<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg" alt="" class="wp-image-433145" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">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, Feb 5 (Reuters) &#8211; Kenya&#8217;s central bank cut its benchmark lending rate by 50 basis points to 10.75% on Wednesday, its monetary policy committee said.



The decision was in line with the forecast of a Reuters poll of four economists.



The central bank also cut banks&#8217; Cash Reserve Ratio by 100 basis points to 3.25% to support a lowering of lending rates, the committee said in a statement.



(Reporting by George Obulutsa; Editing by Alexander Winning)

XRWAJLZOAVK3DL2J5JMRWBBQ6A

Kenya central bank cuts main lending rate to 10.75%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg" alt="" class="wp-image-529685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



NAIROBI, Feb 5 (Reuters)&nbsp;&#8211;&nbsp;Kenya has already started talks with International Monetary Fund officials to secure a new lending program when the current one expires in April, its finance minister told Reuters on Wednesday.



The East African nation needs continued support from the Washington, D.C.-based lender to keep its economy on track, Finance Minister John Mbadi said in an interview.



Kenya&#8217;s debt-servicing costs have surged due to a borrowing spree over the past decade, while it abandoned a plan to raise revenue via tax hikes last year in the wake of deadly protests.



&#8220;Maybe before the current program comes to a close in April, there should be some indicators whether we are starting a new program and what that new program will entail,&#8221; he said.



A $1.5 billion commercial loan from the United Arab Emirates, at an 8.25% interest rate, was still an option for the government to fund its budget this fiscal year, he said, but they are also considering other sources, including issuing a Eurobond.



&#8220;We have the option of taking that&#8230; or we go to the market which is open now, and with our good and positive credit,&#8221; he said.



The decision by the administration of U.S. President Donald Trump to freeze foreign aid could hit Kenya hard, as it lacks the fiscal space to replace the funding, Mbadi said, adding that he hoped the United States would reconsider.



&#8220;We don&#8217;t have that fiscal space&#8230; We will have to rearrange the budget and rechannel the domestic resources,&#8221; he said.



(Reporting by Duncan Miriri, editing by Libby George and Hugh Lawson)

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

Kenya has begun talks with IMF for new lending program, finance minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/RXHBRIN7LJNSFFFWOTPXXEJNUY.avif" alt="" class="wp-image-582774"/><figcaption class="wp-element-caption">The TotalEnergies logo sits on the company&#8217;s headquarter skyscraper in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo</figcaption></figure>



PARIS, Feb 5 (Reuters)&nbsp;&#8211;&nbsp;French oil major TotalEnergies expects to take a final investment decision (FID) on its Namibian offshore oil discovery in 2026, CEO Patrick Pouyanne said on Wednesday at a press briefing.



The development would have a production capacity of 150,000 barrels per day, down from an initial 160,000 barrels per day discussed at its investor day in October.



Pouyanne had previously targeted the end of 2025 for a decision on FID at a results call last April.



The French oil major has said it is struggling to achieve breakeven at under $20 per barrel, an internal requirement for FID.



Promising offshore discoveries in Namibia, which has no oil and gas production, have been complicated by a high amount of gas that will make development more expensive.



Last month Shell wrote down its Namibian discoveries, while Chevron declared its initial findings commercially unviable.



(Reporting by America Hernandez and Benjamin Mallet in Paris, Editing by Louise Heavens and Emelia Sithole-Matarise)

RXHBRIN7LJNSFFFWOTPXXEJNUY

TotalEnergies’ Namibia project seen smaller, later than expected

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3035" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/CXYS7WC5YRPUPNY2HNXRUOQOYQ.avif" alt="" class="wp-image-582750"/><figcaption class="wp-element-caption">An aerial view shows the skyline of downtown in Nairobi, Kenya October 8, 2024. Picture taken on October 8, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Feb 5 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector activity expanded for a fourth straight month in January but only modestly and at a slower pace than in December, a survey showed on Wednesday.



The Stanbic Bank Kenya Purchasing Managers&#8217; Index (PMI) slipped to 50.5 in January from 50.6 a month earlier. Readings above 50.0 signal an expansion in activity.



&#8220;The index was above the 50.0 neutral mark for the fourth successive month, thereby extending the current period of private sector growth,&#8221; Stanbic Bank said in comments accompanying the survey.



In January, the finance ministry estimated growth slowed to 4.6% in 2024 from 5.6 percent in 2023 but predicted it would pick up this year.



Inflation rose in January, reaching 3.3% year-on-year from 3.0% a month earlier, data from the statistics office showed.



&#8220;Kenyan businesses reported an increase in purchase prices for imported commodities, albeit a slower one than the preceding month, still attributed to higher taxes,&#8221; said Christopher Legilisho, an economist at Stanbic Bank.



&#8220;Output prices increased but less briskly,&#8221; he added. &#8220;We would therefore foresee a slight easing in inflationary pressure during January than was the case in December.&#8221;



(Reporting by George Obulutsa; Editing by Christina Fincher)

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Kenya private sector activity expands weakly in January, PMI shows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/SJQO2OZKNVN5PJDPJPMPHI2LVU.avif" alt="" class="wp-image-582446"/><figcaption class="wp-element-caption">Members of the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO) ride on a pickup truck as they secure the evacuation of non-essential UN staff, following the fight between M23 rebels and the Armed Forces of the Democratic Republic of the Congo (FARDC), in Goma, North Kivu province, Democratic Republic of Congo, January 25, 2025. REUTERS/Arlette Bashiz</figcaption></figure>



NAIROBI, Feb 4 (Reuters) &#8211; Uganda has deployed more than 1,000 extra soldiers into east Congo in the last week near an area where the Kinshasa government is fighting M23 rebels, four diplomatic and U.N. sources said, heightening fears of a regional escalation.



Residents said they were moving towards the conflict zone.



The Rwandan-backed M23 recently captured regional capital Goma in an anarchic and mineral-rich part of Democratic Republic of Congo where wars in 1996-1997 and 1998-2003 drew in outside nations and killed millions, mostly from hunger and disease.



The extra Ugandan deployment north of Goma would raise its numbers there &#8211; officially to back Congo President Felix Tshisekedi&#8217;s army against another rebel force &#8211; to about 4,000-5,000, according to U.N. sources.



Rwanda also has troops operating in east Congo.



Uganda has been helping Congo fight the Islamist Allied Defence Forces since 2021, and the new deployment of between 1,000-2,000 troops was under that auspice in a push called Operation Shujaa, the sources said.



In a region of complex and often-shifting alliances, U.N. experts say Uganda has also backed the ethnic Tutsi-led M23, which is the latest in a string of Rwanda-backed rebellions to take up arms in the name of Congo&#8217;s Tutsis.



Residents in the town of Butembo told Reuters they had seen columns of Ugandan soldiers heading south towards the front line with the M23 since the weekend.



Ugandan army spokesperson Felix Kulayigye denied a major new deployment, saying its forces had changed their &#8220;posture to offensive defence&#8221;, without giving further details.



Congo&#8217;s Communications Minister Patrick Muyaya did not respond when asked if more troops had arrived, but stressed the priority of Ugandan soldiers in the area was to fight the ADF though combat against M23 and Rwandan soldiers was also possible.



&#8220;There&#8217;s still a lot of suspicion about Uganda, a lot of suspicion about what&#8217;s generally happening with the M23,&#8221; he told Reuters.



<h2 class="wp-block-heading" id="h-uganda-s-surge">UGANDA&#8217;S &#8216;SURGE&#8217;</h2>



Corneille Nangaa, head of the Alliance Fleuve Congo, an umbrella organisation that includes the M23 fighters, told Reuters that Uganda provided no support but nor did he expect hostility.



Uganda denies U.N. reports that it has helped train some M23 fighters and given the group a rear base to move men and arms.



Having seized much of North Kivu province, M23 rebels have been consolidating their hold on Goma and moving on Bukavu, a town some 200 km (125 miles) to the south. After meeting resistance from Congolese and Burundian forces, they have said they do not plan to take the city.



Uganda and Rwanda have both entered east Congo in the past in the name of protecting their borders but faced accusations of looting natural resources, especially gold.



Zobel Behalal, a senior expert at the Global Initiative Against Transnational Organized Crime think tank, said eastern Congo is as important for Uganda&#8217;s economy as it is for Rwanda&#8217;s, and the country would do what it needed to protect its interests.



&#8220;The surge is preparation for this,&#8221; he said, referring to Uganda&#8217;s efforts to ensure that it managed any spreading conflict so that it continued to benefit from wealth and trade over their shared border.



Uganda has been helping Tshisekedi&#8217;s army hunt down the Islamic State-allied ADF which originated in Uganda but has been based in Congo since the late 1990s. Ground and air attacks have disrupted ADF operations and forced them to flee strongholds.



Adding to concerns over Uganda&#8217;s potentially ambiguous position, Muhoozi Kainerugaba, the influential son of Uganda&#8217;s president and head of the military, has been publicly supportive of Rwanda&#8217;s President Paul Kagame and his government.



In 2022, he referred to M23 as &#8220;brothers of ours&#8221; fighting for the rights of Tutsis in Congo.



(Reporting by David Lewis in Nairobi, Sonia Rolley in Paris, Elias Biryabarema in Kampala, Ange Kasongo in Kinshasa;Editing by Andrew Cawthorne)

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Uganda sends 1,000 more soldiers to east Congo near M23 conflict, sources say

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4372" height="2922" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/KEDTHZFAYBM77J7WBYLECY5O4E.avif" alt="" class="wp-image-580466"/><figcaption class="wp-element-caption">Members of the M23 rebel group gather at their position amid fighting between them and the Armed Forces of the Democratic Republic of the Congo (FARDC), in Goma, eastern Democratic Republic of the Congo, January 29, 2025. REUTERS/Stringer</figcaption></figure>



LONDON, Jan 30 (Reuters) &#8211; Britain has warned Rwanda that its involvement in an escalating conflict in the Democratic Republic of Congo could jeopardise the over $1 billion of aid it receives every year.



Rwanda-backed M23 rebels captured Goma, a city of 2 million people in the DRC, on Monday, ignoring widespread calls for them to halt their offensive and enact a ceasefire. They extended their advance on Wednesday.



Rwandan forces backed up M23 in Goma, according to Congo, the United States and other Western powers. Rwanda has denied its involvement.



British foreign minister David Lammy told parliament on Tuesday Rwanda received over 1 billion dollars in global aid every year, including around 32 million pounds ($39.80 million) of bilateral UK assistance but &#8220;all of that is under threat when you attack your neighbours&#8221;.



&#8220;We in this House are clear that we cannot have countries challenging the territorial integrity of other countries,&#8221; Lammy said. &#8220;Just as we will not tolerate it in the continent of Europe, we cannot tolerate it wherever in the world it happens.&#8221;



&#8220;We have to be clear about that,&#8221; Lammy added.



This week&#8217;s events represent the gravest escalation of the decades-old conflict in eastern Congo since 2012. The hostilities are rooted in the spillover of Rwanda&#8217;s 1994 genocide into Congo and the struggle for control of Congo&#8217;s lucrative minerals.



($1 = 0.8040 pounds)



(Reporting by Catarina Demony; Editing by Saad Sayeed)

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UK warns Rwanda of threat to aid over its involvement in DRC conflict

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="504" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/23WCRTIR7NLJLLNGJAAE2KWBSQ-820x504.jpg" alt="" class="wp-image-577142" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/23WCRTIR7NLJLLNGJAAE2KWBSQ-820x504.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/23WCRTIR7NLJLLNGJAAE2KWBSQ-300x185.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/23WCRTIR7NLJLLNGJAAE2KWBSQ-146x90.jpg 146w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/23WCRTIR7NLJLLNGJAAE2KWBSQ-768x472.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/23WCRTIR7NLJLLNGJAAE2KWBSQ-1536x945.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/23WCRTIR7NLJLLNGJAAE2KWBSQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Protesters throw stones during a &#8220;national shutdown&#8221; against the election outcome, at Luis Cabral township in Maputo, Mozambique, November 7, 2024. REUTERS/Siphiwe Sibeko</figcaption></figure>



Jan 21 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s largest port, Maputo, reported a 1% decline in volumes in 2024 mainly due to post-election protests that forced border closures and road blockages, the port operator said on Tuesday.



The southeast African country was rocked by opposition protests after a disputed Oct. 9 vote won by Daniel Chapo and his Frelimo party, which has governed Mozambique since 1975. The unrest has left more than 300 people dead following a crackdown by security forces.



Maputo port volumes for 2024 dipped to 30.9 million metric tons, from a record 31.2 million metric tons in 2023, the Maputo Port Development Company (MPDC) said in a statement.



&#8220;The slight decrease in total volumes &#8230; was primarily due to the post-electoral protests and road blockages in the Maputo corridor, including border closure for several days and conditioned border and road operations for more than a month consolidated,&#8221; MPDC said.



The rail corridor from South Africa to Mozambique was also affected by the protests and blockages, paired with a derailment in October and November, which shut the line for a month, MPDC added.



The Maputo port is handling growing volumes mainly driven by commodity exporters increasingly sending cargo through Mozambique to get around logistics bottlenecks in South Africa. Goods handled include coal, chrome, copper, and grains such as maize and wheat.



The MPDC is a consortium including multinational logistics firm DP World, South Africa&#8217;s Grindrod Ltd, and Mozambique&#8217;s state-owned rail operator Caminhos de Ferro de Moçambique.



The consortium, first granted the Maputo port concession in 2003, was last year granted an extension to 2058. The port is also set to be expanded to handle 58 million tons of cargo, from 37 million tons currently.



(Reporting by Nelson Banya; Editing by Mark Potter)

Mozambique opposition party leads national shutdown against election outcome

Mozambique’s Maputo port volumes dip after post-election unrest

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="473" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYNXMPED4U1W6-820x473.jpg" alt="" class="wp-image-575323" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYNXMPED4U1W6-820x473.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYNXMPED4U1W6-300x173.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYNXMPED4U1W6-156x90.jpg 156w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYNXMPED4U1W6-768x443.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYNXMPED4U1W6-1536x886.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LYNXMPED4U1W6-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A train launched to operate on the Standard Gauge Railway (SGR) line constructed by the China Road and Bridge Corporation (CRBC) and financed by Chinese government arrives at the Nairobi Terminus on the outskirts of Nairobi, Kenya May 31, 2017. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI/ABU DHABI, Jan 15 (Reuters)&nbsp;&#8211;&nbsp;Kenya has started discussions with the United Arab Emirates to secure financing to complete a regional railway, President William Ruto said, after China cut infrastructure funding to the project.



The railway connecting the Kenyan port of Mombasa with landlocked neighbours, as part of China&#8217;s Belt and Road Initiative, ended in the Rift Valley in 2019, 468 kilometres (290 miles) short of the border with Uganda, after Beijing withdrew support.



&#8220;We are exploring a partnership agreement with the United Arab Emirates to extend the Standard Gauge Railway to connect Kenya, Uganda and South Sudan,&#8221; Ruto said on X late on Tuesday, after meeting UAE officials in Abu Dhabi.



Both sides will carry out a feasibility study on the extension of the railway, he said, &#8220;due to its capacity to foster regional integration and promote trade&#8221;.



Ruto&#8217;s office did not respond to Reuters&#8217; request for more details.



Ruto, who took over in September 2022, has pursued closer ties with the UAE, and Kenya is also finalising a $1.5 billion commercial loan from the UAE for budget support.



The East African nation and the UAE signed a comprehensive economic partnership agreement on Tuesday, aiming to boost trade volumes by removing barriers, simplifying customs processes and promoting investments.



&#8220;Kenya is going to be a gateway for sure for East Africa,&#8221; Thani Al Zeyoudi, the UAE&#8217;s minister of trade, told Reuters on Tuesday.



Trade between Kenya and the UAE has more than doubled over the last decade, Ruto&#8217;s office said. The UAE is the sixth biggest export market for Kenyan goods, and its second biggest source of imports.



The value of the trade stood at 445 billion shillings ($3.44 billion) in 2023, with the UAE buying agricultural products, while Kenya gets petroleum products, machinery and chemicals.



The UAE&#8217;s Abu Dhabi National Oil Company (ADNOC) and Emirates National Oil Company were among three Gulf firms Ruto&#8217;s government picked in 2023 to supply Kenya with oil on longer credit terms, in a shift from an open tender system.



($1 = 129.2500 Kenyan shillings)



(Reporting by Duncan Miriri in Nairobi and Rachna Uppal in Abu Dhabi; Editing by Barbara Lewis)

A train launched to operate on the SGR line constructed by the CRBC and financed by Chinese government arrives at the Nairobi Terminus in Nairobi

Kenya turns to the UAE for railway funds after China cut financing

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3694" height="2271" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/J5PMZMRCRFI65GQ2B62NYABQDM.avif" alt="" class="wp-image-574712"/><figcaption class="wp-element-caption">The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls/File Photo</figcaption></figure>



LONDON, Jan 11 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s Securities and Exchange Commission (SEC) has sanctioned Standard Chartered for mis-selling a Chinese property company&#8217;s bonds to one of the bank&#8217;s local wealth clients at the height of the Asian country&#8217;s real-estate crisis, according to a source.



The source familiar with the matter told Reuters that the UK-headquartered bank, which is currently looking to sell its wealth and retail banking businesses in Zambia, was facing &#8220;enforcement action&#8221; for two breaches of SEC rules following a months-long investigation.



The first was that it had failed to disclose &#8220;material information&#8221; about the bonds it sold in March 2022. Those bonds, issued by state-backed Chinese developer Sino-Ocean, defaulted just over a year later and are now, like many in the sector, almost worthless.



In addition, the SEC found Standard Chartered had also used &#8220;exclusionary&#8221; contract clauses, which meant the client held all responsibility for the risks, which goes against Zambia&#8217;s securities rules.



In a statement to Reuters, Standard Chartered said: &#8220;We respect the outcome of the Securities Exchange Commission in Zambia, however, in accordance with appropriate local procedures we will respectfully be exercising our right to appeal.&#8221;



&#8220;We are fully aware of this matter, and we are reviewing the necessary details to clarify the situation. It is our priority at the Bank to ensure compliance with regulatory standards across all of our markets.&#8221;



The SEC, which started its investigation of the case in April, said it was not able to comment on the matter when asked by Reuters. Under Zambia&#8217;s Securities Act, Standard Chartered now has 30 days to lodge its appeal.



Zambia&#8217;s SEC has the power to fine, or publicly or privately &#8220;censure or reprimand&#8221; lenders, although it can&#8217;t formally order them to compensate customers for mis-selling.



Reuters wasn&#8217;t able to establish what penalty the regulator is planning to impose on Standard Chartered.



The lender announced in November it was looking to sell its Zambian wealth and retail banking businesses alongside those in nearby Botswana and Uganda.



It has operated in Zambia for nearly 120 years making it the country&#8217;s oldest bank.



It is currently reducing its overall footprint in Africa, however, having also sold its Tanzania business and subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone in the last couple of years.



(Additional reporting by Chris Mfula in Lusaka. Editing by Elisa Martinuzzi and Mark Potter)

J5PMZMRCRFI65GQ2B62NYABQDM

Zambia’s SEC sanctions Standard Chartered over China property bond mis-selling, source says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="407" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA.jpg" alt="" class="wp-image-573372" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA-142x90.jpg 142w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">A general picture shows the skyline of Tanzania&#8217;s port city of Dar es Salaam, File. REUTERS/Andrew Emmanuel</figcaption></figure>



DAR ES SALAAM, Jan 8 (Reuters)&nbsp;&#8211;&nbsp;Tanzania&#8217;s central bank left its key interest rate&nbsp;TZINTR=ECI&nbsp;unchanged at 6% on Wednesday, holding it steady for a&nbsp;third consecutive&nbsp;policy meeting, with an aim of keeping inflation below its target.



When it launched the rate in January 2024, the bank set it at 5.50%. The bank targets inflation of 5%, and consumer inflation has stayed comfortably below that figure.



Inflation is forecast to stay around the range of 3.1% and 4% in the first quarter, Bank of Tanzania Governor Emmanuel Tutuba said in a statement.



Tanzania&#8217;s economy is forecast to grow by about 6% this year from an estimated 5.4% in 2024, its finance minister and central bank governor said in November in a letter to the International Monetary Fund.



The economy is forecast to grow 5.7% year-on-year in the first quarter, Tutuba said.



(Reporting by Nuzulack Dausen; Writing by George Obulutsa; Editing by Bernadette Baum)

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Tanzania central bank holds key interest rate unchanged for a third time

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="397" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/KE6WLMXLLRKUPODPWLRXZ6RVSI.avif" alt="" class="wp-image-573024"/><figcaption class="wp-element-caption">A motorist drives on the controlled section during the construction of the Nairobi Expressway, undertaken by the China Road and Bridge Corporation (CRBC) on a public-private partnership (PPP) basis, along Uhuru highway in Nairobi, Kenya August 5, 2021. REUTERS/Thomas Mukoya/File photo</figcaption></figure>



NAIROBI, Jan 7 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s economic growth slowed in the third quarter of 2024 from the same period a year earlier due to underperformance in most sectors of the economy, the statistics office said on Tuesday.



The economy&nbsp;KEGDPQ=ECI&nbsp;grew 4.0% year-on-year from 6.0% in the same quarter the previous year, the Kenya National Bureau of Statistics said in a statement.



&#8220;The decelerated growth was largely due to a general decline in growth in most sectors of the economy. The growth was constrained by contractions in construction and mining and quarrying activities,&#8221; the statistics office said.



Construction activities contracted 2.0% while mining and



quarrying shrank 11.1%, the office said.



Growth in agriculture, forestry and fishing, transportation and storage activities, financial and insurance activities, real estate activities, wholesale and retail activities and accommodation and food service activities helped cushion the economy from slowing further, the statistics office said.



Nationwide protests against proposed tax increases at the end of the second quarter resulted in disruptions and incidents of violence in major towns.



President William Ruto subsequently scrapped the tax measures, but demonstrations persisted into the third quarter, with protesters calling for better governance, an end to corruption and better service delivery.



The World Bank has downgraded Kenya&#8217;s economic growth estimate for 2024 to 4.7%, from an initial 5.0%, citing the impact of floods, anti-government protests and faltering fiscal consolidation efforts.



The finance ministry has estimated that the economy expanded 5.2% in 2024 and projects growth of 5.4% in 2025. The economy grew 5.6% in 2023.



(Reporting by George Obulutsa and Hereward Holland; Editing by Ed Osmond and Jacqueline Wong)

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Kenya’s Q3 GDP growth slows on weak construction, mining sectors

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-820x547.jpg" alt="" class="wp-image-559648" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GettyImages-1255804869-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Bank of Uganda, Uganda&#8217;s central bank, in Kampala, Uganda, on Wednesday, May 17, 2023. Uganda estimates that it will need $28.1 billion to adapt to the effects of climate change and cut emissions until the end of the decade. Photographer: Katumba Badru Sultan/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Jan 6 (Reuters)&nbsp;&#8211;&nbsp;The Bank of Uganda (BoU) said on Monday it would change&nbsp;the release of its&nbsp;benchmark policy rate from every two months to quarterly, starting this year.



Interest rate meetings by the central bank&#8217;s Monetary Policy Committee (MPC) will now be conducted in February, May, August, and November, the bank said in a statement.



&#8220;This change allows the MPC to conduct more comprehensive economic analysis, leveraging additional data to enhance forecasting accuracy and build upon its established track record of effective policy decisions,&#8221;&nbsp;the&nbsp;BoU said.



At its last meeting in December, the bank left the benchmark rate unchanged at 9.75%, saying risks to the inflation outlook were balanced.



(Reporting by Elias Biryabarema, Editing by Bhargav Acharya and Kevin Liffey)

Katumba Badru Sultan/Bloomberg

Uganda’s central bank changes policy rate meetings to quarterly

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3038" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/LGH7TDQ2DNN3FKFRGO2SVYRP34.avif" alt="" class="wp-image-572751"/><figcaption class="wp-element-caption">A view shows the Nairobi Expressway undertaken by the China Road and Bridge Corporation (CRBC) on a public-private partnership (PPP) basis, in Nairobi, Kenya May 8, 2022. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Jan 6 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector activity expanded very slightly in December, with growth slowing a little from a month earlier but remaining supported by increased customer sales, a survey showed on Monday.



The Stanbic Bank Kenya Purchasing Managers&#8217; Index (PMI) dipped to 50.6 in December from 50.9 a month earlier. Readings above 50.0 signal an expansion in activity.



&#8220;Positively, this is the first quarter of expansion in output since (the fourth quarter of 2021), suggesting that the private sector is showing signs of turning around with new orders and employment also in expansionary territory,&#8221; said Christopher Legilisho, an economist at Stanbic Bank.



The economy is estimated to have grown 5.2% in 2024 and projected to expand 5.4% in 2025, the finance ministry says. The economy grew 5.6% in 2023.



(Reporting by George Obulutsa; Editing by Hugh Lawson)

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Kenya private sector activity expands at slower pace in December, PMI shows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2588" height="1697" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GIP2AWDTGVOW3LFUFHTPXIMOFQ.avif" alt="" class="wp-image-572733"/><figcaption class="wp-element-caption">A reflection from the windows show Kenya Airways planes parked at terminal within the Jomo Kenyatta International Airport near Nairobi, Kenya March 7, 2023. REUTERS/Thomas Mukoya/File photo</figcaption></figure>



NAIROBI, Jan 6 (Reuters) &#8211; Nairobi Securities Exchange has lifted a suspension on trading shares of national carrier Kenya Airways, the bourse said on Monday.



&#8220;The suspension on the trading of Kenya Airways PLC shares was lifted following the company’s recent performance which saw the company record a profit after tax and the withdrawal of the



National Aviation Management Bill 2020,&#8221; the bourse said in a statement.



Kenya Airways&#8217; shares were suspended from trading in 2020, when at the time the government had announced plans to renationalise the airline. The plan did not take off.



One of Africa&#8217;s three biggest carriers, Kenya Airways slid into insolvency in 2018 after an expansion drive left it with hundreds of millions of dollars in debt.



On its last day of trade on March 2, 2020, the stock closed at 3.83 shillings a share.



It posted an operating profit of 10.53 billion shillings ($80.38 million) in 2023, the first since 2017.



(Reporting by George Obulutsa; Editing by Tom Hogue and Kim Coghill)

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Nairobi Securities Exchange allows Kenya Airways shares to trade again

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2186808593-820x547.jpg" alt="" class="wp-image-569805" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2186808593-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2186808593-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2186808593-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2186808593-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2186808593-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2186808593-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Military police patrol the streets following protests in Maputo, Mozambique, on Thursday, Nov. 28, 2024. The continued disruption following election results disputes is hitting the already strained state finances with annual inflation in Mozambique edged up to 2.7% in October. Photographer: Kang-Chun Cheng/Bloomberg via Getty Images</figcaption></figure>



CAPE TOWN, Dec 26 (Reuters) &#8211; South African petrochemical company Sasol has reduced natural gas production at its central processing facility in Temane, Mozambique, to ensure the safety of its staff and assets amid widespread post-election unrest, its spokesperson said.



South Africa receives the bulk of its gas imports via the Rompco pipeline that links onshore gas fields in Mozambique to Sasol&#8217;s Secunda industrial complex in Mpumalanga province, before being piped onwards to clients in Gauteng and KwaZulu-Natal regions.



&#8220;We have informed various gas users and our customers that we are not able to supply gas at full production rates to maintain stability of the gas value chain infrastructure and pipeline network,&#8221; Alex Anderson, a Sasol spokesperson said late on Wednesday.



Mozambique has been wracked by unrest following a disputed election in October that saw ruling party candidate Daniel Chapo elected as president.



The unrest has already affected the operations of foreign companies including the Australian mining firm South32 and led to the temporary closure of the main border crossing with neighbouring South Africa.



Civil unrest escalated when the Constitutional Council on Monday confirmed long-ruling party Frelimo&#8217;s victory.



On Tuesday, at least 21 people were killed in the unrest which on Wednesday spread to some prisons and saw 33 people killed.



Western observers said the election was not free and fair, saying there were irregularities in the tabulation process and a lack of transparency in the election period.



&#8220;The situation around the central processing facility is calm and there has been no security or perimeter breach,&#8221; Anderson said, adding that the safety of staff, service providers and communities was their main priority.



(Reporting by Wendell Roelf; Editing by Olivia Kumwenda-Mtambo, Alexandra Hudson)

Mozambique Sees Renewed Election Unrest Raising Inflationary Risks

Sasol reduces gas output at Mozambique plant due to unrest

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4653" height="3100" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/AD5EWZPFCVLJ3MS7VAUAZFF3SA.avif" alt="" class="wp-image-567761"/><figcaption class="wp-element-caption">A sign adorns the building where Australian miner South32 has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo</figcaption></figure>



Dec 19 (Reuters) &#8211; Australian miner South32 said on Thursday it expects to rebuild alumina stocks in the coming days if trucking conditions remain favourable at the Mozal Aluminium smelter in Mozambique after operational disruptions at the site due to post-election civil unrest.



Earlier this month, the company retracted its output prediction for its Mozal Aluminium smelter in Mozambique, following protests by opposition supporters after a disputed election result in October, which led to increasing violence in the country.



According to South32, which owns 63.7% of the Mozal Aluminium smelter, the disturbances caused road closures that have made it more difficult to get raw materials to the smelter.



&#8220;Over the past few days, road blockages have largely cleared and we have been able to safely transport alumina from port to Mozal Aluminium,&#8221; South32 said.



The company adds that while the situation in Mozambique has improved, any escalation in civil unrest, which is likely after the election results by the Mozambique Constitutional Council on Dec. 23, can potentially impact trucking activity and operations at Mozal.



(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Alan Barona)

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South32 expects to start rebuilding at Mozambique project after post-election hit

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3303" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/SIJQKYZGPNOYTMR2KBTSYHWFOE.avif" alt="" class="wp-image-567387"/><figcaption class="wp-element-caption">General view of buildings in the capital, Maputo, Mozambique, September 1, 2019. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



CAPE TOWN, Dec 18 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s 2024 economic growth is likely to be revised down from a previous forecast of 4.3% due to post-election civil unrest and the impact of Cyclone Chido, a senior International Monetary Fund (IMF) official said.



In October, Daniel Chapo, the candidate of Mozambique&#8217;s ruling party Frelimo, was declared winner of the presidential election that opposition parties say was marred by voting irregularities.



The disputed election results sparked protests from opposition supporters and there has been more violence since. The unrest has affected business operations, including for mining companies, and has at times led to the closure of key trade corridors.



Mozambique&#8217;s Constitutional Council is expected to rule on the validity of the election count on Dec. 23, an outcome civil society organisations and analysts fear may trigger more violence and economic disruption if Frelimo&#8217;s victory is upheld.



&#8220;Growth went from 4.5% in the second quarter to 3.7% in the third quarter, before the protests started,&#8221; Olamide Harrison, the IMF&#8217;s Mozambique resident representative, told Reuters.



&#8220;In the context of protests, and natural disasters, we expect a further slowdown in the fourth quarter followed by a modest rebound in 2025,&#8221; he said.



Harrison said the IMF deeply regretted the loss of lives during the protests, adding that it was a &#8220;difficult situation&#8221; the lender was closely monitoring.



Cyclone Chido, which made landfall in northern Mozambique over the weekend killing at least 34 people, has also dampened growth prospects, he said.



Harrison said negotiations for a three-year credit facility programme between the IMF and Mozambican authorities will resume once a political transition is complete.



&#8220;We wait until the new government is in place and then we resume negotiations,&#8221; he said of a process typically followed when there is a political transition during an ongoing IMF lending arrangement.



(Reporting by Wendell Roelf; Editing by Olivia Kumwenda-Mtambo and Angus MacSwan)

East Africa

Kenya central bank cuts main lending rate to 10.75%

Kenya has begun talks with IMF for new lending program, finance minister says

TotalEnergies’ Namibia project seen smaller, later than expected

Kenya private sector activity expands weakly in January, PMI shows

Uganda sends 1,000 more soldiers to east Congo near M23 conflict, sources say

UK warns Rwanda of threat to aid over its involvement in DRC conflict

Mozambique’s Maputo port volumes dip after post-election unrest

Kenya turns to the UAE for railway funds after China cut financing

Zambia’s SEC sanctions Standard Chartered over China property bond mis-selling, source says

Tanzania central bank holds key interest rate unchanged for a third time

Kenya’s Q3 GDP growth slows on weak construction, mining sectors

Uganda’s central bank changes policy rate meetings to quarterly

Kenya private sector activity expands at slower pace in December, PMI shows

Nairobi Securities Exchange allows Kenya Airways shares to trade again

Sasol reduces gas output at Mozambique plant due to unrest

South32 expects to start rebuilding at Mozambique project after post-election hit

Mozambique’s post-election unrest to hit economic growth, says IMF official

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East Africa

Kenya central bank cuts main lending rate to 10.75%

Kenya has begun talks with IMF for new lending program, finance minister says

TotalEnergies’ Namibia project seen smaller, later than expected

Kenya private sector activity expands weakly in January, PMI shows

Uganda sends 1,000 more soldiers to east Congo near M23 conflict, sources say

UK warns Rwanda of threat to aid over its involvement in DRC conflict

Mozambique’s Maputo port volumes dip after post-election unrest

Kenya turns to the UAE for railway funds after China cut financing

Zambia’s SEC sanctions Standard Chartered over China property bond mis-selling, source says

Tanzania central bank holds key interest rate unchanged for a third time

Kenya’s Q3 GDP growth slows on weak construction, mining sectors

Uganda’s central bank changes policy rate meetings to quarterly

Kenya private sector activity expands at slower pace in December, PMI shows

Nairobi Securities Exchange allows Kenya Airways shares to trade again

Sasol reduces gas output at Mozambique plant due to unrest

South32 expects to start rebuilding at Mozambique project after post-election hit

Mozambique’s post-election unrest to hit economic growth, says IMF official

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