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More African Central Banks Are Exploring Digital Currencies
June 23,2022--Several sub-Saharan African central banks are exploring or in the pilot phase of a digital currency, following Nigeria's October introduction of e-Naira. Nigeria was the second country after the Bahamas to roll out a CBDC.
CBDCs are digital versions of cash that are more secure and less volatile than crypto assets because they are issued and regulated by central banks
As the Chart of the Week shows, South Africa and Ghana are running pilots while other countries are in the research phase.
The South African Reserve Bank is experimenting with a wholesale CBDC, which can only be used by financial institutions for interbank transfers, as part of the second phase of its Project Khokha. The country is also participating in a cross-border pilot with the central banks of Australia, Malaysia and Singapore.
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Source: SEC.gov
World Bank Nigeria Development Update (NDU)-The Continuing Urgency of Business Unusual JUNE 2022
June 14, 2022--This latest edition of the NDU says that inflation in Nigeria, already one of the highest in the world before the war in Ukraine, is likely to increase further due to the rise in global fuel and food prices caused by the war.
And that is likely to push an additional one million Nigerians into poverty by the end of 2022, on top of the 6 million Nigerians that were already predicted to fall into poverty this year due to the rise in prices, particularly food prices.
The report also states that the inflationary pressures will be compounded by the fiscal pressures Nigeria will face this year because of the ballooning cost of gasoline subsidies at a time when oil production continues to decline.
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Source: worldbank.org
New report from Endeavor Nigeria says Africa's technology ecosystem is poised for exponential growth
June 8, 2022-- A new report from Endeavor Nigeria, the leading community of high-impact entrepreneurs in Nigeria, analysis shows that Africa's technology ecosystem is set for a period of exponential growth, accelerated by strong market fundamentals and the impact of the COVID-19 pandemic.
The report, titled "The Inflection Point: Africa's Digital Economy Is Poised To Take Off", reviewed key events in Africa’s technology ecosystem from the last few years, identified patterns (especially in the context of other technology ecosystems across the world), and offers a roadmap to successfully navigate the opportunities that are emerging. According to the report, which drew on multiple sources, including analysis from McKinsey & Company, Africa's digital economy is approaching its S-curve, a period of rapid, significant growth that will positively impact the continent's GDP, job creation, and overall economic outlook.
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Source: Endeavor Nigeria
South Africa: GDP Increases By 1.9 Percent in Q1 of 2022
June 7, 2022--South Africa's gross domestic product (GDP) increased by 1.9% in the first quarter of 2022.
Addressing media on Tuesday, Statistician General Risenga Maluleke said in the first three months of the year, the manufacturing industry increased by 4.9%, contributing 0.6 of a percentage point to GDP growth.
"Seven of the 10 manufacturing divisions reported positive growth rates in the first quarter. The petroleum, chemical products, rubber and plastic products division made the largest contribution to the increase in the first quarter."
Statistics South Africa (Stats SA) said the food and beverages division; basic iron and steel, non-ferrous metal products, metal products and machinery division, and motor vehicles, parts and accessories and other transport equipment divisions also made significant contributions to growth.
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Source: allafrica.com
Africa: China Looks to Africa in Race for Lithium
June 4, 2022--It is the new gold rush, and China is leading the hunt as prices surge. Only it's not gold everyone's looking for, it's lithium. Many say the future of electric vehicle production and, more broadly, combatting climate change, depend on the rare metal.
Prices for the "green metal" have seen an almost 500% increase in the past year, according to Bloomberg.
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Source: allafrica.com
Africa: Bank Predicts Slower Economic Growth, Rising Inflation in Africa
May 27, 2022--According to the latest African Economic Outlook report by the African Development Bank, Russia's invasion of Ukraine and lingering effects of the COVID-19 pandemic pose huge challenges to the continent.
The bank's president, Akinwumi Adesina, said at the launch of the report that it will take a great deal of effort for Africa to fully recover.
"The recovery for Africa will be very costly. Africa will need at least 432 billion dollars to address the effects of COVID-19 on its economies and on the lives of its people-- resources it does not have."
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Source: allafrica.com
African Economic Outlook 2022: Africa's 2021 economic rebound impacted by lingering Covid-19 pandemic and Russia-Ukraine war
May 25, 2022--May 25, 2022--Africa's gross domestic product has recovered strongly in the last year, but the lingering effects of the Covid-19 pandemic, Russia's invasion of Ukraine and the ensuing war could pose considerable challenges in the medium term. This is according to the 2022 African Economic Outlook, released by the African Development Bank on Wednesday.
Africa's gross domestic product grew by an estimated 6.9% in 2021. This is after the continent suffered a pandemic-induced contraction of 1.6% in 2020, says the Bank's flagship publication.
Rising oil prices and global demand have generally helped improve Africa's macroeconomic fundamentals, the report found. But growth could decelerate to 4.1% in 2022, and remain stuck there in 2023, because of the lingering pandemic and inflationary pressures caused by the Russia-Ukraine war. Both countries are major grain suppliers to Africa.
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Source: afdb.org
Nigeria's GDP Records 3.11 Percent Growth in First Quarter of 2022
May 23, 2022--Nigeria's Gross Domestic Production (GDP) has sustained a positive growth to record a 3.11 per cent in the first quarter of 2022.
But the figure is a slight drop from the 3.98 per cent recorded in Q4.
Speaking at a press conference on Monday, the Statistician-General of the Federation and CEO of the National Bureau of Statistics (NBS), Semiu Adeyemi Adediran, said the Nigerian economy has maintained a positive trend for the sixth consecutive quarter after the economic shock by the COVID-19 pandemic.
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Source: allafrica.com
Ethiopia set to get its long-awaited stock exchange
May 20, 2022--Country's Ministry of Finance signed a cooperation agreement this week, having initially announced ESX in 2020
Ethiopia has moved a step close to getting its long-awaited Ethiopian Securities Exchange (ESX).
The ESX was first announced in 2020. The Ethiopian Ministry of Finance, the Ethiopian Investment Holdings, and FSD Africa have signed an agreement on Wednesday to establish the ESX, according to a report on financial website Finbold.
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Source: zawya.com
Africa's Pulse in Five Charts: Boosting Resilience Through Social Protection
April 20, 2022--Since emerging from its first recession in 25 years, economic growth in Sub-Saharan Africa is estimated at 4% in 2021, up by 0.7 percentage point from the October 2021 projections, and up from -2.0% in 2020.
However, growth recovery in the region has slowed in the second half of 2021 due to the impact of the Delta COVID-19 variant, elevated debt levels in many countries, lingering supply bottlenecks, the plateauing of metal and mineral prices, rising inflation and tightening financial conditions.
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Source: worldbank.org
