<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/KYJW4AVU6RIG7KNMEUDZMCQXNQ.jpg" alt="" class="wp-image-427616" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/KYJW4AVU6RIG7KNMEUDZMCQXNQ.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/KYJW4AVU6RIG7KNMEUDZMCQXNQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/KYJW4AVU6RIG7KNMEUDZMCQXNQ-135x90.jpg 135w" sizes="(max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">A general view of the Makola market, one of the country&#8217;s largest trading centres in Accra, Ghana March 26, 2022. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s economic growth slowed slightly to 3.2% year-on-year in the second quarter compared with a downwardly revised 3.3% growth rate in the first quarter, the country&#8217;s statistics agency said on Wednesday.



The gold-, oil- and cocoa-producing nation has been battling its worst economic crisis in a generation brought on by spiralling public debt.



It sealed a $3 billion, three-year loan programme with the International Monetary Fund in May.



The government has forecast economic growth will slow to 1.5% this year from 3.1% in 2022. First-quarter growth was revised down to 3.3% from a previous estimate of 4.2%, the Ghana Statistical Service said on Wednesday.



Growth in the second quarter was driven by the mining, agriculture, health, transport, and information technology sectors.



Agriculture grew by 6.0% and the services sector 6.3%, while industry contracted 1.9%. The construction sub-sector contracted by 11.7%, the biggest drop in five years.



The statistics agency also said producer inflation&nbsp;GHPPIY=ECI&nbsp;slowed to 28.3% in annual terms in August, down from a revised 32.9% in July.



(Reporting by Christian Akorlie and Maxwell Akalaare Adombila; Writing by Nellie Peyton; Editing by Alexander Winning and Tomasz Janowski)

People make trade in Accra

Ghana’s second quarter economic growth dips vs revised first quarter

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, Sept 20 (Reuters) &#8211; The South African rand edged higher in early trade on Wednesday ahead of local consumer price index (CPI) data and an interest rate announcement from leaders in the world&#8217;s biggest economy.



At 0615 GMT, the rand traded at 18.9000 against the dollar , more than 0.1% above its previous close.



The dollar last traded around 0.02% stronger against a basket of global currencies.



At 0800 GMT, Statistics South Africa will release the country&#8217;s August consumer inflation data.



Analysts polled by Reuters predict a 4.8% year-on-year rise in inflation, within the central bank&#8217;s target range of 3% to 6%.



The U.S. Federal Reserve is due to announce its main interest rate decision later on Wednesday, giving hints at the health of the world&#8217;s biggest economy.



&#8220;The rand is trading solidly in tight ranges with little risk today, but tonight&#8217;s Fed should give it new multi-week direction,&#8221; said Rand Merchant Bank analysts in a research note.



Focus will be on the Fed&#8217;s tone and economic forecasts, RMB added, adding that a hawkish tone would weaken the rand.



On Thursday the South African Reserve Bank will announce its main interest rate decision.



South Africa&#8217;s benchmark 2030 government bond was slightly weaker in early deals, with the yield up 1 basis point to 10.495%. 



(Reporting by Tannur Anders; Editing by Gareth Jones)

Illustration photo of South African rand

Rand edges higher ahead of local CPI, Fed rate decision

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg" alt="" class="wp-image-425798" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



UNITED NATIONS, Sept 19 (Reuters) &#8211; Nigerian President Bola Tinubu said on Tuesday he was seeking to re-establish constitutional order to address political and economic problems in neighboring Niger following a July coup and welcomed any support for the process.



Tinubu is chairman of the main West African bloc ECOWAS, which has been trying to negotiate with the Niger military junta. ECOWAS has said it is ready to deploy troops to restore constitutional order if diplomatic efforts fail.



In a speech at the United Nations General Assembly in New York, Tinubu assailed military coups, which have swept through West Africa in the past few years and are sometimes cheered by citizens.



&#8220;The wave crossing parts of Africa does not demonstrate favor towards coups. It is a demand for solutions to perennial problems,&#8221; Tinubu said.



&#8220;Regarding Niger, we are negotiating with the military leaders. As chairman of ECOWAS, I seek to help re-establish democratic governance in a manner that addresses the political and economic challenges confronting that nation, including the violent extremists who seek to foment instability in our region.&#8221;



The decision by ECOWAS in August to activate a so-called standby force for a possible intervention has raised fears of an escalation that could further destabilize the insurgency-torn Sahel region.



The junta in Niger last month ordered its armed forces to go on highest alert, citing an increased threat of attack.



(Reporting by Felix Onuah in Abuja, writing by MacDonald Dzirutwe, editing by Howard Goller and Stephen Coates)

FILE PHOTO: Nigeria’s President Bola Tinubu looks on after his swearing-in ceremony in Abuja

Nigeria’s Tinubu tells UN he seeks to restore democratic order in Niger

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="528" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/NWUKRFCQGZISRFNU5CO24TD4HI-820x528.jpg" alt="" class="wp-image-418309" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/NWUKRFCQGZISRFNU5CO24TD4HI-820x528.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/NWUKRFCQGZISRFNU5CO24TD4HI-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/NWUKRFCQGZISRFNU5CO24TD4HI-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/NWUKRFCQGZISRFNU5CO24TD4HI-768x495.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/NWUKRFCQGZISRFNU5CO24TD4HI-1536x990.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/NWUKRFCQGZISRFNU5CO24TD4HI-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Rwanda&#8217;s President Paul Kagame delivers a speech in front of so-called &#8220;BioNTainer&#8221;, a system to produce vaccines in Africa, during a presentation in Marburg, Germany, February 16, 2022. REUTERS/Fabian Bimmer</figcaption></figure>



NAIROBI, Sept 20 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s President Paul Kagame said he will stand for re-election next year, hoping to extend nearly a quarter of a century in power.



Kagame, who became president in 2000, is eligible to continue in office for another decade after a constitutional amendment in 2015 changed term limits that would have forced him to step down two years later.



He was asked in an interview with the pan-African Jeune Afrique magazine published on Tuesday about his intentions for next year&#8217;s election.



&#8220;I am happy with the confidence that the Rwandans have shown in me. I will always serve them, as much when I can. Yes, I am indeed a candidate,&#8221; he said.



Kagame won the last election in August 2017 for a seven-year term with 98.63% of the vote, according to the electoral commission.



Kagame has won international acclaim for presiding over peace and economic growth since the end of the 1994 genocide, in which an estimated 800,000 ethnic Tutsis and moderate Hutus were killed.



But he has faced mounting criticism for what human rights groups say are the suppression of political opposition and the muzzling of independent media.



Kagame has rejected these accusations.



The United States in 2015 criticised the constitutional change, saying Kagame should step down when his term ended and allow a new generation of leaders to come through.



In the interview with Jeune Afrique, Kagame said he was not bothered by criticism from Western countries.



&#8220;People are supposed to be independent and should be allowed to organise themselves as they wish,&#8221; he said.



(Writing by George Obulutsa; Editing by Aaron Ross and Toby Chopra)

FILE PHOTO: BioNTech’s vaccine manufacturing plans for Africa presented in Marburg

Rwanda’s veteran president Kagame to seek re-election in 2024

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XQD7AXQBARMS5DGKDEXUIHJQ3E-1-820x546.jpg" alt="" class="wp-image-427585" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XQD7AXQBARMS5DGKDEXUIHJQ3E-1-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XQD7AXQBARMS5DGKDEXUIHJQ3E-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XQD7AXQBARMS5DGKDEXUIHJQ3E-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XQD7AXQBARMS5DGKDEXUIHJQ3E-1-768x511.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XQD7AXQBARMS5DGKDEXUIHJQ3E-1-1536x1022.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/XQD7AXQBARMS5DGKDEXUIHJQ3E-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo</figcaption></figure>



NEW YORK, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;Global debt hit a record $307 trillion in the second quarter of the year despite rising interest rates curbing bank credit, with markets such as the United States and Japan driving the rise, the Institute of International Finance (IIF) said on Tuesday.



The financial services trade group said in a report that global debt in dollar terms had risen by $10 trillion in the first half of 2023 and by $100 trillion over the past decade.



It said the latest increase has lifted the global debt-to-GDP ratio for a second straight quarter to 336%. Prior to 2023, the debt ratio had been declining for seven quarters.



Slower growth, alongside a deceleration in price increases, were behind the debt ratio rise, the report said.



&#8220;The sudden rise in inflation was the main factor behind the sharp decline in debt ratio over the past two years,&#8221; the IIF said, adding that with wage and price pressures moderating, even if not to their targets, they expect the debt to output ratio to surpass 337% by year-end.



More than 80% of the latest debt build up had come from the developed world with the U.S., Japan, Britain and France registering the largest increases. Among emerging markets, the biggest rises came from the largest economies, namely China, India, and Brazil.



&#8220;As higher rates and higher debt levels push government interest expenses higher, domestic debt strains are set to increase,&#8221; the IIF said.



The report found that household debt-to-GDP in emerging markets was still above pre-COVID-19 levels, largely due to China, Korea and Thailand. However, the same ratio in mature markets has dropped to its lowest level in two decades in the first six months of the year.



&#8220;Should inflationary pressures persist in mature markets, the health of household balance sheets, particularly in the U.S., would provide a cushion..against further rate hikes,&#8221; it said.



Markets are not pricing in a U.S. Federal Reserve rate hike in the near future, but the target rate of between 5.25% and 5.5% is currently expected to remain in place until at least May of next year, according to the CME FedWatch tool.



Rates are expected to remain high for a long period in the United States, which could pressure emerging markets as needed investment is funnelled to the less-risky developed world.



The Fed is expected to leave rates unchanged at the end of its meeting on Wednesday, but could signal that it is open to further rate hikes.



(Reporting by Rodrigo Campos, editing by Karin Strohecker and Alexander Smith)

FILE PHOTO: FILE PHOTO: Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration

Global debt hits record $307 trillion, debt ratios climb -IIF

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107294106-1693425707245-gettyimages-1634692350-AFP_33U32J4-820x462.jpeg" alt="" class="wp-image-427581" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107294106-1693425707245-gettyimages-1634692350-AFP_33U32J4-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107294106-1693425707245-gettyimages-1634692350-AFP_33U32J4-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107294106-1693425707245-gettyimages-1634692350-AFP_33U32J4-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107294106-1693425707245-gettyimages-1634692350-AFP_33U32J4-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107294106-1693425707245-gettyimages-1634692350-AFP_33U32J4.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. Defense Secretary Lloyd Austin (L) and U.S. Homeland Security Secretary Alejandro Mayorkas (R) look on as President Joe Biden speaks about the government response and recovery efforts in Maui, Hawaii, and the ongoing response on Hurricane Idalia, in the Roosevelt Room of the White House in Washington, D.C., Aug. 30, 2023. Saul Loeb | AFP | Getty Images</figcaption></figure>



President Joe Biden will address the United Nations General Assembly on Tuesday, where he plans to promote democracy and advocate for increased support for Ukraine.



For Biden, it’s another opportunity to advance the ideas of diplomacy and democracy against those of aggressive autocracies, as he did at the recent Group of 20 summit earlier this month.



″[Biden] will lay out for the world the steps that he and his administration have taken to advance a vision of American leadership that is built on the premise of working with others to solve the world’s most pressing problems,” White House national security adviser Jake Sullivan said in a briefing Friday.



<h2 class="wp-block-heading" id="h-biden-s-meetings-speech"><a></a>Biden’s meetings, speech</h2>



Leaders from at least 145 countries are slated to attend with a few notable exceptions: France, the United Kingdom, China and Russia will all be absent, meaning four of the five countries that hold permanent seats on the U.N. Security Council will not be in attendance.



The absence of China and Russia gives Biden an opening to advance ties between the United States and smaller, developing nations.



Biden is slated to meet Wednesday with President Luiz Inácio Lula da Silva of Brazil, a key leader in the Global South who has also been a proponent of peace talks between Russia and Ukraine. Lula has argued the U.S. and other Western nations are prolonging the war with their defense support.



The president will also meet with the leaders of the five central Asian nations of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan, marking the first time a U.S. president has done so jointly. He will also meet with Israeli Prime Minister Benjamin Netanyahu, the  first time the pair have met since the prime minister won reelection last fall.



This will be the first time Ukrainian President Volodymyr Zelenskyy has attended the U.N. summit in person since the war began in February 2022. He gave a prerecorded speech to the body at last year’s session.



“President Biden looks forward to hearing President Zelenskyy’s perspective on all of this and to reaffirm for the world and for the United States, for the American people, his commitment to continuing to lead the world in supporting Ukraine,” Sullivan said.



A “substantial section” of Biden’s speech will be devoted to the war in Ukraine, Sullivan said.



“He will talk about the fundamental fact that the United Nations Charter &#8230; speaks to the basic proposition that countries cannot attack their neighbors and steal their territory by force,” Sullivan said, referring to Russia’s invasion of Ukraine. “That was also a proposition that was at the core of the G20 statement last weekend.”



<h2 class="wp-block-heading"><a></a>U.S. support for Ukraine</h2>



Biden’s message of support for Ukraine is complicated by the fact that a handful of hard-line Republicans in Congress are actively opposing more funding.



The White House is seeking $24 billion in additional aid to Ukraine, which it hoped would be passed alongside a continuing resolution to keep the government open while budget negotiations continue. The measure has bipartisan support in the Senate but is held up in the House of Representatives, where some members, like Rep. Marjorie Taylor Greene, R-Ga., have said they will not support any additional aid.



GOP House Speaker Kevin McCarthy is in a precarious position on the issue of Ukraine as his slim majority places him at the whims of every member of his caucus. Conservatives balked at McCarthy’s proposal last week to pair Ukraine aid with additional border funding.



Zelenskyy will travel to Washington, D.C., on Thursday to meet with Biden at the White House and speak with lawmakers. Unlike his visit in December, Zelenskyy will not address a joint session of Congress. Rep. Mike Turner, R-Ohio, the chair of the House intelligence committee, said Zelenskyy will be “very, very persuasive.”



“Zelenskyy is a great spokesperson,” Turner said on CBS News on Sunday. “He really makes the case better than anyone.”



It’s a position the White House agrees with.



“He has proven over the course of the past 18, 19 months, that there is no better advocate for his country, for his people, and for the urgent and continuing need for countries like the United States and our allies and partners to step up to provide the necessary tools and resources that Ukraine needs,” Sullivan said.

107294106-1693425707245-gettyimages-1634692350-AFP_33U32J4

Biden to push for Ukraine aid, democracy as China and Russia skip UN General Assembly

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-820x480.jpg" alt="" class="wp-image-427575" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-820x480.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-300x175.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-154x90.jpg 154w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-768x449.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-1536x898.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WTBJLVS2VZLE7G53QJ2LALCVAM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Some of the men charged with public displays of affection with members of the same sex are seen gathered outside a court in Lagos, Nigeria October 27, 2020. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



YENAGOA, Nigeria, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;A court in Nigeria has released on bail 69 people who were arrested last month in connection with an alleged gay wedding, which is illegal in the country, their lawyer said on Tuesday.



In Nigeria, like in most parts of&nbsp;Africa, homosexuality is generally viewed as immoral on cultural and religious grounds, and the country implemented an anti-gay law in 2014 despite international condemnation.



A court sitting in southern oil-producing Delta state ruled that the suspects could be released from prison detention after their application was heard by the court, lawyer Ochuko Ohimor said.



The suspects did not appear in court, said Ohimor.



&#8220;They are to provide sureties, who will submit their particulars to the court. So, the 69 suspects have been granted bail and I am processing their paperwork,&#8221; Ohimor said.



(Reporting by Tife Owolabi, writing by MacDonald Dzirutwe; Editing by Jon Boyle and Hugh Lawson)

FILE PHOTO: Some of the men charged with public displays of affection with members of the same sex are seen gathered outside a court

Nigerian court frees on bail dozens arrested over alleged gay wedding – lawyer

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-820x547.jpeg" alt="" class="wp-image-425963" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership.jpeg 1905w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chinese President Xi Jinping waves after his speech as the new Politburo Standing Committee members meet the media following the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China October 23, 2022. REUTERS/Tingshu Wang/File Photo</figcaption></figure>



JOHANNESBURG, Sept 19 (Reuters)&nbsp;&#8211;&nbsp;Chinese sovereign lending to Africa fell below $1 billion last year &#8211; the lowest level in nearly two decades &#8211; underscoring Beijing&#8217;s shift away from a decades-long big ticket infrastructure spree on the continent, data showed on Tuesday.



The drop in lending reflected in data from Boston University&#8217;s Global China Initiative comes as several African nations struggle with debt crises and China&#8217;s own economy is facing growing headwinds.



Africa has been a focus of President Xi Jinping&#8217;s ambitious Belt and Road Initiative (BRI), launched in 2013 to recreate the ancient Silk Road and extend China&#8217;s geopolitical and economic influence through a global infrastructure development push.



Boston University&#8217;s Chinese Loans to Africa Database estimates Chinese lenders provided $170 billion to Africa from 2000 to 2022.



But lending has declined sharply since a 2016 peak. Just seven loans worth $1.22 billion were signed in 2021. Nine loans totalling $994 million were agreed last year, marking the lowest level of Chinese lending since 2004.



While those two years coincide with the COVID-19 pandemic, researcher Oyintarelado Moses told Reuters that there are other contributing factors.



&#8220;A lot of that really has to do with the level of risk exposure,&#8221; said Moses, who manages the database and co-authored a report released on Tuesday.



While African governments largely welcomed Chinese lending and infrastructure projects, Western critics have accused Beijing of saddling poor nations with unsustainable debt.



Zambia &#8211; a major Chinese borrower &#8211; became the first African country to default during the COVID-19 pandemic in late 2020. Other governments, including Ghana, Kenya and Ethiopia, are also struggling.



China, meanwhile, is facing its own problems at home as policymakers struggle to revive growth amid persistent weakness in the crucial property industry, a faltering currency and flagging global demand for its manufactured goods.



&#8220;China&#8217;s domestic economy is playing a huge role here,&#8221; said Moses.



The China Development Bank and the Export-Import Bank of China &#8211; the two institutions behind most of the lending to Africa &#8211; have been redeployed to support the domestic economy, while much of the overseas lending that remains is going to markets closer to home.



The decline in loans does not necessarily mean an end to Chinese engagement in Africa, however.



The Boston University analysis found that certain trends &#8211; fewer loans over $500 million and more focus on social and environmental impacts &#8211; appeared to reflect China&#8217;s stated push towards a more high-quality, greener Belt and Road Initiative.



&#8220;This is such a huge part of the relationship, I think there&#8217;s still going to be interest from Chinese lenders,&#8221; Moses said. &#8220;It&#8217;s just that it&#8217;s going to look different.&#8221;



(Editing by Tomasz Janowski)

107140189-16667014702022-10-23t070716z_5164924_rc2s6x9f6dpf_rtrmadp_0_china-congress-leadership

Chinese loans to Africa plummet to near two-decade low – study

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



WASHINGTON, Sept 18 (Reuters) &#8211; The International Monetary Fund (IMF), the World Bank and Morocco on Monday announced the annual meetings of the two global institutions would proceed in October in Marrakech, despite a recent nearby earthquake that killed more than 2,900 people.



The meeting will take place from Oct. 9-15 in Marrakech, just 45 miles (72 km) from the site of the 6.8-magnitude earthquake on Sept. 8, with some changes to adapt content &#8220;to the circumstances,&#8221; World Bank President Ajay Banga, IMF Managing Director Kristalina Georgieva and Morocco&#8217;s Economy Minister Nadia Fettah Alaoui said in a joint statement.



Senior IMF and World Bank officials made the decision, first reported by Reuters, at the direct request of the Moroccan authorities who had pressed the global institutions to proceed with the gathering which is expected to bring some 10,000-15,000 to the Moroccan tourist hub.



&#8220;As we look ahead to the meetings, it is of utmost importance that we conduct them in a way that does not hamper the relief efforts under way and that is respectful to the victims and the Moroccan people,&#8221; the three officials said.



&#8220;At this very difficult time, we believe that the Annual Meetings also provide an opportunity for the international community to stand by Morocco and its people, who have once again shown resilience in the face of tragedy. We also remain committed to ensuring the safety of all participants.”



Georgieva told Reuters on Friday that Morocco&#8217;s prime minister told her it would be &#8220;quite devastating&#8221; for Morocco&#8217;s hospitality sector if the meetings were moved to a different location. (Reporting by Andrea Shalal Editing by Chris Reese)

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

IMF, World Bank to proceed with annual meetings in Morocco in October

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="560" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WHLBVWCLNJKWPMHKTOZ5E22TCQ-820x560.jpg" alt="" class="wp-image-427552" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WHLBVWCLNJKWPMHKTOZ5E22TCQ-820x560.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WHLBVWCLNJKWPMHKTOZ5E22TCQ-300x205.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WHLBVWCLNJKWPMHKTOZ5E22TCQ-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WHLBVWCLNJKWPMHKTOZ5E22TCQ-768x524.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WHLBVWCLNJKWPMHKTOZ5E22TCQ-1536x1048.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/WHLBVWCLNJKWPMHKTOZ5E22TCQ-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/File Photo</figcaption></figure>



LONDON, Sept 18 (Reuters)&nbsp;&#8211;&nbsp;With oil investors and traders focused on an oil-price rally that has come close to $100 a barrel, some grades of crude oil are already trading above that milestone, highlighting an expectation of tight supply.



The outright price of Nigerian crude Qua Iboe surpassed $100 a barrel on Monday, according to LSEG data&nbsp;QUA-E. Malaysian crude Tapis reached $101.30 last week, said Bjarne Schieldrop, analyst at Swedish bank SEB, in a report.



Oil has risen to its highest level of 2023 as investors are focused on the prospect of a supply deficit in the fourth quarter after Saudi Arabia and Russia extended supply cuts. The two are the biggest producers in the OPEC+ group, most other members of which are also curbing output.



&#8220;The overall situation is that Saudi Arabia and Russia are in solid control of the oil market,&#8221; Schieldrop said.



Brent oil futures, a global benchmark&nbsp;LCOc1, traded as high as $94.89 on Monday and the related benchmark used for trading much of the world&#8217;s physical cargoes, called dated Brent&nbsp;BFO-, stood just above $96 according to LSEG.



Qua Iboe, and some other crudes priced against Brent, are above $100 already because they are based on the price of dated Brent plus a cash differential or premium, currently assessed by LSEG at around $4.25 a barrel&nbsp;BFO-QUA.



Schieldrop said dated Brent is highly likely to move above $100 as &#8220;only noise is needed to bring it above.&#8221; Swiss bank UBS sees Brent futures reaching triple digits.



&#8220;We expect Brent to trade in a range of $90–100 over the coming months, with a year-end target of $95,&#8221; said UBS analyst Giovanni Staunovo.



(Reporting by Alex Lawler, editing by David Evans)

FILE PHOTO: A view shows oil pump jacks outside Almetyevsk

Will oil hit $100? It already did in some markets

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-820x540.jpg" alt="" class="wp-image-427539" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-1536x1012.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bob van Dijk, CEO of e-commerce group Naspers, poses for a photograph in front of the company logo after holding a media briefing in Johannesburg, South Africa, October 9, 2019. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



The immediate and mutually agreed departure of Naspers and Prosus CEO Bob van Dijk underscores a complicated few years for a firm seen riding on the coattails of its holdings in Chinese tech giant, Tencent.



In June, the Dutch-based e-commerce investor, Prosus, which is majority-owned by South African multi-national Naspers won shareholder and regulatory approval to unwind its complex ownership structure.



The South African Reserve Bank gave Naspers the greenlight to begin buying back more of its shares from Prosus.



<h2 class="wp-block-heading" id="h-getting-rid-of-the-cross-holding"><a></a>‘Getting rid’ of the cross holding</h2>



Prior to the current structure, Naspers (headquartered in South Africa) owned a third of Chinese internet giant Tencent Holdings. This was an investment made by current chairman and founder of Naspers, Koos Bekker, as early as 2001, when he paid $34 million for a 46.5% stake in the business.



Van Dijk oversaw the decision to split off its holding of Tencent and other tech holdings into Prosus in 2019. In the meantime, Tencent’s market capitalization rocketed close to $1 trillion as the stock boomed during the Covid-19 pandemic. This meant Naspers made up nearly a quarter of the Johannesburg Stock Exchange which was a problem for some fund managers.



Then in 2021, Naspers developed a crossholding using a share swap deal. Prosus issued new shares to buy a 45.4% stake in Naspers, and this effectively moved a slice of Naspers from the Johannesburg exchange to Amsterdam’s Euronext.



But that crossholding offered little value to investors with van Dijk telling Reuters at the time: “They [shareholders] said we don’t like this cross holding, it creates complexity. We’ve listened to them. And we’re basically getting rid of that now.”



<h2 class="wp-block-heading" id="h-stepping-up"><a></a>Stepping up</h2>



On Monday the business also announced, on a call with investors, that the unwinding of the crossholding had officially been completed with the business now aiming to maintain profitability going into the first half of the 2025 fiscal year.



Erwin Tu, Prosus’ group chief investment officer has been named interim CEO, with Citi saying in a research note that it sees “a good chance of him becoming permanent CEO.



“We suspect the decision has not been sudden, but rather one the company preferred to announce following the completion of the unwind of the cross-holding process,” the Citi analysts said.



Tu was previously a managing partner at the SoftBank Vision Fund where he also co-led M&amp;A and corporate finance for SoftBank Group International. He was also managing director in the technology banking group at Goldman Sachs.



On the Investor call, Bekker said that while Tu had only joined the business in 2021, he was now stepping up and would enjoy the same autonomy as van Dijk, despite this only being a temporary appointment. Bekker also said that the process of finding a new CEO was not one that focused only on internal applicants or candidates but that the lengthy process would also look at external leaders as well.



Tu said the business will continue to “invest in a disciplined way” and that the share repurchase will remain in place for as long as the discount on the net asset value of the companies remained elevated.



Shares of the Naspers slipped 3% Monday in South Africa on the back of the news of Van Dijk’s departure, despite an initial rise of 2% in early deals.



Van Dijk has agreed to remain as a consultant until September next year but has stepped down from the board of both businesses. The company said the group’s strategic goals “remain unchanged and it is on target to deliver on its commitments.”



Van Dijk’s recent pay had come under fire with shareholders objecting to how it was tied to the growth and performance of Tencent. Eighty-percent of Naspers’ decision-bearing shareholders voted against the company’s remuneration policy. Van Dijk reportedly earned 13.5 million euros and 14.2 million euros in 2021 &amp; 2022 with his pay slashed to 5.5 million euros over the last year.

OC2PVVRQ6NOYLFNQOHVPDORUKI-1

Tencent investors Naspers and Prosus announce abrupt departure of CEO Bob van Dijk

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



Sept 18 (Reuters)&nbsp;&#8211;&nbsp;Emerging market (EM) stocks fell on Monday in a glum start to a week packed with major central bank policy decisions, with Hong Kong&#8217;s&nbsp;benchmark&nbsp;index dragged down by prolonged malaise in China&#8217;s property sector.



The Hang Seng .HSI closed down 1.4%, bogged down by a 2.0% drop in the property index .HSMPI after police detained some staff at China&#8217;s embattled developer Evergrande Group 3333.HK, suggesting a new investigation.



MSCI&#8217;s index for&nbsp;EM&nbsp;equities&nbsp;.MSCIEFwas down&nbsp;0.8% by 8:55 GMT.



Chipmakers were also a drag, with South Korea&#8217;s benchmark stock index .KS11 falling 1.0% after Reuters on Friday reported that Taiwan&#8217;s TSMC 2330.TW told its major suppliers to delay delivery of high-end chip-making equipment on demand worries.



After signs of stabilisation in the Chinese economy propped up EM stocks last week, the focus will&nbsp;now&nbsp;be on the Federal Reserve&#8217;s rate decision due on Wednesday, where the central bank is widely expected to hold interest rates&nbsp;steady.



&#8220;If the U.S. economy reaccelerates&#8230; then the Fed will hike further and the dollar will strengthen, which could start to undermine EM equities,&#8221; said Jon Harrison, managing director of emerging market macro strategy at TS Lombard.



EM&nbsp;currencies&nbsp;.MIEM00000CUS&nbsp;were down 0.1% against a stronger dollar, with rate decisions from Turkey, South&nbsp;Africa&nbsp;and Brazil on tap in&nbsp;the&nbsp;coming days.



Turkey&#8217;s lira TRYTOM=D3 weakened beyond 27 to the dollar for the first time in more than three weeks, ahead of a central bank meeting later this week, where it is expected to hike rates by 500 basis points.



In central and eastern Europe, the Czech crown EURCZK= gained 0.4% versus the euro after Governor Ales Michl said on Sunday that the central bank will not cut rates in September amid high inflation and will wait for data in November and beyond.



Separately, data showed August producer prices rose more than expected by 1.8% on an annual basis.



Poland&#8217;s zloty&nbsp;PLNEUR=R&nbsp;rose 0.2% ahead of the country&#8217;s net annual inflation numbers. Economists polled by Reuters expect price growth to cool to 10% in August from July&#8217;s 10.6%.



Meanwhile, Moody&#8217;s downgraded Ethiopia&#8217;s foreign currency rating deeper into junk on high likelihood of a default, while upgrading Greece&#8217;s sovereign credit rating as it expects an even faster reduction in the general government debt burden.



(Reporting by Johann M Cherian and Amruta Khandekar in Bengaluru; Editing by Sonia Cheema)

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

China property woes weigh on EM stocks ahead of central bank-heavy week

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-820x540.jpg" alt="" class="wp-image-427539" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-1536x1012.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/OC2PVVRQ6NOYLFNQOHVPDORUKI-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bob van Dijk, CEO of e-commerce group Naspers, poses for a photograph in front of the company logo after holding a media briefing in Johannesburg, South Africa, October 9, 2019. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



JOHANNESBURG, Sept 18 (Reuters)&nbsp;&#8211;&nbsp;Dutch-listed technology investor Prosus NV&nbsp;PRX.AS&nbsp;and its South African parent Naspers&nbsp;NPNJn.J&nbsp;said on Monday Bob van Dijk has stepped down as chief executive officer from both companies.



The companies named investment chief Ervin Tu, a previous VisionBank manager and Goldman Sachs technology banker, as interim CEO.



The companies did not provide a reason for Van Dijk&#8217;s departure. However it coincides with the unwinding Monday of a cross-structure between Prosus and Naspers.



Van Dijk oversaw Prosus&#8217;s 2019 IPO and the company&#8217;s stock boomed during the COVID-19 pandemic. However he struggled to close a valuation gap between Prosus, Naspers and the value of their biggest asset: Chinese software giant Tencent0700.HK&nbsp;.



Prosus holds a 26% stake Tencent, which is currently worth around $387 billion.



The company now faces a fight to ease the discount between the value of the Tencent stake and Naspers.



In the post-pandemic bust, shares have declined along with a fall in valuation of high-growth technology investments.



More recently, Prosus was forced to dispose of some of its most attractive smaller assets in Russia at a discount in the wake of the invasion of Ukraine.



Van Dijk, who has led Naspers since 2014 and Prosus since 2019, has agreed to remain as a consultant until Sept. 30, 2024, the companies said in a statement.



&#8220;The group&#8217;s strategic goals remain unchanged and it is on target to deliver on its commitments,&#8221; the global consumer internet companies said in a statement.



(Reporting by Tannur Anders in Johannesburg, Toby Sterling in Amsterdam and Radhika Anilkumar in Bengaluru; Editing by Sherry Jacob-Phillips, Stephen Coates and Michael Perry)

Bob van Dijk, chief executive officer of Naspers Ltd.

Naspers & Prosus CEO steps down, M&A chief Ervin Tu is successor

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-820x539.jpg" alt="" class="wp-image-427524" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-1536x1009.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/MJHPWSHJTNMMDPLYVD74R5SY6U-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows Nigeria&#8217;s Central Bank headquarters in Abuja, Nigeria November 22, 2020. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, Sept 15 (Reuters)&nbsp;&#8211;&nbsp;President Bola Tinubu has nominated the former head of Citibank in Nigeria Olayemi Cardoso to serve as the country&#8217;s new central bank governor, days before its next interest rate meeting, a presidential spokesperson said on Friday.



Cardoso would replace Godwin Emefiele who was suspended by Tinubu in June and later detained by the country&#8217;s state security agency. It is not clear whether Emefiele has resigned.



Tinubu sent Cardoso&#8217;s nomination to the Senate for confirmation alongside four new deputy governors, spokesperson Ajuri Ngelale said.



The central bank did not respond to a request for comment on whether Emefiele and its deputy governors had resigned.



&#8220;The President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners,&#8221; Ngelale said in a statement.



The central bank raised rates by a smaller-than-expected 25 basis points in July, contrary to analysts&#8217; expectations, under acting Governor Folashondun Shonubi, one of Emefiele&#8217;s deputies.



The bank is due to set rates again on Sept. 26 and some analysts expect a more hawkish stance.



Tinubu had promised a &#8220;thorough house cleaning&#8221; of monetary policy, during his inauguration in May and said that the central bank should work towards lower interest rates after criticising Emefiele&#8217;s handling of the currency.



The central bank pursued unorthodox policies under Emefiele who kept the currency artificially strong, a policy backed by former President Muhammadu Buhari, which supported government borrowings on the international markets.



Nigeria&#8217;s new government wants to encourage investments rather than rely on borrowing to create jobs as it tries to revive an economy struggling with record debt, a weak currency, double-digit inflation and fragile power supplies.



Cardoso was part of the team that had been working on an economic blueprint for the new government. He was a former commissioner for economic planning and budget in Lagos state when Tinubu was governor between 1999-2007.



(Additional reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by MacDonald Dzirutwe, Richard Chang and Jane Merriman)

FILE PHOTO: A view shows Nigeria’s Central Bank headquarters in Abuja

Nigeria’s Tinubu picks banker Cardoso as next central bank governor

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107301361-1694772546411-gettyimages-1645429909-01-dji_fly_20230819_001040_826_1692423298462_photo-_sbqq89ar-820x462.jpeg" alt="" class="wp-image-427512" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107301361-1694772546411-gettyimages-1645429909-01-dji_fly_20230819_001040_826_1692423298462_photo-_sbqq89ar-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107301361-1694772546411-gettyimages-1645429909-01-dji_fly_20230819_001040_826_1692423298462_photo-_sbqq89ar-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107301361-1694772546411-gettyimages-1645429909-01-dji_fly_20230819_001040_826_1692423298462_photo-_sbqq89ar-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107301361-1694772546411-gettyimages-1645429909-01-dji_fly_20230819_001040_826_1692423298462_photo-_sbqq89ar-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/107301361-1694772546411-gettyimages-1645429909-01-dji_fly_20230819_001040_826_1692423298462_photo-_sbqq89ar.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">In an aerial view, oil storage tanks are shown at the Enterprise Sealy Station on August 28, 2023 in Sealy, Texas. Brandon Bell | Getty Images News | Getty Images</figcaption></figure>



Oil prices climbed to their highest level of the year this week, extending a rally that has put a return to $100 a barrel sharply into focus.



Indeed, some analysts believe crude prices could hit this milestone before year-end.



International benchmark Brent crude futures traded at $93.90 a barrel on Friday morning in London, around 0.2% higher. U.S. West Texas Intermediate futures, meanwhile, stood at $90.41, almost 0.3% higher for the session.



Both Brent and WTI settled at their highest respective levels of the year on Thursday. The oil contracts are sharply higher month-to-date and remain firmly on track to notch their third consecutive positive week.



The price rally comes amid growing expectations of tighter supply after Saudi Arabia and Russia moved to draw down global inventories and extend their oil output cuts through to the end of the year.



OPEC kingpin Saudi Arabia said on Sept. 5 that it would extend its 1 million barrel per day production cut through to year-end, with non-OPEC leader Russia pledging to reduce oil exports by 300,000 barrels per day until the end of the year. Both countries have said they will review their voluntary cuts on a monthly basis.



Analysts at Bank of America have indicated they now believe oil prices could soon spike beyond triple digits.



“Should OPEC+ maintain the ongoing supply cuts through year-end against Asia’s positive demand backdrop, we now believe Brent prices could spike past $100/bbl before 2024,” analysts led by Francisco Blanch said Tuesday in a research note.



Tamas Varga of oil broker PVM said a jump toward the $100 milestone was “plausible,” citing production constraints from Saudi Arabia and Russia, upcoming refinery maintenance, the structural shortage of diesel in Europe and a growing consensus that the current cycle of tightening will soon come to an end.



“Nonetheless, such a rally also entails renewed inflationary pressure,” Varga told CNBC on Friday. This was reflected, he said, in this week’s&nbsp;<a href="https://www.cnbc.com/2023/09/13/cpi-inflation-report-august-2023-.html">U.S. inflation data</a>&nbsp;and the rise in consumer spending, which indicated that interest rates&nbsp;<a href="https://www.cnbc.com/2023/09/13/the-latest-inflation-uptick-means-the-fed-will-likely-raise-rates-.html">may stay higher for longer</a>&nbsp;and could have a negative impact on both economic and oil demand growth.



“For this reason, I believe that any spike towards $100 will be short-lived,” he added.



<h2 class="wp-block-heading" id="h-a-significant-supply-shortfall"><a></a>‘A significant supply shortfall’</h2>



The International Energy Agency&nbsp;<a href="https://www.iea.org/reports/oil-market-report-september-2023" target="_blank" rel="noreferrer noopener">warned</a>&nbsp;on Wednesday that Saudi Arabia and Russia’s production constraints would likely result in a “substantial market deficit” through the fourth quarter.



The world’s leading energy authority said in its monthly oil report that output curbs by OPEC and non-OPEC members of over 2.5 million barrels per day since the start of the year had so far been offset by members outside the OPEC+ alliance — such as the U.S. and Brazil.



“From September onwards, the loss of OPEC+ production, led by Saudi Arabia, will drive a significant supply shortfall through the fourth quarter,” the IEA said.



Christyan Malek, global head of energy strategy and head of EMEA oil and gas equity research at JPMorgan, said he believes the price of oil is likely to trade in a range of $80 to $100 in the short term — and at around $80 over the long term.



“As we go into next year, it will be very dependent on how we see China evolve … what does the US do? And how does shale respond?” Malek said Monday, noting the U.S. appears to have limited options if it is to try to drive oil and gasoline prices lower ahead of next year’s pivotal presidential election.



“I think for us one of the important data points for this year as a whole is that we tested $70. You have to test the marginal costs, we can all predict it, and we got there. We got to $70, and it bounced off so with that marginal cost, we’re looking at a much higher long-term price,” he added.



Not everyone believes oil prices are destined for an imminent return to $100, however. Ole Hansen, head of commodity strategy at Saxo Bank, says the crude sector looks increasingly overbought in the near-term and appears in need of a pullback.



“We do not join the $100 per barrel camp but will not rule out a relatively short period where Brent could trade above $90,” Hansen said in a research note published Sept. 8.



“From a technical perspective, Brent has been in a bullish uptrend since July and needs to hold support at $89 as a break may trigger long liquidation towards $87.5 from traders who bought the production cut extension news,” he added.



“However, the medium-term uptrend is still firm with trendline support near $85, potentially being the bottom of a new higher range supported by OPEC’s active management of supply.”



— CNBC’s Michael Bloom contributed to this report.

107301361-1694772546411-gettyimages-1645429909-01-dji_fly_20230819_001040_826_1692423298462_photo-_sbqq89ar

Oil just hit its highest level of the year — and some analysts expect a return to $100 before 2024

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1-820x551.jpg" alt="" class="wp-image-427508" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1-1536x1031.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/VSVD6RVVCRP4VNEDSAFARXOJTY-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Zambia’s President Hakainde Hichilema arrives to attend the 36th Ordinary Session of the Assembly of the African Union at the African Union Headquarters in Addis Ababa, Ethiopia February 19, 2023. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



BEIJING, Sept 15 (Reuters)&nbsp;&#8211;&nbsp;President Xi Jinping said on Friday China supports Zambia in safeguarding its national sovereignty, security and development interests, while encouraging more imports from the southern African country.



Xi met Zambian President Hakainde Hichilema in Beijing and the two countries upgraded their ties to a&nbsp;&#8220;comprehensive strategic cooperative partnership&#8221;, Chinese state news agency Xinhua said.Xi vowed to work with Zambia to expand cooperations covering infrastructure, agriculture, mining and clean energy.



Zambia is seeking to restructure its external debt with China and find more trade opportunities with the world&#8217;s second-largest economy.



Hichilema thanked China for supporting the African Union&#8217;s accession to the Group of 20 major economies at its Sept. 9-10 summit in New Delhi, and for its positive role in resolving Zambia&#8217;s debt problem, Xinhua said.



It was not immediately known whether China and Zambia signed any debt agreements.



China has significant commercial interests in Zambia, having invested in over 30 projects through its Belt and Road Initiative between 2014 and 2023, according to data compiled by the American Enterprise Institute think tank.



It shows the projects were worth $11.3 billion in total, ranging from the energy sector to agriculture and aviation.



China also takes around one fifth of Zambian exports, predominantly copper.



&#8220;Zambia abides by the one-China principle, highly appreciates the guiding concepts and principles of Chinese-style modernisation, and hopes to learn from China&#8217;s development experience,&#8221; Hichilema said at the meeting with Xi.



Xi said China was encouraging the entry of more Zambian high-quality products into the Chinese market and supporting more Chinese-funded enterprises to invest in Zambia.



Hichilema will be in China until Saturday.



(Reporting by Ethan Wang, Liz Lee, Joe Cash and Bernard Orr; editing by Jacqueline Wong, Tom Hogue and Mark Heinrich)

FILE PHOTO: Zambia’s President Hakainde Hichilema attends African Union assembly in Addis Ababa

China, Zambia upgrade ties, focus on key economic sectors

<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/ZXQCQVYMLZJNHMGOSI3OKPBANA-820x547.jpg" alt="" class="wp-image-427502" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/ZXQCQVYMLZJNHMGOSI3OKPBANA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/ZXQCQVYMLZJNHMGOSI3OKPBANA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/ZXQCQVYMLZJNHMGOSI3OKPBANA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/ZXQCQVYMLZJNHMGOSI3OKPBANA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/ZXQCQVYMLZJNHMGOSI3OKPBANA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/ZXQCQVYMLZJNHMGOSI3OKPBANA-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A banner reads &#8220;End Fossil Fuels&#8221; at the Bonn Climate Change Conference in Bonn, Germany, June 8, 2023. REUTERS/Jana Rodenbusch/File Photo</figcaption></figure>



BRUSSELS, Sept 15 (Reuters)&nbsp;&#8211;&nbsp;Climate protesters were set to take to the streets in more than 50 countries from Friday to Sunday, in a weekend of demonstrations to demand that governments phase out the burning of fossil fuels heating the planet.



In a year of mounting deaths and economic destruction from record-breaking floods,&nbsp;wildfires and drought, protesters have planned more than 500 gatherings in 54 countries &#8211; from Pakistan and Nigeria to the United States.



Organizers of the protests expect global turnout over the weekend to total more than a million people. That could make this weekend&#8217;s action the largest international climate protest since before the COVID-19 pandemic, when the &#8220;school strike&#8221; movement led by Swedish activist Greta Thunberg saw millions of people worldwide join marches.



&#8220;This is directed at world leaders,&#8221; said Mitzi Jonelle Tan, a climate activist with youth movement Fridays for Future in Manila, the Philippines.



&#8220;The fossil fuel industry&#8217;s time is up. We need a just transition, and we need to phase out the fossil fuels causing the destruction of our environment,&#8221; she told Reuters.



Organisers said they would call on governments to immediately end subsidies for oil and gas and to cancel any plans for expanding production.



Governments spent a record-high $7 trillion in subsidies to oil, gas and coal last year, according to an IMF analysis.



&#8220;We&#8217;re taking to the streets to demand that African leaders phase out on fossil fuels and focus on investing in community-led renewable energy, to meet the energy demand for the 600 million Africans who do not have access to electricity,&#8221; said Eric Njuguna, a climate activist based in Nairobi, Kenya.



The demonstrations take place two months before this year&#8217;s U.N. COP28 climate summit, where more than 80 countries plan to push for a global agreement to gradually phase out coal, oil and gas.



The burning of fossil fuels is the main cause of climate change, but countries have never agreed in U.N. climate talks to phase out fossil fuels &#8211; though they have committed to phase down use of coal power.



Governments reliant on oil and gas revenues, and those planning to use fossil fuel-based energy to improve poor communities&#8217; living standards, are expected to push back on the proposal.



Wealthy nations will also face pressure to offer far more funding to help developing countries invest in low-carbon energy.



Renewable energy is cheaper than fossil fuels in terms of its running costs, but communities need support to make the upfront investments required to quickly build wind farms and install solar panels.



Despite having plentiful solar energy resources, Africa received only 2% of global investments in renewable energy over the last two decades, the International Renewable Energy Agency has said.



Around 15,000 people were expected to join a march in New York on Sunday, as leaders gather for next week&#8217;s U.N. General Assembly, as well as a &#8220;climate ambition summit&#8221; on Wednesday. U.N. Secretary General Antonio Guterres is expected to ask governments to strengthen their plans for cutting planet-warming emissions.



A U.N. report last week warned that the world was on a dangerous track toward severe global warming, and said more action was needed on all fronts, including a drastic drop in coal-fuelled power use by 2030.



The report also urged a massive boost in financial investment to developing countries for both clean energy and measures to adapt to rising heat, worsening storms and other consequences of the warming climate, the U.N. said.



(Reporting by Kate Abnett; editing by Katy Daigle and Aurora Ellis)

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