United Capital Weekly Pan African Monitor Friday 22-Mar-2024

Image Credit: United Capital Research

March 22, 2024/United Capital Research

Anglophone West Africa (WAEMU)


  • CBN holds 294th MPC meeting Monday

The Central Bank of Nigeria (CBN) has announced the 294th meeting of the Monetary Policy Committee, a crucial gathering that shapes the nation’s economic policies. This was made known in a document uploaded on the apex bank’s website. The two-day event is scheduled to be held on Monday, March 25, and Tuesday March 26, 2024, at the bank’s headquarters in Abuja.

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  • FID on $25bn Nigeria-Morocco pipeline for Dec

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari during a Leadership Dialogue Session at the ongoing CERAWeek Conference in Houston, United States, on Tuesday announced that the Final Investment Decision (FID) for the $25bn Nigeria-Morocco Gas Pipeline Project will be made in December 2024. He further added that, Nigeria was fighting the menace of crude oil theft frontally and through the joint efforts of government and private security agencies, there have been some reasonable improvements in the restoration of the nation’s crude oil production.

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  • Senate extends 2023 supplementary budget implementation to June

The Senate has extended the implementation period for the 2023 supplementary budget from March 31, 2024, to June 30, 2024. The Senate had in December 2023, extended implementation of the N1.3tn supplementary budget from December 31, 2023, to March 31, 2024. The Senate on has also passed the sum of N446,342,656,992.00 as the 2024 budget of the Federal Inland Revenue Service.

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  • Nigeria’s earnings from foreign taxes nearly doubled in 2023 over weak naira

The latest data from the National Bureau of Statistics (NBS) for 2023 indicates that Nigeria’s revenue from foreign-related Value Added Tax (VAT) rose by 61%, with figures reaching N824.6bn, a significant increase from N510.8bn in 2022. This significant fiscal boost is likely due to the weakening of the naira, which has increased the local currency’s value of foreign transactions for non-import (foreign) Value Added Tax (VAT) and Foreign Company Income Tax (CIT) payments.

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  • BREAKING: CBN clears $7bn forex backlogs

The Central Bank of Nigeria (CBN)has announced that it has successfully cleared all valid foreign exchange backlogs, effectively eliminating a legacy burden. This was made known by the CBN’s Acting Director of Corporate Communications, Mrs Sidi Ali. This fulfils a commitment made by the CBN Governor, Mr Olayemi Cardoso, who vowed to address an inherited backlog of $7bn in claims. The CBN followed this month by reporting a significant increase in external reserves, rising by $993m to $34.11bn as of March 7, 2024, the highest level in eight months. The m/m increase was driven by a marked advance in remittance payments by Nigerians overseas, as well as higher purchases of local assets, including government debt securities, by foreign investors.

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  • Ghana’s economic growth rises to 3.8% in Q4, 2023

Ghana’s economy grew by 3.8% year on year in the fourth quarter of 2023 compared to its 2.0% growth rate in the third quarter. After defaulting on most of its overseas debt in 2022, Ghana in January reached a deal to restructure $5.4bn of loans with its official creditors. It is now pushing for a deal with holders of about $13bn in international bonds.

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  • Ghana Energy Minister to Connect Foreign Funders with Emerging Projects at African Energy Week

Ghana is implementing a strategic agenda to rejuvenate its oil and gas sector, aiming to achieve universal access to electricity by 2030 while propelling industrialization. With proven oil reserves of 600mn barrels, gas reserves of 0.8tn cubic feet and emerging opportunities in renewable energy, Ghana presents significant investment opportunities for global investors.

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Francophone West Africa (WAEMU)


  • Foreign investors on alert as Senegal nears election marred by uncertainty

Foreign investors are keeping a close eye on Senegal’s upcoming election, already marred by delays and uncertainty, amid concerns over the political and economic direction in which key opposition leaders might take the country if voted into power.

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East Africa


  • Kenya’s 2023 Horticulture Export Sales Jump 77% on Good Weather.

East African economy’s shipments of cut flowers, vegetables and fruits climbed to 156.7 billion shillings last year, according to Kenya National Statistics Bureau data.  Cut flower export receipts grew by 19% to 73.45 billion shillings. Fruit earnings more than doubled to 32.37 billion shillings, on higher quantities shipped. The value of vegetables tripled to 50.87 billion shillings.

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  • Ruto Sees ‘Bottom-Up’ Strategy Bolstering Economy by End of Term.

Kenyan President William Ruto’s administration wants to speed up economic growth to 7.2% by 2027 by implementing its so-called Bottom-Up Strategy. That’s an acceleration from an estimated 6.1% last year and 6.3% forecast for the current year, according to projections in a five-year economic plan to 2027 presented on Thursday.

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  • Kenya Aims to Increase GDP Growth Rate to 7.2% in 2027: Treasury.

Kenya’s Treasury targets increasing the pace of economic growth to 7.2% in 2027 from 4.8% in 2022, Treasury Secretary Njuguna Ndung’u says while launching a five-year economic plan. Targets fiscal balance, excluding grants, at 3.2% of GDP in 2027-28.  Seeks to narrow budget expenditure to 22.9% of GDP in 2027-28. Aims to create 1.2 million jobs annually.

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  • Uganda Oil Sector Contracts of $7.16 Billion Approved Since FID.

Since February 2022, when a final investment decision was made for oil fields and an export pipeline, contracts worth about $7.16 Billion have been approved, Kampala-based Petroleum Authority of Uganda says. About $1.8 billion of contracts were allocated to local companies and works are at various stages of execution. At least 360 companies have been awarded contracts by the licensed oil firms, with 300 of these being local.

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Southern Africa

South Africa

  • South Africa Inflation Hits Four-Month High Before Rate Call

South Africa’s inflation rate climbed to a four-month high, likely cementing the central bank’s resolve to keep borrowing costs on hold when it meets next week. The consumer price index rose to 5.6% in February from a year earlier, compared with 5.3% the prior month, Pretoria-based Statistics South Africa said Wednesday in a statement on its website.

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  • South African retail sales fall 2.1% year-on-year in January

South African retail sales fell 2.1% year-on-year in January after increasing by a revised 3.2% in December, Statistics South Africa figures showed on Wednesday. On a month-on-month basis, sales decreased 3.2%.

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  • South African president extends central bank governor’s term, appoints new deputy

South African President Cyril Ramaphosa has extended the term of central bank governor Lesetja Kganyago for another five years from November and appointed Mampho Modise as a new deputy governor of the bank, the presidency said. “The re-appointment of Governor Kganyago will ensure continuity and institutional stability at the reserve bank,” the presidency said in a statement. Kganyago’s term was extended to 2029, which will make him one of the longest serving governors in democratic South Africa. He was first appointed in 2014.

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  • South African parliament refers failed SAA deal for investigation

South Africa’s parliament said it had decided to refer to a special investigative unit the collapsed deal to sell a majority stake in South African Airways (SAA) to a consortium. The deal to sell a controlling stake in SAA to the Takatso Consortium was announced by the government in 2021 as part of efforts to end recurring bailouts of the flag carrier.

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  • Angola agrees lower monthly debt payments to China Development Bank

Angola will pay up to $200 million less each month to service its loans with China Development Bank (CDB), its biggest Chinese creditor, a minister said at the conclusion of a visit to China.

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  • Angola Hikes Key Rate as Inflation Concerns Grow

Angola’s central bank raised its key interest rate to the highest level in 15 months to rein in stubborn inflation. The monetary policy committee increased the rate to 19% from 18%, Governor Manuel Tiago Dias said. The hike was the second under Tiago Dias, who held the rate at the previous meeting he presided over.

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  • IMF Reiterates Support to Angola’s Ongoing Programs

The International Monetary Fund (IMF) has said it is available to continue supporting the policies underway in Angola, especially in terms of technical assistance and training, the institution’s deputy managing director, Antoinette Sayeh, said in Luanda.

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  • Oil, gas exploration frontiers include Namibia, Guyana, SLB CEO says

Oil and gas companies have increased exploration of frontier areas in countries such as Namibia, Surinam and Guyana, and that will create a new wave of future projects, SLB CEO Olivier Le Peuch said. “We have seen a rebound in exploration over the past two or three years,” he said at a conference in Houston, Texas. SLB is the world’s largest provider of oilfield services.

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  • World Bank approves $100m grant for Zambia

The Ministry of Finance and National Planning has disclosed that the World Bank has approved US$100 million grant for phase 1 of the Zambia National Energy Advancement and Transformation. The Ministry says the provision of funds under phase 1 is a clear demonstration of the confidence that the World Bank has in he country’s home-grown strategic reforms and the recently strengthened public financial governance credentials.

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  • Zambia’s $13bn debt stand-off an “indictment” of global system, says president

Zambia’s President Hakainde Hichilema has urged China and the bankrupt nation’s other creditors to end the stand-off over its $13bn debt restructuring, calling the delay “an indictment” of the credibility of the global system. The southern African country has become a symbol of the failures of the G20-endorsed common framework meant to expedite solutions to debt crises in poor countries.

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  • Govt owes seed companies ZMW 56 million

Minister of Agriculture Michael Katambo says his ministry is owing seed companies that supplied the input under the farming input support program- FISP for 2016/17 and 2017/18 farming season about K56,355,627.64 due to budgetary constraints the ministry faced in programme implementation. He also said that the ministry is constantly engaging seed suppliers and they have since presented the operational challenges.

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  • Central Bank to Unveil Monetary Policy Statement Hinged On Structured Currency, Prices Stability

The Reserve Bank of Zimbabwe (RBZ) is set to unveil the Monetary Policy Statement (MPS) hinged on a structured currency to provide a lasting solution to exchange rate volatility bedevilling the economy. The RBZ governor, Dr John Mangudya, was expected to unveil the blueprint in late February 2024 but however, delayed the announcement in a bid to come up with a water-tight policy announcement to plug weaknesses in broad-based instabilities.

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  • South Africa and Zimbabwe enter landmark water sharing deal

Water and Sanitation Minister Senzo Mchunu and the Zimbabwean Minister of Lands, Agriculture, Fisheries and Rural Development, Dr Anxious Jongwe Masuka, have signed an agreement for the transfer of treated water from Beitbridge Water Treatment Works to Musina. The agreement is the product of the bilateral agreement of cooperation on water resources management, and the establishment and functioning of the Joint Water Commission established by the two countries in 2015.

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  • Zimbabwe’s cereal production to drop due to drought

Obert Jiri, permanent secretary of the Ministry of Lands, Agriculture, Water, Fisheries and Rural Development, told a parliamentary committee that dry-land maize and most traditional grains were a complete write-off. He said the country is expecting to get no more than 800,000 tonnes of cereal, against the country’s annual need of 2.2 million tonnes for both human and livestock consumption.

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Central Africa


  • Undersea cable issues disrupt internet in Cameroon and beyond

Internet access in Cameroon has been disrupted since the morning of March 14, 2024, following incidents involving two undersea cables. The Mobile Operators Association announced on the same day that the disruptions were due to “major incidents” affecting three undersea cables: WACS, SAT3, and MainOne, with Cameroon connected to two of these.

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  • Air Liquide sells assets in 12 African countries, including Cameroon

French industrial gas giant Air Liquide announced yesterday it has sold its operations in twelve Sub-Saharan African countries to the investment firm Adenia Partners. The announcement was made in a press release that did not disclose the financial details of the transaction.

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  • Cameroon: Businesses see surge in bank lending in Q2 2023, despite Beac’s tight policies

Banks and financial institutions operating in Cameroon provided businesses in the country with loans totaling CFA1,311.6 billion between April and June 2023. According to data from the Bank of Central African States (BEAC), this volume represents an increase of nearly CFA424 billion (47.7%) compared to the same period in 2022, when businesses only received CFA887.9 billion in bank loans.

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  • Cameroon extends tax payment deadlines amid nationwide internet outages

The Cameroonian Ministry of Finance announced the extension of the tax filing and payment deadlines by a week, pushing the due date from March 15 to March 22, 2024. Minister Louis Paul Motazé said the move aims to ease pressures on taxpayers following recent internet disruptions that have prevented them from accessing online tax platforms.

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  • Cameroon sees 3.2% hike in consumer interest rates between Q1 and Q2 2023

Interest rates for individuals have seen an increase of 3.2% between the first and second quarters of 2023 in Cameroon, data from the central bank Beac showed. Specifically, these rates have risen from 13.33% to 16.62% over the period, marking an increase of 329 basis points (3.2%).

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  • Tradex launches international tender for butane gas cylinders to meet surging demand in Cameroon

Trading and Exploitation Company (Tradex), specializing in the marketing of petroleum products, has recently initiated an international tender process to recruit a supplier for 66,000 commercial butane 12.5kg gas cylinders and 600 cylinders of 50 kg each, equipped with a valve and level indicator. This information was disclosed in a tender notice signed on March 13, 2024, by Tradex’s General Manager, Simon Paley, but was made public on March 19.

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  • Beac targets $250 million withdrawal from regional banks to tackle inflation, despite previous setback

The Bank of Central African States (Beac) plans to initiate three bond issuances targeting the community’s banks between March 18 and April 1, 2024. According to the timetable just published by Michel Dzombala, Beac’s vice-governor, these operations aim to withdraw a total of CFA150 billion from bank vaults (CF50 billion per operation), as part of the restrictive monetary policy implemented by the central bank since 2022 to combat inflation.

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