Overview of the African economy as @ 121121

Friday, Nov. 12, 2021 / 3:00 p.m. / United Capital Research / Header image credit: Umaizi

Anglophone West Africa


  • According to the Nigerian National Petroleum Corporation (NNPC), revenue from gas commodity sales to Nigeria LNG Limited edged up 12 basis points in the first 8M-2021 to $ 486.77 million, falling from 29, 9% year-on-year from $ 85.41 million (September 2020) to $ 59.84. mn (Sep-2021).
  • In addition, according to the executive secretary of the Nigerian Liquefied Gas Traders Associations, Bassey Essien, the import of liquefied petroleum gas was halted earlier in the week, largely due to the reintroduction of tariffs and value added tax on imported LPG. Thus, the prices of LPG recorded an increase of 240% for 12.5 kg, going from 3,000 N to 10,200 N between January-October 2021.
  • The Central Bank of Nigeria (CBN) conducted an NT bond auction to sell N150.8 billion in bonds. Investor appetite for the auction remained strong, although most of the auction bids were on longer-term paper, as the 91-day and 182-day warrants had subscription rates of 0, 2x and 0.5x, while 364-day bills Bill posted a subscription level of 4.1x, in line with recent trends at recent NTB auctions. The high level of underwriting was not surprising given the high level of liquidity within the banking system.


  • According to Ghana’s National Bureau of Statistics, Ghana’s October inflation rate hit a 15-month high as it accelerated 10 basis points higher than expected from 11% year-on-year from 10.9 % year on year forecast due to soaring oil prices, increases in the price of housing, water and others.
  • Cormart Nigeria Limited announced in a statement the expansion of its export business to Ghana and Cameroon, in line with its strategy of becoming a major player in the export space across West Africa.

Francophone West Africa (UEMOA)


  • Senegalese Petroleum Minister Sophie Gladima unveiled Senegal’s plans to expand its gas initiatives to electricity by exporting electricity to neighboring countries, after the start of its gas production on offshore fields planned in 2023-2024.
  • According to the Ecofin agency, Senegal plans to launch its first satellite in space by 2023, the project follows the memorandum of understanding signed two years ago with the National Center for Space Studies of France and the Ariane group.

Ivory Coast

  • Earlier in the week, on Monday, the Ivorian prime minister maintained his interest in making priority investments in schools, hospitals and jobs in the northern region of the country, as an alternative to violent extremism.
  • Cargill Inc. has completed a $ 100 million expansion of its cocoa processing facilities in Yopougon, Ivory Coast, which promises to add significant volumes to the company’s cocoa grinding capacity.

East Africa


  • According to the Kenya National Bureau of Statistics, Kenya’s black tea export earnings declined 2.4% year-on-year from Ksh 89.2 billion to Ksh 87.1 billion, due to a corresponding decline in leaf production of 1.9% to 386,830 tonnes year-on-year.
  • Likewise, coffee production in Ghana fell 10% to 28,078 tonnes, but income from coffee exports increased by 18% to KSh 19.1 billion.
  • Kenya’s National Bureau of Statistics, in an emailed statement on Wednesday, revealed that Kenya’s GDP grew 10.1% year-on-year in Q2-2021, which is well beyond the ministry’s projections. from Finance, African Development Banks and the International Monetary Fund by 6%, 6.3% and 5.6%, respectively.


  • According to the Dar es Salaam-based Central Bank, Tanzania’s current account deficit narrowed to $ 124.9 million in September, from a deficit of $ 162.5 million the previous month, a change of 23.14% m / m.
  • In addition, Tanzania’s deficit on trade in goods and services recorded a change of 26.96% m / m, from $ 146.9 to 107.3 million%.
  • The President of Tanzania, speaking at a joint session held in Cairo, Egypt on Wednesday, revealed the positive trade relations between Egypt and Tanzania. Bilateral trade between the two countries increased by more than 900%, from 8.4 billion to 87.3 billion between 2018-2020


  • Uganda Coffee Development Authority Director of Development Services Apollo Kamugisha says coffee production in Uganda is expected to increase significantly by up to 22%, from 10.5 to 11 million bags at the start of new plantings. to start bean production. .
  • The Bank of Uganda ordered Ugandan commercial banks to restructure all loans to the education and hospitality sectors, effectively prohibiting the sale of any collateral the institutions had put up to secure the loans.
  • Minister of State for Information and Communication Technologies (ICT) Joyce Nabbosa urged Uganda’s National Information Technology Authority (NITA) to lower the cost of the Internet to alleviate the cost of doing business in Uganda, as research reveals Uganda is the most expensive mobile data country in East Africa.


  • According to the United Nations, 16 of its staff sent to mediate Ethiopia and Tigray province have been detained in Ethiopia, as the Tigray rebel leader warned of efforts to mediation.
  • In addition, power producer Kenya Electricity Generating Company (KenGen) completed drilling a 3,000 meter geothermal well in Ethiopia, its longest well to date in neighboring countries, after passing its inaugural well. of 2,750 meters.

South Africa

South Africa

  • National Treasury Eskom Holdings has announced that South Africa’s state-owned electricity company will seek approval from bondholders for a plan to split its $ 26 billion debt among its three new entities.
  • The South African Treasury has pledged to put the state’s finances back on a sustainable path, putting the expansion of social protection measures on hold in the 2022 budget.
  • According to the South African Reserve Bank, South Africa’s gross reserves reached $ 57.5 billion in October from $ 57.1 billion in September. Net reserves reached $ 55.4 billion (estimated at $ 55.15 billion), up from $ 55.0 billion in September.


  • The Zambian government has agreed to sell 1.4 billion kWh of bills over four (4) deadlines.
  • Zambia’s finance minister revealed that the government spends an average of $ 21 million per month on fuel subsidies.
  • Zambia reaffirmed its commitment to join the Global Green Growth Institute (GGGI) in the country’s efforts to tackle the climate.


According to the Namibian Statistics Agency, consumer prices in Namibia rose 3.6% year-on-year in October from 3.5% in September.


  • Minister of State for Economic Coordination Clemente de Santos revealed that petroleum and oil exports account for around 90% of Angola’s foreign exchange earnings from oil.
  • Meanwhile, Sonangol, the Angolan state-owned company, is looking to cut operating costs by 5% per year, targeting $ 25 / b by 2027.

Central Africa (CEMAC & Congo DRC)

DRC Congo

The IMF estimates that the DRC should grow by 2.4% in 2022, the increase should be due to rising oil prices, a rebound in Congo’s oil production, improved vaccine deployment, spending social security, the repayment of domestic arrears and general economic expansion.


  • According to the Ministry of Posts and Telecommunications, Cameroon is currently preparing to regulate cryptocurrencies in the country.
  • Cameroon has signed an agreement to repay the debt of CFAF 261.4 billion owed by the national SONARA refinery to nine local banks.
  • Rumors are growing that the country is also gearing up for a similar deal with seven oil traders demanding XAF 272.8 billion debt to the refining company

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