| Welcome to Next Africa, a twice-weekly newsletter on where the continent stands now — and where it’s headed. Sign up here to have it delivered to your email. South Africa appears to have achieved something that’s proved almost impossible in recent years: getting world powers to agree. In the midst of the global maelstrom caused by US President Donald Trump’s trade war, the nation has done its best to keep economic leaders focused on its agenda as this year’s host of the Group of 20.  South African President Cyril Ramaphosa during the G-20 foreign ministers’ meeting in Johannesburg. Photographer: Emmanuel Croset/AFP/Getty Images It’s been handed “a difficult task,” as South African Finance Minister Enoch Godongwana admits. Still, at a meeting of some of the most powerful finance ministers this week, its officials helped foster common ground. And while a number of countries — most notably the US — didn’t send their top officials, the treasury heads of five of the Group of Seven dominant economies were at the Indian Ocean-resort venue. Aside from references to the thorny issues of sustainable finance and global trade imbalances, bêtes noires for the US and China respectively, Godongwana and other ministers were satisfied that there was substantial agreement on other matters.  WATCH: Bloomberg’s Jennifer Zabasajja reports from this week’s gathering. Signing a communiqué appeared out of reach ahead of the gathering. While a deal doesn’t proclaim a solution to the biggest challenge facing the global economy — US tariffs — merely getting the biggest economies to pledge cooperation in a divided world is a win. “We emphasize the importance of strengthening multilateral cooperation to address existing and emerging risks to the global economy,” according to the document. That said, with the Trump administration waging a sustained battle against the multilateral order that’s dominated politics since the end of World War II, and given the whims of the US leader, a lasting, sustainable deal may well prove elusive. Trump has railed against South Africa’s agenda for its G-20 leadership and its role in in the BRICS bloc of developing nations has stirred the president’s ire. Plaudits for now, yet South African President Cyril Ramaphosa will be wondering until the leaders summit in November — when he hands over the reins to the US — whether hosting the group is an honor or a poisoned chalice. — Antony Sguazzin Key stories and opinion:
G-20 Pledges to Strengthen Cooperation as It Seals Communiqué
Trump’s Trade War Tests G-20’s Resolve to Stay on Course
G-20 Nearing Deal on Communique, S. Africa Finance Head Says
South Africa Aims to Forge G-20 Accord Despite US Enmity
Trump Can Rewrite America’s Narrative in Africa: Justice Malala  In this week’s Next Africa podcast, Jennifer Zabasajja speaks with South African central bank head, Lesetja Kganyago, about the impact of the global trade war, and Bloomberg Economist Yvonne Mhango explains how the latest moves on tariffs are affecting countries on the continent. US Senate Republicans agreed to spare global AIDS prevention and treatment programs from spending cuts, possibly reinstating hundreds of millions of dollars for assistance to African nations. White House Budget Director Russell Vought said restoring the money for the popular program known as Pepfar makes a fast track rescissions package more likely to win approval from lawmakers. Republicans have until Friday to pass the bill, 45 days since Trump’s request to eliminate funding Congress had already approved.  A protest against budget cuts in the Capitol, Washington, on Feb. 26. Photographer: Chip Somodevilla/Getty Images Eswatini has joined a growing list of African governments that have agreed to accept deportees from the US. Five detainees whose home countries refused to accept them because of the severity of their crimes were flown to the southern African nation this week. The US Supreme Court earlier ruled that a plan to deport eight people to South Sudan — only one of whom was a citizen of that nation — could proceed. Anglo American’s handling of the De Beers sale has angered Botswana, which owns 15% of the diamond producer, because the government believes that it hasn’t been properly consulted, sources say. Anglo is selling De Beers as part of a restructuring plan after the company fended off a takeover approach from BHP last year. Botswana is weighing options including buying Anglo’s stake in the gems giant.  A selection of rough diamonds. Source: De Beers Group South Africa is edging closer to leaving a global financial watchdog’s so-called gray list in October, with a team of assessors scheduled to visit this month. The Financial Action Task Force has already determined that South African authorities had met “all or almost all of the actions” required to leave the list and the visiting team will decide if implementation can be sustained, FATF President Elisa de Anda Madrazo said in an interview. Africa’s biggest economy joined the dirty-money list in February 2023. Angola delayed a plan to sell eurobonds this year, citing market volatility that’s undermined investor confidence. Authorities held a global roadshow, which had indicated favorable conditions for a sale in April or May, but geopolitical risk and falling oil prices prompted a rethink. The southwest African nation that produced an average of 1 million barrels a day of oil in June has been hurt by lower crude prices. Separately, Angola’s state-owned carrier TAAG will acquire Boeing 787-10 aircraft and spare engines under a $297 million financing deal approved by the US Export-Import Bank.  An oil platform off the coast of Angola. Photographer: Marcel Mochet/AFP/Getty Images A US consortium involving ex-special forces personnel is seeking to acquire Chemaf Resources, a copper and cobalt producer that’s become a symbol of the growing competition for mineral deals between the US and China in the Democratic Republic of Congo. The country is an important part of US plans to loosen China’s grip over critical-minerals supply chains. Next Africa Quiz — Pilots at which airline, accounting for more than half of South African seat capacity, have threatened to strike? Send your answers to gbell16@bloomberg.net. Data Watch - Nigeria’s annual inflation rate fell for a third straight month in June, bolstering the case for policymakers to again keep borrowing costs unchanged.
- Ivory Coast raised 50 billion yen ($336 million) in samurai bonds, the country’s first, as it moves to diversify financing sources. Senegal brought in 364 billion CFA francs ($644 million) in a bond sale in the regional market.
- Johannesburg-based Valterra Platinum said first-half profit likely fell as much as 98% after flooding curbed mine output and it incurred costs related to its recent spinoff from Anglo American.
- Barclays sees Senegal’s heavy debt burden, which triggered a second credit-rating downgrade in five months, easing sharply when the government does a technical reset of economic data later this year.
Coming Up - July 22 Nigeria interest-rate decision, South Africa central bank leading economic indicator
- July 23 South Africa inflation data for June
- July 24 Ghana mid-term budget
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