Economy | - Part 34

Ramaphosa Shine Fades as Reality Bites South African Economy

JOHANNESBURG (Capital Markets in Africa) – Economic and political problems are piling up for Cyril Ramaphosa, dampening the euphoria that accompanied his ascension to the South African presidency. A labor union boss turned business tycoon, Ramaphosa took office in February after the ruling African National Congress forced Jacob Zuma to resign following a scandal-tainted tenure that lasted almost nine years. While Ramaphosa initially won plaudits from investors and the public for instigating a crackdown on graft, sentiment has…

Ghana’s Economy Likely up to 40% Bigger, Reuters Reports

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ACCRA (Capital Markets in Africa) – Ghana’s economy could be as much as 40 percent bigger when the statistics agency publishes overhauled data on output in September, Reuters reported, citing government officials it didn’t identified. A bigger gross domestic product could improve Ghana’s debt ratio and get the government closer to achieving its budget-deficit target of 4.5 percent of GDP this year. The $45-billion economy is the seventh biggest in sub-Saharan Africa and one of…

Egypt Inflation Rate Accelerates for First Time in 11 Months

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CAIRO (Capital Markets in Africa) – Egypt’s inflation accelerated for the first time in 11 months in June after the government slashed fuel and electricity subsidies to help reduce the budget deficit. Inflation in urban parts of the country, the rate closely watched by the central bank, climbed to 14.4 percent from 11.4 percent in May, according to the state statistics agency. Prices rose 3.5 percent on the month, the most since January last year….

Kenya’s Big Four Agenda No Silver Bullet for Economy, BMI Says

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NAIROBI (Capital Markets in Africa) – Kenya’s Big Four agenda, a set of development goals geared at fuelling output, will not necessarily drive economic growth to the targeted 7 percent from 2020 to 2022, according to BMI Research. A key hurdle is the government’s weak fiscal position, with debt projected to cross the 60 percent to gross domestic product threshold in 2018, the Fitch Group unit said in a note. East Africa’s biggest economy’s chief development…

IMF Urges Egypt to Watch Inflation After New Subsidy Cuts

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CAIRO (Capital Markets in Africa) – The International Monetary Fund urged Egypt to maintain a tight monetary policy as a new round of subsidy cuts rekindled inflation worries. The Washington-based lender praised Egypt’s implementation of economic reforms as “instrumental in achieving macroeconomic stabilization, with external and fiscal deficits narrowing, inflation and unemployment declining, and growth accelerating.” At the same time, the central bank “should retain its restrictive stance to counter second-round effects of fuel and electricity price increases,”…

IMF Says Senegal’s Economic Risks Increased, Remain Manageable

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DAKAR (Capital Markets in Africa) – While risks to Senegal’s economy have increased, they remain manageable, the Washington-based International Monetary Fund said. “Lack of progress on structural fiscal issues such as revenue mobilization, energy subsidies, and reforms to further reduce the treasury’s additional financing needs could undermine fiscal sustainability,” the lender said Monday in an emailed statement. “On the external side, security risks in the region could adversely affect investment and growth.” The West African nation’s economy…

World Bank, IMF Raise Rwanda’s 2018 Growth Estimate to 7.2%

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KIGALI (Capital Markets in Africa) – The World Bank and International Monetary Fund revised their projection for Rwanda’s economic growth this year to 7.2 percent as rains improved food supply. The revision comes after Rwanda’s government posted 10.6 percent growth in gross domestic product in the first quarter of 2018 after services, which make up almost half of national output, accelerated. Rwanda is one of Africa’s top performers and has expanded an average of more than…

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