Breaking News Today – Friday 21 August 2026

African Start-up News Headlines:

• Egyptian investment platform, Exits MENA, has signed a multi-seven-figure deal to acquire Avanz Capital Egypt (ACE), a private equity and asset management firm, subject to final regulatory approval. The deal is part of Exits MENA’s strategy to build an integrated financial group serving investors, startups, SMEs, and financial institutions across Egypt and MENA. Under the agreement, ACE’s existing management team, led by CEO and managing director Haytham Wagih, will remain in place and retain responsibility for the firm’s operations and investment activities.
• SunCulture, a Kenyan developer and provider of solar-powered irrigation systems, has launched an employee-wide profit-sharing scheme called RainDrops. The share scheme will ensure that every full-time employee has the opportunity to share in the value created at the company. Every full-time employee will participate in the RainDrops programme, earning “RainDrops” over time as a reflection of their contributions. If the company reaches a liquidity event, employees will be eligible for a financial reward based on the RainDrops they have accumulated.
  

Business News Today 

ABSA Share Buyout in Kenya Disappoints

The Absa Banking Group will spend around about $50.37 million to increase its stake in Absa Bank Kenya to 71.99%. This is however below the a fraction of the &283.4 million the major banking group had allocated for the share buy scheme with minority shareholders largely holding onto their stock. The South African lender sought an additional 16.5% of the NSE-listed bank but secured only about 3.5% of its issued shares when the voluntary tender closed on 1 August.

Absa received tenders for 189.98 million shares against a maximum 895.99 million it had offered to acquire at KSh34.50 ($0.27 USD) each, representing take-up of about 21.2% of the shares sought. Absa purchased 189.38 million shares from 2,045 shareholders, or 99.7% of valid shares offered for sale, according to the tender results. The offer had been structured to raise the parent company’s ownership to a maximum 85% while retaining Absa Kenya’s listing on the Nairobi Securities Exchange.

Crypto Market Gets New Momentum

Crypto currencies have surged over the past two days with Bitcoin hitting an almost 3-month high and rising 3% today alone. Bitcoin has now moved above $75 000 with a weekly gain of over 18%, its strongest weekly gain since February 2024, . The Crypto market is responding to a Trump administration closed-door meeting with roughly two dozen crypto executives on Wednesday (19 August). The US Congress is deadlocked over the proposed Crypto Clarity Act but acting Comptroller Jonathan Gould announced the OCC will finalise federal stablecoin rules by November and start processing applications by January 2027.

The SEC is simultaneously proposing rules to let startups raise capital through tokens without triggering securities registration. Congress can’t agree, so the agencies are moving without them. Ether, Solana, Binance and Cardano have also seen prices surge this week. While year-on-year comparisons are still sitting in red figures for most crypto currencies, this is the first positive move in the industry for some time.

Egypt Hold Interest Rates as Economy Grows

The Central Bank of Egypt kept its key interest rate unchanged at 19% at its August 2026 meeting, in line with market expectations. This marked the fifth consecutive meeting with rates on hold, extending a pause in the almost year-long monetary easing cycle as the Middle East conflict increased pressure on the Egyptian pound and fuel import costs. Headline inflation accelerated to 14.9% in July, after easing through June. Meanwhile, economic activity is estimated to moderated in the second quarter of 2026.

The central bank is expected to keep rates unchanged through the end of 2026 before resuming its easing cycle in Q1 2027. Policymakers expect inflation to return to the 7% ±2% target range in the second half of 2027. Economic growth for 2026 is expected to average 5%, with output remaining below potential, though expected to gradually converge toward potential by H2 2027. Looking ahead, policymakers reiterated their commitment to preserve price stability.

Breaking Business and Market News Shorts:  

• Ethiopia’s The Central Bank of Ethiopia, said yesterday, that it had allotted $500 million at a special foreign exchange auction. The central bank said it had received bids of about $710 million from 22 banks. 
• Currency forecast for the next week – Ghana’s Cedi is expected to slide against the dollar in the next week to Thursday due to corporate demand for foreign-currency outpacing supply, while Uganda’s Shilling should strengthen. Currencies in Zambia Kwacha, Nigeria Naira and Kenyan Shilling should be little changed, according to currency trader forecasts.
• Platinum futures climbed more than 2.2% above $1,880 an ounce today, hitting an eleven-week high, as a weaker US dollar and renewed demand for precious metals and tightening platinum supply lifted the market. The greenback came under pressure amid concerns over the US fiscal outlook and skepticism about the Treasury’s expanded bond-buyback program
• Kenya’s Equity Group has posted a record KSh 45.5 Billionn profit after tax in the first half of 2026. Profit was up 32% year-on-year, driven by rapid revenue growth, improving asset quality and stronger regional subsidiaries lifted earnings across the group. Profit before tax rose 39% to KSh 57.8 Bn, while total income increased by 25%. 
• Gold traded above $4,530 an ounce today and was on course for a third consecutive weekly gain, as investors turned to safe-haven metals amid heightened volatility across currency and bond markets, while rising oil prices continued to underscore inflationary risks. The precious metal jumped more than 4% on Wednesday after the US Treasury Department announced plans to at least double its long-term debt buybacks in an effort to contain borrowing costs

Markets by Numbers 

Currency markets indicate the US dollar softer today. The Greenback is trading against the Euro at 1.16910 while trading against the Pound at 1.36420 The Yen is currently trading at 159.01 to the dollar. The rand (ZAR), is currently trading around the 16.08 mark against the US dollar this morning.

Commodities:  

• Gold futures are up 0.5% this morning, and currently trading at around $4537.38 per ounce.  
• Copper prices are surging this morning, up by over 1.2%, with prices currently around $6.5378 per pound
• Silver futures are up by 1.4% today, and currently trading at around $69.026 per ounce.
• Platinum futures have spiked by 2.2% this morning, and currently trading at $1882.40 while Palladium is up 0.7% today, and currently trading around $1349.00 per ounce.
• Lithium prices have seen a 0.8% jump today, and currently at CNY152 250
• Brent crude oil prices are trending -0.45% lower today, and currently trading around $93.41 with WTI trading lower at $86.44 currently
• Cocoa futures are up by around 0.55% today, and currently trading at $6064 per ton. 
• Coffee futures are up around 0.34% today, and currently trading at around $3.2930 per pound

Crypto Currencies: 

• Bitcoin prices are up by over 3% today, currently trading at around $75 218 per coin.
• Ether prices are trending 1.13% Higher this morning, and currently trading around $2352.50

(All prices as quoted at approximately 07H45 Central African Time) 

African General News Briefs:

• Uganda is seeking a $242.55 million loan from Citibank to help finance the construction of a key road in the eastern part of the country, the finance ministry said late on Wednesday. According to a post on the X, Finance Minister Henry Musasizi told lawmakers the road was “expected to improve connectivity…and provide an alternative transport link between northern and southern Uganda.”
• China has deployed part of its 49th naval escort fleet to waters around the Somalian coastline, with three warships, two helicopters and more than 700 personnel deployed. The move is aimed at supporting African states to establish a new regional task force, under the Djibouti Code of Conduct, to counter a resurgence of piracy in the Western Indian Ocean and Gulf of Aden. The new African-led task force aims to complement existing international maritime security efforts and strengthen regional cooperation against piracy.