Here, we delve into macroeconomic trends, monetary policies, and fiscal developments impacting the African economy.
Market Sentiments and Global Uncertainties The South African currency experienced a decline on Monday, influenced by the unrest in the Middle East, triggering risk aversion in global markets. Traders were also on edge as they awaited the outcomes of the national census scheduled for later in the week. At 1510 GMT, the rand traded at … Read more
Breaking Ground in Economic Stabilization In a notable development reported by Cointelegraph, the Reserve Bank of Zimbabwe (RBZ) has officially launched the use of its innovative gold-backed digital token, Zimbabwe Gold (ZiG), as a fully-fledged payment method. This strategic move, initiated in April 2023, positions each ZiG token as a tangible representation of a specific … Read more
Kenya’s inflation, as measured by the Kenya Consumer Price Index (KECPI), saw a slight uptick in September, fueled by a general increase in prices across all sectors, according to a statement from the Kenya National Bureau of Statistics released on Friday. In September, year-on-year inflation stood at 6.8%, a marginal rise from the 6.7% recorded … Read more
Currency Evolution: Out with the Old, In with the New In a significant move, the Central Bank of Liberia has declared that banknotes predating 2021 will lose their status as legal tender after March 31, 2024. This development follows a year-long initiative facilitating the exchange of old currency for the newly introduced family of banknotes. … Read more
Kenya’s economic prospects are poised for significant expansion, with a projected GDP growth of 5.6% in 2023, set to elevate to 6.0% in 2024. Fueled by the services sector and a notable surge in household consumption, this optimistic outlook outlines a path toward economic vitality. Navigating Risks and Challenges However, beneath the veneer of promise … Read more
In a resounding victory for the Nigerian economy, the Nigerian Stock Exchange (NGX) All-Share Index experienced an impressive ascent, surging by 29.52% to culminate at 66,382.14 index points in the third quarter of 2023. This remarkable surge catapulted the market to a 15-year high, riding on the coattails of robust positive sentiments. Factors Fueling the … Read more
According to Ceditalk, As at the last day of trading in September, stocks were up 29.81% with Fan Milk, Guinness and Societe Generale leading the way this month. Financial stocks are now down only single digits this year at 7.91% after being down by as much as 18% in May this year. See how all … Read more
Ghana’s Ongoing Debt to the IMF Ghana has retained its position as the African country with the highest indebtedness to the International Monetary Fund (IMF). Over the considered period, Ghana’s debt to the IMF increased by 35.55%, as per data from the IMF’s Quarterly Finances for July-ending 2023. A Significant Share of Ghana’s Total Loans … Read more
Co-operative Bank of Kenya Plc (COOP) was honoured with the prestigious Best Financier of SMEs in Africa Golden Award at the 2023 Global SME Finance Awards. The award recognizes the bank’s exceptional financial products and services tailored to SME clients, positioning it ahead of competitors in Kenya’s SME financing sector. Global SME Finance Awards 2023: … Read more
Fostering International Investment: President Ruto’s Delegation Heads to the US Kenya’s President, William Ruto, is set to lead a high-profile delegation to the United States for the second US-Kenya Business Roadshow. The delegation, which includes the US Ambassador to Kenya, Meg Whitman, is focused on attracting venture capital (VC) investment into Kenya’s burgeoning tech industry. … Read more