Economy | - Part 48

Moody’s: Ghana’s credit profile balances strong economic growth outlook

ACCRA (Capital Markets in Africa) – Ghana’s B3 credit rating and stable outlook reflects its strong economic growth outlook and reduction in external imbalances, set against challenges which include a significant fiscal overrun in 2016, high government debt and very low debt affordability, Moody’s Investors Service said in a report published this past week. The annual update, “Government of Ghana — B3 Stable Annual Credit Analysis”, is now available on www.moodys.com. Moody’s subscribers can access…

Moody’s downgrades Gabon’s rating to B3, outlook negative

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LIBREVILLE (Capital Markets in Africa) – Moody’s Investors Service has today downgraded the long-term issuer and senior unsecured debt ratings of the government of Gabon to B3 from B1 and maintained the negative outlook. Concurrently, Moody’s has lowered the government of Gabon’s local currency as well as foreign currency bond and deposit ceilings to Ba3 from Ba1. The rating downgrade drove the change in ceilings. Rating Rationale The key drivers behind the downgrade to B3…

Kenyan Growth Slows as Farming Shrinks for First Time Since 2009

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NAIROBI (Capital Markets in Africa) – Economic growth in Kenya slowed in the first quarter, crimped by the first contraction in agricultural output in eight years and a slowdown in bank lending. Gross domestic product in East Africa’s largest economy grew 4.7 percent from a year earlier in the three months through March, compared with 5.8 percent reported in the previous quarter, the Kenya National Bureau of Statistics said in a statement on its website. Kenya’s rain-fed…

Ghana’s Economy Expands Most Since 2014 in First Quarter

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ACCRA (Capital Markets in Africa) – The economy of Ghana, West Africa’s biggest after Nigeria’s, expanded the most in almost three years in the first quarter, boosted by gains in the oil industry. Gross domestic product rose 6.6 percent in the three months through March from a year earlier, Anthony Amuzu, deputy government statistician for operations at the Ghana Statistical Service, told reporters Wednesday in the capital, Accra. That’s the fastest expansion since the third quarter…

South Africa Must Have Inflation-Target Talk, Buthelezi Says

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JOHANNESBURGH (Capital Markets in Africa) – South Africa should have talks on the appropriateness of the central bank’s inflation target, Deputy Finance Minister Sfiso Buthelezi said, adding to concern that the institution’s mandate may be altered. “We set this 3 percent to 6 percent then, under different economic conditions,” Buthelezi said at a conference Monday in Johannesburg. “Is it still relevant now? Is it a policy for all seasons?” Buthelezi’s remarks come a week after Public Protector Busisiwe Mkhwebane recommended…

South Africa Inflation Rate Rises for First Time in 2017

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Consumer-price inflation accelerated to 5.4 percent from 5.3 percent in April, matching the median estimate of 22 economists in a Bloomberg survey and staying within the central bank’s target range for a second month. Prices increased 0.3 percent in the month, Statistics South Africa said in a report…

Nigeria’s Inflation Rate Falls to Lowest in a Year in May

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LAGOS (Capital Markets in Africa) – Nigeria’s inflation rate fell for a fourth straight month in May, dropping to the lowest in a year as growth in prices of most goods except food eased. Inflation in Nigeria, which vies with South Africa as the continent’s largest economy, slowed to 16.25 percent from 17.2 percent in April, the Abuja-based National Bureau of Statistics said in an emailed report. The median of 15 economists’ estimates in a Bloomberg survey was for…

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