Breaking News Today – Friday 24 July 2026

African Start-up News Headlines:

• Botswana Tech Fund 1 has reached a $6.7 million first close as it prepares to invest in technology companies supporting digital growth across Southern Africa. venture capital fund will focus on businesses developing digital solutions for micro, small and medium-sized enterprises. Its investment model combines an accelerator-led pre-seed programme with primary and secondary investments in more established growth-stage companies.
• Raxio Group has increased its committed capital to more than $380 million after existing shareholders Meridiam and Roha injected additional equity to support the company’s next phase of expansion across Africa. The investment comes as demand for digital infrastructure accelerates, with the company reporting a sixfold increase in contracted data center capacity during the first half of 2026 compared with the same period last year. The latest investment lifts Raxio’s capital base from $350 million and builds on a $100 million financing package secured from the International Finance Corporation (IFC), a member of the World Bank Group, in 2025.
  
  

Business News Today 

Africa’s Largest Private Equity Deal Closed For Dangote Expansion

Dangote Petroleum Refinery and Petrochemicals has completed a $2.5 billion private equity placement, described as Africa’s largest publicly disclosed primary equity raise of its kind. The offer was 3.7 times oversubscribed and closed on 23 July 2026, according to a public statement by the group yesterday.

The transaction marks the first significant equity investment in the 650,000-barrels-per-day Lekki complex from external investors beyond the Nigerian National Petroleum Company Limited, which held a 7.2 percent stake. Named participants include the Africa Finance Corporation and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank, alongside other institutional, sovereign-linked and development finance investors.

Proceeds will fund the expansion of the Nigerian refinery and petrochemical complex toward a target capacity of 1.4 million barrels per day, strengthen the balance sheet and provide flexibility for future growth. The raise is viewed as a preparatory step ahead of a planned initial public offering later in 2026, which could become one of Africa’s largest listings. The company has also signalled ambitions for a second major refinery in Kenya as part of its broader continental expansion strategy.

Interest Rate in South Africa Left Unchanged in a Sensible move by SARB

South Africa’s central bank – SARB’s Monetary Policy Committee (MPC), kept its main lending rate unchanged at 7% on Thursday, surprising markets that had leaned toward a further increase after inflation climbed to a two-year high.The MPC voted 4–2 to hold the repo rate, leaving the prime lending rate at 10.5%. Governor Lesetja Kganyago said current policy remains sufficiently restrictive to return inflation to target over the medium term. Two members preferred a 25 basis-point hike.

June consumer inflation rose to 5.0%, the highest since mid-2024. The surge was driven largely by transport costs after fuel prices jumped sharply on elevated global energy prices linked to Middle East tensions. Core inflation also edged higher, but the dominant impulse remained energy-related rather than broad demand pressure.The decision was viewed as less hawkish than expected. The rand weakened, touching multi-month lows against the dollar as traders unwound positions built on a more aggressive outcome. Analysts noted the currency’s reaction reflected an expectation reset rather than a fundamental reassessment of policy credibility. Emerging-market currencies typically respond more sharply to such surprises than major reserve currencies.

Crypto Catching Cautious Traction

Bitcoin has posted a solid weekly gain of nearly 9% despite elevated volatility, a departure from earlier cycles where sharp swings often triggered cascading sell-offs. The main support has come from a return of institutional demand. After heavy outflows from US spot Bitcoin ETFs in May and June, multi-day inflow streaks have reappeared, injecting hundreds of millions of dollars in buying pressure. This institutional bid has helped absorb selling that previously would have driven deeper declines.

Market structure has also changed. With ETFs and larger allocators now significant participants, volatility is less purely driven by leveraged retail liquidations. Modest improvements in risk sentiment, including stabilisation in technology stocks and temporary easing of geopolitical fears, have further supported the rebound. Technical factors, including defence of key support levels and short covering, have added momentum.

Breaking Business and Market News Shorts:  

• Ethiopia’s state-owned Ethio Telecom reported a 47.5% rise in earnings before interest and taxes driven ​by driven by an increase in the number ‌of customers, its CEO said on Thursday. Ethio Telecom’s Chief Executive Officer Frehiwot Tamiru said the earnings for the year ​ended June rose to 92.9 billion birr ($581.33 million) ​from 63 billion birr in the same period ⁠in 2025.
• African Rainbow Minerals (ARM) announced yesterday, that its board had approved a phased 15.2 billion rand ($927.28 million) upgrade of its Bokoni platinum ​group metal operations as well as the resumption of nickel mining at Nkomati. The group said the outlook for PGMs, mostly used in autocatalysts which curb vehicle emissions, remains positive 
• Brent crude oil held above $100 per barrel this morning, and was on track to gain nearly 14% for the week, as escalating Middle East tensions heightened fears of deeper global supply disruptions. The US launched a 13th straight day of strikes on Iran,
• Japan’s Nikkei 225 Index dropped by more than 2% to below 64,900, while the Topix Index dropped over 1% to below 4,000 today, reversing the previous session’s gains, driven by a broad retreat in tech stocks amid fresh worries over heavy spending on AI. 
• Gold prices fell toward $4,040 per ounce on today, extending a nearly 2% decline in the previous session, as surging oil prices fuelled by the escalating Middle East conflict strengthened the case for tighter US monetary policy. President Donald Trump warned of expanded military action against Iran and vowed to hold Tehran accountable for any future Houthi attacks on commercial vessels in the Red Sea, 

Markets by Numbers 

Currency markets indicate the US dollar trading fairly level today. The Greenback is trading against the Euro at 1.13834 while trading against the Pound at 1.33192 The Yen is currently trading at 163.77 to the dollar. The rand (ZAR), has weakened and is currently trading around the 16.80 mark against the US dollar this morning.

Commodities:  

• Gold futures are around -0.1% lower this morning, and currently trading at around $4045.44 per ounce.  
• Copper prices are around -0.36% lower this morning, with prices currently around $6.2844 per pound
• Silver futures are marginally higher today, and currently trading at around $57.681 per ounce.
• Platinum futures are around -0.9% lower this morning, currently trading at $1594.10, while Palladium is around -1.3% lower today, and currently trading around $1245.50 per ounce.
• Lithium prices have lifted by around 2.45% today and trading at CNY146 500
• Brent crude oil prices are holding above $100 a barrel today, and currently trading around $100.45, with WTI trading at $91.84 currently
• Cocoa futures are lower by around -0.5% today, and currently trading at $5301 per ton. 
• Coffee futures are down by over -2.2% today, and currently trading at around $3.0940 per pound

Crypto Currencies: 

• Bitcoin prices are up 0.09% today, currently trading at around $65 120 per coin.
• Ether prices are trending -0.07% lower this morning, and currently trading around $1875.00

(All prices as quoted at approximately 04H30 Central African Time) 

African General News Briefs:

• South Africa’s Deputy Finance Minister David Masondo has resigned as the ​chair of the board of ‌directors of state-owned asset manager the Public Investment Corporation (PIC), he said on Thursday. This follows the resignation of six board members this week. The PIC is ​facing mounting scrutiny after its ​chief executive was suspended pending an investigation into ⁠allegations raised by a whistleblower. South ​Africa’s financial regulator has also launched ​an official hearing into allegations of poor investments that have been politically linked.
• Germany’s Federal Minister of Foreign Affairs, Dr Johann Wadephul met with South Africa’s foreign minister, Ronald Lamola yesterday with discussions focused on growing the economy and accelerating the Just Energy Transition and addressed pressing global challenges. Dr Wadephul also responded to questions about the exclusion of South Africa in G20 summit in Florida by the United States.