Kraken co-CEO on the changing nature of crypto trading

Tariffs Will Put The U.S. In A Recession: Gary Shilling

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="390" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Z7OUSBHECZMJVEHQT7G2AZVSQU-1.avif" alt="" class="wp-image-615600"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, April 30 (Reuters)&nbsp;&#8211;&nbsp;The South African rand slipped&nbsp;on&nbsp;Wednesday&nbsp;following mixed local economic data and&nbsp;as the dollar gained after data showed the U.S. economy contracted in the first quarter.



At&nbsp;1329 GMT, the rand traded at 18.62 against&nbsp;the dollar&nbsp;ZAR=D3, roughly 0.4% weaker than Tuesday&#8217;s closing level.



Domestic data showed South Africa recorded a trade surplus of 24.77 billion rand ($1.33 billion) in March, while the budget deficit stood at 13.11 billion rand in the same month.



The dollar=USD was last trading up about 0.25% against a basket of currencies, after a Commerce Department report showed U.S. gross domestic product (GDP) fell 0.3% in the first quarter.



The data was worse than market expectations, but better than the dire predictions touted by some of the biggest U.S. banks.



Earlier on Wednesday, South African Finance Minister Enoch Godongwana briefed reporters on the next steps for the local budget after he scrapped a fiercely-opposed increase in value-added tax and a court set aside parliament&#8217;s adoption of the fiscal framework.



He said a new budget would be presented on May 21, which would maintain a government focus on stabilising public debt.



Separately, central&nbsp;bank data showed private sector credit extension slowed slightly in March&nbsp;ZACRED=ECI&nbsp;to 3.45% year-on-year from 3.68% in February.



On the stock market, the Top-40&nbsp;.JTOPI&nbsp;index was last trading about 0.3% higher.



The benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was&nbsp;little changed,&nbsp;with the yield&nbsp;up 0.5 basis point at&nbsp;8.815%.



(Reporting by Sfundo Parakozov and Bhargav Acharya; Editing by Alexander Winning, Sharon Singleton and Mark Heinrich)

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South Africa’s rand weakens after mixed local data, US GDP dip

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/CBN3E2M4SFJYBDTJWK6AHBOLS4.avif" alt="" class="wp-image-615597"/><figcaption class="wp-element-caption">A general view of the gold mine site, operated by Endeavour Mining Corporation in Hounde, Burkina Faso February 13, 2020. Picture taken February 13, 2020. Reuters/Anne Mimault/File Photo</figcaption></figure>



DAKAR, April 30 (Reuters)&nbsp;&#8211;&nbsp;International mining companies should consider joint ventures with local partners and dual listings on regional stock exchanges to navigate an increasingly complex landscape in West Africa, the head of a regional lobby group said.



Military-led governments across West Africa have upended the mining sector by rewriting contracts, detaining executives and suspending operations as they demand greater control over natural resources.



Mining companies also face growing security challenges from jihadist groups that have forced the suspension of some exploration activities.



The new reality means big miners must adapt, including by meeting governments&#8217; growing demands for localisation, Adama Soro, president of the West African Federation of Chambers of Mines, told Reuters.



Dual listings on regional exchanges and joint ventures with local partners could go a long way towards strengthening these companies&#8217; positions, he said.



&#8220;We&#8217;re pushing at the regional level to get dual listing on the regional stock market &#8230; so that the local investor can also benefit,&#8221; Soro said. &#8220;The big companies are open, they know this is the reality (and) you can&#8217;t go against the winds.&#8221;



Despite regulatory changes affecting major players such as Barrick&nbsp;ABX.TO, Endeavour&nbsp;EDV.L, Resolute Mining&nbsp;RSG.AX&nbsp;and Fortuna&nbsp;FVI.TO&nbsp;in Mali and Burkina Faso, West Africa&#8217;s mineral wealth continues to attract global interest.



The region boasts deep reserves with Ghana, Mali and Burkina Faso collectively accounting for over 10% of worldwide gold production in 2024, while Guinea dominates global bauxite exports.



&#8220;Operating a mine in Africa is more profitable. Other regions have stability but (are) less profitable,&#8221; Soro said.



Record gold prices this year, fuelled by U.S. President Donald Trump&#8217;s trade policies and geopolitical uncertainty, have escalated tensions among stakeholders, Soro said.



&#8220;When you have the gold price rising, you see all stakeholders trying to pull everything to their side,&#8221; he said. &#8220;The best thing is to have open discussions.&#8221;



Soro said national governments and international mining companies seem to be on board with his group&#8217;s push for increased localisation, but the capacity of the region&#8217;s stock markets remains a challenge.



Nevertheless, he predicted some local listings could occur soon, without providing details.



(Reporting by Maxwell Akalaare Adombila; Editing by Robbie Corey-Boulet, Kirsten Donovan)

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West Africa upheaval requires joint mining ventures, local listings, lobby group says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BCL2V6MOJVKVRHJHNIF7JTB6QQ.avif" alt="" class="wp-image-615579"/><figcaption class="wp-element-caption">Raw copper from Zambia awaits export in a warehouse at Newlyn Terminal at Bayhead at the port in Durban, South Africa, April 4, 2024. REUTERS/Rogan Ward/File photo</figcaption></figure>



LUSAKA, April 30 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s copper production was up about 30% on the previous year in the first quarter of 2025, reaching roughly 224,000 metric tons from around 173,000 metric tons in the first quarter of 2024, Mines Minister Paul Kabuswe said on Wednesday.



Kabuswe said in a statement that higher production by two big companies, Konkola Copper Mines and Mopani Copper Mines, contributed to the increased overall output.



(Reporting by Chris Mfula; Editing by Alexander Winning)

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Zambia copper production up 30% year on year in Q1, minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AXTQND6WLFKFNC2T36FCP2DLTI.avif" alt="" class="wp-image-615576"/><figcaption class="wp-element-caption">A view of smelted gold bars at a smelting facility in Accra, Ghana August 22, 2024. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, April 30 (Reuters)&nbsp;&#8211;&nbsp;Ghana has reached a deal with nine more mining companies to purchase 20% of their gold production, a government body said on Wednesday, aiming to consolidate a gold purchase programme meant to boost the country&#8217;s gold reserves and stabilise its currency.



Africa&#8217;s top gold producer signed an agreement with members of an industry group that included Gold Fields GFIJ.J, Newmont NEM.N, AngloGold Ashanti AU.N, and Asanko Mining in 2022 to purchase 20% of their annual output for the central Bank of Ghana. Purchases are settled in the Ghanaian cedi currency.



Bank of Ghana&#8217;s gold holdings rose to 30.8 metric tons in February from 8.77 tons in 2022, helping its gross reserves to hit $9.4 billion this year.



The new deal covers mining companies not participating in the central bank&#8217;s arrangement, according to a statement on X from GoldBod, a government body set up to streamline gold purchases from small-scale miners, increase their earnings, and reduce the impact of smuggling.



The companies are Golden Team Mining Company Limited, Akroma Gold Limited, Adamus Resources Limited, Cardinal Namdini Mining Limited, Goldstone Akrokeri Limited, Earl International Group (GH) Limited, Xtra Gold Mining Limited, Prestea Sankofa Gold Limited and Gan He Mining Resource Development Limited.



Gold mining countries have sought increased value from the precious metal as prices rose 29% this year, boosted by U.S. President Donald Trump&#8217;s tariffs and geopolitical uncertainty.



&#8220;Under the agreement, the mining companies will deliver 20% of any gold they seek to export out of the country to the GoldBod in the form of doré bars,&#8221; the GoldBod statement said.



&#8220;This agreement represents a significant step toward optimising national benefits from Ghana&#8217;s gold resources.&#8221;



The mining companies will receive payment in Ghanaian cedis, discounted at one percent of the London Bullion Market Association (LBMA) spot price.



The nine gold miners produce approximately 200 kilograms of gold monthly, GoldBod&#8217;s spokesperson told Reuters.



(Reporting by Christian Akorlie; Writing by Maxwell Akalaare Adombila; Editing by Ayen Deng Bior and Ros Russell)

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Ghana secures deal with nine more gold miners to buy 20% of their output

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/3GWHJ24G6BNGHDPVWY36IOPFFQ.avif" alt="" class="wp-image-615524"/><figcaption class="wp-element-caption">South Africa&#8217;s Finance Minister Enoch Godongwana speaks during his 2023 budget speech in Cape Town, South Africa, February 22, 2023. REUTERS/Shelley Christians/File Photo</figcaption></figure>



PRETORIA, April 30 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s finance ministry said on Wednesday that a new budget would be presented on May 21 which would maintain the government&#8217;s focus on stabilising public debt.



Africa&#8217;s biggest economy will adjust revenue and spending projections and growth forecasts after scrapping a contentious increase in value added tax that exposed deep rifts in the coalition government.



Finance Minister Enoch Godongwana&nbsp;said there would be thorough consultations with all political parties in the coalition before the revised budget is tabled in parliament, adding that fiscal consolidation was still in place.



His ministry issued a statement saying that debt stabilisation was &#8220;a crucial element in strengthening our public finances&#8221;.



Months of political wrangling over this year&#8217;s budget has caused investor unease, hurting the rand currency&nbsp;ZAR=D3.



The budget was postponed in February because of disagreements in the coalition over a plan to increase VAT from 15% to 17%.



A revised version in March proposed raising VAT by 1 percentage point over two years, but that plan was also deeply unpopular.



The Democratic Alliance, the second-biggest party in the Government of National Unity coalition, took the budget to court before agreeing an out-of-court settlement with the finance minister.



Godongwana acknowledged on Wednesday that the budget process had been messy.



&#8220;We are in a coalition government and we have to do things differently,&#8221; he said.



(Additional reporting by Bhargav Acharya and Sfundo Parakozov; Writing by Alexander Winning; Editing by Ed Osmond)

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South Africa says revised budget will keep focus on stabilising debt

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Straight talk on African elites’ complacency: the case of Kenya

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1.png" alt="" class="wp-image-615497" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1.png 612w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1-300x175.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/istockphoto-1030878162-612x612-1-154x90.png 154w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



EVENTS:



Uganda releases April inflation statistics



GLOBAL MARKETS



Shares struggled for direction on Wednesday and oil prices slid as relief over a potential easing of global trade tensions was offset by a worsening economic outlook and dour signals from corporates swept up by Donald Trump&#8217;s tariffs.



WORLD OIL PRICES



Oil prices extended declines on Wednesday and were set for their largest monthly drop in more than three years as the global trade war eroded the outlook for fuel demand, while fears of mounting supply also weighed.



SOUTH AFRICA MARKETS



The South African rand weakened on Tuesday as investors waited for the finance minister to say when he will present another revised national budget.



KENYA MARKETS



The Kenyan Shilling was steady against the dollar in early trade on Tuesday with traders noting minimal activity on both the demand and supply sides.



KENYA INFLATION



Kenya&#8217;s inflation rate in April rose to 4.1% year-on-year, up from 3.6% a month before, the statistics office said on Wednesday.



KENYA DEFICIT



Kenya will cap its fiscal deficit at 4.5% of GDP in 2025/26, down from 5.1% the previous year, and revise its initial budget of 4.3 trillion Kenyan shillings ($33 billion) substantially, its cabinet said on Tuesday.



SOMALIA TAIWAN DIPLOMACY



Somalia has banned entry to Taiwan passport holders citing compliance with a United Nations resolution, the island&#8217;s foreign ministry said, blaming Chinese pressure on Mogadishu at a time Taiwan is boosting ties with Somaliland.



MALI POLITICS



A national conference of political actors in Mali has recommended naming junta leader Assimi Goita, who seized power following coups in 2020 and 2021, as president with a five-year mandate, it said in a statement on Tuesday.



CONGO SECURITY



Rwanda escorted the troops of a Southern African force through Rwandan territory to Tanzania on Tuesday as they pulled out from eastern Democratic Republic of Congo, Rwanda&#8217;s foreign minister and army spokesperson said.

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African Markets – Factors to watch on April 30

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AWIZDBZH5VO2XJX7G2VI2D5PBI.avif" alt="" class="wp-image-615478"/><figcaption class="wp-element-caption">Ragui El-Etreby, Assistant Minister for Multilateral International and Regional Economic Affairs of Egypt, UAE Deputy Prime Minister and Minister of Interior and Reem bint Ebrahim Al Hashimy , Russian Foreign Minister Sergei Lavrov , Ethiopian Foreign Minister Gedion Timothewos, Brazilian Foreign Minister Mauro Vieira, Chinese Foreign Minister Wang Yi, Indonesian Foreign Minister Sugiono, South African Minister of International Relations and Cooperation Ronald Lamola, Iranian Deputy Foreign Minister on Economic Diplomacy, Seyed Rasoul Mohajer and Ambassador Dammu Ravi pose for a family picture, on the day of the BRICS Meeting of Ministers of Foreign Affairs in Rio de Janeiro, Brazil, April 28, 2025. REUTERS/Pilar Olivares</figcaption></figure>



RIO DE JANEIRO, April 29 (Reuters)&nbsp;&#8211;&nbsp;Foreign ministers from the BRICS group of developing nations failed to agree on a joint communique on Tuesday, highlighting differences within the fast-growing diplomatic bloc,&nbsp;while&nbsp;the chair Brazil issued a statement condemning trade protectionism.



In the statement, Brazil said the group&#8217;s foreign ministers expressed &#8220;serious concern at the prospect of a fragmented global economy and the weakening of multilateralism&#8221; at their gathering in Rio de Janeiro.



The statement did not name the United States, which has taken a sharp protectionist shift under President Donald Trump, whose unilateral tariffs have raised concerns about a global economic slowdown.



The failure to reach a joint declaration was unexpected, a diplomatic source said, adding that there was room to iron out differences before July, when BRICS leaders will gather in Rio.



The expanded BRICS group, which includes Brazil, Russia, India, China and South Africa as well as new joiners Egypt, Saudi Arabia, the United Arab Emirates, Ethiopia, Indonesia and Iran, faces daunting challenges from U.S. trade actions.



&#8220;The ministers voiced serious concerns about the rise of unjustified unilateral protectionist measures inconsistent with WTO rules, including indiscriminate raising of reciprocal tariffs and non-tariff measures,&#8221; the statement said.



The statement reflected a broad consensus among the 11 countries, although a person involved in the negotiations said China &#8211; affected by 145% levies in the trade war with the U.S. &#8211; had pushed for a harsher tone.



&#8220;There was a consensus among all the countries, which is expressed in the declaration,&#8221; said Brazilian Foreign Relations Minister Mauro Vieira.



Still, the final declaration was a &#8220;chair statement,&#8221; falling short of a joint statement as the countries could not reach an agreement on all issues. Egypt and Ethiopia refused to accept some of the language calling for reform of the United Nations, including its Security Council, a longstanding aspiration of Brazil, India and South Africa.



That difference underscores the group&#8217;s new composition&nbsp;after&nbsp;new&nbsp;members that have&nbsp;competing views on some issues&nbsp;joined in 2024. The&nbsp;diplomatic source told Reuters that the new African members took issue with putting forward South Africa as a preferred BRICS candidate for a reformed Security Council.



&#8220;The expansion has its costs. Of course we have to work more to reach a consensus. But, at the same time, an expanded group has more power, more resources, more space for cooperation,&#8221; said the source.



Brazilian diplomats stressed the importance of a strong shared position on the central issue of &#8220;unjustified&#8221; trade barriers condemned in the declaration, which cited tariffs and non-tariff measures, such as the abuse of green policies for protectionist purposes.



&#8220;The main&nbsp;thing for BRICS is to ensure that the multilateral trade system doesn&#8217;t fall apart completely&#8221;, a diplomat told Reuters.



(Reporting by Lisandra Paraguassu; Additional reporting and writing by Andre Romani; Editing by Brad Haynes, Gabriel Araujo and Nia Williams)

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Growing BRICS group shows internal rifts as ministers fall short of joint statement

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="407" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU.jpg" alt="" class="wp-image-615460" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A5FFDDCYVFKINPBJBDQEWDIARU-142x90.jpg 142w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">The Glencore logo is pictured in Baar, Switzerland, November 20, 2012. REUTERS/Arnd Wiegmann/File Photo</figcaption></figure>



LONDON, April 30 (Reuters)&nbsp;&#8211;&nbsp;Glencore&nbsp;GLEN.L&nbsp;on Wednesday reported lower copper production in the first quarter, and said it expects 2025 profit at its trading division to be in the middle of its long-term annual guidance.



The miner and trader reported a 30% drop in first-quarter copper production to 167,900 metric tons, but maintained its full-year forecast for 2025 at 850,000-910,000 tons, expecting higher output in coming months.



Last year it produced around 952,000 tons of the metal used in electric vehicle wiring and batteries, green energy plants and data centres.



Glencore&#8217;s share price opened 3.4% lower in London.



Worries about global trade tensions have weighed on prices of most industrial metals this year, but analysts anticipate growing demand for copper, cobalt and other transition minerals, driven by the shift towards electric vehicles and renewable infrastructure.



First-quarter production of cobalt rose 44% on higher grades and volumes at its Mutanda mine, while nickel production fell 21%, it said. The company kept 2025 production guidance unchanged for both.



Glencore forecasts full-year marketing earnings before interest and tax (EBIT) in the middle of its long-term guidance of $2.2 billion-$3.2 billion this year, compared to $3.2 billion in 2024, as commodities markets continue to fluctuate due to &#8220;U.S. tariff newsflow and uncertainty&#8221;.



&#8220;Owing to the various proposed and currently being implemented tariffs across commodity supply chains, it is likely that some physical trade flow re-orientation and dislocation will manifest over the coming months,&#8221; it said in a statement.



The trading division, whose profit hit a record $6.4 billion in 2022, includes coal, oil, liquefied natural gas and related products, as well as metals.



&#8220;Disappointing that in these volatile times with significant regional arbitrage in copper that marketing guidance was not at the top end of the range,&#8221; RBC Capital Markets analysts said.



Glencore&#8217;s first-quarter thermal coal production fell 7% to 23.4 million tons from 25.2 million tons a year before on lower output from its Australian mines.



The company is one of the largest producers and exporters of thermal coal, mining 99.6 million tons in 2024.



It said in March it would begin reducing production at its Colombia mine Cerrejon by between 5 million and 10 million tons annually.



(Reporting by Clara Denina, Chandini Monnappa; Editing by Sumana Nandy and Jan Harvey)

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Glencore posts 30% drop in first-quarter copper production

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="370" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/I626AAIJRJP7DJDRYXCYV56KLA-2.avif" alt="" class="wp-image-615457"/><figcaption class="wp-element-caption">The Hillbrow Tower, an iconic tower used to identify the Johannesburg skyline, is seen as the sun rises, in Johannesburg, South Africa, June 20, 2019. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, April 30 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Wednesday.



ECONOMIC EVENTS



March money supply&nbsp;ZAM3=ECI, credit data&nbsp;ZACRED=ECI



March budget balance&nbsp;ZABUD=ECI



March trade balance&nbsp;ZATBAL=ECI



Treasury to hold press briefing on budget process



SOUTH AFRICAN MARKETS



The South African rand weakened on Tuesday as investors waited for the finance minister to say when he will present another revised national budget.



On the stock market, the Top-40 .JTOPI index was last up about 0.7%. 



GLOBAL MARKETS



Shares struggled for direction on Wednesday and oil prices slid as relief over a potential easing of global trade tensions was offset by a worsening economic outlook and dour signals from corporates swept up by Donald Trump&#8217;s tariffs.



WALL STREET



U.S. stocks closed solidly in positive territory on Tuesday, after seesawing between modest gains and losses in choppy trading as investors assessed the latest round of corporate earnings, economic data and changes on the trade policy front.



GOLD



Gold prices dropped on Wednesday, pressured by a firmer dollar and a de-escalation in trade tensions, while investors awaited key U.S. data for cues on the Federal Reserve&#8217;s rate outlook. 



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



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



BUSINESS DAY



&#8211; Moody&#8217;s sees further squeeze on SA banks&#8217; interest margin



FIN 24



&#8211; Godongwana&#8217;s fresh blueprint to plug a deeper revenue hole



(Compiled by Sfundo Parakozov)

I626AAIJRJP7DJDRYXCYV56KLA

South African Markets – Factors to watch on April 30

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="419" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/N4FGFWTT7RIZRCJBSK4K5GA5P4.avif" alt="" class="wp-image-615454"/><figcaption class="wp-element-caption">Traffic flows under the surveillance closed-circuit television camera (CCTV) system along Hoima road in Kampala, Uganda August 14, 2019. REUTERS/James Akrena/File Photo</figcaption></figure>



KAMPALA, April 30 (Reuters)&nbsp;&#8211;&nbsp;Uganda&#8217;s proposed budget for the 2025/2026 financial year has grown 25% to 71.9 trillion shillings ($19.6 billion), compared to the previous projection of 57.4 trillion shillings given in September, the finance ministry said.



The ministry did not provide a reason for the raise in a statement posted on X on Tuesday. The government has previously said spending priorities in the financial year starting July would be in agro-industrialisation, tourism and minerals including petroleum.



Parliament is currently scrutinising the proposed budget and, once approved, final spending plans will be outlined in a budget speech in June.



The planned spending for the financial year is slightly lower than 72.1 trillion shillings for the current financial year which ends in June.



($1 = 3,660.0000 Ugandan shillings)



(Reporting by Elias Biryabarema; Editing by Hereward Holland and Christopher Cushing)

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Uganda’s 2025/26 budget up 25% from previous projection

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/JT5FON3TKNLAVIU755DNGWMJVE.avif" alt="" class="wp-image-615451"/><figcaption class="wp-element-caption">A fruit vendor stands in his shop at a market place in Nairobi, Kenya December 3, 2018. REUTERS/Ahmed Jadallah/File Photo</figcaption></figure>



NAIROBI, April 30 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s inflation rate&nbsp;KECPI=ECI&nbsp;in April rose to 4.1% year-on-year, up from 3.6% a month before, the statistics office said on Wednesday.



On a monthly basis, inflation was at 0.3% in April, the Kenya National Bureau of Statistics said in a statement.



Kenya&#8217;s inflation rate has risen steadily since a low of 2.7% in October, but remains well within the central bank&#8217;s 2.5% to 7.5% target range.



Earlier this month Kenya&#8217;s central bank cut its policy interest rate for the fifth meeting in a row to KECBIR=ECI 10.0%, a surprise move aimed at further stimulating private sector lending.



(Reporting by Hereward Holland; Editing by Christian Schmollinger and Christopher Cushing)

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Kenya inflation rate rises to 4.1% in April

Genomics explained: How tech revealed the information inside our DNA

Why so many people are getting scam texts saying they have unpaid tolls

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South Africa has entered a new era—politically recalibrated, economically pressured, yet fundamentally poised. The 2024 general election, resulting in the country’s first national coalition Government of National Unity (GNU) under President Cyril Ramaphosa, was not just a political outcome—it was a societal reset. South Africans demanded a new social contract: delivery over rhetoric, partnership over posturing, credibility over complexity. In his campaign and subsequent inaugural commitments, President Ramaphosa emphasized infrastructure renewal, energy security, youth employment, and national coherence as pillars of renewal. The task now is not to define direction—but to deliver at scale.



The economic headwinds remain sobering. In 2024, GDP growth hovered at 1.1%, well below the levels needed to address poverty and exclusion. Unemployment stood at 31.9%, with youth unemployment exceeding 44%. Public infrastructure continued to underperform, with deteriorating logistics capacity and ongoing energy insecurity compounding economic constraints. The 2024 Electricity Regulation Amendment Act marked a major policy shift, opening the generation and transmission sectors to competition and seeking to reduce dependence on Eskom. However, implementation bottlenecks persist, and the gap between legislative intent and lived experience remains wide.



Amid this environment, infrastructure is not just a sector—it is the backbone of recovery. The government’s Economic Reconstruction and Recovery Plan (ERRP) rightly centers infrastructure-led growth, but delivery capacity and funding constraints have limited momentum. South Africa’s capital expenditure as a percentage of GDP remains below 6%, far from the National Development Plan’s 10% target. Logistics inefficiencies alone are estimated to cost the economy billions of rands annually. Transnet’s operational and governance challenges have undercut freight reliability, while delays at major ports continue to undermine trade competitiveness.



This is why the updated National Infrastructure Plan 2050, Phase 2 (released in 2024), declared: “A fit-for-purpose infrastructure delivery system is a precondition for inclusive economic participation, regional trade, and long-term fiscal resilience.” That framing reflects the reality: South Africa’s infrastructure challenge is not only national—it is continental. As the anchor of the North–South Corridor and a key node in the Maputo Development Corridor, South Africa’s success in unlocking logistics performance has direct implications for SADC trade volumes, intra-African commerce, and AfCFTA implementation.



In this landscape, South Africa needs a multilateral development partner that not only shares its sense of urgency, but also matches its institutional sophistication. The African Development Bank has shown glimpses of this. In 2024, the AfDB approved a $1 billion sovereign facility to support Transnet’s recovery—one of the clearest signals of confidence in the state’s commitment to reform. The Bank has also contributed to Just Energy Transition efforts, from concessional project preparation to financing renewable energy pilots and public–private structuring. But the scale of South Africa’s infrastructure imperative—and the shifting global landscape—demand a more decisive, fit-for-purpose partnership.



Global economic realities are evolving fast. Fiscal tightening, geopolitical fragmentation, and climate financing imbalances are reshaping the development finance ecosystem. South Africa’s own geopolitical stature—as a G20 member, BRICS founder, and climate diplomacy broker—positions it as both a contributor to and a demander of coherent multilateral reform. As debates intensify around SDR rechanneling, MDB reform, and global infrastructure liquidity, the AfDB must become more than Africa’s lender. It must become its bridge. And that includes being a credible internal steward—governed with the transparency, institutional discipline, and accountability that member states like South Africa have long championed.



This is where the AfDB’s upcoming leadership transition matters—not as a continental ritual, but as a strategic inflection point. Dr. Sidi Ould Tah, a seasoned multilateralist and candidate for the AfDB presidency, offers a vision that aligns with South Africa’s expectations: credible delivery, innovative capital mobilization, and institutional relevance. As President of BADEA, Dr. Tah helped reposition the institution from a quiet partner to an influential force—mobilizing Africa–Gulf co-financing, targeting SMEs, and supporting infrastructure corridors with agility and accountability. [Under his leadership, BADEA attained prestigious AA+/AAA credit ratings, quadrupled project approvals, modernized its digital systems, and expanded total assets from $4 billion to nearly $7 billion—all while maintaining one of the lowest non-performing loan ratios (0.4%) among African DFIs.]



His platform for the AfDB speaks directly to South Africa’s core priorities. He proposes the creation of a Private Capital for Africa platform—housed in Johannesburg—to crowd in institutional investors, deploy blended finance tools, and de-risk large-scale regional infrastructure. This responds directly to South Africa’s call for the AfDB to partner more strategically with its own development finance institutions such as the PIC, DBSA, and IDC—pools of capital that remain under-leveraged for African integration. Dr. Tah’s proposal to scale AfDB’s annual capital mobilization to $50–60 billion through hybrid instruments, sovereign wealth partnerships, and diaspora finance aligns with South Africa’s preference for innovative, non-distortionary financing that does not increase debt distress.



Beyond capital, his focus on institutional integrity—through a proposed Pan-African Results &amp; Governance Lab embedded in the Bank—reflects South Africa’s long-standing emphasis on fiduciary control, transparency, and performance culture. [This commitment builds on Dr. Tah’s introduction of ESG-aligned sustainable financing frameworks and ISO-certified governance systems during his tenure at BADEA—credentials that mirror South Africa’s own calls for accountable multilateralism.] The need for institutional discipline, not just policy ambition, has never been clearer. With a reformist state, deep financial markets, and advanced project planning systems, South Africa is not short on technical capacity—it needs a partner that can co-implement.



And that co-implementation must be based on trust and shared vision. In South Africa’s case, the most impactful development partnerships are those that work horizontally—not just from capital provider to state, but across institutions, development banks, private capital pools, and regional alliances. This is where the AfDB, under the right leadership, can amplify what South Africa already possesses: a sophisticated institutional base and a continental integration agenda that is both credible and executable.



South Africa’s credibility on the world stage—particularly on matters of climate finance, regional stability, and multilateral equity—is not accidental. It is the product of decades of institution-building, diplomacy, and democratic resilience. The next AfDB leadership must recognize that countries like South Africa are not merely recipients of development finance—they are architects of its future. A strong, responsive, and politically attuned AfDB can amplify that influence, not compete with it.



Dr. Tah’s platform is not a promise—it is a blueprint. It is not only about who leads the AfDB, but how it is led. For South Africa, the choice must be strategic, not sentimental. The development bank it helped to build must now evolve in tandem with its own transformation.



The moment demands alignment between national ambition and continental delivery. South Africa has done the political heavy lifting. It is now time for the institutions around it to match that seriousness—with resources, with reform, with partnerships, and with results. The AfDB, under the right leadership, can be the partner that powers this next chapter.

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