Economy | - Part 22

South Africa GDP Growth Too Slow to Improve Conditions, IMF Says

South Africa, Capital Markets in Africa: Economic growth in South Africa is too slow to improve living standards in a country where a third of the population is excluded from the economy, according to the International Monetary Fund. “The cost of insufficient action has reached the critical point,” the lender’s First Deputy Managing Director David Lipton said in a speech in Johannesburg on Tuesday. “What is needed is a fresh and energetic review of South Africa’s policies, followed by…

Ghana Increases 2016 GDP Growth Forecast After Earlier ‘Mistake’

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s finance ministry increased its economic growth forecast for 2016 two weeks after projecting the slowest expansion in more than three decades due to a “mistake” in its calculations. West Africa’s largest economy after Nigeria will grow between 4.1 percent and 4.3 percent this year compared with 3.9 percent in 2015, Finance Minister Seth Terkper said in an interview in the capital, Accra, on Monday. The Bank of Ghana’s Monetary Policy Committee…

Rising Energy-Import Bill Deepens Tunisia’s Economic Troubles

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TUNIS, Capital Markets in Africa: Social and political unrest in Tunisia is reducing energy production, adding to the economic pressure on the fragile nation that was the only real success story to emerge from the Arab Spring. The North African country’s energy-import bill has risen 45 percent to 5.5 billion dinars ($2.5 billion) since 2010, government data show. Domestic oil production dropped by about a quarter over the same period to 63,000 barrels a day last year, according…

Ghana Cuts Growth Outlook to Lowest in More Than 30 Years

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ACCRA, Capital Markets in Africa: Ghana cut its economic growth forecast for 2016 to the lowest rate in more than three decades as the country reduced its targets for oil and gold production. West Africa’s largest economy after Nigeria will likely expand 3.2 percent this year after growing 3.9 percent in 2015, Finance Minister Seth Terkper said in a statement on the ministry’s website. That will be the slowest rate since 1983, when the economy contracted 4.6 percent, according…

Brexit Could Hurt South Africa’s GDP Growth, Kganyago Says

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SOUTH AFRICA, Capital Markets in Africa: The U.K.’s vote to leave the European Union will hurt South Africa’s economic growth, according to Reserve Bank Governor Lesetja Kganyago. “We would not venture into a recession at this stage, but there is no doubt that it will slow the South African economy from the weak growth that we already have,” Kganyago said in an interview with Bloomberg TV at the European Central Bank Forum in Sintra, Portugal on Tuesday. The…

Ghana GDP Growth Rate Climbs in First Quarter as Farming Expands

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s economic growth quickened in the first quarter as farming output and telecommunication services expanded. Gross domestic product in the West African nation rose 4.9 percent from a year earlier compared with a revised 4.1 percent in the fourth quarter, Philomena Nyarko, government statistician at the Ghana Statistical Service, told reporters in the capital, Accra, on Wednesday. The economy grew 1.1 percent from the previous quarter, she said. Economic growth…

World Bank Slashes Nigeria and South Africa 2016 Growth Forecast

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LAGOS, Nigeria, Capital Markets in Africa: The World Bank cut Nigeria’s economic growth forecast for this year, citing weakness from oil-output disruptions and low prices. The lender, in its semi-annual Global Economic Prospects report, said Africa’s biggest economy is expected to grow 0.8 percent, down from an estimate of 4.6 percent in January. Growth is projected to pick up to 3.5 percent in 2017, it said. Furthermore, forecast South Africa’s economy to expand 1.1% in 2017,…

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