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East Africa may issue single currency in next four years-report
January 16, 2023--The location of the East African Monetary Institute will be finalised soon
The East Africa Community (EAC) anticipates a single regional currency in the next four years, Kenya's The Star newspaper reported.
Although a technical working group suggested the deadline be pushed to 2031, EAC Secretary-General Peter Mathuki expected the East African Monetary Union to be achieved within the next four years.
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Source: zawya.com
Africa: Economies in Africa Had It Rough in 2022
December 31, 2022-Record inflation, high debt levels and weak currencies sent the cost of living soaring in many parts of sub-Saharan Africa throughout the year.
When Richard Gbewornyo graduated as a videographer in Accra, he was ready to go into the field and start shooting.
But hardly any assignments came his way in 2022. He's now an Uber driver in Ghana's capital-although that puts very little in his pocket.
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Source: allafrica.com
Nigeria Ranks 11th of 20 Countries With Largest Oil Reserves
December 30, 2022--Nigeria has ranked 11th position on a top-20 list of countries with largest proven oil reserves, a publication by Insider Monkey has shown.
Despite the impressive attainment on the list, Nigeria's crude oil reserve has remained stagnant at 37 billion barrels for the past 10 years due to low exploration for new discoveries
According to the report, data from the Energy Information Administration (EIA) and other sources were used to sift out the largest countries with crude oil reserves as of 2021
Nigeria;s crude oil is one of the most preferred due to its low sulfuric content, and low corrosiveness to refinery infrastructure.
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Source: allafrica.com/
World Bnak-Nigeria Country Economic Memorandum: Charting a New Course
December 15, 2022--STORY HIGHLIGHTS
The report describes the main trends, challenges, and opportunities for growth and job creation in Nigeria over the past 20 years and proposes a path forward with actionable policy options.
Unlocking private investment will enable the creation of more and better-quality jobs in a sustainable manner.
Nigeria can become a rising growth star again if it implements a comprehensive set of bold reforms in a timely manner.
The latest describes the main trends, challenges, and opportunities for growth and job creation in Nigeria over the past 20 years and proposes a path forward with actionable policy options. Despite its vast natural resources and a young, entrepreneurial population, development in Nigeria has stagnated over the last decade and the country is failing to keep up with the GDP growth of its peers. Declining private investment and demographic pressure pushes young Nigerians to pursue opportunities overseas.
Nigeria was a rising growth star globally in the 2000s due to the implementation of several structural reforms in a context of increasing oil prices; yet this fast growth was not accompanied by robust job creation. Between 2001 and 2010, Nigeria ranked among the top 15 fastest growing economies in the world, with an average annual growth rate of 8.2. However, the hard-won income gains from the 2000s evaporated between 2011 and 2021, due to the lack of deeper structural reforms, global shocks, conflicting macroeconomic policies, and increased insecurity percent. view more
Are Africa's stock exchanges lagging?
Market capitalization on African exchanges was $1.2 trillion at the start of 2020 and rose to $1.3 trn by July 2022. Meanwhile the market capitalization on world exchanges climbed from $80 trn to $95 trn.
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Kenya: NSE Links With Seven African Capital Markets view more
African Development Bank, World Bank to jointly launch Electricity Regulatory Index reports for Africa and the world view more
African exchanges link AELP demonstrates share trades
The African Exchanges Linkage Project (AELP- www.africanexchangeslink.com ) trading platform is an order-routing system and allows sharing of market and order-book data. Technology firm DirectFN is deploying the system, which went live on 18 November following a beta testing period.
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South Africa: GDP Rises By 1.6 Percent view more
Africa's AfCFTA Free Trade Agreement Takes Baby Steps
Kenya has shipped locally-made car and truck batteries as well as a consignment of Kenyan-grown tea to Ghana in the past months. Rwanda has also exported processed coffee beans to the West African nation. view more
Source: worldbank.org
December 9, 2022--African capital markets are falling behind the growth of global markets. African markets have 1.4% of global market capitalization and the share is falling, says Nandini Sukumar, CEO of the World Federation of Exchanges.
Africa's 26 African exchanges have averaged 2 IPOs per month across the continent, compared to 670 on world exchanges in December 2021 and over 700 in July 2021.
Source: africancapitalmarketsnews.com
December 9, 2022--Investors at the Nairobi Securities Exchange(NSE) will now be able to trade in seven stock exchanges across 14 African countries having access to over 2,000 companies with roughly USD1.5 trillion market capitalization.
This is after the African Exchanges Linkage Project (AELP) unveiled an e-platform (The AELP Link), enabling seamless cross-border securities trading among the seven African stock exchanges.
Source: allafrica.com
December 8, 2022--The African Development Bank and the World Bank joined forces to launch parallel reports, respectively capturing the state of power sector regulation in Africa, and more broadly across the developing world. The launch event was attended by 240 attendees including government officials, regulatory entities, development finance institutions and African and international private sector stakeholders.
The African Development Bank's Electricity Regulation Index (ERI), running since 2018, has been widely adopted by regulators and other stakeholders across the African continent to benchmark electricity regulatory environments and to guide reforms in the sector. The new fifth edition covers 44 of the 45 African countries that host independent regulatory authorities.
Source: worldbank.org
December 8, 2022--The cross-border trading platform linking seven of Africa's leading securities exchanges was launched yesterday 7 December in Abidjan.
The link gives access to over 1,000 of Africa's biggest and most promising companies, companies with nearly $1.4 trillion of market capitalization (total value of equities listed).
Source: africancapitalmarketsnews.com
December 5, 2022--South Africa's gross domestic product (GDP) increased by 1.6% between July and September, Deputy Director General for Economic Statistics, Joe de Beer, announced on Tuesday.
The main attributors, Statistics South Africa (Stats SA) said, were the agriculture, forestry and fishing industries, which increased by 19.2% in the third quarter, contributing 0.5 of a percentage point to GDP growth.
Source: allafrica.com
December 5, 2022--A handful of African companies have finally started shipping goods under the long-delayed AfCFTA free trade agreement. They're part of a new initiative to kick-start intra-African trade.
It's been a long time coming, but several African nations have started trading a trickle of goods under the African Continental Free Trade Area (AfCFTA) agreement.
Source: allafrica.com