September 29, 2023/United Capital

Anglophone West AFrica (WAEMU)
Nigeria

• Forex inflow hits $10.7bn in two months, says CBN

Nigeria recorded $10.7bn aggregate foreign exchange inflow into the economy in April and May, figures obtained from the Central Bank of Nigeria have revealed. According to the report, the economy recorded a higher net foreign exchange inflow in May relative to the preceding month.
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• Foreign portfolio investment grew 45.93% in August, says NGX

Foreign portfolio investment inflow on the Nigerian Exchange Limited increased by 45.93 per cent to N13.79bn in August 2023 from N9.45bn recorded in July 2023. This was revealed in the latest Domestic and Foreign Portfolio Investment Report of Nigerian Exchange Limited, which also showed that the outflow of foreign capital had moderated to N23.37bn from N31.09bn as of end of July, 2023.
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• NNPCL swaps N2.6tn crude for refined products

The Nigerian National Petroleum Company Limited exchanged crude oil valued at N2.6tn for refined petroleum products in 2021, latest data from the Nigeria Extractive Industries Transparency Initiative, an agency of the Federal Government, showed.
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• Afrexim Bank seeking buyers for NNPCL crude – Report

State oil company, the Nigerian National Petroleum Company Limited is currently seeking to borrow about N2.3tn ($3bn) from the Afrexim Bank to support the naira, according to a report.
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• World Bank approves fresh $700m loan for Nigeria

The World Bank has approved a fresh $700m loan for Nigeria to enhance adolescent girls’ learning and empowerment. The new loan is to provide additional funds for an ongoing project known as the Adolescent Girls Initiative for Learning and Empowerment.
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• Dangote Foods to emerge after three subsidiaries’ merger

The mega entity that will emerge from the proposed merger of  three subsidiaries of Dangote Industries Limited, two of which are listed in the Nigerian stock market, will be known as Dangote Foods Plc.
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Ghana

• Ghana central bank holds main rate, sees better growth outlook

Ghana’s central bank on Monday kept its main interest rate at 30.00%, citing lower inflation, a stabler exchange rate and relatively strong economic growth. Bank of Ghana Governor Ernest Addison said recent data suggested growth was more robust than expected, projecting GDP would expand by some 3% this year, compared with an International Monetary Fund (IMF) forecast of 1.6%.
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• BoG purchases gold worth $700m in reserves as part of ‘Gold Purchasing Programme’

The Bank of Ghana has up to date purchased gold worth about $700 million in reserves as part of its ‘Gold Purchasing Programme’. According to the Governor of the Bank of Ghana, Dr. Ernest Addison, the domestic ‘Gold Purchasing Programme’ has been very strong in helping to stabilise the economy.
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• Economic growth to surpass IMF forecast — BoG

Ghana’s economy is bound to grow twice higher than the 1.5 per cent projected by the International Monetary Fund (IMF) at the end of the year, the Bank of Ghana (BoG) has projected. The central bank‘s projection is based on the strong economic growth for the first and second quarters and positive outlook indications given by the BoG’s Composite Index of Economic Activities.
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Francophone West Africa (WAEMU)
Senegal

• Congestion at the container terminal: The Pad relocates container storage

The General Directorate of the Autonomous Port of Dakar (Pad) has selected the ICD sites of Dougar of holding Gueye and those of ex Sera and Soa Bois for the storage of empty containers. This decision aims to decongest the Dpw Container Terminal (Tac).
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• Synthetic economic emergence index: Senegal among “potentially emerging” countries

Senegal ranks in 2021, in the rank of “potentially emerging” countries, with a Synthetic Economic Emergence Index of 0.457. It is positioned 7th out of 43 countries in Africa, according to the Economic Foresight Bureau (Bpe ). Under the leadership of Moubarack Lô, this structure monitors the progress of countries towards the objective of emergence.
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• Aviation – Air transport in Senegal: Activity returns to its pre-Covid 19 level

Air traffic increased by 18% compared to the same period of 2022. This is reported by the National Civil Aviation and Meteorology Agency (Anacim). This increase is the consequence of the resumption of activities as was the case before the Covid-19 pandemic. 
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• Reforestation and food security in Vélingara: Gie Agro beydaare provides households with 3,500 oil palm trees

Gie Agro beydaare Senegal launched, last Saturday, an innovative initiative to plant 3,500 oil palm trees in the Vélingara department. An area where the species is almost non-existent. This is to both fight against the harmful effects of deforestation and ensure food security in 12 municipalities in the department.
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Ivory Coast

• Government reshuffle in sight for Alassane Ouattara

The Ivorian president announced to his ministers that some of them would soon be dismissed, after the last local elections. It therefore confirms a rumor that has been circulating for several days.
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• Ivory coast benefits from new funding for the construction of the lafigué gold mine

As part of its construction project, the Lafigué mine, Côte d’Ivoire benefited from new syndicated financing for a total amount of either USD 150 million or 100.5 billion FCFA. The stakeholders involved in this financing are Ecobank Côte d’Ivoire and the leading mining group in gold production in West Africa Endeavor Mining.
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• Suspension of Sugar and Rice exports to Ivory Coast: a new strong decision by the government

Faced with the surge in world prices for rice and sugar, exacerbated by India’s export restrictions, the Ivorian government is suspending its exports of rice and sugar and regulating local prices, with the aim of limiting high prices as much as possible. of life in the country.
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• Transport: Ivorian and Moroccan Transport Ministers Discuss Bilateral Cooperation In Marrakech

On the sidelines of the 2nd edition of the Kofi Annan Road Safety Prize in Marrakech, the Ivorian Minister of Transport, Amadou Koné, had fruitful discussions with his Moroccan counterpart, Mohammed Abdeljalil.
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• PONADEPA 2022-2026: A contribution of 60% from the Private Sector set to achieve the objectives

In Côte d’Ivoire, a significant contribution from the private sector is expected to achieve the objectives of the national policy for the development of livestock, fishing and aquaculture (PANODEPA 2022-2026). In its desire to reduce animal food import expenses estimated at more than 400 billion CFA francs per year, the Ivorian government through the Ministry of Animal and Fishery Resources has implemented PANODEPA 2022 2026.
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• Ivory coast: the new Alassane Ouattara bridge closed to traffic

The Alassane Ouattara bridge, which connects Cocody to the Plateau district in Abidjan, will be closed to vehicle traffic on Wednesday September 27, 2023, informs a press release from the Ministry of Equipment and Road Maintenance.
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East Africa
Kenya

• Kenya, UK Sign MOU to Promote Market Access, Business Integrity

Kenya and the UK yesterday evening signed a memorandum of understanding (MoU) on market access and business integrity between the Ministry of Investments, Trade, and Industry (MITI) and the British Chamber of Commerce Kenya (BCCK).
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• Kenya Discloses Terms of April $200Mn Syndicated Loans

Nairobi City County Chief Officer Revenue Administration, Wilson Gakuya has highlighted the importance and benefits of the Finance Bill 2023/2024, which is set to undergo Public Participation from tomorrow until Wednesday in all the 17 sub counties in Nairobi.
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• Kenya to Examine Tax Reforms to Maximize Trade Deals With China

The Kenyan government has set foot in signing trade deals with Chinese exhibitors as it seeks to create a window of business opportunities, capacity building, and knowledge transfer to Kenyans.
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• U.S., Kenya Sign $100 Million Defence Cooperation

“The United States remains committed to working with Kenya to help bring stability and security to the region, and beyond.” “During our meeting today, I thanked him for hosting US forces at Manda Bay and for his commitment to our shared security. Signing the Framework for Defense Cooperation between our countries today reinforces the importance of our strategic partnership with Kenya.”
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• Govt Leasing Out Idle Land to Private Investors, President Ruto Says

President William Ruto says the government is in the process of leasing out idle land held by public institutions to private investors. This move, the head of state avers, is aimed at availing more land for purposes of agricultural use in a bid to scale up land productivity in the country.
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• Kenya to build nuclear power plant from 2027

Kenya targets to kick off the construction of its first nuclear power plant in 2027 as the country seeks to further diversify its energy generation amid rising demand and push for zero-carbon energy.
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• Kenya debt interest payments rise $1.6bln on weak shilling

Interest payments on loans tapped by the state are set to rise by a record Ksh231.6 billion ($1.6 billion), even as a weak shilling forces the Treasury to inflate the size of the budget, adding to spending pressures on the Kenya Kwanza administration.
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Tanzania

• 276bn/ – to Transform Cities Infrastructure

The government has signed contracts worth 276.2bn/- for execution of the first tier of the Tanzania Cities Transforming Infrastructure and Competitiveness (TACTIC) project in 12 cities.
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• Tanzania buys gold in new move to bolster foreign reserves

The Bank of Tanzania (BoT) has started a large gold-buying initiative as part of a strategic drive to support the expansion of the mining industry and strengthen foreign exchange reserves.
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• Three-Year Fiscal Policy Framework in Offing

The government will adopt a three-year fiscal policy framework to enhance predictability, the Minister for Finance, Dr Mwigulu Nchemba has said.
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Uganda

• Uganda in talks with Chinese credit agency for pipeline funds – official

Uganda is in advanced talks with Chinese export credit agency SINOSURE to provide credit for its crude oil pipeline after pressure from environmentalists forced some Western banks to recoil from the project, a top official said on Monday.
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• Equity markets put pressure on Uganda pension fund

Uganda’s National Social Security Fund (NSSF) weathered equity pressures in 2022/23 to record increased revenues, amid slowed economic activity. The fund’s revenue increased by 15 per cent to Ush2.2 trillion ($585.33 million) from Ush1.9 trillion ($505.51 million) in the previous year, according to financial results released Wednesday.
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• Uganda starts initiatives to revive declining edible oil production

Uganda has initiated the rehabilitation of key access routes to oilseed projects in 81 locations in an effort to bolster its diminishing edible oil exports. The country is exploring strategies to revitalise its dwindling export earnings from edible fats and oils, which fell from Ush1.05 trillion ($281.1 million) in the same period last year to Ush338.2 billion ($90.5 million) in July 2023.
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South Africa
Angola

• Exports crash almost 20% YoY in Q2-2023

According to foreign trade statistics, Angolan exports fell by 17.6% in the second quarter compared to the same period last year to Kwz4.8 bn (€5.5 bn), with the trade balance remaining positive.
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• Planned Baynes Dam Will Generate More Than 800 Megawatts

Speaking to ANGOP at the end of the visit of the Minister of Public Works, the project coordinator, Manuel Catumbela, stated that the planned hydroelectric dam, to be built in the Cunene River basin, will generate 860 megawatts of installed power.
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South Africa

• South Africa’s Monetary Base Surges 26% With New Surplus System

South Africa’s central bank said its shift to a simpler monetary policy implementation framework has led to a surge in the country’s monetary base. The new system introduced in June last year enables commercial lenders to hold and earn interest on excess reserves and prevents them from hoarding liquidity. The central bank’s Quarterly Bulletin released on Thursday showed that the monetary base jumped to ZAR392bn ($20bn) in August from ZAR310bn in May 2022.
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• South Africa’s 10-Yr Breakeven Inflation Rate Rises to 14-Month High

The South Africa breakeven inflation rate for the 10-year CPI-linked bonds rose 15 basis points to 7.375% on Thursday.
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• South Africa producer inflation quickens to 4.3% y/y in August

South Africa’s producer inflation quickened to 4.3% year on year in August from 2.7% in July, statistics agency data showed. On a month-on-month basis, the producer price index was at 1.0% in August from 0.2% the previous month, Statistics South Africa said.
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• South Africa’s foreign direct investment inflows rise to $2.8 billion in second quarter

South Africa recorded foreign direct investment inflows of 53.8 billion rand ($2.8 billion) in the second quarter of 2023, up from inflows of 0.5 billion rand in the first quarter, central bank data showed. The South African Reserve Bank said in its Quarterly Bulletin that the acquisition of a domestic beverage company by a non-resident firm contributed to the increase.
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Zambia

• Zambia Q2-2023 GDP Rises 5.0% Y/y

Zambia’s GDP rose 5.0% y/y in Q2-2023 versus revised +4.4% in Q1-2023, according to the Zambia Statistics Agency. Economy expanded 5.2% in 2022 vs 6.2% in 2021.
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• Zambia Sept. Consumer Prices Rise 12% Y/y

Zambia’s consumer prices rose 12% y/y in September versus +10.8% in August, according to the Zambia Statistics Agency. Consumer prices rose 0.7% m/m versus +0.8% in August while food prices rose 13.4% y/y.
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Central Africa
Cameroon

• Cameroon plans to boost solar capacity to 250MW by 2030

With an installed capacity of 30.6 MW, Cameroon has joined South Africa, Egypt, Morocco, Algeria, Senegal, Namibia, Tunisia, and Uganda on the list of African solar energy producers for mass consumption. Comforted by this good impetus, the country now seeks to boost this capacity to 250 MW by 2030.
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• Cameroon, EDF create joint venture to pilot the Kikot dam project

Cameroon is holding today the constituent general meeting of Kikot Hydro Power Company (KHPC), the joint-venture created in collaboration with its project partner- EDF to pilot the kikot dam project (450 to 550 MW).
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• Food prices keep inflation high in Cameroon (INS)

Household final consumption prices in Cameroon went up 0.5% MoM in August 2023, following a 0.4% rise the previous month, the National Institute of Statistics (INS) reports in a recent note. “The price hike is mainly due to a 1.3% MoM increase in food prices and a 1.1% MoM rise in education costs.”
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• Cemac deploys mission to assess Cameroon’s fiscal policy

From September 25 to October 6, Cameroon will be examined by a Cemac delegation tasked with assessing the country’s tax policy. The aim is to determine whether or not this policy complies with sub-regional standards as part of the multilateral surveillance, which involves CEMAC member states establishing procedures to adhere to common rules for coordinating national economic policies, particularly in budgetary matters.
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• Beac sees a mixed economic outlook for 2023

The Bank of Central African States has released a report presenting its overall economic outlook for 2023. The assessment, based on three key macroeconomic indicators: foreign exchange reserves, inflation, and growth, was made public following the 3rd 2023 meeting of its Monetary Policy Committee (MPC) held on September 25 in Douala.
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