December 1, 2023/United Capital Research
Anglophone West Africa
Nigeria
- Budget, Finance Ministers Defend President’s Borrowing Plan.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and his counterpart in the Ministry of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, yesterday, defended the borrowing plan of the President Bola Ahmed Tinubu administration, as proposed in the 2024 appropriation bill.
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- Gas production falls despite FG’s N250bn intervention fund.
Production of natural gas fell last year despite an N250bn intervention fund provided to fifteen companies. According to an industry report from the Energy Institute in partnership with KPMG, Nigeria’s natural gas production dropped by 4 billion cubic feet meters between 2021 and 2022.
- Nigeria, Angola reject OPEC’s oil quota cut.
Nigeria and Angola have opposed a reduction in their crude oil production quotas by the Organisation of Petroleum Exporting Countries. On Tuesday, Bloomberg reported that OPEC was no closer to resolving the deadlock over oil production quotas for some African members that had already forced the group to delay a critical meeting amid faltering prices, according to delegates.
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- Bank recapitalisation: Presidency backs CBN, investors rush for mega-banks stocks.
The Presidency on Tuesday expressed support for the banking sector consolidation initiative of the Central Bank of Nigeria, saying it would help the country to grow the economy to a new height. This came barely five days after the CBN said it would ask banks to raise new capital.
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- Clearing agents kick as shipping firm raises tariff by 25%.
Licensed customs agents operating in the maritime sector have kicked against a 25.0% tariff hike on imported vehicles and other consignments by Comet Shipping Agencies Nigeria Limited.
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- Companies raise salaries by N4.6tn in six months – NBS
To combat rising inflation in the country, companies increased the salaries of their staff members by 18.35 per cent to N29.45 trillion in the first six months of 2023. This is based on data from the National Bureau of Statistics ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach): Q1, Q2,’ report.
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Ghana
- Ghana’s Debt Eases 2.9% m/m to 567.3b Cedis in September.
Public debt as a ratio of gross domestic product declined to 66.4% of gross domestic product in September from 68.4% of GDP the month before, Bank of Ghana says in a summary of economic and financial data on its website.
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- Ghana Unifies Cash Reserve Rule For Cedi and Forex Deposit.
Ghana lenders from Nov. 30 will keep cash reserves on both cedi and foreign exchange deposits in local currency at a revised ratio of 15% from 14%, Bank of Ghana Governor Ernest Addison tells reporters in the capital, Accra.
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- Ghana to Hold Rates Higher for Longer Until Inflation Anchored.
The Bank of Ghana left the benchmark interest rate at a record high and will keep policy tighter for longer until it’s firmly anchored inflation on a downward path toward its target range. The monetary policy committee held the rate at 30% for a second straight meeting.
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- Ghana Plans Steady Flows of Jubilee Crude at 92K B/D in January.
Ghana plans to ship 92k b/d of Jubilee crude in January, steady compared with December, according to loading programs seen by Bloomberg.
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Francophone West Africa
Ivory Coast
- Ivorian President Ouattara in France to Discuss Partnership and Security Issues
French President Emmanuel Macron and Ivorian President Alassane Ouattara have discussed the aftermath of the coup in Niger and the “rapid deterioration” of the security situation in the Sahel at a meeting in the L’Elysée Palace in Paris.
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- Côte d’Ivoire: AFEX to invest up to $5 million in agricultural trading and storage
From the first quarter of 2024, the trading platform plans to replicate its business model, already in place in Nigeria, Kenya and Uganda, which combines the facilitation of trade in agricultural commodities with financial support for smallholder farmers.
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- Côte d’Ivoire’s CNPS interested in a stake in Mauritius bank AfrAsia
French President Emmanuel Macron and Ivorian President Alassane Ouattara have discussed the aftermath of the coup in Niger and the “rapid deterioration” of the security situation in the Sahel at a meeting in the L’Elysée Palace in Paris.
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- Africa REN expands into Côte d’Ivoire
The French company, which develops renewable energy projects, already operates in Senegal and Burkina Faso.
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- Côte d’Ivoire: Touton sells its oil palm plantations to PALMCI (SIFCA)
Enexus Finance and Hoegah & Ette advised the cocoa, coffee and spices shipper with a turnover of CFAF 1.2 billion (2022) on this transaction, while the SIFCA group drew on its in-house expertise.
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- Côte d’Ivoire: NOCI (IC Nickel) seeks $600m to develop and process ore from Sipilou
The nickel deposit – known for some 40 years – is located in the department of Sipilou, in the Tonkpi region in the western part of the country. It is attracting interest from the Americans and Europeans, who are keen to secure their supply of strategic minerals like nickel, which is used to manufacture electric batteries.
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East Africa
Kenya
- AfDB Commits Over €101m to Boost Electricity Access in Kenya.
African Development Bank Group approved loan to Kenya to implement the third phase of its Last Mile Connectivity Project, lender says in emailed statement.
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- Exim Bank of India to Start Operations in Kenya From December.
Kenya’s government approved the request of Export-Import Bank of India to locate its East Africa representative office in Nairobi, according to a statement from the office of the Prime Cabinet Secretary.
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- Kenya Freezes Plan to Issue Eurobond This Fiscal Year: Treasury.
East African nation won’t raise funds in international capital markets in fiscal year through June due to high cost, the state-run MyGov newspaper reports, citing Treasury secretary Njuguna Ndung’u.
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- Kenya Revives Privatization Program Amid IMF-Supported Reforms.
The Kenyan government will sell stakes in 11 state-owned enterprises, kick-starting a privatization program that stalled after it offered investors shares in Safaricom Plc 15 years ago.
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Uganda
- Uganda Nov. Consumer Prices Rise 2.6% Y/y.
Uganda’s consumer prices rose 2.6% y/y in November versus +2.4% in October, according to the Uganda Bureau of Statistics. Core inflation remained unchanged at 2.0% y/y.
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- Uganda Seeks $150m Exim of China Loan for Data Infrastructure.
Proposal to borrow 1.05 billion yuan from the Export-Import Bank of China for national data transmission backbone presented to parliament’s National Economy committee, Ugandan finance ministry says in a post on X.
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Tanzania
- Tanzania Plans New $5.6 Billion Rail to Iron Ore, Coal-Rich Area.
Tanzania is seeking $5.6 billion for a new railway in the south linking the Indian Ocean to Lake Nyasa and traversing regions rich in iron-ore, coal and graphite. The East African nation is looking for public-private partnerships for the 1,000-kilometer (621-mile) line, according to a presentation by Tanzania Railways Corp. Managing Director Masanja Kadogosa.
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Southern Africa
Angola
- Angola to Export 1.11M B/D of Crude in January: Final Program
Angola plans to load 1.11m b/d of crude in January, edging down from a revised 1.13m b/d in December, according to a final schedule seen by Bloomberg. Comprises 36 cargoes carrying a combined 34.55m bbl. The final plan removes a shipment of Mondo previously listed for early-January in the preliminary plan, which will instead ship in December.
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- Angola’s Monetary Policy Isn’t Expected to Ease Soon, BFA Says.
Angola’s monetary policy should remain tight as a weakening kwanza will continue to put upward pressure on prices in the oil-producing African nation, Banco de Fomento Angola says in research note.
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Zimbabwe
- Zimbabwe Nov. Consumer Prices Rise 21.6% Y/y.
Zimbabwe’s consumer prices rose 21.6% y/y in November versus +17.8% in October, according to Zimbabwe National Statistics Agency.
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- Zimbabwe Wheat Farmers Produce Record Crop of 467,905 Tons.
Zimbabwe harvest this year surpasses target of 440,884 tons, Ministry of Agriculture says in an emailed statement. Farmers planted 90,192 hectares of wheat, up from 81,000 hectares last year.
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Zambia
- Zambia Nov. Consumer Prices Rise 12.9% Y/y.
Zambia’s consumer prices rose 12.9% y/y in November versus +12.6% in October, according to the Zambia Statistics Agency.
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- Zambia Oct. Trade Deficit Widens to ZMW1b.
Zambia’s trade deficit widened to ZMW1b in October from revised -ZMW0.8b in September, according to the Zambia Statistics Agency.
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South Africa
- South Africa Central Bank Says Domestic Bond Concentration Risky.
The increasing concentration of South African government bonds in the hands of domestic investors, coupled with high levels of state debt, present a risk to the financial industry, the central bank said.
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- South Africa Sees Progress in Effort to Get Off Dirty-Money List.
A new report by the Financial Action Task Force shows South Africa is making progress in its efforts to be removed from the global watchdog’s dirty-money watchlist, the National Treasury said.
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- World Bank consents to legal separation of South Africa power utility Eskom’s transmission division.
South Africa’s state-owned power utility Eskom has announced that the World Bank, a key strategic creditor of the utility, has granted its consent to the proposed legal separation of the Transmission Division from Eskom Holdings SOC Ltd (Eskom) to the National Transmission Company South Africa (NTCSA).
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- South Africa Oct. Trade Deficit ZAR12.661b; Est. ZAR8.1b Surplus.
South Africa’s trade moved to deficit in October; economists expected a surplus. Trade moved to deficit ZAR12.661b (estimate +ZAR8.1b) in October from revised +ZAR11.973b in September, according to the South African Revenue Service.
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- South Africa Oct. Producer Prices Rise 5.8% Y/y.
South Africa’s producer prices rose as much as economists expected in October. Producer prices rose 5.8% y/y (estimate +5.8%) in October versus +5.1% in September, according to Statistics South Africa.
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Central Africa
Cameroon
- Cameroonian Startup Waspito Secures XAF1.5 Billion to Expand Footprint
Waspito, a Cameroonian startup specializing in telemedicine services, has raised $2.5 million (XAF1.5 billion) from investors, announced Jean Lobe Lobe.
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- Cameroon’s new bond: Investors hold steady despite slow start in trading
During its second trading day on November 24, 2023, 24 hours after being listed on the Central African Securities Exchange (Bvmac), the Cameroon government’s multi-tranche bond for 2023-2031 recorded no transactions.
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- Douala Port Authority boosts efficiency with the arrival of eight new gantry cranes
The Container Terminal Management (RTC) of the Port Authority of Douala (PAD) received the last four Rubber Tyred Gantry (RTG) mobile gantry cranes on November 24, 2023.
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- Cameroon’s stakeholders finalize creation of cotton interprofession
From November 23 to 26, 2023, stakeholders in the cotton sector, including the Cotton Development Company (Sodecoton), the National Confederation of Cotton Producers of Cameroon (CNPC-C), and the Interprofession of the Cotton-Textile-Garment Sector of Cameroon (Icotec), gathered in Douala to finalize the creation of the cotton interprofession.
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