Snapshot on the African Economy as @ 221021


Friday, October 22, 2021/ 12:20PM / United Capital Research / Header Image Credit: Umaizi

Anglophone West Africa


  • Last week, Recep Tayyip Erdogan, the President of Turkey in a press briefing after a closed-door bilateral meeting with President Muhammadu Buhari at the statehouse, Abuja, revealed how that the volume of trade between Nigeria and Turkey will be expanded by $5bn, to boost socio-economic ties between the two countries.


  • The Federal Government is in negotiations with the International Monetary Fund (IMF) on repayment terms for the $3.4bn extended to Nigeria under the Fund's global $650bn Special Drawing Right (SDR).


  • The Central Bank of Nigeria demonstrated its resolve to support the young people in Nigeria through its N500m grant offer for University and Polytechnic students, in a bid to promote entrepreneurship and reduce unemployment.



  • Last week, the Central Bank of Ghana last week sold $44.5m worth of bills against total bid of $99.25m with stop rate closing at 5.96% - 5.97% range.


  • The deputy director of renewable and nuclear energy at Ghana's Ministry of Energy, disclosed the interest of 12 companies in Ghana as prospective sites for their nuclear power plant, of which offers have been made by these companies.


Francophone West Africa


  • Senegal's Ministry of Health disclosed that for the very first time since the pandemic began, Senegal recorded zero new Covid-19 cases on Wednesday last week.


  • NewsBase disclosed that the International Islamic Trade Finance Corporation (ITFC) approved a 100m Euros Murabaha financing to the Senegal National Power Company (Senelec), in line with ITFC's commitment to supporting the availability and affordability of electricity in member countries.


Ivory Coast

  • Last week, the Federal Government of Ivory Coast in a statement approved a 2022 Budget of CFA9.9tn Franc, which is projected to reach CFA10.6tn Franc by 2023. However, the spending plan is yet to be approved by the parliament.


East Africa


  • In the last week, the President of Kenya, Uhuru Kenyatta, unveiled a Ksh25bn ($225,123,817) economic stimulus package to jump-start the Kenyan economy, create jobs, and pacify his political base ahead of the 2022 General Elections.
  • Google Kenya asked the High Court to overturn Tax Appeal's Tribunal decision that barred it from demanding refunds for VAT paid between 2010 and 2013.


  • Tanzania's Energy Minister, January Makamba, started negotiations on Liquefied Natural Gas (LNG) project with Equinor last week.
  • According to Citizens News, last week, the Parliamentary Accounts Committee (PAC) disclosed that the Tanzania Telecommunications Corporations (TTCL) has a debt weight of Sh403bn and operating capital of about Sh243bn.
  • Also in the past week, the French Minister for Foreign Trade and Economic Attractiveness Franck Riester, unveiled and launched the environmentally friendly electric cars created by E-Motions Africa in Tanzania.


  • Moody's Investors Service cut Ethiopia's sovereign rating for a second time since May, citing a delay in Ethiopia's planned debt restructuring and escalating civil war.

Southern Africa

South Africa

  • According to Statistics South Africa, South Africa's September CPI inflation rate was recorded to be 5.0% y/y, and the breakeven inflation rate for the 10-year CPI-linked bonds recently rose by 2bps to 6.17%.


  • Bloomberg disclosed that the new South African bond market data is showing even more positivity on inflows, with non-residents adding a net 21.9bn rand ($1.5bn) y/y through October.


  • According to Angola's Finance Minister, Vera Daves de Sousa, the Angolan economy is expected to expand by 20bps before the end of 2021, and 24bps by next year, representing Angola's gradual exit from recession.


  • Bloomberg revealed the International Monetary Fund's confidence in the Angolan economy to persist through the 6th year of economic contraction via its well-structured economic reforms.


  • Angola's Unitel has invested $25m in technology innovation and digital upgrades as part of its modernization program to prepare for the launch of its 5G network upgrade.



  • According to a statement by the Finance Ministry of Zambia last week, Zambia's total external public debt including that of state-owned enterprises and other liabilities has risen to $16.9bn.
  • The director of the lender's Africa department in an online briefing last week disclosed that the International Monetary Fund is looking ahead to having a mission in Zambia where parameters of a new financing deal can be agreed upon, such that debt restructuring with official and private creditors will be facilitated.



  • Bloomberg reported that the Central Bank of Zimbabwe last week ordered the shut-down of and other sites that publish parallel-market currency rates, as a measure to halt the accelerating decline of the Zimbabwean Dollar.


  • According to Bloomberg, Zimbabwe's Dollar extended its weekly decline from 1.7% to 3.2% against the United States Dollar (USD).

Central Africa (CEMAC & Congo DRC)


  • CGTN Africa last week disclosed that Cameroon lost over 1.5m hectares of forest from 2000 to 2017 as reported by the country's National Observatory on Climate Change.


  • An article in Business in Cameroon reported that Palm oil production in Cameroon is expected to drop in Q4-2021, due to an unfavourable environment marked by land problems among others as originally published by the Bank of Central African States

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