Snapshot on the African Economy as @ 261121


Friday, November 26, 2021/ 03:00PM / United Capital Research / Header Image Credit: ESI Africa

Anglophone West Africa


  • The Finance Minister, Zainab Ahmed, expressed the Federal Government's commitment to subsidise transportation costs for Nigerians, on the back of its intended N2.4tn cash handouts to as many as 40 million poor Nigerians, on an individual scale of N5,000 per head.
  • The Nigeria Monetary Policy Committee (MPC) concluded its November meeting on the 23rd of Nov-2021, the committee kept all parameters constant. The monetary policy rate (MPR) was retained at 11.5%, also the asymmetric corridor was maintained around the MPR at +100/-700bps. Cash Reserve Ratio (CRR) and Retain liquidity ratio were maintained at 27.5% and 30.0% respectively. 
  • Also, the Securities Exchange Commission (SEC) granted MTN Nigeria approval for the sale of approximately 575.0m of its shares. However, a retail offer with fixed pricing is due after it secures clearance  from the SEC.  


  • The Central Bank of Ghana through its Monetary Policy Committee (MPC) raised its benchmark interest rate for the first time since 2015, on the back of inflation risk. The MPC raised up by 100bps to 14.5%.Furthermore, Ghana's inflation rate accelerated to a 15-month high of 11% in Oct-2021, surpassing the Central Bank's target band of 6% - 10%, for a second straight month.
  • In addition, the Monetary Policy Committee (MPC) that the elevated inflationary risks in Ghana, require prompt policy action to re-anchor inflation expectations to safeguard the Central Banks price stability objective.

Francophone West Africa


  • In a bid to further strengthen the diplomatic relations between Iran and Senegal, the Ambassador of the Republic of Iran met and had talks with the Foreign Minister of Senegal, Aissata Tall Sall, on Tuesday, on the back of ameliorating bilateral ties as well as issues of mutual interests.
  • In a bid to facilitate successful operations in Senegal's 2021/2022 Groundnut Season. The International Islamic Trade Finance Corporation (ITFC) granted 40.0mn Euros for the financing of Senegal's National Groundnut Company (SONACOS).

Ivory Coast

  • Ivory Coast's inflation rate slowed from 5.2% y/y in September to 4.5% y/y in October, food and alcoholic beverages prices grew 8.9% y/y.

  • According to Government data, Ivory Coast's total cocoa arrivals since Oct. 1, amounts to 618,312 tons, in comparison to 693,375 tons one year ago, a 10.8% y/y decline. 

East Africa


  • US pizza chain Papa John's has confirmed plans to open 60 new outlets in Kenya and Uganda.
  • The outlets will be established under a partnership with AAH Limited-subsidiary Kitchen Express.
  • Day Trading at the Nairobi Securities Exchange (NSE) commenced last week. The roll-out of day trading at the Nairobi bourse had been confirmed on October 26, 2021, after the NSE received regulatory approval.


  • According to National Planning Authority (NPA), the Ugandan Government will in the next five years seek to increase the industrial labour force from the current 7.1% to 10.0%.
  • The NPA also said the government will collaborate with the private sector and development partners towards increasing the share of manufactured exports from 12.3% to 19.8%. The NPA also announced its plans to increase the industrial sector contribution to Uganda's gross domestic product from 27.1% to 28.6%.


  • According to the Dar es Salaam Stock Exchange (DSE) total quarterly equity turnover stood at Sh34.5bn in Q3-2021 higher than the Sh29.5bn recorded in Q2-2021.
  • Tanzania Bankers Association (TBA) has guided that some banks will start lowering lending interest in the near future to expand GDP.
  • Tanzania Agricultural Development Bank and the Kilimanjaro Cooperative Bank Limited (KCBL) have penned a deal to loan Sh2.0bn under the Small-Holder Farmers Credit Guarantee Scheme (SCGS) to smallholder farmers in the Kilimanjaro Region.

 Southern Africa

 South Africa

  • South Africa's monetary policy committee (MPC) raised the benchmark interest rate by 25 basis points to 3.75%.
  • According to the South Africa Reserve Bank, South Africa's financial cycle has entered an upward phase for the first time since 2016, as both equity and house prices have moved above their trend levels.
  • The latest RMB/BER Business Confidence Index (BCI) remained unchanged in Q4 at 43 index points, with the likelihood that power cuts and supply chain disruptions will weigh on the prospects for a recovery.


  • Zambia's central bank raised interest rates by 50 basis points to 9.0% to moderate persistently high inflation.
  • Zambian President Hakainde Hichilema met with Congolese counterpart Félix Tshisekedi to discuss Trade and Investment, as well as resolve border issues.



  • According to the Zimbabwe National Statistics Agency (Zimstat), Consumer Price Index (CPI) stood at 58.4% in Nov-2021. The month-on-month inflation rate declined by 0.6% to close November at 5.8%.

Central Africa (CEMAC & Congo DRC)


  • After reaching a support agreement with the International Monetary Fund (IMF). The Cameroonian government is set to increase its 2022 budget by 5.0% (CFA 272.0bn), from CFA5.5tn to CFA5.8tn. 
  • Cameroon's Budget deficit for 2022 remains at 2% of GDP as compared to 2.4% in 2021.
  • Furthermore, the Central Bank of Cameroon set an estimated 4.2% GDP growth rate for 2022, as opposed to 3.6% in 2021, which was largely on the back of the Covid-19 pandemic, the outcome of organizing pan-African soccer tournament and less contraction in the oil and gas industry.

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