Economy | - Part 24

Gabon | Prioritizing spend in an election year — Bank of America Merrill Lynch

Libreville, Gabon, Capital Markets in Africa —The Gabonese government is taking steps to mitigate the effect of lower oil prices (oil makes up 40% of revenues) by re-prioritizing its development plans. A supplementary budget is expected to be released in the summer, which will detail where spending can be cut with minimal social and growth impacts. The government is using US$30/bbl in the budget (compared to US$42 previously) and expects GDP growth of 3.2% and…

Egypt’s economic and fiscal conditions are improving, but large financing needs ….

Posted on by The Editorial Team

Cairo, Egypt, Capital Markets in Africa — Reforms have sparked improvements in Egypt’s (B3 stable) public finances and economic conditions, but challenges remain, says Moody’s Investors Service in a report published on 3rd November 2015. The rating agency notes that the challenges include the government’s large financing needs, structural economic issues such as high unemployment and inflation, and elevated political risks. The rating agency projects real GDP growth of 5.0% for the current fiscal year…

Nigeria: Scrutinizing the “Change Agenda”…100 days Appraisal

Posted on by The Editorial Team

LAGOS, Nigeria Capital Markets in Africa — Following the result of the 2015 presidential polls, the new administration was ushered into power amidst groundswell optimism. We attempt an appraisal of the performance of the Buhari led government 100 days after inauguration (since May 29, 2015), having been sworn in amidst high expectations of structural reforms, improvement of government’s fiscal state, tackling of endemic corruption and stamping out insurgency in Northern Nigeria. Although the much awaited…

Sub-Saharan Africa’s growth slows: A look at Nigeria and Kenya by Renaissance Capital

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa) — Low commodity prices, soft global demand and domestic structural constraints have conspired to slow growth in Sub-Saharan Africa’s oil exporting and importing countries alike. We lower our 2015 growth forecast for Kenya to 5.2% (vs 6.0% previously), and highlight downside risks to Nigeria’s. Kenya: Quicker growth is deferred We expect the (investment-driven) acceleration in Kenya’s growth to be deferred, partly due to tighter monetary policy. Although growth quickened in 1Q15…

OPEC agrees to keep pumping as fears of a global oil glut persist

Posted on by The Editorial Team

Vienna, (Capital Markets in Africa) – Oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports. Concluding a meeting with no apparent dissent, Saudi Arabian Oil Minister Ali al-Naimi said the Organization of the Petroleum Exporting Countries had rolled over its current output ceiling, renewing support…

Standard Chartered will invest Millions to boost retail business says Group Head of Retail

Posted on by The Editorial Team

Nairobi (Capital Markets in Africa): – Standard Chartered will spend “hundreds of millions of dollars” in the years ahead to raise the share of income from its retail business 10 percentage points by 2020, its group head of retail clients said. Karen Fawcett said the lender, which focuses on Asia, Africa and the Middle East, would invest the money in areas such as technology to raise the share of retail business income from 30 percent now….

Côte d’Ivoire: Economic growth at 7.7% in 2015 and 7.8% in 2016, net FDI at 2.9% of GDP

Posted on by The Editorial Team

Abidjan, Côte d’Ivoire (Capital Markets in Africa) — The International Monetary Fund (IMF) projected Côte d’Ivoire’s real GDP to grow at 7.7% in 2015 and at 7.8% in 2016 compared to a growth rate of 7.5% in 2014. In parallel, it forecast growth at 4.5% in 2015 and 5.1% in 2016 for Sub-Saharan Africa (SSA), and at 6% in 2015 and 6.2% in 2016 for the West African Economic and Monetary Union, to which Côte…

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