Economy

ACCRA (Capital Markets in Africa) – Ghana’s inflation rate climbed to the highest level in more than 18 years in April, underscoring the dilemma the central bank faces in trying to balance its efforts to stop intolerable price growth persisting and boosting the economy.  Annual inflation quickened to 23.6%, the highest since January 2004, from 19.4% in March, Government Statistician Samuel Kobina Annim told reporters Wednesday in Accra, the capital. The median estimate of five economists in…

ACCRA (Capital Markets in Africa) – Ghana’s economic expansion this year will likely fall short of a government forecast as soaring inflation reduces private consumption and investment. The second-biggest West African economy will expand 5% in 2022, according to the median estimate of five economists interviewed by Bloomberg. That compares with the government’s projection of 5.8%, made in November, though it said last week that it will revise that figure. “I expect to see a…

NEW YORK (Capital Markets in Africa) – The U.S. economy shrank for the first time since 2020, reflecting an import surge tied to solid consumer demand. While the surprise contraction adds to political headaches for President Joe Biden, it’s unlikely to dissuade the Federal Reserve from hiking interest rates aggressively to combat inflation.Gross domestic product fell at a 1.4% annualized rate in the first quarter following a 6.9% pace at the end of last year, the Commerce…

ACCRA (Capital Markets in Africa) – Ghana expects an economic rebound as it moves to open land and sea borders to mark the end of Covid-19 restrictions imposed at the beginning of the pandemic.  “It has been a difficult two years for all of us, and we are seeing light at the end of a very long tunnel,” President Nana Akufo-Addo said in a televised broadcast Sunday. “I assure you that, sooner rather than later, our economy…

KHARTOUN (Capital Markets in Africa) – Economists slammed as unworkable Sudan’s 2022 budget that seeks to more than double tax revenue to replace foreign aid suspended after October’s coup, saying it was likely to fuel more turmoil and anger against the ruling military. The impoverished North African country, which looked like rejoining global markets after the 2019 overthrow of dictator Omar al-Bashir, has revised down its growth target to 1.4% and is racing to find the…

LUANDA (Capital Markets in Africa) – Angola’s economic growth is forecast to accelerate to 2.9% this year from an estimated 0.1% in 2021, boosted by higher oil prices and a relaxation of Covid-19 restrictions, the International Monetary Fund said. “Angola’s economic performance is beginning to improve after years of recession,” the Washington-based lender said in a statement published on its website that includes a final staff report on Angola’s three-year extended arrangement. “Vulnerability remains high,…