<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/53RUUT6WG5KP5OOXCLPUCDC5DI.jpg" alt="" class="wp-image-418009" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/53RUUT6WG5KP5OOXCLPUCDC5DI.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/53RUUT6WG5KP5OOXCLPUCDC5DI-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/53RUUT6WG5KP5OOXCLPUCDC5DI-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/53RUUT6WG5KP5OOXCLPUCDC5DI-768x518.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption>South African President Cyril Ramaphosa appears to testify before the Zondo Commission of Inquiry into State Capture in Johannesburg, South Africa, August 11, 2021. REUTERS/ Sumaya Hisham</figcaption></figure>



JOHANNESBURG, July 29 (Reuters)&nbsp;&#8211;&nbsp;President Cyril Ramaphosa scolded his ruling African National Congress (ANC) on Friday for losing the trust of South Africans, saying the party was weaker than at any time since it ended white minority rule in 1994.



In a sombre address to an ANC national policy conference in Johannesburg, Ramaphosa urged delegates to come up with ways to tackle the corruption, persistent poverty, unemployment and poor public services that he said had led to the party&#8217;s worst election result in history in last November&#8217;s local polls.



&#8220;The ANC today is its weakest and most vulnerable since the advent of democracy,&#8221; he said. &#8220;Our weaknesses are evident in the distrust, the disillusionment, the frustration that is expressed by many people towards our movement and government.&#8221;



The party&#8217;s weaknesses were clearly reflected in its unprecedented failure to get more than 50% of the vote in the municipal polls, he said, but also in the &#8220;divisions within our ranks &#8230; (which) manifest themselves in patronage, gatekeeping, vote buying and &#8230; are driven by corruption&#8221;.



Ramaphosa and his party, which has been in power for nearly three decades, face growing public anger over multiple issues, including worsening electricity blackouts because of a crisis at the state power provider, Eskom, poor or non-existent basic services, a sluggish economy, corrupt procurement tenders and a spate of crime-related shootings.



The COVID-19 pandemic has meanwhile worsened an already wide gab between the richest and poorest South Africans &#8212; a quarter of the country of about 60 million struggles to put food on the table.



The party is also more divided than when Ramaphosa took power in 2017, ousting his predecessor Jacob Zuma, who is being investigated for several corruption scandals during and before his presidency. Zuma denies any wrongdoing.



Ramaphosa&#8217;s own finances are being investigated after a $4 million theft of cash at his farm in June, and a faction loyal to Zuma is hoping to use this to unseat him at an elective party conference at the end of this year ahead of 2024 national polls.



Ramaphosa says the money was proceeds from sales of game animals on the farm, but he has publicly welcomed the police investigation.



In a speech punctuated by subdued applause, Ramaphosa urged the ANC to tackle the challenges facing it, especially local government corruption and unemployment, currently affecting one third of the country.



&#8220;The people of South Africa will not forgive us if we abandon &#8230; confronting wrongdoing within our ranks,&#8221; he said.



(Editing by Frances Kerry)

South African President Cyril Ramaphosa appears to testify before the Zondo Commission of Inquiry into State Capture in Johannesburg

Ramaphosa scolds ruling ANC for losing South Africans’ trust

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="577" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/XDZMXRYL6JOE7AVFZM7XXTIUAE-820x577.jpg" alt="" class="wp-image-418823" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/XDZMXRYL6JOE7AVFZM7XXTIUAE-820x577.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/XDZMXRYL6JOE7AVFZM7XXTIUAE-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/XDZMXRYL6JOE7AVFZM7XXTIUAE-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/XDZMXRYL6JOE7AVFZM7XXTIUAE-768x541.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/XDZMXRYL6JOE7AVFZM7XXTIUAE.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Kamo Mphela, a dancer and singer performs Amapiano, a South African musical export that has crossed borders and cultural barriers, reaching as far as Japan, during a music concert in Pretoria, South Africa, July 22, 2022. REUTERS/Shafiek Tassiem</figcaption></figure>



JOHANNESBURG, July 29 (Reuters)&nbsp;&#8211;&nbsp;South African musical export Amapiano has crossed borders and cultural barriers, reaching as far as Japan. To top female artists Kamo Mphela and DBN Gogo, who helped put the dance music genre on the map, it is about inclusivity.



Mphela, 22, from Johannesburg&#8217;s Soweto township, took a leap of faith four years ago and jumped into the world of Amapiano. Now she is a household name in South Africa and tours the globe.



&#8220;Now we have our own sound. We don&#8217;t have to act different anymore,&#8221; Mphela said.



DBN Gogo, 29, believes it is a responsibility to take Amapiano&#8217;s beats to rest of the world.



<h3 class="wp-block-heading" id="h-read-more-global-brands-are-taking-note-of-africa-s-music-and-talent">Read more: <a href="https://www.cnbcafrica.com/2022/global-brands-are-taking-note-of-africas-music-and-talent/">Global brands are taking note of Africa’s music and talent</a></h3>



The two artists say Amapiano captures how they live their lives and reminds them of home. It fuses styles such as house and jazz and is believed to have originated in the townships.



Amapiano has quickly built a following in countries like France, Morocco and Japan and is set to hit a billion streams on Spotify this month, according to Phiona Okumu, the platform&#8217;s head of music for Sub-Saharan Africa.



She said about the genre: &#8220;A moment met a mood. And then we had this explosion.&#8221;



Fan Thabang Mkuma says he loves Amapiano because it is genuine and defines South African culture.



&#8220;It&#8217;s our own type of music that we represent to the world,&#8221; he said.



(Reporting by Sisipho Skweyiya; Writing by Bhargav Acharya; Editing by Alexander Winning and Alison Williams)

XDZMXRYL6JOE7AVFZM7XXTIUAE

Amapiano stars put South African dance music on the map

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-820x547.jpg" alt="" class="wp-image-417697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/GettyImages-1237649604-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>The seal for the International Monetary Fund is seen near the World Bank headquarters (R) in Washington, DC on January 10, 2022. (Photo by Stefani Reynolds / AFP) (Photo by STEFANI REYNOLDS/AFP via Getty Images)</figcaption></figure>



ACCRA, July 28 (Reuters)&nbsp;&#8211;&nbsp;Ghana is anticipating a possible three-year programme with the International Monetary Fund (IMF) worth about $2 billion to $3 billion, Finance Minister Ken Ofori-Atta said on Thursday.



&#8220;We&#8217;re thinking of maybe a three-year programme &#8230; but knowing that within two years we must have achieved most of what we intend to,&#8221; he said in an interview on Ghanaian television.



&#8220;We look forward to anything, maybe two or three or so billion dollars over the period.&#8221;



Gold, cocoa and oil-producing Ghana is facing a nearly $1 billion balance-of-payments deficit and turned to the IMF earlier this month for a support package after hundreds of people took to the streets to protest worsening economic hardship. <a href="https://www.reutersconnect.com/all?search=all%3AL8N2YI31N&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-crisis-hit-ghana-changes-its-mind-and-turns-to-imf-for-help">Read more: <a href="https://www.cnbcafrica.com/2022/ghanas-president-asks-finance-minister-to-begin-talks-with-imf/">Crisis-hit Ghana changes its mind and turns to IMF for help</a></h3>



Inflation soared to 29.8% in June and the cedi currency has lost nearly a quarter of its value this year, problems which the government has blamed mainly on external factors such as the COVID-19 pandemic and the war in Ukraine.



When Ghana last sought IMF assistance in 2015, it received $918 million for a three-year programme. Because GDP has now gone up it may enhance the quota, Ofori-Atta said.



A staff mission from the IMF visited Ghana from July 6-13 to hold initial discussions on the support package and has not given a timeline for next steps.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2YU58Q&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;Programmes usually take about six months, but the interventions of finding support for balance of payments has to be immediate and those discussions are going on,&#8221; Ofori-Atta said.



(Reporting by Christian Akorlie and Nellie Peyton; Editing by Marguerita Choy and Matthew Lewis)

US-ECONOMY-FINANCE-IMF-WORLD BANK

Ghana looking at 3-year IMF programme of $2 bln-$3 bln -finance minister

<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/Rigathi_Gachagua_Potrait.jpg" alt="" class="wp-image-418815" width="600" height="600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/Rigathi_Gachagua_Potrait.jpg 600w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/Rigathi_Gachagua_Potrait-300x300.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/Rigathi_Gachagua_Potrait-90x90.jpg 90w" sizes="(max-width: 600px) 100vw, 600px" /><figcaption>Rigathi Gachagua, Mathira MP, Kenya Kwanza Running mate Photo: via Wikimedia </figcaption></figure>



NAIROBI, July 28 (Reuters)&nbsp;&#8211;&nbsp;A Kenyan court has ordered&nbsp;vice presidential nominee&nbsp;Rigathi Gachagua to&nbsp;repay&nbsp;202 million shillings ($1.7 million)&nbsp;which it determined were&nbsp;the proceeds of corruption,&nbsp;local&nbsp;media reported on Thursday.



High Court Judge Esther Maina ruled the money&nbsp;came&nbsp;from government agencies&nbsp;but there was no evidence that Gachagua had&nbsp;supplied any goods or&nbsp;services, the Business Daily newspaper&nbsp;reported.



Reuters was unable to obtain court documents for the ruling.



Gachugua&nbsp;said the judgement was intended to undermine his&nbsp;candidacy&nbsp;in the Aug. 9 election on&nbsp;presidential candidate William&nbsp;Ruto&#8217;s ticket.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2Z644Z&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;The judge was biased against us from the word go and threw caution to the wind by conducting a sham trial,&#8221; he wrote on Twitter.



Gachagua said he&nbsp;has&nbsp;instructed his lawyers to appeal, claiming Maina had refused his lawyers&#8217; bid to challenge the evidence brought against him.



Ruto is the deputy president under&nbsp;current President Uhuru Kenyatta,&nbsp;who&nbsp;has denounced&nbsp;Ruto&#8217;s&nbsp;candidacy and backed veteran opposition leader Raila Odinga instead. Ruto and Odinga, the favourites on the ballot, have both pledged to stamp out corruption if elected.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2Z11X0&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL5N2X80NQ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL8N2Y14P3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Gachagua&#8217;s&nbsp;accounts were frozen in 2020 following a request by the government&#8217;s Asset Recovery Agency.



Gachagua, a first-time lawmaker and former government administrator, told a campaign meeting in late June that if&nbsp;elected, he will unfreeze the cash and build a rural home to host his supporters for entertainment sessions over roasted meat and porridge.



($1 = 118.7000 Kenyan shillings)



(Reporting by Humphrey Malalo, George Obulutsa and Duncan Miriri; Writing by George Obulutsa; Editing by Hereward Holland and Josie Kao)

Rigathi_Gachagua_Potrait

Kenya vice presidential nominee ordered to pay back corruption funds

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1394242451-820x547.jpg" alt="" class="wp-image-418805" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1394242451-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1394242451-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1394242451-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1394242451-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1394242451-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1394242451-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>DUBAI, UNITED ARAB EMIRATES &#8211; APRIL 28: A general view of the Dubai Skyline on April 28, 2022 in Dubai, United Arab Emirates. Muslim men and women across the world observe Ramadan, a month long celebration of self-purification and restraint. (Photo by Francois Nel/Getty Images)</figcaption></figure>



July 25 (Reuters)&nbsp;&#8211;&nbsp;The qualification tournament for the final place at next year&#8217;s men&#8217;s Rugby World Cup in France will be held at the Sevens Stadium in Dubai from Nov. 6-18, World Rugby said on Monday.



Hong Kong, Kenya, the United States and Portugal will clash in a round-robin format, and the winners will go into Pool C at the World Cup, alongside Wales, Australia, Fiji and Georgia.



The World Cup will be played in France for the second time from Sept. 8 next year. The country also hosted the tournament in 2007.



(Reporting by Aadi Nair in Bengaluru, editing by Ed Osmond)

Holy Month Of Ramadan Celebrated In UAE

Dubai to host final 2023 World Cup qualification tournament

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/DOJQTMHZVNIHTGNB43G7BY3FTA-820x547.jpg" alt="" class="wp-image-418797" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/DOJQTMHZVNIHTGNB43G7BY3FTA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/DOJQTMHZVNIHTGNB43G7BY3FTA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/DOJQTMHZVNIHTGNB43G7BY3FTA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/DOJQTMHZVNIHTGNB43G7BY3FTA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/DOJQTMHZVNIHTGNB43G7BY3FTA.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A loading station for lignite is seen near the open-pit mine field of Megalopolis, Greece June 9, 2022. REUTERS/Costas Baltas</figcaption></figure>



LONDON, July 28 (Reuters)&nbsp;&#8211;&nbsp;Global coal demand is set to rise slightly this year to match a record high reached nearly a decade ago, the International Energy Agency (IEA) said on Thursday, as gas prices have soared.



In a coal market update report, the IEA said global coal consumption is forecast to rise by 0.7% in 2022 to 8 billion tonnes, assuming the Chinese economy recovers as expected in the second half of the year.



That would match a record high set in 2013 and coal demand is likely to increase further next year to an all-time high.



Coal consumption rebounded last year by around 6% as economies started to recover from the COVID-19 pandemic, contributing to the largest ever annual increase in carbon dioxide emissions.



&#8220;The world&#8217;s continued burning of large amounts of coal is heightening climate concerns, as coal is the largest single source of energy-related CO2 emissions,&#8221; the report said.



<h3 class="wp-block-heading" id="h-read-more-coal-industry-is-delusional-south-africa-climate-change-official-says">Read more: <a href="https://www.cnbcafrica.com/2022/coal-industry-is-delusional-south-africa-climate-change-official-says/">Coal industry is ‘delusional’, South Africa climate change official says</a></h3>



Global coal demand is being propped up this year by rising natural gas prices, which have increased gas-to-coal switching in many countries, as well as economic growth in India, the report said.



Demand for coal in India is expected to rise by 7% this year due to economic growth and increased use of electricity, while European Union demand is also forecast to rise by 7% as coal is increasingly being used to replace gas due to a fall in Russian pipeline gas exports.



Several EU countries are extending the life of coal plants scheduled for closure or reopening closed plants.



Although Chinese coal demand has declined by 3% in the first half of this year it is expected to go up in the second half.



China accounts for more than half the world&#8217;s coal demand.



(Reporting by Nina Chestney; editing by David Goodman, Jason Neely and David Evans)

DOJQTMHZVNIHTGNB43G7BY3FTA

Global coal demand to match record high this year, IEA says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/800px-Logo_of_the_World_Health_Organization.jpg" alt="" class="wp-image-402524" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/800px-Logo_of_the_World_Health_Organization.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/800px-Logo_of_the_World_Health_Organization-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/800px-Logo_of_the_World_Health_Organization-768x512.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></figure>



July 27 (Reuters)&nbsp;&#8211;&nbsp;The World Health Organization has confirmed&nbsp;two more cases&nbsp;of Marburg virus in Ghana, a senior&nbsp;WHO official&nbsp;said on Wednesday, two weeks after the country reported its&nbsp;first outbreak&nbsp;of the highly infectious Ebola-like disease.



Those first two cases, in southern Ghana&#8217;s Ashanti region, both had symptoms including diarrhoea, fever, nausea and vomiting, before dying in hospital, the WHO said previously.



&#8220;We have two additional cases,&#8221; doctor Ibrahima Soce Fall told journalists on Wednesday.



The outbreak is only the second in West Africa. The first ever case of the virus in the region was detected last year in Guinea.



Soce Fall said information received from Ghana suggested there were around 180 contacts being followed up and WHO teams were making sure that none were missed.



The virus is transmitted to people from fruit bats and spreads among humans through direct contact with bodily fluids, surfaces and materials, the WHO said.



Soce Fall said the cases had been reported in three different regions in Ghana, creating a &#8220;very difficult&#8221; situation.



&#8220;Although the cases are not high at the moment, &#8230;we need to make sure that every hotspot can be stopped otherwise it will become more complex,&#8221; he said.



(Reporting by Wendell Roelf and Jennifer Rigby; editing by John Stonestreet)

800px-Logo_of_the_World_Health_Organization

WHO confirms two more Marburg virus cases in Ghana, says official

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-866982074-820x547.jpg" alt="" class="wp-image-418783" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-866982074-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-866982074-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-866982074-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-866982074-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-866982074-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-866982074-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Godwin Emefiele, governor of Nigeria&#8217;s central bank, speaks during the Nigeria Capital Markets and Banking Forum in London, U.K., on Friday, Oct. 27, 2017. The Nigerian government is looking to plug a 2017 budget deficit that it forecast at 2.3 trillion naira, or 2.2 percent of GDP following a revenue shortfall caused by the decline of output and price of oil, its main export. Photographer: Chris J. Ratcliffe/Bloomberg via Getty Images</figcaption></figure>



ABUJA, July 27 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Senate passed a motion on Wednesday to summon Central Bank Governor Godwin Emefiele over the &#8220;free fall of the naira&#8221; and called on the central bank to urgently intervene.



The naira has fallen to successive record lows on the parallel market due to dollar scarcity since July last year after the central bank stopped forex sales to retail currency traders to ease pressure on reserves and support the official market.



The move funnelled demand to the unofficial market&nbsp;NGNP=, where the currency is freely traded. Lawmakers on Wednesday said the policy had &#8220;contributed to the excessive scarcity of forex in Nigeria,&#8221; the Senate president said in a statement.



The currency has been trading within a range&nbsp;NGN=&nbsp;on the official market.



No date was set for the summon to be conducted by the senate&#8217;s committee on banking. The central bank did not respond to a request for comment.



The naira&nbsp;NGNP=&nbsp;hit a record low of 695 naira per dollar on the black market on Wednesday, traders said, citing scarcity of foreign currency.



Nigeria&#8217;s currency woes worsened after foreign investors fled as oil prices collapsed in the wake of the COVID-19 pandemic, widening the country&#8217;s funding requirement. Oil prices have since recovered but investors are yet to return.



One lawmaker faulted the central bank&#8217;s decision to halt dollar sales to bureau de change operators and said the move had contributed to dollar scarcity.



Lawmakers feared the currency could hit &#8220;1,000 naira by end of the year based on the current rate of depreciation&#8221;, citing a lack of foreign investment on insecurity plaguing Nigeria, which is also battling with double-digit inflation and low growth.



The Senate plans to question Emefiele on the impact of cheap loans granted by the central bank to certain sectors of the economy to boost local production in a bid to cut imports.



(Additional reporting and writing by Chijioke Ohuocha; Editing by Leslie Adler and Marguerita Choy)

Key Speakers At The Nigeria Capital Markets And Banking Forum

Nigeria’s Senate summons central bank chief over ‘free fall of the naira’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/6PEA2GJNXBMVFEUNSLYKQS2ZMU-820x547.jpg" alt="" class="wp-image-418778" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/6PEA2GJNXBMVFEUNSLYKQS2ZMU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/6PEA2GJNXBMVFEUNSLYKQS2ZMU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/6PEA2GJNXBMVFEUNSLYKQS2ZMU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/6PEA2GJNXBMVFEUNSLYKQS2ZMU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/6PEA2GJNXBMVFEUNSLYKQS2ZMU.jpg 1200w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Nigerian President Muhammadu Buhari arrives for the Leaders&#8217; Retreat, on the sidelines of the Commonwealth Heads of Government Meeting at the Intare Conference centre in Kigali, Rwanda June 25, 2022. Dan Kitwood/Pool via REUTERS</figcaption></figure>



ABUJA, July 27 (Reuters)&nbsp;&#8211;&nbsp;Nigerian opposition Senators pushed for President Muhammadu Buhari to face impeachment, 10-months before the end of his second term in office, over the country&#8217;s spreading security problems, the Senate minority leader said on Wednesday.



Nigerians go to the polls in February 2023 to elect a new president in a hotly contested vote where security and the state of economy will be the main issues.



At a closed Senate session, Senators of the People&#8217;s Democratic Party (PDP) tried to introduce a motion giving Buhari six-weeks to improve the country&#8217;s security or face impeachment, Senator Philip Aduda said.



&#8220;Nowhere is safe in Nigeria, even Abuja. Urgent steps need to be taken &#8230; we have given the president six weeks to resolve the issue or we impeach him,&#8221; he said.



Aduda said the motion was blocked by the Senate President, prompting a walkout by opposition Senators. Parliament is controlled by the ruling All Progressive Congress (APC) party and any move to impeach Buhari would require support by two thirds of Senators.



The presidency in a statement backed the Senate President for not &#8220;entertaining the ridiculous motion to impeach our President&#8221;.



Nigeria is struggling with security problems across its vast territory, including armed robberies by criminal gangs, an Islamic insurgency in the northeast and a spate of mass school abductions in the northwest.



The government&#8217;s information minister Lai Mohammed said the impeachment move was propaganda.



&#8220;We are working round the clock &#8230; to make sure the situation is brought under control,&#8221; Mohammed said.



Nigerian authorities ordered schools in the capital Abuja to close on Wednesday two days ahead of summer holidays to avoid them becoming soft targets for terror as insecurity spreads, highlighting the country&#8217;s security challenges.



Islamic State this month claimed responsibility for a prison raid in Abuja which freed around 440 inmates.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2YN0O3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Additional reporting by Felix Onuah; Writing by Chijioke Ohuocha; Editing by Richard Pullin)

6PEA2GJNXBMVFEUNSLYKQS2ZMU

Nigerian opposition Senators urge Buhari’s impeachment over security problems

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/WH675YVHBZPIZNYJUJB4CMI73E-820x551.jpg" alt="" class="wp-image-418774" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/WH675YVHBZPIZNYJUJB4CMI73E-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/WH675YVHBZPIZNYJUJB4CMI73E-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/WH675YVHBZPIZNYJUJB4CMI73E-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/WH675YVHBZPIZNYJUJB4CMI73E-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/WH675YVHBZPIZNYJUJB4CMI73E.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A view shows a toll station on the Expressway undertaken by the China Road and Bridge Corporation (CRBC) on a public-private partnership (PPP) basis, in Nairobi, Kenya May 8, 2022. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, July 28 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s economic output has more than doubled during President Uhuru Kenyatta&#8217;s 10 years in office, but a debt binge that fuelled growth and investment could cramp his successor&#8217;s ability to tackle growing hunger and soaring prices.



Some 22 million voters will pick a new president, lawmakers and county officials on Aug. 9. The election is being overshadowed by a drought that has left 4 million people dependent on food aid while Russia&#8217;s invasion of Ukraine drives up global grain and fuel prices.



Kenya&#8217;s economy is now Africa&#8217;s sixth biggest, up from 13th when Kenyatta took power in April 2013. Annual growth averaging 3.8% over nine years has boosted gross domestic product to 11 trillion shillings ($92.75 billion) from under 5 trillion.



A close Western ally, East Africa&#8217;s most stable country also hosts the regional headquarters of international firms like Alphabet Inc&nbsp;GOOGL.O&nbsp;and Visa&nbsp;V.N.



Debt levels have surged, however, to 9 trillion shillings, or 67% of GDP, from just 2 trillion, or 40% of GDP, when Kenyatta was elected.



&#8220;The increase in debt has been alarmingly fast,&#8221; said Robert Shaw, an independent economic policy analyst based in Nairobi.



Kenyatta, who must stand down after serving two terms, says borrowing &#8211; including $8 billion from China &#8211; funded much-needed infrastructure and helped spur development.



His government has modernised Kenya&#8217;s crumbling, century-old railway network and built more kilometres of paved roads than the previous four administrations combined &#8211; over 10,000, Kenyatta told parliament in November.



He also said then that the number of households connected to the electricity grid had tripled to more than 8 million.



In 2018, the International Monetary Fund classified Kenya as at high risk of debt distress. That risk remains, the Fund&#8217;s Kenya head of mission Mary Goodman told journalists last week.



The yield on Kenya&#8217;s dollar Eurobond due 2024&nbsp;XS1028952403=TE&nbsp;hit a record high of 22% on July 15, as rising U.S. interest rates and the Ukraine war make riskier assets less attractive to investors.



But Julius Muia, principal secretary in the ministry of finance, said debt is sustainable below 70% of GDP, adding: &#8220;The concern about debt is very misplaced.&#8221;



Tabitha Karanja, an opposition United Democratic Alliance candidate for the senate, said the government&#8217;s focus on infrastructure had left many vulnerable people behind.



&#8220;You can&#8217;t build roads for people who are hungry,&#8221; she said.



<h2 class="wp-block-heading">DEBT DILEMMA</h2>



Kenyatta&#8217;s preferred successor, veteran opposition leader Raila Odinga, has pledged to renegotiate terms for the debt to lengthen its maturity and free up cash to fund social interventions and development.



His main opponent, Kenyatta&#8217;s estranged deputy president William Ruto, says he would reduce borrowing and stimulate small enterprises to help drive growth and generate revenues.



But surging living costs, which many Kenyans blame on corruption, are uppermost in voters&#8217; minds.



&#8220;Parents with children in school are suffering a lot. Food prices are also hurting them,&#8221; said Steve Otiende, a small shop owner in Nairobi.



The government has spent 12.6 billion shillings providing food for hunger-stricken communities, but says it needs more.



&#8220;The persistent drought has left us with a resource gap of more than 15 billion shillings required for interventions,&#8221; said Margaret Kobia, the minister in charge of special programmes.



<h2 class="wp-block-heading" id="h-elevated-yields">ELEVATED YIELDS</h2>



Like other frontier economies, Kenya&#8217;s troubles have been compounded by stress in global markets, as major central banks start to reverse years of cheap money policies.



Kenya&#8217;s international bonds have lost 29% of their value this year, with only Ghana&#8217;s faring worse in Africa.



Market turmoil forced Kenya to abandon a $1 billion bond sale last month. The government is examining alternative financing and spending cuts, Muia at the finance ministry said.



But the risk premium over U.S. Treasuries paid by Kenya&#8217;s debt is now over the 1,000 basis points traditionally seen as a marker of distress.



Investor confidence could be shaken further by the election: two of the last three presidential polls were marred by violence, with 1,200 people killed in post-election clashes in 2007.



&#8220;It is very much unclear if the economy has the resilience to manage the coming quarters without crisis,&#8221; said Matthew Vogel, a London-based fund manager at FIM Partners, which specializes in frontier markets.



($1 = 118.6000 Kenyan shillings)



Kenya&#8217;s hard hit government bonds<a href="https://tmsnrt.rs/3cG8mMj">https://tmsnrt.rs/3cG8mMj</a>



Kenya&#8217;s stocks underperform<a href="https://tmsnrt.rs/3op0Vfb" target="_blank" rel="noreferrer noopener">https://tmsnrt.rs/3op0Vfb</a>



The pain has spread<a href="https://tmsnrt.rs/3cfEia9" target="_blank" rel="noreferrer noopener">https://tmsnrt.rs/3cfEia9</a>



Kenya&#8217;s bond worries<a href="https://tmsnrt.rs/3or2fxR">https://tmsnrt.rs/3or2fxR</a>



(Reporting by Duncan Miriri; Additional reporting by Marc Jones in London; Editing by Katharine Houreld and Catherine Evans)

WH675YVHBZPIZNYJUJB4CMI73E

Debt shadow may hang over Kenya’s next president

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/J5BN3D2TZVLIXGJZS2ZGCFXT5Y-820x547.jpg" alt="" class="wp-image-418762" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/J5BN3D2TZVLIXGJZS2ZGCFXT5Y-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/J5BN3D2TZVLIXGJZS2ZGCFXT5Y-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/J5BN3D2TZVLIXGJZS2ZGCFXT5Y-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/J5BN3D2TZVLIXGJZS2ZGCFXT5Y-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/J5BN3D2TZVLIXGJZS2ZGCFXT5Y.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Officials, including Russian Foreign Minister Sergei Lavrov and Ethiopian Deputy Prime Minister and Foreign Minister Demeke Mekonnen, attend a meeting in Addis Ababa, Ethiopia, July 27, 2022. Russian Foreign Ministry/Handout via REUTERS</figcaption></figure>



ADDIS ABABA, July 27 (Reuters)&nbsp;&#8211;&nbsp;Russian Foreign Minister Sergei Lavrov said on Wednesday that Moscow supported Ethiopia&#8217;s efforts to stabilise its internal political situation in remarks that sought to draw a contrast with what he presented as meddling by the West.



Lavrov was in Addis Ababa wrapping up a four-nation African tour aimed at drumming up support for Moscow at a time of confrontation with Western powers over the Russian invasion of Ukraine.



Most African nations, mindful of economic interests and historical ties with both Russia and the West, have declined to take sides over Ukraine.



Ethiopia was considered a stalwart ally of the West until conflict broke out in November 2020 in its northern region of Tigray. The Ethiopian government has come under pressure from the United States and European Union over its conduct of the conflict, which has killed thousands and displaced millions.



&#8220;We confirmed our firm support for those efforts which the government is making to stabilise the situation and launch inclusive national dialogue to solve the key questions,&#8221; Lavrov said during a joint media briefing with his Ethiopian counterpart Demeke Mekonnen.



Lavrov described African countries trying to define their own futures and solve their own problems as part of a trend towards a multipolar world which he accused the West of opposing in its pursuit of U.S. hegemony.



<h3 class="wp-block-heading" id="h-read-more-ugandan-leader-extols-africa-russia-friendship-during-visit-by-lavrov">Read more: <a href="https://www.cnbcafrica.com/2022/ugandan-leader-extols-africa-russia-friendship-during-visit-by-lavrov/">Ugandan leader extols Africa-Russia friendship during visit by Lavrov</a></h3>



Demeke said his country was grateful for &#8220;Russia&#8217;s unwavering support in helping us in safeguarding Ethiopia&#8217;s sovereignty&#8221;.



The Ethiopian government has accused its foreign critics of seeking to unduly interfere in its internal affairs.



Presenting Russia as a respectful friend to Africa, as opposed to overbearing Western powers with a colonial mindset, was a leitmotif of Lavrov&#8217;s remarks during previous stops in Congo Republic and Uganda.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2Z616B&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL8N2Z748C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



He expanded on the theme during a half-hour speech to diplomats at the Russian embassy in Addis Ababa in which he presented the Russian government&#8217;s positions on Ukraine and international relations in general.



&#8220;I am sure the overwhelming majority of world countries do not want to live as if the colonial times (have) come back,&#8221; he said.



The Russian embassy declined to say which ambassadors had been invited to the event. Questions were asked by diplomats from South Sudan, Algeria and Pakistan before Lavrov left.



(Additional reporting by Alexander Winning in Johannesburg; Writing by Estelle Shirbon and Angus MacSwan)

J5BN3D2TZVLIXGJZS2ZGCFXT5Y

Lavrov denigrates West’s stance towards Africa during Ethiopia visit

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="549" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/5ONHLF3OWBKKBE3UFMTNQP5G44-820x549.jpg" alt="" class="wp-image-417848" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/5ONHLF3OWBKKBE3UFMTNQP5G44-820x549.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/5ONHLF3OWBKKBE3UFMTNQP5G44-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/5ONHLF3OWBKKBE3UFMTNQP5G44-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/5ONHLF3OWBKKBE3UFMTNQP5G44-768x514.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/5ONHLF3OWBKKBE3UFMTNQP5G44.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>A Transnet Freight Rail train is seen next to tons of coal mined from the nearby Khanye Colliery mine, at the Bronkhorstspruit station, in Bronkhorstspruit, around 90 kilometres north-east of Johannesburg, South Africa, April 26, 2022.Picture taken April 26,2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, July 27 (Reuters)&nbsp;&#8211;&nbsp;The executive director of South Africa&#8217;s Presidential Commission on Climate Change called the country&#8217;s coal industry &#8220;delusional&#8221; on Wednesday, saying the market for the fossil fuel is going to dwindle rapidly in the next decade.



South Africa, which gets most of its electricity from coal-fired power plants, is grappling with rolling blackouts, while coal miners are exporting more of their product to take advantage of sky-high prices.



&#8220;The industry is delusional, and I&#8217;m really struggling to get a sober conversation with the industry,&#8221; Crispian Olver said at a conference on coal and the energy transition in Johannesburg.



&#8220;Our view is the coal market is going to drop off radically in the 2030s and particularly after 2035,&#8221; he said during a panel discussion with executives from coal miners Seriti Resources and Menar Resources.



South African President Cyril Ramaphosa on Monday made fresh pledges to tackle the country&#8217;s worst-ever power crisis, promising to expand power generation, slash red tape and boost renewable energy procurement. <a href="https://www.reutersconnect.com/all?search=all%3AL8N2Z64VL&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-europe-imports-more-south-african-coal-as-russian-ban-looms">Read more: <a href="https://www.cnbcafrica.com/2022/europe-imports-more-south-african-coal-as-russian-ban-looms/">Europe imports more South African coal as Russian ban looms</a></h3>



&#8220;The transition is coming, but it&#8217;s going to be impossible to have a conversation with the industry if we can&#8217;t get past the basic denialism,&#8221; Olver said.



Seriti Resources CEO Mike Teke said &#8220;we are not climate deniers&#8221;, and that he had met with Olver. Seriti, one of Eskom&#8217;s biggest coal suppliers, is currently exporting &#8220;a lot of&#8221; coal too, Teke said, without providing details.



Menar Resources managing director Vuslat Bayoglu said renewable energy was not a silver bullet, and that it was up to Eskom, rather than coal miners, to minimise carbon emissions. Menar has also been trying to meet surging demand for coal from Europe.



Olver said the commission wanted to work with the coal industry to manage a &#8220;just transition&#8221; that would ensure alternative jobs are created in coal-dependent areas such as mining hub Mpumalanga.



Increased use of coal was the main factor driving up energy-related carbon dioxide emissions by over 2 billion tonnes in 2021, their largest ever annual rise in absolute terms, according to the International Energy Agency.



(Reporting by Helen Reid; Additional reporting by Nelson Banya; Editing by Jason Neely and Mark Potter)

5ONHLF3OWBKKBE3UFMTNQP5G44

Coal industry is ‘delusional’, South Africa climate change official says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1233035258-820x547.jpg" alt="" class="wp-image-411043" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1233035258-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1233035258-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1233035258-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1233035258-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1233035258-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1233035258-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>UKRAINE &#8211; 2021/05/21: In this photo illustration the International Monetary Fund (IMF) logo is seen on a smartphone screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)</figcaption></figure>



WASHINGTON, July 26 (Reuters)&nbsp;&#8211;&nbsp;A&nbsp;new issue of International Monetary Fund Special Drawing Rights reserves is among options that could be considered to aid countries struggling with spillovers from the Ukraine war but there are no active discussions on the matter, IMF officials said on Tuesday.



&#8220;There has been no discussion at the IMF of a further SDR allocation,&#8221; an IMF spokesperson said in an emailed statement. &#8220;Despite recent developments and high global uncertainty, it would be premature to conclude that the long-term global need for reserves has changed significantly.&#8221;



The statement was issued after IMF chief economist Pierre-Olivier Gourinchas told a news conference that a new SDR allocation was&nbsp;&#8220;part of a menu of options that the fund is exploring currently&#8221;&nbsp;to aid countries dealing with crises prompted by high food and energy costs.



The IMF in August 2021 created and issued $650 billion in SDR assets to member countries to aid their recovery from the COVID-19 pandemic, and the spokesperson said most still hold these assets as reserves.



More than 45 progressive U.S. lawmakers led by Senator Elizabeth Warren and Representative Pramila Jayapal, both Democrats, earlier this month urged President Joe Biden and U.S. Treasury Secretary Janet Yellen <a href="https://progressives.house.gov/_cache/files/f/3/f3aa15fe-cca2-40da-a68b-937e3d8646f9/15748EFE144F03BA67ADE35DF1A98155.7-12-22-jayapal-warren-sdr-issuance-letter.pdf" target="_blank" rel="noreferrer noopener">to support</a> a new SDR allocation of at least $650 million to avoid famine and a destabilizing debt crisis in developing countries.



<h3 class="wp-block-heading" id="h-read-more-imf-s-board-to-review-kenya-s-performance-in-mid-july-239-mln-at-stake">Read more: <a href="https://www.cnbcafrica.com/2022/imfs-board-to-review-kenyas-performance-in-mid-july-239-mln-at-stake/">IMF’s board to review Kenya’s performance in mid-July, $239 mln at stake</a></h3>



The SDR issue of that size last year did not require legislative approval in the United States, the IMF&#8217;s controlling shareholder.



Gourinchas said an SDR allocation is &#8220;not a panacea&#8221; for difficulties facing developing countries and there are limitations on how it could help countries.



Another complicating factor is that Russia, as an IMF member, would receive an allocation, which would draw some political opposition given its invasion of Ukraine.



The IMF spokesperson said the Fund is currently focusing on channeling SDRs from wealthier members to those in need of additional reserve assets.



This includes scaling up lending of the reserves through the existing Poverty Reduction and Growth Trust and establishing the new Resilience and Sustainability Trust to include vulnerable middle income countries. The IMF hopes to begin lending from the new trust in October.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2YV1GQ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by David Lawder; Editing by Mark Porter and Marguerita Choy)

In this photo illustration the International Monetary Fund (

IMF says not holding active discussions on potential new SDR issue

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1242090694-820x547.jpg" alt="" class="wp-image-418734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1242090694-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1242090694-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1242090694-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1242090694-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1242090694-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1242090694-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>CAIRO, EGYPT &#8211; JULY 24: Russian Foreign Minister Sergei Lavrov and his Egyptian counterpart Sameh Hassan Shoukry (not seen) hold joint press conference after their meeting in Cairo, Egypt on June 24, 2022. (Photo by Mohamed Abdel Hamid/Anadolu Agency via Getty Images)</figcaption></figure>



ENTEBBE, Uganda, July 26 (Reuters)&nbsp;&#8211;&nbsp;Ugandan President Yoweri Museveni said on Tuesday he saw no reason to criticise Russia over the invasion of Ukraine, extolling Russian-African friendship in remarks that will have delighted his visitor, Russia&#8217;s Foreign Minister Sergei Lavrov.



Speaking alongside Lavrov, who is on a four-nation African tour seeking support for Moscow at a time of confrontation with Western powers, Museveni praised Russia as a partner in the struggle against colonialism going back a century.



&#8220;If Russia makes mistakes then we tell them,&#8221; Museveni said, citing his participation in student demonstrations against the crushing of the Prague Spring by the Soviet Union in 1968.



&#8220;But when they have not made a mistake we cannot be against them,&#8221; he said.



Many African countries, which import Russian grain and energy while also buying Ukrainian grain and benefitting from Western aid flows and trade ties, have avoided taking sides over the war in Ukraine.



Uganda was among 17 African nations that abstained in a March vote on a United Nations resolution condemning the Russian invasion, which was supported by 141 countries out of 193.



Lavrov praised what he described as &#8220;the responsible and balanced position taken by Uganda and other African states&#8221;, accusing the West of displaying a colonial mindset by demanding that Africa adopt an anti-Russian stance.



<h3 class="wp-block-heading" id="h-read-more-russia-s-lavrov-courts-africa-in-quest-for-more-non-western-friends">Read more: <a href="https://www.cnbcafrica.com/2022/russias-lavrov-courts-africa-in-quest-for-more-non-western-friends/">Russia’s Lavrov courts Africa in quest for more non-Western friends</a></h3>



This chimed with Museveni&#8217;s remarks, in which he drew heavily on historical events to explain his preference for staying on good terms with both Russia and the West.



&#8220;Whenever issues come up and some people want us to take positions against Russia, we say &#8216;but you people, these people have been with us for the last 100 years, how can we be automatically against them?'&#8221; Museveni said.



&#8220;We have even forgiven our former enemies, the colonialists, the ones who have colonised us, the ones who had actually taken slaves from here and who did bad things. We have forgiven them and we are working them,&#8221; he said.



Harking back to the Cold War, Museveni, who has been in power for 36 years, said that when asked if he was pro-West or pro-East he rejected the question as idiotic.



&#8220;I am pro-myself. And I deal with other people according to how they relate with my own interest,&#8221; he said.



Lavrov has already visited Egypt and Congo Republic.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2Z50EY&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL1N2Z616B&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



From Uganda, he will head to Ethiopia, which has long been a stalwart ally of the West but has recently rowed with the United States over its conduct of a conflict in its northern region of Tigray.



(Reporting by Isaac Kasamani in Entebbe and Alexander Winning in Johannesburg; Writing by Estelle Shirbon)

Russian FM Lavrov – Egyptian FM Shoukry

Ugandan leader extols Africa-Russia friendship during visit by Lavrov

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/HLHJI4GZZJKNXKBDWKD2BAZUXI-820x551.jpg" alt="" class="wp-image-418730" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/HLHJI4GZZJKNXKBDWKD2BAZUXI-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/HLHJI4GZZJKNXKBDWKD2BAZUXI-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/HLHJI4GZZJKNXKBDWKD2BAZUXI-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/HLHJI4GZZJKNXKBDWKD2BAZUXI-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/HLHJI4GZZJKNXKBDWKD2BAZUXI.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>French President Emmanuel Macron is welcomed by Cameroon&#8217;s Prime Minister Joseph Dion Ngute on his arrival in Yaounde, Cameroon July 25, 2022. REUTERS/Desire Danga Essigue.</figcaption></figure>



YAOUNDE, July 26 (Reuters) &#8211; French President Emmanuel Macron started a three-leg Africa tour in Cameroon in Tuesday, a trip meant to strengthen political ties with the continent and help boost agricultural production amid growing food insecurity linked to the war in Ukraine.



The mineral-rich central African nation is a major food producer for the region and Macron&#8217;s delegation will seek investment opportunities in the agricultural sector.



He will meet Cameroon&#8217;s President Paul Biya in the capital Yaounde, as well as the French community and civil society representatives.



Many African nations are facing food and energy security issues due to their dependence on Russian grain and energy, but they also buy Ukrainian grain that has been disrupted by the conflict.



African governments have largely avoided taking sides and refused to join Western condemnation and sanctions over Russia&#8217;s behaviour.



<h3 class="wp-block-heading" id="h-read-more-with-skyrocketing-global-food-prices-agricultural-development-in-africa-is-an-imperative">Read more: <a href="https://www.cnbcafrica.com/2022/with-skyrocketing-global-food-prices-agricultural-development-in-africa-is-an-imperative/">With Skyrocketing Global Food Prices Agricultural Development in Africa Is An Imperative</a></h3>



But anti-French sentiment is rising in France&#8217;s former West African colonies, where security concerns and political instability following a string of coups are stoking frustration and swinging public opinion in favour of Russia.



The trip &#8211; Macron&#8217;s first in Africa since his re-election in April &#8211; coincides with visits by Russian Foreign Minister Sergei Lavrov and U.S. Special Envoy for the Horn of Africa Mike Hammer to different countries across the continent.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2Z62IH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Cameroon is grappling with sharp increases in prices for oil, fertiliser and foodstuffs. Severe fuel shortages hit the capital Yaounde last week leading to long queues at petrol stations.



The country is also battling Boko Haram insurgents in the north near the Nigerian border, while English-speaking separatists in two Anglophone regions in the west have taken up arms against the government since 2017.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2YE0HR&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Macron will head to Benin on Wednesday and Guinea-Bissau on Thursday.



(Reporting by Sofia Christensen; Editing by Bate Felix and Alison Williams)

HLHJI4GZZJKNXKBDWKD2BAZUXI

Macron to push investments in Cameroon to boost Africa food security

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/ZNJC77UFVFN4BBU6N5DQCCPWT4-820x547.jpg" alt="" class="wp-image-418722" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/ZNJC77UFVFN4BBU6N5DQCCPWT4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/ZNJC77UFVFN4BBU6N5DQCCPWT4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/ZNJC77UFVFN4BBU6N5DQCCPWT4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/ZNJC77UFVFN4BBU6N5DQCCPWT4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/ZNJC77UFVFN4BBU6N5DQCCPWT4-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/ZNJC77UFVFN4BBU6N5DQCCPWT4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>South Africa&#8217;s president Cyril Ramaphosa delivers the State of the Nation Address (SONA) to a joint sitting of the National Assembly and the National Council of Provinces in Cape Town, South Africa, February 10, 2020. Nic Bothma/Pool via REUTERS</figcaption></figure>



July 25 (Reuters)&nbsp;&#8211;&nbsp;South African President Cyril Ramaphosa on Monday made fresh pledges to tackle the country&#8217;s worst-ever power crisis, promising to expand generation, slash red tape and buy surplus electricity from private producers.



Ramaphosa has tried to reform South Africa&#8217;s ailing power network since taking office in 2018, but he has made little headway and this year outages are set to reach a record level.



In a televised address to the nation, he said additional interventions were needed.



State-owned utility Eskom will over the next year increase its maintenance budget to make its fleet more reliable and hire skilled personnel from the private sector to help with its operations.



It will seek to buy excess power from existing independent power producers and neighbouring countries in the Southern African Power Pool.



<h3 class="wp-block-heading" id="h-read-more-eskom-ceo-says-he-briefed-south-african-president-on-power-crisis">Read more: <a href="https://www.cnbcafrica.com/2022/eskom-ceo-says-he-briefed-s-african-president-on-power-crisis/">Eskom CEO says he briefed South African president on power crisis</a></h3>



The size of an upcoming renewable energy procurement round will be doubled to 5,200 megawatts, and a requirement for a license for embedded generation projects will be scrapped completely to stimulate private investment.



Eskom will develop rules and a pricing structure to encourage the uptake of rooftop solar by businesses and households, and those with solar panels will be able to sell electricity they do not need to Eskom.



The finance minister will outline government plans to deal with Eskom&#8217;s 400 billion rand ($23.85 billion) debt burden at the October mid-term budget, Ramaphosa said.



Despite steps to make electricity supply more competitive, the government still views Eskom as its mainstay and the transmission grid will remain state-owned.



Ramaphosa said: &#8220;Our ultimate objective is to achieve long-term energy security, so that we never have to experience an electricity shortage again.&#8221;



($1 = 16.7725 rand)



(Additional reporting by Bhargav Acharya; Writing by Alexander WinningEditing by Marguerita Choy)

South Africa’s Ramaphosa delivers state of the nation address, in Cape Town

South Africa’s Ramaphosa makes new pledges to tackle power crisis

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/VEJHBDTFHVOLZPRFPOGYBLONSA-820x547.jpg" alt="" class="wp-image-418713" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/VEJHBDTFHVOLZPRFPOGYBLONSA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/VEJHBDTFHVOLZPRFPOGYBLONSA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/VEJHBDTFHVOLZPRFPOGYBLONSA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/VEJHBDTFHVOLZPRFPOGYBLONSA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/VEJHBDTFHVOLZPRFPOGYBLONSA-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/VEJHBDTFHVOLZPRFPOGYBLONSA-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: Russian Foreign Minister Sergei Lavrov attends a news conference with his Egyptian counterpart Sameh Shoukry in Cairo, Egypt, July 24, 2022. REUTERS/Amr Abdallah Dalsh/File Photo</figcaption></figure>



KAMPALA, July 25 (Reuters)&nbsp;&#8211;&nbsp;Russian Foreign Minister Sergei Lavrov visited Congo Republic on Monday, the second leg of an African tour aimed at strengthening Moscow&#8217;s ties with a continent that has refused to join Western condemnation and sanctions over Russia&#8217;s invasion of Ukraine.



African countries, which have a tangled legacy of ties with both the West and the former Soviet Union, have largely avoided taking sides over the war in Ukraine. Many import Russian grain and, increasingly, energy too but they also buy Ukrainian grain and benefit from Western aid flows and trade ties.



Lavrov has already visited Egypt and will head from Congo to Uganda, then Ethiopia.



Africa is also being courted by the West this week, with French President Emmanuel Macron due to visit Cameroon, Benin and Guinea-Bissau and U.S. Special Envoy for the Horn of Africa Mike Hammer on his way to Egypt and Ethiopia.



In a column published in newspapers in the four countries included in his tour, Lavrov praised Africa for resisting what he called the West&#8217;s attempts to impose a unipolar world order.



&#8220;We appreciate the considered African position as to the situation in and around Ukraine,&#8221; he wrote in the column, adding that African countries had come under &#8220;unprecedented&#8221; Western pressure to join the sanctions.



In Congo Republic, a small oil-producing former French colony north of the much larger Democratic Republic of Congo, Lavrov visited President Denis Sassou Nguesso at his residence in the town of Oyo, 400 km from the capital Brazzaville.



Sassou Nguesso has been in power since 1979, with a five-year gap from 1992 to 1997.



Lavrov was expected to hold a joint news conference with his Congolese counterpart Jean-Claude Gakosso on Monday, Russia&#8217;s foreign ministry said.



In a statement, Lavrov&#8217;s spokeswoman said this was the first visit by a Russian or Soviet foreign affairs minister to the country. She said friendly ties dated back to the Soviet era and that 8,000 Congolese citizens had studied in Russia.



<h3 class="wp-block-heading" id="h-balancing-act">BALANCING ACT</h3>



Lavrov was expected later in Uganda, where President Yoweri Museveni has a long history of balancing strong ties with Western allies as well as friendly relations with Moscow. He has visited Russia at least twice since 2010.



In a statement announcing Lavrov&#8217;s visit, Museveni&#8217;s office said he desired &#8220;stronger bilateral relations especially in the areas of defence and security, economic and technical cooperation&#8221;.



Museveni&#8217;s son Muhoozi Kainerugaba, an army general widely seen as being groomed to succeed his father, praised Russia on social media shortly after President Vladimir Putin ordered his forces into Ukraine on Feb. 24.



&#8220;The majority of mankind (that are non-white) support Russia&#8217;s stand in Ukraine. Putin is absolutely right!&#8221; he wrote.



Uganda&#8217;s state broadcaster said it would carry news bulletins from Russian state-funded channel RT twice a day under a new memorandum of understanding signed with Moscow.



Sarah Bireete, head of Kampala-based campaign group the Centre for Constitutional Governance, said Museveni, who has been in power for 36 years, was keen on Russia because it did not question his government&#8217;s record.



&#8220;Uganda has strong alliances with the West but they are beginning to question his democratic credentials so Museveni is now running to Russia which doesn&#8217;t query his human rights or democracy record,&#8221; she said.



Uganda is among several nations in Eastern Africa suffering from food shortages due to a combination of the region&#8217;s worst drought in 40 years and soaring inflation fueled by the crisis in Ukraine.



Western powers have blamed Russia for the crisis, and last week the U.S. announced a $1.3 billion package to help tackle hunger in the region. Russia blames the Western sanctions for grain supply problems.



(Additional reporting by Guy Faulconbridge; Writing by Estelle Shirbon; Editing by Gareth Jones)

Reuters

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Ugandan leader extols Africa-Russia friendship during visit by Lavrov

Macron to push investments in Cameroon to boost Africa food security

South Africa’s Ramaphosa makes new pledges to tackle power crisis

Russia’s Lavrov courts Africa in quest for more non-Western friends

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Reuters

Ramaphosa scolds ruling ANC for losing South Africans’ trust

Amapiano stars put South African dance music on the map

Ghana looking at 3-year IMF programme of $2 bln-$3 bln -finance minister

Kenya vice presidential nominee ordered to pay back corruption funds

Dubai to host final 2023 World Cup qualification tournament

Global coal demand to match record high this year, IEA says

WHO confirms two more Marburg virus cases in Ghana, says official

Nigeria’s Senate summons central bank chief over ‘free fall of the naira’

Nigerian opposition Senators urge Buhari’s impeachment over security problems

Debt shadow may hang over Kenya’s next president

Lavrov denigrates West’s stance towards Africa during Ethiopia visit

Coal industry is ‘delusional’, South Africa climate change official says

IMF says not holding active discussions on potential new SDR issue

Ugandan leader extols Africa-Russia friendship during visit by Lavrov

Macron to push investments in Cameroon to boost Africa food security

South Africa’s Ramaphosa makes new pledges to tackle power crisis

Russia’s Lavrov courts Africa in quest for more non-Western friends

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