<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



JOHANNESBURG, July 23 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, equity and currency market moves may affect South African markets on Tuesday.



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



The South African Reserve Bank will publish the country&#8217;s leading indicator for May.



South Africa&#8217;s government will hold its weekly auction of long-term bonds.



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



Anglo American&#8217;s South African iron ore unit published its first-half year results.



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



The South African rand was stable on Monday as investors awaited inflation data due later this week for hints on the country&#8217;s future interest rate path.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed 0.75% higher.



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



Asian stocks bounced from one-month lows on Tuesday, with Taiwan&#8217;s market snapping a five-day losing streak as semiconductor shares took a lead from a Wall Street recovery, while sagging commodity prices weighed on the Aussie dollar.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



Wall Street&#8217;s three benchmarks ended higher on Monday as investors returned to megacap growth stocks, helping both the S&amp;P 500 .SPX and Nasdaq Composite .IXIC recover from their worst weekly performance since April.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices held steady on Tuesday while investors strapped in for U.S. economic data this week for clarity on the timeline for Federal Reserve&#8217;s interest rate cut.



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



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



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Farmers back Ramaphosa’s strategy to free up 2-million hectares of land



&#8211; Markets price in higher chance of September rate cut



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on July 23

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w" sizes="(max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, July 15 (Reuters) &#8211; The Ugandan shilling was unchanged against the dollar on Monday on the back of a slump in demand as most firms reserved their local currency holdings for mid-month taxes, traders said.



At 0854 GMT commercial banks quoted the shilling at 3,695/3,705, the same level as Friday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan shilling stable, draws support from tax payments

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-820x555.jpg" alt="" class="wp-image-420644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-768x519.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-1536x1039.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/HJDYMEREYFLQFPCH6PHBFH2UTA-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration</figcaption></figure>



Cryptocurrencies rose Tuesday amid a late surge in optimism around the U.S. Securities and Exchange Commission’s decisions on spot ether exchange-traded funds applications, the first of which is due this week.



<a href="https://www.cnbc.com/quotes/ETH.CM=/">Ether</a>&nbsp;led the rally, rising 9% to $3,680.98, according to Coin Metrics. On Monday, it rocketed 20%.



Meanwhile,&nbsp;<a href="https://www.cnbc.com/quotes/BTC.CM=/">bitcoin</a>&nbsp;added 2% and was trading at about $71,350, extending an 8% gain from the previous day, when it reclaimed the $70,000 level.



Crypto-related equities rode the wave.&nbsp;<a href="https://www.cnbc.com/quotes/COIN/">Coinbase</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/MSTR/">Microstrategy</a>&nbsp;each gained about 2% in extended trading, and&nbsp;<a href="https://www.cnbc.com/quotes/HOOD/">Robinhood</a>&nbsp;added 3%. Several bitcoin mining stocks saw gains of 3%, including&nbsp;<a href="https://www.cnbc.com/quotes/MARA/">Marathon Digital</a>,&nbsp;<a href="https://www.cnbc.com/quotes/RIOT/">Riot Platforms</a>,&nbsp;<a href="https://www.cnbc.com/quotes/IREN/">Iren</a>&nbsp;(formerly known as Iris Energy) and&nbsp;<a href="https://www.cnbc.com/quotes/CLSK/">CleanSpark</a>.



Investors are reconsidering the probability that the SEC greenlights spot ether ETF applications amid reports that the SEC has requested document updates from potential ETF issuers and exchanges. The&nbsp;<a href="https://www.cnbc.com/2024/04/09/bitcoin-etf-issuers-sec-wont-approve-ether-eth-exchange-traded-fund-.html">previous consensus</a>&nbsp;was that such funds would likely not be approved.



“ETH spiked upwards shortly after rumors started circulating that the SEC might approve spot ETH ETFs this week after all,” said Bartosz Lipiński, CEO at Cube Exchange.



“Much like with&nbsp;<a href="https://www.cnbc.com/2024/01/10/sec-approves-rule-changes-that-pave-the-way-for-bitcoin-etfs.html">spot bitcoin ETFs being approved earlier</a>&nbsp;in the year, though, this feels to me like a ‘buy the rumor, sell the news’ type situation and I would imagine a rally through this Thursday … and then at least a brief selloff regardless of whether or not the funds are approved,” he added.



Final decisions on applications by VanEck and Ark Invest are due this Thursday and Friday, respectively.



BlackRock, Fidelity, Invesco, Grayscale and Bitwise Asset Management also have applications awaiting decisions this year.

Illustration shows representations of cryptocurrencies

Ether extends its rally following 20% surge on renewed ether ETF optimism

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Chad-prepares-to-vote-in-a-coup-hit-region-wary-allies-look-on-820x547.jpg" alt="" class="wp-image-482530" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Chad-prepares-to-vote-in-a-coup-hit-region-wary-allies-look-on-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Chad-prepares-to-vote-in-a-coup-hit-region-wary-allies-look-on-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Chad-prepares-to-vote-in-a-coup-hit-region-wary-allies-look-on-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Chad-prepares-to-vote-in-a-coup-hit-region-wary-allies-look-on-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Chad-prepares-to-vote-in-a-coup-hit-region-wary-allies-look-on-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/05/Chad-prepares-to-vote-in-a-coup-hit-region-wary-allies-look-on-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Supporters of Chadian interim President Mahamat Idriss Deby attend his presidential campaign rally ahead of the May elections in Moundou, Chad April 25, 2024. REUTERS/ Gilles Chris Namia Rimbarne/File Photo</figcaption></figure>



N&#8217;DJAMENA, May 3 (Reuters)&nbsp;&#8211;&nbsp;Chad will hold presidential elections on Monday, making it the first in a string of coup-hit states across Central and West Africa to use the ballot box to try to emerge from years of military rule.



Opposition groups have already cried foul.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3DR0AN&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">The candidate</a>&nbsp;widely expected to win is Mahamat Idriss Deby &#8211; the man who&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2MF76P&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">seized power</a>&nbsp;the day rebels&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2MD0Q3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">shot and killed</a>&nbsp;his long-ruling father, Idriss Deby, in April 2021.



But Chad&#8217;s Western allies have largely stayed quiet and kept watch &#8211; hoping, analysts say, that at the very least, the vote will deliver a relatively stable state in a region hit by militant violence where Russia is also pushing for influence.



Among those Western countries is Chad&#8217;s former colonial ruler France which still has war planes and 1,000 troops there, most recently helping Chad and its neighbours combat the Islamist fighters of Boko Haram.



Chad is now the last Sahel country with a substantial French military presence after other junta-led states including neighbouring Niger as well as Burkina Faso and Mali, told Paris and other Western powers to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3FU0I9&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">remove their troops</a>&nbsp;and turned&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3GK399&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">to Moscow for backing</a>.



The priorities of regional and Western powers will be to push for stability and shore up their positions in the country, analysts say.



&#8220;Chad is just too strategic at the moment for the West to allow Russia to get an opening,&#8221; Ulf Laessing, head of the Sahel programme at the Konrad Adenauer Foundation, said.



It is not just strategic in terms of security, but also on the hot-button issue of migration.



Chad has accepted a huge influx of refugees from Sudan, where civil war has created the&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N3GN0S4&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">world&#8217;s largest displacement crisis</a>. Laessing said some refugees have crossed to Niger, which last year repealed a law aimed at slowing migration to Europe.



&#8220;It&#8217;s another reason for Western countries to keep the relationship with Chad despite the dismal human rights record,&#8221; he added.



An election win would bolster Deby&#8217;s credentials as an ally. &#8220;Western policy makers can say at least he was elected,&#8221; Laessing said.



There are fears the turmoil could be testing old ties in the oil-producing country&nbsp;that lies&nbsp;next to the war-torn states of Sudan, Libya and Central African Republic and the economic powerhouse of Nigeria.



Mahamat Idriss Deby, who took on the title of interim president after his takeover, met French President Emmanuel Macron in Paris in October last year. He also met Russian President Vladimir Putin in Moscow&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3EE1YQ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">in January</a>.



In April, Chad&#8217;s air force chief&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3GY33I&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">ordered the U.S.</a>&nbsp;to halt activities at an air base near the capital N&#8217;Djamena, saying there was a problem with their paperwork.



Weeks later, the U.S. announced a temporary&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3GY33I&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">withdrawal</a>&nbsp;of at least some of its troops and said it would continue with a review of security operations after the vote.



PROTESTS, RIVALS, VIOLENCE



Concerns about human rights have also mounted since the younger Deby&#8217;s takeover.



He initially promised an 18-month transition after his father&#8217;s death, but his government later adopted resolutions that postponed&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N3FC73Q&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">elections</a>&nbsp;and allowed him to run for president.



The delay triggered protests that security forces violently quelled, killing&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N31L2NU&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">around 50 civilians</a>.



Opposition figure Yaya Dillo was&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N3FE5TP&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">shot and killed</a>&nbsp;in N&#8217;Djamena on Feb. 28, the day the election date was announced. The opposition has called Dillo&#8217;s death an assassination and forensic experts have said he was&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N3FX5DS&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">likely shot at point-blank range</a>.



Chadian authorities said he was killed during an exchange of fire with security forces who had been sent to detain him for alleged involvement in clashes.



One of Deby&#8217;s most prominent challengers on Monday will be Succes Masra &#8211; a political opponent who spent a year in exile from 2022-2023, then shocked Chadians by agreeing to become Deby&#8217;s&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3DR0AN&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">prime minister</a>.



He will also be running against former prime minister Albert Pahimi Padacke and seven other candidates, including Lydie Beassemda, the only woman going for the top job.



&#8220;Masra&#8217;s decision &#8230; was a bit surprising, because, during the demonstrations and the deaths, people were saying they wanted change and they saw Succes Masra as the face of change,&#8221; Babacar Ndiaye, research director at think tank WATHI, said.



Some opposition parties and civil society groups have called for a boycott of the vote, saying Deby and his allies control the main institutions of power and could influence the process.



&#8220;This is an election to consecrate the reign of the current leader of the transition,&#8221; Abderramane Goussoumian, head of the civil society network CSAPR, said.



But for Abakar Moussa Seid, a member of the opposition National Rally for Democracy in Chad party, a boycott would amount to a surrender.



&#8220;The only democratic way to end the perpetuation of the power of the Deby dynasty is through the ballot box,&#8221; he said.



(Editing by Bate Felix and Andrew Heavens)

Chad’s interim President Deby attends his presidential campaign rally in Moundou

Chad prepares to vote in a coup-hit region, wary allies look on

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="960" height="640" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/XXRFTEFP65IXHOOVNQYDKAK3A4.jpg" alt="" class="wp-image-417776" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/06/XXRFTEFP65IXHOOVNQYDKAK3A4.jpg 960w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/XXRFTEFP65IXHOOVNQYDKAK3A4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/XXRFTEFP65IXHOOVNQYDKAK3A4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/XXRFTEFP65IXHOOVNQYDKAK3A4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/06/XXRFTEFP65IXHOOVNQYDKAK3A4-768x512.jpg 768w" sizes="(max-width: 960px) 100vw, 960px" /><figcaption class="wp-element-caption">Armed Forces of the Democratic Republic of the Congo (FARDC) soldiers take their position following renewed fighting near the Congolese border with Rwanda, outside Goma in the North Kivu province of the Democratic Republic of Congo May 28, 2022. REUTERS/Djaffar Sabiti/File Photo</figcaption></figure>



KINSHASA, May 2 (Reuters) &#8211; M23 rebels in eastern Democratic Republic of Congo have taken control of Rubaya, a key mining town for the smartphone mineral coltan, following days of intense fighting, a rebel spokesman said.



Congo&#8217;s east has been plagued by violence since the 1990s, killing millions as struggles over national identity, ethnicity, and resources saw neighbouring countries invade and a myriad of armed groups spring up.



Willy Ngoma, the Tutsi-led M23 military spokesman, told Reuters the town, in North Kivu, was under their control after they went after other armed groups in the region including the Forces for the Liberation of Rwanda, which is composed of ethnic Hutus.



Congo&#8217;s army spokesman for its operations against the rebel group, Lieutenant Colonel Guillaume Njike, told Reuters it could not confirm if the rebels had seized the town.



&#8220;We are in the process of cross-checking since yesterday whether or not it has fallen to the hands of the M23 rebels,&#8221; Njike said.



A spokesman for Congo&#8217;s government did not respond to Reuters request for comments.



Most of Congo&#8217;s mineral resources are concentrated in the east, where insecurity has worsened since the M23 made a major comeback in March 2022.



Rubaya holds rich deposits of tantalum, which is extracted from coltan and which is a critical energy transition mineral also used in the manufacture of smartphones, laptops and game consoles.



The M23 have already taken control of Rubaya twice for a few days since their current offensive began.



The Congolese government, U.N. officials and Western powers have accused Rwanda of providing support for M23, which Rwanda has repeatedly denied.



A youth leader in the town told Reuters by telephone that the town was encircled by the rebels.



&#8220;There is a large displacement of the population because the clashes are intense,&#8221; Clovis Mafare said, adding that the town&#8217;s mining quarries were not occupied.



Rubaya was previously under the control of a pro-government militia group known as the Wazalendo.



The United Nations said in December that Wazalendo armed groups controlled sites within main exploitation perimeters, compromising the tin, tantalum and tungsten supply chain.



Conflicts have arisen over the control of the illicit trade in tin and gold as well as in coltan and tantalum &#8211; all mined in Congo before being smuggled out through neighbouring Rwanda, Uganda and Burundi.



Congo&#8217;s government is&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N3GY202&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">currently pushing Apple</a>&nbsp;for more information about its supply chain over concerns it may be tainted with conflict minerals. Apple has said it found no basis to conclude any smelters or refiners in its supply chain financed or benefited armed groups in Congo or an adjoining country.



(Reporting by Sonia Rolley, Erikas Mwisi Kambale and Ange Kasongo; Writing by Bate Felix and Sofia Christensen; Editing by Alison Williams)

XXRFTEFP65IXHOOVNQYDKAK3A4

Congo M23 rebels claim control of smartphone mineral mining town

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Energy2-1-820x461.jpg" alt="" class="wp-image-480314" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Energy2-1-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Energy2-1-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Energy2-1-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Energy2-1-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Energy2-1-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Energy2-1.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Africa needs to create a new development model that better connects its businesses with local communities in order to escape the current system which has left as it burdened by high unemployment and underdevelopment.



Current development models are a product of colonization and were designed to extract its resources with the bulk of the value realized abroad, Hippolyte Fofack, a former chief economist and director of research at the African Export-Import Bank, is a research associate at the Harvard University Center for African Studies says in a research paper.



&#8220;Connecting with history and bridging the philosophical and cultural discontinuity between Africa’s past and present is fundamental to closing the gap between actual output and potential and setting the region on the path to lasting prosperity,&#8221; he says. &#8220;More than any other region of the world, political and economic management in Africa has been underpinned by a highly extroverted model of institutional governance, by institutional models that are largely alien.&#8221;



Africa has some of the highest unemployment and poverty rates in the world led by its largest economies, Nigeria and South Africa with rates above 30 percent. Fofack says poverty is now an African problem whereas in the 1970s it was an Asian problem because Asia was able to largely preserve its philosophical and cultural heritage.



While in 1970 over 80% of the world’s poor lived in Asia, by 2000, 75% of the world’s poor lived in Africa, he says. Recent estimates would probably be higher, he adds, citing his own research and that of Tetteh Baah, an economist with the Global Poverty and Inequality Data team at the World Bank.



&#8220;This stickiness of the colonial development model amid shifting geographical patterns of trade raises serious obstacles in the quest for a more prosperous and climate-resilient future for Africa,&#8221; Fofack says.



The International Monetary Fund says sub-Saharan growth will reach 3.8 percent this year, slightly higher than the 3.4 percent attained last year, with nearly two thirds of the region anticipating higher expansion. But it still faces high borrowing costs, climate change and global external shocks it can do little about.



While the fund suggests the continent needs more support from international partners and further implementation of structural reforms to diversify funding sources and economies, Fofack argues should fundamentally rethink its reliance on multinational companies for its development.



&#8220;Only in that way can Africa’s business model be sustainable and find success in resolving our debilitating development paradox, wherein the world’s most resource-rich continent has been made to believe that it is the poorest,&#8221; he says.



&#8220;Insufficient emphasis on philosophy and intellectual leadership in Africa has caused policymaking across the region to be reduced to managing balance of payments crises, aggravated by the colonial development model of resource extraction, far removed from the desired projection into the future shaped by Africa’s history and foundational roots.&#8221;

Energy2-1

African philosophers must create new development model for continent

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-820x551.jpg" alt="" class="wp-image-422104" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-1536x1032.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A participant stands near a logo of IMF at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo</figcaption></figure>



The International Monetary Fund says financing conditions for sub-Saharan African economies are likely to remain constrained for a while amid continued capital outflows from the region.



&#8220;Global financing conditions, even if&nbsp;they&#8217;ve&nbsp;eased a little bit, remained&nbsp;fairly difficult&nbsp;for most countries as&nbsp;evidenced&nbsp;by continued pressure on foreign exchange rates for example,’’ the Washington-based lender’s Africa Department Director Abebe Selassie told reporters. &#8220;Capital flows also&nbsp;remain&nbsp;attenuated,&nbsp;notwithstanding&nbsp;Cote&nbsp;D&#8217;Ivoire&#8217;s&nbsp;recent issuance a couple of weeks ago.’’



The U.S. Federal Reserve and other global central banks are pushing back against expectations of early interest rate cuts, keeping dollar inflows strong. Africa, along with other emerging markets has as a result seen strong outflows while most countries have been unable to access global capital markets in what the IMF has called a funding squeeze.



Resilient U.S. consumer spending, even after 500 basis points in rate increases has anchored higher U.S. rates, pushing bets the U.S. Federal Reserve may begin cutting rates in March to May or the second half the year.



The IMF however says its 2024 forecast for sub-Saharan Africa growth remains unchanged at 3.8% versus the 3.3% percent estimate made last October at its annual meetings in Marrakech, Morocco. Inflation is seen decelerating to 6 percent versus 4 percent in 2023.



&#8220;Also encouraging is that we see both domestic and foreign investment picking up through 2023, which bodes well for activity in 2024,’’ Selassie said. &#8220;On the policy side, also, we have seen governments making a&nbsp;strenuous effort&nbsp;to stabilize public debt, and our estimates now suggest that public debt will have stabilized at around the 60% mark following about a decade of sustained increase in public debt levels.’’



The IMF last week upgraded its global economic growth forecast on the back of stronger than seen expansion in the United States and China, the world’s largest economies, and select large emerging markets.



Chief Economist Pierre-Olivier Gourinchas last week said a so-called soft landing was in sight as global inflation slowed while overall growth and trade reflected resilience though lower than historical averages.



Global trade was expected to expand by&nbsp;3.3% in 2024 and 3.6% in 2025, well below the historical average of 4.9%, with gains weighed down by&nbsp;thousands of fresh trade restrictions.



The tighter financing conditions were also slowing economic reforms needed to boost growth across the region, said Selassie. To counter this, the fund had so far disbursed about $3 billion of $19 billion set aside to back reforms.



The reforms had also been slowed by the lack of more progress on the Common Framework, with Zambia still struggling to finalize its debt restructuring. Concessions would be needed on both sides, he added.

W3TRJMXBPRNATIXO27SFJRC77U

IMF says sub-Saharan Africa financing conditions tough, outflows continue

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Nigerian-singer-Ayra-Starr-820x547.jpg" alt="" class="wp-image-438660" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Nigerian-singer-Ayra-Starr-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Nigerian-singer-Ayra-Starr-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Nigerian-singer-Ayra-Starr-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Nigerian-singer-Ayra-Starr-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Nigerian-singer-Ayra-Starr-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/Nigerian-singer-Ayra-Starr-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NEWARK, NEW JERSEY &#8211; SEPTEMBER 12: Ayra Starr attends the 2023 MTV Video Music Awards at Prudential Center on September 12, 2023 in Newark, New Jersey. (Photo by Jeff Kravitz/Getty Images for MTV)</figcaption></figure>



In recent years, the uptake of African musical talent globally has been extraordinary and 2023 was no exception. With the recent announcement from the Recording Academy on the nominees from Africa for the 2024 Grammy Awards, the continent has entered the global hall of fame.



Although this is not the first time African musicians have graced the Grammys, for 2024, Nigerian Afrobeats stars Damini Ebunoluwa Ogulu (Burna Boy), Ahmed Ololade (Asake), David Adedeji Adeleke (Davido), and Oyinkansola Sarah Aderibigbe (Ayra Starr) have all netted in the nominations.



In a statement released in November, the Academy announced three newly-added categories for the 2024 Grammys, one of which is the Best African Music Performance award, hailed a breakthrough acknowledging the commercial and cultural prowess of African music.



“Giving African music its own category would highlight and celebrate the diversity and richness of Africa,” Shawn Thwaites, project manager at the Recording Academy, said at a roundtable. “This is a great step forward!”



The youngest nominee on this list and lone South African artist is 21-year-old Tyla Laura Seethal, with her viral song, Water, already nominated for two South African Music Awards.



Seethal’s recent and fast climb to the top is testament to the excellent emerging pool of talent in the industry.



When you open the explore pages of video-sharing social media platforms such as TikTok or Instagram Reels or even YouTube shorts, hit songs like Yahyuppiyah from Lungelihle Zwane (Uncle Waffles), Tony Duardo and Justin99, and Unavailable by Davido featuring Musa Makamu (professionally known as Musa Keys) stream into your soundscapes. People from all over the world have taken to social media to ensure they get the energetic moves right for the vigorously viral songs.



Davin Phillips, Executive Director at Celebrity Services Africa (CSA), an agency that specializes in brand marketing in the culture and entertainment space, says that social media has amplified the &nbsp;reach of African artists.



“I think social media, maybe more technology, has allowed us to actually go into other regions across the continent that previously didn’t have access to certain streaming or publishing. We’ve been able to identify the continent a lot more and bring it together. Also, another thing, as we know, in any emerging market, sometimes we only give our own artists the recognition, but we are seeing the international community recognize them,” Phillips says.



“Social media has amplified the careers of so many artists on the continent, so its role cannot be understated,” adds Phiona Okumu, Head of Music for sub-Saharan Africa at Spotify. “Reaching a global audience, instantly, looked different a few years ago and required significant resources. But now on the back of social media, accessibility has taken a new form for artists.”



Data shows that social media platform TikTok has over 1.677 billion users globally out of which 1.1 billion are its monthly active users as of 2023; South Africa alone makes up about 11.83 million of those users. Instagram’s data also shows there are 2.35 billion active users, and 14.9 million of those users are reportedly from Western Africa.



This has allowed young artists like eSwatini- born DJ, Uncle Waffles, Nigeria’s Rema, and even South Africa’s Musa Keys to take the world by storm in what feels like the blink of an eye. “The pool of artists is a lot younger,” concurs advocate Katlego Malatji, Head of Legal and Business Affairs at Sony Music Africa. “I think the internet has created quite an opportunity for a lot of young acts and a lot more diverse acts to come out with different interpretations and variations of various sounds.”



<figure class="wp-block-pullquote"><blockquote>“Sustainability being obviously a different question altogether as to how sustainable are some of these careers because of the lack of depth that comes with being young; but at the very least, they’re getting their moment” <cite>Katlego Malatji</cite></blockquote></figure>



But a big concern for Malatji, especially from a revenue perspective, is if social media offers a viable and sustainable future for the artists.



“Sustainability being obviously a different question altogether as to how sustainable are some of these careers because of the lack of depth that comes with being young; but at the very least, they’re getting their moment,” Malatji says.



“The challenge is that a lot of the songs that I see go viral are not really listenable songs, like we can’t just be chilling at home [and listening to it],” Amapiano artist Makamu says. “You always have to hear that specific part of the song which is kind of dangerous for some songs, however, some people really need viral moments and some don’t.”



Be that as it may, Dataxis however has predicted that Africa’s annual music streaming revenues will grow (from $92.9 million in 2021) to $314.6 million by 2026. Recently, PricewaterhouseCoopers’ (PwC) annual report, Africa’s Entertainment &amp; Media Outlook 2023-2027, highlighted that the music streaming market will continue its march across three of Africa’s biggest markets; South Africa, Kenya and Nigeria. Marketing streaming subscription revenue in South Africa alone is set to rise at 10.5% compound annual growth rate (CAGR) to reach R1.1 billion ($58,494,304) in 2027.



Spotify’s Okumu adds that in 2022, revenues generated by Nigerian artists from Spotify alone reached over NGN11 billion (approximately $14.3 million). While Nigerian music industry revenues overall have grown 63% from 2021 to 2022, according to the International Federation of the Phonographic Industry (IFPI), revenues generated by Nigerian artists, from Spotify, grew 74% over this same time period. Similarly, in 2022, revenues generated by South African artists from Spotify reached nearly R200 million (approximately $10 million) which is three times what it was four years ago.



“These figures only represent a part of the picture. Spotify is one of many music-streaming services that generate revenue for the music industry, and streaming only makes up a portion of all industry revenues,” Okumu adds.



“Africa has incredible creativity that people in Europe and the US marvel at once they get to know about it,” two-time Grammy- award winner Wouter Kellerman says. “I’m very upbeat about the future of African culture and music.”

2023 MTV Video Music Awards – Arrivals

The Rise And Influence Of African Music On The Global Stage

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="544" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/S.Africas-Transnet-gets-2.5-bln-govt-support-package-820x544.jpg" alt="" class="wp-image-431625" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/S.Africas-Transnet-gets-2.5-bln-govt-support-package-820x544.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/S.Africas-Transnet-gets-2.5-bln-govt-support-package-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/S.Africas-Transnet-gets-2.5-bln-govt-support-package-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/S.Africas-Transnet-gets-2.5-bln-govt-support-package-768x509.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/S.Africas-Transnet-gets-2.5-bln-govt-support-package-1536x1019.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/S.Africas-Transnet-gets-2.5-bln-govt-support-package-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. Picture taken with a drone. REUTERS/Tatiana Meel</figcaption></figure>



South Africa&#8217;s National Treasury said on Friday it has issued state-owned rail and ports firm Transnet a support package of 47 billion rand ($2.5 billion) to help with a recovery plan, which includes meeting its immediate debt obligations.



&#8220;The financial support package provided for the entity is a 47 billion rand guarantee facility against which Transnet will drawdown an initial amount of 22.8 billion rand to deal with immediate liquidity matters such as settling maturity debt,&#8221; the National Treasury and the Department of Public Enterprises said in a joint statement.



Transnet has been struggling to provide adequate freight rail and port services due to equipment shortages and maintenance backlogs after years of under-investment. The logistics utility&#8217;s underperformance has impacted commodity exports and other sectors such as manufacturing and retail, weakening Africa&#8217;s most advanced economy.



The company, which has a 130 billion rand debt and recorded a loss of 5.7 billion rand in the financial year to March, has seen freight volumes decline to 150 million metric tons in financial year 2022/23 from 226 million tons in the 2017/18.



Transnet&#8217;s new board is pursuing a recovery plan which seeks to restore freight volumes and return the company to profitability over the next 18 months. The turnaround plan includes splitting the freight rail subsidiary into two &#8211; an infrastructure management company and an operating unit.



The company is also targeting reduced port backlogs and will make another attempt to open up parts of its rail network to private operators after last year&#8217;s false start.



Transnet on Oct. 26 said it had requested funding from government, reported to be around 100 billion rand, including an equity injection, to help fund the recovery efforts.



But the government on Friday said it had not considered an equity injection, saying the budget for the 2023/24 financial year was closed.



Transnet&#8217;s single $1 billion international bond, which matures in 2028, rose on the news, with its price up as much as 1.8 cents to 98.9 cents, its highest price since Aug. 1 according to Tradeweb data. ($1 = 18.8111 rand) (Reporting by Bhargav Acharya and Nelson Banya; Additional reporting by Rachel Savage; Editing by Sonali Paul, Tom Hogue and Toby Chopra)

A view shows oil terminal Kozmino near Nakhodka

S.Africa’s Transnet gets $2.5 bln govt support package

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Countries-at-COP28-approve-climate-disaster-fund-deal-details-in-early-breakthrough-820x462.jpg" alt="" class="wp-image-431341" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Countries-at-COP28-approve-climate-disaster-fund-deal-details-in-early-breakthrough-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Countries-at-COP28-approve-climate-disaster-fund-deal-details-in-early-breakthrough-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Countries-at-COP28-approve-climate-disaster-fund-deal-details-in-early-breakthrough-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Countries-at-COP28-approve-climate-disaster-fund-deal-details-in-early-breakthrough-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Countries-at-COP28-approve-climate-disaster-fund-deal-details-in-early-breakthrough.jpg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A man wearing a thawb walks past flags of nations participating in the UNFCCC COP28 Climate Conference the day before its official opening on November 29, 2023 in Dubai, United Arab Emirates. Sean Gallup | Getty Images News | Getty Images</figcaption></figure>



Dubai, UNITED ARAB EMIRATES — Countries at the U.N. COP28 summit on Thursday agreed on deal details for a disaster fund to help nations reeling from damages caused by the climate crisis.



This agreement, struck on the opening day of the conference in the United Arab Emirates, builds on a deal for a loss and damage fund brokered at COP27 in Egypt last year — widely seen as a historic breakthrough and potential turning point in the climate crisis.



Many key arrangements were left unresolved at the time, such as who should pay into the fund, how large should it be and who should administer the money.



The operationalization of the fund on Thursday prompted a standing ovation from delegates in the audience.



So far, the pledges to the fund include $100 million from Germany, $100 million from the United Arab Emirates, $17 million from the U.S. and $10 million from Japan. The U.K. has also pledged sums into the fund.



Payments are made into the fund on a voluntary basis, and all developing countries are eligible to directly access the resources. The World Bank will be the interim host to the fund for a period of four years — an issue that has previously fueled tensions between high-income and low-income countries.



In emailed comments, Friederike Roder, vice president of sustainable development advocacy group Global Citizen, described the announcement of a loss and damage fund as a “historic decision,” but added that “a fund is worthless without any dollars in it” and urged wealthy countries to step and announce significant pledges.



“The needs for loss and damage and other climate finance will continue to increase. This is why we also need, additionally, to tap into other financing sources, such as international taxes,” Roder said.



High-income countries, which account for the bulk of historical greenhouse gas emissions, have long opposed the creation of a loss and damage fund to compensate low-income nations.



Advocates argue that the fund is required to account for climate impacts — including hurricanes, floods and wildfires or slow-onset impacts such as rising sea levels — that countries cannot defend against, either because the risks are unavoidable, or because they lack the financial resources to do so.



Avinash Persaud, special climate envoy to Barbados, said that the deal reflects “a hard fought historic agreement.”



“It shows recognition that climate loss and damage is not a distant risk but part of the lived reality of almost half of the world’s population and that money is needed to reconstruct and rehabilitate if we are not to let the climate crisis reverse decades of development in mere moments,” he added.



<h2 class="wp-block-heading" id="h-a-boost-to-momentum">A boost to momentum?</h2>



 In Dubai, Alex Scott, an analyst at environmental think tank E3G, described the deal to establish a loss and damage fund as a “massive” breakthrough that reflected “a huge show of global cooperation.”



“There is often a lot of skepticism at these multilateral spaces because they are often getting every country to agree, so they always end up being the lowest common denominator and end up with diplomatic speak that doesn’t really make sense to people,” Scott told CNBC.



“But this is very clear. This is a decision to establish the fund that they agreed they would try to establish last year. I think it will be a good momentum boost for the rest of the negotiations.”



Policymakers will now need to reflect on how much they are willing to put into the fund, Scott said.



Low-income countries have previously called for sums of at least $100 billion a year by 2030, to be put toward the loss and damage caused by the climate crisis.



“I would expect some countries might hold back their pledges and wait until the very end, as part of the negotiating tactics to bring the final package together,” Scott said.

Countries-at-COP28-approve-climate-disaster-fund-deal-details-in-early-breakthrough

Countries at COP28 approve climate disaster fund deal details in early breakthrough

Geneva, Switzerland, 28 November 2023&nbsp;– Transitioning to a more sustainable and carbon-neutral future, $13.5 trillion in investments will be needed by 2050, particularly in the production, energy and transport sectors, according to a new World Economic Forum report.



The&nbsp;Net-Zero Industry Tracker 2023, published in collaboration with Accenture, takes stock of progress towards net-zero emissions for eight industries – steel, cement, aluminum, ammonia, excluding other chemicals, oil and gas, aviation, shipping and trucking – which depend on fossil fuels for 90% of their energy demand and pose some of the most technological and capital-intensive decarbonization challenges.



The report, published the same week as the United Nations called at COP28 for “dramatic climate action” to close an “emissions canyon”, outlines pathways to accelerate the decarbonization of emission-intensive production, energy and transport industries.&nbsp;While the pathway to net zero in these sectors will differ based on unique sectoral and regional factors, investments in clean power, clean hydrogen and infrastructure for carbon capture, utilization and storage (CCUS) will be needed to accelerate industrial decarbonization across most sectors.



“Decarbonizing these industrial and transport sectors, which emit 40% of global greenhouse gas emissions today, is essential to achieving net zero, especially as demand for industrial products and transport services will continue to be strong,” said Roberto Bocca, Head of Centre for Energy and Materials, World Economic Forum. “Significant infrastructure investments are required, complemented by policies and stronger incentives so industries can switch to low-emission technologies while ensuring access to affordable and reliable resources critical for economic growth.”



According to the report, the $13.5 trillion in investments is derived from average clean power generation costs of solar, off-shore and on-shore wind, nuclear and geothermal, electrolyzer costs for clean hydrogen and carbon transport, as well as storage costs.



The Net-Zero Industry Tracker proposes a comprehensive framework of emissions drivers and enablers to measure progress and identify gaps, scorecards for each industry, and opportunities for cross-sector collaboration. Building on the 2022 edition, the updated report includes transportation sectors and applies the framework to identify strategies for net-zero industrial transformation.



The report’s findings underscore the urgency for creating a robust enabling environment, including low-emissions technologies, infrastructure, demand for green products, policies and investments. In addition to increasing capital expenditures to decarbonize existing industrial and transport asset bases, further investment is needed to build a clean-energy infrastructure.



Share of global GHG emissions for heavy industrial and transport sectors



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="956" height="856" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph.jpg" alt="W" class="wp-image-430686" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph.jpg 956w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph-300x269.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph-820x734.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph-101x90.jpg 101w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph-768x688.jpg 768w" sizes="(max-width: 956px) 100vw, 956px" /></figure>



The majority of the technologies needed to deliver net-zero emissions are expected to reach commercial maturity after 2030, highlighting the need for collaborative approaches to research, develop and scale them. This includes substituting legacy technologies with low-emission alternatives, increasing efficiency of processes and machinery, electrification and driving circularity.



“It is imperative that action is taken soon to both decarbonize and improve energy efficiency; otherwise, unabated fossil-fuel demand in the key industry sectors, which have grown 8% on average the past three years, will increase very significantly by 2050,” said Bocca. “But industrial leaders can&nbsp; respond through new collaborative ways of working and innovating, for example within&nbsp;<a href="https://weforum.us3.list-manage.com/track/click?u=6308fe51b420dc9ff3834abc8&amp;id=5e48b8e30b&amp;e=d66be97e93">industrial clusters</a>&nbsp;and by fostering best practices, sharing infrastructure in important areas like clean hydrogen and CCUS and building &nbsp;demand for lower-emissions products.”



According to the report, carbon pricing, tax subsidies, public procurement and development of strong business cases can support in mobilizing necessary investments. However, raising capital for high-risk projects with unproven technologies could be challenging in the current macroeconomic environment. Institutional investors and multilateral banks, therefore, can play an important role by providing access to low-cost capital linked to emissions targets; equally vital is adapting financial models to the needs of various industries and regions.



“Collaboration between the public and private sectors is critical to a successful energy transition, and technology can be a key enabler in both managing affordable and reliable access to clean energy and addressing the incremental cost of decarbonization,” said Muqsit Ashraf, who leads&nbsp;<a href="https://weforum.us3.list-manage.com/track/click?u=6308fe51b420dc9ff3834abc8&amp;id=095135a5bd&amp;e=d66be97e93">Accenture Strategy</a>. “Widespread scaling and adoption of clean power, carbon capture and storage, and energy efficiency technologies across sectors are vital for progress. Additionally, business model innovations can also help stimulate demand and accelerate industrial decarbonization — achieving&nbsp;<a href="https://weforum.us3.list-manage.com/track/click?u=6308fe51b420dc9ff3834abc8&amp;id=08ae963912&amp;e=d66be97e93">net-zero objectives</a>&nbsp;and a resilient energy transition.”



The report acknowledges that recent policy developments can push the industrial net-zero transformation in the right direction. While some advanced economies are enacting large-scale policy measures, emerging economies – which will account for a larger share of future demand for industrial products and transport services – will need help accessing low-emission technologies and solutions.



The report also calls for industrial sectors to focus on the following five areas, and details specific actions for each of the sectors as part of its individual scorecard:



<ul class="wp-block-list">
<li>Technology&nbsp;– Prioritize clean power technology across most sectors, commercially scale CCUS in cement, and improve technology to reduce costs for clean hydrogen development.</li>



<li>Infrastructure&nbsp;– Promote shared infrastructure, such as industrial hubs and clusters.</li>



<li>Demand&nbsp;– Create a standardized framework for low-emissions products, a simple emissions-intensity calculator and an auditable carbon-footprint assessment process, improving consumer transparency.</li>



<li>Policy&nbsp;– Align on emissions reduction requirements globally, with policies customized to suit individual country needs and enhance market transparency to increase emission intensity visibility.</li>



<li>Capital&nbsp;– Improve transparency for low-emissions and low-carbon alternatives, strengthen demand signals and reduce capital expenditures through shared infrastructure development.</li>
</ul>



“The Net-Zero Tracker 2023 explores in detail how low-carbon solutions and infrastructure will contribute to increasing the pace of decarbonization in hard-to-abate industries,” said Stephanie Jamison, Accenture’s global Resources industry practice lead and global sustainability services lead. “This depth is essential to help companies create sustainable value and impact as they strive to achieve net-zero carbon emissions.”

power-station-pollution-energy-electricity

Net-Zero Industry Tracker: $13.5 Trillion Investment Needed to Fast-Track Decarbonization of Key Hard-to-Abate Industry Sectors 

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Kganyago keeps repo rate unchanged at 8.25% (full speech)

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107315827-1697106175586-gettyimages-1482239218-kd_10030_m5nqidl3-820x462.jpeg" alt="" class="wp-image-429017" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107315827-1697106175586-gettyimages-1482239218-kd_10030_m5nqidl3-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107315827-1697106175586-gettyimages-1482239218-kd_10030_m5nqidl3-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107315827-1697106175586-gettyimages-1482239218-kd_10030_m5nqidl3-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107315827-1697106175586-gettyimages-1482239218-kd_10030_m5nqidl3-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107315827-1697106175586-gettyimages-1482239218-kd_10030_m5nqidl3.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kristalina Georgieva, managing director of the International Monetary Fund, at a press conference at the IMF Headquarters on April 14, 2023. Kevin Dietsch | Getty Images News | Getty Images</figcaption></figure>



SINGAPORE — Central bank digital currencies have the potential to replace cash, but adoption could take time, said Kristalina Georgieva, managing director of the International Monetary Fund on Wednesday.



“CBDCs can replace cash which is costly to distribute in island economies,” she said Wednesday at the Singapore FinTech Festival. “They can offer resilience in more advanced economies. And they can improve financial inclusion where few hold bank accounts.”



CBDCs are the digital form of a country’s fiat currency, which are regulated by the country’s central bank. They are powered by blockchain technology, allowing central banks to channel&nbsp;government payments directly to households.



“CBDCs would offer a safe and low-cost alternative [to cash]. They would also offer a bridge to go between private monies and a yardstick to measure their value, just like cash today which we can withdraw from our banks,” the IMF chief said.



The IMF has said that more than 100 countries are exploring CBDCs – or approximately 60% of countries in the world.



“The level of global interest in CBDCs is unprecedented. Several central banks have already launched pilots or even issued a CBDC,” the IMF said in a September report.



According to a 2022 survey conducted by the Bank for International Settlements, of the 86 central banks surveyed, 93% said they were exploring CBDCs, while 58% said they were likely to or may possibly issue a retail CBDC in either the short or medium term.



But as of June, only 11 countries have adopted CBDCs, with an additional 53 in advanced planning stages and 46 researching the topic, according to data from the Atlantic Council.



Referring to a 2018 speech by her predecessor Christine Lagarde, when the former IMF chief encouraged policymakers to follow the “winds of change” and explore the use of CBDCs, Georgieva said: “Five years on, I’m here to provide an update on that voyage.”



“First, countries did set sail. Many are investigating CBDCs and are developing regulation to guide digital money developments,” said Georgieva referring to the speech.



On Wednesday, the fund launched a CBDC handbook as a reference guide for policymakers around the world. Georgieva said many countries are investigating CBDCs and developing regulation to guide digital money developments.



“Second, we have not yet reached land. There is so much more space for innovation and so much uncertainty over use-cases,” Georgieva told an audience which included industry experts, investors and journalists.



“In some countries the case seems dim&nbsp;today,&nbsp;but even they should remain open to potentially deploy CBDCs&nbsp;tomorrow. Why?” said Georgieva. “This is not the time to turn back.”



“The public sector should keep preparing to deploy CBDCs and related payment platforms in the future. Fourth, these platforms should be designed from the start to facilitate cross-border payments, including with CBDCs,” the managing director said.



<h2 class="wp-block-heading" id="h-potential-of-cbdcs"><a></a>Potential of CBDCs</h2>



Countries that have issued retail CBDC include the&nbsp;Bahamas, Jamaica and Nigeria.



Singapore’s Monetary Authority of Singapore has said that cash is “generally incompatible” with the digital economy. In a 2021 report, the country’s central bank said the demand for cash as a means of payment is set to decline further.



According to the BIS, using CBDCs for cross-border payments could lower the costs of obtaining, storing and spending foreign currency, depending on design and regulations.



Georgieva also said that artificial intelligence “could amplify some of the benefits of CBDCs” by providing accurate credit scoring and personalized support.



Demand for generative AI has boomed following the release of OpenAI’s ChatGPT in November last year, which was estimated to have reached 100 million monthly active users within two months after launch.



“It could improve financial inclusion by providing rapid, accurate credit scoring based on various data. It could provide personalized support to people with low financial literacy,” said Georgieva.



“To be sure, we need to protect personal privacy and data security, and avoid embedded biases so we don’t perpetuate inequality but aim to reduce it. Managed prudently, AI could help,” she added.

107315827-1697106175586-gettyimages-1482239218-kd_10030_m5nqidl3

IMF says central bank digital currencies can replace cash: ‘This is not the time to turn back’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LPLH3MCUKZPKLOKBOCFD2MBNBQ-820x547.jpg" alt="" class="wp-image-428556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LPLH3MCUKZPKLOKBOCFD2MBNBQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LPLH3MCUKZPKLOKBOCFD2MBNBQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LPLH3MCUKZPKLOKBOCFD2MBNBQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LPLH3MCUKZPKLOKBOCFD2MBNBQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LPLH3MCUKZPKLOKBOCFD2MBNBQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/10/LPLH3MCUKZPKLOKBOCFD2MBNBQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian naira notes are seen in this picture illustration March 15, 2016 REUTERS/Afolabi Sotunde/Illustration</figcaption></figure>



NAIROBI, Oct 26 (Reuters) &#8211; The Ugandan and Kenyan shillings and Zambia&#8217;s kwacha are expected to slip in the next week to Thursday, while Nigeria&#8217;s naira is forecast to be range-bound on the official market and Ghana&#8217;s cedi and Tanzania&#8217;s shilling broadly stable, traders said.



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



Kenya&#8217;s shilling is forecast to weaken because of increased demand for dollars from importers from all sectors.



Commercial banks quoted the shilling at 150.30/50 per U.S. dollar, compared with last Thursday&#8217;s closing rate of 149.90/150.10.



Earlier on Thursday, the shilling, which is down 17.9% so far this year, touched a new all-time low of 150.35/55 per dollar, according to LSEG data.



&#8220;We have seen a lot of demand, but it cuts across all sectors,&#8221; one trader said.



<h2 class="wp-block-heading" id="h-nigeria">NIGERIA</h2>



Nigeria&#8217;s naira is seen trading around its current levels on the official market in the coming week, after the finance minister said the government was expecting $10 billion of inflows to ease dollar shortages.



However the currency will likely fall on the black market, where it trades freely but on thin volumes, one trader said.



The naira recovered to 775 naira to the dollar on the official market on Thursday from a record low of 999 naira touched last week. But it hit a record low of 1,300 to the dollar on the black market on Thursday.



&#8220;Market participants realise that even if you take the (exchange) rates (down) there are no funds. I expect the market to trade around the 800 levels next week,&#8221; the trader said.



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



Uganda&#8217;s shilling is expected to fall on customary end-month demand for dollars from goods importers.



Commercial banks quoted the shilling at 3,760/3,770 to the dollar, compared with last Thursday&#8217;s closing rate of 3,750/3,760.



&#8220;We anticipate a bit of demand as importers seek dollars to pay for shipments of goods for the coming month,&#8221; said a forex trader.



He said the shilling might weaken to 3,800 to the dollar in the coming days.



<h2 class="wp-block-heading" id="h-zambia">ZAMBIA</h2>



Zambia&#8217;s kwacha is likely to continue trading on the back foot next week as dollar demand, largely from energy importers, continues to exceed supply.



On Thursday, commercial banks quoted the kwacha at 22.11 per dollar, compared with 21.79 a week earlier.



&#8220;The local currency is projected to follow a downward trajectory,&#8221; Access Bank said in a note.



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



Ghana&#8217;s cedi is expected to remain steady due to improved dollar supply on the interbank market and a fall in demand.



LSEG data showed the cedi trading at 11.81 to the dollar on Thursday, compared to 11.80 at last Thursday&#8217;s close.



&#8220;The cedi traded relatively stable against the dollar in the past week. &#8230; We expect a similar narrative in the coming week,&#8221; said Sedem Dornoo, a senior trader Absa Bank Ghana.



<h2 class="wp-block-heading" id="h-tanzania">TANZANIA</h2>



Tanzania&#8217;s shilling is expected to hold steady as dollar inflows from foreign direct investment, tourism and agricultural exports meet demand from importers.



Commercial banks quoted the shilling at 2,495/2,505 per dollar, the same as last Thursday&#8217;s close.



(Reporting by Elias Biryabarema, George Obulutsa, Nuzulack Dausen, Chris Mfula, Christian Akorlie and Chijioke Ohuocha Editing by Alexander Winning)

Nigerian naira notes are seen in this picture illustration

WEEKAHEAD-AFRICA-FX-Ugandan, Kenyan and Zambian currencies seen sliding

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg" alt="" class="wp-image-427563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



WASHINGTON, Sept 28 (Reuters)&nbsp;&#8211;&nbsp;The World Bank on Thursday proposed steps that would boost its lending to developing countries by an additional $100 billion over a decade as part of an ongoing reform process aimed at helping the bank expand its mission to include climate change.



In a 24-page report to the joint ministerial committee that oversees the bank and the International Monetary Fund, the bank&#8217;s management said it would ask shareholders to approve a hybrid capital measure and a new portfolio guarantee platform that together could boost lending by over $100 billion.



That amount would come on top of measures already being implemented that will boost the bank&#8217;s lending to developing countries by up to $50 billion.



(Reporting by Andrea Shalal and David Lawder)

FILE PHOTO: The IMF logo is seen outside the headquarters building in Washington

World Bank maps out plans to further boost lending by $100 bln-plus over a decade

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/P6LTVFDMVZK5ZDIDUZRGCUZHVM-820x547.jpg" alt="" class="wp-image-427340" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/P6LTVFDMVZK5ZDIDUZRGCUZHVM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/P6LTVFDMVZK5ZDIDUZRGCUZHVM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/P6LTVFDMVZK5ZDIDUZRGCUZHVM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/P6LTVFDMVZK5ZDIDUZRGCUZHVM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/P6LTVFDMVZK5ZDIDUZRGCUZHVM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/P6LTVFDMVZK5ZDIDUZRGCUZHVM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Emergency crews work, in the aftermath of a deadly earthquake, in Amizmiz, Morocco, September 10, 2023. REUTERS/Nacho Doce</figcaption></figure>



MOULAY BRAHIM, Morocco, Sept 10 (Reuters)&nbsp;&#8211;&nbsp;Survivors of Morocco&#8217;s deadliest earthquake in more than six decades struggled to find food, water and shelter on Sunday as the search for the missing continued in remote villages and the death toll of more than 2,100 seemed likely to rise further.



Many people were spending a third night in the open after the 6.8 magnitude quake hit late on Friday. Relief workers face the challenge of reaching the worst-affected villages in the High Atlas, a rugged mountain range where settlements are often remote and where many houses crumbled.



The death toll climbed to 2,122 with 2,421 people injured, state TV reported. Morocco said it may accept relief offers from other countries and will work to coordinate them if needed, according to state TV.



The damage done to Morocco&#8217;s cultural heritage became more evident as local media reported the collapse of a historically important 12th century mosque. The quake also damaged parts of Marrakech old city, a UNESCO World Heritage site.



In Moulay Brahim, a village 40 km (25 miles) south of Marrakech, residents described how they dug the dead from the rubble using their bare hands. On a hillside overlooking the village, residents buried a 45-year-old woman who had died along with her 18-year-old son, a woman sobbing loudly as the body was lowered into the grave.



As he retrieved possessions from his damaged home, Hussein Adnaie said he believed people were still buried in the rubble nearby.



&#8220;They didn&#8217;t get the rescue they needed so they died. I rescued my children and I&#8217;m trying to get covers for them and anything to wear from the house,&#8221; Adnaie said.



Yassin Noumghar, 36, complained of shortages of water, food and power, saying he had received little government aid so far.



&#8220;We lost everything, we lost the entire house,&#8221; Noumghar said. &#8220;We want just for our government to help us.&#8221;



Later, sacks of food were unloaded from a truck which local official Mouhamad al-Hayyan said had been organised by the government and civil society organisations.



Twenty-five bodies had been brought to the village&#8217;s small clinic, according to staff.



With many homes built of mud bricks and timber or cement and breeze blocks, structures crumbled easily. It was Morocco&#8217;s deadliest earthquake since 1960 when a quake was estimated to have killed at least 12,000 people.



In the badly hit village of Amizmiz, residents watched as rescuers used a mechanical digger on a collapsed house.



&#8220;They are looking for a man and his son. One of them might still be alive,&#8221; said Hassan Halouch, a retired builder.



The team eventually recovered only bodies.



The army, mobilised to help the rescue effort, set up a camp with tents for the homeless. With most shops damaged or closed, residents struggled to get food and supplies.



&#8220;We&#8217;re still waiting for tents. We haven&#8217;t had anything yet,&#8221; said Mohammed Nejjar, a labourer who was folding his blanket in a makeshift shelter constructed with bits of wood. &#8220;I had a little food offered by one man but that&#8217;s all since the earthquake. You can&#8217;t see a single shop open here and people are frightened to go inside in case the roof falls down.&#8221;



The quake&#8217;s epicentre was 72 km (45 miles) southwest of Marrakech, a city beloved by Moroccans and foreign tourists for its medieval mosques, palaces and seminaries richly adorned with vivid mosaic tiling amid a labyrinth of rose-hued alleyways.



The government said on Sunday it has set up a fund for those affected by the earthquake. The government has also said it is reinforcing search-and-rescue teams, providing drinking water and distributing food, tents and blankets. The World Health Organization said more than 300,000 people have been affected by the disaster.



<h2 class="wp-block-heading" id="h-foreign-aid">FOREIGN AID</h2>



Spain said 56 officers and four sniffer dogs have arrived in Morocco, while a second team of 30 people and four dogs was heading there. Britain said it was deploying 60 search-and-rescue specialists and four dogs on Sunday, as well as a four-person medical assessment team. Qatar also said its search-and-rescue team departed for Morocco.



U.S. President Joe Biden expressed his &#8220;sadness about the loss of life and devastation&#8221; caused by the quake.



&#8220;We stand ready to provide any necessary assistance to the Moroccan people,&#8221; Biden told a news conference in Hanoi, Vietnam.



A U.S. official said a small team of disaster experts dispatched by the United States arrived in Morocco on Sunday to assess the situation.



France said it stood ready to help and was awaiting a formal request from Morocco.



Other countries offering assistance included Turkey, where earthquakes in February killed more than 50,000 people. By Sunday, the Turkish team had not yet departed.



&#8220;The next two to three days will be critical for finding people trapped under the rubble,&#8221; Caroline Holt, global director of operations for the International Federation of Red Cross and Red Crescent Societies (IFRC), told Reuters.



Holt said the international aid system has been waiting for an invitation from Morocco to assist, adding this was not necessarily unusual as the government assesses needs.



Pope Francis offered prayers and solidarity for the victims.



Morocco has declared three days of mourning and King Mohammed VI called for prayers for the dead to be held at mosques across the country.



(Additional reporting by Ahmed Eljechtimi and Abdulhak Balhaki in the Marrakech region, Jose Joseph in Bengaluru, Adam Makary, Moaz Abd-Alaziz and Omar Abdel-Razek in Cairo, Angus McDowall in London, Graham Keeley in Madrid, Dominique Vidalon in Paris and Nandita Bose in Hanoi; Writing by Tom Perry and Andy SullivanEditing by Elaine Hardcastle, Frances Kerry and Giles Elgood)

Aftermath of a deadly earthquake in Morocco

Morocco survivors seek aid as earthquake toll passes 2,100

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="504" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2KLXFZ554JLPZCUK3BTLBB2HO4-820x504.jpg" alt="" class="wp-image-427318" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2KLXFZ554JLPZCUK3BTLBB2HO4-820x504.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2KLXFZ554JLPZCUK3BTLBB2HO4-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2KLXFZ554JLPZCUK3BTLBB2HO4-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2KLXFZ554JLPZCUK3BTLBB2HO4-768x472.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2KLXFZ554JLPZCUK3BTLBB2HO4-1536x945.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/2KLXFZ554JLPZCUK3BTLBB2HO4-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows windmills of several wind farms at the so-called &#8220;HelWin-Cluster&#8221;, located 35 kilometres (22 miles) north of the German island of Heligoland November 5, 2014. REUTERS/Fabian Bimmer</figcaption></figure>



LONDON, Sept 7&nbsp;&#8211;&nbsp;The Africa Finance Corporation (AFC), which is owned by Nigeria&#8217;s central bank and other African financial institutions, has no intention of backing away from fossil fuel investments, a senior executive said on Thursday.



While governments and U.N. leaders at Africa&#8217;s first-ever climate summit in Nairobi this week sought to promote the continent as a source of renewable energy solutions, the development of fossil fuel projects remains firmly on the agenda for many countries.



&#8220;We cannot and will not run away from doing fossil fuel-based investing because the development needs of the continent are so huge,&#8221; Sanjeev Gupta, executive director of financial services at the AFC, said at the Reuters IMPACT climate conference in London.



&#8220;The world still needs energy security, the world still needs energy source diversity. No energy mix in the world in the next 50 years says no oil and gas, so why would we not develop our resources and fund our own fiscal budgets?&#8221;



The Lagos-based AFC is a pan-African multilateral development institution, with 40 member states. It is 43.1%-owned by Nigeria’s central bank and 42% by other African financial institutions, according to its website.



A report released this week by development charity ActionAid said that banks worldwide gave $3.2 trillion to the fossil fuel industry in Global South countries in the seven years since the 2015 Paris climate agreement, which agreed to limit global warming to &#8220;well below&#8221; 2 degrees Celsius by slashing emissions.



(By Jane Wardell; Editing by Elaine Hardcastle)

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article

South African Markets – Factors to watch on July 23

Ugandan shilling stable, draws support from tax payments

Ether extends its rally following 20% surge on renewed ether ETF optimism

Chad prepares to vote in a coup-hit region, wary allies look on

Congo M23 rebels claim control of smartphone mineral mining town

African philosophers must create new development model for continent

IMF says sub-Saharan Africa financing conditions tough, outflows continue

The Rise And Influence Of African Music On The Global Stage

S.Africa’s Transnet gets $2.5 bln govt support package

Countries at COP28 approve climate disaster fund deal details in early breakthrough

Net-Zero Industry Tracker: $13.5 Trillion Investment Needed to Fast-Track Decarbonization of Key Hard-to-Abate Industry Sectors

Kganyago keeps repo rate unchanged at 8.25% (full speech)

IMF says central bank digital currencies can replace cash: ‘This is not the time to turn back’

WEEKAHEAD-AFRICA-FX-Ugandan, Kenyan and Zambian currencies seen sliding

World Bank maps out plans to further boost lending by $100 bln-plus over a decade

Morocco survivors seek aid as earthquake toll passes 2,100

Africa Finance Corporation remains committed to fossil fuel investments

News Tips

Advertise With Us

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