Friday, April 22, 2022 / 11:21 AM / by NGX / Header Image Credit: iStock
Anglophone West Africa
Nigeria
In its latest global economic
forecast, the International Monetary Fund gave an upward revision of Nigeria’s
economic growth potential to 3.4% for FY-22, from its previous 2.7% forecast,
up by 1.7ppts, supported by the recent rally in global oil prices.An analysis of the OPEC document
showed that Nigeria’s oil production dropped from the 1.378mbpd recorded in
Feb-22 to 1.354mbpd in Mar-22, indicating a daily plunge of 24,000 barrels of
crude oil. This implies that for the 31 days in March, the country’s oil
production dropped by 744,000 barrels, despite the rise in global oil prices.Further to the recent barring of
over 72m active telecom subscribers, the National Association of Telecoms
Subscribers (NATCOMS) urged the FG to extend the implementation of the SIM-NIN
policy by three months, maintaining doggedness to take the FG to court if they
fail to lift the ban temporarily.Last week, the World Bank disclosed
that the restrictions on importation and non-flexible exchange rate management
of the Central Bank of Nigeria are the primary driving force for food
inflation. The Federal Government revealed the
shortfall in electricity tariff paid by consumers across the country to power
distribution companies declined from N1.9tn to N247.0bn in Mar-22.
Ghana
According to estimates from the
Ghanaian Statistical Service (GSS), the country’s annual producer inflation
continued its upward trajectory for the seventh consecutive month to 29.3% in
Mar-222, from 21.4% in Feb-22. March-2022 inflation was a new
seven-month record high, bolstered by rising petrol pump prices amid increased
petrol importation costs.According to the Bank of Ghana,
Ghana’s FY-21 real GDP grew 5.4% in FY-21, surpassing the projections and
estimates of the Finance Ministry, the Presidency, and the IMF by 1.0ppts,
0.1ppts and 1.2ppts (4.4%, 5.3% and 4.2%, respectively).Extracts from the recent data
released by the GSS on Ghana’s FY-21 GDP growth revealed the country’s GDP rose
more than expected in Q4-21, climbing 7.0% y/y in Q4-21 vs the 4.0% y/y
estimate. Furthermore, the country’s economy expanded 5.4% y/y through FY-21,
with non-oil GDP growing 7.6% y/y within the same period.The Central Bank of Ghana, in its
annual FY-21 report, disclosed set aside funds to the tune of 180m Cedis for
the acquisition of Gold.
Francophone West Africa
Senegal
Senegal’s consumer prices index
decreased to 113.5 points in Mar-22 from 114.4 points in Feb-22, indicating a
fall of 0.8% m/m compared to a 1.4%m/m rise in the previous month.According to the Minister of Energy,
Sophie Gladima, the government has ordered the state-owned refinery Société
Africaine de Reffinage to resume jet fuel production after a shortage hit its
international airport due to the Russian-Ukraine crisis.
Ivory Coast
According to the Managing Director
of the Treasury, the war in Ukraine has affected the borrowing plan of the
country, causing a spike in borrowing rates.The country targets issuance of
500bn francs before Q3-22 and a target sale of 2trn francs on the regional
market by the end of the year.
East Africa
Kenya
According to data released by the
Central Bank of Kenya (CBK), the country’s foreign remittances climbed 25.0%
y/y in Mar-22 to settle at $363.6mn from $290.8mn. On a m/m basis, total
foreign remittances rose by 13.1%The International Monetary Fund
(IMF), in its most recent World Economic Outlook publication, disclosed Kenya’s
FY-22 economic growth projection to print at 5.7%.Data from the recently released
weekly foreign exchange report for Kenya by the CBK revealed a 1.1% decline in
the country’s w/w reserve, from $8.4bn to $8.3bn, still maintaining the
capacity to cover 4.9 months of imports.According to the Director-General,
Energy and Petroleum Regulatory Authority, gasoline and diesel prices were
raised by 7.3% and 8.6% to KSh144.7 and KSh125.5, respectively, in the
country’s capital, Nairobi.
Uganda
According to Uganda’s Ministry of
Finance data, the country’s trade deficit saw expansion to $247.7mn in Feb-22
from $228.9mn in Jan-22, indicating a 9.0% y/y uptick in Uganda’s trade
balance.In addition, the East African
country’s exports climbed to $337.3m in Feb-22 from $296.8m in Jan-22,
primarily driven by earnings from coffee export proceeds.
Southern Africa
Angola
According to the Instituto Nacional
de Estatistica, Angola’s national consumer prices rose 27% y/y in March versus
+27.3% in February.
South Africa
According to Statistics South
Africa, South Africa’s consumer prices rose 5.9%y/y in March and 1.0% m/m. Core
Consumer prices rose 3.8% y/y and 0.8% m/m.According to Statistics South
Africa, South Africa’s inflation rate moved closer to the ceiling of the
Central Bank’s target range in March as annual inflation accelerated to 5.9%
from 5.7% in February.According to the National Institute
for Communicable Diseases, South Africa’s coronavirus test positivity rate
climbed to the highest in three months, as 2,846 cases were infected.
Central Africa
Cameroon
The Minister of Water and Energy
disclosed the small hydroelectric plant of Mbakaou would reduce the country’s
carbon dioxide emission by 67,000 tons by 2030, an annual estimation of 4,894
tons y/y.
According to the World Bank, the
reduction is deemed insignificant compared to the country’s overall emission;
Further adding the country is dependent on the upcoming commissioning of the
Nachtigal hydroelectric plant, the Garoua solar power plant and the full
availability of the Memve’ele hydroelectric dam as well as the Guider solar
power plant to improve its energy mix and further reduce CO2 emissions related
to electricity generation.
The Beac Business Survey revealed
the Central African region’s economy is expected to improve in the Q2-22
despite a gloomy international context due to favourable oil prices, ease of
covid-19 restrictions and public demand supporting domestic activity.
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