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Browsing: Sub Saharan Africa (SSA)
- Weaker currencies make the fight to tackle inflation harder given Africa’s dependence on imports.
- According to the IMF, the average depreciation for the region since January 2022 is about eight percent, but events vary by country.
- Ghana’s cedi and Sierra Leone’s leone depreciated by over 45 percent. An analysis by The Exchange Africa shows the Kenya shilling has shed about 18.4 per cent since May last year.
Most African currencies have weakened against the US dollar, fanning inflationary pressures across the continent as import prices surge, IMF now says. This, together with a growth slowdown, leaves policymakers with difficult choices as they balance keeping inflation in check with a fragile recovery.
According to the IMF, the average depreciation across Africa since January 2022 is about eight percent though events vary by country. Ghana’s cedi and Sierra Leone’s leone depreciated by more than 45 per cent.
An analysis by The Exchange …
- Kenya’s Nairobi Securities Exchange posted drop in capitalization in April due to investor flight.
- Other poorly performing bourses were Uganda, Mauritius, Namibia, Morocco, Tanzania, Rwanda and Tunisia.
- Zambia, South Africa, Ghana and Egypt remained positive railing Zimbabwe and Malawi.
Zimbabwe has maintained the lead in the African equity markets returns by recording the highest gains at 112.33 percent year-to-date, the latest data shows. In the period under review, Malawi recorded the highest month-on-month value of 10.96 percent.
At the same time Kenya posted the highest drops both on year-to-date and month-on-month, Nairobi Securities Exchange (NSE) monthly barometer indicates, which stood at negative 15.56 percent and minus 3.52 percent, respectively.
Other poor performers across Africa were Uganda, Mauritius, Namibia, Morocco, Tanzania, Rwanda and Tunisia. In West Africa, Nigeria performed poorly on the month-on-month index but remained positive year-to-date. Zambia, South Africa, Ghana and Egypt remained positive railing Zimbabwe and Malawi.
Kenya’s …
- Across the East Africa region, Rwanda posted the strongest performance.
- Uganda’s economy grew by 4.4 percent in 2022 compared to a 6.7 percent uptick in 2021.
- Tanzania’s real GDP expanded by 4.5 percent in 2022 compared to 4.9 percent growth in 2021.
Kenya’s economy recorded a slower growth of 4.8 percent last year as agriculture slumped due to severe drought. In 2021, Kenya posted 7.6 percent growth as the country emerged from Covid-19 induced economic fallout.
Latest data from the Kenya National Bureau of Statistics show that East Africa’s economic powerhouse growth outpaced its neighbours. Kenya saw its nominal GDP increase to $98.24 billion, from $87.98 billion in 2021, retaining its pole position over East African peers.
Uganda’s economy grew by 4.4 percent in 2022 compared to a 6.7 percent growth in 2021. The marginal drop was partly on account of recovery in hospitality and other service sectors as schools …
