January 17, 2025/United Capital Research
Anglophone West Africa
Nigeria
- Nigeria’s headline inflation rate rises to 34.80% in December 2024
The National Bureau of Statistics (NBS) released Nigeria’s CPI Inflation report for December 2024. According to the report, headline inflation rate in Nigeria experienced a slight increase, reaching 34.80%. This marks a marginal rise of 0.20% from Nov-2024’s rate of 34.60%, and 5.87% higher than the rate recorded in Dec-2023, which stood at 28.92%. The increase was primarily driven by increased demand for goods and services during the festive season. However, from a month-on-month viewpoint, Nigeria’s headline inflation rate decelerated in Dec-2024, recording a print of 2.44% m/m, 20bps slower than 2.64% recorded in Nov-2024. This deceleration comes on the back of improved dynamics in PMS pump prices and Naira appreciation in Dec-2024.
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- Nigeria’s oil rig count now 32 – NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the Nigeria’s oil rig count has risen to 32. According to the NUPRC Chief Executive, Gbenga Komolafe, the rig count doubled under the commission’s oversight, from 16 in 2021 to 32 as of 2024. The NUPRC has also set a target of at least 2.1 million barrels of oil per day by 2025.
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- Tariff hike: Telcos, ICT firms owe banks N1.69tn
According to the Central Bank of Nigeria (CBN), Information, communication, and technology (ICT) firms, including telecommunications companies in Nigeria, owed Deposit Money Banks N1.69tn as of Sep-2024 amid telcos’ calls for a hike in the tariff payable by subscribers for data and voice calls. This represents a y/y decrease of N68.04bn, or 3.90%, compared to the N1.77tn owed in September 2023. On a m/m basis however, there was a slight increase of N31.61bn, or 1.90%, from the N1.66tn recorded in Aug-2024.
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- Nigeria attracts $7.6bn investment interests at Africa’s forum
According to the President of The African Development Bank, Dr Akinwumi Adesina, Nigeria has attracted $7.60bn in investment interests at the Africa Investment Forum 2024, held in Rabat, Morocco, from 04-Dec to 06-Dec-2024. The African Development Bank Group has also announced that is has facilitated $2.20bn in capital mobilisation for the Special Agro-Industrial Processing Zones (SAPZ) Nigeria Phase II project during the Africa Investment Forum. The SAPZ initiative aims to transform Nigeria’s agricultural sector by establishing agro-industrial hubs. Building on the achievements of its first phase, the programme seeks to enhance productivity, improve food security, raise living standards, and create jobs across the country.
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- CBN fines 9 banks N1.35bn for not dispensing cash via ATMs
The Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make naira notes available through automated teller machines (ATMs), during the yuletide season. Each bank was fined N150 million for non-compliance, in line with the CBN’s cash distribution guidelines. The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.
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Ghana
- Govt misses 2024 inflation target
Inflation for December 2024 went up marginally to 23.8 per cent from the November 2024 figure of 23 per cent. This is higher than the revised 18 per cent end-of-year target set by the Bank of Ghana. The marginal increase in the December inflation was influenced by rising prices of some foodstuffs on the market over the past month. Food inflation for December 2024 went up to 27.8 per cent compared to 25.9 per cent in November 2024.
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- Ghana begins implementation of Global Internal Audit Standards
Ghana has officially begun implementing the Global Internal Audit Standards (GIAS), which were introduced on January 9, 2024, and adopted on February 22, 2024. These standards, initially developed in the 2017 International Professional Practice Framework (IPPF), consist of 52 standards organized into five key domains and further divided into 15 guiding principles. The standards aim to guide internal audit practices globally and provide a framework for evaluating and improving the quality of internal audit functions.
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- Gov’t to borrow GHC200bn from T-bill market in 2025
The government is expected to borrow approximately GH?200 billion from the Treasury bill market in 2025, representing a reduction from an estimated GH220 billion in 2024. This projection reflects an average weekly borrowing of GH?3.9 billion, down from GH?4.2 billion in the previous year. This shift aligns with Ghana’s broader economic recovery efforts and increased access to international financial markets, offering the government greater flexibility in exploring sustainable financing options. The transition to long-term instruments is anticipated to take full effect after the first quarter of 2025.
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Francophone West Africa (WAEMU)
Gabon
- World Bank suspends disbursements to Gabon due to $27 mln debt arrears
The World Bank has suspended its disbursements to Gabon due to debt arrears of 17 billion CFA francs ($27 million), the central African country’s public accounts ministry said. The ministry said the suspension was caused by several factors, including an insufficient mobilisation of resources on the international market.
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Ivory Coast
- Ivory Coast army accuses anti-trafficking officials of smuggling cocoa
The chief of staff of Ivory Coast’s army has ordered the suspension of five officials tasked with combating cocoa smuggling in the west of the country, the army said in a statement. An estimated 50,000 to 75,000 metric tons of Ivorian cocoa has been trafficked over the western border to Guinea and Liberia since the start of the 2024/25 season in October, according to exporters and buyers.
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- Ivory Coast president signals he would like to run for fourth term
Ivory Coast President Alassane Ouattara said he would like to continue serving his country as president but emphasised that his party had not yet made a formal decision on its candidate for this year’s election. Ouattara, 83, was re-elected for a contested third term in 2020. He has previously said he would like to step down but has also suggested he would need old rivals to commit to withdrawing from politics too.
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Mali
- Mali holding seized Barrick gold at state-owned bank BMS, sources say
Mali’s military government is holding gold seized from Barrick Gold’s Loulo-Gounkoto mine site at state-owned Banque Malienne de Solidarite (BMS), as the miner pursues plans to suspend its operations in the country. The move escalates an ongoing dispute between Barrick and Malian authorities, who, like fellow military-led governments in neighbouring Niger and Burkina Faso, are demanding a bigger share of revenues from Western miners.
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East Africa
Kenya
- Treasury projects Sh4.49 trillion budget for 2025/26 financial year
The National Treasury has projected a total budget of Sh4.485.7 billion for the 2025/26 financial year, marking a significant increase from the Sh3.94 trillion for the 2024/25 Financial Year. The budget allocation includes funding for the three Arms of Government as well as sharable revenues to County Governments, according to the draft Budget Policy Statement for the Medium-Term Expenditure Framework (MTEF) FY 2025/26-2027/28 released on Wednesday.
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- UAE and Kenya sign CEPA deal in Abu Dhabi
The UAE and Kenya have signed a Comprehensive Economic Partnership Agreement (CEPA) at Qasr Al Bahr in Abu Dhabi, designed to deepen trade and investment ties, strengthen supply chains, and enhance market access across the Middle East and Africa.
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- Kenya turns to the UAE for railway funds after China cut financing
Kenya has started discussions with the United Arab Emirates to secure financing to complete a regional railway, President William Ruto said, after China cut infrastructure funding to the project.
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- Kenya Introduces 4% Tax on Sugar to Boost Cane Farming
A 4% levy will be applied on both locally produced as well as imported sugar beginning Feb. 1, according to a notice on the Kenya Sugar Board website. A total 40% of the funds generated by the levy will be spent on cane development and 15% each for factory rehabilitation, research, as well as infrastructural development and maintenance.
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- Relief for Banks as Parliament Proposes Extending Core Capital Hike to 8 years
The National Assembly’s Finance and Planning Committee has proposed to extend the period that commercial banks will raise their core capital to at least KSh 10 billion from three to eight years. The Kenya Bankers Association (KBA) lobbied for the extension of the period of compliance to this requirement, which was initially set at 3 years.
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Uganda
- UNOC Signs Production Sharing Agreement, Awarded Exploration License
Uganda National Oil Company (UNOC) has acquired a petroleum exploration license for Kasuruban, an oil and gas block in Western Uganda. The Company has also signed a Production Sharing Agreement (PSA) with the Ministry of Energy and Mineral Development (MEMD). This followed cabinet approval to award UNOC an exploration license and sign the PSA last month on 9th January 2023.
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- Economy records an average growth of 5.6pc in 9 months
The Gross Domestic Product (GDP) expanded by an average of 5.6 percent during the first three quarters of last year, which indicates that the second largest East African economy will grow at a projected 5.4 percent in 2024 by the Bank of Tanzania (BoT).
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Rwanda
- US Demands Rwanda Stop Jamming GPS Signal in War-Torn East Congo
The US State Department demanded that Rwanda stop using GPS jamming equipment in eastern Democratic Republic of Congo, where millions of people displaced by conflict are desperate for aid.
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- Rwanda Confirms First Oil Find In Lake Kivu
Rwanda disclosed Wednesday it had made its first oil discovery, with confirmation of 13 reservoirs in Lake Kivu, which makes up part of its border with DR Congo.
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- Rwanda’s inflation is 6.8 percent year on year in December 2024
Rwanda’s Consumer Price Index (CPI), main gauge of inflation increased by 6.8 percent year on year in December 2024 up from 5 percent in November 2024. In December 2024, ‘Food and non-alcoholic beverages’ increased by 6 percent on annual basis and it decreased by 2.7 percent on monthly basis. ‘Housing, water, electricity, gas and other fuels’ increased by 4.7 percent on an annual basis and it decreased by 0.3 percent on monthly basis. Transport increased by 17.9 percent on annual basis and it increased by 0.4 percent on monthly basis.
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Tanzania
- Tanzania Dec 2024 Consumer Prices Rise
Inflation Rate in Tanzania increased to 3.10% in December from 3 percent in November of 2024. Inflation Rate in Tanzania averaged 6.26% from 1999 until 2024, reaching an all-time high of 19.80 percent in December of 2011 and a record low of 3.00 percent in November of 2018.
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South Africa
South Africa
- Consumers brace for impact as South African Reserve Bank prepares to announce interest rates decision
Consumers will hope for some much-needed reprieve from their monthly budgets at the end of this month when the South African Reserve Bank Governor, Lesetja Kganyago, announces the Monetary Policy Committee’s (MPC) decision on interest rates for the country.
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- Priorities for SA’s agricultural sector in 2025: Navigating climate change and growth
South Africa’s agricultural sector is a key component of the economy, creating jobs and providing food security. The past year was a challenging one, characterised by droughts and the lingering impacts of animal diseases. The year ahead will be focused on navigating and mitigating the risks of climate change to achieve growth.
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- South Africa’s economy set to escape a decade of growth inertia
The Nairobi Securities Exchange (NSE) has announced the lifting of the suspension on the trading of Kenya Airways PLC shares effective on January 5, 2025. According to a public notice issued by the NSE, the suspension was removed following Kenya Airways’ recent success in recording a profit after tax. These developments have been pivotal in restoring confidence in the company and its stock.
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- Presidential Economic Advisory Council discusses economic policy priorities during SA’s G20 Presidency
As South Africa heads up the G20 Presidency this year, the Presidential Economic Advisory Council of South Africa’s seventh administration is looking at the country’s role in advancing the global economic policy agenda and proposes advancing the priorities already set out by President Cyril Ramaphosa.
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Zambia
- UK NGO Grants $10 Million for Early Childhood Development in Zambia.
A United Kingdom-based nongovernmental organization has given Zambia a 10-million U.S. dollars grant for an early childhood development program in Lusaka and Chongwe District. Speaking during the signing of a Memorandum of Understanding in Lusaka today, Local Government and Rural Development Minister Gary Nkombo said the MoU is a pivotal step towards building a brighter future for Zambia’s children.
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- Fred Mmembe Urges Government To Revisit Mining Concessions ,Tax Waivers.
Socialist Party (SP) President Dr. Fred M’membe has called on President Hakainde Hichilema and the UPND government to revisit mining concessions and tax waivers as a strategy to boost dollar inflows into the national treasury.
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Zimbabwe
- Industrial Reconstruction Plan to Stimulate Economy
The Zimbabwe Industrial Reconstruction and Growth Plan (ZIRGP) has been launched to stimulate the domestic economy by promoting local procurement and enhancing mineral beneficiation. Deputy Minister of Industry and Commerce, Raj Modi told stakeholders during the launch in Harare that there was need to revise industrial policies as the year came to an end. Deputy Minister Modi noted that the previous Zimbabwe Industrial Development Policy had expired and to align the new policy with the upcoming National Development Strategy 2 (2026-2030), a transitional plan had thus been adopted.
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- Chinese ambassador pledges more support to Zimbabwe
Creative presentations of modern and traditional Chinese and Zimbabwean music theatrical performances reverberated at the University of Zimbabwe’s Beit Hall on Saturday, marking the celebration of the Chinese New Year in Zimbabwe as a testament to the realized social, economic, and political achievements between the two nations.
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- Zimbabwe maintains 6% economic growth target
Finance, Economic Development and Investment Minister Professor Mthuli Ncube has reaffirmed Zimbabwe’s 6% economic growth projection for 2024, despite the country facing late rains this agricultural season. Speaking during a tour of Glytime Foods’ new food processing facility at Sunway City, Minister Ncube expressed optimism about the economy’s resilience, noting that recent rains have improved prospects for a strong agricultural harvest.
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Central Africa
Cameroon
- Douala welcomes the first bond issued by a Microfinance Institution
January 09, 2024, will remain etched in the financial market books of the CEMAC region, as this day marks the presentation of the very first bond issued by a microfinance institution, a challenge taken up by the Agence de Crédit pour l’Entreprise Privée (ACEP). Five (05) billion CFAF is the total indicative amount sought on the domestic market to address financing needs in line with the objectives of ACEP Cameroun’s 2025-2027 strategic plan. The main aim of the operation is to reduce the company’s dependence on international lenders.
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- Cameroon Plans to Borrow Over CFA5trn in 2024-26
From 2024 to 2026, the Ministry of Finance in Cameroon expects a total macroeconomic and budgetary framework of CFA21,552 billion. As a result, the government anticipates borrowing CFA5,215 billion to meet its financial needs during this period, according to a joint evaluation by the national sinking fund (CAA) and the National Public Debt Committee (CNDP).
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- Cameroon Insurance Payouts Up 13% to CFA125bn in 2023
Insurance companies operating in Cameroon disbursed CFA125.32 billion in payouts by December 31, 2023. This marks an increase of 13.07% compared to CFA110.83 billion in 2022, the National Association of Insurance Companies (ASAC) reported. Non-life insurance payouts rose by 15.33%, reaching CFA71.81 billion in 2023, compared to CFA62.26 billion in 2022. Life insurance payouts also grew by 10.17%, totaling CFA53.51 billion in 2023, up from CFA48.57 billion the previous year.
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- Cameroon Offers 20% Export Cut for Deforestation-Free Goods
Starting January 1, 2025, Cameroon has implemented a 20% export reduction on certain shipments of cocoa, rubber, and logs certified as “zero deforestation.” This measure applies only to products with certificates from the relevant technical ministry confirming compliance with anti-deforestation standards.
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Democratic Republic of Congo
- Congo jails three Chinese citizens in illegal mining crackdown
A Congolese court has sentenced three Chinese citizens to seven years in prison after they were arrested in possession of gold bars and $400,000 in cash and found guilty of illegal activities linked to the artisanal mining sector. The trio are the first Chinese nationals to stand trial since Democratic Republic of Congo launched its latest push to crack down on the unlicensed extraction of the many precious and strategic minerals buried in its conflict-torn east.
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