Overview of the African economy as @ 241221

Friday, December 24, 2021 / 3:25 PM / United Capital Research / Header image Credit: iStock

Anglophone West Africa

Nigeria

  • The Nigerian National Petroleum Company (NNPC) Limited announced that it achieved a total turnover of 2.56 billion naira between July 2020 and this year thanks to the sale of white goods (gasoline, kerosene, diesel). In addition, statistics have shown that a total of 19.5 billion liters of gasoline was consumed by Nigerians in one year, implying an average of 1.6 billion per month.
  • The Federal House of Representatives on Tuesday passed the Appropriation Bill 2022, raising the total federal government budget estimate from 16.39 billion naira to 17.13 billion naira, up from 735.85 billion naira, along with an increase in the benchmark oil index to $ 62 a barrel. starting at $ 57 per barrel.
  • Water Resources Minister Suleiman Adamu revealed that a total of $ 700 million has been secured as a World Bank loan for specific water projects in Nigeria.

Ghana

  • Ghana’s economy grew 6.6% year-on-year in the third quarter of 2021, according to the statistics office, marking the fastest growth in gross domestic product (GDP) since the pandemic-induced crisis in the second quarter of 2021. 2020.
  • The trading activity of domestic institutional and individual participants in the Ghana Stock Exchange (GSE) soared, accounting for around 32.0% of transactions in value from January-2021 to November-2021 (up from 15.5% between January -2020 and November-2020). ), according to the GSE.
  • Conversely, the share of foreign investors in the value traded over the period increased from 84.0% in 2020 to 68.0%.

Francophone West Africa

Senegal

  • The Presidential Council approved the bill relating to the distribution and control of the management of revenues from the extraction of hydrocarbons.
  • This law, which will be presented to the Council of Ministers next Wednesday, allocates around 90.0% of revenue to the general budget and around 10.0% to future generations, among other considerations. In addition, the text prohibits any advance transfer of hydrocarbon resources.
  • According to the Minister of Employment, Vocational Training, Learning and Employment, access to higher education increased from 9.6% in 2012 to 12.4% in 2018. headcount increased from 93,000 in 2012 to 190,000 in 2018, with a private sector of around 35.0%. to share.

East Africa

Kenya

  • The Central Bank of Kenya (CBK) has announced that the Central Bank of Kenya (Amendment) Act 2021, which aims to regulate digital financial service providers, is now in effect, following the enactment of the measure by the President Uhuru Kenyatta earlier this month.
  • The law now empowers the Central Bank to license and oversee previously unregulated digital lending firms accused of charging exorbitant interest rates and harassing defaulters.
  • On Friday, the Executive Board of the International Monetary Fund (IMF) approved a $ 258.0 million facility to Kenya under the Extended Finance Facility and Extended Credit Facility programs, bringing the total disbursement. to $ 973.0 million.
  • According to the IMF, Kenya would benefit from debt relief of $ 89.0 million under the Debt Service Suspension Initiative (DSSI) in H2-2021, against an initial projection of $ 379.0 million. dollars due to the refusal of some creditors to join.

Tanzania

  • Tanzania and Kenya have agreed to lower work permit fees for citizens seeking short and long-term employment in both countries. The deadline will also be reduced from 90 days to at least 48 hours.

South Africa

South Africa

  • The South African government has announced its intention to start the rollout of booster injections (third dose) on Friday, December 24, with the aim of containing the wave of the Omicron Covid-19 variant.
  • Tourism Minister Lindiwe Sisulu said the tourism sector is expected to rebound to pre-pandemic levels, just as UK and Germany travel restrictions have been lifted.
  • According to the National Institute of Communicable Diseases (NICD), South Africa recorded 21,157 new cases of Covid-19 across the country on Thursday, December 23, with 75 deaths linked to Covid-19.

Angola

  • The Executive Board of the International Monetary Fund (IMF) completed the sixth review of Angola’s economic program supported by the expanded agreement under the Fund’s Enlarged Facility (EFF). The Board decided to authorize the immediate disbursement of $ 748.0 million, bringing the total disbursements under the arrangement to $ 4.5 billion.
  • The Council of Ministers of the African Organization of Petroleum Producers (APPO) unanimously decided to appoint the Angolan president as president of the organization for 2022.

Namibia

  • The German government has given Namibia a grant of N $ 334.7 million for the installation of a large-scale energy storage system. The grant will be used to build a 58.0 megawatt (MW) Battery Energy Storage System (BESS) plant.

Zambia

  • According to Fitch Ratings, the staff-level agreement between the Zambian government and the International Monetary Fund (IMF) on the Extended Credit Facility (ECF) marks an important step towards the country’s debt restructuring process.
  • The finance minister expressed hope that debt restructuring talks with Zambian creditors would be concluded by June-2022.

Zimbabwe

  • According to the Zimbabwe Posts and Telecommunications Regulatory Authority (PoTRAZ), the telecommunications industry and postal services maintained a growth path in Q3-2021. Mobile operator revenue increased 15.8% to $ 19.5 billion from $ 16.8 billion in Q2-2021.

central Africa

DR Congo

According to the East African Community (EAC), the DRC’s potential membership in the community would not be approved unless the rule of law becomes the order of the day in the country.

Representatives of private sector companies from the DRC attended the Rwandan trade fair with the aim of signing a trade agreement that will facilitate trade and boost trade cooperation between the two countries.

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