Economy | - Part 53

Tanzania’s economic growth slowed by policy uncertainty, credit squeeze

DAR ES SALAAM (Reuters) – Uncertainty over government policies and a slowdown in the private sector cut Tanzania’s gross domestic product growth to an estimated 6.9 percent in 2016 from 7.2 percent the previous year, the World Bank said on Tuesday. Growth is still supported by substantial government investment in infrastructure, including a standard gauge railway, new roads and expanding the ports. But investors have been unnerved by unpredictable policies from the government of President…

Fitch Affirms Morocco at ‘BBB-‘; Outlook Stable

Posted on by The Editorial Team

RABAT (Capital Markets in Africa) – Fitch Ratings-Hong Kong-07 April 2017: Fitch Ratings has affirmed Morocco’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘BBB-‘ with a Stable Outlook. The issue ratings on Morocco’s senior unsecured foreign and local currency bonds have also been affirmed at ‘BBB-‘. The Country Ceiling has been affirmed at ‘BBB’ and the Short-Term Foreign- and Local-Currency IDRs at ‘F3’. KEY RATING DRIVERS Morocco’s ratings are driven by its economic…

Fitch may be next to slap South Africa with “junk” rating

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Ratings agency Fitch is likely to follow rival S&P and cut South Africa’s sovereign credit rating to below investment-grade, analysts said, an outcome that would underscore worries about political uncertainty and prompt a further selloff in assets. S&P Global Ratings cut South Africa’s foreign currency debt to speculative grade or “junk” status in an unscheduled review on Monday, citing political tensions that led to the sacking of respected finance…

IMF says Nigeria economy needs urgent reform, no FX curbs

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The International Monetary Fund (IMF) warned Nigeria its economy needs urgent reform in a report published on Wednesday that highlighted the risks to growth for the recession-hit country and the dangers of a volatile foreign exchange market. The document, a report from IMF staff which Reuters saw an earlier version of last month, outlines a raft of failings in Nigeria’s handling of Africa’s largest economy and could affect talks over…

IMF Sees Ugandan Growth Rebound in 2017-18 on Infrastructure

Posted on by The Editorial Team

KAMPALA (Capital Markets in Africa) – Economic growth in Uganda may accelerate in the coming fiscal year, underpinned by government spending on infrastructure and an anticipated recovery in lending to the private sector, according to the International Monetary Fund. The growth rate may increase to 5.5 percent in the 12 months through June 2018, compared with an estimated 4.5 percent this year and 4.8 percent in the prior 12-month period, Clara Mira, IMF’s resident representative…

Côte d’Ivoire and Ghana Resilient to Credit Pressure from 10-yr low in Cocoa Prices

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – While cocoa prices at 10-year lows will put pressure on the economies and fiscal position of leading producers Côte d’Ivoire and Ghana, both will be able to withstand short-term price fluctuations, Moody’s Investors Service said in a report today. Current average cocoa prices reflect a drop of around 30% compared to mid-2016. The report, “Sovereigns — Africa: Côte d’Ivoire and Ghana Resilient to Credit Pressures from Fall in Cocoa…

South Africa’s credit rating downgraded to junk by S&P after finmin changed

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – S&P Global Ratings downgraded South Africa’s sovereign credit rating to BB+ from BBB- grade on Monday, saying the recent firing of its internationally respected finance minister posed a risk fiscal policy. The rand fell by as much 2 percent to the dollar in response to the news of the downgrade, while government bonds also weakened sharply. “The downgrade reflects our view that the divisions in the ANC-led government that…

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