Economy | - Part 61

Ghana govt says revises 2017 GDP forecast down to 7.0-7.4 pct

ACCRA (Capital Markets in Africa) – Ghana is revising its forecast for gross domestic product growth in 2017 to 7.0-7.4 percent from a previous forecast of above 8 percent, Finance Minister Seth Terkper said on Monday. Government spending remains within targets set by the International Monetary Fund under a three-year programme to stabilize the economy, despite an approaching Dec. 7 presidential election, Terkper told reporters. “Expenditures are within the IMF programme targets …. We are…

Kenya Credit Rating upgrade to stable from negative by Standard and Poors

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Global ratings agency Standard & Poor’s (S&P) has upgraded Kenya’s credit outlook to stable from negative, citing sustained economic growth, reduced political tension and stabilising public debt. S&P’s move to upgrade the credit outlook bodes well for the government when it moves to borrow from the international market to plug the gaping budget deficit of Sh689 billion in the current fiscal year. In its previous sovereign update on Kenya…

Nigeria 2016 Budget Performance and MTEF Review

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LAGOS (Capital Markets in Africa) – The 2016 fiscal year has been largely synonymous with a sharp slowdown in economic activities largely as a result of lower oil earnings which constrained fiscal revenue and foreign exchange supply, as well as underwhelming policy responses and a brooding sub-national fiscal crisis which peaked in H1:2016. With a change in monetary policy tact to inflation targeting in Q1:2016 – demonstrated by 2 rate hikes – in a bid…

What’s the Continent’s Inflation Rate doing: Falling or Rising?

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Angola inflation rises to 38 percent year-on-year in August Angola’s inflation quickened to 38.18 percent year-on-year in August from 35.3 percent in July, data from the national statistics agency. Prices increased at a slower pace in August, to 3.3 percent month-on-month from 4.04 percent in July. Rwandan inflation fell to 6.4 percent year-on-year in August from 6.9 percent in July, the state-run statistics office said on Saturday. Botswana inflation slows to 2.6 percent in August…

World Bank cuts Uganda’s GDP forecast, citing South Sudan

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KAMPALA (Reuters) – The World Bank cut its 2016/2017 growth forecast for Uganda on Thursday to 5.5 percent from 5.9 percent, citing the impact of South Sudan’s conflict on its exports and sluggish investments due to slower economic activity globally. South Sudan is one of Uganda’s major export markets but roads between the two countries have been unsafe since an eruption of violence in South Sudan in July. “The current economic forecast … is ……

IMF Cuts 2017 GDP Growth Outlook for Africa’s Largest Economies

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LAGOS (Capital Markets in Africa) – The International Monetary Fund has cut its 2017 economic growth forecasts for Africa’s two largest economies as low commodity prices, policy uncertainty and weak investor confidence weigh on output. Gross domestic product in South Africa will probably expand 0.8 percent next year, compared with the 1 percent forecast in July, the Washington-based lender said in its World Economic Outlook Report Tuesday. Nigeria’s economy will contract 1.7 percent this year and expand 0.6 percent…

Sierra Leone President orders 30 percent government spending cut

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FREETOWN (Capital Markets in Africa) – Sierra Leone will cut the cost of running its government by 30 percent to try to tackle an economic crisis triggered by falls in commodity prices and the aftermath of an Ebola epidemic, President Ernest Bai Koroma said in a statement. The measures will come into effect immediately and continue for the rest of the year. The budget for the first half of 2017 will face similar cuts, the statement…

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