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BUSINESS BRIEF
BY BUSINESS INSIDER AFRICA
AUG 21, 2026
5-MINUTE READ
Africa’s daily intelligence on business, policy and power—what changed, what it means and what to watch next.
OPENING SIGNAL
AFRICA’S CURRENCIES ARE TELLING DIFFERENT STORIES

The South African rand strengthened about 0.4% to trade at 16.0550 against the US dollar on Friday, supported by a softer dollar and higher gold prices heading for a third consecutive weekly gain.

Global sentiment toward risk-sensitive currencies and precious metals was further boosted by US Treasury Secretary Scott Bessent's announcement that the government may increase its Treasury bond buybacks after doubling buyback sizes on longer-dated securities.

On the domestic front, the Johannesburg Stock Exchange's Top-40 index rose 2% in early trade, while the benchmark 2035 government bond yield fell 2.5 basis points to 8.54%.

READ THE FULL STORY →
THE DAILY NUMBER ONE NUMBER BEHIND THE NEWS
11.00
CEDI PER U.S. DOLLAR
Ghana's currency faces renewed pressure
The Ghanaian cedi weakened to around 11.00 per dollar as corporate and offshore demand for foreign currency continued to exceed available supply.
SOURCE: REUTERS
ACROSS AFRICA BUSINESS · MARKETS · INVESTMENT
INDUSTRY · NIGERIA
Dangote Refinery secures $1 billion underwriting ahead of IPO
Dangote Refinery has secured a $1 billion underwriting programme as it prepares for a planned initial public offering that could become Africa's largest. The financing includes a completed private placement and additional support tied to the IPO.
CURRENCIES · UGANDA
Uganda's shilling gets support from fresh foreign-currency inflows
Uganda's shilling is expected to maintain a firm tone as month-end inflows from charities and commodity exporters bring more foreign currency into the market.
MARKETS · AFRICA
African currencies are responding differently to the weaker dollar
The weaker dollar is providing support to some African currencies, but the benefits remain uneven. Nigeria is seeing support from offshore investor inflows, Zambia from strong copper prices and Kenya from continued stability in its foreign-exchange market.

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THE AFRICA BOARD MARKETS AT A GLANCE
NIGERIA NAIRA
₦1,345/$
● OFFSHORE FLOWS PROVIDE SUPPORT
ZAMBIA KWACHA
18.99/$
● COPPER PRICES OFFER SUPPORT
UGANDA SHILLING
3,715–3,725/$
▲ FOREIGN-CURRENCY INFLOWS HELP
KENYA SHILLING
129.30–129.50/$
● CONTINUES TO HOLD STEADY
AUG 21, 2026
WORLD → AFRICA THE GLOBAL STORY, MADE LOCAL
COMMODITIES
The weaker dollar is pushing gold higher
Gold is heading for another weekly gain, supported by a weaker U.S. dollar and lower long-term Treasury yields. The shift is helping push the precious metal higher as investors reassess the outlook for global markets.
For Africa's gold-producing economies, higher prices can mean stronger export earnings and support for local currencies. But the benefits will depend on production levels, export structures and how much value remains within the countries producing the metal.
THE AFRICA ANGLE: Gold is helping some African economies at a time when higher oil prices are creating fresh risks for others.
WHAT WE’RE WATCHING THE NEXT 72 HOURS
01
Oil and the Strait of Hormuz
Brent is still heading for another weekly gain as supply disruptions continue to shape the market.
WATCH: NEXT WEEK'S OPENING TRADES
02
Ghana's dollar demand
The cedi is facing renewed pressure as demand for foreign currency continues to exceed available supply.
WATCH: CENTRAL BANK LIQUIDITY MOVES
03
Foreign capital's next move
Africa's growing appeal to investors is shifting attention from how much capital arrives to what that capital actually builds.
WATCH: NEW DEALS AND LOCAL INDUSTRIAL CONDITIONS

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EXECUTIVE TRIVIA
HOW WELL DO YOU KNOW AFRICAN BUSINESS?

One quick question on African business, economics, policy or corporate history. Choose an answer below and see immediately if you are right.

Which company became the first to reach a $1 trillion valuation?

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