that politicians heading into the 2026 local elections dare not play with.&#8221;



(Reporting by Alexander Winning; Editing by Michael Perry)

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South African opposition party seeks to block parliament budget vote

<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/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_4LL3SONEEFM2JCCE6N2Y5SCJEE.jpg" alt="" class="wp-image-604447" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_4LL3SONEEFM2JCCE6N2Y5SCJEE.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_4LL3SONEEFM2JCCE6N2Y5SCJEE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_4LL3SONEEFM2JCCE6N2Y5SCJEE-135x90.jpg 135w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">The Cape Town headquarters of the South African Revenue Service (SARS) is seen in this picture, File. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, April 1 (Reuters)&nbsp;&#8211;&nbsp;South Africa collected a net 1.855 trillion rand ($101.02 billion) of tax in the fiscal year that ended on March 31, more than 6% higher than the previous year, preliminary figures showed on Tuesday.



The South African Revenue Service (SARS) said collections were robust from the finance, community, wholesale and construction sectors.



There were also healthy gains from personal income tax, helped partly by withdrawals under the &#8220;two pot&#8221; pension reform, SARS said in a statement.



The reform implemented last year allowed fund members to make partial withdrawals from their pension funds before retirement to help those members in financial distress.



($1 = 18.3636 rand)



(Reporting by Sfundo Parakozov; Editing by Alexander Winning, Aidan Lewis)

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South Africa’s tax take rises over 6% in 2024/25 fiscal year

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4450" height="2821" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A7SIENHHFZJPXGXH6CVMW2PNXQ.avif" alt="" class="wp-image-604368"/><figcaption class="wp-element-caption">A general view shows the Tetra Pak factory floor in Durban, South Africa, April 4, 2024. REUTERS/Rogan Ward/File Photo</figcaption></figure>



JOHANNESBURG, April 1 (Reuters)&nbsp;&#8211;&nbsp;A South African purchasing managers&#8217; index (PMI) survey showed that conditions in the manufacturing sector remained depressed in March, but there was a slight improvement in sentiment thanks to better demand.



The seasonally-adjusted PMI sponsored by South African bank Absa rose to 48.7 points in March from 44.7 in February, but it remained below the 50-point mark that separates expansion from contraction.



&#8220;While the headline PMI remained in contractionary territory for a fifth consecutive month, this is the highest reading since the 52.6 points recorded in October,&#8221; Absa said in a statement.



There was an improvement in the business activity sub-index as export sales helped demand recover.



But Absa said scheduled power cuts and strained South Africa-U.S. relations were likely putting a dampener on the mood.



President Donald Trump has cut U.S. financial assistance to South Africa, citing disapproval of the country&#8217;s approach to land reform and its genocide case against Washington&#8217;s close ally Israel at the World Court.



Businesses also fear South Africa&#8217;s preferential trade status under the U.S. African Growth and Opportunity Act could be under threat with Trump in the White House.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning)

A7SIENHHFZJPXGXH6CVMW2PNXQ

South African manufacturing conditions still depressed, Absa PMI shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, April 1 (Reuters)&nbsp;&#8211;&nbsp;The South African rand weakened early on Tuesday as negotiations between coalition partners over the deadlocked budget dragged on, hours before a key parliamentary committee was set to debate it.



Local news reports had said on Monday that the two biggest political parties in the coalition, the African National Congress (ANC) and the Democratic Alliance (DA), were close to a deal to pass the budget.



But on Tuesday the DA&#8217;s leader said a deal had not yet been reached and his party would oppose the budget until there was a written agreement.



The ANC&#8217;s chief whip said his party was optimistic it had &#8220;sufficient consensus&#8221; to pass the first parliamentary hurdle for the budget, the consideration of the fiscal framework by parliament&#8217;s Standing Committee on Finance on Tuesday.



At 0655 GMT, the rand traded at 18.36 against the dollar, 0.2% weaker than its previous close. It had gained ground on Monday on the reports that the ANC and DA were nearing a deal.



Trade in the rand tends to be highly volatile when there are major local drivers like the budget wrangling or global risk events.



Domestic economic data releases on Tuesday include a purchasing managers&#8217; index survey for the manufacturing sector, set to be published at 0900 GMT.



The benchmark 2030 government bond was marginally stronger in early deals, the yield down 1.5 basis points to 9.08%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning and Andrew Heavens)

Illustration photo of South African rand

South African rand slips as budget negotiations drag on

<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>



NAIROBI, April 1 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



Asian equities rose on Tuesday following Wall Street&#8217;s overnight gains, while gold hit an all-time peak and Treasury yields fell as markets awaited details of U.S. President Donald Trump&#8217;s reciprocal tariffs.



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



Oil prices inched higher on Tuesday after threats by U.S. President Donald Trump to impose secondary tariffs on Russian crude and attack Iran, though worries about the impact of a trade war on global growth capped gains.



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



The South African rand strengthened on Monday as local news reports said the two biggest political parties in the ruling coalition government were close to an agreement that could end an impasse over the country&#8217;s national budget.



<h2 class="wp-block-heading" id="h-kenya-inflation">KENYA INFLATION</h2>



Kenya&#8217;s inflation rose to 3.6% year-on-year in March from 3.5% a month before, the statistics office said on Monday.



<h2 class="wp-block-heading" id="h-ethiopia-central-bank">ETHIOPIA CENTRAL BANK</h2>



Ethiopia&#8217;s central bank said on Monday that it would begin conducting foreign exchange auctions every two weeks to ensure stability on the country&#8217;s forex market.



<h2 class="wp-block-heading" id="h-uganda-electricity">UGANDA ELECTRICITY</h2>



Ugandan private power utility Umeme Limited said on Monday it had received $118 million in compensation from the government for unrecovered investments, following the expiration of its monopoly rights to distribute electricity in the country.



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



Cocoa arrivals at ports in top grower Ivory Coast had reached 1.441 million metric tons by March 30 since the start of the season on October 1, up 11.1% from the same period last season, exporters estimated on Monday. 



<h2 class="wp-block-heading" id="h-zimbabwe-politics">ZIMBABWE POLITICS</h2>



Police deployed heavily in Zimbabwe&#8217;s capital and other cities on Monday, largely neutralising a call by veterans for massive protests against plans to extend President Emmerson Mnangagwa&#8217;s rule.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on April 1

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/CRTJOWDTJBK3HC6RND6KFRQUB4.avif" alt="" class="wp-image-604324"/><figcaption class="wp-element-caption">John Steenhuisen, leader of the opposition Democratic Alliance (DA) and Minister of Agriculture of South Africa, arrives at the Cape Town City Hall ahead of the State Of The Nation (SONA) address by South African president Cyril Ramaphosa in Cape Town, South Africa February 6, 2025. REUTERS/Nic Bothma/File Photo</figcaption></figure>



JOHANNESBURG, April 1 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s two biggest political parties, the African National Congress and the pro-business Democratic Alliance were yet to reach agreement to pass the budget on Tuesday, hours before a key parliamentary committee was set to debate it.



The budget has been the biggest test yet for the broad coalition government formed last year after the ANC, the former liberation movement of Nelson Mandela, lost its parliamentary majority for the first time since helping end apartheid in 1994.



Negotiations between the ANC and the Democratic Alliance have dragged on for weeks. The ANC needs the support of at least one other big party to pass the budget while the DA has sought more sway over policymaking.



&#8220;Last night, the ANC refused to finalise an agreement on growth and spending reforms, imperilling the (coalition),&#8221; Democratic Alliance party leader John Steenhuisen said on X. &#8220;The DA will oppose the budget unless and until a written agreement is reached.&#8221;



The ANC and DA are ideologically opposed on many issues, including education, land and health legislation, but have overcome occasional disputes to govern together so far.



ANC chief whip Mdumiseni Ntuli told local broadcaster Newzroom Afrika the party believed it had &#8220;sufficient consensus&#8221; to pass the first parliamentary hurdle for the budget, Tuesday&#8217;s meeting of the Standing Committee on Finance on the fiscal framework.



The lower house of parliament, the National Assembly, is due to consider the parliamentary committee&#8217;s recommendations and could vote on them on Wednesday.



The DA postponed a press conference it had called for 0630 GMT on Tuesday on the budget talks. ANC leader Cyril Ramaphosa and the DA&#8217;s Steenhuisen are expected to hold talks later on Tuesday.



The budget for the fiscal year starting on April 1 was meant to be presented in February but was postponed because of disagreements in the coalition over a plan to raise value-added tax by two percentage points.



Finance Minister Enoch Godongwana tabled a revised budget in March proposing a one-point VAT hike spread over two years, but it was swiftly rejected by most big parliamentary parties.



(Additional reporting by Sfundo Parakozov and Wendell Roelf; Writing by Alexander Winning; Editing by Clarence Fernandez and Bernadette Baum)

South Africa’s two biggest parties yet to reach pact on budget

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="625" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/6PRZMM657BJ2VERUVWBC5YWJKY-820x625.jpg" alt="" class="wp-image-604061" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/6PRZMM657BJ2VERUVWBC5YWJKY-820x625.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/6PRZMM657BJ2VERUVWBC5YWJKY-300x229.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/6PRZMM657BJ2VERUVWBC5YWJKY-118x90.jpg 118w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/6PRZMM657BJ2VERUVWBC5YWJKY-768x585.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/6PRZMM657BJ2VERUVWBC5YWJKY-1536x1170.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/6PRZMM657BJ2VERUVWBC5YWJKY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Opposition Movement For Democratic Change (MDC) party leader Nelson Chamisa gestures while addressing the media in a news conference in Harare, Zimbabwe August 25, 2018. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, March 31 (Reuters)&nbsp;&#8211;&nbsp;Police deployed heavily in Zimbabwe&#8217;s capital and other cities on Monday, largely neutralising a call by veterans for massive protests against plans to extend President Emmerson Mnangagwa&#8217;s rule.



Zimbabwe&#8217;s ruling ZANU-PF party said in January it wanted to extend Mnangagwa&#8217;s term in office by two years until 2030. Mnangagwa, who first came to power in 2017 after his long-term mentor Robert Mugabe was ousted in a coup, is serving his final term.



Independence war veterans led by Blessed Geza previously supported Mnangagwa but have turned against him, accusing him of seeking to cling to power.



Anticipating possible unrest, businesses barricaded their premises and car dealerships cleared their showrooms over recent days.



Most businesses, schools and vendors across the capital Harare, as well as in the second largest city Bulawayo and other towns, stayed closed, as large numbers of police patrolled the empty streets.



&#8220;The situation in the country is peaceful,&#8221; police said in a statement, encouraging people to continue with daily activities.



Still, in the western outskirts of Harare police threw teargas to disperse a small group of protesters chanting &#8220;we reject 2030!&#8221;, a reference to the plans to extend Mnangagwa&#8217;s term.



Some political analysts said the economic shutdown could still send a message to political leaders.



&#8220;The stay-away is a massive statement by the masses of Zimbabwe. Those in power have reason to fear,&#8221; political analyst Ibbo Mandaza said.



Geza, the veteran leader who called for the protest and has mostly communicated through videos posted on social media platforms, did not react publicly on Monday morning.



The veterans remain influential within ZANU-PF, and appear to be filling a void left by opposition parties weakened by internal divisions and a war of attrition with the ruling party.



Mnangagwa has repeatedly denied intending to prolong his presidency, but the veterans accuse him of pursuing the plan using proxies.



Zimbabwe&#8217;s 2013 constitution limits presidents to two five-year terms.



(Reporting by Nelson Banya; Editing by Olivia Kumwenda-Mtambo and Aidan Lewis)

6PRZMM657BJ2VERUVWBC5YWJKY

Zimbabwe police deploy to block demonstrations against Mnangagwa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="493" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ZR2HBUGSQJNNBEOHF5Q6YHOMQQ-820x493.jpg" alt="" class="wp-image-603981" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ZR2HBUGSQJNNBEOHF5Q6YHOMQQ-820x493.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ZR2HBUGSQJNNBEOHF5Q6YHOMQQ-300x180.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ZR2HBUGSQJNNBEOHF5Q6YHOMQQ-150x90.jpg 150w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ZR2HBUGSQJNNBEOHF5Q6YHOMQQ-768x462.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ZR2HBUGSQJNNBEOHF5Q6YHOMQQ-1536x923.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ZR2HBUGSQJNNBEOHF5Q6YHOMQQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The retired coal-fired Komati Power Station, operated by Eskom, is seen near Komati village, in the Mpumalanga province in South Africa, May 9, 2024. REUTERS/Siphiwe Sibeko TPX IMAGES OF THE DAY/File Photo</figcaption></figure>



CAPE TOWN, March 31 (Reuters) &#8211; South African coal-fired power stations have received limited exemptions from air quality laws and harmful emissions reduction regulations, the environment minister said on Monday, but he added that the measures did not constitute a &#8220;blanket reprieve&#8221;.



The government is struggling to strike a balance between calls to reduce its carbon footprint and stop harmful emissions and the need to provide electricity to Africa&#8217;s most advanced economy, which has stagnated due to power cuts



Power utility Eskom, whose fleet of old coal-fired power plants generates most of South Africa&#8217;s electricity, had applied to exempt eight of its plants from minimum emission standards prescribed in air quality regulations.



In granting the exemptions, the Ministry of Forestry, Fisheries and Environment said it would require Eskom to step up monitoring, appoint environmental health specialists and provide mobile health clinics, among other measures.



&#8220;These exemptions are not a blanket reprieve but are tailored to each facility with stringent conditions,&#8221; environment minister Dion George told a press conference.



Six of the plants &#8211; Lethabo, Kendal, Tutuka, Majuba, Matimba and Medupi &#8211; will have exemptions capped at five years, expiring on April 1, 2030, while the Duvha and Matla power stations will be exempted until their planned decommissioning dates in 2034.



Eskom, one of the continent&#8217;s worst polluters, has been running its plants hard in an attempt to end a decade of economically devastating power cuts and clear a maintenance backlog amid regular breakdowns.



It has previously said that retrofitting its plants, many of them 30 to 40-years-old, with new technology to reduce harmful emissions is too costly.



Early this month a 10-year study found that people living near coal-fired power stations, mostly concentrated in Mpumalanga province&#8217;s coal belt, had a mortality rate 6% higher than their peers elsewhere in South Africa.



The report from the South African Medical Research Council and Britain&#8217;s Department for International Development found higher rates of birth defects and cardiovascular and lung disease in communities near plants. It recommended phasing out the coal-fired plants.



&#8220;We want enough electricity to grow our economy, and we want clean, breathable air,&#8221; George said. &#8220;It is completely unacceptable when our children have problems with their lungs, and babies are born with cleft palates.&#8221;

ZR2HBUGSQJNNBEOHF5Q6YHOMQQ

South Africa grants Eskom coal plants limited emissions exemptions

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg" alt="" class="wp-image-524644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-768x512.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, March 31 (Reuters) &#8211; The Ugandan shilling was flat on Monday on the back of scant demand for dollars from all sectors of the economy, traders said.



At 0955 GMT, commercial banks quoted the shilling at 3,655/3,665, the same level as Friday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

UGANDA SHILLING

Ugandan shilling flat on scant dollar demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg" alt="" class="wp-image-533970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-768x475.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-1536x950.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, March 31 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand strengthened on Monday, as gold hit a fresh high and optimism grew over the prospect of an agreement between the two biggest government partners on the budget.



At 0728 GMT, the rand traded at 18.2375 against the dollar, about 1.1% stronger than its previous close.



Trade in the rand was volatile last week amid deadlocked budget negotiations and apprehension over U.S. President Donald Trump&#8217;s tariff plans.



Gold prices touched an all-time high on Monday as investors stressing over a global trade war and economic slowdown from the world&#8217;s biggest economy turned towards the safe-haven asset. South Africa is a major producer of the precious metal.



The domestic focus this week will be on the African National Congress (ANC) and Democratic Alliance (DA).



Local news website News24 reported on Monday that the two parties were close to striking a deal that would see the national budget being passed. However, the BusinessDay newspaper said the talks were still deadlocked.



On the stock market, the Top-40 index was last down about 0.5%.



South Africa&#8217;s benchmark 2030 government bond was stronger in early deals, with the yield down 9.5 basis points to 9.06%.



(Reporting by Sfundo Parakozov; Editing by Bhargav Acharya and Philippa Fletcher)

Photo illustration of South African bank notes displayed next to the American dollar notes in Johannesburg

South African rand strengthens as gold hits fresh peak

<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>



NAIROBI, March 31 (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>



World share markets were in a tailspin on Monday after U.S. President Donald Trump said tariffs would essentially cover all countries, stoking worries a global trade war could lead to recession.



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



Oil markets on Monday shrugged off U.S. President Donald Trump&#8217;s threat to hit buyers of Russian oil with tariffs as the shock value of the barrage of threats from the White House begins to wear thin with jaded traders.



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



South Africa&#8217;s rand slipped on Friday, as concerns lingered over U.S. President Donald Trump&#8217;s tariffs and an impasse between the ruling coalition&#8217;s two biggest parties over the state budget.



<h2 class="wp-block-heading" id="h-nigeria-crude-oil">NIGERIA CRUDE OIL</h2>



Exports of four key Nigerian crude oil grades will average around 727,000 barrels per day in May, preliminary programmes seen by Reuters showed, down from a planned 802,000 bpd scheduled to load in April.



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



The Kenyan shilling firmed slightly against the dollar on Friday, data from the London Stock Exchange Group (LSEG) showed.



<h2 class="wp-block-heading" id="h-uganda-petroleum-refinery">UGANDA PETROLEUM REFINERY</h2>



Uganda on Saturday signed an oil refinery agreement with UAE-based Alpha MBM Investments for a 60% stake in crude oil refinery in Kabaale, Hoima District, President Yoweri Museveni&#8217;s office said in a statement.



<h2 class="wp-block-heading" id="h-south-sudan-security">SOUTH SUDAN SECURITY</h2>



South Sudan&#8217;s First Vice President Riek Machar is under arrest and will be investigated on charges of trying to stir up rebellion, the government said on Friday, the first confirmation of a detention that world powers fear could reignite civil war.



<h2 class="wp-block-heading" id="h-somalia-u-s-diplomacy">SOMALIA U.S. DIPLOMACY</h2>



Somalia is prepared to offer the United States exclusive control of strategic air bases and ports, its president said in a letter to President Donald Trump seen by Reuters on Friday.



<h2 class="wp-block-heading" id="h-ghana-security">GHANA SECURITY</h2>



Three Chinese nationals were missing from Ghanaian waters and believed to have been kidnapped after a &#8220;suspected pirate attack&#8221; on their Ghanaian-registered fishing vessel, the West African nation&#8217;s military said on Saturday.



<h2 class="wp-block-heading" id="h-democratic-republic-of-congo-security">DEMOCRATIC REPUBLIC OF CONGO SECURITY</h2>



Qatari mediators hosted a second round of talks on Friday between Democratic Republic of Congo and Rwanda, and separately met representatives of the Rwandan-backed rebellion waging an insurgency in eastern Congo, four sources told Reuters.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on March 31

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/FTDTXBVVGNK4ROM6N5ELSNCWHI-820x562.jpg" alt="" class="wp-image-451375" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/FTDTXBVVGNK4ROM6N5ELSNCWHI-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/FTDTXBVVGNK4ROM6N5ELSNCWHI-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/FTDTXBVVGNK4ROM6N5ELSNCWHI-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/FTDTXBVVGNK4ROM6N5ELSNCWHI-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/FTDTXBVVGNK4ROM6N5ELSNCWHI-1536x1053.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/FTDTXBVVGNK4ROM6N5ELSNCWHI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Economic Community of West African States (ECOWAS) court signage and logo is pictured in Abuja, Nigeria February 16, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ATHENS, March 30 (Reuters)&nbsp;&#8211;&nbsp;West African neighbours Mali, Burkina Faso and Niger have announced a new 0.5% levy on imported goods as they seek to fund a new three-state union after leaving the larger regional economic bloc, they said in a statement.



The Alliance of Sahel States began in 2023 as a security pact between the military rulers of the three countries, who all took power in coups in recent years. It has since grown into an aspiring economic union with plans for biometric passports and closer economic and military ties.



The levy was agreed on Friday and will take effect immediately. It will affect all goods imported from outside the three countries, but will not include humanitarian aid, the statement said. It will &#8220;finance the activities&#8221; of the bloc, it said, without giving details.



The move ends free trade across West Africa, whose states have for decades fallen under the umbrella of the Economic Community of West African States (ECOWAS), and highlights the rift between the three states that border the Sahara Desert and influential democracies like Nigeria and Ghana to the south.



The juntas of the three countries announced plans to leave ECOWAS last year, accusing the bloc of failing to assist in their fight against Islamist insurgents and ending insecurity.



ECOWAS had imposed economic, political and financial sanctions on the three in a bid to force them to return to constitutional order, to little effect.



Mali, Burkina Faso and Niger are some of the poorest countries in the world and have been overrun by an armed Islamist insurgency over the past decade.



The violence, committed by groups linked to al Qaeda and Islamic State, has killed thousands, forced millions to flee, and eroded faith in the democratically-elected governments who initially struggled to contain it.



(Reporting by Boureima Balima and Fadimata Kontao; Writing by Edward McAllister; Editing by Sharon Singleton)

Ecowas court hearing on whether Nigeria’s Twitter ban violated rights, in Abuja

West African juntas impose levy on imported goods

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4931" height="3078" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ZDTAXS54SNPKXI5JFDUILKDUHI.avif" alt="" class="wp-image-602896"/><figcaption class="wp-element-caption">Internally displaced people from Khartoum gather at their shelter in an IDP camp in Um Durain county, Nuba Mountains, South Kordofan, Sudan June 21, 2024. REUTERS/Thomas Mukoya/SUDAN/File Photo</figcaption></figure>



KHARTOUM, March 28 (Reuters) &#8211; Residents of Sudan&#8217;s Tuti island at the confluence of the Blue Nile and White Nile have emerged from paramilitary control to speak of hardships suffered and relief that their oppressors have been driven away.



They say Sudan&#8217;s Rapid Support Forces, who have been forced by the army off the island between the capital Khartoum and its twin city Omdurman, would block people from medical treatment, jail others and extort inhabitants.



&#8220;I suffered from severe urinary retention,&#8221; recalled elderly islander Omar al-Hassan, saying an RSF member stopped him from crossing a bridge to see doctors.



&#8220;He claimed our papers were incomplete, but we had all the necessary documents. He just wanted money.&#8221;



The RSF, whose war with the army erupted in April 2023 and which still controls swathes of west Sudan, did not respond to a request for comment by Reuters. The RSF has either denied it violates human rights or said it would hold perpetrators to account, while accusing the army of widespread abuses.



The U.N. accuses both sides in the civil war of abuses that may amount to war crimes.



Tuti island, with its green landscape overlooking the majestic Nile waters, was once one of Sudan&#8217;s most soothing spots, offering relaxation in a nation with a long history of war.



Its population of about 10,000 could relax on beaches near lemon trees swaying in the breeze. People would also pass time at coffee shops, puffing on water pipes, perhaps discussing Sudan&#8217;s complex, combustible politics.



That was before the conflict between the army and RSF &#8211; once partners in a coup that toppled veteran autocrat Omar Hassan al-Bashir &#8211; erupted and ravaged Sudan.



<h2 class="wp-block-heading" id="h-tuti-is-free">&#8216;TUTI IS FREE&#8217;</h2>



Now, in a microcosm of the war&#8217;s devastation, Tuti&#8217;s close-knit farming community are at risk of famine and have been ravaged by dengue fever.



Sudan&#8217;s military, headed by career army officer Abdel Fattah al-Burhan claimed control of Khartoum, including Tuti island, this week.



“We conducted a thorough and comprehensive cleanup of all areas of the island &#8230; We tell the people to return and come back,&#8221; said soldier Al-Tahir al-Tayeb.



&#8220;We will only take our rights by this,&#8221; he added, tapping on his gun. &#8220;We say to them, Tuti is free, and God is great.&#8221;



Nearby, a woman walked by a shop surveying destruction as people lingered at a mosque.



RSF leader Mohamed Hamdan Dagalo, known as Hemedti, rose from lowly beginnings to head a widely feared Arab militia that crushed a revolt in Darfur, winning him influence and eventually a role as the country&#8217;s second most powerful man, and one of its richest, as an enforcer for Bashir.



The RSF, menacing young men armed with rocket-propelled grenades and machine-guns mounted on trucks, mastered desert warfare in the Darfur region but lack the discipline of the regular army.



That was clear on Tuti island, said resident Abdul Fattah Abdullah, describing how RSF men followed him on four motorcycles and grabbed him as he was carrying vegetables from a market.



The next 20 days, locked up in a small room with 32 army officers, were the hardest in his whole life, he complained. It did not end there. RSF fighters demanded the equivalent of $400, he said.



&#8220;They harassed people, demanding either their gold or their money. May God punish them,&#8221; said Abdullah.



(Writing by Michael Georgy; Editing by Andrew Cawthorne)

Reuters

Ghana consumer inflation eases to 22.4% in March

South Africa’s DA rejects budget before parliamentary vote

Nigeria’s net FX reserves hit three-year high, central bank says

Nigeria names ex-Shell executive to lead state oil firm NNPC

South African opposition party seeks to block parliament budget vote

South Africa’s tax take rises over 6% in 2024/25 fiscal year

South African manufacturing conditions still depressed, Absa PMI shows

South African rand slips as budget negotiations drag on

African Markets – Factors to watch on April 1

South Africa’s two biggest parties yet to reach pact on budget

Zimbabwe police deploy to block demonstrations against Mnangagwa

South Africa grants Eskom coal plants limited emissions exemptions

Ugandan shilling flat on scant dollar demand

South African rand strengthens as gold hits fresh peak

African Markets – Factors to watch on March 31

West African juntas impose levy on imported goods

Sudanese on Nile island in capital recount paramilitary repression

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Reuters

Ghana consumer inflation eases to 22.4% in March

South Africa’s DA rejects budget before parliamentary vote

Nigeria’s net FX reserves hit three-year high, central bank says

Nigeria names ex-Shell executive to lead state oil firm NNPC

South African opposition party seeks to block parliament budget vote

South Africa’s tax take rises over 6% in 2024/25 fiscal year

South African manufacturing conditions still depressed, Absa PMI shows

South African rand slips as budget negotiations drag on

African Markets – Factors to watch on April 1

South Africa’s two biggest parties yet to reach pact on budget

Zimbabwe police deploy to block demonstrations against Mnangagwa

South Africa grants Eskom coal plants limited emissions exemptions

Ugandan shilling flat on scant dollar demand

South African rand strengthens as gold hits fresh peak

African Markets – Factors to watch on March 31

West African juntas impose levy on imported goods

Sudanese on Nile island in capital recount paramilitary repression

News Tips

Advertise With Us

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