BreakingNews Today - Thursday 22 October 2026

African Start-up News Headlines:

Her Startup, an accelerator for women-led technology startups across Africa, has opened applications for its 2026/2027 cohort. The programme, a partnership between the KSH Foundation, Tomorrow Foundation and EHA Impact Ventures with training delivered by Founder Institute, will select 10 early-stage founders. Participants receive a 12-week intensive programme (fees covered), a monthly stipend, 12 months of sector-matched mentoring, access to Founder Institute’s global network, and the chance to pitch for convertible revenue-based financing. Eligibility requires women founders or CEOs aged 18–35 running a tech-enabled business operating for at least six months and generating at least US$500 monthly gross revenue.
Nigerian startups raised US$635 million between January and September 2026, 2.6 times the US$247 million in the same period of 2025 and the highest January–September total since 2022. This placed Nigeria as the continent’s top startup investment destination, ahead of Egypt (US$445 million, +10%), Kenya (US$201 million, –73%) and South Africa (US$182 million, –58%). Key investment groups included Moove (US$250 million), Flutterwave (US$100 million), Jumia (US$50 million) and Yellow Card (US$40 million).

Headline News Today

New Tax Targets Online Gambling Industry

Finance Minister Enoch Godongwana confirmed in the 21 October 2026 Medium-Term Budget Policy Statement that National Treasury is proceeding with a new National Online Gambling Tax. The proposal, set out in a November 2025 discussion paper, is for a 20% tax on gross gambling revenue (GGR) from online betting, including interactive gambling. This would apply on top of existing provincial GGR taxes of 6–9%, producing a combined rate of roughly 26–29%.

The final design will be announced in the February 2027 Budget after ongoing consultations on structure, regulatory linkages and provincial effects. The primary stated aim is to address social harm from rapid growth rather than revenue alone. However and increased tax net will also be the result, with South Africa’s gambling industry recorded R74.5 billion in GGR in 2024/25 on R1.5 trillion in turnover. Online betting alone generated R44.46 billion of that GGR. Applied to this base, the 20% national tax is estimated to raise about R8.9–10 billion a year for the national fiscus.

Omoda C4 to be Manufactured in South Africa

Chinese Automotive manufacturer Chery Group, will begin local vehicle production in South Africa with the new Omoda C4 crossover SUV at its Rosslyn plant outside Pretoria. The company acquired the former Nissan facility earlier this year and is overhauling it ahead of production starting in the third quarter of 2027. The Omoda C4 will be offered in petrol, hybrid and fully electric versions and is aimed at younger buyers. It will be the first Chery Group model built in the country, supported by a localisation programme to grow South African suppliers and raise the share of local components. Output is planned at 15,000 units during the 2027 ramp-up phase, rising toward 50,000 a year.

Growth Forecast for South Africa Cut

South Africa’s Finance Minister Enoch Godongwana tabled the Medium-Term Budget Policy Statement in Parliament in Cape Town yesterday (21 October). He cut the 2026 real growth forecast to 1.2 percent from the 1.6 percent set in February, citing weaker export-linked activity after the oil-price shock from the Middle East conflict. Debt to GDP stabilised at 78.4 percent in 2025/26 for the first time in nearly two decades, the primary surplus is set to widen, and main-budget revenue for 2026/27 is R54.1 billion above the February projection. Godongwana announced temporary fuel-levy cuts of R3 a litre for diesel and R1.50 for petrol from 4 November to 1 December, plus extra funds for SARS, defence support against illegal mining, commissions of inquiry and infrastructure.

Dangote Buys Major Stake in Kenyan Pipeline

Nigerian industrialist Aliko Dangote said yesterday, at the Financial Times Africa Summit in London that his group had bought a roughly 25% stake in the Kenya Pipeline Company for about $327 million.

The Kenyan government earlier in 2026 sold a larger 65% stake in KPC through an IPO (its first major share sale in nearly two decades). The government retained about 35%, Dangote has purchased a large block of the publicly held shares from public entities. This will support product distribution and follows Dangote’s September groundbreaking for a planned 700 000-barrel-a-day refinery at Lamu. Kenyan President William Ruto had noted private buyers of a quarter stake without naming them.

Breaking Business and Market News Shorts:

Overnight market moves: The Johannesburg Stock Exchange All Share Index closed down 0.67% at 109 657.95. The rand traded near R16.39 to the dollar. Brent settled around $108.80–109.24 but has spiked to $111 this morning, with gold now below $4 100 an ounce. US indices were mixed in the prior session, with the Dow higher and the Nasdaq little changed; the US 10-year yield stood near 5.12–5.13%.
Statistics South Africa released the September consumer price index yesterday. Headline inflation rose to 4.5% year on year in the country, up from 4.4% in August, but below the 4.7% expected. Inflation was largely impacted by the rising fuel prices.
Ghana Gold Board chief executive, Sammy Gyamfi said yesterday at the Mining in Motion Forum, that the board exported 85.4 tonnes of artisanal and small-scale gold worth $11.6 billion between 1 January and 20 October. Local refineries processed 5.4 tonnes of the 5.7 tonnes exported in October.
The Nigerian Exchange All-Share Index fell 0.32% yesterday, to close at 245 116.49 points. Market capitalisation dropped about N516 billion to N159.15 trillion as banking stocks led the decline after Tuesday’s gain. LivingTrust Mortgage Bank rose nearly 10% while Computer Warehouse Group fell almost 10%.

Morocco’s Bank of Africa will issue 5.12 million free shares worth MAD51.23 million, funded from existing reserves. Existing shareholders will receive one free-share allocation right for every 43 shares held, with no new cash contribution required. The new shares are scheduled to begin trading on October 29, 2026, with dividend rights dating back to January 1.
Platinum futures fell to below $1,600 an ounce, reaching their lowest level in three months as renewed energy-driven inflation risks pressured the precious metals complex. Platinum also faces fundamental headwinds, with the World Platinum Investment Council forecasting a 265,000-ounce market surplus in 2026, as weaker investment demand and softer jewelry consumption weigh on the outlook.

Markets by Numbers

Currencies:

Currency markets indicate the US dollar weakening today. The Greenback is trading against the Euro at 1.12434 while trading against the Pound at 1.33972. The Yen is currently trading at 157.71 to the US dollar. The rand (ZAR), is currently trading at the 16.39 against the US dollar this morning.

Commodities:

Gold futures are down around -1.22% this morning, and currently trading at around $4090.68 per ounce.
Copper prices are down around -1.4% today, with prices currently around $6.4501 per pound
Silver futures are down around -2.3% today, and currently trading at around $56.340 per ounce.
Platinum futures are down around -2.6% this morning, and currently trading at $1593.90, While Palladium is down by around -2.9% today, and currently trading around $1057.50 per ounce.
Lithium is down around -3.5% today, and currently at CNY/T 99 350
Brent crude oil prices are up over 2% today, hitting a 5-month high, and are currently trading around $111.09, with WTI trading at $99.00 currently
Cocoa futures are up around 0.7% today, and currently trading at $5843 per ton.
Coffee futures are up around 1.5% today, and currently trading at around $3.1615 per pound

Crypto Currencies:

Bitcoin prices are down around -1.46% today, and trading at around $82 811 per coin currently
Ether prices are down around -1.48% this morning, and currently trading around $2439.80

(All prices quoted at approximately 07H20 Central African Time)

African General News Briefs:

A Tunisian court has sentenced ten environmental activists over a protest against pollution linked to a major phosphate-processing plant in the southern coastal city of Gabes. The activists took part in demonstrations in 2020, demanding action over pollution and health concerns that residents associate with the facility. Eight activists received six-month suspended prison sentences, while two others were handed one-year jail terms, according to defence lawyer Hamida Chaieb.
Political parties in South Africa are calling for accountability from local authorities, for the City of Tshwane's failure to chlorinate water from a water treatment plant in Bronkhorstspruit between 24 September and 14 October. residents supplied by the Bronkhorstspruit Water Treatment Works were warned not to drink tap water or use it for cooking or bathing after an investigation confirmed the water is contaminated, resulting in more than 400 cases of gastrointestinal illness.