| 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. Mozambique's post-election crisis has gone from bad to worse. Opposition leader Venâncio Mondlane alleges that last month's contest was rigged in favor of the ruling Frelimo party, in power since 1975, and its presidential candidate Daniel Chapo. Foreign and local observers pointed to a raft of irregularities.  Venâncio Mondlane. Photographer: Alfredo Zuniga/AFP/Getty Images Protests followed the announcement of the official results and the security forces responded with tear gas and live ammunition. Human Rights Watch says at least 11 people died last month. Mondlane, who fled the country saying he feared assassination, isn't backing down. He's planning a dramatic homecoming to lead a march on Maputo, the capital, on Thursday. Fears are growing there will be more bloodshed. The attorney general has warned Mondlane against incitement, while the authorities have opened criminal proceedings against him and restricted access to the internet and social media that he's used to galvanize his supporters. But citizens with little to lose are unlikely to be deterred from taking to the streets. Mozambique is one of the world's least-developed countries, with economic opportunities, decent housing and government services all in short supply. An influential group of Catholic bishops has called for talks and suggested that a government of national unity could be formed. The nation could draw on the experience of others in southern Africa to chart a way forward. In neighboring South Africa, the African National Congress ceded the parliamentary majority it held for three decades and agreed to share power with nine rivals. That sparked a rally in its currency, stocks and bonds. In Botswana, Mokgweetsi Masisi quickly conceded after his party lost elections after 58 years in office. Mondlane says he's open to dialog, but it's unlikely the incumbent rulers will agree to his demand that the electoral commission restore what he says is the true election outcome — his victory. And, time is running out for them to sit down and talk. — Matthew Hill Key stories and opinion:
Mozambique Opposition Leader Plans Return to a Nation on Edge
Mozambique Braces for Fresh Protests After Disputed Election
Ruling Party Wins Mozambique Vote Tainted by Fraud Claims
Diamond-Market Dip Spurs Seismic Political Shift in Botswana
South Africa Bonds Prove Democracy Invaluable: Matthew Winkler Duma Boko, Botswana's new president, took office following his Umbrella for Democratic Change's shock victory in last week's elections and announced economist Ndaba Gaolathe as his pick for deputy. Boko, 54, succeeded Masisi, whose Botswana Democratic Party was widely expected to win. The party of the southern African nation's first post-independence government got just four parliamentary seats however, down from 38 five years ago, as voters punished it for an economic downturn and high unemployment.  Boko casts his ballot in Gaborone, Botswana's capital. Photographer: Monirul Bhuiyan/AFP/Getty Images Zambia's plans to take bigger stakes in some mining projects won't impact existing operations in the country, according to a senior government official. The mines ministry in August unveiled a new strategy that would see a state-owned company control at least 30% of future critical-minerals mines. That initiative will only apply to more than 40 permits that have been reserved for the government, which intends to bring in investment partners, said Jito Kayumba, an assistant to President Hakainde Hichilema. Tighter monetary policy in Zimbabwe is helping shore up the ZiG, its gold-backed currency, according to Persistence Gwanyanya, a member of the central bank's monetary policy committee. "The natural expectation was for the ZiG to firm up and this is what we are seeing," he said in an interview. The central bank devalued the ZiG by 43% against the dollar in September and accompanied that move with a sharp hike in interest rates. The ZiG is the southern African nation's sixth attempt in 15 years at a stable local currency.  A supermarket till operator holds a 10 ZiG banknote and 5 Zig coin in Harare. Photographer: Cynthia R Matonhodze/Bloomberg Fitch Ratings signaled that it may upgrade South Africa's credit outlook if the government sticks to its debt-stabilization path, while cautioning that the latest budget forecasts are optimistic. The National Treasury last week projected that state debt would peak at 75.5% of gross domestic product in the next financial year, slightly higher than its February projection. Fitch expects the debt-to-GDP ratio to rise over the next few years, partly because it assumes there will be transfers to struggling state-owned logistics company Transnet. Nigeria's President Bola Tinubu's office said he won't withdraw four tax bills sent to lawmakers, a move likely to anger powerful state governors whose buy-in is critical to implement the planned reforms. "The legislative process, which has already begun, provides an opportunity for inputs and necessary changes without withdrawing the bills from the National Assembly," the presidency said in a post on X. The proposed new laws provide for the number of taxes imposed on business to be reduced and for them to be collected by a federal agency, rather than at state level.  Bola Tinubu. Photographer: Hollie Adams/Bloomberg Standard Chartered is partnering with the UK's development finance institution to increase trade between Africa and South and Southeast Asia. A $350-million financing deal with British International Investment aims to help small businesses facing working-capital challenges to boost their international presence, said Admir Imami, BII's head of trade and supply-chain finance. The partnership is important because trade financing shortfalls hurt small- and medium-sized companies, which the International Trade and Forfaiting Association in Zurich says account for 80% of African traders. Thank you for your responses to our weekly Next Africa Quiz and congratulations to Altan Ari, who identified Russia as the country that postponed plans to send two strategic bombers to South Africa. Botswana is bearing the brunt of a collapse in the diamond market that generates the bulk of government revenue. Sales have been impacted by oversupply, poor demand from the crucial Chinese market and pressures from lab-grown gems. The downturn and the knock-on effect it has had on the economy was the main reason the party that ruled the southern African nation for almost six decades lost power in last week's elections. Botswana is the world's largest producer of rough diamonds by value, with almost all of its gems mined by Debswana — which is jointly owned by the government and De Beers. Thanks for reading. We'll be back in your inbox with the next edition on Friday. Send any feedback to mcohen21@bloomberg.net | 
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