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South Africa: GDP Rises By 1.6 Percent
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.
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Source: allafrica.com
Africa's AfCFTA Free Trade Agreement Takes Baby Steps
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.
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.
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Source: allafrica.com
Nigeria's Third-Quarter Economic Growth Slows to 2.25%
November 25, 2022--The NBS said this growth rate declined from 4.03 per cent in the third quarter of 2021.
Nigeria's economy grew by 2.25 per cent in real terms in the third quarter of 2022, the National Bureau of Statistics has said.
The Gross Domestic Product, which measures the size of the economy, expanded at a slower rate than in the third quarter of 2021, the NBS said Thursday.
The NBS said this growth rate declined from 4.03 per cent in the third quarter of 2021.
According to the bureau, the reduction in growth is attributable to the effects of the 2020 recession and the challenging economic conditions that have impeded productive activities.
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Source: allafrica.com
Progress towards Ethiopia's Stock Exchange
November 24, 2022--At least 50 companies are expected to list when Ethiopia's stock exchange launches. The country's new $38bn sovereign wealth fund Ethiopia Investment Holdings (EIH) is working with the Ministry of Finance and Nairobi-based FSD Africa to set up the Ethiopian Securities Exchange (ESX) with an aim to get it operating by end 2023 or in the first half of 2024.
Ethiopia Investment Holdings has set up a project team with FSD Africa, backed by British Government development aid, and in September was inviting consultants to bid for a fund-raising drive to raise capital for the new bourse. The project team is to develop the ESX business plan and its structures, as well as outlining the market segments. It is also to lead developing the ESX trading rules, policies and procedures, the ESX trading and operating systems, and other ICT infrastructure. It will set the ESX into operations and launch it.
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Source: africancapitalmarketsnews.com
Africa's Growing Crypto Market Needs Better Regulations
November 22, 2022--The risks from crypto assets are evident-it's time to regulate
The collapse of the world's third largest crypto exchange FTX, and subsequent plunge in the prices of Bitcoin, Ethereum, and other major crypto assets, is prompting renewed calls for greater consumer protection and regulation of the crypto industry.
Regulating a highly volatile and decentralized system remains a challenge for most governments, requiring a balance between minimizing risk and maximizing innovation.
Only one-quarter of countries in sub-Saharan Africa formally regulate crypto. However, as our Chart of the Week shows, two-thirds have implemented some restrictions and six countries-Cameroon, Ethiopia, Lesotho, Sierra Leone, Tanzania, and the Republic of Congo-have banned crypto. Zimbabwe has ordered all banks to stop processing transactions and Liberia directed a local crypto startup to cease operations (implicit bans).
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Source: IMF.org
African Exchanges Link platform goes live today
November 18, 2022--A cross-border order-routing platform linking seven leading African securities exchanges has gone live today, 18 November. The African Exchanges Linkage Project (AELP) technology allows 33 stockbrokers across Africa to send client orders to each other and brings the brokers live data from each of the exchanges.
The AELP platform was officially switched on at 00:00 UTC, according to this announcement .
The African Exchanges Linkage Project is a flagship project of the African Securities Exchanges Association (ASEA) and the African Development Bank (AfDB) to facilitate cross-border trading of securities in Africa. It aims to boost liquidity in securities trading on African stock exchanges and support capital markets development in Africa.
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Source: africancapitalmarketsnews.com
African Development Bank predicts economic slowdown in East Africa in 2022, but bounce back in 2023
November 16, 2022--The African Development Bank has released its latest East African Economic Outlook, predicting a slow recovery in the region in 2022 at 4.0 percent against 5.1% in 2021.
The slowdown is due to the lingering effects of COVID-19; the adverse impacts of geopolitical tensions (notably the Russia-Ukraine conflict); climate change and devastating locust invasion, together with regional conflicts and tensions.
The report notes that because of these obstacles, countries in the region have experienced heightened inflationary pressures, particularly on food and fuel, leading to rising cost of living. This has resulted in weakening national currencies, floods and drought, contraction in agricultural production; depressed business activity, and falling revenue collection, among others.
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Source: afdb.org
South Africa: Water Crisis a Greater Threat than Energy Crisis, Infrastructure Group Warns
November 11, 2022--Water Crisis to Outpace Energy Crisis, Infrastructure Group Warns
According to American multinational infrastructure consulting firm AECOM, a looming water crisis in South Africa will eclipse the nation's current struggle for a stable supply of electricity, Business Tech reports.
Darrin Green, Africa MD at globally trusted infrastructure firm AECOM, said: The energy crisis is confronting us first, or maybe it is the most obvious, but for me, the current water shortage in Gauteng is absolutely a worse crisis.
While the fundamental issues are the same, it is going to be a much more difficult situation for people to live with on a day-to-day basis". Green added that as climate change becomes increasingly important, South Africa has failed to make the topic more noteworthy and thereby changing its current reactive stance to one that is more proactive. Clients are not perceiving this as a priority. It must start with an overall understanding of sustainability and its key drivers. The South African market has not reached a sufficient level of maturity in this regard," Green said. An additional example was made of integrated hydrological models of South Africa's coastlines not being updated or maintained.
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Source: allafrica.com
Nigerian Stocks Halt Run of Big Slides As Sell-Offs in Mega-Cap Shares Ease
October 21, 2022--The all-share index grew 14.1 basis points to 44,332.2, while market capitalisation marginally climbed to N24.1 trillion.
Nigerian stocks Thursday took a breather from a string of depreciations leading up to the biggest three-day slide of the year to date, with the benchmark index moving 0.03 per cent up as the size of trade fell 28 per cent and turnover by 13 per cent compared to the previous session.
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Source: allafrica.com
Africa's Inflation Among Region's Most Urgent Challenges
October 20, 2022--Tackling inflation while supporting growth and protecting the vulnerable warrants careful and vigilant monetary policy tightening
Sub-Saharan Africa faces one of the most challenging economic environments in years, marked by a slow recovery from the pandemic, rising food and energy prices, and high levels of public debt.
One of the most urgent issues confronting the region is the need to tackle decade-high levels of inflation-which are devastating incomes and food security-while also supporting growth.
While there are big differences between countries, the median of inflation rates in the region increased to almost 9 percent in August. And even though the rise has been less dramatic than in other parts of the world, and the drivers are different, inflation is nearly double pre-pandemic levels, risking social and political instability and worsening food insecurity.
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Source: imf.org
