• IMF has updated 2025 traffic figures, which show more favourable dynamics
• Transit volume fell 4% y/y in Jan-Nov, previous figures showed 15% y/y drop
• We estimate Egypt lost USD 4.4bn revenue to insecurity during Jan-Nov

The total number of tankers and cargo ships passing through the Suez Canal rose by marginal 0.2% m/m to 1,275 in November, following a 1.7% m/m increase in October, according to revised data from IMF's PortWatch platform. We note that the data revision was substantial and shows a much better outturn for 2025 than previously expected. The November figure is the highest since January 2024 and if we adjust for the fewer days of November, the increase would be sharper 3.6% m/m. The steady increase in ships passing through the Canal in recent months signals some improvement after nearly two years of insecurity in the Red Sea that has been dragging on the Suez Canal. In y/y terms, the number of ships rose for the third month in a row, rising by sharp 18% y/y - albeit from a low base - and the 7-day moving average rose to 43 ships on November 30 from 36 on the same day a year ago.

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The revised figures show that the number of ships fell by 4% y/y in Jan-Nov, while previous data showed the decline was around 15% y/y. Consequently, we have revised our revenue estimates, and we now think Egypt lost USD 4.4bn in Suez Canal revenues since the start of the year (previously: USD 6bn). According to our revised estimates, Egypt lost USD 4.6bn to insecurity in the Red Sea in 2024 (previously: USD 6bn), although the government said the lost revenue was closer to USD 8bn. The government's estimate is equal to about 2.0% of GDP and accounts for about 17% of CBE's foreign reserves, underlining the severe impact of the Red Sea attacks on Egypt's economy. The outlook for 2025 and 2026 is now brighter than just a couple of months ago, but we still do not expect a significant improvement in traffic through the canal before mid-2026.

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• This package focuses on incentives and benefits for tax compliance, including White List
• Egypt to replace Capital Gain Tax with simpler 0.125% Stamp Duty,

FinMin Kouckouk unveiled on Wednesday (Dec 3) the second package of tax facilities, which includes investment incentives, streamlined tax refund procedures, and unified and simplified taxes, and more. The first package, which was introduced last year and aimed at simplifying the tax procedures, and the second one focuses on incentives and benefits for tax compliance. Kouchouk explained that the new package will offer a White List, Excellence Card, priority access to specialized services, and additional incentives for compliant taxpayers. He also mentioned the restructuring of VAT refund departments to simplify and expedite procedures, ensuring quick refunds within a week for those on the White List, as well as increasing the number of cases and refund amounts. The finance minister said that VAT refunds jumped 151% y/y to EGP 7.2bn in 204/25, with plans to further increase that figure to support business liquidity.

FinMin Kouchouk revealed that the government is in the final stages of a low-cost financing program aimed at boosting investments, especially for SMEs. Egypt will also start allowing interest on project-related loans to be deducted from taxable income, reducing financing costs and improving project feasibility, in a bid to boost private sector participation in strategic projects.

In a move to support the healthcare sector, Kouchouk announced new legislation to reduce VAT on medical devices to 5% from the current 14%. The package also includes a full VAT exemption for components and supplies used in dialysis and kidney filters. To further encourage investment, the suspension period for VAT payment on machinery and medical equipment will be extended to four years.

Other measures aimed at streamlining administration include:

• Real Estate: A set tax of 2.5% on the sale value of property units, applicable regardless of the number of disposals, with a new mobile application to facilitate payments.
• Small Business: Continuation of the simplified tax system for businesses with an annual turnover not exceeding EGP 20mn.
• Company Liquidation: A new electronic system to process company closures and liquidations as quickly as possible.
• Disputes: A proposal to renew the Tax Dispute Resolution Law and improve internal committees to resolve issues faster.

Capital Gains Tax will be finally replaced by Stamp Duty

Egypt also plans to replace the Capital Gains Tax with a Stamp Duty to encourage institutional investment in the EGX. The capital gains tax reform has been in the works for several years now. Unnamed government officials told the local press earlier this year, the finance ministry projects EGP 722mn tax revenue from the unified 0.125% Stamp Duty in FY 2025/26.

Egypt, China ink MoU to boost agricultural research cooperation (Zawya)

Egypt denies any agreement to reopen Rafah crossing for Gaza departures (Ahram)

Factbox: CBE flags resilient external position of Egypt economy (Ahram)

Volkswagen unveils USD 240mn plan to expand electric car manufacturing in Egypt (Ahram)

Greek business delegation in Cairo explores new trade, investment opportunities (Ahram)

Kuwait Extends USD 2bn Deposit in Egypt for Additional Year (Sada Elbalad)

Egypt to implement second tax incentives package by June 2025 (Egypt Today)

IMF starts Fifth, Sixth reviews of Egypt's economic reforms: Prime Minister (Egypt Today)

Egypt-Greece trade hits USD 2bn: GAFI (Daily News Egypt)

Egypt, Bulgaria sign protocol to expand economic ties across 19 sectors (Daily News Egypt)

Egypt to swap capital gains for stamp duty to boost stock market investment (Daily News Egypt)

Egypt's PM cites optimism on IMF reviews as economic indicators beat targets (Daily News Egypt)

New rental tiers leave 1.6 million old-rent tenants in Egypt in limbo (Egypt Business)

• Lawmakers questioned him on major security lapses
• Musa vowed tougher action against criminal groups

The senate confirmed former chief of defence staff Christopher Musa as Nigeria's new minister of defence on Wednesday (Dec 3). His confirmation via a vote followed an extensive screening that lasted five hours, during which lawmakers questioned him on security challenges and national defence priorities. During the session, Musa criticised negotiations with bandits and pledged to intensify efforts to combat criminal groups across the country.

Musa brings more than three decades of military experience to the role. He became chief of defence staff in June 2023 and retired from the military in Oct 2025. Musa was nominated for defence minister by president Bola Tinubu on Tuesday, replacing former minister Badaru Abubakar who resigned on Monday due to health issues. Tinubu expressed confidence in Musa's ability to strengthen Nigeria's defence against rising banditry, kidnappings and communal clashes.

FG unveils NGN 54.43tn budget as debt service gulps NGN 15.91tn (The Punch)

GDP expected to rebound 4.22% in Q4 -Report (The Punch)

CBN ends cash deposit limit for bank customers (The Punch)

FIRS clarifies new tax laws, debunks levy misconceptions (The Punch)

AMCON repays NGN 3.6tn, intensifies global asset hunt (The Punch)

Abduction crisis: NASS asks FG to name terrorism financiers (The Punch)

Insecurity: NEC Approves NGN 100 Billion for Repairing Training Institutions for Security (ThisDay)

Report: Nigeria's Cyber Attack Breaches Surge 1,047% in Q3 (ThisDay)

Crypto tax may push Nigerian traders to P2P, stakeholders warn ahead of 2026 (Nairametrics)

Nigerian equities market gains NGN 252.1 billion driven by Guinness, Tier-1 banks (Nairametrics)

CBN's new cash limit policy sparks reactions from experts, PoS operators (Nairametrics)

• GDP growth is projected at 4.7% next yar, FX rate is set at USD/NGN 1,512
• MTEF sets 2 oil production targets: 2.06mn bpd for industry to pursue and 1.8mn bpd for fiscal planning
• Fiscal deficit is expected at NGN 20.1tn (3.61% of GDP)
• MTEF will be sent to national assembly by Dec 8

The federal executive council on Wednesday (Dec 3) approved the 2026-2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper. The new MTEF is anchored on an oil price benchmark of USD 64.85 per barrel and a budget exchange rate of USD/NGN 1,512 for 2026. Budget minister Atiku Bagudu noted that with 2026 being a pre-election year, heightened political spending could exert pressure on the exchange rate. The framework introduces two oil production figures: an ambitious target of 2.06mn bpd for the industry to pursue, and a lower benchmark of 1.8mn bpd for budgeting, adopted to avoid revenue shortfalls.

The macro assumptions for 2026 also include a projected growth rate of 4.68%. Nigeria's nominal GDP is projected at about NGN 690tn in 2026, rising to NGN 890.6tn by 2028. Non-oil GDP is expected to expand from NGN 550.7tn to NGN 871.3tn over the period, while oil GDP is projected to grow from NGN 557.4tn to NGN 893.5tn.

The revenue projections for 2026 place gross federation revenue at NGN 50.74tn, of which the federal government will receive NGN 22.6tn, the states NGN 16.3tn and local governments NGN 11.85tn. Total federal government revenue from all sources is estimated at NGN 34.33tn, including NGN 4.98tn from government-owned enterprises. This is about 16% lower than the 2025 estimate. Major expenditure items comprise approximately NGN 3tn in statutory transfers, NGN 15.91tn for debt service and NGN 15.27tn for non-debt recurrent spending. The projected deficit is NGN 20.1tn (equivalent to 3.61% of GDP). The implied federal spending envelope stands at roughly NGN 54.43tn.

Briefing journalists after Wednesday's council meeting, budget minister Atiku Bagudu said the MTEF was prepared with inputs from MDAs, the private sector, civil society and development partners. It will be transmitted to the national assembly no later than Dec 8.

• Wages continue growing in October y/y, governor says not threat for inflation yet
• Employee jobs remain stable in Aug-Oct

The real average wage of salaried Israeli workers rose by 2.4% y/y in September (seasonally-adjusted data) slightly faster than in the previous month, the stat office (CBS) reported. In nominal sa terms, wages grew by 5.0% y/y in September, similar to August. According to the new flash estimate, the nominal average wage rose by 2.9% y/y in October indicating that the real wage growth has quickened somewhat too since inflation stabilised m/m at 2.5% y/y in October. Bank of Israel (BoI) governor Yaron has warned that wages might fuel inflation going forward and the decision for cutting the rate overall depends if the shekel appreciation and the bridging of labour supply shortages would prevail over potential surge in demand after the ceasefire was reached. However, Yaron also stated that wage growth is still not there yet.

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The number of Israeli employees, also part of the survey, rose by 0.5% y/y in September easing from almost 2% rise in the month before. In monthly terms, the employee jobs remained stable after increasing in the previous two months. The job positions did not change in October compared to September but rose by 2.2% y/y, according to the new flash estimate.

• Departures of Israelis rise by 50% y/y in November, increase in flights to have beneficial effect on tourism

The number of foreign tourists arriving to the country more than doubled y/y in November, supported by base effects, but declined compared to October, according to latest data of the stat office. The number has been rising strong in all months this year with the exception of Jun-Jul because of the war with Iran but it is still far from recovering to pre-war levels. Departures of Israeli tourists jumped by 54.0% y/y, also capitalising on a low base, and by 23.8% m/m in seasonally-adjusted terms in November. The ceasefire with Hamas should be beneficial for the sector but previous military conflicts have shown that it takes long for the sector to recover. Moreover, when the war started, the tourism was still far from offsetting the negative effects from the coronavirus pandemic. The increase in air carriers flying to the country should be favourable for the tourism branch, especially the establishing of the Wizz Air hub next year, which is expected to reduce the price of air tickets significantly.

Kicking the Corpse: Netanyahu's Pardon Request Caps the Slow Death of Law in Israel (Haaretz)

Reports: Israeli Airstrike in Gaza Kills 6, Including Children; IDF Targets Hamas Commander (Haaretz)

Instead of Seeking Deals, Israel Prefers Keeping Syrian and Lebanese Fronts Hot (Haaretz)

Israel, Lebanon hold first senior-level talks in decades as US pushes engagement An Israeli official told The Jerusalem Post that the Israeli representative spoke directly with the Lebanese representative and that another meeting is expected to take place soon. (Jerusalem Post)

IDF Chief of Staff Zamir to hold meeting over new commanders, contradicting Defense Minister Katz (Jerusalem Post)

Guterres says Israel's Gaza conduct 'fundamentally wrong' (Jerusalem Post)

[Finance minister] Smotrich's new exercise: a budget that tries to expand and contract at the same time (Calcalist)

Today: The government will convene to approve the budget and the Arrangements Law for 2026 (Calcalist)

The government is meeting today to approve the 2026 budget. These are the decrees that will affect our pockets (TheMarker)

Amazing precedent: The recruitment law is as absurd as the proposal that only 50% of employees will pay taxes (TheMarker)

This is how Rothman is trying to take control of the "operating software" of the judicial system (TheMarker)

Who will supervise? The section in the reform of the big banks that passed under the radar (Globes)

Gaps and efficiency measures: The 2026 budget goes up for government approval (Globes)

Israel and the US Towards a Trade Agreement: Tariffs Will Be Reduced, but Not Uniformly (Globes)

• Property tax to increase for all by 1.626% as of Jan 1, some 100 municipalities request higher hike

PM Benjamin Netanyahu and finance minister Bezalel Smotrich authorised local governments to increase property taxes at exceptional rates next year. Property taxes were supposed to increase by 1.626% in all authorities as of Jan 1, in line with an approved formula and ex-interior minister Moshe Arbel has said that he would not approve exceptional increases for next year. However, he is part of the Haredi party Shas, which left the government (but is still part of the coalition) and currently PM Netanyahu serves as interior minister. Some 100 municipalities have so far requester higher-than-the-average increase in property taxes. The Manufacturers' Association slammed the move and urged the government to cancel it not to further harm businesses, which are still recovering from the war.

• Bus tickets were supposed to increase by 12.5% as of Jan 1

The transport and finance ministries announced before the Knesset economic committee that the planned increase in the intra-city bus tickets from NIS 8 to NIS 9 as of Jan 1 will be delayed. The increase in public transportation tickets was supposed to finance the expansion of the service. Representatives of the two ministries were unable to provide an answer what budgetary sources would be used instead and said they would respond in the coming days. It remained unclear until when the ticket price increase has been postponed.

• Discoveries boost Kuwait's future oil and gas production

Kuwait Petroleum Corporation (KPC) announced on Dec 1 the discovery of three major offshore oil fields: Al-Nukhatha, Al-Jali'a, and Jaza. These discoveries represent significant additions to Kuwait's hydrocarbon reserves. The operational work on these wells is complete, with further discoveries expected pending technical evaluations.

The Al-Nukhatha field, discovered earlier in 2024, spans about 96 square kilometres, producing around 2,800 barrels of light oil and 7mn cubic meters of associated gas daily. This field alone is estimated to hold 2.1bn barrels of light oil and 5.1tn cubic feet of gas.

The Al-Jali'a discovery is estimated to contain 800mn barrels of medium-density oil and 600bn cubic feet of associated gas. The Jaza field is notable for its offshore gas reserves, with the initial output exceeding 29mn standard cubic feet per day and over 5,000 barrels per day of condensate.

Together, these discoveries could significantly boost Kuwait's future oil and gas production, supporting revenue growth and fortifying the country's position in global energy markets.

In November, state-owned KPC secured a syndicated loan of KWD 1.5bn (USD 4.9bn) from Kuwaiti banks to finance its strategy to boost oil production and support its expansion plans. KPC aims to increase crude oil production capacity to 4mn barrels per day (bpd) by 2035, a target it intends to maintain through 2040. KPC's current crude oil production capacity exceeds 3mn bpd, but Kuwait's actual output was 2.6mn bpd in October.

Meanwhile, KPC is moving forward with plans to merge several of its subsidiaries(including the merger of Kuwait National Petroleum Company and Kuwait Integrated Petroleum Industries Company, and the initial phase of merging Kuwait Oil Company with Kuwait Gulf Oil Company). These mergers are designed to consolidate operations, reduce operational expenditure, and potentially save the corporation billions of dollars annually.

• Israeli officials say Tehran-backed group is rapidly rearming in country's south
• Meanwhile, Lebanese government prepares to review Hezbollah disarmament plan

Israeli media reported that Israel is preparing for what officials described as a "significant escalation" with Hezbollah - a confrontation they say has become "inevitable" despite ongoing US diplomatic efforts. According to the reports, Israel presented U.S. envoy Morgan Ortagus with intelligence on Tuesday alleging that Hezbollah has been rebuilding and rearming in southern Lebanon, and that the Lebanese Army is either unable or unwilling to prevent it. One Israeli official told Channel 12 that Israel "needs American legitimacy for any step it takes."

Foreign minister Gideon Sa'ar said Hezbollah is "arming itself much faster than it is disarming," placing responsibility on the Lebanese government. He further claimed that Iran continues funding Hezbollah through Turkey. After his meeting with Ortagus, Sa'ar posted that the "violation of Lebanese sovereignty comes from Hezbollah," adding that the group's disarmament is essential both for Lebanon's stability and Israel's security. He emphasized continued close cooperation with Washington.

Since last year's ceasefire, the United States has intensified pressure on Lebanese authorities to advance a plan to disarm Hezbollah. In August, Beirut instructed the army to prepare such a plan. The military has since delivered two briefings to the government, both kept confidential, and is set to present a third report during Thursday's cabinet session. Furthermore, the Lebanese Army maintains that Israel's occupation of five strategic hills in the south, along with near-daily airstrikes, is hampering its ability to expand its deployment in the area. Israel counters that it will continue its strikes, insisting Hezbollah is rebuilding its capabilities.

• PM Nawaf Salam stresses that civilian participation does not signal normalization
• He also warned of rising risk of escalation

PM Salam has said that the direct talks between Lebanon and Israel in the southern coastal town of Naqoura on 3 Dec were not peace talks.
He stressed that normalization remains tied to a broader Arab-Israeli peace process, even as both sides sent civilian representatives to the ceasefire "Mechanism" meeting for the first time. Furthermore, Salam described Lebanon's decision to include a former diplomat in the delegation as a politically sound step with broad domestic support. He dismissed Israeli interpretations that the move signaled the start of economic or political rapprochement. The prime minister added that Beirut has received Israeli messages hinting at potential escalation, though without a clear timeframe. Envoys who recently visited Beirut, he noted, assessed the situation as volatile and at risk of worsening.

Salam reiterated his stance that Hezbollah's weapons have neither deterred Israeli actions nor protected Lebanon, arguing that the state has reclaimed authority over decisions of war and peace. He warned against any actions that could drag the country into a new conflict and said lessons must be drawn from the fallout of regional confrontations.

• Talks in Naqoura mark new phase in regional diplomacy
• Development comes amid continued Israeli strikes and US pressure on Beirut to disarm Hezbollah

Lebanese and Israeli civilian representatives held their first direct talks in decades on Wednesday, marking a rare shift in the year-old mechanism supervising the ceasefire in the conflict involving Hezbollah, according to a source close to the discussions. The meeting took place at the headquarters of the UN peacekeeping mission in Naqoura, near the border, as part of efforts to monitor the truce that came into effect in November 2024. The session was attended by Morgan Ortagus, the US special envoy for Lebanon, whose visit follows Washington's intensifying push for Beirut to dismantle Hezbollah's military capabilities. She had met Israeli officials, including foreign minister Gideon Saar, during a stop in Israel the previous day.

The two countries, which maintain no formal diplomatic ties, had limited their participation in such mechanisms to military officers. The shift to civilian representation reflects US efforts to promote direct engagement aimed at stabilizing the border and weakening Hezbollah's influence.

Overall, the Israeli side dispatched a civilian representative following instructions from Prime Minister Benjamin Netanyahu, who has framed the move as a first step toward potential future cooperation. Lebanon's delegation was led by former ambassador Simon Karam, with the presidency indicating that the shift followed confirmation that Israel would also include a non-military delegate. Beirut has signaled its readiness for negotiations and has previously been encouraged by Washington to consider deeper regional integration.

We remind that cross-border tensions, however, remain high. Israel has continued to conduct strikes in Lebanon during the ceasefire, asserting that its operations target attempts by Hezbollah to rebuild its military infrastructure. The Lebanese army is expected to begin dismantling Hezbollah's positions in the south by year-end under a government-approved plan, though Israeli officials have argued that progress is insufficient and have intensified their operations in recent weeks.

2.5mn Saudis working in private sector: Al-Rajhi (Zawya)

Saudi Arabia, Bahrain sign deals for nuclear safety, radiation protection and avoid double taxation (Zawya)

Egis predicts major Saudi revenue growth for 2026 (AGBI)

PIF awards USD 346mn contract to power Soudah Peaks (AGBI)

Riyadh drives GCC office market boom with soaring Grade-A rents: Knight Frank (Arab News)

Saudi Arabia launches major cybersecurity investment package at Black Hat 2025 (Arab News)

• Construction stands out as strongest performer helped by public works
• Expectations for future production and exports fall in extractive sector

The overall economic climate deteriorated compared with a year earlier, mainly because expectations fell in extractives, tourism and transport, according to the quarterly business climate survey by the statistical office INE. Nonetheless, the aggregate indicator stayed slightly above its long-term average. Construction stood out as the strongest performer: confidence turned positive, employment and activity expectations improved, fewer firms reported operational constraints and public works accounted for roughly 71% of executed projects. The order book in public works ensured about 71 weeks of activity.

Commerce remained weak, with a negative confidence trend driven by inventory pressures, even though activity indicators showed some resilience. A larger share of sold products was of domestic origin, and fewer firms reported constraints; demand weakness, financial stress and bureaucratic hurdles were the main issues. Manufacturing confidence held in positive territory but with signs of strain. Employment expectations supported the index, while production-related variables fell. More companies faced constraints, especially shortages of raw materials, mechanical failures and financial difficulties. Communication moved into negative territory as both current activity and expectations weakened. Financial constraints, competition and low demand were the key concerns, though firms reported fewer bureaucratic barriers and easier access to credit. Tourism suffered a drop in confidence due to weaker expectations for business and employment, despite a slight improvement in current activity. Constraint indicators eased but demand insufficiency, financial pressure and skills shortages continued to weigh on performance.

Extractives showed favourable sentiment overall, supported by current production even as expectations for future production and exports fell. More firms faced operational difficulties, notably bureaucracy, equipment shortages, mechanical failures and lack of specialised labour.Transport remained in negative territory but showed a slight improvement relative to the previous year. All components of the indicator contributed negatively, and firms continued to report financial difficulties, competition, insufficient demand and regulatory barriers.

Looking ahead, the economy appears to be stabilising around modest momentum. Public investment is providing short-term support to construction, while persistent structural issues such as financing constraints, bureaucratic barriers, equipment shortages and volatile demand continue to limit broader recovery. Conditions in extractives and trade will likely determine whether confidence can firm in the next quarters, especially if global commodity conditions improve and domestic credit conditions ease.

• Electricity prices will stay unchanged in 2026

The government proceeds with the plan to end the monopoly of the National Electricity Distribution Company (ENDE) monopoly on electricity sales in 2026, enabling private firms to take over local commercial and operational duties using existing public distribution assets, Water and Energy Minister Joao Baptista Borges said on Wednesday. The government argues that ENDE's obligation to serve all regions, including low-consumption rural areas, has pushed costs far above revenues. By transferring networks, metering and billing systems to licensed operators who will pay a fee for infrastructure use, officials expect lower entry costs and improved service. The change will also allow the nationwide uniform electricity tariff, which will continue to rely on cross-subsidization. The reform will be debated through a new Sector Reform Committee before rollout next year, the minister added.

The government earlier said it hopes power grid liberalisation will help increase the electrification rate to 50%, and install capacity to 8GW by 2027. Currently, access to electricity in Angola stands at approximately 44% of the population, and the country plans to connect an additional three million households to the grid within the next six years. In terms of energy production capacity, Angola's current installed capacity stands at 6.3 gigawatts (GW), tripling since 2015.

• WB says multilateral lenders remain only reliable source of affordable capital

Angola and Mozambique rank among the weakest globally in debt-to-wealth dynamics, with both facing some of the world's highest ratios of interest payments relative to Gross National Income (GNI), according to the 2025 International Debt Report released on Wednesday. Mozambique tops the global list for the burden of interest relative both to exports and GNI in 2023-24, while Angola consistently remains among the worst performers, holding the fourth-highest interest-to-GNI ratio in 2024. Angola had the 10th highest interest rate-to-export ratio, unchanged from previous years. The World Bank highlighted a broader squeeze across developing economies, which together paid USD 741bn more in external debt service than they received in new financing between 2022 and 2024, the largest gap in half a century. High borrowing costs persist, with Angola issuing new debt near 10%, roughly twice the pre-pandemic emerging-market average.

The WB cautioned that improving market conditions should not prompt premature re-entry into external markets and stresses the role of multilateral lenders as the only reliable source of affordable capital.

Angola's overall public debt amounted to USD 65.9bn at the end of September, up USD 1.8bn (2.8% q/q). External debt accounts for USD 47.2 bn, slightly down by 0.4% q/q. By contrast, internal debt rose sharply to USD 18.66bn, an 11.7% q/q increase, driven by contractual debt surging 76% to USD 2.27bn and T-bonds up 6.3% to USD 14.02bn. In the first nine months of the year the government has been increasingly relying on domestic financing to cover its budget, in part because of tighter global financial conditions. Still, external borrowing remains essential to Angola's funding mix and with improving market conditions. Angola successfully returned to the Eurobond market in October 2025, raising USD 1.75 bn through a dual‑tranche issuance. Investor demand was strong -- the order book exceeded USD 6 bn. The government plans to borrow more from external sources next year, or some AOA 7.93tn (5.8% of GDP). Domestic financing is expected to reach AOA 7.11tn (5.2% of GDP).

• One deal is for four helicopters from Airbus, the other is for Falcon jet from Dassault
• Falcon to be used as presidential jet as Mahama currently flies commercial
• Foreign minister explains that analysis showed cost of chartering jets was too high

The government submitted to parliament for approval two deals worth a total of about USD 208mn for the purchase of four helicopters for the armed forces and a presidential jet. The first deal in the amount of EUR 125.97mn (147.1mn) is for the acquisition of one H160 and three H175 helicopters from France's Airbus Helicopter and the second in the amount of USD 60.68mn is for the acquisition of one aircraft Falcon 6X from France's Dassault Aviation. The deals are included in the 2026 budget.

Upon their presentation on Dec 3, the deals were sent to the committees of finance, defence and interior for consideration. Speaking in parliament, foreign minister Samuel Ablakwa explained that currently President John Mahama was flying commercial when travelling abroad and an analysis of the finance ministry showed that the cost of chartering jets would have been sufficient to buy a new jet.

TUC blasts gov't over tariff hikes: 'This is worse than robbing Peter to pay Paul' (Joy FM)

OSP accuses Martin Kpebu of 'pattern of misconduct' after his release from custody (Joy FM)

Martin Kpebu vows to present 'mother of all petitions' seeking removal of Special Prosecutor (Joy FM)

Ghana Reference Rate sees sharp December drop to 15.9%; borrowing costs set to ease (Citi Newsroom)

Fresh SIM registration scheduled for early 2026 - Sam George (Daily Graphic)

Attempt to remove Special Prosecutor must follow legal and parliamentary procedures - Kwakye Ofosu (Starr FM)

EC postpones District Assembly and Unit Committee by-elections indefinitely (Starr FM)

• TUC wants bigger wage hike than agreed 9%
• It says it will otherwise not accept utility tariff hikes
• Regulator announced 10% hike in electricity, 1.9% in water tariffs

The Trades Union Congress (TUC) strongly criticised the regulator's decision to hike electricity and water tariffs by 10.0 and 15.9%, respectively, as of Jan 1, 2026. In a statement, the union organisation said the hike completely erased the effect of the "paltry" 9% wage hike agreed for next year and demonstrated the insensitivity of the government to the "daily struggle of workers and Ghanaians". Therefore, TUC said the utility tariff increases cannot be accepted unless the government returns to the negotiating table about wages. If this does not happen, it warned, workers will be mobilised to resist their implementation. TUC also said it would hold a press conference on Dec 8 to outline measures to address the tariff hike which it described as "obnoxious".

An all-out strike would have significant negative consequences for the economy, but the government will likely seek to avert it and engage unions in a dialogue. It is yet to see whether anything will be agreed in terms of compensation, but any additional pay hike would cost the budget. Still, there might be some room for manoeuvre as the government expects the cash deficit to reach 2.8% of GDP this year, 1pp beyond the revised target of 3.8% thanks to strong revenue and prudent spending.

• Continued deceleration driven by slower food inflation
• Only two categories, clothing and footwear and personal care, record faster price increases
• Inflation seen to remain within 6-8% range by end of year and into 2026, opening room for another potential rate cut in January

Ghana's CPI inflation slowed further to 6.3% y/y in November, its lowest level since February 2019, from 8.0% y/y in October. The main downward contribution came from food inflation which eased sharply to 6.6% y/y from 9.5% y/y in October, although it was partly due to base effect as food prices actually rose by 1.1% m/m after decreasing in the preceding month. Other categories that contributed to the overall decline in the headline print were transport, where prices dropped at a faster y/y pace, as well as recreation, sport and culture, and housing and utilities, where prices grew at a slower y/y pace. The only two categories to record faster price growth were clothing and footwear, and personal care and miscellaneous goods.

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It should, however, be noted that the recently announced 120% hike in healthcare prices, as well as the 10% hike in electricity and 15.9% hike in water tariffs as of 2026 will have an upward effect on inflation going forward. In m/m terms, the headline CPI rose by 0.9% after decreasing by 0.4% m/m in October with both food and non-food prices on the rise.

The disinflation process is expected to continue in the months ahead although it might slow down. The central bank cut the policy rate by further 350bps at its MPC meeting in November, bringing the total cuts this year to a total of 1,000bps. It expects inflation within the 6-8% range by the end of the year and to stabilise around the 8% target well into H1 2026 thanks to the tight monetary policy stance and the strong build-up in reserves which is expected to support the cedi stability. The central bank said the risks to the inflation outlook have moderated significantly, which creates room for potentially another rate cut at the next MPC meeting in January 2026.

• Output remains unchanged despite slight rise in new orders
• Input and output costs decrease as stronger cedi results in lower purchase costs
• Business confidence remains strong as companies expect easing price pressure to boost activity

The S&P Global Ghana PMI inched down to 50.1 index points in November from 50.3 in October, signalling only modest growth in private sector activity during the month. New orders rose slightly but output was broadly unchanged as some businesses increased activity in line with new business and easing price pressures while others scaled back activity amid subdued demand. Employment and purchasing activity increased as input and output costs decreased. The decrease in input costs, which is the first in three months, reflected the strengthening of the cedi which lowered purchase costs. Companies responded by cutting selling prices for a seventh month in a row and at the fastest pace in three months.

Data Download

Business sentiment eased to a seven-month low but remained above the series average and indicated strong optimism about output growth over the next 12 months. Indeed, the disinflation, stable currency and the monetary policy easing are expected to support activity going forward.

The PMI data signals continued albeit modest growth in private sector activity in H2 after the stronger results in H1. GDP growth averaged 6.3% in H1, up from 5.7% in 2024, driven by faster growth in agriculture and industry, in turn due to a rebound in cocoa and non-oil mining (mostly gold). The IMF forecast in its October WEO report that full-year growth will slow to 4% this year but the government's latest projection (2026 budget) is more optimistic, at 4.8%. Growth is seen to pick up moderately to about 5% over the next three years as economic reforms and fiscal consolidation take effect.

• Deal will refinance costly commercial debt on lower-interest terms
• Savings redirected to agriculture, nutrition, and climate-smart food systems
• DFC to expand Kenya engagement, including infrastructure and new Nairobi office

President William Ruto has confirmed that Kenya will proceed with a USD 1bn debt-for-food security swap with the U.S. International Development Finance Corporation (DFC), marking a major step in the country's efforts to reduce its debt servicing burden while strengthening food system resilience. Under the arrangement, the DFC will purchase a portion of Kenya's expensive commercial debt and replace it with lower-interest, more favourable financing, allowing the government to redirect the resulting savings into critical food security initiatives. These include agricultural infrastructure upgrades, climate-smart farming technologies, nutrition programmes, and broader hunger-management efforts. The structure of the deal provides Kenya with meaningful fiscal relief without increasing its overall debt load, blending debt management with strategic investment in long-term food security. The implementation of the debt swap is scheduled for March.

The confirmation comes after president Ruto's meeting with DFC CEO Ben Black in Washington, where the agency also signalled readiness to deepen its engagement in Kenya's development agenda. Beyond the debt swap, the DFC is exploring support for the National Infrastructure Fund, major road and port upgrades, and improvements at Jomo Kenyatta International Airport. The agency will further strengthen its presence by posting a permanent representative in Nairobi beginning in January, enabling closer coordination and faster implementation of U.S.-backed projects. President Ruto also held talks with IMF managing director Kristalina Georgieva on Kenya's reform path, amid differing views within the government on whether to pursue a new IMF-funded programme or tap commercial markets instead.

State set for Sh245bn windfall from sale of Safaricom stake (Business Daily)

Kenya has failed to tame recurrent spending, World Bank says (Business Daily)

Kenya Power pays Sh1.4bn to US power firm (Business Daily)

Starlink Drives 2,559% Surge in Kenya's Internet Subscriptions (The Kenyan Wall Street)

Freight Demand Drives SGR to KSh 15.88Bn Revenue in the First Nine Months(The Kenyan Wall Street)

IFC team set to visit Kenya in January for talks on JKIA Modernisation, Energy Projects (Capital News)

Kenya abstains from UN vote compelling Russia to return abducted Ukrainian children (Capital News)

Ruto meets IMF and IFC leaders in the US, pushes infrastructure, energy investments (Citizen)

Ruto Secures Ksh129 Billion Deal in U.S. (Kenyans.co.ke)

Missing Nandi politician found alive in Uganda (The Star)

Kindiki: Airport construction to start in 2 months (The Star)

• Vodacom to raise its Safaricom stake to 55% in a ZAR 36bn (USD 2.1bn) deal
• Kenya secures premium proceeds at KES 34 per share without taking on new debt
• Government retains a 20% stake and board seat as Safaricom shifts to full Vodacom consolidation

Kenya has agreed to sell a 15% stake in Safaricom to Vodacom Group as part of a landmark transaction that is valued at ZAR 36bn (USD 2.1bn) and will raise the South African operator's ownership to a controlling 55% stake, according to a statement on Thursday (Dec 4). The deal, which also includes Vodacom purchasing an additional 5% from Vodafone, comes at a time when the Kenyan government is seeking new, non-debt sources of capital amid tightening fiscal conditions and large annual debt-service burdens. By pricing the shares at KES 34, representing a premium to the market, Kenya unlocks meaningful revenue while still retaining a 20% strategic stake and board representation in the country's most valuable company. The move also fits the government's broader agenda of monetising state assets to support infrastructure investment without raising taxes or adding to public debt. With Safaricom now expected to be fully consolidated into Vodacom's financials, the group anticipates a significant uplift in revenue and enhanced capacity to drive digital and financial inclusion across Kenya and Ethiopia.

• CA deficit narrows to 0.7% of GDP in Q3 from 1.0% in Q2
• Nominal shortfall improves to ZAR 57.0bn from ZAR 72.2bn
• Trade surplus slips again as imports rise faster than exports
• Terms of trade improve slightly, offering marginal support
• Primary income deficit moderates, partially offsetting wider services and transfers gaps

The current account deficit narrowed to 0.7% of GDP in Q3, improving from 1.0% in the previous quarter and outperforming consensus expectations for a 1.2% gap. In nominal terms, the deficit fell to ZAR 57.0bn from ZAR 72.2bn in Q2, the central bank said in a release on Thursday (Dec 4). The better-than-expected outcome was supported by an improvement in the income balance and firmer terms of trade, even as the trade surplus softened.

Data Download

The trade surplus declined from ZAR 187.2bn in Q2 to ZAR 178.3bn in Q3, as import values increased by 1.7% q/q while exports rose by 1.1% q/q. Goods exports increased by around ZAR 22.5bn, but imports rose by ZAR 31.3bn on the back of higher prices and a stronger rebound in volumes. Export volumes recovered modestly after contracting in Q2, while import volumes posted a more pronounced rise. A reduction in net gold exports, which fell to ZAR 149bn from ZAR 178bn, removed a temporary support to the trade account that had contributed positively earlier in the year.

The deficit on services, income and current transfers narrowed to ZAR 235.3bn from ZAR 259.4bn. The improvement was driven by a reduction in the primary income deficit, which declined from ZAR 173bn to ZAR 137bn as profit and dividend outflows normalised after unusually elevated distributions in the second quarter. This was partially offset by a wider services deficit and an unchanged transfer shortfall. As a share of GDP, the combined deficit on services, income and transfers eased from 3.4% to 3.0%.

South Africa's terms of trade improved slightly during the quarter as export prices rose faster than import prices. Excluding gold, the improvement was even more noticeable. Although not strong enough to reverse the narrowing in the trade surplus, the mild terms-of-trade lift added to the favourable outcome in the overall external balance.

The better-than-expected headline figure may offer modest short-term support to the local currency and reinforces the view that South Africa's external financing requirement will remain manageable. The current account deficit is projected to average around 0.9% of GDP in 2025, widening only slightly to about 1.2% in 2026, consistent with a relatively stable external backdrop.

• Eskom begins new EIA process to select between Thyspunt and Bantamsklip for a planned 5,200MW nuclear station
• Utility targets environmental approval by Feb 2027, but legal challenges are likely to delay the process
• Key permits, funding plans and reactor technology choices remain unresolved

Eskom has begun a new environmental impact assessment (EIA) process to choose a site for South Africa's third nuclear power station, planned to add 5,200MW of capacity. The two proposed sites are Thyspunt in the Eastern Cape and Bantamsklip in the Overberg, both previously assessed but rejected in favour of Duynefontein where the second nuclear plant has now received final environmental authorisation. This new EIA is still in the pre-application phase and is being run by WSP Group Africa, appointed earlier in 2025. The project forms part of the government's Integrated Resource Plan 2025, which calls for major new generation capacity and aims to rebuild South Africa's nuclear skills base. Eskom has not yet selected a reactor technology, and several specialist studies, including seismic risk, waste transport, biodiversity, climate impacts and more must still be conducted.

The statutory timeline for the EIA is extremely tight as Eskom aims for environmental authorisation from the Department of Forestry, Fisheries and the Environment (DFFE) by Feb 2027, with appeals resolved by May 2027. However, this schedule does not account for likely legal challenges, which attendees at the first public meeting flagged as almost inevitable. Eskom must also secure heritage approval, a water-use licence, a coastal discharge permit, and a nuclear site, construction, and operating licence from the National Nuclear Regulator. Costs (which is likely to be one of the largest issues), funding sources and ownership structures remain unknown, as Eskom has not yet gone to the financial markets. Strong environmental opposition is already emerging again, particularly around Dyer Island near Bantamsklip and from groups in Thyspunt, who argue that both sites have become ecologically and economically sensitive areas.

• Largest private freight rail investment in South Africa's history, backed by Harith and Absa
• 46 locomotives and 920 wagons to be modernised locally with at least 60% SA content
• Expected to add 4.5 Mt of annual capacity and begin operations on the mainline by Q3 2026

Traxtion, Africa's largest private rail operator, will make a record ZAR 3.4bnn investment by Q3 2026 to acquire 46 locomotives and 920 wagons from KiwiRail in New Zealand in what is reported as the largest private freight rail investment in the country ever. This forms the first phase of a broader ZAR 5.8bn programme and is directly aligned with the government's rail reform agenda, which is opening Transnet's network to private train operating companies for the first time in nearly a century. Supported by equity from private equity fund Harith and debt from Absa, the project reflects rising private-sector confidence in reforms driven by the department of transport, Operation Vulindlela, the Treasury and the rail regulator. Traxtion expects to begin operating on South Africa's mainline network by Q3 2026, adding 4.5 million tonnes of annual haulage capacity (equivalent to about 5% of the national rail shortfall) as the country aims to lift freight volumes from below 160 Mt to 250 Mt by 2030.

All locomotives will be modernised at Traxtion's Rosslyn Rail Services Hub using advanced fuel-efficient engines and control systems, anchoring local manufacturing, skills transfer and supplier development. The programme will deliver at least 60% local content, create 662 permanent jobs, and stimulate substantial SME procurement, demonstrating how rail reform can unlock industrial spillovers and reduce logistics costs. Traxtion says the investment will support miners and other freight owners seeking more reliable rail alternatives to Transnet's constrained service, while also enabling new third-party operators under the emerging competitive access model. Government, Harith and Operation Vulindlela have hailed the project as a benchmark for how policy certainty can attract repeatable private capital, strengthen South Africa's rail network, and boost economic competitiveness.

• SARB calls for rapid industry transition and operational readiness for ZARONIA
• JIBAR will cease permanently after its final publication on 31 December 2026

The SARB has confirmed that the Johannesburg Interbank Average Rate (JIBAR) will be permanently discontinued immediately after its final publication on Dec 31, 2026, marking the end of a benchmark whose structural weaknesses and declining underlying market activity have made it increasingly unsustainable. This announcement builds on SARB's multi-year benchmark reform effort, launched in 2018 to align domestic reference rates with IOSCO's global principles. As part of that initiative, the South African Rand Overnight Index Average (ZARONIA) was identified as the preferred successor rate as it is an index based on actual unsecured overnight deposit transactions and calculated as a trimmed, volume-weighted mean. The new rate is intended to replace legacy benchmarks such as JIBAR and SABOR.

Transition preparations have intensified, as the Market Practitioners Group (MPG) (the joint public-private body chaired by the SARB) is coordinating technical workstreams to develop market conventions, fallback language and the formal JIBAR transition plan. The SARB is urging financial institutions to accelerate implementation efforts, reduce reliance on JIBAR in new contracts, and ensure operational readiness for ZARONIA well ahead of the 2026 cessation date.

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Next MPC announcement: 29 January 2026

Current policy rate: 6.75%

EmergingMarketWatch forecast: 6.50%

The SARB's November meeting delivered the widely expected 25bps rate cut, lowering the repo rate to 6.75% in a unanimous decision in a signal for the broad agreement that the conditions for resuming the easing cycle had been credibly met. The decision also reflected the MPC's increased confidence in the disinflation process, supported by lower-than-expected inflation outcomes, a firmer rand, softer oil prices, and steadier domestic activity. Importantly, the November meeting marked a further consolidation of the SARB's shift to the 3.0% point target with a 1% tolerance band, now firmly embedded as the centre of the policy framework.

The MPC reduced both its near-term inflation and growth risks to balanced, reflecting a meaningful improvement in the macro-financial backdrop. The SARB revised headline inflation slightly lower to 3.3% for 2025 and 3.5% for 2026, while raising the 2025 growth forecast to 1.3% following stronger outcomes in Q2 and modest momentum into Q3. The structural shift to a lower point target is reshaping medium-term inflation dynamics. The SARB highlighted that the new framework is designed to anchor inflation expectations more firmly around 3%, influencing wage-setting, social-grant adjustments, and administered-price increases (with the notable exception of Eskom tariffs which continue to pose risks).

Inflation has continued to undershoot SARB expectations, reinforcing the view that disinflation is becoming more firmly entrenched. While the MPC anticipated a temporary year-end acceleration, we expect the pick-up in December to be more modest, landing closer to 3.5% y/y rather than the 3.8% central bank projection. This means that January inflation would remain close to the 3% target, even under moderate monthly increases, indicating the absence of meaningful underlying price pressures. Core inflation also remains contained and aligned with the new point target supported by the firmer rand into year-end. If inflation expectations continue to converge toward 3% as suggested by market-based indicators and analysts' forecasts the SARB will have greater confidence that the disinflation process is durable, strengthening the case for another 25bps cut at the January meeting.

Data Download

The unanimous vote for a cut in November, coupled with the SARB's emphasis on the improved balance of risks and the ongoing convergence of expectations, suggests a broadening comfort within the MPC that additional easing can be delivered, subject to data confirming a sustained disinflation path. We therefore expect the MPC to deliver a 25bps cut in January, lowering the repo rate to 6.50%. A further gradual easing cycle through 2026 remains likely delivering at least 50bps and consistent with the SARB's aim to align the policy stance with inflation settling sustainably at the point target over the forecast horizon.

Monetary Policy Committee Statement

Monetary Policy Committee Forecasts and Assumptions

Monetary Policy Review

• Yields are largely flat except for 182-day T-bill which sees 10bps rise
• Government securities issued this FY so far amount to 63% of original plan
• Supplementary budget have increased borrowing plan by 17%

The government sold a total of UGX 384.7bn T-bills at the regular bi-weekly auction held on Dec 3, exceeding the UGX 355bn target. Investor demand remained strong with the subscription rate up to 1.7 from 1.6% two weeks earlier. Yields were mostly flat with the exception of the 182-day yield which rose by 10bps to 13.85%.

With this auction, the total issuance this fiscal year (starting Jul 1) reached UGX 13.5tn, equivalent to 63% of the original UGX 21.4tn plan for the year. However, it has now been revised in line with the supplementary budgets that have just been passed in parliament. They added UGX 3.7tn to planned domestic borrowing which means the full-year borrowing plan is now UGX 25.1tn. However, further increases cannot be ruled out, given the expected fiscal pressures ahead of the 2026 elections.

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• Says upgrade recognises progress on debt restructuring and macroeconomic reforms
• Improved credit profile expected to ease borrowing costs and support growth
• S&P and Fitch recently upgraded Zambia's sovereign rating to CCC+ and B-

Bank of Zambia (BoZ) Governor Denny Kalyalya said the upgrades reflected government's successful economic reforms. Zambia moved from Selective Default and Restricted Default to CCC+ (S&P) and B- (Fitch), marking significant progress in restoring debt sustainability despite global shocks, including geopolitical tensions and the 2023/2024 drought that affected agriculture and electricity supply. He said the upgrade validated the country's efforts to strengthen economic management and maintain fiscal discipline. Kalyalya noted that the ratings upgrade eased fiscal pressures and improved liquidity. Previously, heavy reliance on domestic borrowing increased government borrowing costs, pushed up yields on government securities, and raised bank lending rates. The credit upgrade signaled stronger macroeconomic management, supported higher growth, single-digit inflation, and a more stable exchange rate, enhancing investor confidence.

The governor said removal from default allowed banks and investors to increase credit exposure at lower risk and cost. Financial institutions were now better able to finance private-sector investments and public-private projects. The upgrade also supported declining government security yields and improved lending rates, ultimately promoting greater private-sector participation and contributing to a lower cost of living for households.

We recall that recently, S&P Global Ratings raised Zambia's long- and short-term foreign-currency sovereign credit ratings to CCC+/C from SD/SD on Nov. 21 and affirmed its CCC+ issue and local-currency ratings; with a stable outlook, stating that the upgrade reflected the sovereign's improved forward-looking creditworthiness now that the bulk of its debt-restructuring perimeter has agreed new terms. Fitch Ratings also upgraded Zambia's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to B- from RD reflecting a stable outlook while Zambia's Long-Term Local-Currency IDR was upgraded to B- from CCC+. The upgrade reflected Zambia's strengthened external and public finance metrics, driven by the conclusion of its external debt restructuring which has substantially reduced the debt-service burden and mitigated liquidity risks.

• Total recruitment for 2025-2026 planned at 5,500 teachers nationwide
• Cabinet approval expected before the official announcement is made

The Teaching Service Commission (TSC) Chairperson Daphne Chimuka said government received Treasury authority to recruit 2,000 teachers for 2025. She said the commission awaited the Minister of Education to present the matter to Cabinet before the formal announcement. The recruitment formed part of government's broader plan to strengthen staffing across public schools amid rising enrolment and teacher shortages. Ministry of Education Permanent Secretary Kelvin Mambwe earlier said the advertisement for the recruitment exercise would be issued within this month or early next month. He said the programme aimed to recruit 2,000 teachers for 2025 and 3,500 teachers for 2026, bringing the total to 5,500. He noted that the Ministry targeted timely deployment to improve teacher-to-pupil ratios and support learning outcomes, especially in underserved rural districts.

Chimuka said the late issuance of Treasury authority meant the 2,000 positions for 2025 could spill into early 2026. She clarified that Treasury authority was issued per year, and therefore the Minister would announce the two recruitment phases separately. She said 2,000 teachers were approved for 2025, while 3,500 were approved for 2026, making a combined 5,500 over the two-year period. She added that once Cabinet approved the submission, the official announcement would follow, enabling the start of the recruitment process. We note that these recruitments are part of the approved 2025 budget plan and do not require additional fiscal allocations beyond what has already been appropriated.

• World Bank supported initiative targets to connect 1.6mn people with electricity, clean energy by 2030
• Subsidy cuts electricity connection fees by 94%, targets 100,000 new connections in 2026

The government launched the Accelerated Sustainable and Clean Energy Access Transformation in Zambia (ASCENT-Zambia), a USD 250mn initiative supported by the World Bank. The programme aims to connect 1.6mn Zambians to electricity and clean cooking technologies over five years. Energy Minister Makozo Chikote said over 600,000 households would gain clean-cooking access during the project period. He announced that ASCENT introduced a connection-fee subsidy, reducing charges from ZMW 4,846 to ZMW 300 effective Dec 22. The 2026 application window, also opening on that date, targeted 100,000 new connections in 2026. Chikote instructed REA and ZESCO to publicise the initiative, reiterating government's commitment to universal electricity access by 2030.

World Bank Country Manager Achim Fock said ASCENT Zambia supported a USD 1.6bn segment of the government's broader energy access programme, financed through USD 200mn from IDA (approved in August this year) and USD 250mn in government funding, alongside expected contributions from cooperating partners and the private sector. He said ASCENT strengthened institutions, built markets and invested in people, emphasising that affordable electricity supported SMEs, modern agriculture, health systems and education, ultimately creating jobs and raising living standards.

Rural Electrification Authority (REA) CEO Mumba said ASCENT introduced a results-based financing model, with funds released only after verified progress. The programme focused on five priorities: last-mile connections, grid strengthening, off-grid renewable expansion, clean-cooking promotion and increased participation by public and private actors. REA targets 368,400 household connections and 400 SME connections over five years, including 109,000 connections in 2026. COMESA's Mohamed Kadah said ASCENT formed part of a regional effort implemented with the Trade Development Bank to reduce energy poverty. He said USD 5bn in World Bank financing and an expected USD 10bn from other partners aimed to connect 100mn Africans by 2030.