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Federal Executive Council (FEC) confirmed the issuers for the planned Eurobond
issuance after the Debt Management Office (DMO) had forwarded the list.
Following the approval, the FG is expected to raise $6.2bn (N2.3tn) in
Eurobonds within the next two to three months.
has announced its exit from the Maritime Organisation for West and Central
Africa (MOWCA) after contributing over $5.0m in form of support to the body.
This is due to the disregard for the rules of procedure regarding the eligibility
of candidates nominated for the position of the Secretary-General of MOWCA.
Nigerian National Petroleum Corporation has stated its plans to outline
policies to guide International Oil companies who wish to divest from joint
ventures or the Nigerian oil and gas industry. This comes after the Petroleum
Industry bill was passed last month in the senate.
board of governors of the International Monetary Fund (IMF) has approved a
general allocation of Special Drawing Rights (SDRs) equivalent to US$650.0bn to
boost global liquidity. Nigeria is expected to benefit from the new allocation
should the government decide to explore additional multilateral finance
considering they are cheaper to issuing Eurobonds. We do not expect this to
impact possible issuance of Eurobonds later this year.
- According to IHS Markit, Ghana's Purchasing
Managers Index (PMI) for the month of July fell to 49.7 compared to 51.0 in
- In the past week, the Central Bank of Ghana sold
$127.0m (GH cedis 756.1m) of treasury bills due August 18. The bills were sold at a
price of GH cedis 99.5 and have a stop rate of 13.5%.
- The International Monetary Fund (IMF) is
projecting inflation rate to reach 9.6% by the end of the year before returning
to the Bank of Ghana's target of 8.0%.
- In the past
week, The Ministry of Health began the administration of the Johnson and
Johnson vaccines at several hospitals and centres across the country. The first
batch of the single shot of the vaccines totaling 302,400 doses was donated by
the US government as part of the administration's global efforts to fight the
- The country is
expected to vaccinate 10.0% of its population by September.
Francophone West Africa
- UK Export
Finance (UKEF) has embarked and a 326.0m Euros project that will see the design,
construction and equipping of six hospitals in Ivory Coast as well as
post-completion training and technical support. The UKEF's largest loan in
francophone Africa till date is expected to provide fully equipped modern
healthcare services for more than a million people and should be completed by
- The Mines and
Energy Minister announced that Ivory Coast is in talks to build a 200MW
liquefied natural gas-powered power plant. This follows after a series of major
power outages rocked the country earlier in the year
- The World Bank announced a $470.0m investment to
accelerate the Lome-Ouagadougou-Niamey 1,065km road corridor. The corridor
connects the three capitals and is a strategically important trade route.
- According to IHS Markit, Kenya's
Purchasing Managers Index (PMI) released for the month of July, the headline
index fell for the second straight month from 51.0 in June to 50.6 in July,
indicating tottering momentum in the country's economic recovery particularly
in the private sector.
- Kenya's treasury sees GDP growth above
6.0% in medium term as they seek to reduce expenditure to 22.0% of GDP and
boost revenue to 18.5% of the GDP.
- Kenya has withdrawn its request to China
to extend debt repayment beyond June to December in the wake of opposition from
Chinese lenders that recently froze disbursement to local projects.
- Kenya plans to sell $92.0m (Sh10.0bn)
worth of bills due Aug-2022 in an auction on the 12th of Aug.
- According to IHS Markit, Uganda's
Purchasing Managers' Index (PMI) dipped further in July to 34.6 from 34.9
recorded in June and 56.6 registered in May. This signaled deterioration of the
country's business conditions due to continued covid-19 lockdown measures.
- The government of Uganda has
lifted some covid-19 restrictions following 42 days in strict lockdown. The
lockdown on schools remains intact, until some essential workers (teachers,
health, and security personnel) over 45 years old are vaccinated. Businesses
and banks have started adjusting their opening hours to this new development.
- According to Uganda Bureau of
Statistics, headline inflation edged higher to 2.1% y/y in July from 2.0% in
June, as an increase in non-core inflation offset a slowdown in core inflation.
Non-core inflation was driven higher by an uptick in food and energy price
Commercial Bank (TCB) plans to expand its market outreach by recruiting more
banking agents with the short-term target of increasing their numbers to
10,000. Currently, the TCB has 3,500 agents across the country, who are
decisive factors in driving the banks' financial inclusion agenda
- The National
Bank of Commerce (NBC) and the National Health Insurance Fund (NHIF) have inked
a deal designed to enable farmers who are members of cooperative societies to
access health insurance.
- Tanzania has
kicked off its COVID-19 vaccination campaign after receiving the first delivery
of around 1 million doses, a donation of the Johnson & Johnson vaccine from
the United States Government through COVAX
has raised $620.0m from investors as it sold Eurobonds for only the second
time, making it the latest African nation to take advantage of recent
conditions in the Eurobond markets. The sale of new 10-year debt drew more than
$1.6bn of orders.
Rwandan Finance ministry disclosed that the eventual yield on the bond would be
5.5%. Proceeds of the raise would be used to pay-off its existing Eurobond
which matures in May-2023, while the remainder would be used to fund its
economic recovery program.
to Rwanda's National Institute of Statistics, the trade deficit for the month
of June narrowed by 12.3% m/m as imports recorded a 0.1% m/m decline, while
exports expanded by 22.6% m/m to reach $143.2m.
- According to
statistics from the National Association of Automobiles Manufacturers of South
Africa (NAAMSA), new vehicles and vehicle exports sales declined by 13.6% m/m
July pushing total sales down to 32,949.0 units. This decline is attributed to
the third wave of the covid-19 pandemic and general unrest in the nation.
Africa's Purchasing Managers' Index fell to 43.4 points in July compared to
57.4 points recorded in June. The business activity index fell to 26.6 points
in July from 56.2 points in June. New sales orders decreased to 31.9 points in
July from 57.3 points in the previous month.
- The South
African Special Risks Insurance Association (SASRIA) has disclosed that It will
make R15.0bn available to support damages related to the recent violent unrest.
However, claims for damages may exceed R15.0bn and the government may have to
come in with R4.0bn relief package.
- According to
data from the South African Revenue Service (SARS), June's trade surplus
expanded to R57.0bn from about R54.0bn recorded in May. Exports managed to
increase by 2.0% m/m to R166.5bn, while imports decreased slightly to R108.8bn.
- The Treasury and
the South African Revenue Service (SARS) have published proposals to restrict
assessed losses for businesses, which could help lower the corporate income tax
rate from 28.0% to 27.0%.
to the recent approval of N$9.4tn worth of special drawing rights (SDR) by the
International Monetary Fund (IMF) for fund members, it was disclosed that
Namibia can still secure more loans from the organization.
- The Lusaka South Multi-Facility Economic Zone
(LSMFEZ) has recorded a total investment of $76.7m by the end of Q2-2021.
- China intends to establish and operate a
small-scale coal mine in Sinazongwe district of Zambia, at a cost of $1.0m.
- Zimbabwe's treasury will clear a backlog of
foreign currency allocations owed from central bank-run auctions in the next 45
days, with an estimate of around $200.0m outstanding. The central bank had
introduced weekly foreign currency auctions last year to improve access to
- China Exim Bank has deployed $37.5m to fund the
rehabilitation and expansion of Robert Gabriel Mugabe International Airport
(RGMIA) This will give the airport capacity to handle bigger passenger and
- According to data from the
Ministry of Economy and Planning, exports under the program of support for
Production, Export Diversification, and Import Substitution (PRODESI) totaled
$24.0m for H1-2021. Among the main products exported were cement worth $11.8m,
beer worth $5.2m and packaging and glass bottles worth $2.5m.
- Angola and Turkey have agreed to
boost their trade balance from its current value of $176.0m to $500.0m. This
will pave the way for Turkish investors to visit and make investments in Angola
with more confidence, and this also applies to Angolan investors in Turkey.
- Ministers in
the CEMAC region and the DR Congo have agreed to push the effective date on the
ban of the importation of timber export to Jan - 2023, the ban has been
initially set to kick in by Jan-2022.
- The deal for
a ban on timber imports was extended for a year as the CEMAC plans to establish
a transitional period. The transitional period has been instated to prepare
forest operators for the change and carry out required studies and mature the
wood processing investment projects selected during the first phase of the raw
timber export ban process
- Societe Internationale du Ciment (SIC), a division of Atlantic Group, is currently
taking the final steps for the construction of its over XAF39 bn cement factory
in the Kribi deep seaport's industrial area
- According to Bloomberg, Gabon plans to lift Rabi Blend exports to 63,000 b/d in September. The highest levels since June
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