Economy | - Part 3

As Petrodollars Dry Up, Weary Angolans Ship BMWs to Portugal

LUANDA (Capital Markets in Africa) – Desperate for hard currency, Angolans are coming up with new ways to convert their kwanzas into dollars and euros. Filipe Afonso got tired of waiting in line at a bank to exchange his kwanzas for greenbacks. So he bought two second-hand BMW motorcycles, shipped them to Portugal and sold them for euros to pay for his family’s expenses back home. “You do what you need to do to get…

Tunisia Eyes GDP Growth, Currency Reform, to Boost Economy

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TUNIS (Capital Markets in Africa) – Tunisia’s government is looking to double economic growth, slash its budget deficit and revise some currency restrictions in an effort to revive its struggling economy. Prime Minister Yousef El-Shahed told parliament the government seeks to raise economic growth to 5 percent in 2020 compared with an expected rate of 2.5 percent this year and would work to halve the budget deficit to 3 percent of gross domestic product by that…

Zambia’s economy to grow 4.3 percent, copper output easing slightly in 2017

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LUSAKA (Capital Markets in Africa) – Zambia’s economy will grow 4.3 percent this year and 5.1 percent in 2018, boosted by improved agriculture and mining output and a recovery in electricity generation, the central bank reported. “There has been strengthening confidence in Zambia’s medium to long-term economic prospects as reflected by the participation of non-resident investors in the Government securities markets,” the Bank of Zambia hinted in a report surveying the first half of 2017….

Worst May Be Over as Biggest Africa Economies End Growth Rut

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LAGOS (Capital Markets in Africa) – The worst may be over for Africa’s two largest economies as they likely emerged from a slump in the second quarter. Official data on Tuesday will probably show South Africa’s economy expanded in the three months through June, ending its second recession in less than a decade. Nigeria’s gross domestic product probably grew from a year earlier, and came out of its worst slump in a quarter of a century. South Africa…

Kenyan Assets Jolted by Ruling That May Deliver Long-Term Gains

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NAIROBI (Capital Markets in Africa) – Short-term pain, long term gain is the prognosis for Kenyan assets after a landmark court ruling that nullified last month’s presidential election and ordered a fresh poll. Yields on Kenya’s foreign debt climbed the most in almost two months, the shilling weakened and stocks tumbled after the judgment. But for investors willing to look past the immediate political risks, it’s good news, according to JPMorgan Asset Management. The court upheld an…

No Quick Fix for South Africa’s Frail Economy When Zuma Goes

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JOHANNESBURG (Capital Markets in Africa) – Anyone who believes there’s a quick fix for South Africa’s political and financial malaise when President Jacob Zuma leaves office needs to think again. His successor will inherit an economy that slid into recession in the first quarter, mismanaged state companies that are bleeding cash and a network of officials implicated in looting taxpayer funds. Efforts to reignite growth and rein in a 27.7 percent unemployment rate will be hamstrung by the…

South Africa Has Longest Trade-Surplus Run in Six Years in July

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JOHANNESBUGH (Capital Markets in Africa) – South Africa had a surplus on its trade balance in July, the longest run of positive readings since 2011. The 9 billion-rand ($689 million) surplus compares with June’s revised 10.6 billion-rand surplus, the Pretoria-based South African Revenue Service said in an emailed statement Thursday. The median of nine economists’ estimates was for 7.1 billion rand. The surplus eases pressure on the current account, the broadest measure of trade in goods and services, while also boosting…

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