Economy | - Part 57

S&P says South Africa needs to deliver growth, fiscal improvements

JOHANNESBURG (Capital Markets in Africa) – South Africa’s sovereign credit rating could come under pressure if the country’s economic growth and fiscal performance do not improve, the head of the sub-Saharan region of S&P Global Ratings said on Wednesday. “We have certain expectations with regard to GDP growth and certain expectations with regard to fiscal improvements. If there is no delivery in this regard, that could certainly put pressure on the rating,” Konrad Reuss told…

IMF Sees Bigger Ghana 2016 Deficit Target Slippage Than Forecast

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ACCRA (Capital Markets in Africa) – Ghana will miss its budget-deficit target for 2016 by a bigger margin than the government’s forecast due to weak revenue collection and higher-than-planned capital spending, according to the International Monetary Fund. West Africa’s second-biggest economy will probably miss the Washington-based lender’s budget-deficit forecast of 5.2 percent of gross domestic product by 2 to 3 percentage points, the IMF said in an e-mailed response to questions. Last month, former Finance Minister Seth Terkper said…

Sub-Saharan Africa 2017 Growth to accelerate by 2.9 Percent, World Bank Says

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LAGOS (Capital Markets in Africa) – Growth in Sub-Saharan Africa is estimated to have decelerated to 1.5 percent in 2016, the lowest level in over two decades, as commodity exporters adjust to low commodity prices. Regional GDP per capita contracted by 1.1 percent. South Africa and oil exporters account for most of the slowdown, while activity in non-resource intensive countries—agricultural exporters and commodity importers—generally remained robust. Commodity prices are expected to stabilize, but stay well…

Global Growth Edges Up to 2.7 Percent Despite Weak Investment

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LAGOS (Capital Markets in Africa) – Global economic growth is forecast to accelerate moderately to 2.7 percent in 2017 after a post-crisis low last year as obstacles to activity recede among emerging market and developing economy commodity exporters, while domestic demand remains solid among emerging and developing commodity importers, the World Bank said in a report released on Tuesday. Growth in advanced economies is expected to edge up to 1.8 percent in 2017, the World…

Negative outlook for Sub-Saharan African sovereigns Amid Uncertainty

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LAGOS (Capital Markets in Africa) – The creditworthiness of sovereigns in Sub-Saharan Africa (SSA) has an overall negative outlook for 2017, reflecting the liquidity stress facing commodity-dependent countries, subdued economic growth, and persistent political risk, Moody’s Investors Service said in a report today. The report, “Sovereigns — Sub-Saharan Africa: Negative Outlook Amid Liquidity Stress, Low Growth, Political Risk”, is available on www.moodys.com. Moody’s subscribers can access the report using the link at the end of…

Cameroon’s Economy to Grow by 6% in 2017 Says Finance Minister

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YAOUNDE (Capital Markets in Africa) – Cameroon’s economy is set to expand 6 percent this year even as it imposes new taxes to compensate for a decline in government revenue from oil, Finance Minister Alamine Ousmane Mey said. The central African nation last month approved the introduction of 24 taxes that apply to a wide range of goods and services, including second-hand car imports and exports of timber, Mey said in a Jan. 3 interview…

Benin Seeks to Spend $15 Billion Next 5 Years to Boost Economy

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PORT-NOVO (Capital Markets in Africa) – Benin plans to spend as much as $15 billion over the next five years on agriculture, tourism and infrastructure projects, an amount that the government seeks to raise by boosting tax revenue and borrowing on local and regional markets, according to the finance minister. The government of the West African nation will finance about 40 percent of its development program, while the private sector will be tapped to fund…

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