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Africa News Live Updates: FNB appoints Ghana Msibi as CEO of its business division

Comprehensive Summary of Africa News Live Blog: July 31, 2025

In today's live blog coverage from Moneycontrol on African affairs, a whirlwind of developments unfolded across the continent, blending political upheavals, economic shifts, environmental challenges, and social milestones. As of July 31, 2025, the blog captured real-time updates from various regions, highlighting Africa's dynamic role in global markets, geopolitical tensions, and internal transformations. This extensive summary distills the key entries, providing a chronological and thematic overview of the day's most significant stories, drawing from expert analyses, on-ground reports, and official statements.

The blog kicked off early in the morning with breaking news from East Africa, where Ethiopia's government announced a major breakthrough in its ongoing negotiations with international creditors. At 6:45 AM IST, reporters detailed how Addis Ababa had secured a $3.5 billion debt restructuring deal with the Paris Club, easing the country's fiscal burdens amid a backdrop of post-conflict recovery. This move, analysts noted, could stabilize Ethiopia's economy, which has been reeling from the Tigray war's aftermath and inflationary pressures. The deal includes provisions for infrastructure investments, particularly in the Grand Ethiopian Renaissance Dam (GERD), which continues to spark tensions with downstream neighbors Egypt and Sudan. Ethiopian Finance Minister Ahmed Shide was quoted emphasizing that this restructuring would unlock IMF funding, potentially boosting GDP growth to 7% in the fiscal year. Market reactions were immediate: Addis Ababa's stock exchange saw a 2.1% uptick in early trading, with shares in state-owned enterprises like Ethiopian Airlines surging by 4%.

Shifting south, the blog at 7:30 AM IST turned to South Africa's energy crisis, with updates on the latest load-shedding schedules imposed by Eskom, the national power utility. Amidst a heatwave gripping the Western Cape, blackouts extended to Stage 4, affecting industrial hubs in Johannesburg and Durban. This development exacerbated concerns over the country's economic outlook, as manufacturing output dipped by 1.8% in the second quarter. Opposition parties, including the Democratic Alliance, criticized President Cyril Ramaphosa's administration for failing to implement renewable energy reforms swiftly enough. However, a silver lining emerged in the form of a new solar farm inauguration in Limpopo province, backed by Chinese investors, which promises to add 500 MW to the grid by year's end. Economists from Standard Bank projected that persistent energy woes could shave 0.5% off South Africa's GDP growth, currently forecasted at 1.2% for 2025. The blog included live tweets from affected businesses, illustrating the human cost: small enterprises in townships reported losses exceeding R10 million daily.

By 8:15 AM IST, attention pivoted to West Africa, where Nigeria's central bank unveiled aggressive monetary policy measures to combat soaring inflation, which hit 34% in June. In a press conference streamed live, Central Bank Governor Olayemi Cardoso announced a 50 basis point hike in interest rates to 27.25%, aiming to curb naira depreciation against the dollar. This came amid reports of fuel subsidy removals sparking protests in Lagos and Abuja, with labor unions threatening nationwide strikes. The blog delved into the broader implications for Africa's largest economy, noting how oil price volatility—Brent crude hovering at $85 per barrel—has strained foreign reserves. Positive notes included a surge in tech investments: Nigerian fintech startup Flutterwave secured $200 million in Series D funding from U.S. venture capitalists, positioning it as a unicorn with a valuation exceeding $3 billion. Analysts linked this to Nigeria's burgeoning digital economy, which could contribute 10% to GDP by 2030. The update also covered cross-border trade dynamics, with the African Continental Free Trade Area (AfCFTA) facilitating a 15% increase in intra-African exports, benefiting Nigerian manufacturers.

Mid-morning updates at 9:00 AM IST focused on North Africa's geopolitical landscape, particularly Libya's fragile peace process. The United Nations-backed Government of National Unity in Tripoli reported clashes in the oil-rich Sirte basin, disrupting crude production by 20,000 barrels per day. This instability pushed global oil prices up by 1.5%, affecting European markets reliant on Libyan supplies. The blog featured insights from energy experts, who warned that prolonged conflict could lead to a humanitarian crisis, with over 300,000 displaced in the region. In a related development, Tunisia's President Kais Saied extended emergency powers, citing economic sabotage amid a tourism slump caused by regional unrest. Tunisia's economy, heavily dependent on phosphates and olive oil exports, faces a projected contraction of 0.8% this year, per IMF estimates. The live blog included a segment on migration flows, noting a 25% rise in Mediterranean crossings from North Africa to Europe, straining EU-Africa relations.

Environmental and climate stories dominated the 10:30 AM IST slot, with dire warnings from the Sahel region. In Mali and Burkina Faso, severe droughts have led to crop failures, exacerbating food insecurity for millions. The World Food Programme reported that 18 million people across the Sahel are at risk of famine, prompting emergency aid appeals. The blog highlighted innovative responses, such as Kenya's adoption of drought-resistant maize varieties through partnerships with the Bill & Melinda Gates Foundation, which have increased yields by 30% in arid areas. Climate change's impact on Lake Chad was another focal point: the basin, shared by Nigeria, Chad, Cameroon, and Niger, has shrunk by 90% since the 1960s, fueling conflicts over water resources. Experts quoted in the blog predicted that without aggressive reforestation, the region could see mass migrations southward, potentially destabilizing urban centers like Nairobi and Dakar.

Noon updates at 12:00 PM IST brought economic optimism from Southern Africa, where Zimbabwe launched a gold-backed digital currency to stabilize its hyperinflation-plagued economy. The ZiG (Zimbabwe Gold) token, pegged to gold reserves, gained 5% in value against the USD on its debut trading day. This initiative, inspired by similar experiments in Ghana, aims to reduce reliance on foreign currencies and boost mining sector investments. The blog analyzed potential ripple effects: with Zimbabwe holding Africa's second-largest platinum reserves, foreign direct investment could rise by $1 billion annually. However, critics pointed to governance issues, including corruption allegations in the mining industry.

In the afternoon, at 2:45 PM IST, the focus shifted to health and social issues in Central Africa. The Democratic Republic of Congo (DRC) reported a containment success against an Ebola outbreak in North Kivu, with vaccinations reaching 80% coverage through WHO-led efforts. This came alongside economic news: the DRC's cobalt production, vital for electric vehicle batteries, hit record highs, attracting investments from Tesla and other EV giants. The blog explored the ethical dilemmas, noting child labor concerns in artisanal mines and calls for fair-trade certifications.

East African Community (EAC) developments were covered at 4:00 PM IST, with Rwanda hosting a summit on digital infrastructure. President Paul Kagame announced a $500 million fiber-optic expansion, connecting rural areas and enhancing e-commerce. This ties into broader continental trends, like the growth of mobile money platforms, which now handle transactions worth $1 trillion annually across Africa.

Evening wraps at 6:30 PM IST included market closes: the Johannesburg Stock Exchange ended up 1.3%, driven by mining stocks, while Nairobi's bourse dipped 0.7% on agricultural export worries. The blog concluded with forward-looking pieces, such as Egypt's Suez Canal expansions to handle increased trade volumes post-AfCFTA implementation.

Overall, July 31, 2025, painted a picture of Africa as a continent of contrasts—resilient in innovation yet challenged by legacies of conflict and climate woes. From debt relief in Ethiopia to tech booms in Nigeria, the day's events underscore Africa's pivotal role in global economics, with opportunities for investors amid persistent risks. This summary captures the essence of the live blog's 50+ updates, offering a deep dive into the continent's multifaceted narrative. (Word count: 1,128)

Read the Full moneycontrol.com Article at:
[ https://www.moneycontrol.com/world/africa-news-live31-07-2025-alpha-liveblog-13354328.html ]