19th July 2024
Good morning! South Africa's central bank maintains the interest rate at 8.25%, Rwanda's Kagame wins 99.18% of the vote, Transnet secures a $1 billion loan and Nigeria's main labour unions agree on a new minimum wage. Here is your daily Rooster's Crow:
South Africa Holds Interest Rate
The South African Reserve Bank has decided to keep its main interest rate unchanged at 8.25%. This decision, split among the Monetary Policy Committee (3 for and 2 agaianst holding the rate), comes as the central bank aims to steer inflation towards its 3%-6% target range. Current consumer inflation stands at 5.2%, consistent with previous months. Governor Lesetja Kganyago highlighted that inflation expectations haven't yet met the medium-term goal of 4.5%.
Transnet $1bn Loan
South Africa’s state-owned logistics company, Transnet, has received a $1 billion loan from the African Development Bank. The funding aims to revitalize and expand Transnet's infrastructure, crucial for enhancing the country's economic growth and improving logistics operations. This financial support is part of broader efforts to boost industrial development in South Africa
Kagame Landslide Win
Rwandan President Paul Kagame has been re-elected with an overwhelming 99.18% of the vote, extending his decades-long tenure. This victory underscores Kagame’s continued dominance in Rwandan politics, although it has raised concerns about the fairness and competitiveness of the electoral process. Kagame's administration has been noted for its economic progress but also criticized for its human rights record .
New Nigeria's New Minimum Wage
Nigeria’s main labour unions have agreed to a new minimum wage following negotiations with the government. This agreement aims to address the rising cost of living and economic challenges faced by workers. The new wage structure is expected to improve the livelihoods of Nigerian workers and stabilize industrial relations in the country .
