Nigerian stocks fell on Friday after a two-day rally, as asset managers booked profit ahead of their half-year fund returns, traders said.
The index fell 1.07 percent by mid trades, down to 32,000 level, dragged lower by losses in the banking, cement and petroleum sectors.
&#8220;The fall in the market is as a result of month-end profit-taking by some institutional investors and individuals,&#8221; one stock broker said.
Shares in household products maker Unilever fell 9.74 percent, fuel retailer Forte dropped 4.99 percent followed by United Bank for Africa, down 4.22 percent.
Other decliners included Dangote Cement, which accounts for a third of the market capitalisation, which dropped 2.31 percent, and Diamond Bank down 3.85 percent.
(Reporting by Oludare Mayowa; Editing by Robin Pomeroy)

Nigerian stocks shed gains as funds prepare H1 accounts

South Africa mines minister Mosebenzi Zwane has instructed the government&#8217;s Minerals Board to verify information provided by AngloGold Ashanti regarding the reasons behind its decision to consider laying off up to 8,500 workers.
&#8220;These are not just numbers to be thrown around, but people’s livelihoods and future job prospects, and we should not take this matter lightly,&#8221; Zwane said in a statement after meeting with the company.
Job cuts are a thorny issue in South Africa, where the unemployment rate is at a 14-year high. The mining industry in recent years has shed tens of thousands of jobs in the face of depressed prices, soaring costs and labour unrest.
(Reporting by Ed Stoddard; Editing by James Macharia)

South Africa vets reasons for AngloGold’s planned job cuts

South African Finance Minister Malusi Gigaba on Friday accused the country&#8217;s anti-corruption agency of overstepping the mark in suggesting changes to the way the central bank works, insisting that monetary policy should remain independent.
A call by South Africa&#8217;s public protector for an overhaul of Reserve Bank&#8217;s mandate &#8212; to focus on growth rather than inflation and the currency &#8212; has rattled investors this month, hitting the rand.
It exposed worsening divisions between state institutions just as President Jacob Zuma is embroiled in a net of scandals.
&#8220;The public protector does not have the power to direct parliament to amend the constitution,&#8221; Gigaba told business leaders at the start of a policy conference of the ruling African National Congress.
&#8220;These recommendations should have been directed at the finance ministry. We should all insist on the independence of the South African Reserve Bank.&#8221;
Zuma has drawn unprecedented criticism from senior ruling party members in recent weeks. A shock cabinet reshuffle prompted in March ratings agencies to downgrade South Africa to &#8220;junk&#8221; status and unemployment is at a 14-year high.
The economy has also entered recession, prompting Gigaba to call in his speech for &#8220;drastic measures&#8221; to kick-start growth.
&#8220;Should the main indicators continue to disappoint any further we may have to seek assistance from quarters we have thus far avoided,&#8221; Gigaba added, without elaborating.
Asked by Reuters if he was referring to the International Monetary Fund, Gigaba smiled and said &#8220;Any&#8221;.
The rand extended its losses against the dollar on Friday, trading 0.7 percent lower, while bonds weakened after Gigaba&#8217;s comments on the possibility of seeking outside assistance.
Isaac Mashego, senior economist at Nedbank, said with the rate of economic growth not keeping in touch with the government&#8217;s expenditure and the budget deficit widening, the government is going to have borrow more.
&#8220;This might mean going to multilateral institutions like the IMF. This is the worse case scenario,&#8221; he said.
INDEPENDENCE ROW
The row over the central banks began earlier this month, when Public Protector Busisiwe Mkhwebane said its current mandate &#8212; centred on maintaining currency and price stability &#8212; was focused on a &#8220;few commercial interests&#8221; rather than boosting the economy.
The Reserve Bank immediately rejected the call, saying Mkhwebane&#8217;s office had no business in making recommendations about how it is run. It filed a court challenge this week asking for the recommendation to be set aside.
South Africa&#8217;s parliament and the ANC also rejected the recommendation, but the country&#8217;s largest union backed it.
Credit rating firm S&amp;P Global has warned that its rating for South Africa could be cut deeper into junk territory if the government meddles with the &#8220;critical&#8221; independence of the country&#8217;s central bank.
Critics of President Zuma see the public protector&#8217;s comments as an attempt to undermine the bank’s authority as part of a broader attack on state institutions, including the finance ministry, the tax authorities and the public protector’s office.
The president, who was due to deliver a key speech at the conference, rejects such criticism.
Zuma will be replaced as ANC leader at a national conference in December. Deputy President Cyril Ramaphosa and former African Union chair Nkosazana Dlamini-Zuma, the incumbent&#8217;s ex-wife, widely viewed as frontrunners.
The six-day conference beginning on Friday should offer clues to who may be in the ascendant.
Gareth Newham, a governance specialist at Pretoria-based think tank Institute for Security Studies said although the conference will focus on policy, the leadership battle to succeed Zuma would be at the heart of the discussions.
&#8220;The way policy is spoken about and framed is going to be a proxy for leadership battle,&#8221; he said.
&#8220;It&#8217;s difficult to say who is going in to the conference with more momentum, the forces are quite balanced,&#8221; he said referring to Ramaphosa and Dlamini-Zuma.
(Additional reporting Mfuneko Toyana, Ed Stoddard and Nqobile Dludla; Writing by James Macharia Editing by Jeremy Gaunt)

Central bank must be independent, South African finance minister says

On July 30, Senegalese will vote in a legislative election. In total, 47 lists of candidates have been confirmed nationally. 
Candidates to become or remain members of Parliament (MPs) include one former president, two former prime ministers, the current prime minister and the imprisoned mayor of Dakar. 
Despite some early signs that an opposition coalition would complicate matters for President Macky Sall’s coalition, various dynamics have kept opposition parties apart, and it looks unlikely that they will bother the president’s coalition. 
The campaign, while far from over, has been characterised by a complicated and ultimately failed effort by the opposition to agree on a coalition. 
Initially 10 opposition parties wanted to form a coalition in order to challenge Mr Sall’s government’s clannish management of power. 
Parties that wanted to join included the Senegalese Democratic Party (PDS) of former President Abdoulaye Wade, the Rewmi party of former prime minister Idrissa Seck, and a dissident branch of the Socialist Party (PS) led by Khalifa Sall. 
Khalifa Sall, the mayor of Dakar, is accused of embezzlement of public funds and has been imprisoned since March 7. 
Even though some, particularly Mr Wade’s party, have been asking for Khalifa Sall’s liberation, the ten opposition parties did not want to accept a prisoner as their national list head and finally could not agree on a candidate. 
Khalifa Sall especially gave the instruction that “everything must be done to preserve the unity of the coalition but it is out of the question to cede the national list head to the PDS!” 
More than 100 days after Khalifa Sall’s arrest, his three lawyers continue to demand his liberation and the respect of his civil rights. 
They have focused their arguments on what they call the absence of any proof that he had embezzled municipal funds. 
One of the lawyers stated: “As long as a person is not condemned, he or she benefits of the same rights as all citizens. And until proven otherwise, Khalifa Sall is innocent. He has the right to vote, to be a candidate, and to be elected”. 
Meanwhile, the only solution seems to be the payment of Mr Sall’s huge bail: CFAfr1.8bn. However, Mr Sall and his supporters reject this option, fearing that paying bail may be equated with confessing to the alleged crime. 
The division of the opposition has now led to two coalitions. 
On one side, a coalition called Manko Taxawu Senegal has registered its list excluding the PDS. It includes the members of the parties of Idrissa Seck and Malick Gackou, and Khalifa Sall is first on the list. 
Mr Wade, who is 91 years old, heads the list of his coalition, called Wattu Senegal Winning Coalition, which is essentially made up of the PDS. 
President Macky Sall’s Alliance for the Republic (APR), meanwhile, remains in the Bennoo Bokk Yakaar coalition together with the Socialist Party (PS) and the Alliance of Progressive Forces (APF). Prime Minister Mahammad Dione heads that list. 
In spite of its will to constrain the president and his government, the opposition acted in a counterproductive way which might have a negative long-lasting outcome. 
Most immediately, it looks very unlikely that the opposition will be able to impose ‘cohabitation’ by winning a majority in Parliament and picking the next prime minister. 
Bennoo Bokk Yakaar must be considered the favourite going into the polls (although there is still a month left until the vote). 
The fact that Khalifa Sall has been picked to head a national opposition list, despite being in jail, is impressive, but it is probable that he will remain behind bars until after the 2020 presidential election.

Senegal – A divided opposition for the legislative election

&nbsp;
South Africa&#8217;s ruling ANC meets this week to debate the future of a country mired in recession, corruption and political deadlock, but proceedings may be overshadowed by a power struggle between rivals seeking to succeed President Jacob Zuma.
Critics charge that under Zuma, the ANC idealism and ethics epitomised by Mandela have been replaced by a relentless scramble for power, dividing the party and tarnishing the reputation of the post-apartheid &#8220;Rainbow Nation&#8221;. Popular support has slumped.
Zuma will be replaced as ANC leader at a national conference in December with Deputy President Cyril Ramaphosa and former African Union chair and Zuma&#8217;s ex-wife Nkosazana Dlamini-Zuma widely viewed as frontrunners. The six-day conference beginning on Friday should offer clues to who may be in the ascendant.
&#8220;The conference will be a key event this year, with policy change used to drive a factional wedge in the party on macro, land reform and financial sector transformation,&#8221; said Nomura emerging market analyst Peter Attard Montalto.
&#8220;We expect it to represent the real starting gun for factional alignments into December’s elective conference.&#8221;
Zuma has drawn unprecedented criticism from senior ANC members in recent weeks. A shock cabinet reshuffle prompted ratings agencies to downgrade South Africa to &#8220;junk&#8221; status, the economy slid into recession and unemployment hit a 14-year high.
The party is now split between factions broadly aligned to Dlamini-Zuma and Ramaphosa. Analysts mostly think the party will hold together, although a breakaway is possible should Dlamini-Zuma lose in December.
Dlamini-Zuma&#8217;s camp is expected to push for the expropriation of land without compensation and greater black ownership of businesses as part of a broader drive to defeat the &#8220;enemy&#8221; of &#8220;white monopoly capital&#8221;.
The government says only 8 million hectares of arable land has been transferred to black people since 1994, less than 10 percent of the 82 million hectares available and a third of the ANC&#8217;s 30 percent target.
Dlamini-Zuma&#8217;s supporters also want to clip the wings of the central bank so that it focuses its mandate on growth, not inflation, and to reform the banking sector to promote black interests, including the creation of a state bank.
Ramaphosa&#8217;s supporters also prioritise wealth redistribution but believe the best strategy is through reforms that grow the economy, encourage investment, create jobs and tackle the corruption that has plagued the ANC under Zuma.
REDISTRIBUTION
Many investors and ANC members in Ramaphosa&#8217;s camp are concerned Dlamini-Zuma would continue in the mould of her ex-husband. She says opponents are trying to use her past to undermine her credibility.
Ramaphosa has warned ANC members that if corruption and infighting rife under Zuma are not tackled, the party will be unable to arrest the decline that saw it lose control of major cities in local elections last year.
An opposition coalition led by the Democratic Alliance, a traditionally white party that is becoming more inclusive, says it is confident of unseating the ANC at an election in 2019.
&#8220;Cyril&#8217;s main argument to grassroots ANC members is: if you don&#8217;t choose me, the economy will collapse and we&#8217;ll lose in 2019 and you&#8217;ll have nothing,&#8221; a senior ANC source told Reuters.
&#8220;The question is if he can win that ideological argument against an opponent with attractive populist policies and Zuma&#8217;s well-established party patronage system.&#8221;
Dlamini-Zuma, who has the support of Zuma and his powerful grassroots Zulu ANC support base, has accused her opponents of being &#8216;anti-transformation&#8217; and too cosy with rich whites.
A medical doctor and health minister under Mandela, Dlamini-Zuma has support in rural areas where Zuma is strong. Unionist-turned-business-mogul Ramaphosa has a more urban, middle-class constituency.
Zuma has tried to temper fears over land reform, promising there will be no repeat of the chaos triggered by farm invasions in neighbouring Zimbabwe. Any changes would follow parliamentary procedure.
A new charter raising the threshold for black ownership in mining companies was criticised by investors and industry players who said it was bullied through without consultation.
Signs this month that the central bank&#8217;s independence is in question have weakened the rand.
Though few major policy changes are expected to be agreed at this week&#8217;s meeting, the policy agenda will be watched for clues to whose voice &#8211; Ramaphosa&#8217;s or Dlamini-Zuma&#8217;s &#8211; feeds through more clearly in the language.
&#8220;Leadership will play its part, even if it is an official no-go area,&#8221; political analyst Mcebisi Ndletyana said.
&#8220;Even if there are no specifics, it will be interesting to see the language agreed. We may get some signals as to what is the dominant faction.&#8221;
(Editing by Ralph Boulton)

South African ANC leadership battle overshadows policy debate

Gambia&#8217;s government on Thursday proposed a 2017 budget of 12.24 billion dalasi ($266.8 million), down 6 percent from last year, as it seeks to rein in public debt that ballooned under longtime strongman Yahya Jammeh.
Under Jammeh, compelled to quit earlier this year by threat of force from regional armies after losing an election, public debt rose to 120.3 percent of GDP from 83.3 percent between 2013-2016.
President Adama Barrow&#8217;s government has accused Jammeh, who is in exile in Equatorial Guinea, of committing fraud on a massive scale during his 22-year rule, including siphoning off tens of millions of dollars in public money.
In a statement, minister of finance and economic affairs, Amadou Sanneh, said the budget would cut 475 million dalasi in goods and services in order to address an economic crisis that has left the country with less than two months&#8217; worth of foreign reserves.
Contributions from foreign donors including the International Monetary Fund, World Bank and European Union &#8211; many of which had cut financial ties to Jammeh&#8217;s government &#8211; account for nearly 20 percent of this year&#8217;s budget, Sanneh said.
The budget is 15 percent less than one proposed by Jammeh in December 2016 shortly after losing the election to Barrow.
($1 = 45.88 dalasi)
(Reporting By Lamin Jahateh; Writing by Aaron Ross; editing by John Stonestreet)

Gambia proposes 6% budget cut for 2017 in bid to contain debt

Holders of Mozambique&#8217;s sovereign dollar bonds said on Thursday the government had no reason to honour guarantees on loans given to state-owned firms, which they said should be liquidated to clean up government finances.
Debt-ridden Mozambique released on Saturday a forensic audit report into $2 billion worth of loans made to tuna fishing company EMATUM, security firm Proindicus and Mozambique Asset Management(MAM).
The report by risk management firm Kroll Inc found around a quarter of the money remained unaccounted for. It said no evidence was provided that any assessment took place before government guarantees worth $1 billion were signed. Potential conflict of interest issues were also identified, it added.
Reacting to the report, the Global Group of Mozambique Bondholders (GGBM) said in an emailed statement it was &#8220;evident that there is no basis &#8212; in either Mozambican or English law &#8212; for the Mozambique government to honour the purported guarantees of the Proindicus and MAM loans.&#8221;
&#8220;Disavowal of those purported guarantees and the liquidation of Proindicus, MAM, and Ematum is the appropriate restructuring that needs to take place to clean up the system,&#8221; GGBM said.
This would also help insulate the government balance sheet from further liabilities and help restore access to external financing for Mozambique, the group added.
Discovery of the previously hidden credits led the International Monetary Fund and Western donors to halt support to Mozambique, triggering the collapse of its currency and leading to a default on debt.
Mozambique told its creditors last autumn that its debt position was unsustainable and it had to renegotiate repayment terms. Bondholders dug in their heels, saying they had already accepted one debt swap in the spring of 2016, and other lenders should be first in line to take additional pain.
In its latest statement, the group also said Mozambique&#8217;s economy was improving thanks to a strengthening of the Metical currency, a recovery in exports and an increase in foreign exchange reserves.
Government efforts to tackle expenditure such as fuel subsidies, increased tax receipts and a recovery in foreign direct investment had also helped, the group said.
The GGMB estimated that the government&#8217;s capacity to service its debt payments over the next five years had improved by about $850 million.
The 2023 bond has some $727 million outstanding, according to Reuters data. Two-thirds of that issue is held by the steering committee of the group, or large bondholders supporting it, a lawyer for the GGBM said.
(Editing by Sujata Rao and Jon Boyle)

Mozambique creditors: government not bound by loan guarantees

By Fumbuka Ng&#8217;wanakilala
The Tanzanian government submitted three bills to parliament on Thursday that would allow it to force mining and energy companies to renegotiate their contracts, the latest in a string of moves that have alarmed foreign investors.
It was not immediately clear how the proposed renegotiation of contracts would affect a planned $30 billion gas project, or the troubled mining sector, which generates about 3.5 percent of Tanzania&#8217;s gross domestic product.
Businesses have complained that they feel President John Magufuli is unfairly squeezing them through a strict interpretation of tax laws, increased fines and demands they rapidly list on the local stock exchange. [nL8N1DQ1OO]
Magufuli says the reforms will increase transparency and revenues and that the companies have not been paying their fair share of taxes, charges they strongly deny.
The bills, expected to be fast-tracked, will affect multinationals and follow the recommendations of a committee investigating the East African country&#8217;s gold industry.
The committee called for an urgent overhaul of the country&#8217;s mining, gas and fiscal codes.
The three bills cover natural resources contracts, sovereignty and amend existing laws and would allow the government to renegotiate or dissolve contracts.
Companies that could be affected include BG Group, part of Royal Dutch Shell, Exxon Mobil, Statoil and Ophir Energy.
They plan to build a $30 billion liquefied natural gas (LNG) export terminal in partnership with state-run Tanzania Petroleum Development Corp.
The bill on natural wealth and resources reads: &#8220;Where the government has served notice of intention to renegotiate the arrangement or agreement &#8230; and the other party fails to agree to renegotiate the unconscionable terms or no agreement is reached &#8230; such terms shall cease to have effect and shall be treated as having been expunged.&#8221;
It defines &#8220;unconscionable terms&#8221; as anything that is &#8220;contrary to good conscience and the enforceability of which jeopardises the interests of the people&#8221; of Tanzania.
The parliamentary session has been extended for several days to allow lawmakers to study the bills and approve them, National Assembly Speaker Job Ndugai said.
Tanzania is Africa&#8217;s fourth-largest gold producer and has made vast natural gas discoveries but remains one of the poorest countries in the world.
Mining companies that could be affected by the proposed law changes include AngloGold Ashanti, Acacia Mining Plc and Petra Diamonds.
Acacia, which has most of its operations in Tanzania, has been a particular target of Magufuli&#8217;s ire. Its share price has nearly halved since March 3, when the government banned it from exporting minerals in a row over taxes. [nL8N1JC1OP]
Acacia and AngloGold said they were studying the legislation. Acacia also said talks with the government on the export ban were &#8220;yet to begin&#8221;.
(Additional reporting by Zandile Shabalala in London; writing by Katharine Houreld; Editing by Dale Hudson and Jason Neely)

Tanzania laws would allow govt to tear up mining, energy deals

Zambia&#8217;s economy is expected to grow by 4.1 percent in 2017 and by close to 5 percent by 2019, the World Bank said on Thursday, but the global lender also warned that stricter spending controls were needed to ease the country&#8217;s large debt burden.
&#8220;The government has started to reduce the large stock of expenditure arrears but further efforts are needed to improve budgetary controls and better withstand fiscal pressures if the national debt is to remain at sustainable levels,&#8221; the bank said in a report.
(Reporting by Chris Mfula; Writing by Mfuneko Toyana; Editing by Ed Stoddard)

World Bank expects faster economic growth for Zambia, warns of rising debt

Ghana has signed a $10 billion memorandum of understanding (MOU) with China to develop its bauxite industry, the country&#8217;s Senior Minister Yaw Osafo-Maafo said on Wednesday.
Growth in the West African country slowed sharply in 2014 due to a fiscal crisis and tumbling commodity prices following years of economic expansion at around 8 percent on the back of gold, cocoa and oil exports.
Taking office in January, President Nana Akufo-Addo has outlined a programme of job creation through the private sector and rural development.
&#8220;To develop the bauxite project with its railway and converting bauxite into aluminium we will need about $10 billion &#8230; we signed an MOU,&#8221; Osafo-Maafo told reporters at a conference in London after arriving from China.
&#8220;The money will come from the Chinese Development Bank, the implementation of the project will come from other agencies, infrastructure agencies in China, like China Railway,&#8221; he said.
The funds from Beijing would contribute towards building 1,400 km of a planned 4,000 km railway network, which would connect bauxite mines and production sites as well as establish a rail link into neighbouring Burkina Faso.
Details such as interest rates and terms had yet to be decided, he said, speaking on the sidelines of an investor conference organised by Developing Market Associates.
During his China visit, a second MOU had been signed between China and the Association of Ghana Industries which could lead to some $2 billion being invested in agricultural projects and industries, Osafo-Maafo said.
This was part of a government pledge to &#8220;build a dam in every village and a factory in every district&#8221;, he said.
Asked about the government&#8217;s plan to issue a 10 billion cedi ($2.25 billion) bond, Osafo-Maafo said he expected the debt to be issued towards the end of the year, and with maturities ranging from 5-15 years.
Earlier in June, Ghana had named Standard Chartered Bank and local lender Fidelity as lead managers for the issue expected to clear debts owed by public sector energy utilities.
($1 = 4.4350 Ghanian cedi)
(Reporting by Karin Strohecker, editing by David Evans)

Ghana signs $10 bln MOU with China for bauxite project: Senior Minister

Institutions and the rule of law are the essential elements that protect individual South Africans from the excesses and abuses of state power. The recent fiasco where the Public Protector recommended changes to the Constitution is an example of institutions gone awry.
Constitutionalism as a branch of jurisprudence did not develop to foster effective government, but explicitly to restrain government interference in the personal and economic lives of ordinary people. The Public Protector’s recommendation does the opposite: it proposed to alter its establishing statute – the Constitution – to change the very nature of our central bank for seemingly political reasons. The markets reacted predictably and, today, South Africans are a little poorer than they were yesterday.
The business of our institutions should not be to make life harder for anyone – except government, that is.
<h3>Institutions are meant to be immune from political interference</h3>
Institutions are divorced from the politics of the day because they are meant to be consistent and as immune as possible from political interference. In a country with rich constitutionalism and strong institutions like the United States of America, the character of the country does not change when political leadership does. Donald Trump’s influence on America’s status as a bastion of freedom and democracy will be negligible. He might fiddle with the composition and policy of Cabinet, but the Supreme Court and the sturdy devolution of power to states ensure that the reach of the President does not extend too far.
In other countries, such as ours, the political leadership of the day has far greater influence and institutions are secondary considerations. We already refer to the terms of our post-Apartheid presidents as “eras” – the Mandela-era, the Mbeki-era, and the Zuma-era – each with their own style that had a profound impact on South Africa’s world image. Before 1994, no matter who was president, we simply had “the Apartheid-era”, because the institution of Apartheid was so strong (in a bad way!).
<h3>South Africa&#8217;s economy brought to its knees</h3>
Our political leadership does not have to reach far to impact the lives of ordinary South Africans negatively. That a political appointment practically brought South Africa’s economy to its knees is indicative enough that this situation is not right.
South Africa’s institutions may appear strong on paper, yet it is evident that the executive branch of government can act with a free hand. For instance, the Department of Mineral Resources’ recently-published Mining Charter wiped more than R50 billion off the mining industry’s share value. Our institutions seem powerless to stop government from enacting such destructive policy even when the Charter’s history is questionable when it comes to public participation and impact assessments.
<h3>What is the solution?</h3>
Institutions must be concerned, first and foremost, with the government. There is no doubt that private firms and individuals, too, can be corrupt, but the consequence of private sector corruption, by its nature, is limited. Government corruption and overreach, however, can potentially destroy economic growth and the livelihoods of millions. Private corruption is dealt with by market forces, and, failing that, the courts and the criminal justice system. Government corruption is dealt with politically.
Our institutions need to make sure government does only that which it is designed to do, and does it well. Most of all, our institutions must never enable the growth of government for political reasons – something our superior courts have been guilty of on occasion in recent years.
When institutions lose their character as a restraining force and become an enabling force, they cease to be the custodians of constitutional democracy and the rule of law. Instead, they become part of a very corruptible political process. When this happens, tyranny is inevitable.
Martin van Staden is Legal Researcher at the Free Market Foundation and Academic Programs Director of Students For Liberty in Southern Africa. Find out more at <a href="http://dmanalytics2.com/click?u=http%3A%2F%2Fwww.martinvanstaden.com%2F&amp;i=1&amp;d=htkauALeQYSCx850UiJv_w&amp;e=Jill.DeVilliers%40abn360.com&amp;a=SqFOozLaTpqmevQjn3SPLw" data-dm-link-id="1">www.martinvanstaden.com</a>

Op-Ed: Institutions must remain mindful of their core mandate

Ketumile Masire (2001): “This is the time to demonstrate to the world that, as fellow Africans, we are capable of working together so that we can all enjoy peace, freedom and dignity.”
FMF was saddened to hear of the death last week of statesman Sir Ketumile Masire, President of Botswana from 1980 to 1998. Masire is widely credited with transforming Botswana’s economy, and promoting democracy and inclusivity.
Sir Ketumile Masire was the recipient of the FMF’s 2000 Free Market Award for his “exceptional contribution to the cause of economic freedom”, presented in April 2001 at an event attended by Nelson Mandela.
Michael O’Dowd, then-FMF chairman, presenting the award, said: “Some people may think it strange that a free market organisation should be honouring somebody for his acts as the head of a government, but this is not so. It is true, unfortunately, that free market organisations spend a lot of time criticising the actions of governments but they are not opposed to governments as such. On the contrary, we fully realise that free markets can only exist under the aegis of a good government.”
In accepting the award, Masire said: “One of the key initiatives that I took before leaving office was to put in place the process of charting a long-term vision for Botswana.” Critical elements of Masire’s vision included: “…an educated and informed nation; a prosperous, productive and innovative nation; an open, democratic and accountable nation; a moral and tolerant nation…” He added: “This is critical for fostering an environment in which free and uninterrupted economic activity can take place.”
O’Dowd: “Over 35 years, Botswana has had the highest rate of economic growth in Africa &#8230; Botswana has proved that there is nothing about Africa, neither in the character of its people, nor in its traditions, nor in its history, that closes to them the prospect of joining the first world.”
Masire pointed out that an important factor that contributed to Botswana’s sustained economic growth was an “unflinching commitment to public sector reform” He added: “There is indisputable evidence that … the absence of bureaucracy in the public sector enhances private sector development.”
“Standard international comparisons show Botswana as being the freest economy on the continent of Africa”, noted O’Dowd. “What then did Botswana do right? Botswana maintained all the institutions and practices which constitute a free market economy. It consistently protected and respected property rights and nationalised nothing. This is crucial. It upheld a proper system of law under which contracts are dependably enforceable. It refrained from interfering with the day to day operation of the economy by means of controls and it refrained from setting up grandiose state enterprises as the old South African government did. This has been the road to success followed by every successful economy in the twentieth century, and it was the road followed by Botswana.”
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Sir Ketumile Masire, Nelson Mandela and the Free Market Foundation

While attending a WPP South Africa Leadership conference, I was fortunate to listen to a panel discussion regarding the challenges and opportunities faced by multinationals when building brands in Africa. I share some of the insights and my own observations on this intriguing branding task.
Bharat Thakrar, CEO of WPP Scangroup shared an evocative story he likes to tell clients about the challenges of working in Africa. I’ll call it the ‘Mara River’ story, as I can’t remember how he framed it exactly.
Every year over a million wildebeest migrate from Tanzania’s Serengeti to Kenya’s Masai Mara reserve in search of green pastures. On their journey, they need to cross the Mara River, which while impressive, is not too wide or deep that it could be considered a major obstacle for these big animals to cross. But, once in the water, they discover the fearsome crocodiles lying in wait.
Like this crossing, Bharat’s point was that doing business in Africa is not as easy as it might first appear. And multinationals need to be aware of the proverbial ‘Crocodiles of Africa’ when they are launching and building brands in local markets.
<h3>Multinationals and Africa&#8217;s opportunities</h3>
One of the reasons multinationals sometimes struggle to realise the opportunity that Africa promises, is their failure to take the time to really understand local market nuances. They have a global brand bible that has identified a universal human insight that “works for all consumers”. But in Africa, simple copy and paste strategies often don’t work. Just because two countries speak the same language doesn’t mean they share the same cultural understanding.
Virgin Mobile, a big player in the UK wireless communications was launched in SA, with some fanfare back in 2006, but failed to make significant inroads into the local market. The premium and aspirational appeal of the parent brand proved irrelevant to South Africans. The brand needed to prove itself like any other, and when basic product and services lagged behind established competitors, international brand ‘cache’ wasn’t much help.
Abey Mokgwatsane, CEO Ogilvy Group, pointed out that this failure to localise was not as much of an issue in the past, as many multinationals were able to dominate through better distribution and stronger trade relationships. They were simply more physically available, in more places, more often. The local alternatives were fragmented, often poorly branded and not easy to find. But as mobile internet penetration has grown, so too have the options available to local consumers. Local brands have upped their game and as a result, more local brands have gained market share at the expense of international brands.
SAB’s acquisition by AB InBev was in part due to the former’s strong portfolio of local brands; Castle Lager in South Africa, Safari Larger in Tanzania or 2M in Mozambique, to name a few. SAB used this portfolio of to maximise relevance in each country. By contrast SAB’s international brands Grolsch, Peroni and Miller have gained less traction in Africa, in part due to their premium price, but also the challenges of connecting an American/European image to local drinkers.
Africa is not one country, which the conference panel acknowledged, but Chris von Sale, CEO JWT Africa, made an interesting counter argument, asking; “Have marketing professionals made Africa appear more complex than it needs to be? Are we scaring global clients away? Shouldn’t we focus on finding the commonalities between customers and markets?” Our job, after all is often to simplify. This point is well made, but it seems that this risk is outweighed by the dangers of oversimplification.
Here are some lessons on how best to approach the localisation challenge.
<h4>Lesson 1 – A global promise needs a local expression  </h4>
While brands should not stray too far from their core brand idea, it won’t resonate unless it has local relevance. Vodacom launched at a time when the country was taking its first steps as a democratic society, and played with this in its communications. But when the brand turned red and adopted the global brand positioning, it lost some relevance. The brand has regained traction by recapturing a local purpose that resonates with South Africans. This is best captured in the 2015 Summer Days ad that shows how technology can help South Africans collectively realise their potential – power to all of us.
<h4>Lesson 2 – Get your choice of product mix and channel right</h4>
Unilever’s powder detergent, Omo was the leading brand in Uganda, commanding close to 100% market share. But it lost ground to local brand Nomi when the latter was launched in bucket–like containers with handles that were popular with kids and offered convenience in comparison to sachets and packets. Nomi also focused distribution in smaller villages and up-country areas where competition was less fierce.
<h4>Lesson 3 – Be prepared to change visual codes rather than trying to change market</h4>
Jameson is a premium whiskey. Its positioning is linked to the idea of unpretentious premium; an idea developed in Europe. This translates into a visual aesthetic that focuses on natural and raw materials, and playful typography. This style was aspirational to European consumers in developed markets, but in South Africa where many consumers have come from, or still live in a ‘raw’ environment, this aesthetic doesn’t signal premium or luxury. The brand overcame these issues by reviewing local premium drivers and adopting materials and finishes that suggested a more refined expression of premium, while retaining an unpretentious feel.
<h4>Lesson 4 – Build local pride and aspiration </h4>
Absolut’s recent win at Cannes is well-deserved recognition for its ‘One Source’ collaboration with Khuli Chana, which nails the localisation challenge. ‘One Source’ is an intrinsic claim referencing all ingredients being sourced in one location &#8211; the Swedish town of Ahus. But this didn&#8217;t resonate with African audiences. The ‘One Source’ campaign took this intrinsic and turned it into an extrinsic celebration of Africa as the ‘One Source’ of all creativity and it became a war cry of the African creative revolution currently underway. They started with an exclusive Khuli Chana Signature Edition Bottle, and then launched a documentary series, an EP, and a music video that went to number one on iTunes. It quickly became a cultural talking point and earned media to the value of R60.9m. The imagery, status and aspiration was all local, rather than international, but was still inherently true to the brand.
Author: Mathew Weiss is the Managing Director of Brand Union Africa.

Op-Ed: Mind the proverbial “crocodiles of Africa” & avoid the dangers of brand localisation

Is the South African government unconcerned about the devastating unemployment in the rural areas that the National Minimum Wage (NMW) will cause? If the government generally is unconcerned, perhaps Deputy President Cyril Ramaphosa should give the matter some earnest thought because he will be blamed.
In circumstances of mass unemployment, it is inhumane for the government to pretend that the jobless do not exist. It is even more inhuman to adopt legislation and regulations that have the effect of prohibiting the unemployed from working.
If the government were to introduce legislation that made it illegal for any worker to work for less than R20 per hour or R3,500 per month, and threatened them with fines or imprisonment if they should do so, such legislation would be considered evil. Legislation that makes it illegal for an employer to pay workers less than R20 per hour or R3,500 per month has the same outcome, but under this scenario, the employer is the transgressor. That law is no less evil but the legislators responsible regularly escape the blame.
Why are the unemployed South Africa’s forgotten people? Research is carried out and a furious debate occurs about increasing the wages of low-wage workers, but, for those who earn zero, there is silence. Does government consider the problem so difficult to solve that it has decided to wish away the unemployed and pretend they do not exist?
<h3>Constitutional rights of the unemployed</h3>
There is good reason to argue that the NMW will be unconstitutional in terms of some or all the sections 9(1) “equality before the law”, 9(2) “equality includes the full and equal enjoyment of all rights and freedoms”, 10 “the right to have their dignity respected and protected”, 12(1) “the right to freedom and security of the person”, 12(1)(a) “not to be deprived of freedom arbitrarily or without just cause”, 22 “every citizen has the right to choose their trade, occupation or profession freely”, and 23(1) “everyone has the right to fair labour practices”.
The freedom denied the unemployed under the NMW is their freedom of contract; the right to take care of themselves and their families by working for employers under the best conditions and for the highest wages they can find. They are deprived of the right to make these important and critical decisions for themselves because their right to contract with employers is blocked by the labour law prohibitions imposed on employers.
The NMW, to be introduced by May 2018, will prohibit employers from paying employees less than R20 per hour or R3,500 per month. This prohibition will slam shut the jobs door in the faces of the young, the old, the inexperienced, and anyone else who, for some reason, is prepared to work for a low wage to gain work experience, to earn something rather than nothing, or, simply, to have something to eat. 

<h3>Costly labour laws are barriers to employment 
</h3>
Dealing with the requirements of the Labour Relations Act and its ancillary legislation costs money. Every additional cost imposed on employers means less money available to pay existing staff or to take on more workers.
Large firms hire human resource specialists to deal with the legislative and regulatory demands of the laws. In small firms, much of the valuable time of owners and senior staff is absorbed by labour matters. When employers have factored these costs into their calculations, they are compelled to conclude that it makes economic sense to take on workers who will impose the least cash and management costs on the firm relative to their productive capacity.
Given the dynamics of business, and especially the care required in doing business in our current no-growth economy, firms are being super careful in the hiring of staff. Forcing firms to pay higher wages does not bode well for anyone at the bottom end of the jobs scale, let alone the 9.3 million who are already unemployed.
<h3>The National Minimum Wage will devastate the rural areas</h3>
The tragic consequences for the inhabitants of the US territories of Puerto Rico, American Samoa and the Northern Mariana Islands, who in 2007 were forced to fall in with the raising of the US national federal minimum wage from $5.15 an hour in 2006, to $7.25 by 2009 should act as a warning to the South African government. There was a huge difference between the per capita GP in the territories and that in mainland USA. The calamity that hit those territories provides a clear example of the devastation the NMW will cause in areas of South Africa where the average GDP per capita is significantly lower than in the more affluent areas of the country. Employers in small towns and rural areas of the country will not be able to afford the minimum.
The reason given for replacing the existing minimum wages that have been set based on “ability to pay” is that a national minimum wage will be “easier to police”. So, making life easier for officials means that employers in impoverished areas of the country will be compelled to pay the same minimum as employers in the country’s large cities. An idea that will have brutal consequences for low-income people, whether employers or employees.
In American Samoa, by 2009, with only 30% of the scheduled increases applied, overall employment was down 30%, with 58% job losses in the tuna-canning industry and real per capita GDP down 10% from 2006 levels. During the same period, the Northern Mariana Islands experienced 35% job losses and per capita GDP down by 23%. The compulsory increase resulted in a minimum wage that was 75% of the Puerto Rican median wage. Unemployment increased rapidly and GDP per capita declined by almost 7% between 2007 and 2013.
<h3>Young victims of legislative barriers</h3>
Stats SA reported in its most recent quarterly that, “Of the 433,000 people who joined the ranks of the unemployed, approximately 58% were young people aged 15-34 increasing the youth unemployment rate by 1,6 percentage points to 38,6%”. It is predictable that firms, in view of the current poor economic condition, will be wary of taking on new staff. Bias against hiring inexperienced and potentially less productive workers will be heightened by the looming NMW, which they will factor into their calculations.
The NMW already represents a huge barrier to the employment of recent and future school leavers and the already-unemployed. Many young people, trying to overcome years of deficient schooling, will be hit by the NMW regulatory barrier and consigned to the ranks of the “forgotten”, along with the other 9.3 million.
Author: Eustace Davie is a director of the free Market Foundation. The views expressed in the article are the author’s and are not necessarily shared by the members of the Free Market Foundation.

Op-Ed: The S.A. government cannot wish away the unemployed

The government of the Democratic Republic of the Congo (DRC) recently <a href="https://www.bloomberg.com/news/articles/2017-05-22/congo-to-revisit-mine-law-proposals-rejected-by-industry-in-2015">announced plans</a> to reintroduce the shelved changes to the country’s mining code.
The current mining code, introduced in 2002, was based on a draft prepared <a href="http://www.lexology.com/library/detail.aspx?g=434e2344-7d5f-4623-b2cb-cd502f0fc076">under the auspices of the World Bank</a>. Its primary objective was to relaunch the industrial mining sector following the Congo Wars of 1996 to 2003 by opening it up to foreign investors. While it has been successful in achieving this goal, the benefits to Congolese people are more difficult to discern.
Today the DRC is Africa’s largest copper producer and the world’s largest cobalt producer. Its mining sector contributes <a href="https://eiti.org/democratic-republic-of-congo#contribution-of-the-extractive-industry-to-the-economy">22% of GDP and 28% of government revenue</a>. Yet the most recent Human Development Report ranks the DRC <a href="http://hdr.undp.org/en/countries/profiles/COD">176 out of 188 countries</a>, with a life expectancy of 59 and 77% of the population living below the income poverty line.
The latest round of changes were originally submitted to parliament in March 2015, but the amendment process <a href="http://af.reuters.com/article/drcNews/idAFL5N16I5EV">was suspended</a> due to collapsed commodity prices and fierce industry opposition.
It’s now back on the agenda. As in the past a major debate will ensue between the Congolese Government, civil society and the DRC mining industry. The strongest opposition to the proposed changes comes from the large multinational mining corporations, who argue that increasing taxes will hold back the sector’s potential.
However, a review of the major tax changes reveals them to align with regional standards. The DRC’s high operating costs are offset by the equally high quality of its mineral deposits, and the current tax rate exerted over the sector is low. In addition, reviving the reform process presents an opportunity to address a number of concerns related to transparency and local development.
<h2>Debunking industry myths</h2>
In the past, propositions that provoked the most debate were those that tried to reduce the tax advantages enjoyed by mining companies. The most important proposed tax changes to the DRC’s mining code are:
<ul>
<li>increasing taxes on profits from 30% to 35%;</li>
<li>increasing the government’s stake in new mining projects from 5% to 10% and;</li>
<li>increasing royalties from 2% to 3.5% for copper and cobalt.</li>
</ul>
When compared to mining tax regimes in other African countries, the proposed changes do not place the DRC outside of the norm. Most African countries demand a 10% government stake in mining projects. The proposed copper royalty tax is also within the range imposed by many governments in the region, such as Zambia (6%), Ghana (5%) and Tanzania (4%).
Likewise, the DRC’s proposed profit tax is within the range of other countries, though it sits at the top end. Both Cameroon and Ghana impose the same 35% profit tax as the DRC is considering.
But the mining industry’s response to these comparisons is twofold. They say the DRC provides an extremely challenging operational environment, with exceptionally high transport and power costs. And they say what matters is not individual tax rates, but the overall tax burden (including both formal and informal taxes).
Both points are questionable.
<h2>Costs, and the opaque world of taxes</h2>
A <a href="https://resourcegovernance.org/sites/default/files/documents/nrgi-sortir-de-impasse-fiscale-rdc.pdf">report</a> published last year by the Natural Resource Governance Institute &#8211; which works with governments on natural resource management &#8211; shows the DRC’s production costs to be extremely favourable compared to regional competitors. In 2013 the average production cost of copper in the DRC was $3,672 per tonne. This same cost was $4,582 in Zambia and $4,931 in South Africa.
High quality Congolese mineral deposits appear to offset high operational expenses to generate low production costs (and therefore high profits). Indeed, last year <a href="http://www.miningweekly.com/article/drc-mines-still-attractive-investment-prospect-for-china-despite-risks-2016-08-05/rep_id:3650">the research firm BMI reported</a> that the DRC will remain a “destination of choice” for mining investors in the coming years due to its low production costs and high quality minerals.
The concern about the overall tax rate as opposed to individual tax changes is entirely legitimate. Yet the few non-industry studies that exist suggest this overall rate to be extremely low. Research by Professors <a href="https://www.researchgate.net/profile/Stefaan_Marysse2/publications">Stefaan Marysse</a> and <a href="http://uccc.academia.edu/TshimangaMbuyiKasekaClaudine">Claudine Tshimanga</a> &#8211; prominent political economists working on the DRC &#8211; revealed a tax rate of 21% for one of the country’s largest copper mines, well below the World Bank’s recommended <a href="http://siteresources.worldbank.org/INTOGMC/Resources/336099-1156955107170/drcgrowthgovernanceenglish.pdf">46% tax rate</a> for the country.
Similarly, a recent fiscal study conducted by the German Society for International Cooperation found that between 2011 and 2014, total state revenue collected by the mining sector amounted to <a href="https://www.uantwerpen.be/images/uantwerpen/container2673/files/Publications/Annuaire/2015-2016/07%20Radley.pdf">a mere 6 percent of total mining sector revenue</a> for the same period.
<h2>What’s been left out</h2>
Yet there’s a danger that the heated debates about tax rates and royalties will drown out the urgency of addressing other big issues, many of which have been left out of the draft revision. Global Witness &#8211; a non profit focused on the links between natural resource exploitation, conflict and poverty &#8211; <a href="https://www.globalwitness.org/en/press-releases/democratic-republic-congo-plans-water-down-laws-against-mining-corruption/">has been calling attention to these omissions</a>. These include the removal of “crucial regulations banning politicians and senior army figures from owning mining rights”, an opaque tender process and insufficient beneficial ownership disclosure requirements.
In addition, many mining companies <a href="http://news.banro.com/manual-releases/Banro-s-Mining-Convention-And-Titles-Confirmed-By-">have signed “conventions”</a> with the DRC government that exist outside of the tax and legal structure established by the country’s mining code. There’s no provision within the current draft to address this loophole.
Lastly, for a number of years Congolese civil society <a href="http://www.congomines.org/reports/1247-propositions-d-amandements-de-la-societe-civile-au-projet-de-revision-du-code-minier">has been pushing hard</a> for improvements to the code on environmental and local development issues. For example, existing policy provides little guidance on critical issues such as forced displacement. Only three of the mining code’s 344 articles refer to the relationship between title holders and people living in title holders’ concessions.
<h2>Time to seize the opportunity</h2>
The DRC’s mining code is 15 years old. Extremely advantageous fiscal incentives were included back in 2002 to attract foreign investors to the country. Yet they have minimised the benefits of increased mining production to the Congolese government and people. The proposed tax changes bring the DRC up to date with today’s regional standards and should be supported.
But when the DRC’s parliament reopens in September, its members would do well to incorporate civil society concerns on key transparency, environmental and local development issues. Fail to do so, and Congolese people &#8211; particularly those directly affected by mining projects &#8211; will be locked into another decade or more of inadequate mining legislation. Change is long overdue, and the opportunity must not be missed.

Mining to be scaled down during South Africa’s 21-day lockdown

Op-Ed: The DRC is revisiting its mining code. Why reform is long overdue

Nigeria&#8217;s Excess Crude Account tied for the world&#8217;s most poorly governed sovereign wealth fund, according to a report by the Natural Resource Governance Institute (NRGI) released on Wednesday.
The $2.4 billion account was ranked alongside the Qatar Investment Authority as the worst in terms of oversight and transparency in NRGI&#8217;s index of resource management. NRGI rated 11 sovereign wealth funds, managing least $1.5 trillion in total, as &#8220;failing&#8221;.
&#8220;The government discloses almost none of the rules or practices governing deposits, withdrawals or investments of the ECA,&#8221; the report said. It added that the account, along with the other worst performers, is &#8220;so opaque that there is no way to know how much may be lost to mismanagement.&#8221;
Nigeria&#8217;s finance ministry did not immediately return a request for comment.
Money from the account &#8211; which is rainy day fund &#8211; is occasionally used by the government to cover budget shortfalls. In such cases, the money is shared between the federal, state and local governments.
Nigeria also runs the Nigeria Sovereign Investment Authority, with some $1.25 billion under management, but NRGI said it had ranked the ECA due to its larger balance sheet
The NRGI report ranked Nigeria 55th in overall resource management, with a high score on its taxation ranking helping to balance its last-place finish in sovereign wealth fund management. It scored higher than 70th placed Angola, which is second to Nigeria in African oil exports, while nearby Equatorial Guinea was fifth from the bottom of the table.
(Reporting By Libby George, additional reporting by Alexis Akwagyiram in Lagos, editing by David Evans)

Nigeria’s crude account one of world’s least transparent – NRGI

By Kwasi Kpodo
Ghana&#8217;s government has asked the International Monetary Fund to push back the end date of its $918 million aid programme from April 2018 to December 2018, IMF and government sources told Reuters on Wednesday.
The request is expected to lead to talks aimed at a revised deal to include more money and fresh targets for fiscal consolidation, according to senior government officials.
An extension would further reassure investors that the government of President Nana Akufo-Addo that took office in January is serious about restoring macro-economic stability, they said.
&#8220;Ghanaian authorities released a memorandum of economic and financial policies to the IMF this week. It included a letter of intent requesting an extension of the Fund programme to December 2018,&#8221; one of the sources said.
IMF officials say they are open to extending the programme.
The government has outlined an ambitious programme of job creation through the private sector and rural development including pledging to build a factory in every district in order to restore the economy.
But officials say the plans cannot be realized unless the economy is stable and gross domestic product (GDP) growth increases.
GDP stood at 6.6 percent in the first quarter of 2017, the statistics office said on Wednesday. The figure compares with full year GDP growth for 2016 of 3.5 percent and first quarter GDP last year of 4.4 percent.
The industry sector recorded the highest growth, at 11.5 percent, followed by agriculture with 7.6 percent and services with 3.7 percent, deputy government statistician Anthony Amuzu told a news conference.
&#8220;There was huge growth in the industry sector, which was driven by oil. It&#8217;s basically because of the coming on stream of the TEN Field,&#8221; he said. Ghana began producing oil at the offshore Jubilee field operated by British company Tullow in 2010 and it opened the TEN field last August.
For years, Ghana&#8217;s economy grew at around 8 percent on the back of its exports of gold, cocoa and oil but it slowed sharply in 2014 due to lower commodity prices and a fiscal crisis.
(Writing by Matthew Mpoke Bigg,; Editing by Hugh Lawson)

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Op-Ed: The DRC is revisiting its mining code. Why reform is long overdue

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Nigerian stocks shed gains as funds prepare H1 accounts

South Africa vets reasons for AngloGold’s planned job cuts

Central bank must be independent, South African finance minister says

Senegal – A divided opposition for the legislative election

South African ANC leadership battle overshadows policy debate

Gambia proposes 6% budget cut for 2017 in bid to contain debt

Mozambique creditors: government not bound by loan guarantees

Tanzania laws would allow govt to tear up mining, energy deals

World Bank expects faster economic growth for Zambia, warns of rising debt

Ghana signs $10 bln MOU with China for bauxite project: Senior Minister

Op-Ed: Institutions must remain mindful of their core mandate

Sir Ketumile Masire, Nelson Mandela and the Free Market Foundation

Op-Ed: Mind the proverbial “crocodiles of Africa” & avoid the dangers of brand localisation

Op-Ed: The S.A. government cannot wish away the unemployed

Op-Ed: The DRC is revisiting its mining code. Why reform is long overdue

Nigeria’s crude account one of world’s least transparent – NRGI

Ghana asks IMF to extend aid deal, more money expected to be sought

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