Economy | - Part 63

Nigerian Economic Policy Dispute Hinders Chances of Recovery

LAGOS, Capital Markets in Africa: A dispute between Nigeria’s monetary and fiscal policy makers over how to lift the economy out of its worst slump in more than two decades may delay a recovery in Africa’s most populous country. Central bank Governor Godwin Emefiele last week ignored calls by Finance Minister Kemi Adeosun to cut borrowing costs and kept the key interest rate unchanged at 14 percent, hours after she said in a television interview looser policy is necessary to…

South African Rating Cut a Serious Risk, De Beers CEO Says

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JOHANNESBURG, Capital Markets in Africa: South Africa is in deep danger of losing its investment-grade credit rating and needs to reassure investors of its commitment to regulatory certainty and fiscal stability, said Bruce Cleaver, the chief executive officer of De Beers, the world’s largest diamond producer. “South Africa is in a slightly difficult place right now,” Cleaver said in an interview with Bloomberg TV at the U.S.-Africa Business Forum in New York on Wednesday. “I think the threat of…

Ivory Coast Leader Sees Steady Growth of 9 Percent Through 2017

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ABIDJAN, Capital Markets in Africa: Ivory Coast President Alassane Ouattara said he expects an economic growth spurt in the west African nation that’s outpaced all its continental peers to last until at least through next year, and said the country is looking everywhere for investors as it recovers from internal conflict. Ivory Coast has no preference for either public or private investment on whether investors come from “China, the Gulf States” or anywhere else, Ouattara said in…

Moody’s Sees One-Third Probability of South Africa Downgrade

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JOHANNESBURG, Capital Markets in Africa: The probability that South Africa’s sovereign credit rating could be cut in November by Moody’s Investors Service is about a third, the company’s Vice President Zuzana Brixiova said. “We expect the probability of a downgrade at less than 50 percent, its closer to around one third,” Brixiova told reporters in Johannesburg on Tuesday. The country’s growth path will be “very important,” she said. South Africa is struggling to revitalize the economy…

Egypt trade deficit narrows by $7 bln since January: trade minister

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CAIRO, Capital Markets in Africa: Egypt’s trade deficit has narrowed by $7 billion since January, Trade and Industry Minister Tarek Kabil said on Tuesday, adding that exports could rise by 10 percent – helping close the trade gap even more – if authorities devalued the local currency. Pressure has been mounting on the central bank to devalue the currency as Egypt struggles to revive an economy hit by political unrest that has driven away tourists and…

Rwanda’s economic growth slows to 5.4 pct in Q2

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KIGALI, Capital Markets in Africa: Rwanda’s economy grew by 5.4 percent in the second quarter of the year, down from an expansion of 7.2 percent in the same period last year, the statistics office said on Tuesday. The country has had a stellar run in recent years, posting faster growth than other East African economies, but it has been curbed by a weakening of the currency this year, after imports surged. Yusuf Murangwa, the director…

IMF Sees Tanzanian Growth Being Spurred by Public Spending

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DAR ES SALAM, Capital Markets in Africa: Tanzania’s economy is expected to grow 7.2 percent this year, driven by public spending and President John Magufuli’s efforts to curb government waste, the International Monetary Fund’s resident representative said. Investment in roads and power plants, along with upgrades to ports and airports, a drive to boost government revenue and lower oil prices all support the expansion of the economy, Bhaswar Mukhopadhyay said in an interview Sept. 16 in the…

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