Overview of the African economy as @ 311221

Friday, Dec.31, 2021 / 12:00 p.m. / United Capital Research / Header image credit: Umaizi

Anglophone West Africa


  • The Nigerian president is expected to sign the 2022 appropriation bill on Friday. This would ensure that the budget cycle from January to December is maintained. Budgeted expenditure should print to N17.1tn after adjustments made by the National Assembly.
  • As reported by the Financial Markets Department of the Central Bank of Nigeria in its semi-annual activity report for 2021, the total amount of funds raised by the federal government through bond issues and grants increased by $ 2.0 billion. naira in the first six months of 2021, at N13.7tn, from N11.7tn recorded in the corresponding period 2020.
  • According to data aggregated from the Nigerian portal Inter-Bank Settlement System Plc, Nigerians have maintained an interest in point-of-sale transactions, instead of check transactions, as POS transactions amount to $ 13.7 billion. naira in three years. Check transactions closed at N10.7tn during the same period.
  • In the mining sector, the Minister of Mines and Steel Development, Dr Uche Ogar, revealed on Wednesday that Nigeria had lost $ 5.0 billion to gold smuggling activities in six years, in part of prudent preventative strategies to address the problem.


  • On Covid-related issues, the President of Ghana reiterated his commitment to the 20 million Ghanaians vaccination project, extending the schedule until the end of the first quarter of 2022.
  • Additionally, the Ghanaian Ministry of Health declared a “No Vaccination, No Entry” policy in its recent memorandum titled: “Preventing COVID-19 Infection at the Ministry of Health”, which would require individuals present valid vaccination cards before authorization to enter the Ministry of Health will be granted.

Francophone West Africa


  • According to the media, the flourishing automotive market in Senegal is largely based on import activity with North America, Canada and the United States in particular. According to Senegalese customs, around 248,308 cars were imported from Canada and the United States between 2018 and 2020.

Ivory Coast

  • Dockworkers at Côte d’Ivoire’s two main ports, Abidjan and San Pedro, suspended the week-long strike as negotiations continue with the government.
  • Previously, the Dockers ‘strike, following workers’ demand for better working conditions and better wages, had restricted access to ports, threatening to curb exports of cocoa beans to Côte d’Ivoire.

East Africa


  • Following a drop in fee and commission income due to transaction waivers, the Kenya Bankers Association (KBA) announced banks’ intention to push for the reinstatement of transaction fees between mobile and bank wallets .
  • The Kenyan government has put aside plans to nationalize Kenya Airways (KQ) in favor of alternative measures to protect its financial interests in the flagship carrier, including a debt assumption and a cash injection.
  • The government will take over Ksh 93.5 billion of KQ’s debt and inject Ksh 53.4 billion in the fiscal year ending June 2022 and the following year, according to a letter from the Treasury to the IMF.
  • International Finance Corporation (IFC) has entered into a share purchase agreement with Britam Holding PLC to acquire a 4.2% stake held by Britam in Equity Holdings.
  • Enda, a Kenyan running shoe startup, has raised $ 1.1 million in a Series A fundraiser led by Talanton, a U.S. impact investor, with participation from Kenyan angel investors. The funding will be used to develop the startup’s product lines and distribution, with the goal of becoming a high performance footwear brand.


  • According to the Bank of Tanzania (BoT), Tanzania recorded a trade surplus of $ 484.5 million with the EAC region (East African Community), compared to a surplus of $ 343.8 million in 2019 .
  • Tanzania’s exports to the EAC go mainly to Kenya (28.4%). 76.4% of imports come from Kenya.
  • According to the BoT, Tanzania had a tax-to-GDP ratio of 11.2% in 2020/2021, one of the lowest in Africa. The underperformance in tax collection is linked to declining consumer demand and lower manufacturing of some consumer goods due to the disruption of supply chains caused by lockdowns by many governments implemented to curb the spread of Covid-19.


  • Rwanda has received donations of 314,730 doses of the BioNTech / Pfizer vaccine from Germany through the COVAX facility.
  • Rwanda has now vaccinated more than 40.0% of its population against the coronavirus, reaching the 2021 World Health Organization target.

South Africa

South Africa

  • According to the South Africa Revenue Service, South Africa’s trade surplus widened to R35.8 billion in November-2021 from R27.7 billion the previous month, and well above expectations market of R16.8 billion. The surplus was driven by the 4.5% increase in exports (162.8 billion rand) boosted by sales of base metals, precious metals and stones.
  • The state-owned Industrial Development Corporation (IDC), through its Post-Disruption Business Recovery Fund (PUBRF), has successfully helped restore more than 30,000 jobs that were lost to riots and looting in various parts of the country in July. 2021.
  • The US government has announced that it will lift travel restrictions on countries in southern Africa (including South Africa) on December 31, 2021 as concerns and threats over the Omicron variant of Covid-19 ease.


  • The National Assembly of Zambia approved the national budget of KK 173.0 billion for 2022, or 37.1% of the country’s gross domestic product (GDP). Of the total budget, K 100.7 billion will be generated through revenue and grants, while K 72.3 billion will be raised from external and domestic borrowing sources.
  • The Ministry of Finance disclosed the disbursement of KK 837.0 million for the social protection program, of which KK 255.0 million is for retirees of the Civil Service Pension Fund and KK 50 million for those of the Fund. local authority pension plan (LASF).


  • According to the Zimbabwe National Statistics Agency (ZimStat), the headline inflation rate jumped for the fourth consecutive month to stand at 60.7% year-on-year in December-2021, from 58.4% year-on-year annual in November-2021. On an am / m basis, the inflation rate was unchanged from the previous month at 5.8%.
  • The Central Bank of Zimbabwe has announced the projection of an economic boom that will be driven by strong agricultural and mining performance in 2022. The increase in activity is supported by the easing of the lockdown and restrictions induced by Covid-19 .
  • According to the Posts and Telecommunications Regulatory Authority (POTRAZ), the total number of active mobile subscribers in Zimbabwe increased 3.4% to 13.9 million in Q3-2021.

central Africa

DR Congo

  • The World Health Organization (WHO) has started vaccinating the 2 million people targeted in the Democratic Republic of the Congo (DRC) against cholera.
  • The Director General of the East African Business Council (EABC) welcomed the decision to admit the DRC into the community body of East Africa.

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