Economy | - Part 55

Nigeria’s economy shrinks by 1.51% in 2016 for first time in 25 years

LAGOS (Capital Markets in Africa) – Nigeria’s economy contracted 1.5 percent in 2016 due to lower oil revenues and a shortage of hard currency, the National Bureau of Statistics said on Tuesday, its first annual contraction in quarter of a century. Africa’s largest economy slid into recession in the second quarter of 2016 as a slump in crude prices hammered the OPEC member’s public finances and battered the naira currency. Crude sales make up two-thirds…

Moody’s changes outlook on Morocco’s Ba1 rating to positive from stable

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RABAT (Capital Markets in Africa) – Moody’s Investors Service has today changed the outlook on the Government of Morocco’s rating to positive from stable and affirmed the issuer and senior unsecured ratings at Ba1. The key drivers of today’s rating action are: (1) Improving external position reflected in the build-up of foreign exchange reserves in the wake of dynamic new export industries and lower nominal oil imports; (2) Declining fiscal imbalances, reflecting gradual but steady…

South Africa’s 2017 Budget Analysis: A tough and taxing year ahead – STANLIB

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Johannesburg (Capital Markets in Africa) – The South African Minister of Finance, Pravin Gordhan, delivered a tough budget for 2017/2018, highlighting the need for significant tax increases, especially on wealthier individuals, while at the same time endeavouring to contain government expenditure. Although the government’s fiscal parameters are expected to remain largely under-control over the coming year, there is a lack of new initiatives to meaningfully stimulate the economic growth of the country. Under these circumstances,…

Zambia Ratings Affirmed by Fitch; Outlook Negative

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LUSAKA (Capital Markets in Africa) – Fitch Ratings has affirmed Zambia’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘B’ with Negative Outlook. The issue ratings on Zambia’s long-term senior unsecured foreign- and local-currency bonds and short-term senior unsecured local-currency securities are also affirmed at ‘B’. The Country Ceiling is affirmed at ‘B+’ and the Short-Term Foreign and Local Currency IDRs at ‘B’. Zambia’s ‘B’ IDRs reflect a combination of the country’s persistent fiscal…

West African CFA franc zone to see strong growth, increased risks, Says IMF

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ABIDJAN (Capital Markets in Africa) – Countries in the West African Economic and Monetary Union (WAEMU) are on track to see medium-term economic growth of about 6 percent after recording 6.5 percent growth last year, the International Monetary Fund (IMF) said on Thursday. However, the eight-nation currency zone is “subject to significant downside risks”, including global uncertainties, sluggish structural reforms and falling cocoa prices, it said in a statement. Member countries using the West African…

Egypt: Tides Are Changing, Or Is History Repeating Itself?

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CAIRO (Capital Markets in Africa) – Egypt is flashing once again at the centre of emerging markets’ radar screen after a long recede, ever since the outbreak of the 2011 revolution and the years of political and economic instability that followed. The Government has just embarked upon long-awaited and badly needed structural reforms, including, but not limited to, a shift to a flexible exchange rate regime that aims to tackle the currency shortage and attract…

AFRICA: TOP FIVE PREDICTIONS FOR 2017

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LAGOS (Capital Markets in Africa) – At the start of 2017, the year ahead looks uncertain. This paper constitutes a brief look at NKC African Economics’ top five predictions for Africa for 2017. 1. President Trump will have a negligible impact The word that appears, to sum up Donald Trump’s effect on the international economy, and other areas like security, is ‘uncertainty’. However, there has been some consistency in his views expressed during the campaign…

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