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Fixed Income Daily: Bond market and currency metrics for African capital markets
Egypt - We see inflation rising to 7.5% in 2022, pressured by energy cost curve rationalisation and the spillover effects of fiscal consolidation, but it will remain within CBE’s 7% (+/-2%) target. Ra...
Daily Africa Insight: An overview of today’s key events and developments
Angola – S&P upgrades credit rating to B-. Cameroon – French offer $262m in budgetary support. Ghana – Business conditions improve despite slowing momentum. Ghana – Moody’s announces downgrade, govern...
Talking Point: Kenya – MTP to focus on growth, employment, and investment
Kenya recently launched its Fourth Medium Term Plan (MTP, 2023-27) Preparatory Process. “The fourth MTP will strive to strengthen the country’s economic sector and create employment opportunities, red...
Talking Point: Mozambique – Sadc forces face headwinds in Cabo Delgado
A recent uptick in militant activity in Cabo Delgado suggests that foreign troops deployed to the insurgency-hit northern province are struggling to consolidate their initial gains. A deployment of so...
Talking Point: Namibia – PSCE growth ends 2021 with a whimper
Private sector credit extension (PSCE) growth slowed in December according to the latest Bank of Namibia’s (BoN) Money and Banking Statistics report. PSCE growth plodded along at 1.2% y-o-y in Decembe...
Talking Point: Angola – S&P upgrades credit rating to B-
S&P Global Ratings (S&P) upgraded Angola’s long-term foreign currency credit rating by one notch to B- from CCC+ on February 4. The ratings agency maintained the outlook at stable. According to S&P, t...
Talking Point: Cameroon – French offer $262m in budgetary support
Cameroon recently signed a deal worth CFAfr150bn (around $262m) with the French Development Agency (FDA). According to Cameroon’s minister of economy, planning and regional development, Alamine Ousman...
South Africa: Economy expected to gravitate back to familiar slow growth environment
Private sector investment has benefited from low borrowing costs, which has contributed to the economic recovery in 2021. Our estimates show that GDP likely rose by 1.1% q-o-q during the final quarter...
Talking Point: Ghana – Business conditions improve despite slowing momentum
The latest print of the IHS Markit purchasing managers’ index (PMI) indicates that overall business conditions in Ghana’s private sector improved last month, despite declining output and sticky price...
Talking Point: Ghana – Moody’s announces downgrade, government to appeal
On Friday, February 4, Moody’s Investors Service (Moody’s) announced its decision to downgrade Ghana’s long-term sovereign credit risk rating by one notch from ‘B3’ to ‘Caa1’. Concurrently, the agency...
Talking Point: Tunisia – Saïed shortens the leash on judges
President Kaïs Saïed announced in a video message on Sunday, February 6, that the Higher Council of Magistrates (CSM) “can now consider itself as belonging to the past” and that he would issue a decre...
Talking Point: Uganda – Trade deficit narrows slightly in December
The Bank of Uganda’s (BoU) latest merchandise trade data indicates that trade levels for December were in line with November’s, with exports marginally increasing while imports fell by around $6m. Ove...
South Africa Weekly Economic Report: Zondo shines a light on state capture, Eskom turns it off
Last week was a busy one, loaded with a slew of data release. On Wednesday, South African motorists woke up to higher prices at the pump. The latest fuel cost setting has again pushed the price for in...
Fixed Income Daily: Bond market and currency metrics for African capital markets
Zambia - In line with our expectation for the MPC to pause the tightening cycle at this month’s meeting and resume with a further rate increase in May, we think there may be more room for yield compre...
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.#Angola crude #oil production dipped for the second-consecutive month in March. Nevertheless, oil output did improve slightly in Q1 2022 as a whole compared with Q1 2021.
President Ouattara of #Cotedivore has named a vice-president: Tiemoko Meyliet Koné, an economist who has spent most of his career at the West African central bank, the BCEAO. The nomination is positive from the point of view of governance.
.#SouthAfrica headline inflation rate came in at 5.9% y-o-y in March, 0.2 ppt higher than the previous month. The March inflation print was slightly lower than the consensus forecast of 6.0% y-o-y.
In its WEO for April the #IMF makes downward revisions to the global growth outlook in response to the war in Ukraine. #Africa is an exception: the Fund’s view of growth in sub-Saharan Africa is unchanged since October. But the outlook for the price environment is bleak.
Inflation in #Sudan rose to 263.2% y-o-y in March. The October coup d'état has sent the already fragile economy into free fall. Living standards are rapidly deteriorating as prices continue to soar, and 18 million people are at risk of facing food insecurity in coming months.
.#Angola #inflation rate dips slightly in March, marking the second-straight disinflation reading this year. The stronger kwanza should give consumers some reprieve this year.
The number of #tourists visiting #Mauritius rose to 66,066 in March as Covid-19 restrictions were relaxed and pandemic-related fears became more of a faint memory.
The #inflation outlook in #Nigeria deteriorated over the past month as the headline print rose to 15.9% y-o-y due to food and fuel prices pressures. Inflation should continue trending upwards throughout Q2 and Q3, averaging above 16.0% this year.
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