Economic |

Visa-Free Access to Cape Verde for EU May Boost Growth to 7%

LAGOS (Capital Markets in Africa) – Cape Verde will exempt European Union citizens from needing visas to visit the West African archipelago as it strives to boost tourism, which is vital to its economy, according to the prime minister. Visa-free access for EU passport holders should begin in 2018, Prime Minister Ulisses Correia e Silva said by phone from Praia, the capital. The exemption is part of a raft of proposals that includes privatizing the ailing…

Unlock the potential of African entrepreneurs to accelerate Africa

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – African governments need to integrate entrepreneurship more fully into their industrialisation strategies, according to the African Economic Outlook (AEO) 2017 released Monday, May 22 at the African Development Bank Group’s 52nd Annual Meetings. In 2016, Africa’s economic growth slowed down to 2.2% from 3.4% in 2015 due to low commodity prices, weak global recovery and adverse weather conditions, which impacted on agriculture production in some regions. However, it is…

How is Africa Navigating the new Reality: Contraction or Expansion?

Posted on by The Editorial Team

IMF Cuts 2017 GDP Growth Outlook for Africa’s Largest Economies The International Monetary Fund has cut its 2017 economic growth forecasts for Africa’s two largest economies as low commodity prices; policy uncertainty and weak investor confidence weigh on output. Gross domestic product in South Africa will probably expand 0.8 percent next year, compared with the 1 percent forecast in July, the Washington-based lender said in its latest World Economic Outlook Report. Nigeria’s economy will contract 1.7 percent this year and…

Kenyan Central Bank Head Sees Growth Shrugging Off Election

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NAIROBI (Capital Markets in Africa) – The Kenyan economy is “resilient and diversified” enough to shrug off any potential negative effects from elections next August, with growth likely to accelerate in 2017, Central Bank of Kenya Governor Patrick Njoroge said. The prospects for East Africa’s largest economy are “very good,” even as analysts flag investor concerns about a possible slowdown in output because of shrinking private-sector credit growth and the potential for unrest during the vote, he said…

Impressions from the World Economic Forum on Africa —- RMB Morgan Stanley

Posted on by The Editorial Team

The 26th World Economic Forum on Africa was held in Kigali, Rwanda last week: We attended the gathering and provide feedback on the conference and the investable themes coming out of it. Connecting Africa’s Resources through Digital Transformation: The theme of this year’s forum builds on that of the World Economic Forum held in Davos this January, by honing in on how Africa sees itself participating in the so-called Fourth Industrial Revolution. Rwanda, a continental…

Kenya’s Economic Growth Robust and to Grow by 6.5% in 2015 — IMF

Posted on by The Editorial Team

Nairobi, Kenya, Capital Markets in Africa — Kenya’s economic growth has been robust despite headwinds from the global slowdown and ongoing domestic security problems, according to the International Monetary Fund (IMF) Country Report No. 15/269. However, the IMF revised its forecast for Kenya’s Gross Domestic Product (GDP) growth for 2015 from 6.9% to 6.5%, and trimmed 2016 figure from 7.2% to 6.8%. The Fund also revised inflation upwards to 6.4 percent from the previous projection of…

Egypt’s Draft Budget Hints at Slower Fiscal Consolidation, a Credit Negative

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa) — Last Thursday, Egypt’s (B3 stable) Ministry of Finance announced the draft budget for the 2016 fiscal year that starts 1 July. The draft budget, which the cabinet approved and awaits sign-off from President Abdel Fattah el-Sisi, projects a fiscal deficit of 9.9% of GDP, down from the revised budget deficit of 10.8% during the current fiscal year. However, the budget hints at a slower fiscal consolidation pace than…

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