Mboweni announces ‘hopeful’ budget for South Africa

South African finance minister Tito Mboweni has announced a “hopeful” budget after a year of Covid-19 disruption. The budget deficit has been revised to 14% of GDP, and gross debt increased from 65.6% to 80.3% of GDP for the year. But Mboweni unveiled measures to narrow the main budget primary deficit from 7.5% of GDP in the current year to 0.8% in 2023/24 and stabilise government debt at 88.9% in 2025/26. The government will not raise additional tax revenue, although it will increase excise duties on alcohol and tobacco by 8% this year.

FIFA opens Kigali office

In late February, world football governing body FIFA opened a regional development office in Kigali, Rwanda. In 2017, FIFA took the decision to establish offices around the world in order to better serve its member associations and to be closer to their needs. Including Kigali, four of these offices are located in Africa – Dakar in Senegal, Johannesburg in South Africa and a soon to be inaugurated office in Brazzaville, Republic of the Congo.

Stronger metals prices boost Anglo American dividend

Strong commodity prices helped London and Johannesburg-listed miner Anglo American recover from coronavirus disruption in the first half of 2020. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) fell 2% to $9.8bn in the year to December, but the firm declared a final dividend of 72 cents per share, up 53% from a year earlier. A recent surge in metals prices has buoyed international mining giants.

DRC prime minister appointment marks break with Kabila

Democratic Republic of Congo President Félix Tshisekedi has named mining executive Sama Lukonde Kyenge as prime minister. Lukonde is currently the chief executive officer of Gécamines, Congo’s state-controlled copper and cobalt mining company. Tshisekedi is attempting to break from the influence of his predecessor, Joseph Kabila, with whom he has had to do business since his election in 2019 (see pages 43-45).