South Africa’s government has revised its growth forecast downward and announced spending cuts totaling 69.4 billion rand ($3.9 billion) over the next three years. The reductions will affect sectors including education, health, and home affairs. This marks the third adjustment to the budget, aiming to address a 75 billion rand gap while maintaining fiscal discipline.

Two of South Africa’s top golfers and its richest businessman, Johann Rupert, are part of the delegation meeting with U.S. President Donald Trump. The inclusion of prominent white South Africans aims to counter claims of racial persecution and to foster better trade relations between the two countries.

During a tense Oval Office meeting, President Trump accused South Africa of committing a “white genocide” against farmers, citing discredited evidence. President Ramaphosa refuted these claims, emphasizing the country’s commitment to inclusive democracy and clarifying that land reforms are conducted under legal frameworks. The meeting highlighted significant misinformation and strained diplomatic relations.

The Bank of Angola has maintained its main interest rate at 19.5% for the sixth consecutive meeting, citing global economic uncertainties. Despite a gradual decline, inflation remains high at over 22% year-on-year. The central bank projects inflation to decrease to 17.5% by year-end and is moving towards an inflation-targeting framework to better guide monetary policy.

Ghana’s central bank is evaluating the effectiveness of its monetary policy following a surprise interest rate hike in March. With consumer inflation dropping to 21.2% in April, the bank is considering whether further monetary easing is appropriate. Governor Johnson Asiama highlighted ongoing risks, including food supply constraints and global commodity price fluctuations, emphasizing the need to balance inflation control with economic growth.

TotalEnergies’ $20 billion Mozambique LNG project has faced significant setbacks due to insurgent violence in northern Mozambique. After a deadly attack in 2021, the project was halted. With improved security and renewed financial backing, including $4.7 billion in U.S. Export-Import Bank loans, Total plans to restart construction by mid-2025. However, ongoing security and reputational risks, including corruption scandals and human rights concerns, continue to pose challenges.

Afreximbank has stated that it is not participating in debt restructuring negotiations, asserting its status as a multilateral development lender whose loans are typically exempt from such processes. Ghana and Zambia, both undergoing debt restructuring, have significant loans from Afreximbank. Ghana aims to exempt these loans to maintain access to future funding, while Zambia’s obligations to Afreximbank remain a point of discussion.

Cameroon’s finance minister has been authorized to raise up to 200 billion CFA francs ($348 million) from international financial markets to support government cash flows for the 2025 fiscal year. The government plans to consider various market instruments, with syndicated loans being the most likely option.

The West African political bloc ECOWAS announced plans to establish a regional counter-terrorism force in response to a surge in jihadist attacks across the region. The initiative aims to enhance collective security and address the growing threat posed by extremist groups.

South Africa’s government has revised its economic growth forecast downward and announced spending cuts totaling 69.4 billion rand ($3.9 billion) over the next three years. The reductions will affect sectors including education, health, and home affairs. The adjustments aim to address a 75 billion-rand fiscal gap while maintaining social protections.

Two of South Africa’s top golfers and its wealthiest businessman, Johann Rupert, are part of the delegation meeting with U.S. President Donald Trump. The inclusion of prominent figures aims to strengthen diplomatic and economic ties between the two nations.

During a meeting at the White House, U.S. President Donald Trump presented unsubstantiated claims of a “white genocide” in South Africa to President Cyril Ramaphosa. Trump cited misleading information, while Ramaphosa refuted the allegations, emphasizing South Africa’s commitment to inclusive democracy and lawful land reform.

The Bank of Angola has maintained its main interest rate at 19.5% for the sixth consecutive meeting, citing global economic uncertainties despite a gradual decline in domestic inflation. The central bank projects inflation will continue to decrease, aiming for a year-end rate of 17.5%.

Ghana’s central bank is evaluating the effectiveness of its current monetary policy in reducing inflation, according to Governor Johnson Asiama. Following a surprise interest rate hike in March, prompted by a slight drop in February inflation, the Bank of Ghana is now reassessing whether further monetary easing is appropriate. In his opening remarks at the monetary policy committee meeting before an upcoming rate decision, Asiama emphasized the importance of considering factors such as the foreign exchange rate and market confidence. He noted that although consumer price inflation has dropped for the fourth consecutive month to 21.2% in April, it is still significantly above the bank’s 8% target. Asiama highlighted ongoing risks to inflation, including food supply constraints in northern Ghana and the Sahel, as well as fluctuating global commodity prices. The bank aims to balance efforts to curb inflation without undermining the country’s fragile economic growth.

TotalEnergies’ $20 billion Mozambique LNG project has faced significant setbacks since its launch, largely due to insecurity and insurgent violence in northern Mozambique. In 2021, after a deadly attack on Palma by militants aligned with ISIS, Total declared force majeure, halting the project. The project, a major foreign investment aimed at capitalizing on Mozambique’s vast offshore gas reserves, promised significant economic growth—potentially quadrupling the country’s GDP. However, it has also exposed the country to a “resource curse” involving corruption scandals like the $2 billion “tuna bond” fraud. With improved security bolstered by 4,000 Rwandan troops and renewed financial backing—particularly the reactivation of $4.7 billion in U.S. Export-Import Bank loans under the Trump administration—Total seeks to restart construction by mid-2025. Despite lingering security and reputational risks, including ongoing judicial investigations and opposition from NGOs and European governments over human rights concerns, stakeholders such as Mitsui remain invested. Analysts expect gas production by 2032, though global LNG market dynamics and Mozambique’s debt challenges add further complexity. While LNG could eventually boost Mozambique’s economy, immediate benefits remain limited, with substantial risks still casting a shadow over the project’s future.

Afreximbank has stated that it is not participating in Ghana’s debt restructuring negotiations. Ghana aims to exempt loans from the African Export & Import Bank (Afreximbank) from being restructured, as the country seeks new terms on $20 billion in external debt and recovery from a deep economic crisis. The bank asserts its status as a preferred creditor, arguing that its founding treaties prevent debt restructuring. This stance has led to tensions with other creditors and could complicate Ghana’s efforts to secure debt relief.

Cameroon’s finance minister has been authorized to raise up to 200 billion CFA francs ($348 million) from international financial markets to shore up government cash flows for fiscal year 2025, according to a presidential decree. The government plans to consider several market instruments, with syndicated loans being the most likely option.

The Economic Community of West African States (ECOWAS) is considering the establishment of a regional force to combat the increasing threat of jihadist attacks in the region. This initiative comes in response to a recent deadly attack in Mali’s capital, Bamako, claimed by an Al-Qaeda-linked group. The proposed force aims to enhance regional security and stability by enabling a coordinated response to terrorism and insurgency threats.