<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107032202-2022-03-17T164942Z_1471390645_RC2D4T99QL6E_RTRMADP_3_USA-STOCKS-820x461.jpg" alt="" class="wp-image-416257" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107032202-2022-03-17T164942Z_1471390645_RC2D4T99QL6E_RTRMADP_3_USA-STOCKS-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107032202-2022-03-17T164942Z_1471390645_RC2D4T99QL6E_RTRMADP_3_USA-STOCKS-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107032202-2022-03-17T164942Z_1471390645_RC2D4T99QL6E_RTRMADP_3_USA-STOCKS-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107032202-2022-03-17T164942Z_1471390645_RC2D4T99QL6E_RTRMADP_3_USA-STOCKS-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107032202-2022-03-17T164942Z_1471390645_RC2D4T99QL6E_RTRMADP_3_USA-STOCKS-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/107032202-2022-03-17T164942Z_1471390645_RC2D4T99QL6E_RTRMADP_3_USA-STOCKS.jpg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Photo: via CNBC</figcaption></figure>



The stock market is heading into what promises to be a volatile second quarter, but April is traditionally the best month of the year for stocks.



The major indices were higher in March, but they turned in a weak performance for the first quarter, the worst since the pandemic. Investors have been worried about rising interest rates, the war in Ukraine and inflation, which was made even worse by disruptions in commodities exports from both Russia and Ukraine.



Stocks are typically higher in April, and it is historically the best month of the year for the S&amp;P 500. The S&amp;P has been higher 70% of the time and has gained an average 1.7% in all Aprils since World War II, according to Sam Stovall, chief investment strategist at CFRA. For all months, the S&amp;P averaged a gain of 0.7%.



The S&amp;P 500 was up 3.6% in March, and Stovall said the rally could continue. “I think we get back to breakeven, but then I wouldn’t be surprised if we go through another pullback or correction before we have an end of year rally,” he said.



Market focus in the week ahead will remain squarely on developments around the Ukraine war and on the Federal Reserve. The Fed on Wednesday is scheduled to release minutes from its March meeting, where it raised interest rates for the first time since 2018.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/european-markets-fall-as-investors-react-to-fed-decision-stoxx-600-down-1/">European markets fall as investors react to Fed decision; Stoxx 600 down 1%</a></h3>



There are also a handful of Fed speakers, including Fed Governor Lael Brainard, who speaks Tuesday.



Greg Faranello, AmeriVet Securities head of U.S. rates, said the Fed minutes could be the highlight of the week since the central bank is likely to provide more detail on its plans to shrink its balance sheet. The Fed has nearly $9 trillion in securities on its balance sheet, and a reduction of those holdings would be another step to tighten policy.



“The market is curious. They’re going to be looking for some clues in terms of how quickly, how big, what the caps look like,” said Faranello.



The economic data calendar is light, with factory orders Monday, international trade and ISM services Tuesday and wholesale trade Friday.



Traders will also be watching for any comments from companies ahead of the first-quarter earnings reporting season, which starts in mid-April.



“The first-quarter earnings have actually been improving in the last month, so that’s encouraging,” said Stovall.



<h3 class="wp-block-heading" id="h-farewell-to-first-quarter">Farewell to first quarter</h3>



The Dow was off 4.6% for the first quarter, while the S&amp;P 500 was down 5%. The worst performer by far was the Nasdaq, down 9.1%. In the past week, stocks were barely changed. The Dow was down 0.1%, while the S&amp;P was up 0.1%. The Nasdaq was up 0.7%.



Interest rates also moved dramatically during the quarter, with the benchmark 10-year Treasury yield temporarily touching a high of 2.55% in the past week, after starting the quarter at 1.51%.



On Friday, the 10-year was yielding 2.37%, while the two-year yield, which most reflects Fed policy, was at 2.45%. The two-year was yielding 0.73% at the beginning of the year.



Faranello said bond yields can keep going higher on inflation concerns, but they could consolidate before another big move.



“I think the market is looking for a new catalyst here,” he said. “I just think the first quarter has been about repricing the market, and we’ve done that&#8230;The Fed came out very hawkish. We made made a dramatic repricing. Now, we need to see more data to see how this is going to evolve in the second quarter.”



Stovall said the S&amp;P 500′s first-quarter performance is one of the 15 worst first quarters, going back to 1945. After those weak quarters, down 3.8% or more, the second quarter was better on average. This year’s first-quarter decline was tied with 1994, which had the 12th&nbsp;worst first quarter.



After those 15 weak first quarters, “we actually climbed 4.8% in the second quarter and rose in price two out of every three times,” he said. But for the full year, the S&amp;P 500 gained just 40% of the time, and was down an average 2% in those years.



But this year is a midterm election year, and in those years the second and third quarters are typically the weakest. “Of those 15 worst quarters, five of them were midterm election years, and of those five, the second quarter was up an average 1%, and it rose in price only 40% of the time,” Stovall said.



Stovall said the market could be higher in the second quarter, but it will face headwinds. “Oil prices are likely to remain up. Interest rates are certainly not coming down,” he said, adding geopolitical pressures are likely to remain. “I see the possibility of a 1% gain. We could probably eke out something good.”



Stocks were held hostage by rising and volatile oil prices in the first quarter, as the world scrambled to make up for Russia’s export barrels. Many customers refused to buy Russian oil for fear of running afoul of financial sanctions on Russia’s financial system.



After wild swings both higher and lower, West Texas Intermediate oil futures gained 39% in the first quarter, the eighth positive quarter in a row and its best first quarter since 1999. WTI was just under $100 per barrel Friday afternoon.



<h3 class="wp-block-heading">Choppy, volatile market</h3>



Joe Quinlan, head of CIO Market Strategy for Merrill and Bank of America Private Bank, said he is constructive on the market heading into the second quarter, but he sees some rough spots ahead.



“We’ve got to work through the inflation problem, and the Fed catching up to the expectations of the market,” Quinlan said. “We’ve got to re-anchor inflation. It’s going to be a choppy, volatile year. We’re tilting more toward hard assets, whether it’s commodities, energy and natural gas.”



Quinlan said he leans towards equities over fixed income, which has also been unusually volatile. “We’re using equities as a hedge against inflation,” he said. “Within that framework is more hard assets, fuels, agriculture complex in general and metals and minerals.”



In the second quarter, the stock market will continue to adjust to an aggressive Federal Reserve against the backdrop of what should have been a solid economy. With 431,000 payrolls added in March, jobs data continues to be strong, but there is a fear the Fed will raise interest rates too quickly, derailing the economy and spinning it into recession.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/imf-chief-says-fed-rate-hike-could-throw-cold-water-on-global-recovery/">IMF chief says Fed rate hike could ‘throw cold water’ on global recovery</a></h3>



Traders in the futures market expect the Fed will increase its fire power at its next meeting in early May, hiking interest rates by 50 basis points, or a half-percent. The Fed’s first rate increase was a quarter-point at its March meeting.



The market is pricing in the equivalent of eight quarter-point hikes, and Treasury yields have moved higher with stunning speed as market expectations for interest rates shifted. The two-year Treasury yield rose above the 10-year yield, or inverted this past week, for the first time since 2019. That is viewed by the market as a warning sign for a recession.



Fed officials have signaled they want to move to trim the balance sheet soon. Kansas City Fed President Esther George this past week said the Fed’s balance sheet will need to decline significantly. She said the Fed’s holdings of Treasurys may have depressed the 10-year yield, causing the yield curve to invert.



Faranello said interest rates could still head higher on inflation worries, but rates could consolidate after their recent run higher. The yield curve could also remain inverted.



“We can stay like this for a year-and-a-half. Everyone’s screaming a recession is coming&#8230;I don’t think the yield curve is telling us a recession is just about to happen,” Faranello said.

107032202-2022-03-17T164942Z_1471390645_RC2D4T99QL6E_RTRMADP_3_USA-STOCKS

Markets will be looking for clues from the Fed ahead, as historically strong month gets underway

Why Hotels Like Marriott Have A Human Trafficking Problem

Rwanda’s own film industry

Why Russia’s Invasion Of Ukraine Could Spark A NATO Defense Spending Spree

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Ramaphosa-820x547.jpg" alt="" class="wp-image-416239" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Ramaphosa-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Ramaphosa-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Ramaphosa-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Ramaphosa-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Ramaphosa-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Ramaphosa-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>President Cyril Ramaphosa: Regulatory reforms are yielding positive results</figcaption></figure>



It was as much about the numbers as the mood. Investor confidence in SA inc as an attractive investment destination was on full display at the recent 4th SA Investment Conference (SAIC) hosted by President Cyril Ramaphosa.



New investments to the value of R332 billion pledged at the conference takes the President’s haul to R1.14-trillion since he announced an ambitious goal in 2018 to raise R1.2 trillion over five years. It’s almost certain that the President will achieve this target at next year’s investment conference.



Against the backdrop of a devastating Covid-19 pandemic, slow economic growth and an energy crisis exacerbated by Eskom’s incapacity to meet rising demand, Ramaphosa maintained an upbeat tone. “I am not here to pretend that these challenges are not real,” said the President. Ramaphosa was however quick to assure that government was doing its best to address the country’s challenges.



With this as a backdrop, the depth and quantum of these pledges &#8211; which if they materialise will flow into the most critical sectors of the economy and rejuvenate growth including in some of the most marginalised regions of the country, is encouraging to SA’s economic growth prospects.



Discovery Holdings CEO Adrian Gore &#8211; in sentiments he shared during a panel discussion with outgoing Anglo CEO Mark Cutifani and Naspers South Africa CEO Phuti Mahanyele-Dabengwa, echoed Ramaphosa’s optimism. Said Gore: “It is critical to shift the negative narrative that was pervasive in the country. This country is more resilient than people think, and our economy is even more resilient and bigger than people give it credit for,” remarked Gore.



And the number of regulatory reforms notably in the telecoms and energy sectors recently announced by government have added impetus to private sector led &#8211; investment. One of the single biggest investments announced came from the African Development Bank (ADB), whose president, Dr Akinwumi Adesina, noted that the ADB’s R42.5 billion pledge would primarily be allocated towards projects designed to support SA’s shift towards renewables. “South Africa has the potential to be a global energy transition leader and deliver social and employment benefits in the process” said Adesina.



Norwegian group, Scatec pledged to invest R16 billion in among others, a solar power plant based in the Northern Cape. Scatec will also channel part of its pledge in the production of biogas, photovoltaic generation capacity and lithium battery technology – technologies which are likely to dominate SA’s energy generation landscape as the country accelerates implementation of a Just Energy Transition. Local energy group, African Rainbow Energy pledged to invest R3 billion in renewable resources.



Nascent confidence in South Africa’s economic reconstruction and recovery is also reflected in the willingness of global leaders in their fields to commit investments in sectors with high potential for growth. From as far afield as Canada and China, Belgium and Turkey, and the Czech Republic there were commitments directed at infrastructure development, healthcare, property, logistics, agri-processing and the creative industries.



Major global vehicle manufacturers doubled down on their long-standing investments in the automotive sectors through the expansion of the facilities in the Eastern Cape and Gauteng. This is a catalyst for smaller industry players – predominantly black-owned – to announce ventures within the automotive supply chains, from tyres, to batteries, to components and assembly facilities.



Success breeds success, and the country’s initial achievements in the manufacturing of vaccines for Covid-19 attracted a host of new investments in the healthcare and pharmaceuticals sector which will greatly benefit the economies of KwaZulu-Natal, the Eastern Cape and the Western Cape.



<h2 class="wp-block-heading" id="h-quotes-verbatim">Quotes verbatim</h2>



The Investment Conference is but one high-profile event in a process of confidence building that has gained traction. The key focus now will be to put the building blocks in place to ensure the sustainability of the commitments that were announced. Phumzile Langeni – one of President Ramaphosa’s investment envoys.



The energy transition could provide an economic stimulus that could yield new industrial opportunities and create a net 160 000 additional jobs. This includes jobs in communities currently linked to coal. Andre de Ruyter – Eskom CEO.



South Africa can be Africa’s innovation hub for health technology and the lynchpin for healthcare in general, communications, infrastructure, biomaterials and in addressing climate change. Dr Patrick Soon-Shiong – SA born entrepreneur based in the US.



Business should speak responsibly when it comes to public matters and support the government in its drive to grow the economy. We are all in this together. Mark Cutifani – outgoing CEO of mining giant Anglo



South Africa has the potential to be a global energy transition leader and deliver social and employment benefits in the process. Akinwumi Adesina – African Development Bank President.



The ground-breaking changes to the regulatory environment currently in motion &#8211; including the unlocking of spectrum for mobile communications &#8211; will accelerate this momentum. Investments in this sector have been doubling year on year for the past five years. Samantha Pokroy &#8211; CEO of a private equity firm investing in new growth opportunities.



<h2 class="wp-block-heading">SAIC 2022 in numbers</h2>



<figure class="wp-block-table aligncenter has-small-font-size"><table><tbody><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1</td><td>African Rainbow Energy</td><td>R3 billion</td><td>43</td><td>Videovision Entertainment </td><td>R7.5 billion</td></tr><tr><td>2</td><td>Bio2Watt</td><td>R463 million</td><td>44</td><td>PFN</td><td>R650 million</td></tr><tr><td>3</td><td>Seraphim</td><td>R437 million</td><td>45</td><td>DSV</td><td>R2.2 billion</td></tr><tr><td>4</td><td>Polarium</td><td>R30 million</td><td>46</td><td>Imperial </td><td>R2.1 billion</td></tr><tr><td>5</td><td>Scatec</td><td>R16 billion</td><td>47</td><td>Collins Residential </td><td>R2 billion</td></tr><tr><td>6</td><td>Compagnie Mauricienne de Textile Ltee</td><td>R390 million</td><td>48</td><td>Waterfall</td><td>R18 billion</td></tr><tr><td>7</td><td>Norfund</td><td>R2.25 billion</td><td>49</td><td>Telkom</td><td>R7 billion</td></tr><tr><td>8</td><td>Meridiam</td><td>R3.3. billion</td><td>50</td><td>RCL Foods</td><td>R400 million</td></tr><tr><td>9</td><td>African Development Bank </td><td>R42.5 billion</td><td>51</td><td>Synergy Blenders</td><td>R94 million</td></tr><tr><td>10</td><td>New Development Bank</td><td>R21.7 billion</td><td>52</td><td>ITAC</td><td>R427 million</td></tr><tr><td>11</td><td>SAB</td><td>R4.5 billion</td><td>53</td><td>VSA Group</td><td>R204 million</td></tr><tr><td>12</td><td>Equator Breweries</td><td>R2 billion</td><td>54</td><td>Government Incentives support programme</td><td>R6 billion</td></tr><tr><td>13</td><td>ECP Private Equity</td><td>R500 million</td><td>55</td><td>IDC support to companies, black industrialists and SMMEs</td><td>R20.1 billion</td></tr><tr><td>14</td><td>Lotus</td><td>R170 million</td><td>56</td><td>Swartland</td><td>R106 million</td></tr><tr><td>15</td><td>Afrigen Biologics &amp; Vaccines</td><td>R652 million</td><td>57</td><td>National Empowerment Fund </td><td>R2.5 billion</td></tr><tr><td>16</td><td>Cato Ridge Logistics Hub Consortium</td><td>R6.2 billion</td><td>58</td><td>SEFA loans to support SMMEs</td><td>R2.3 billion</td></tr><tr><td>17</td><td>Ford</td><td>R16.4 billion</td><td>59</td><td>Everflo</td><td>R65 million</td></tr><tr><td>18</td><td>Africa Auto Group</td><td>R550 million</td><td>60</td><td>Anchora Enterprises</td><td>R1.5 billion</td></tr><tr><td>19</td><td>BMW</td><td>R800 million</td><td>61</td><td>African Quartz</td><td>R139 million</td></tr><tr><td>20</td><td>Daimler trucks &amp; Buses Southern Africa</td><td>R190 million</td><td>62</td><td>Smartway SA</td><td>R75 million</td></tr><tr><td>21</td><td>Fromex Industries </td><td>R102 million</td><td>63</td><td>LM Diapers</td><td>R75 million</td></tr><tr><td>22</td><td>Wheel Assemblers</td><td>R180 million</td><td>64</td><td>African Rainbow Capital Tyme Bank</td><td>R1.1 billion</td></tr><tr><td>23</td><td>Volkswagen</td><td>R350 million</td><td>65</td><td>DiDi</td><td>R1.2 billion</td></tr><tr><td>24</td><td>African Rainbow Minerals</td><td>R11 billion</td><td>66</td><td>Airlift</td><td>R300 million</td></tr><tr><td>25</td><td>Anglo Amercian</td><td>R10 billion</td><td>67</td><td>Teraco Data Environments</td><td>R1.1 billion</td></tr><tr><td>26</td><td>Implats</td><td>R11.8 billion</td><td>68</td><td>Sigma Connected</td><td>R267 million</td></tr><tr><td>27</td><td>Isondo Precious Metals</td><td>R140 million</td><td>69</td><td>P&amp;G</td><td>R450 million</td></tr><tr><td>28</td><td>Ivanhoe Mines New Horizons</td><td>R2.8 billion</td><td>70</td><td>TetraPak</td><td>R500 million</td></tr><tr><td>29</td><td>Sedibelo Platinum Mines Kell Process</td><td>R9.4 billion</td><td>71</td><td>iSanti Glass</td><td>R496 million</td></tr><tr><td>30</td><td>Renergen</td><td>R14 billion</td><td>72</td><td>Huhtamaki</td><td>R150 million</td></tr><tr><td>31</td><td>African Rainbow Capital Kropz Elandsfontein</td><td>R497 million</td><td>73</td><td>Ardagh Group Consol</td><td>R1.5 billion</td></tr><tr><td>32</td><td>Tshwane Automotive SEZ</td><td>R1.8 billion</td><td>74</td><td>Defy</td><td>R317 million</td></tr><tr><td>33</td><td>Biovac</td><td>R2.5 billion</td><td>75</td><td>LVSA Group</td><td>R204 million</td></tr><tr><td>34</td><td>Aspen Pharmacare</td><td>R500 million</td><td>76</td><td>Cape Ocean Terminals</td><td>R2 billion</td></tr><tr><td>35</td><td>Cipla</td><td>R150 million</td><td>77</td><td>Rayal</td><td>R280 million</td></tr><tr><td>36</td><td>Pfizer</td><td>R255 million</td><td>78</td><td>Hangda</td><td>R300 million</td></tr><tr><td>37</td><td>BT Industrial Group</td><td>R226 million</td><td>79</td><td>Highveld Robusteel</td><td>R800 million</td></tr><tr><td>38</td><td>IMT</td><td>R20 million</td><td>80</td><td>Nyanza Light Metals</td><td>R5 billion</td></tr><tr><td>39</td><td>NantSA</td><td>R3 billion</td><td>81</td><td>SA Steel Mills</td><td>R300 million</td></tr><tr><td>40</td><td>Siemens</td><td>R484 million</td><td>82</td><td>Scaw Metals Group</td><td>R2 billion</td></tr><tr><td>41</td><td>Warner Media</td><td>R350 million</td><td>83</td><td>Alfeco Veer Aluminium Veer Steel Mills</td><td>R3.5 billion</td></tr><tr><td>42</td><td>Netflix</td><td>R929 billion</td><td>84</td><td>Velocity Ventures</td><td>R470 million</td></tr></tbody></table></figure>

Ramaphosa

Ramaphosa edges closer to his R1.2 trillion target

Bonds expected to remain bearish

Russia’s war against Ukraine is ratcheting up global prices of food and fertilizer, and the stakes for Africa are high.&nbsp; Russia and Ukraine account for&nbsp;<a href="https://theconversation.com/how-russia-ukraine-conflict-could-influence-africas-food-supplies-177843" target="_blank" rel="noreferrer noopener">nearly 20 percent</a>&nbsp;of the continent’s&nbsp;<a href="http://www.growafrica.com/blogs/case-market-driven-food-systems" target="_blank" rel="noreferrer noopener">&nbsp;$35 billion a year on food imports</a>, including large volumes of basics like wheat, maize and sunflower oil. The growing risks of food price inflation, food shortages, and civil unrest underscore Africa’s untenable dependence on food imports, and the limitations of its own food systems.&nbsp;



As a foreign war threatens the continent’s already tenuous food security, African governments must lead the transformation of inefficient food systems into systems that are resilient and productive, sustainable and just.&nbsp; Governments can catalyze change by providing the incentives and partnerships that will transform Africa from a net food importer to a net food exporter, and creating agricultural systems that are engines of sustainable economic development.



The need is clear. Even before this crisis, many African countries confronted rising hunger. Today more than&nbsp;<a href="https://reliefweb.int/report/world/sun-movement-statement-support-african-union-s-2022-year-nutrition-africa" target="_blank" rel="noreferrer noopener">30 percent</a>&nbsp;of children aged 0 to 5 years in Africa suffer from stunting—a sign of malnutrition.&nbsp; There is not enough good food for all. On the flip side, obesity and diet-related chronic diseases are rising—there is too much bad food on the market.&nbsp;Furthermore, the system does not deliver fair returns to smallholder farmers who account for 90 percent of food production, yet often just scrape by.



To rapidly transform African agricultural systems, the public and private sectors and philanthropy need to work together, with governments leading the way. Only governments can put in place policies and programs that incentivize profitable investments while also prioritizing healthy foods, job creation, and environmental protection.



It is true that many countries have very limited funds to significantly increase agricultural spending—especially as debt piles up in the wake of the COVID pandemic. But this makes collaboration all the more essential.&nbsp; It is not only a matter of how much is invested, but also of how it is invested.&nbsp; The most effective investments align private sector initiatives, philanthropic support, and government policies and programs to transform food systems.



Packaging opportunity



Governments can package opportunities that combine the expertise and capital investment of the private sector with needed public investments in transport, agricultural research, digital infrastructure, clean energy systems, and other essential elements of a fair and future-oriented food system.&nbsp;



Rather than continuing with the status quo – which is expected to see food imports increase to $110 billion a year by 2025 &#8212;&nbsp;Africa could meet all of its food needs&nbsp;with goods that are locally produced, processed and manufactured.&nbsp;&nbsp;



A number of countries, including Malawi and Rwanda, have initiated progress in this direction. For example, the government of Malawi is laying the groundwork for private-sector investments in agriculture by extending electricity to underserved rural regions. Currently, only 11-to-12% of the population has secure access to electricity, with remote agricultural areas the least covered.&nbsp;



Yet, robust agricultural systems able to produce, process and market a range of healthy foods need secure energy supplies—preferably from renewable energy sources. With electricity, farmers can irrigate their fields, and entrepreneurs can invest more confidently in everything from cold storage facilities to food processing plants.



Now, the government of Malawi is working with the Rockefeller Foundation and several private sector partners to design and locate solar-powered mini-grid systems in rural areas best positioned to benefit from them.&nbsp; They are considering factors such as soil quality, irrigation potential, and population density to ensure sound initial investments in energy will catalyze inclusive economic development across largely agricultural regions.



Public procurement policies offer governments another lever of change as they guide food systems transformation.&nbsp; Across Africa, governments purchase foods for schools, hospitals, prisons, and safety net programs that benefit 100 million people.&nbsp; Procurement policies could require a high proportion of sustainably grown fresh vegetables and fruits, and of eggs, milk, and meat to supply essential nutrients for hungry children and sick patients.&nbsp;



In Rwanda, the World Food Programme&nbsp;switched from purchasing refined maize flour to purchasing whole-grain fortified maize meal.&nbsp;The change was nearly budget neutral. The government is considering that approach for the national school feeding program. This would replace empty carbohydrates with protein and healthy nutrients in school lunches, helping to address the country’s serious problem of child malnutrition.



Food system transformation requires governments to abandon a narrow focus on maintaining the status quo, and instead drive change that capitalizes on philanthropic support and inspires private investments.&nbsp; Then African food security will no longer be held hostage by the exploits of foreign countries.



Africa will set its own table with its foods of choice.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="415" height="415" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/William-Asiko-The-Rockefeller-Foundation.png" alt="" class="wp-image-416230" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/William-Asiko-The-Rockefeller-Foundation.png 415w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/William-Asiko-The-Rockefeller-Foundation-300x300.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/William-Asiko-The-Rockefeller-Foundation-90x90.png 90w" sizes="auto, (max-width: 415px) 100vw, 415px" /><figcaption>William Asiko is the Managing Director for The Rockefeller Foundation’s Africa Regional Office.</figcaption></figure>

William-Asiko-The-Rockefeller-Foundation

African governments must lead food system transformation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Getty-1536x1024-1-820x547.jpg" alt="" class="wp-image-416226" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Getty-1536x1024-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Getty-1536x1024-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Getty-1536x1024-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Getty-1536x1024-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/Getty-1536x1024-1.jpg 1536w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Christina Aguilera performs during the Closing Ceremony Held For Expo 2020 Dubai at Al Wasl Dome on March 31, 2022 in Dubai, United Arab Emirates. The world&#8217;s fair was postponed from its original date of October 2020 due to the Covid-19 pandemic. The Closing Ceremony celebrates historic six months with performances by Christina Aguilera, Norah Jones and Yo-Yo Ma. (Photo by Francois Nel/Getty Images)</figcaption></figure>



FORBES AFRICA was at Expo 2020 Dubai to witness the tech-filled finale of the multi-billion-dollar, 182-day global event that also brought all of Africa.



The party was on for six months.



And on a balmy night, under a gold dome in a grand spectacle of sound and light that saw hundreds of performers and several thousand diverse and starry-eyed visitors, the curtain came down on the Expo 2020 Dubai that brought through its gates an estimated staggering 23 million visitors.



The closing ceremony of the world gala in the UAE emirate last night (March 31), had thousands of visitors streaming in well into the wee hours for the live shows, fireworks and pyrotechnics.



Tech reigned.



Even as Grammy award-winning singer and headline crowd-pleaser Norah Jones said it’s her first trip to Dubai and dazzled in a grey sequinned dress at the piano singing the soulful&nbsp;Come Away With Me, and as thousands thronged every inch of space on the walkways – dodging baby strollers and e-scooters – to hear global pop sensation Christina Aguilera, the true star of the show was the Al Wasl gold dome, the all-rounder of the mega event.



The intricate lattice dome’s eye-popping technical specs? At 67.5 meters tall and comprising 13.6 kilometers of steel, it weighs 2,544 tonnes – “as much as 25 blue whales”. And under it, a sea of humanity gazing at an immersive 360-degree projection system with giant fabric screens.



At the closing event, the baton was handed over to the Japanese city of Osaka, where the next expo will be held in 2025.



The UAE, which celebrated its 50th&nbsp;year during the expo and changed its weekend to Saturday and Sunday in keeping with the West, is home to multiple nationalities. The expo, delayed by the coronavirus pandemic, is being seen as “the start of a new beginning”.



Africa was well-represented too. The colorful African stalls in the world souq areas were quite the magnet for crowds, with hand-woven African baskets and print sandals selling at Dhs100 ($27) a piece.



The African Union pavilion located within the Opportunity District at the expo site spoke to the Agenda 2063 aspirations of the continent and strengthening trade links between the Middle East and Africa.&nbsp;



“It’s been a great experience,” says Coumba Dioukhane, a spokesperson at the Côte d’Ivoire pavilion, even as crowds queue up around us to get their expo passports stamped by the West African country.



“We were able to showcase the Ivory Coast from an economic, social and cultural point of view; this was an opportunity to show to the whole world where we are, and the investment opportunities we have.”



Similar sentiments at the Sierra Leone pavilion.



The salesman at the store inside points to the python skin for sale and a crocodile skin handbag selling for Dhs1,500 ($408). “But you know we also have gold and diamonds,” he says with a glint in his eye. “Our country was hidden but not anymore. The last six months here in Dubai have been incredible.”



South African President Cyril Ramaphosa had also been at Expo 2020 Dubai, at his country’s pavilion three days before the finale, calling it “a seminal event… as we strive to recover and rebuild in the wake of the pandemic”.



Some enduring connections for Africa in this glistening city in the desert.

Getty-1536×1024-1

World Fair Ends With Festivities, Pyrotechnics And High Tech

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MultiChoice-Accelerator-Image-002-820x547.jpg" alt="" class="wp-image-416220" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MultiChoice-Accelerator-Image-002-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MultiChoice-Accelerator-Image-002-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MultiChoice-Accelerator-Image-002-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MultiChoice-Accelerator-Image-002-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/MultiChoice-Accelerator-Image-002.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



<p id="h-29-march-2022-team-south-africa-celebrated-their-overall-success-by-hosting-the-last-national-day-at-the-world-expo-2020-dubai-the-south-africa-national-day-allowed-team-sa-a-final-opportunity-to-showcase-to-the-world-what-the-country-has-to-offer">29 March 2022: Team South Africa celebrated their overall success by hosting the last National Day at the World Expo 2020 Dubai. The South Africa National Day allowed Team SA a final opportunity to showcase to the world what the country has to offer.



<p id="h-29-march-2022-team-south-africa-celebrated-their-overall-success-by-hosting-the-last-national-day-at-the-world-expo-2020-dubai-the-south-africa-national-day-allowed-team-sa-a-final-opportunity-to-showcase-to-the-world-what-the-country-has-to-offer">Expo 2020, which started in October 2021, saw almost 200 countries come together to display their offerings, while scouting networking opportunities, drawing investments, and solidifying relationships and future partnerships. The Department of Trade, Industry and Competition (dtic), together with MultiChoice as the official broadcast partner, set out to introduce the diverse economic value that South Africa has to offer.



The six-month participation was closed out with a national ceremony hosted by the Honourable President Cyril Ramaphosa, followed by a high-level panel discussion on the successes of Team SA’s participation – most notably the MultiChoice Accelerator Programme.



In partnership with the dtic, social enterprise agency, C3 (Companies Creating Change), and financial advisory firm, Galelo Africa, the MultiChoice Accelerator Programme initially identified 20 promising South African start-ups for participation in a business incubator. Six finalist companies then had the opportunity to participate in an intense virtual bootcamp and pitch to venture capitalists in the UAE.



“Through Team SA’s participation at Expo 2020, we have built lasting relationships, partnerships and networks by taking South Africa to the world. The most tangible success can be seen through our Accelerator Programme where our finalists have gone on to secure more than USD10 million in investment from the UAE,” said Imtiaz Patel, MultiChoice Non-Executive Chairman.



Speaking at the Accelerator Programme Roundtable, President Cyril Ramaphosa, addressed the entrepreneurs saying: “You are truly trailblazers, and are flying our flag high here at Dubai Expo 2020. What is most energising about this programme is that you are showing the world that South Africa has a vibrant start-up culture, as well as advanced innovation ecosystems.



“Innovation in science and tech is key to our country’s industrialisation, especially in the post-COVID-19 recovery period,” the President added.



Team South Africa participated in the Expo under the theme Think South Africa, Think Opportunity.



SIDE BAR:



Africa’s no 1 video entertainment company MultiChoice, was the official broadcast partner of Team South Africa, at the Expo 2020, Dubai. Through the partnership, the company played its part in bringing the South African story of resilience and constant innovation, to the global audience at the Expo from October 2021, until the end of March 2022.



The World Expo 2020 is an excellent platform on which to showcase the country’s drive of being open for business and an investment destination of choice in various areas.  Anchored on the theme, Think South Africa, Think Opportunity, Team South Africa, led by the National Department of Trade, Industry and Competition (the dtic), accompanied by various government stakeholders, representatives of agro-processing, mining, manufacturing, finance, technology, business, arts and entertainment sectors, have over the past next six months, amongst other themes, highlighted its creative and cultural strengths and opportunities.

MultiChoice-Accelerator-Image-002

MultiChoice Accelerator Programme Celebrated at World Expo 2020, Dubai

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238701244-820x547.jpg" alt="" class="wp-image-416215" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238701244-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238701244-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238701244-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238701244-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238701244-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1238701244-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Enoch Godongwana, South Africa&#8217;s finance minister, speaks during a news conference ahead of the budget presentation in Cape Town, South Africa, on Wednesday, Feb. 23, 2022. South Africas rand edged higher against the dollar ahead of the presentation of the nations budget. Photographer: Dwayne Senior/Bloomberg via Getty Images</figcaption></figure>



CAPE TOWN, March 31 (Reuters) &#8211; South Africa&#8217;s finance minister on Thursday announced a cut in fuel prices to help ease pressure on consumers hit with sharply rising energy costs, but his opposition counterpart labelled the gesture all-but meaningless.



With the war in Ukraine and its knock-on effects having sent oil markets soaring, Enoch Godongwana told lawmakers the government would knock 1.50 cents a litre off its&nbsp;general fuel levy until&nbsp;the end of&nbsp;May.



Africa&#8217;s most advanced economy is a net importer of crude and refined petroleum products where government-regulated fuel prices are changed monthly.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VX7KZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Motorists in a country where the COVID-19 pandemic has contributed to raising jobless numbers to record highs currently pay 21.60 rand for a litre of petrol and 19.55 rand for diesel, following a rise &#8211; the latest of several &#8211; of around 145 cents for each in early March.



Godongwana said the temporary reduction of the fuel levy would &#8220;support a phasing-in of the fuel price increases that we are expecting in the short term.&#8221;



<h3 class="wp-block-heading" id="h-read-more-the-russia-ukraine-war-will-hurt-south-africa-s-investment-ambitions-lessons-from-nine-wars">Read more: <a href="https://www.cnbcafrica.com/2022/the-russia-ukraine-war-will-hurt-south-africas-investment-ambitions-lessons-from-nine-wars/">The Russia-Ukraine war will hurt South Africa’s investment ambitions: lessons from nine wars</a></h3>



But Dion George, finance spokesman for the Democratic Alliance opposition party, called the cut &#8220;tepid&#8221;.



&#8220;This is actually not going to make any difference at all,&#8221; he said.



The Ministry of Energy said in a joint statement with Gondongwana&#8217;s office that plans &#8220;to reduce the price pressure for illuminating paraffin over the medium term&#8221; would also be considered.



The ministry was also proposing a price cap on petrol and a reduction of the basic fuel price by 3 cents a litre, once Gondongwana&#8217;s emergency measure ended.



The South African Petroleum Industry Association (SAPIA), which represents oil majors including BP&nbsp;BP.L&nbsp;and Shell&nbsp;RDSa.L, did not immediately respond for comment.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2UL7AD&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



In a March 25 briefing to a parliamentary committee, SAPIA urged the government to fast-track a planned review of fuel pricing system, saying there was little its members could do to alleviate price hikes without impacting the security of supply.



(Reporting by Wendell Roelf; Editing by Emma Rumney, Kirsten Donovan and John Stonestreet)

South Africa’s Finance Minister Enoch Godongwana Presents Budget

South Africa govt cuts sharply rising fuel prices by a sliver

Why Free Shipping Isn’t Free

Ukrainian service members are seen at a check point in Zhytomyr

The Russia-Ukraine war will hurt South Africa’s investment ambitions: lessons from nine wars

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107038803-1648636321753-GettyImages-51887083-820x461.jpg" alt="" class="wp-image-416185" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107038803-1648636321753-GettyImages-51887083-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107038803-1648636321753-GettyImages-51887083-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107038803-1648636321753-GettyImages-51887083-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107038803-1648636321753-GettyImages-51887083-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107038803-1648636321753-GettyImages-51887083-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/107038803-1648636321753-GettyImages-51887083.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>BONNY ISLAND, NIGER DELTA, Nigeria: A ship loads liquefied natural gas from the Nigerian Liquefied Natural Gas plant October 12, 2004 on Bonny Island, Nigeria. Jacob Silberberg/Getty Images</figcaption></figure>



With the U.S., EU and U.K. looking to phase out Russian gas imports, Western leaders could look to liquified natural gas projects in sub-Saharan Africa to soften the landing.



Russia and the West remain at odds over payment for natural gas exports, on which Europe, in particular, is heavily dependent, with Moscow insisting “unfriendly” countries pay for gas deliveries in Russian rubles, a demand G-7 nations have rebuffed.



The divergence comes in the wake of an unprecedented and coordinated barrage of international sanctions leveled against Russia for its invasion of Ukraine.



The U.S. has declared a complete ban on Russian oil, gas and coal imports, while the U.K. intends to phase out Russian oil by the end of the year and the EU aims to cut its reliance on Russian imports by two-thirds.



Russia accounts for around 40% of the EU’s natural gas exports, with Germany and Italy particularly exposed. Germany issued an “early warning” on Wednesday that natural gas rationing could be required if a full supply shortage ensues.



The EU has struck a deal with the U.S. for an additional 15 billion cubic meters of LNG, though former U.S. Energy Secretary Dan Brouillette said Monday that this would not be enough to fill the Russian shortfall.



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/ukraine-and-russia-what-you-need-to-know-right-now/">Ukraine and Russia: What you need to know right now</a></h3>



Italian Foreign Minister Luigi di Maio told CNBC on Tuesday that over the past month, he had traveled to countries such as Mozambique, the Republic of Congo and Angola in a bid to forge new LNG supply partnerships.



“Energy security is fundamental for countries that are global manufacturing powers like Italy and many others, and we must be able to diversify our energy sourcing,” Di Maio said.



“We are diversifying away from our dependence on Russia to avoid any eventual threats from Russia on our gas supply and to continue our green transition with new and different energy sources.”



In a research note last week, Africa analysts at political risk consultancy Verisk Maplecroft said that while the continent cannot fill the void left by Russian natural gas imports, it could help to shore up supply.



Oil majors BP, TotalEnergies and Eni have all established a presence on the African subcontinent from which to build, along with U.S. oil majors such as Exxon Mobil.



Verisk Maplecroft noted that BP is furthest along in efforts to bring online a major LNG project in sub-Saharan Africa and could double down on these, particularly at the Tortue gas fields straddling the border between Senegal and Mauritania.



Eni CEO Claudio Descalzi announced earlier this month the Italian giant is able to provide Europe with an additional 14 trillion cubic feet of gas between now and 2025 from assets situated around the world, including in Angola, Congo, Nigeria and Mozambique. Angola and Congo have already agreed to boost gas exports to Italy, with Eni serving as an intermediary.



<h3 class="wp-block-heading" id="h-huge-potential-significant-obstacles">Huge potential, significant obstacles</h3>



Analysts Alexandre Raymakers, Maja Bovcon and Eric Humphery-Smith highlighted that Senegal, Mauritania, Nigeria and Angola are best placed to increase production, though the bulk of new supply will not arrive until the second half of the decade.



“The political and fiscal stability in Senegal and Mauritania mean that projects are well placed for LNG development, while the likely re-election of the MPLA in Angola in August 2022 will also enable an uptick in investment,” Verisk Maplecroft said.



Mozambique is also host to colossal natural gas reserves, with several European energy giants establishing facilities in the country, but it is beset by a violent Islamist insurgency that has forced shutdowns at some of these facilities in recent years.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="421" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/unnamed-3-820x421.jpg" alt="" class="wp-image-416186" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/unnamed-3-820x421.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/unnamed-3-300x154.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/unnamed-3-160x82.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/unnamed-3-768x395.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/unnamed-3.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>People wait for friends and relatives as a ship carrying more than 1,000 people fleeing an attack claimed by Islamic State-linked insurgents on the town of Palma, docks in Pemba, Mozambique, April 1, 2021. REUTERS/Emidio Jozine NO RESALES. NO ARCHIVES</figcaption></figure>



There is also room for expansion among other major LNG players in the Gulf of Guinea, Verisk Maplecroft suggested, such as Nigeria, Cameroon and Equatorial Guinea.



“An improved gas price environment could swing the balance of profitability for a number of projects in Nigeria, allowing for additional supply for existing and planned LNG projects,” the report said.



“For instance, the Ukraine crisis will likely increase the attractiveness of the long-planned Nigeria LNG Train 7 that is expected to come online in 2026 and will require an additional 1,200mmcfd of gas supply from Nigerian gas projects.”



<h3 class="wp-block-heading">Read more: <a href="https://www.cnbcafrica.com/2022/as-presidents-meet-ukraine-refugees-just-want-fighting-to-end/">As presidents meet, Ukraine refugees just want fighting to end</a></h3>



The analysts also noted the beginnings of a revival of interest in the dormant Fortuna FLNG project in Equatorial Guinea.



However, a rise in piracy in the region, including opportunistic attacks on LNG tankers in recent years, may prove a deterrent.



Ultimately, Verisk Maplecroft estimates that even if all known greenfield LNG projects in sub-Saharan Africa were active and operating at maximum capacity, they would still only account for approximately half of Russia’s gas supply to Europe.



“The improved gas demand and price environment means sub-Saharan Africa region can help fill some of the gap left by embargoed Russian gas supplies, but it can’t solve the problem alone,” the report concluded.

107038803-1648636321753-GettyImages-51887083

Putin’s isolation from Europe could usher in natural gas opportunities for Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="565" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-820x565.jpg" alt="" class="wp-image-416181" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-820x565.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-300x207.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-768x529.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Kenya&#8217;s President Uhuru Kenyatta gives a statement on the coronavirus disease (COVID-19) vaccination, during a European Union &#8211; African Union summit, in Brussels, Belgium February 18, 2022. REUTERS/Johanna Geron/Pool/File Photo </figcaption></figure>



NAIROBI, March 31 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s Supreme Court is scheduled on Thursday to rule on President Uhuru Kenyatta&#8217;s bid to make sweeping constitutional changes, which critics have seized and turned into a top issue for a presidential election this August.



Last year, the High Court and the Court of Appeal struck down the proposed amendments popularly known as the Building Bridges Initiative (BBI), prompting the government to appeal.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2PN37L&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The Supreme Court, whose ruling is final, will settle seven questions raised by appellants, including whether the president acted illegally by initiating the amendments to the constitution.



If the court clears the changes, the ruling could lead to the creation of 70 new parliamentary constituencies and establish several powerful new posts: a prime minister, two deputies and an official leader of the parliamentary opposition.



The amendments became a lightning rod for politicians jostling ahead of the general election scheduled for August 9. Kenyatta and his deputy president, William Ruto, have publicly clashed over the proposals.



<h3 class="wp-block-heading" id="h-read-more-kenya-lifts-remaining-covid-restrictions">Read more: <a href="https://www.cnbcafrica.com/2022/kenya-lifts-remaining-covid-restrictions%ef%bf%bc/">Kenya lifts remaining COVID restrictions</a></h3>



Ruto is running for the presidency in the August presidential poll; he opposes the changes. But Kenyatta is backing his former foe, veteran opposition leader Raila Odinga, who favours the amendments.



&#8220;They have told us they will bring back the BBI monster because they want to create an imperial presidency,&#8221; Ruto told his party&#8217;s delegates earlier this month.



The constitutional changes will create an all powerful presidency by giving him control of the judiciary through a proposed office of a judicial ombudsman, Ruto said.



It will also put the legislature under the president&#8217;s thumb because he will control the appointment to the new posts to be created, including the prime minister, he said.



Kenyatta argues the constitutional overhaul promotes power sharing among competing ethnic groups, a position vehemently dismissed by Ruto&#8217;s camp.



&#8220;I reject the suggestion that a united country is one that has no political competition or opposition,&#8221; Ruto told his party&#8217;s delegates, adding that a democratically elected government policed by a robust opposition was the answer.



(Reporting by Duncan Miriri)

23C7LYIHSFNEJDDSNFWNRAQMDA

Kenya’s top court to issue final ruling on president’s constitutional changes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IYRFFIUYYVJ5PJY7FOWT2TKKLQ-820x547.jpg" alt="" class="wp-image-413721" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IYRFFIUYYVJ5PJY7FOWT2TKKLQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IYRFFIUYYVJ5PJY7FOWT2TKKLQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IYRFFIUYYVJ5PJY7FOWT2TKKLQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IYRFFIUYYVJ5PJY7FOWT2TKKLQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/11/IYRFFIUYYVJ5PJY7FOWT2TKKLQ.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Director General of the Ghana Health Service Dr. Patrick Kuma-Aboagye receives the coronavirus disease (COVID-19) vaccine during the vaccination campaign at the Ridge Hospital in Accra, Ghana March 2, 2021. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, March 30 (Reuters)&nbsp;&#8211;&nbsp;Ghana will start producing its own COVID-19 vaccines in January 2024, President Nana Akufo-Addo said on Wednesday in his State of the Nation Address in parliament.



A National Vaccine Institute would be established to lay out a strategy for the West African country to begin the first phase of commercial production for the jabs, he said without providing further details.



&#8220;A bill will shortly be brought to you, in this House, for your support and approval for the establishment of the National Vaccine Institute,&#8221; he said.



So far Ghana has fully vaccinated around 21.4% of its 30-million-odd inhabitants against coronavirus, according to Reuters data.



The government lifted most remaining coronavirus restrictions over the weekend, citing rapidly declining infections and a relatively successful inoculation campaign.



<h3 class="wp-block-heading" id="h-read-more-after-moody-s-cut-ghana-finance-ministry-says-ratings-agencies-biased-against-africa">Read more: <a href="https://www.cnbcafrica.com/2022/after-moodys-cut-ghana-finance-ministry-says-ratings-agencies-biased-against-africa/">After Moody’s cut, Ghana finance ministry says ratings agencies biased against Africa</a></h3>



The president also announced that a new assembly plant with capacity to assemble 5,000 new vehicles per annum has been established by Nissan&nbsp;7201.T&nbsp;in the eastern port city of Tema, which is currently producing Nissan and Peugeot brands of vehicles for the Ghanaian and West African markets.



He deplored a string of military coups that took place in West Africa over the past 18 months and said the region was making international headlines &#8220;for all the wrong reasons&#8221;.



The governments of Burkina Faso, Guinea and Mali have all been toppled since August 2020, and regional leaders are seeking to hasten a return to constitutional rule with sanctions and ultimatums.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VS1YX&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;We do not aspire to be an island of peace and stability in a region of turmoil,&#8221; said Akufo-Addo, who also chairs West Africa&#8217;s regional bloc ECOWAS.



(Reporting by Cooper Inveen; Writing by Sofia ChristensenEditing by James Macharia Chege, Kirsten Donovan)

IYRFFIUYYVJ5PJY7FOWT2TKKLQ

Ghana to start producing own Covid-19 vaccines in January 2024

CBN offers ₦143bn in NTB primary market auction

home

Markets will be looking for clues from the Fed ahead, as historically strong month gets underway

Why Hotels Like Marriott Have A Human Trafficking Problem

Rwanda’s own film industry

Why Russia’s Invasion Of Ukraine Could Spark A NATO Defense Spending Spree

Ramaphosa edges closer to his R1.2 trillion target

Bonds expected to remain bearish

African governments must lead food system transformation

World Fair Ends With Festivities, Pyrotechnics And High Tech

MultiChoice Accelerator Programme Celebrated at World Expo 2020, Dubai

South Africa govt cuts sharply rising fuel prices by a sliver

Why Free Shipping Isn’t Free

The Russia-Ukraine war will hurt South Africa’s investment ambitions: lessons from nine wars

Putin’s isolation from Europe could usher in natural gas opportunities for Africa

Kenya’s top court to issue final ruling on president’s constitutional changes

Ghana to start producing own Covid-19 vaccines in January 2024

CBN offers ₦143bn in NTB primary market auction

Investors eye Q1’22 earnings

News Tips

Advertise With Us

home

Markets will be looking for clues from the Fed ahead, as historically strong month gets underway

Why Hotels Like Marriott Have A Human Trafficking Problem

Rwanda’s own film industry

Why Russia’s Invasion Of Ukraine Could Spark A NATO Defense Spending Spree

Ramaphosa edges closer to his R1.2 trillion target

Bonds expected to remain bearish

African governments must lead food system transformation

World Fair Ends With Festivities, Pyrotechnics And High Tech

MultiChoice Accelerator Programme Celebrated at World Expo 2020, Dubai

South Africa govt cuts sharply rising fuel prices by a sliver

Why Free Shipping Isn’t Free

The Russia-Ukraine war will hurt South Africa’s investment ambitions: lessons from nine wars

Putin’s isolation from Europe could usher in natural gas opportunities for Africa

Kenya’s top court to issue final ruling on president’s constitutional changes

Ghana to start producing own Covid-19 vaccines in January 2024

CBN offers ₦143bn in NTB primary market auction

Investors eye Q1’22 earnings

News Tips

Advertise With Us

Newsletters