Snapshot on the African Economy as @ 210122


Friday, January 21, 2022/ 12: 15 AM / United Capital Research / Header Image Credit:courtneyk, iStock

Anglophone West Africa



  • According to the National Bureau of Statistics, consumer prices rose 15.6% y/y in Dec-2021, beating consensus estimates (14.8%; Bloomberg).
  • According to the finance minister in a presentation of the approved 2022 budget, Nigeria's debt stock recorded a 20.4% increase in 11M-2021, from N32.9tn as of Dec-2020 to N39.6tn in Nov-2021.
  • The Governor of the Central Bank of Nigeria, Godwin Emefiele, at the unveiling of 13 rice pyramids in Abuja, disclosed that Nigeria's rice production rose 66.7% in six (6) years, from 5.4Mt in FY-2015 to 9.0MT in FY-2021.
  • The Nigeria House of Senate passed a bill to establish the National Rice Development Council, targeted toward further improvement of local production of rice in a bid to curtail annual importation of rice, which is currently valued at $2.0bn, as well as to improve FX earnings.



  • Ghana's producer prices increased 12.8% y/y in Dec-2021, albeit declining 0.2% m/m, according to the Ghana Statistical Service.
  • According to a statement by the Bank of Ghana (BoG), Ghanian banks can now accept offshore debt securities (sovereign, corporate and multilateral) as collateral for loans.
  • The securities, however, must be dollar, pound, euro or yen-denominated and rated AA and above.
  • Chipper Cash was granted an enhanced Payment Service Provider License by the Bank of Ghana (BoG) to begin commercial operations in Ghana, after meeting BoG's licensing application requirements for payment service providers.
  • The international rating agency, Fitch, downgraded Ghana's long-term foreign-currency issuer default rating (IDR) to "B-", over rising concerns about the sovereign's ability to service its debts in the medium to long-term.


Francophone West Africa (WAEMU)



  • According to the National Agency of Statistics and Demography, consumer prices in Senegal rose 3.8% y/y in Dec-2021, compared to 3.0% in Nov-2021.
  • PAPS, a Senegal-based logistics and delivery company, announced a total of $4.5m raised in a pre-Series A round, which was led by pan-African venture capital firm 4DX Ventures and regional telecom operator Orange.


Ivory Coast

According to Ivory Coast's statistical bureau, headline Inflation printed at 5.6% y/y in Dec-2021, with an average of 4.2% in FY-2021. 


East Africa



  • According to Central Bank of Kenya (CBK) data, mobile money agent transactions in Kenya jumped 36.0% y/y to $54.3bn in the 9M-2021 period.
  • Data from the Tourism Research Institute showed an increase in international tourist arrivals, as Kenya received 870,465 tourists, 53.0% higher than 567,848 in 2020. USA was the major tourist source for Kenya with 136,981 followed by Uganda (80,067) and Tanzania (74,051).
  • The Ministry of Tourism and Wildlife forecasts an 18% y/y increase in tourism earnings from 146.5bn to 172.9bn in 2022.
  • Savannah Cement announced plans to raise to raise a KSh39.7bn ($350.0m) bond on the London Stock Exchange to build a 2.7Mta clinker production plant based in Kitui. Proceeds from the sale will also go into setting up a grinding plant of 700,000tpa at the same location.
  • Low-cost internet service provider, Poa Internet, raised $28.0m from Africa 50, an infrastructure financier backed by the Africa Development Bank (AfDB) and several African sovereigns.



  • Tanzania and Burundi signed an agreement to construct a 282.0km railway line worth $900.0m to link the two countries.
  • The Tanzania Fair Competition Commission (FCC) disclosed receipt of a merger application notification by Exim Bank Tanzania Ltd to acquire some assets and liabilities of First National Bank Tanzania Ltd.
  • Tanzania's current account deficit widened to c.$346.0m in Nov-2021 from c.$166.0m in Oct-2021. The year-to-Nov-2021 deficit prints at $2.0bn, compared to $841.0m in Nov-2020. This is attributable to a reversal in the pandemic-induced effect on terms of trade.
  • Public debt stood at $36.1bn by the end of Nov-2021, $5.3bn higher than Nov-2021, with external debt adding $4.1bn to print at $28.0bn, according to the Bank of Tanzania.
  • According to BoT, debt service payments in Nov-2021 amounted to $171.4m.



According to the Uganda Coffee Development authority, coffee shipments climbed 28.0 y/y to 536,889 bags (worth $75.3m) in Dec-2021 from 419,3338 bags in Dec-2020.


Southern Africa


South Africa

  • According to Statistics South Africa, consumer prices increased 5.9% y/y in Dec-2021, from 5.5% y/y the previous month. This is the highest increase since Mar-2017, driven by higher food & non-alcoholic beverages and transport prices. On a m/m basis, inflation increased by 0.6% in Dec-2021.
  • In addition, wholesales for Nov-21 increased by 5.5% y/y in Nov-2021, and 0.1% m/m compared to a contraction of 0.2% m/m in Oct-2021. Retail sales increased 3.3% y/y, and 1.9% m/m, following a decrease of 1.3% m/m in Oct-2021.
  • South Africa's mining output rose by 5.2% y/y in Nov-2021 due to positive contributions from Platinum Group Metals (PGMs) and iron ores. On a m/m basis, production fell by 2.2% m/m, compared to an increase of 3.1% in Oct-2021.



  • According to Instituto Nacional de Estatistica, Angola's economy expanded by 0.8% y/y in Q3-2021, the first y/y growth since Q4-2018, following a two-year long depression. The main drivers of the growth include internal trade, transportation & storage, fisheries and construction.
  • According to data released by the Organisation of Petroleum Exporting Countries (OPEC), Angola's crude oil production rose to 1.15mb/d in Dec-2021, from 1.11mb/d the previous month.



  • Madison Metals Inc announced it has entered a binding letter of intent with Giraffe Energy Investments Close Corporation and Otjiwa Mining and Prospecting Close Corporation to acquire c.85.0% interest in 3 separate Namibia Uranium License concessions named the Rossing North Uranium Project.
  • The Government Institutions Pension Fund (GIPF) announced that it earned an average of N$2.0bn monthly in the first nine months of 2020 despite the global pandemic.
  • According to the Bank of Namibia's Interbank Settlement System (NISS) transaction settlements crosses N$1.0tn for the first time in 2021 due to high volumes of transactions.



  • The President, Hakainde Hichilema has pledged to accelerate investments in all sectors of the Zambian economy. The Zambian Chamber of Commerce and Industry signed a Memorandum of Understanding (MoU) with Abu Dhabi Chamber of Commerce, United Arab Emirate (UAE).
  • Nitrogen Chemicals of Zambia (NCZ) produced 23,000 tonnes of D-compound in 2021, meeting it target to deliver fertilizer under the Farmer Input Support Programme (FISP) during the 2021/2022 farming season.



The Zimbabwean government has signed a deal with the Chinese government to export fresh citrus fruits.


Central Africa


Fitch Ratings has affirmed UBA Cameroon's Long-Term Issuer Default Rating (IDR) at "-B" and outlook at "Stable".



The Democratic Republic of Congo (DRC) has reaffirmed willingness to join the East Africa Community (EAC), as negotiations leading to its admission commenced in Kenya.


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