The Editorial Team |

IMF Says Nigeria’s Economy May Contract by 1.8% in 2016

LAGOS, Nigeria, Capital Markets in Africa: Africa’s largest economy will probably contract by 1.8 percent this year and curb growth in the entire region, according to the International Monetary Fund. The Washington-based lender cut its 2016 growth forecast for Nigeria from 2.3 percent projected in April, according to its World Economic Outlook update released on Tuesday. The projection for next year was reduced to 1.1 percent from 3.5 percent. The Nigerian economy will contract for the first…

IMF Says Brexit Will Drag Down World Economic Growth

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LAGOS, Nigeria, Capital Markets in Africa: Britain’s decision to leave the European Union will reduce global economic growth this year and next, the International Monetary Fund says. The IMF said Tuesday that it is shaving its estimate for worldwide growth to 3.1 percent this year and 3.4 percent in 2017. Both estimates are 0.1 percentage points lower than the bank’s previous forecast in April. IMF chief economist Maurice Obstfeld said the bank was prepared “as…

South Africa GDP Growth Too Slow to Improve Conditions, IMF Says

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South Africa, Capital Markets in Africa: Economic growth in South Africa is too slow to improve living standards in a country where a third of the population is excluded from the economy, according to the International Monetary Fund. “The cost of insufficient action has reached the critical point,” the lender’s First Deputy Managing Director David Lipton said in a speech in Johannesburg on Tuesday. “What is needed is a fresh and energetic review of South Africa’s policies, followed by…

Namibia’s Diamond Discoveries Seen Extending Mining by 50 Years

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Namibia, Capital Markets in Africa: Discoveries of diamonds on land bordering the southern Atlantic coastal areas of Namibia, the world’s largest producer of marine gems, may extend ground-based mining operations by another 50 years, Finance Minister Calle Schlettwein said. Namdeb Diamond Corp., jointly owned by the Namibian government and Anglo American Plc’s De Beers, struck more deposits after pushing back the sea wall at its land-based operations, Schlettwein said an interview Sunday in Kigali, Rwanda’s capital, where he was…

Market Watch | Emerging-Market Currency Price Swings Widen as Lira Bounces Back

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LAGOS, Nigeria, Capital Markets in Africa: A rebound in the Turkish lira after a failed coup attempt helped boost some developing-nation exchange rates that were hurt by the turmoil as a gauge of emerging-market currency volatility rose from an 11-month low. The lira gained 1.7 percent, following a 4.6 percent plunge on Friday, helping to lift currencies such as South Africa’s rand. The JPMorgan Emerging Market Volatility Index, a gauge of price swings, jumped 1.3 percent from the lowest…

Nigeria | Naira Forwards, Volatility Surge as Nigeria Removes Spread Limit

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LAGOS, Capital Markets in Africa: Naira forwards rose to record highs and volatility surged after the Central Bank of Nigeria removed a limit on bid-offer spreads in the foreign-exchange market, raising expectations the currency is set to extend declines as it trades more freely. Three-month non-deliverable forward contracts jumped 4.1 percent to a record329 per dollar by 4:41 p.m. in Lagos, while contracts maturing in a year rose 3.3 percent to 363, also the highest level…

Ghana Increases 2016 GDP Growth Forecast After Earlier ‘Mistake’

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s finance ministry increased its economic growth forecast for 2016 two weeks after projecting the slowest expansion in more than three decades due to a “mistake” in its calculations. West Africa’s largest economy after Nigeria will grow between 4.1 percent and 4.3 percent this year compared with 3.9 percent in 2015, Finance Minister Seth Terkper said in an interview in the capital, Accra, on Monday. The Bank of Ghana’s Monetary Policy Committee…

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