Budget | - Part 2

Preview of South Africa’s Budget Speech 2017

JOHANNESBURG (Capital Markets in Africa) – The upcoming Budget will be a critical one given there is no more room for the upward revision of deficit targets as seen over the last few years. As a result of the current slow growth environment, the tax increases and expenditure cuts set in October’s Medium-term Budget have to be adhered to if Treasury is to deliver a positive Budget. This is according to Senior Economist, Johann Els,…

Been-Here-Before Feeling Saps Ghana Bonds Amid $1.6 Billion Hole

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ACCRA (Capital Markets in Africa)- The West African nation’s ballooning budget gap has dismayed investors betting the combination of a new government and an International Monetary Fund program would bring the country’s finances under control. The discovery of a 7 billion-cedi ($1.6 billion) hole is reviving memories of 2015 when Ghana’s economy was in tatters amid a slowdown in commodity prices and excessive spending. “There were some hopes that finally, under the previous government, and with the IMF’s…

Ghana Budget Gap May Double Forecast as $1.6 Billion Hole Found

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ACCRA (Capital Markets in Africa) – Ghana’s fiscal shortfall could be close to double the forecast for last year, Finance Minister Ken Ofori-Atta said a day after the government said it discovered a 7 billion-cedi ($1.6 billion) hole in the budget. The budget deficit as a percentage of gross domestic product could be close to “double digits” for 2016, he said Wednesday in an interview in Accra, the capital. “We’re still in the process of gathering information,”…

AfDB signs US$ 500 million, 2nd tranche of budget support loan for Egypt

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CAIRO (Capital Markets in Africa) – The African Development Bank, on 19th December 2016, signed a loan of US$ 500 million to finance the Egypt Economic Governance and Energy Support Program Phase II. The loan, which was approved by the Bank’s Board of Executive Directors on 13th December 2016, is the second tranche of a three-year, US$ 1.5 billion programmatic series, covering the fiscal years 2015/16 to 2017/18 (July-June). It builds on the first phase of the…

Nigeria Plans 20% Budget Rise to End Nigeria’s Economic Slump

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari presented plans to lawmakers to boost the nation’s spending by 20 percent next year in a bid to revive an economy set for its first full-year contraction in more than two decades. Buhari asked lawmakers to allow the government to spend 7.3 trillion naira ($23 billion) in 2017, compared with this year’s budget of 6.1 trillion naira. The proposal is based on a projected price of $42.50 per…

Tanzania aims for debut Eurobond in 2017/18 – ministry

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DAR ES SALAAM (Capital Markets in Africa) – Tanzania aims to issue its first Eurobond in fiscal 2017/18 to fund new infrastructure, the Finance and Planning Ministry said on Thursday, after repeated delays in the launch as it sought a credit rating. It did not say how much the bond would be worth, but said the government wanted to raise $900 million in the financial year starting July 1 to fund infrastructure projects. President John…

Zimbabwe halves 2016 growth forecast, budget deficit widens

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HARARE (Reuters) – Zimbabwe’s economy will grow by 0.6 percent in 2016, half the previous forecast, but will recover next year, Finance Minister Patrick Chinamasa said in a budget speech on Thursday. Chinamasa said the budget deficit for the 2017 fiscal year was estimated at $400 million, equivalent to 3 percent of GDP, up from 1.1 percent in this year. In addition, Zimbabwe expects its 2016 fiscal budget deficit to widen to $1.18 billion, nearly…

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