Economy | - Part 5

AFDB Optimistic about Economic Prospects for Southern Africa

ABIDJAN (Capital Markets in Africa) — The Southern Africa region’s investment opportunities and prospects for economic growth are encouraging despite recent headwinds of a global pandemic and food crisis, the African Development Bank’s (www.AfDB.org) Senior Vice President Swazi Tshabalala has said. Tshabalala attended the 42nd Ordinary Summit of Heads of State and Government of the Southern African Development Community (SADC) which closed in the Democratic Republic of Congo’s capital, Kinshasa last week. She was accompanied…

Africa: Another close election and mixed signs from Egypt and Nigeria

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LAGOS (Capital Markets in Africa) – With the dust not yet settled on Kenyan elections, political analysts’ plates will be thrown another meaty election with Angolan polls set to take place next week. Polling suggests it is going to be a close race, and we could see the first change in government since Angolan independence — if the ruling MPLA allows for this change, that is. In Egypt, communication from the CBE suggests its change…

S&P: Sub-Saharan Africa Remains Out Of Step With Islamic Finance

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JOHANNESBURG (Capital Markers in Africa) -Islamic finance is an unlikely showstopper across Sub-Saharan Africa. Despite the region’s pronounced financing needs, particularly for infrastructure projects and to repay COVID-19-related debt, S&P Global Ratings believes that Sub-Saharan countries will access the market via multilateral institutions (MLIs) instead of through sukuk issuances. Sukuks’ Run May Be Short-Lived We foresee limited market issuance–of both sukuk and conventional debt–across Sub-Saharan Africa (SSA) over the remainder of the year. Senegal was…

Inflation Rate at 23.6% Puts Focus on Ghana’s Central Bank

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ACCRA (Capital Markets in Africa) – Ghana’s inflation rate climbed to the highest level in more than 18 years in April, underscoring the dilemma the central bank faces in trying to balance its efforts to stop intolerable price growth persisting and boosting the economy. Annual inflation quickened to 23.6%, the highest since January 2004, from 19.4% in March, Government Statistician Samuel Kobina Annim told reporters Wednesday in Accra, the capital. The median estimate of five economists in…

Ghana Unlikely to Meet 2022 Growth Target Over Rising Inflation

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ACCRA (Capital Markets in Africa) – Ghana’s economic expansion this year will likely fall short of a government forecast as soaring inflation reduces private consumption and investment. The second-biggest West African economy will expand 5% in 2022, according to the median estimate of five economists interviewed by Bloomberg. That compares with the government’s projection of 5.8%, made in November, though it said last week that it will revise that figure. “I expect to see a…

U.S. Economy Posts Surprise Contraction, Belying Solid Consumer

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NEW YORK (Capital Markets in Africa) – The U.S. economy shrank for the first time since 2020, reflecting an import surge tied to solid consumer demand. While the surprise contraction adds to political headaches for President Joe Biden, it’s unlikely to dissuade the Federal Reserve from hiking interest rates aggressively to combat inflation.Gross domestic product fell at a 1.4% annualized rate in the first quarter following a 6.9% pace at the end of last year, the Commerce…

Ghana Eyes Economic Rebound as It Opens Land and Sea Borders

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ACCRA (Capital Markets in Africa) – Ghana expects an economic rebound as it moves to open land and sea borders to mark the end of Covid-19 restrictions imposed at the beginning of the pandemic. “It has been a difficult two years for all of us, and we are seeing light at the end of a very long tunnel,” President Nana Akufo-Addo said in a televised broadcast Sunday. “I assure you that, sooner rather than later, our economy…

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