Snapshot on the African Economy as @ 031221

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Friday, December 03, 2021/ 03:00PM / United Capital Research / Header Image Credit: iStock


Anglophone West Africa

Nigeria

  • The Director-General of the Nigeria Center for Disease Control (NCDC), Ifedayo Adetifa, detailed in a statement that genomic surveillance identified and confirmed Nigeria's first three (3) cases of the B.1.1.529 SARS-CoV-2 lineage, infamous as the Omicron Variant.
  • Nigeria's AFEX Commodities Exchange Ltd. revealed a commitment to expand food production in Nigeria on the back of its $100mn bonds, which is intended to facilitate investments in the food industry, through expansion of storage facilities and further mechanisation of farming processes.
  • The Debt Management Office (DMO) disclosed that a of N2.18tn was spent on debt servicing in the first ten (10) months of 2021.
  • Also, MTN Nigeria announced the commencement of its public offer to retail investors. The stock will be priced at N169 per share, the offer opened on Dec 1st, 2021, and will close on Dec 14th, 2021.

 

 

Ghana

  • On the back of the newly imposed 1.8% levy on electronic money transfers, Ghana's minority lawmakers rejected the 2022 budget proposal proposed by Finance Minister, Ken Ofori-Atta. The Minority Lawmakers also staged a walkout in protest.
  • Furthermore, the 1.8% levy based rejection of the proposed budget by the minority lawmakers are largely on the back of its adverse effect on ordinary Ghanaians, as the majority lawmakers led by Osei Kyei-Mensah, show no respite on e- levy imposition, maintaining it is the cornerstone of the 2022-budget.

  • An announcement by the Federal Minister of Railways Development, Ghana, John-Peter Amewu, expressed the commitment of the Federal Government of Ghana towards railway development in Ghana, on the back of the recent release of €68m to Amandi Holdings Limited, to begin construction on the Manso-Huni Valley rail line in the western region of Ghana.


Francophone West Africa

Senegal

  • According to the Federal Government of Senegal, a ban on single-use plastics is to commence 31st-Dec 2021. 
  • Furthermore, the new ban on single-use plastics brings to the limelight a problem of restricted access to affordable sachet water, thereby putting at risk an estimated 30,000 jobs which largely depend on the production processes to survive.
  • The Senegal Press Agency revealed in its report the four-halt in operations of Senegal's Societe Africaine de Reffinage (SAR), on the back of scheduled maintenance. Furthermore, the Senegal Energy Ministry disclosed the SAR has a processing capacity of 25,000bpd.

 

Ivory Coast

  • According to data presented by Bloomberg, the total arrival of cocoa to ports since the start of the October harvest season has fallen by 10.3% y/y to 709,071 tons in contrast to an estimated 786,935 tons a year ago.
  • Furthermore, Farmers in Ivory Coast blamed the shed in total arrivals on the back of the poor state of roads which according to them was disrupting the transportation process of the crops


East Africa

Kenya

  • According to the Kenyan National Bureau of Statistics Kenya November inflation rate allowed to 5.85% From 6.45%, Its lowest estimate since April-2021. 
  • The slowdown in inflationary pressures was a result of easing pressures on food and non-alcoholic beverages which declined from 9.92% to 10.60%.
  • As part of the ongoing accelerated Covid-19 vaccination campaign, Kenya received an additional 1.5million doses of the AstraZeneca vaccine.
  • The Central Bank of Kenya (CBK) has disclosed that in the first 10 months of the year, Oct-2021, Kenya's living abroad have sent home an average of Sh34.3bn ($304.7mn) per month vs Sh28.5bn. This represents a 20.4% jump compared to the corresponding period in 2020.
  • Uganda's market share of the total of Cargo that passes through the port of Mombasa has increased 14% to 23% in the period (2016-2020).

 

Uganda

  • According to the Uganda Bureau of Statistics, Uganda's consumer prices rose by 2.6% y/y in November versus 1.9% in October-2021.
  • Uganda's Coffee exports earnings hit $657mn YTD in October -2021, XX higher than the same period in 2020, which earned $513.8mn.
  • The government of Uganda will is scheduled to sell UGX220bn of treasury bills across, the 91, 183 and 364-day tenors.

 

    Tanzania

  • Tanzania sold $11.35mn worth of Coffee since the start of the marketing year.
  • KCB Group has ended its bid to acquire African banking Corp. Tanzania
  • According to the Tanzania Communications Regulatory Authority, the number of mobile phone subscriptions increased to 54.1mn, from 49.2million in Q3-2021.
  • The number of active mobile money accounts rose to 33.1million in Q3-2021, from 30.5 million a year earlier. The number of internet users grew 5% to 29.3 million

Southern Africa

South Africa

  • According to the South African Revenue Service (SARS), total merchandise exports declined by 5.8% m/m to R147.9bn in October-2021 (previously R157.0bn in Sep-2021) while import decreased by 4.9% m/m to R128.1bn in October-2021 (previously R134.8bn in Sep-2021). 
  • According to Statistics South Africa, the unemployment rate rose to 34.9% in Q3-2021 up from 34.4% in Q2-2021. This is now the highest unemployment rate recorded since the start of the Quarterly Labour Force Survey (QLFS) in 2008.
  • South Africa's new cases of covid-19 nearly doubled in a day signalling a dramatic surge in the country. New confirmed cases rose to 8,561 Wednesday from 4,373 a day earlier.
  • Despite the number of rising cases in the country, the President, Cyril Ramaphosa decided to keep the country on level 1 lockdown.
  • The Absa PMI rose to 57.2 in Nov-2021 (up 3.6 points from 53.6 recorded in Oct-2021), with all the components registering an expansion. This is the highest level for the PMI since before the Covid-19 third wave and the social unrest in July.

 

Angola  

  • The Bank of Angola decided to leave the benchmark interest rate unchanged at 20.0% and reserve requirements unchanged at 22.0% despite persisting inflationary pressures. 
  • The Angolan government reported that its purchase of a batch of 3.6 million doses of the Covid-19 vaccine from China reached the capital city, Luanda.

 

Namibia

  • The Bank of Namibia has launched its strategic plan for the next three years (2022-2024) and is seeking to position itself as a driver of digital transformation, financial inclusion, and economic country in the country.

 

Zambia

  • According to China's ambassador to the country, Zambia's government is yet to present a specific request to Chinese creditors over its planned debt restructuring plan. The country owes China $6.6bn as of Oct-2021.
  • The Zambia Airways has resumed flights 27 years after it was liquidated in 1994. The Ethiopian Airlines signed a definitive agreement with the Zambian Industrial Development Commission (IDC) to acquire 45% shareholding in the revived air carrier for $30m.

 

 

Zimbabwe

  • The International Monetary Fund (IMF) has said that Zimbabwe will not qualify for a special debt relief programme until it pays off debts to the World Bank. The country currently owes the World Bank a total of $1.5bn. 
  • The Zimbabwean President, Emmerson Mnangagwa, has imposed a 10-day mandatory quarantine of all travellers entering the country, including returning residents, in a bid to halt the spread of the omicron variant.


Central Africa

DR Congo 

  • The government is developing a large-scale solar power project to help the Democratic Republic of Congo (DRC) accelerate electrification, as well as de-carbonise its energy sector. The project is being funded by the International Finance Corporation (IFC).


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