February 7, 2025/United Capital Research
Anglophone West Africa (WAEMU)
Nigeria
- Tinubu raises 2025 budget from N49.7 trillion to N54.2 trillion amid additional revenue gains
President Bola Tinubu has revised the proposed 2025 budget upwards, increasing it from N49.70tn to N54.20tn. This adjustment comes on the back of additional revenue inflows from key government agencies, strengthening the government’s fiscal position. The revenue boosts includes N1.40tn from the Federal Inland Revenue Service (FIRS), N1.20tn from the Nigeria Customs Service (NCS) and N1.80tn from other government-owned agencies.
Read More
- CBN extends $25,000 weekly forex sales to BDCs
The CBN has extended the temporary access granted to Bureau de Change operators for purchasing foreign exchange from the Nigerian Foreign Exchange Market till 30-May-2025, allowing BDCs to continue purchasing forex from authorised dealers under existing conditions. The previous circular had granted temporary access to existing BDCs to source foreign exchange from authorised dealers, with a weekly cap of $25,000 and was initially set to expire on 31-Jan-2025.
Read More
- Nigeria’s FX reserves fall by $1.16 billion in January as CBN boosts dollar sales to BDCs
Nigeria’s foreign exchange (FX) reserves declined significantly by $1.16bn in Jan-2025, wiping out the $592.58mn gain recorded in Dec-2024. The latest figures from the Central Bank of Nigeria (CBN) show that reserves fell from $40.88bn at the end of December to $39.72bn as of 31-Jan-2025. This marks the sharpest monthly decline since Apr-2024.
Read More
- FG seeks fresh $580.00mn W’Bank loans
The Federal Government is engaging the World Bank for two fresh loans totalling $580.00mn, which are expected to receive final approvals in Mar-2025. The funding is aimed at improving nutrition and education initiatives, with two projects currently listed in the World Bank’s pipeline. The projects, Accelerating Nutrition Results in Nigeria 2.0 and HOPE for Quality Basic Education for All, are expected to receive final approvals on 27-Mar and 20-Mar-2025, respectively.
Read More
- CBN to sell $25,000 to BDCs weekly
The Central Bank of Nigeria (CBN) has issued new guidelines restricting Bureau de Change operators to purchasing a maximum of $25,000 per week from a single authorised dealer bank as part of efforts to regulate the retail foreign exchange market and enhance transparency. The new rule means that BDCs must select one authorised dealer bank per week to source their allocated forex, preventing them from obtaining funds from multiple banks.
Read More
Ghana
- Inflation drops to 23.5 per cent in January
The country’s year-on-year inflation rate dropped to 23.5 per cent in January 2025 from 23.8 per cent in December 2024. This shows a disinflation of 0.3 percentage points relative to the inflation rate recorded in January 2024. On month-on-month, the rate of inflation fell to 1.7 per cent in January 2025 from 1.8 per cent in December 2024.
Read More
- Fuel prices increase for third consecutive time in 2025
Fuel prices have risen for the third consecutive time this year, with some Oil Marketing Companies (OMCs) adjusting prices upward in the first pricing window of February. Shell has increased the price of petrol from GH15.59 per litre in late January to GH16.23, while diesel now sells at GH16.20 per litre, up from GH15.79. Star Oil, however, has maintained petrol at GH14.99 per litre but raised diesel from GH14.99 to GH15.37 per litre. The Chamber of Petroleum Consumers (COPEC) had earlier predicted slight price hikes, attributing them to rising global crude oil prices and the continued depreciation of the Cedi.
Read More
- Ghana consumer inflation slows to 23.5% year-on-year in January
Ghana’s consumer inflation opens new tab dipped slightly to 23.5% year-on-year in January from 23.8% in December, the statistics service said on Monday. Government statistician Samuel Kobina Annim told a news conference that the latest decline was driven by a slowdown in non-food inflation. “Although rate of inflation has slowed down by 0.3 percentage points, the figure of 23.5% is the second highest in the last nine months,” Annim said, adding that food prices continued to rise.
Read More
Francophone West Africa
Senegal
- IMF engaged with Senegal regarding debt, deficit misreporting
The International Monetary Fund is “actively engaged” with the Senegalese government regarding the suspension of its financing program after a government audit uncovered last year larger debt and deficit figures than the previous administration reported. Senegal’s Court of Auditors is expected to issue its final report this month. IMF staff are working closely with the authorities to identify their capacity development needs and to implement corrective measures.
Read More
- Government extends time to export broken rice to Senegal
The government on Thursday said exporters can ship broken rice to Senegal till February 28, according to a notification. The Centre banned exports of broken rice on September 8, 2022, and then amended it on May 24 allowing shipments to countries to meet their food security needs and based on the request of their government.
Read More
Mali
- Mali’s new mines law needs review to win back investors, gold mine CEOs say
A new mining law in Mali that raises taxes and seeks to hand over big stakes in assets to the state and local investors will need to be loosened up if gold companies are to invest in new projects there. The new rules compel companies operating in Africa’s second biggest gold producer to divest a 35% share of new projects to Malian investors – up from 20% previously – and raise royalty taxes to 10.5% from around 6%.
Read More
East Africa
Kenya
- Kenya’s Inflation Stays Below 5% in Boost for Rate Cut Prospects
Kenya’s inflation rate remained below the central bank’s 5% midpoint target for the eighth consecutive month, rising to 3.3% in January from 3% in December, according to the Kenya National Bureau of Statistics. The increase, driven by food and transport prices, was slightly above the 2.8% forecast in a Bloomberg survey.
Read More
- Kenya Delivers Half-Point (0.50%) Rate Cut to Boost Economic Growth
Kenya’s central bank cut the benchmark interest rate to an almost two-year low as benign inflation allowed it to prop up its stuttering economy. The monetary policy committee lowered the key rate to 10.75% from 11.25%, Governor Kamau Thugge said in an emailed statement Wednesday. That matched the median estimate of seven economists in a Bloomberg survey.
Read More
- Kenyan Banks face CBK fines for not cutting lending rates
Bankers face a fine of Sh20 million or three times the monetary gain, with the regulator leaning on the punitive penalty. Lenders will be slapped with an additional daily penalty of up to Sh100,000 for every case or implying for each loan account with the executives liable for a Sh1 million fine.
Read More
- Kenya Pipeline company to list at Nairobi Stock Exchange
The government is exploring the possibility of listing – through an Initial Public Offering – the Kenya Pipeline Company (KPC) at the Nairobi Stock Exchange, National Treasury Cabinet Secretary John Mbadi has said. He said this while receiving an interim dividend cheque of Sh3 billion from KPC Board Chair Faith Boinett for the half-year ending December 2024 at the Company’s headquarters in Nairobi.
Read More
- Kenya has begun talks with IMF for new lending program, finance minister says
Kenya has already started talks with International Monetary Fund officials to secure a new lending program when the current one expires in April, its finance minister told Reuters on Wednesday.
Read More
Rwanda
- Rwanda Gov’t increases spending in revised 2024/25 budget by Rwf126bn
The government has proposed to raise annual national budget from Rwf5,690.1 billion that was approved by Parliament in June 2024, to Rwf5,816.4 billion, an increase of Rwf126.3 billion, the Minister of Finance and Economic Planning, Yusuf Murangwa, said on Wednesday, January 5. He made the announcement during his speech of the revised budget proposal to Parliament..
Read More
- Rwanda’s Producer Prices Rise in December Following Inflationary Pressures
Rwanda’s general Producer Price Index (PPI) increased by 0.2% year-on-year in December, according to data from the National Institute of Statistics. However, on a month-on-month basis, the index declined by 0.5%.
Read More
- Rwanda-Backed Rebels in Congo Say They’ll Begin a Ceasefire
Rwanda-backed rebels declared a ceasefire in the Democratic Republic of Congo, bowing to international pressure to halt fighting that has killed hundreds, wounded thousands and risks a wider regional war.
Read More
- 64 NGOs Ask EU to Cancel Mineral Pact with Rwanda Over Congo War
A group of 64 organizations mainly from the Democratic Republic of Congo sent a letter asking the European Union to cancel a critical minerals partnership with Rwanda because of its support for a rebel group in eastern Congo.
Read More
Tanzania
- Tanzania Dec. M3 Money Supply Rises 11.1% Y/y
Tanzania’s M3 money supply rose 11.1% y/y in December versus +13.6% in November, according to the Bank of Tanzania.
Read More
- Tanzania Dec. M3 Money Supply Rises 11.1% Y/y
On January 29, 2025, Tanzania and Burundi signed an agreement to construct a 282-kilometer Standard Gauge Railway (SGR) linking Uvinza in Tanzania to Musongati in Burundi. The project, valued at US$2.15 billion, will be developed by Chinese firms China Railway Engineering Group Co. Ltd (CREGC) and China Railway Engineering Design and Consulting Group Co. Ltd (CREDC) and is expected to be completed within 72 months.
Read More
- Tanzania Begins Compensation for Engaruka Soda Ash Project
On January 24, 2025, Tanzania’s Minister of Industry and Trade, Dr. Seleman Jafo, announced the commencement of compensation payments for residents affected by the Engaruka Soda Ash Project in Monduli District, Arusha Region. The government has allocated TZS 14.48 billion to compensate 519 residents whose land will be utilized for the project. As of the announcement date, 50 individuals had received payments, with the process expected to be completed by February 15, 2025.
Read More
Uganda
- Uganda Holds Rates, Warns Trump Policies Pose Inflation Risk
Uganda’s central bank left its benchmark interest rate unchanged for a second time in a row, while warning that it may need to start tightening policy because of US protectionist policies and their potential impact on inflation. The monetary policy committee kept the rate at 9.75%, Deputy Governor Michael Atingi-Ego told a virtual briefing on Thursday.
Read More
- Uganda Dec. M3 Money Supply Rises 6.4% Y/y
Uganda’s M3 money supply rose 6.4% y/y in December versus revised +7.87% in November, according to the Bank of Uganda.
Read More
- US$275M sought to capatalise Uganda Development Bank
The country’s national development finance institution is lined up to receive US$275 million to accelerate socio-economic development in the country. The Minister of State for Finance, Planning and Economic Development (General Duties), Hon. Henry Musasizi, tabled a request for government to borrow the monies to capitalise the Uganda Development Bank Limited (UDBL).
Read More
- Renewed decline in business conditions in Uganda as 2025 begins
Uganda’s headline PMI posted at 49.5 in January, down from 53.1 in December, to signal a renewed decline in the health of the Ugandan private sector. Moreover, the downturn was the first for almost a year.
Read More
- Uganda detains 9 finance ministry officials over central bank hack
Uganda’s police have detained nine finance ministry officials as part of an investigation into accusations of hacking the central bank’s electronic systems that resulted in theft of 62 billion shillings ($16.87 million), the ministry and police said.
Read More
- Uganda Supreme Court Rules Military Trials for Civilians Illegal
Uganda’s Supreme Court ruled that prosecuting civilians in military court was unconstitutional, potentially offering relief for opposition leader Kizza Besigye, who’s under court martial for alleged treason. Military judges lack legal training and their courts make no provisions for appeals, violating basic human rights, the Supreme Court panel ruled Friday.
Read More
- Uganda’s inflation hits 3.6% in January 2025
Uganda’s inflation increased to 3.6% in January 2025, up from 3.3% in December 2023, primarily driven by a rise in core inflation, according to the latest data from the Uganda Bureau of Statistics (UBOS). Inflation, which tracks changes in the price of goods and services, reveals significant price hikes in items like smoked tilapia, new clothing, sugar, laundry soap, and second-hand vehicles. For consumers, this means digging a bit deeper into their pockets to afford everyday purchases.
Read More
South Africa
Angola
- AD Ports Group starts logistics and port operations in Angola
AD Ports Group, began its long-term management and development of a major multipurpose terminal and an associated logistics business with local partners in Luanda, Angola, driving forward its expansion in sub-Saharan Africa.
Read More
- Angola’s Oil Sector Making A Comeback After OPEC Exit
In 2023, Angola officially announced that it was leaving OPEC amid a disagreement over oil production quotas, ending its 16-year stint in the cartel. Angola, Africa’s second-largest crude producer, became the fourth country to leave OPEC after Indonesia, Qatar and Ecuador left in 2009, 2019 and 2020, respectively.
Read More
Mozambique
- TotalEnergies awaits US approval for LNG project financing – CEO
The CEO of TotalEnergies said on Wednesday that he expects the US Export-Import Bank (EXIM) to approve financing for its natural gas project in Mozambique within weeks, whilst conceding to a further delay. Patrick Pouyanne, who was responding to journalists after the presentation of the company’s results for the fourth quarter of 2024, said that the Exim Bank is analysing the financing of US$4.7 billion (around €4.5 billion), almost 25 % of the project underway in Cabo Delgado, in light of the decrees of the new president of the United States, Donald Trump.
Read More
- UK Considers Withdrawing $1-Billion Financing for Mozambique LNG
The UK government is seeking legal advice on whether a 2020 commitment to finance the $20-billion Mozambique LNG project with $1.15 billion is still binding, the Financial Times reported on Tuesday, citing sources familiar with the matter.
Read More
- R1.2bn N4 Highway expansion project proceeds despite Mozambique protests
Trans Africa Concessions N4 (TRAC), the South African company that manages the highway from Pretoria to the Port of Maputo, has confirmed that it is on schedule this week to begin the R1.2 billion major expansion of the 66km stretch from Ressano Garcia to the Tchumene Interchange.
Read More
South Africa
- S Africa’s hourly national minimum wage to rise by 4.4% from Mar 1
South Africa’s hourly national minimum wage (NMW) will rise by nearly 4.4 per cent from rand (R) 27.58 to R 28.79 (~$1.49 to $1.55) with effect from March 1 this year. There will also be an increase in the minimum wage in certain specified sectors.
Read More
- South African insurance sector outlook stable amid economic recovery: Moody’s
The South African insurance sector is poised for a stable trajectory as economic conditions begin to show signs of gradual improvement. According to Moody’s Ratings latest report released Wednesday, life insurance earnings will hold steady as still high interest rates and stable mortality support in force business.
Read More
- How President Donald Trump’s cutting off of SA’s US funding helps Africa fight ‘begging bowl syndrome’
President Donald Trump’s recent blanket statement made to cut South Africa’s funding completely, is in fact funding that is being cut, which is towards South Africa’s Acquired Immuno-Deficiency Syndrome (Aids) and Human Immunodeficiency Virus (HIV) people, provided through the United States (US) President’s Emergency Plan for AIDS Relief (PEPFAR) Project.
Read More
- Trump Threatens to End U.S. Aid to South Africa Over Land Policy
U.S. President Donald Trump has threatened to stop all aid to South Africa while criticizing the country’s land expropriation policies. According to Trump, the controversial measure has enabled South Africa to confiscate land “unfairly” and to treat certain classes “very badly”. This comes after President Cyril Ramaphosa signed the Expropriation Bill into law in January facilitating state land expropriation, which provides equitable compensation.
Read More
Zambia
- Government Unveils White Paper for 2025-2027 Medium Term Budget Plan
The Zambian government has released the white paper for the 2025-2027 Medium Term Budget Plan, outlining key economic strategies aimed at fostering resilience and growth across critical sectors. Secretary to the Treasury, Felix Nkulukusa, announced that the white paper highlights measures designed to strengthen the economy, particularly in agriculture, mining, energy, and manufacturing.
Read More
- Airtel Zambia Ordered to Pay K4million in Compensation After Nationwide Data Outage
Airtel Zambia Plc has been directed to compensate its customers with approximately four million Zambian kwacha following a widespread data services outage that disrupted connectivity across several provinces on Sunday, February 2, 2025.
Read More
Central Africa
Cameroon
- IMF Pushes for Reform of Cameroon’s Investment Incentive Law
The International Monetary Fund (IMF) is not satisfied with how Cameroon has implemented its 2013 law on investment incentives. In a statement released on January 30 announcing an agreement with the Cameroonian government on the latest review of their ongoing economic and financial program, the institution called for a revision of the law. This legislation grants tax and customs exemptions to investors for periods ranging from five to ten years.
Read More
- Cameroon Secures CFA63.5bn World Bank Loan to Upgrade Its Statistical System
Cameroon has signed a CFA63.5 billion credit agreement with the World Bank to improve its National Statistical Information System (SNIS). The deal was signed by Economy Minister Alamine Ousmane Mey on January 20 and by Joseph Tedou, Director General of the National Institute of Statistics (INS), on January 24. The funding is part of the West and Central Africa Statistics Harmonization and Improvement Project (PHASAOC), a program running from 2021 to 2030.
Read More
- Cameroon Gov’t Bids $191.6mln for Société Générale Stake
The Cameroonian government has announced its intention to acquire 58.08% stake in the local subsidiary of Société Générale. The country offered $191.6 million, according to letter from the Ministry of Finance. The government’s decision is based on legal provisions in Société Générale Cameroon’s statutes and follows a letter from the French banking group outlining its plans to exit and the conditions for its departure. This news comes amid reports from a specialized media outlet suggesting that Société Générale had already reached an agreement with Burkina Faso’s Coris Bank to take over its stake in Cameroon.
Read More
- CEMAC Opens Regional Projects to Private Investors with New PPP Rules
The Central African Economic and Monetary Community (CEMAC) is now turning to the private sector to develop regional projects. The regional body has adopted a new public procurement strategy and a directive on public-private partnerships (PPP).
Read More
Democratic Republic of Congo
- UN Human Rights Council to hold emergency session on Congo
The U.N. Human Rights Council will hold a special meeting to discuss the situation in the eastern Congo city of Goma after it was seized by Rwanda-backed M23 rebels, a U.N. statement said. The rebels last week captured regional capital Goma in an anarchic and mineral-rich part of Democratic Republic of Congo, where wars in 1996-1997 and 1998-2003 killed millions and drew in outside nations. The conflict has led to a surge in human rights violations including summary executions, the bombing of displacement camps, reports of gang rape and other sexual violence, the U.N. rights office (OHCHR) has said.
Read More
