Economy | - Part 46

Ghana’s Economy Expands Most Since 2014 as Oil Industry Grows

ACCRA (Capital Markets in Africa) – Ghana’s economy expanded the most in three years in the second quarter as the oil and gas industry increased. The gross domestic product of West Africa’s largest economy after Nigeria’s rose 9 percent from a year earlier in the three months through June, Baah Wadieh, the acting government statistician at the Ghana Statistical Service, told reporters Wednesday in the capital, Accra. The median of five estimates in a survey…

Moody’s Sees South Africa-SAA Bailout Plan as `Moral Hazard’

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s potential bailout of the state-owned airline could place pressure on the nation’s finances because other government-run companies that are cash-strapped and mismanaged may come to expect the same, Moody’s Investors Service said. “It generates moral hazards because then larger state-owned enterprises see it and there perhaps will be the perception that the government will always come and bail out, without reforms,” Zuzana Brixiova, Moody’s senior vice president for sovereign…

Moody’s: Cameroon’s credit profile supported by diversified economy

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YAOUNDE (Capital Markets in Africa) – Moody’s Investors Service says that while Government of Cameroon’s (B2 stable) credit profile is supported by a diversified economy that has limited the impact of the oil price shock, the country still faces challenges from its weak institutional environment and rising public sector debt. The annual report, “Government of Cameroon — B2 Stable, Annual credit analysis”, is now available on www.moodys.com. Moody’s subscribers can access this report via the…

South Africa Inflation Stays Firmly Within Target Band in August

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s inflation rate stayed firmly within the central bank’s target band in August, strengthening the case for more policy easing on Thursday. Inflation quickened to 4.8 percent from 4.6 percent in July, Pretoria-based Statistics South Africa said Wednesday in a report on its website. The median estimate of 22 economists in a Bloomberg survey was for 4.9 percent. Prices rose 0.1 percent in the month. The higher inflation is unlikely to…

Kenyan Credit Growth Accelerates for First Time in Two Years

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NAIROBI (Capital Markets in Africa) – Lending to Kenya’s private sector accelerated in August for the first time in two years, after growing at the weakest pace since 2002 the month before as banks continued to shun borrowers because of a government-imposed interest-rate cap. Credit grew 1.6 percent in August from a year earlier, compared with 1.4 percent in July, the Central Bank of Kenya said in an emailed statement. The bank kept its benchmark interest rate…

South Africa Current-Account Gap Widens as Customs Payouts Rise

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JOHANNNESBURG (Capital Markets in Africa) – South Africa’s current-account deficit widened in the second quarter as the amount paid to the nation’s customs union partners increased. The shortfall on the current account, the broadest measure of trade in goods and services, increased to 2.4 percent of gross domestic product in the three months through June from a revised 2 percent in the previous quarter, the Reserve Bank said in its Quarterly Bulletin released on Thursday in the…

Tunisia Eyes GDP Growth, Currency Reform, to Boost Economy

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TUNIS (Capital Markets in Africa) – Tunisia’s government is looking to double economic growth, slash its budget deficit and revise some currency restrictions in an effort to revive its struggling economy. Prime Minister Yousef El-Shahed told parliament the government seeks to raise economic growth to 5 percent in 2020 compared with an expected rate of 2.5 percent this year and would work to halve the budget deficit to 3 percent of gross domestic product by that…

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