Business & Tech News
Turkey Targets African Investments: Turkey aims to step up its bilateral trade with the African continent to $50 billion, nearly 10 times the 2003 figure of $5.4 billion, the country’s vice president announced on Tuesday. The trade volume between Türkiye and 54 African countries has grown to $37 billion from 2003 to 2023, Cevdet Yilmaz said after he had hosted a meeting with Lesotho’s Prime Minister Samuel Ntsokoane Matekane, in the Turkish capital Ankara yesterday (19 Nov). Yilmaz stated that investors from Turkey had contributed approximately $10 billion in investments to the continent and have undertaken 1,977 projects worth $91.6 billion in Africa.
Bitcoin Breeches New High:
The price of Bitcoin rose to a record high above the $94,000 mark, after a report that Donald Trump’s social media company was in talks to buy crypto trading firm Bakkt added momentum to hopes of a cryptocurrency-friendly regime under the incoming Trump administration. Bitcoin the world’s biggest and best-known cryptocurrency, has more than doubled in value this year. It was trading last at $92,054.69 (07H10 CAT) this morning (20 Nov), having reached a record high of $94,078 just toward the end of the previous session. Analysts have indicated the boost was due to the possible Trump deal, as well as traders taking advantage of the first day of options trading on the Nasdaq over BlackRock’s Bitcoin ETF
Cameroon Investment Boost:
On Tuesday (19 Nov) The European Union announced it had agreed to lend 91 million euros ($96 million) to Cameroon over a period of three years, that will be utilised to boost the West African country’s infrastructure in order to help attract foreign investment. The loan was announced during a meeting between Cameroonian government ministers and an EU representative in Cameroon’s capital, Yaounde. It is anticipated that the loan will assist the development of Cameroons energy sector, road infrastructure and a railway network that forms a link with its land-locked neighbour Chad. And additional bridged build is also planned for a bridge linking Cameroon and Equatorial Guinea over the Ntem river that will help boost trade and logistics.
Pension Fund Restrictions imposed in Ghana:
According to a Reuters report this morning, the Ghanaian Finance ministry is clamping down on private pension fund managers who want to invest pension funds into offshore assets. This has been driven by concerns that large outflows of capital could increase pressure on its local currency, the cedis. There were pension fund reforms made in 2010, after which there has been significant growth in workers’ retirement contributions and holdings that was assisted via a tiered scheme that allow private firms to manage some contributions. Assets under management by the pension fund industry were 78.2 billion Ghanaian cedis or $4.93 billion, in June of this year, of which over 73% were managed by 39 private fund management firms.
Market News
Markets: Indices in the US indices, were flat at close on Monday with the NASDAQ up 0,71%, the S&P 500 was up by 0,40% and the Dow Jones closing down by -0,28%. Asian markets this morning have been trending relatively flat with the Nikkei lower by -0,20% and is at 38338 currently, while the Hang Seng is up by 0,44% this morning and at 19663 currently.
Currencies: The US Dollar is currently trading at 1.059 against the Euro, at 1,269 against the Pound, and at 155.06 against the Yen. The rand has stabilised against a strong Dollar, after a week of volatility and is currently trading at R18.05 to the US dollar.
Commodities:
- Gold is trading upwards and is currently trading at $2,636 per ounce
- Platinum and Palladium have both continued to strengthen after yesterday’s surge in prices with Platinum prices currently trading at $974.50 and with Palladium prices currently at $1041.50
- Brent crude is currently trading slightly higher today and is at $73.24 with WTI also trading lower at $69.20 currently.
- Cocoa prices have continued in its upward trajectory, having gained over 11% in the past week, and is currently trading at 7236 pounds per ton.
- Coffee prices are trading upwards today, and is at $2.87 currently
(All prices quoted at 07H20 – Central African Time)
Other News in Africa Today
G20 – African Head Appointed:
The G20 group of nations, representing the bulk of the world’s economy will have an African head for the first time in its history. Yesterday saw Brazil’s President, Luiz Inácio Lula da Silva, officially hand over the presidency to South Africa. President da Silva stated that: “After the South African presidency, all the G20 countries will have exercised leadership of the group at least once. It will be a good time to evaluate the role we have played so far and how we should act from now on,” said Lula da Silva. South African President, Cyril Ramaposa said that “It is an honour to accept, on behalf of the people of South Africa, the responsibility of the presidency of the G20 for the next year,’’ The year-long term officially begins on Dec. 1. The G20 Leaders issued a joint declaration on Tuesday night, which includes calls for a global pact to combat hunger, more aid for Gaza and the end of the war in Ukraine. It also called for a future global tax on billionaires and for reforms allowing the eventual expansion of the U.N. Security Council beyond its five permanent members.
Ugandan Opposition Leader Detained:
Reports out of Kampala indicate that Ugandan opposition figure Kizza Besigye, has apparently been kidnapped and is now being held in a military jail. According to a post on X, his wife, Winnie Byanyima wrote that her husband had been seized in Kenya’s capital Nairobi last Saturday during a book launch event. “I am now reliably informed that he is in a military jail in Kampala,” she said, demanding that the government of Uganda release her husband. Besigye, led the Forum for Democratic Change (FDC) political party, contesting and losing four presidential elections against incumbent Yoweri Museveni, who has been in power since 1986.
