Economic Outlook |

CÔTE D’IVOIRE: ECONOMIC REVIEW AND OUTLOOK

LAGOS, Nigeria, Capital Markets in Africa: Côte d’Ivoire’s fundamentals to remain strong but growing external headwinds pose downside risks Growth to remain strong over the short term, providing businesses with opportunities Côte d’Ivoire’s short-term economic outlook appears good, reflecting successful reforms under the current administration. The country has come a long way from five years of civil war (2002-07) that damaged its infrastructure, and post-election instability in 2010 that left 3,000 people dead and thousands…

IMF Says Nigeria’s Economy Will Probably Contract This Year

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LAGOS, Capital Markets in Africa: Nigeria’s economy will probably contract this year as energy shortages and the delayed budget weigh on output, according to the International Monetary Fund. “I think there is a high likelihood that the year 2016 as a whole will be a contractionary year,” Gene Leon, the fund’s resident representative in Nigeria, said in an interview in the capital, Abuja, on July 8. While the economy should look better in second half…

IMF Says Ghana fiscal adjustment is on track with improved cash deficit

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ACCRA, Ghana, Capital Markets in Africa: A team from the International Monetary Fund (IMF), led by Joël Toujas-Bernaté, visited Ghana from April 27-May 11, 2016, to conduct discussions on the third review of Ghana’s financial and economic programme supported by the IMF’s Extended Credit Facility (ECF). The ECF is a lending arrangement that provides sustained programme engagement over the medium to long term in case of protracted balance of payments problems. The arrangement for Ghana…

South Africa | Partnerships Can Avert South Africa Junk Rating, Radebe Says

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Johannesburg, South Africa, Capital Markets in Africa — South Africa’s government is confident that its partnerships with business and labor can help it avert a credit-rating downgrade to junk, according to Jeff Radebe, Minister for Planning, Performance, Monitoring & Evaluation in the Presidency. “We are not envisaging a downgrade because we have put in measures as a government working with our partners in the private sector and labor to ensure that we stay the course,” Rabede told…

South Africa Reserve Bank Can Wait — Bank of America Merrill Lynch

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Johannesburg, Capital Markets in Africa — The South Africa Reserve Bank continues to be one of the most orthodox emerging market central banks in the aftermath of the global financial crisis. As inflation has been above the bank’s target band, it is one of the few EM central banks to have hiked the policy rate so far this year. Even as the global backdrop has become much more emerging market friendly compared to late last…

Nigeria’s GDP growth slows in 2015 amidst forex liquidity constraints

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LAGOS, Nigeria, Capital Markets in Africa — The Nigeria National Bureau of Statistics released economic performance data for the fourth quarter of 2015 on Friday 11 2016. The release showed that Africa’s largest economy grew by 2.1% year-on-year (yoy) in the fourth quarter against market expectations of 2.85%. The growth rate was also lower than the 2.84% recorded in the third quarter of 2015 and significantly lower than the 5.94% recorded in the fourth quarter of…

South Africa’s GDP grew by a modest 1.3% in 2015

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Johannesburg, South Africa, Capital Markets in Africa — In the final quarter of 2015, South Africa GDP rose by a very modest 0.6%q/q, annualised (seasonally adjusted). This compares with growth of 0.7%q/q in Q3 2015, 1.3%q/q in Q2 and 2.2%q/q in the first quarter of 2015. The latest GDP performance was slightly below market expectations, which was for growth of 0.9%q/q (STANLIB 0.9%q/q). Over the past year to Q4 2015, SA GDP rose by a…

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