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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.
- 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 …
- A Boston University report published on Thursday ,indicates that a Debt reductions of US$500 billions must be written off to assist developing countries that are most at risk of default get back on a better financial footing
- Developing nations’ sovereign debt rose by 178% due to the global financial crisis, reaching US$3.9 trillion by 2021
- Fitch Ratings reported a substantial amount of sovereign debt defaults this year, whereas the International Monetary Fund reported that 25% of developing nations and sixty per cent of developing nations are in or approaching debt distress
Countries in Sub-Saharan Africa (SSA) are dealing with two issues that are reducing productivity and undoing decades of economic progress: increasing levels of debt and an uptick in the frequency and intensity of climate shocks.
Countries now have declining public finances, low resilience to climate shocks, and constrained ability to fund adaptation due to the cumulative nature of these …
- The DRC is viewed as a most promising member of the regional bloc offering a market of over 96 million people.
- DRC is also rich in many coveted minerals such as cobalt and Nickel, gold, and diamonds, which has caused a long-standing conflict.
- The EAC peace forces in the DRC were sent in early last year to restore peace and stability in the region.
The East Africa Community (EAC) has been touted as a model for regional economic blocs in Africa but the tension between Rwanda and the bloc’s newest member, DRC, is threatening to derail the region’s social and economic integration.
The two neighboring countries have had a dicey relationship in the recent past with the largest country of the EAC, the DRC, accusing the smallest country in the region, Rwanda, of supporting rebels within its borders.
The DRC is viewed as a most promising member of the regional
- Senegal´s gas discoveries have generated a great deal of hope among the country’s young population about future opportunities in the energy sector.
- The Greater Tortue Ahmeyim (GTA) LNG is the largest gas project currently underway in Senegal
- In the near future, Senegal will no longer be hampered by what had been up to now some of the highest energy costs in West Africa.
Senegal continues to grow its Oil and Gas industry since its first discoveries between 2014 and 2017 with so far, Gas and Oil reserves worth more than 1 billion barrels of oil and more than 40,000 billion cubic feet of gas having been unlocked in Senegal. The West African country is on the road to guaranteeing its citizens of energy security.
Natural Gas Projects
One of the single largest gas projects currently underway in Senegal is the Greater Tortue Ahmeyim (GTA) LNG gas project, located in offshore …
Consequences of conflict also mean that the most affected may not be able to return to productivity if land, equipment and other resources used to produce food are destroyed.…
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