Economy | - Part 61

South Africa doing well if you strip out growth, Moody’s Says

JOHANNESBURG (Capital Markets in Africa) – South Africa measures favourably in most indices bar economic growth, which the Treasury has forecast will be 0.5 percent this year, a Moody’s representative said on Tuesday. Moody’s rates South Africa two notches above sub investment grade with a negative outlook and is due to publish its next review in December. Fellow ratings firms S&P’s and Fitch have the country just a step above junk. The three agencies have…

South Africa cuts growth forecast, calls for political stability

Posted on by The Editorial Team

CAPE TOWN (Capital Markets in Africa) – South Africa’s Treasury on Wednesday slashed this year’s growth forecast and predicted a wider budget deficit for the 2016/17 fiscal year, warning that it would have to cut spending to avoid credit rating downgrades. Speaking to reporters before presenting his budget speech to parliament, Finance Minister Pravin Gordhan, who is facing fraud charges, stressed the need to bring an end to “political noise” in the country and get…

Uganda economy to grow 5 pct 2016/17, 5.5 pct 2017/18, IMF says

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KAMPALA (Capital Markets in Africa) – Uganda’s economy will grow by 5 percent in the 2016/17 (July-June) fiscal year, the International Monetary Fund forecast on Wednesday, trimming the forecast from 5.5 percent after state revenues missed targets and some major projects faced delays. The IMF also predicted Uganda would grow 5.5 percent next fiscal year, boosted by rising spending on infrastructure. Uganda has been pressing ahead with several major projects, including new dams and roads….

Zimbabwe growth to quicken to 4.8 pct in 2017

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HARARE (Capital Markets in Africa) – Zimbabwe expects economic growth to quicken to 4.8 percent in 2017 from 1.2 percent this year on improved agriculture production and higher global commodity prices, the Treasury said in a budget strategy document. The southern African nation is in the throes of its worst financial crisis since it switched its currency for the U.S. dollar, and its plans to introduce local bank notes next month have helped fuel protests…

Ghana govt says revises 2017 GDP forecast down to 7.0-7.4 pct

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ACCRA (Capital Markets in Africa) – Ghana is revising its forecast for gross domestic product growth in 2017 to 7.0-7.4 percent from a previous forecast of above 8 percent, Finance Minister Seth Terkper said on Monday. Government spending remains within targets set by the International Monetary Fund under a three-year programme to stabilize the economy, despite an approaching Dec. 7 presidential election, Terkper told reporters. “Expenditures are within the IMF programme targets …. We are…

Kenya Credit Rating upgrade to stable from negative by Standard and Poors

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NAIROBI (Capital Markets in Africa) – Global ratings agency Standard & Poor’s (S&P) has upgraded Kenya’s credit outlook to stable from negative, citing sustained economic growth, reduced political tension and stabilising public debt. S&P’s move to upgrade the credit outlook bodes well for the government when it moves to borrow from the international market to plug the gaping budget deficit of Sh689 billion in the current fiscal year. In its previous sovereign update on Kenya…

Nigeria 2016 Budget Performance and MTEF Review

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LAGOS (Capital Markets in Africa) – The 2016 fiscal year has been largely synonymous with a sharp slowdown in economic activities largely as a result of lower oil earnings which constrained fiscal revenue and foreign exchange supply, as well as underwhelming policy responses and a brooding sub-national fiscal crisis which peaked in H1:2016. With a change in monetary policy tact to inflation targeting in Q1:2016 – demonstrated by 2 rate hikes – in a bid…

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