Snapshot on the African Economy as @ 140122


Friday, January 14, 2022/ 9:49 AM / United Capital Research / Header Image Credit: Oleg Elkov;iStock

Anglophone West Africa


  • The National Bureau of Statistics (NBS) published Nigeria's Capital Importation report for Q3-2021. Accordingly, the total capital imported grew 97.7% q/q to $1.7bn in Q3-2021, beating the $875.6m recorded in Q2-2021. Furthermore, on a y/y basis, capital importation during the period grew 18.5% from $1.5bn in Q3-2020.
  • According to the Federal Government (FG), the shortfall in remittances by power distributors to the Nigerian Bulk Electricity Trading Company Plc (NBET) and market operators of the sector rose to N326.0bn between Jan - Sep 2021.
  • According to industry data from power generation companies, an average of 2,248.5MW of electricity were stranded and unutilised in 2021, as several parts of the country combatted blackouts at different points in time.
  • According to the World Bank, higher oil prices and improved activities in the services sector would largely spur the Nigerian economy to a great extent in 2022 with an economic growth projection of 2.4%.


  • According to World Bank's Global Economic Prospects report, the Ghanian economy is forecasted to expand by a 5.5% margin in 2022.
  • The Association of Ghana Industries (AGI) urged the government of Ghana to take steps towards ensuring reversal of discount policy placed on benchmark values, as originally proposed in its Industrial Transformation Agenda.
  • The Customs Division of the Ghana Revenue Authority (GRA) is set to introduce an electronic auction regime in Q1-2022, to facilitate a more accessible and transparent bidding process, as part of the Integrated Customs Management System (ICUMS).

Francophone West Africa (WAEMU)


  • The International Monetary Fund (IMF) approved Senegal's three-year Policy Coordination Instrument (PCI) which is supposed to be built around achieving inclusive and private-sector-led growth, consolidating macroeconomic stability, as well as managing oil and gas revenues in a sustainable and transparent manner.
  • Senegal airlines in conjunction with airlines in Ivory Coast and France have cancelled all flights to Mali, following the decision by the Economic Community of West African States (ECOWAS) to close borders with Mali and impose economic sanctions.

Ivory Coast

  • Ivory Coast recorded a total of 99,024 tonnes of cocoa exports between 3rd - 9th January 2022. The total export since 1st October 2021 fell to 1.2m tonnes in comparison to 1.3m tonnes in 2020.


East Africa


  • The Kenyan Information Communications Technology (ICT) authority, in collaboration with the Ministry of Energy and Communication Authority, set out plans to connect all Kenyan public schools to the internet using Kenya Power transmission lines with the aim of boosting learning and teaching in Kenya.
  • According to the 9M-2021 data released by the Central Bank of Kenya (CBK), transactions by the mobile money agents increased by 36.0% m/m in Nov-2021, and 34.8% y/y from Sh4.6tn recorded in Nov-2020.
  • The central bank had introduced reliefs on mobile phone payments in Mar-2020 which allowed free mobile money transactions of up to Sh1,000 from banks to mobile wallets, to encourage cashless payments.



  • According to the National Bureau of Statistics, Tanzania's annual headline inflation rate for Dec-2021 printed at 4.2%, up by 100bps y/y compared to 3.2% recorded in the same period in 2020. On a m/m, inflation ratee rose by 0.8% in Dec-2021, after a uptick of 0.5% in Nov-2021.
  • In the Bank of Tanzania (BOT) monthly economic review, the number of the total exports of goods and services in Nov 2021 was up by c.14.0% to print at $9.8bn in Nov-2021, from an estimated $8.6bn in Sep-2021. The increase was attributed to the increase in exports of non-traditional goods, travel receipts and transportation.
  • In addition, Exports of manufactured goods amounted to $1.2bn as at Nov-2021, up by c.33.3% y/y, from $894.8m in same period 2020, on the back of cosmetics, iron and steel, plastic and paper products.



  • According to media report, the Addis Ababa City Administration of Ethiopia recently launched a project construction of 5,000 condos at Akaki Kaliti city to facilitate improvement in Ethiopia's real estate.
  • According to recent reports, the Cooperative Bank of Oromia (CBO) and Kifiya Financial Technologies launched 'Michu', its first collateral-free digital lending platform in Ethiopia, which is set to provide loan services even without collateral in place.
  • Furthermore, it was highlighted that Small and Medium Enterprises (SMEs) can get up to 150,000 Birr, with repayment period of up to one year.


Southern Africa

South Africa

  • According to Statistics South Africa (Stats SA), manufacturing output decreased by 0.7% y/y in Nov-2021, following 8.5% y/y growth in Oct-2021. This is due to negative growths in petroleum, chemical products, furniture, and other manufacturing. On a m/m basis, manufacturing production rose by 3.7% m/m in Nov-2021, compared with the 5.2% m/m decline in Oct-2021.
  • South Africa's new vehicle market moderated at the end of 2021. Total new vehicle sales declined by 3.5% y/y to reach 35,948 units in Dec-2021. On a monthly basis, sales were down by 13.6%.
  • The Department of Agriculture, Land Reform and Rural Development (DALRRD) announced that all farmer beneficiaries of the Presidential Employment Stimulus (PES) vouchers should suspend all PES implementation as the department is currently reviewing and redesigning the PES implementation.


  • According to the Instituto Nacional de Estatistics, Angola Consumer Price Index (CPI) rose for the ninth consecutive month to 27.03% in Dec-2021 compared to 26.98% in Nov-21. On a monthly basis, inflation rate rose by 2.1%, same pace as in the previous month.
  • According to World Bank's forecast, Angola is expected to record a 3.1% and 2.8% growth in 2022 and 2023 respectively on the back of recovery in raw materials and easing of restrictions.
  • Deutsche Bank AG has a credit line of 800.0m Euros available to finance the private sector in Angola.



  • According to the Namibian Statistics Agency (NSA), the Consumer Price Index rose to 4.5% y/y in Dec-2021 from 4.1% y/y in Nov-2021. The main contributor were Transport, Food and Non-alcoholic beverages. On a monthly basis, the inflation rate climbed by 0.4% in Dec-2021, easing from a 0.7% rise in the previous month.
  • The total external debt in Namibia rose by 12.0% y/y to $8.8bn at the end of Q3-2021 from $7.9bn at the end of the same period in 2020.
  • The net Foreign Direct Investment (FDI) inflows into Namibia in Q3-2021 printed at $262.0m, the best inflows since 2018. This is due to the uptake of foreign debt by Namibian subsidiaries from their foreign parent companies.



  • According to the Zambian Reserve Bank, M3 money supply growth accelerated to 9.4% in Oct-2021 compared to 8.9% in the previous year. On a monthly basis, supply rose by 1.8% m/m.
  • According to the Central Bank of Zambia, gross reserves fell to $2.6bn in Oct-2021 compared to $2.9bn in Sept-2021.
  • The Zambian government has received a $35,000 boost from the United Nations Educational Scientific and Cultural Organisation (UNESCO) to help fund its anti-doping projects.
  • Zimbabwe
  • According to Zimbabwe National Statistics Agency (ZimStat), trade deficit fell to $36.0m in Nov-2021 from $177.0m in Oct-2021 on the back of a 20.9% increase in export and 4.1% decrease in imports.
  • The Zimbabwean government announced that the country would be receiving 10.0m doses of the Covid-19 vaccines from China throughout 2022. So far, the country has fully vaccinated just over 5.0% of its 15.0m population.


Central Africa


  • According to National Organisation of Oil Workers, workers at several oil operations in Gabon embarked on a strike over Covid-19 vaccinations and testing requirements.


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