<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="517" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1263655082-820x517.jpg" alt="" class="wp-image-416282" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1263655082-820x517.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1263655082-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1263655082-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1263655082-768x484.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1263655082-1536x968.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1263655082-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Overberg, Caledon, Western Cape, South Africa. (Photo by: Peter Titmuss/Education Images/Universal Images Group via Getty Images)</figcaption></figure>



CAPE TOWN, April 5 (Reuters)&nbsp;&#8211;&nbsp;On South Africa&#8217;s Lancewood dairy farm, a GPS-guided tractor spreads cow manure across defined areas where tilling is banned and fertilizer used at a minimum, if at all.



Some 2,500 Jersey cows graze on a selection of plants, from chicory to lucerne (alfalfa), that have been planted for feed variety while helping preserve the soil&#8217;s nutrients.



Lancewood is among 40 dairy farms where South Africa&#8217;s first internationally certified carbon programme for the agricultural sector &#8211; known as AgriCarbon &#8211; is being piloted by Climate Neutral Group (CNG) to help curb greenhouse gas emissions.



Dairy farms have borne the brunt of criticism from environmentalists in the agriculture sector for releasing large quantities of methane and nitrogen that drive climate change.



&#8220;That&#8217;s how we&#8217;ve worked – doing minimal till and reducing our nitrogen on the soil for many, many years and that&#8217;s how we&#8217;ve reduced our costs on the farm to make the dairy very profitable,&#8221; Lancewood owner Mark Rubin told Reuters on his farm in the Sedgefield area of South Africa&#8217;s southern Cape region.



Lancewood has, for example, more than halved its nitrogen use per hectare per year in 2022 from 2018, according to research consultancy Trace &amp; Save.



Nitrogen in fertilizer can convert into nitrous oxide, a harmful greenhouse gas that can linger in the atmosphere for decades and is a better heat trap than carbon dioxide (CO2).



<h3 class="wp-block-heading" id="h-read-more-a-just-transition-for-africa-championing-a-fair-and-prosperous-pathway-to-net-zero">Read more: <a href="https://www.cnbcafrica.com/2021/a-just-transition-for-africa-championing-a-fair-and-prosperous-pathway-to-net-zero/">A Just Transition for Africa: Championing a Fair and Prosperous Pathway to Net Zero</a></h3>



AgriCarbon, introduced in 2021, draws on farm-generated data to reward farmers who adopt better farming methods, such as reduced tilling. The first verified carbon credits will be sold later this year with a potential 230,000 tonnes up for grabs, targeting mainly European companies, CNG officials said.



The National Treasury is eyeing a domestic carbon credit market of 10 to 20 million tonnes of CO2 a year, and has set a baseline price of between 115 rand ($7.97) to 120 rand per tonne for 2022, less than the $15 to $25 potentially on offer for AgriCarbon credits.



&#8220;They are attractive on the international market because they are nature-based sequestration credits,&#8221; said Gray Maguire, carbon project manager at CNG&#8217;s South African unit.



CNG is considering similar type initiatives for an estimated 33 million smallholder crop and livestock farmers in sub-Saharan Africa, with potential projects eyed in Malawi, Morocco, Kenya and Zambia, Maguire added.



Poor regulatory frameworks, inadequate financing and technical expertise has seen Africa lagging in adopting Clean Development Mechanism (CDM) projects, with the region accounting for 2.9% of the total number of CDM projects worldwide, United Nations Environmental Programme data shows.



But the tide might turn for Africa after a new global climate deal was clinched in November setting rules for carbon markets.



&#8220;There is a reason for optimism for the continent with a lot more focus now on other attributes of the credits (other) than emission reductions, namely sustainable development impacts,&#8221; Karen Olsen, senior researcher at UNEP&#8217;s Copenhagen Climate Centre said.



($1 = 14.4262 rand)



(Reporting by Wendell Roelf; Editing by Olivia Kumwenda-Mtambo and David Evans)

Overberg, Caledon, Western Cape, South Africa.

South African dairy farmers eye carbon credits while curbing emissions

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="542" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/AL7S4SYCZJOFXPTXK6EOICZ5MM-820x542.jpg" alt="" class="wp-image-416278" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/AL7S4SYCZJOFXPTXK6EOICZ5MM-820x542.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/AL7S4SYCZJOFXPTXK6EOICZ5MM-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/AL7S4SYCZJOFXPTXK6EOICZ5MM-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/AL7S4SYCZJOFXPTXK6EOICZ5MM-768x508.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/AL7S4SYCZJOFXPTXK6EOICZ5MM.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Sand blows across a normally submerged area at Theewaterskloof dam near Cape Town, South Africa, January 20, 2018. REUTERS/Mike Hutchings/File Photo</figcaption></figure>



April 4 (Reuters)&nbsp;&#8211;&nbsp;Cities are driving the human-caused climate change that threatens the global environment, but also offer hope.



That is the overriding message of a chapter devoted to cities in a major U.N. report on climate change released on Monday, providing city planners around the world guideposts aimed at avoiding climate catastrophe.



&#8220;The fact that cities are responsible for more than two-thirds of global greenhouse gas emissions means that if cities do something, they can solve two-thirds of the problem. So that&#8217;s pretty exciting,&#8221; said Karen Seto, a professor at Yale University&#8217;s School of the Environment and one of two coordinating lead authors of the report&#8217;s chapter on cities.



Many cities around the globe have taken action already. Mexico City has banned plastic bags. Minneapolis, Minnesota, eliminated zoning for single-family homes to promote density. Paris has outlawed diesel cars.



&#8220;Every city can do something, and not every city&#8217;s going to do the exact same thing,&#8221; Seto said. &#8220;Not every city needs to look the same. Not every building needs to be a high rise.&#8221;



Cities, particularly the small and medium-sized cities of Asia and Africa that will see the most growth this century, offer the opportunity reduce reliance on automobiles, employ environmentally friendly building materials, and capture stormwater runoff, according to the report&#8217;s experts.



Cities can become havens of urban forests, street trees and green roofs, which will not only sequester and store carbon but also induce a cooling effect that reduces energy demand and energy use for water treatment, said the report, the latest from the Intergovernmental Panel on Climate Change.



Urban density also avoids rural and suburban sprawl, which is less energy efficient and destroys natural habitats.



<h3 class="wp-block-heading" id="h-read-more-international-women-s-day-celebrates-the-contribution-of-women-and-girls-as-climate-solution-multipliers">Read more: <a href="https://www.cnbcafrica.com/2022/international-womens-day-celebrates-the-contribution-of-women-and-girls-as-climate-solution-multipliers/">International Women’s Day celebrates the contribution of women and girls as climate solution multipliers</a></h3>



&#8220;The 21st century will be the urban century, defined by a massive increase in global urban populations,&#8221; the report said, noting that 55% of the world&#8217;s population lived in urban areas as of 2018, a figure expected to jump to 68% by 2050.



At the same time, however, &#8220;the global trend of urbanization also offers a critical opportunity in the near term, to advance climate resilient development.&#8221;



The report focuses on mitigation, noting that alleviating climate change in cities will have an outsized effect on surrounding areas and help improve the mental and physical health of urban dwellers.



As with the global thrust of the&nbsp;<a href="https://report.ipcc.ch/ar6wg3/pdf/IPCC_AR6_WGIII_FinalDraft_FullReport.pdf" target="_blank" rel="noreferrer noopener">overall report</a>, the authors call on governments and industry to act with extreme urgency and make significant new commitments toward financing.



Urban areas generated 67% to 72% of carbon dioxide and methane emissions in 2020, up from 62% in 2015. Without any mitigation efforts, the raw amount of urban emissions could double from 2020 to 2050, the report said.



But with aggressive and immediate mitigation policies, urban greenhouse gas emissions could approach net zero by 2050.



As home to generally more prosperous people, urban cities emit more greenhouse gases.



Of the additional 2.5 billion people expected to live in cities by midcentury, 90% of the increase will take place in Africa and Asia, requiring more advanced economies and multinational companies to finance green development.



Capital will be needed to promote carbon sequestration, avoid emissions and reduced energy use.



Seto said she was optimistic because consumers and investors in the &#8220;global north&#8221; are demanding sustainability, and because the cost of new technologies such as photovoltaics and batteries for electric vehicles is going down.



&#8220;The cost of the status quo is worse than doing nothing,&#8221; Seto said.



(Reporting by Daniel Trotta; Editing by Donna Bryson and Leslie Adler)

AL7S4SYCZJOFXPTXK6EOICZ5MM

Cities driving climate change, but part of the solution -UN report

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P54PX3A7AZOWTENG6W43MJOI7E-820x615.jpg" alt="" class="wp-image-416274" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P54PX3A7AZOWTENG6W43MJOI7E-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P54PX3A7AZOWTENG6W43MJOI7E-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P54PX3A7AZOWTENG6W43MJOI7E-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P54PX3A7AZOWTENG6W43MJOI7E-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/P54PX3A7AZOWTENG6W43MJOI7E.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Residents of the Nigerien village of Zerma Dare sit in a camp for displaced people in the town of Ouallam, Niger, July 6, 2021. Picture taken July 6, 2021. REUTERS/Media Coulibaly/File Photo</figcaption></figure>



DAKAR, April 5 (Reuters)&nbsp;&#8211;&nbsp;West Africa is facing its worst food crisis on record driven by conflict, drought, and the impact of the war in Ukraine on food prices and availability, aid agencies said on Tuesday.



There are about 27 million people suffering from hunger in the region and that number could rise to 38 million by June, a 40% increase from last year and a historic high, said 11 international aid organizations in a joint statement.



Large swathes of West Africa, including parts of Burkina Faso, Mali, Niger and Nigeria, are facing Islamist insurgencies that have forced millions of people off their land. Along with Chad, those are the countries most affected by hunger.



The region has also seen worsening floods and droughts due to the effects of climate change, making it harder to farm. Cereal production in 2021/22 was down 39% year-on-year in Niger and 15% in Mali, according to West Africa&#8217;s Food Crisis Prevention Network.



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



On top of that, global food prices have surged and trade has been disrupted due to Russia&#8217;s invasion of Ukraine. Border closures due to COVID-19 have also had a negative impact, the Food Crisis Prevention Network said.



&#8220;What is new and worsening is mainly all the displaced people and abandoned land because of conflict, but also we are witnessing new drivers,&#8221; said Assalama Dawalack Sidi, Oxfam&#8217;s regional director for West and Central Africa.



Six West African countries import 30-50% of their wheat from Russia and Ukraine, according to the United Nations Food and Agriculture Organization (FAO).



The Ukraine war also risks redirecting much-needed funding from the region, Sidi warned.



&#8220;Many donors have already indicated that they may cut funding for Africa to pay for refugees in Europe,&#8221; she said.



(Reporting by Nellie Peyton; Editing by Alex Richardson)

P54PX3A7AZOWTENG6W43MJOI7E

West Africa faces historic food crisis driven by conflict, price surge

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/MPF7BMV4R5MXDJET5ZICNYYGKY-820x547.jpg" alt="" class="wp-image-413817" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/MPF7BMV4R5MXDJET5ZICNYYGKY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/MPF7BMV4R5MXDJET5ZICNYYGKY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/MPF7BMV4R5MXDJET5ZICNYYGKY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/MPF7BMV4R5MXDJET5ZICNYYGKY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/MPF7BMV4R5MXDJET5ZICNYYGKY.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>South African President Cyril Ramaphosa addresses a press conference after the G20 Compact with Africa conference at the Chancellery in Berlin, Germany August 27, 2021. Tobias Schwarz/Pool via REUTERS/File Photo</figcaption></figure>



JOHANNESBURG, April 4 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s national state of disaster, in place for more than two years in response to COVID-19,&nbsp;will&nbsp;end from midnight local time on Monday, President Cyril Ramaphosa said.



The national state of disaster has been the government&#8217;s main mechanism for managing the pandemic. Removing it will do away with the vast majority of remaining COVID-19 restrictions, aside from a few that will remain in place on a transitional basis, Ramaphosa said.



&#8220;While the pandemic is not over, while the virus remains amongst us, these conditions no longer require we remain in a national state of disaster,&#8221; he said in a televised address, referencing far lower rates of hospitalisation and deaths during the country&#8217;s fourth wave of infections.



South Africa, the continent&#8217;s most industrialised economy and the worst-hit in terms of reported infections and deaths, has been in an &#8216;adjusted level 1&#8217; lockdown, or the lowest of a five tier system since October.



<h3 class="wp-block-heading" id="h-read-more-south-africa-s-ramaphosa-eases-covid-19-restrictions-to-lift-economy">Read more: <a href="https://www.cnbcafrica.com/2022/south-africas-ramaphosa-eases-covid-19-restrictions-to-lift-economy/">South Africa’s Ramaphosa eases COVID-19 restrictions to lift economy</a></h3>



Amid criticism for not ending the state of disaster and maintaining some painful measures that weighed on the country&#8217;s struggling economy, Ramaphosa eased restrictions further in March.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VP5K4&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The five-tier lockdown system, rules around isolation and access to old age homes, and the criminalisation of non-adherence to such rules will be among the measures&nbsp;ended&nbsp;when the state of disaster expires.



The transitional measures that remain in place, such as a requirement to wear masks indoors, rules for travellers and a directive that enables the payment of a special relief grant, will lapse after 30 days, Ramaphosa said.



After that, more permanent regulations, currently up for public consultation, are expected to help the government manage COVID-19 going forward.



Reported COVID-19 cases and deaths stood at over 3.7 million and 100,052 respectively as of Monday, according to authorities.



(Reporting by Emma RumneyEditing by Chris Reese and Alistair Bell)

MPF7BMV4R5MXDJET5ZICNYYGKY

South Africa’s COVID state of disaster to end at midnight -President Ramaphosa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-820x547.jpg" alt="" class="wp-image-373504" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-1920x1280.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/101416618-rand-600x400.jpg 600w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



JOHANNESBURG, April 4 (Reuters) – South Africa’s rand steadied in early trade on Monday, struggling for momentum as a stronger dollar overshadowed Moody’s revision of the country’s outlook to “stable” from “negative”.



At 0635 GMT, the rand traded at around 14.6500 against the dollar, largely unchanged from Friday’s close.



The dollar made a firm start to the week, as the monthly U.S. jobs report indicated a strong labour market and is likely to keep the Federal Reserve on track to maintain its hawkish policy stance.



Higher rates in developed markets tend to drain capital from higher-yielding but riskier emerging markets such as South Africa.



<h3 class="wp-block-heading" id="h-read-more-markets-will-be-looking-for-clues-from-the-fed-ahead-as-historically-strong-month-gets-underway">Read more: <a href="https://www.cnbcafrica.com/2022/markets-will-be-looking-for-clues-from-the-fed-ahead-as-historically-strong-month-gets-underway/">Markets will be looking for clues from the Fed ahead, as historically strong month gets underway</a></h3>



On Friday, ratings agency Moody’s revised South Africa’s outlook to “stable”, saying the country’s improved fiscal outlook would help the government stabilise its debt burden over the medium term.



Investor focus was also on talk of more sanctions against Russia over its invasion of Ukraine.



“As we head into the new week, Russia is, yet again, in the headlines, as bans on Russian gas imports to Europe come under discussion by European leadership,” said Bianca Botes, director at Citadel Global.



While Russia-Ukraine peace talks dragged on, reports of Russian atrocities led Germany to say the West would agree to impose more sanctions in coming days. 



(Reporting by Olivia Kumwenda-Mtambo; Editing by Kirsten Donovan)

101416618-rand

South Africa’s rand steadies against stronger dollar

<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-1228234555-820x547.jpg" alt="" class="wp-image-411707" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1228234555-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1228234555-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1228234555-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1228234555-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1228234555-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-1228234555-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Stack towers at the under-construction Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district, outside of Lagos, Nigeria, on Friday, March 6, 2020. Aliko Dangote, Africas richest man, plans to spend more than his net worth of $13.5 billion building one of the worlds biggest oil refineries. Photographer: Tom Saater/Bloomberg via Getty Images</figcaption></figure>



ABUJA, April 3 (Reuters)&nbsp;&#8211;&nbsp;Dangote&#8217;s 650,000 barrels per day (bpd) oil refinery being built in Nigeria is due to begin production by the fourth quarter of 2022, Group Executive Devakumar Edwin said on Sunday.



&#8220;75% hydraulic testing &#8230; as well as 70% of electrical cable fitting have been completed preparatory to the completion of the refinery in the fourth quarter of this year,&#8221; Edwin said during a site tour with Nigeria&#8217;s Information Minister Lai Mohammed.



The refinery, being built at a cost of $19 billion in Lagos, has 4.74 billion litres storage capacity, Edwin said. He added that 75% of products will be moved by sea within Nigeria.



Africa&#8217;s richest man Aliko Dangote said in January he expected his oil refinery project to begin production by the end of the third quarter and reach full capacity by early 2023.<a href="https://www.reutersconnect.com/all?search=all%3AL8N2U05YA&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The project has been delayed by several years and the cost has shot to $19 billion from Dangote&#8217;s earlier estimates of $12 billion to $14 billion.



<h3 class="wp-block-heading" id="h-read-more-energy-transition-leave-us-out-says-nigeria-oil-minister">Read more: <a href="https://www.cnbcafrica.com/2022/energy-transition-leave-us-out-says-nigeria-oil-minister/">‘Energy transition? Leave us out,’ says Nigeria oil minister</a></h3>



Dangote, who built his fortune in the cement industry, first announced the intention to build a refinery in 2013, with the project expected to be finished in 2016.



The billionaire then moved the site to Lekki in Lagos, upgraded the size and said production would start in early 2020.



Despite being Africa&#8217;s biggest oil producer and exporter, Nigeria depends almost entirely on fuel imports after allowing its significant refining capacity of 445,000 bpd to become dilapidated over several decades.



Last month Dangote commissioned a $2.5 billion fertiliser plant, located within his refinery and petrochemical complex, which is already exporting urea to the United States, India, Brazil, Mexico and Argentina.<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VP2QX&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Mohammed said he witnessed a ship being loaded with urea for export to Argentina during the site visit.



(Writing by Chijioke Ohuocha; Editing by Emelia Sithole-Matarise)

Africas Richest Man Builds Nigerias $15 Billion Oil Refinery

Dangote to complete Nigerian oil refinery in Q4 -executive

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238701244-820x547.jpg" alt="" class="wp-image-416215" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238701244-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238701244-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238701244-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238701244-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238701244-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238701244-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Enoch Godongwana, South Africa&#8217;s finance minister, speaks during a news conference ahead of the budget presentation in Cape Town, South Africa, on Wednesday, Feb. 23, 2022. South Africas rand edged higher against the dollar ahead of the presentation of the nations budget. Photographer: Dwayne Senior/Bloomberg via Getty Images</figcaption></figure>



CAPE TOWN, March 31 (Reuters) &#8211; South Africa&#8217;s finance minister on Thursday announced a cut in fuel prices to help ease pressure on consumers hit with sharply rising energy costs, but his opposition counterpart labelled the gesture all-but meaningless.



With the war in Ukraine and its knock-on effects having sent oil markets soaring, Enoch Godongwana told lawmakers the government would knock 1.50 cents a litre off its&nbsp;general fuel levy until&nbsp;the end of&nbsp;May.



Africa&#8217;s most advanced economy is a net importer of crude and refined petroleum products where government-regulated fuel prices are changed monthly.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VX7KZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Motorists in a country where the COVID-19 pandemic has contributed to raising jobless numbers to record highs currently pay 21.60 rand for a litre of petrol and 19.55 rand for diesel, following a rise &#8211; the latest of several &#8211; of around 145 cents for each in early March.



Godongwana said the temporary reduction of the fuel levy would &#8220;support a phasing-in of the fuel price increases that we are expecting in the short term.&#8221;



<h3 class="wp-block-heading" id="h-read-more-the-russia-ukraine-war-will-hurt-south-africa-s-investment-ambitions-lessons-from-nine-wars">Read more: <a href="https://www.cnbcafrica.com/2022/the-russia-ukraine-war-will-hurt-south-africas-investment-ambitions-lessons-from-nine-wars/">The Russia-Ukraine war will hurt South Africa’s investment ambitions: lessons from nine wars</a></h3>



But Dion George, finance spokesman for the Democratic Alliance opposition party, called the cut &#8220;tepid&#8221;.



&#8220;This is actually not going to make any difference at all,&#8221; he said.



The Ministry of Energy said in a joint statement with Gondongwana&#8217;s office that plans &#8220;to reduce the price pressure for illuminating paraffin over the medium term&#8221; would also be considered.



The ministry was also proposing a price cap on petrol and a reduction of the basic fuel price by 3 cents a litre, once Gondongwana&#8217;s emergency measure ended.



The South African Petroleum Industry Association (SAPIA), which represents oil majors including BP&nbsp;BP.L&nbsp;and Shell&nbsp;RDSa.L, did not immediately respond for comment.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2UL7AD&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



In a March 25 briefing to a parliamentary committee, SAPIA urged the government to fast-track a planned review of fuel pricing system, saying there was little its members could do to alleviate price hikes without impacting the security of supply.



(Reporting by Wendell Roelf; Editing by Emma Rumney, Kirsten Donovan and John Stonestreet)

South Africa’s Finance Minister Enoch Godongwana Presents Budget

South Africa govt cuts sharply rising fuel prices by a sliver

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="565" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-820x565.jpg" alt="" class="wp-image-416181" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-820x565.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-300x207.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-768x529.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA.jpg 960w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption>Kenya&#8217;s President Uhuru Kenyatta gives a statement on the coronavirus disease (COVID-19) vaccination, during a European Union &#8211; African Union summit, in Brussels, Belgium February 18, 2022. REUTERS/Johanna Geron/Pool/File Photo </figcaption></figure>



NAIROBI, March 31 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s Supreme Court is scheduled on Thursday to rule on President Uhuru Kenyatta&#8217;s bid to make sweeping constitutional changes, which critics have seized and turned into a top issue for a presidential election this August.



Last year, the High Court and the Court of Appeal struck down the proposed amendments popularly known as the Building Bridges Initiative (BBI), prompting the government to appeal.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2PN37L&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The Supreme Court, whose ruling is final, will settle seven questions raised by appellants, including whether the president acted illegally by initiating the amendments to the constitution.



If the court clears the changes, the ruling could lead to the creation of 70 new parliamentary constituencies and establish several powerful new posts: a prime minister, two deputies and an official leader of the parliamentary opposition.



The amendments became a lightning rod for politicians jostling ahead of the general election scheduled for August 9. Kenyatta and his deputy president, William Ruto, have publicly clashed over the proposals.



<h3 class="wp-block-heading" id="h-read-more-kenya-lifts-remaining-covid-restrictions">Read more: <a href="https://www.cnbcafrica.com/2022/kenya-lifts-remaining-covid-restrictions%ef%bf%bc/">Kenya lifts remaining COVID restrictions</a></h3>



Ruto is running for the presidency in the August presidential poll; he opposes the changes. But Kenyatta is backing his former foe, veteran opposition leader Raila Odinga, who favours the amendments.



&#8220;They have told us they will bring back the BBI monster because they want to create an imperial presidency,&#8221; Ruto told his party&#8217;s delegates earlier this month.



The constitutional changes will create an all powerful presidency by giving him control of the judiciary through a proposed office of a judicial ombudsman, Ruto said.



It will also put the legislature under the president&#8217;s thumb because he will control the appointment to the new posts to be created, including the prime minister, he said.



Kenyatta argues the constitutional overhaul promotes power sharing among competing ethnic groups, a position vehemently dismissed by Ruto&#8217;s camp.



&#8220;I reject the suggestion that a united country is one that has no political competition or opposition,&#8221; Ruto told his party&#8217;s delegates, adding that a democratically elected government policed by a robust opposition was the answer.



(Reporting by Duncan Miriri)

23C7LYIHSFNEJDDSNFWNRAQMDA

Kenya’s top court to issue final ruling on president’s constitutional changes

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



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



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



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



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



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



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



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



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



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



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



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

IYRFFIUYYVJ5PJY7FOWT2TKKLQ

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



(Editing by Robert Birsel)

download-39

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



(Reporting by Mark Gleeson; Editing by Peter Rutherford)

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

Familiar look about Africa’s World Cup line-up

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



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



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



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



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



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



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



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



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



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



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



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

People make trade in Accra

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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

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

UAE, Saudi say OPEC+ should not play politics

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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

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

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



(Reporting by Joe Bavier)

KSJCTPD32VO5XPXHEGDADKUJW4

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

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



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



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



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



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



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



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



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



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

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

Kenya’s central bank temporarily blocks Ecobank from FX trading

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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

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Reuters

South African dairy farmers eye carbon credits while curbing emissions

Cities driving climate change, but part of the solution -UN report

West Africa faces historic food crisis driven by conflict, price surge

South Africa’s COVID state of disaster to end at midnight -President Ramaphosa

South Africa’s rand steadies against stronger dollar

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South Africa govt cuts sharply rising fuel prices by a sliver

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

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

Familiar look about Africa’s World Cup line-up

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

UAE, Saudi say OPEC+ should not play politics

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

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

Kenya’s central bank temporarily blocks Ecobank from FX trading

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

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