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Anglophone West Africa
- The Ghanaian statistical service
released its inflation estimates for February-2021 showing that headline
consumer inflation spiked 40bps to 10.3% in February 2021.
- To plug the deficit in its 2021
budget, Ghana will embark on a roadshow next week to raise $5.0bn in Eurobonds
from the international capital markets.
- The Chamber of Bulk Oil
Distributors (CBOD) has revealed that the government lost GHS 1.9bn ($33mn) to
petroleum tax evasion in 2019.
- In a State of the Nations Address
(SONA) in parliament on Tuesday, the President of Ghana stated that he expects
the GDP growth in 2021 to rebound by 5% y/y. Ghana's growth was estimated at
0.9% in 2020, amid Covid-19 pandemic.
- The Bank of Ghana yesterday
(11/03/2021), in a circular addressed to banks, specialized deposit-taking
institutions and the public, reiterated the consequences of issuing dud
- The Gambia's Central Bank issued
a 91-day, 184-day, and 364-day treasury
bills( Sukuk-Al-Salaam Bills) to investors.
- The Managing Director of the
Nigeria Export-Import Bank (NEXIM Bank), Mr Aba Belllo, stated that the solid
minerals sector would increasingly realise the benefits of NEXIM's intervention
over the next few years. Nigeria houses an endowment of over 34 solid minerals.
- In the past week, the National
Bureau of Statistics (NBS) released its terms of trade report for FY-2020.
- The report showed that total
trade in merchandise declined by 10.4% in FY-2020.
- Overall, Nigeria's trade balance
closed at a deficit of N7.3bn, its highest deficit since the last recession in
- Data from the Nigeria Interbank
Settlement System (NIBBS) showed that the volume of transactions carried out on
the electronic bill payment platform fell 8.9% m/m to 92,571 in February 2021,
from 101,578 in January 2021.
- United Bank for Africa Plc (UBA)
released FY-2020 earnings. Notably, Gross earnings grew by 10.8% to N620.4bn
from N559.8bn and Profit after tax rose remarkably by 27.7% y/y to N113.8bn
compared to N89.1bn recorded at the end of 2019.
- However, The Bank paid a final
dividend of N0.52 for the year end FY2020, down 35% from N0.80 paid in FY-2019.
- Ahead of listing, The Nigerian
Stock Exchange (NSE) has completed its demutualization process with SEC and
- Under the demutualization plan, a
new operating holding company, the Nigerian
Exchange Group plc 'NGX Group' would exist as the parent company of the NSE
Francophone West Africa
- Ivory coast's ruling party
retained its parliamentary majority in elections held last weekend, bolstering
President Alassane Ouattara's hold on power five months after securing a third
term in the presidential elections.
- The ruling Rally of Houphouetists
for Democracy and Peace Party (RHDP) won 137 out of 247 seats.
- On a bleak update, the Ivory
Coast Prime Minister Hamed Bakayoko died on Wednesday (10/03/2021) in Germany
of cancer at age 56.
- The Ivorian President, Alassane
Ouattara had already named his close confidant and chief of staff, Patrick
Achi, as interim prime minister, two days before Bakayoko's death.
- In Senegal, protests have
continued for the second week running following the arrest of opposition leader
Ousmane Sonko last week.
- The All-Rwanda sub-index
inflation rate slowed to 2.2% y/y in February from 3.5% y/y in January - the
lowest reading since mid-2019.
- Rwanda has vaccinated at least
228,854 people countrywide against coronavirus almost a week since it launched
- African Development Bank Provides
$1.0mn for Ai-Based National Customer Management Systems in Ghana, Rwanda and
- Uganda consumer price inflation
ticked higher to 3.8% y/y in February, up 0.1 ppt from January, on rising core
and food price inflation.
- Meanwhile, the energy, fuels and
utilities sub-index remained in deflationary territory due to a decline in
charcoal price and lower domestic pump price.
- Uganda's fiscal deficit for
January exceeded the budgeted amount by 57.1%, as tax revenues fell, and
foreign aid dried up in the period surrounding turbulent elections.
- More than 300 individuals from
different priority groups received the first dose of Covid-19 vaccine as Uganda
started the long-awaited vaccination drive.
- S&P downgraded Kenya's
long-term foreign and local currency credit ratings to B from B+ as fiscal and
external pressures continue to intensify.
- In Kenya, private sector activity
growth slumped to an 8-month low with PMI dropping to 50.9 points in February
from 52.3 points in January as weak cashflow weighed on business and household
- On Thursday, Manufacturing data
for January was released showing that seasonally adjusted manufacturing
production rose by a marginal 0.5% m/m but declined 34.0% y/y.
- We note that last week,
manufacturing PMI data for February was released and poses possibility of a
decent rebound in manufacturing activities in February.
- Activities in the mining sector continues
to remain soft as mining output fell by 6.2% y/y in January marking the 11th
consecutive month of decline in overall industry production.
- In more economic data, trade data
for Q4-2020 showed a decline in current account surplus albeit still one of the
largest current account surpluses on record. The current account surplus
slipped to R197.8bn in Q4-2020 from R294.4bn in Q3-2020. This translates to
3.7% of South Africa's GDP from 5.9% in Q3-2020.
- The RMB/BER Business Confidence
Index slipped to 35 points in Q1-2020 as sentiments across the core five
sectors surveyed deteriorated.
- South Africa recorded real GDP
contraction of -4.1% y/y during Q4-2020 with only three sectors (Agriculture,
Personal Services & Government Services), recording higher output in
Q4-2020 relative to Q4-2019.
- Zimbabwe consumer price inflation
slowed to 321.6% y/y in Feb-2020 but remains at very distressing levels.
- The Medicines Control Authority
of Zimbabwe (MCAZ) has approved the use of four vaccines in Zimbabwe.
- MCAZ admonished companies who
intend to purchase vaccines to purchase from the registered names. Approved
vaccines include Sinopharm and Sinovac from China, Covaxin from India, and
Russia's Sputnik V.
- On Thursday, February inflation
data for Mozambique was released as inflation surged to a 3-year high of 5.1%
driven by jump in prices of Food, Electricity and Cooking gas.
- The African Development Bank (AfDB) has approved a grant of $1.0mn for AI-enabled systems to process customer complaints on behalf of the Competition and Consumer Protection Commission of Zambia alongside the national banks of Rwanda and Ghana.
Central Africa (CEMAC
& Congo DRC)
- Cameroon's Trade deficit improved
slightly to XAF1,375.0bn compared with the XAF1,464.2bn deficit recorded in
2019, according to the National Institute of Statistics (INS).
- To reduce import dependence, the
government has begun the implementation of an import-substitution policy, which
is mapped out in the 2020-2030 National Development Strategy (SND30).
- According to the Professional
Association of Credit Institutions of Cameroon (Apeccam), the volume of loans
granted to businesses and individuals increased by 6.7% y/y in 2020, despite
the pandemic. Bad debts, however, rose from 15.8% in 2019 to 16.6% in 2020.
- Cameroon's government has
invested XAF10.2bn for the construction of a cotton ginning plant in Gouna, Far
North Cameroon to be completed in 2022. The project is expected to create jobs
for young women and men and will help gin a substantial part of the country's
cotton production surplus.
- Union Bank of Cameroon revealed
that its 2020 accounts saw an overall improvement in its performance with
revenue which grew by 9% while deposits rose by a record 18% year-on-year.
- Since January, the DRC has
recorded and liquidated between $13.0mn and $17.0mn in mining royalties per
week. The minister also highlighted 2 key projects to increase expected
turnover from the mining sector; COMIKA metallurgical plant project in Kambove
in Haut-Katanga and KAMOA project in Lualaba
- Congo is poised to benefit
significantly from the surge in metal prices
- The DRC's Minister of Mines also
announced that 1,587,459.3 tons of copper were exported in 2020, and 85,855.6
tons of cobalt.
- The Biden administration has
reversed a sanction waiver against Israeli mining magnate Dan Gertler granted
in the last days of the Trump administration. Sanctions.
- Were initially enforced after a
string of illicit transactions that had short-changed the Congo of more than
$1.3 billion in revenues from mining sales.
- The Gabonese government is
planning to sell more shares of its c. 49.0% stake in Moov Africa Gabon
- According to reports, the
country's parliament has now authorized the state to sell its stakes in Moov,
as well as the Gabon Energy and Water Company (SEEG).
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