Anglophone West Africa  

Nigeria  

• The Federal Government (FG) has announced the takeover of three non-performing electricity distribution companies, Kano Disco, Kaduna Disco and Benin Disco, by Fidelity Bank Plc, due to the poor financial performance of the company.  
• The Bureau of Public Enterprises (BPE) has obtained approval from the Nigerian Electricity Regulatory Commission (NERC) to appoint an interim managing director for the distressed power firm Ibadan Disco amidst take-over actions by the Asset Management Corporation of Nigeria (AMCON).  
• The Nigeria Liquefied Natural Gas Company (NLNG) revealed plans to boost Nigeria’s gas production by improving the supply side infrastructure by constructing the gas pipeline through the ongoing NLNG Train 7 project.  
• The Nigerian Content Development and Monitoring Board announced that it had grown the country’s content in the oil and gas sector to 42.0% from 5.0% local content before the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act in 2010. The board noted that Nigerians and some local firms are reversing the dominance of foreign companies.  
• The Federal Government has approved the strategy work plan to fast-track the concession process of the 700 megawatts (MGW) Zungeru Hydroelectric Power Plant in Niger State. The key objective of the plan’s concession is to leverage the private sector's access to finance and reduce reliance on government budgetary allocation.  
• According to reports from the Nigeria Electricity Supply Industry, the combined generation capacity of the country’s 26 power plants dropped by 70.0% to 4,022 Mega Watts (MW) in Jul-21 from a 13,461MW projection.   

Ghana  

• The Ghanian government announced its decision to seek $1.5bn in financial aid from the International Monetary Fund (IMF) to improve the credibility of the monetary policy and gain access to the capital market. The aid will also provide the needed buffers that would help restore macroeconomic stability and debt sustainability.  
• Consequently, this announcement bolstered investors’ optimism in the Ghana Eurobond market as the 2027s rose to 65.8 cents, the highest in six weeks. The Ghanaian notes have been trading at distressed levels amid concern about the government’s capacity to refinance foreign debt.  

Francophone West Africa  

Mali  

• The Presidents of the West African regional blocs have agreed to lift the economic and financial sanctions on Mali after the nation’s military leaders agreed to a return to democracy in 2024. The country’s presidential election will hold in Mar-2024.  
• Moody has confirmed the long-term foreign and local currency issuer ratings of the Malian government at Caa2 and changed the outlook to Negative from ratings under review.  

Senegal  

• The Senegal government received a £116.5mn loan supported by the UK Export Finance. The loan proceeds are set to purchase fire-fighting and other life-saving emergency equipment.  

Ivory Coast  

• Moody’s Rating moved Ivory Coast’s outlook to Positive from Stable. The rating agency also reaffirmed Foreign and Local Issuer Ratings at Ba3.  
• On the other hand, Fitch Rating affirmed Ivory Coast Long Term Foreign Currency Issuer default at BB-while the outlook remained Stable.   

East Africa  

Kenya  

• According to the Kenya National Bureau of Statistics, the nation’s GDP rose by 6.8% y/y, following a 7.4% y/y rise in the previous quarter. This is the sixth consecutive quarter of economic expansion amid the ongoing recovery from the Covid-19 pandemic, driven by the transport & storage, accommodation & food services, finance & insurance, etc.  
• Notably, the agricultural sector, which is the most significant contributor, shrunk by 0.7% as reduced rainfall in Q4-2022 and delayed onset of rains in Q1-2022 weighed on farming activities.  
• The National Bureau of Statistics revealed that Kenya’s inflation sur-passed the central bank’s target range (2.5% - 7.5%) for the first time since Aug-2017. The inflation rate climbed to 7.9% y/y in Jun-22 from 7.1% y/y in May-22, driven by prices of food & non-alcoholic beverages, transport, and housing.  
• The Treasury has cut the tax on cooking gas by 50.0ppts from 16.0% to 8.0% in a bid to provide relief to citizens from rising global energy prices. In addition, the Treasury has allocated Sh470.0mn in its new fiscal plan to revive the LPG subsidy scheme.  
• The Head of Kenya’s public debt management office, Haron Sirima, announced that the nation had shelved its plans to borrow $1.0bn from commercial banks at the end of H1-2022.   

Rwanda  

• Finance Minister Uzziel Ndagijimana, in a statement, revealed that Rwanda’s 2022 economic growth forecast had been revised from 10.9% to 6.0%, with growth forecasts of 6.7% in 2023.  
• According to the National Institute of Statistics of Rwanda, the county’s trade deficit widened to $306.6mn in May-2022 from $230.4mn. Imports rose by 27.4% to $473.0mn while exports rose by 18.1% to $166.4mn.  

Tanzania 

• To cut carbon emissions by 30-35% by 2030, the Tanzania Government has started testing its new electric rail lines. So far, only 300km out of the 422km $1.9 billion Standard Gauge Railway Project has been tested.  
• Masanja Kadogosa, the Director-General of the Tanzanian Railway Corps, revealed that Tanzania had signed a $900.1mn rail deal with Tur-key’s Yapi Merkezi to build 165.0km of a 1219.0km rail line.  
• According to the Bank of Tanzania, the nation’s M3 Money Supply rose by 9.1% y/y in May-22.  

Uganda  

• The Bank of Uganda, in its just-concluded MPC meeting, agreed to raise its benchmark interest rate to 8.5% from 7.5%.  
• Matia Kasaija, Minister of Finance, released a statement highlighting Uganda’s Finance Ministry will draw up policy guidelines for expenditures from the Petroleum Revenue Investment Framework once the central bank sets its fees for managing the funds.  
• The Bank of Uganda revealed that the country’s current account deficit widened to $973.42mn in Q1-2022 from $908.9mn in Q4-2021.  

Southern Africa  

Angola 

• According to the Q1-2022 GDP results published by the National Statis-tics Office (INE), Angola’s economy expanded by 2.6% y/y, up a contraction of 0.3% in Q1-2021. Notably, the oil extraction and refining sector increased by 1.9% y/y from a 2.8% y/y contraction in Q4-2021.  

South Africa  

• According to the statement of assets and liabilities released by the South African Reserve Bank (SARB), the Bank’s holdings of the country’s securities fell to R38.8bn in Jun-22 from R40.2bn in May-22.  In addition, South Africa’s gross and net foreign reserves fell by 0.6% m/m to R58.9bn in Jun-22 from R59.3bn in May-2022. Net reserves also declined by 1.1% m/m to R53.8bn.  
• Eskom Holdings SOC Ltd has signed a one-year deal with South Africa’s National Union of Mineworkers and Solidarity for a 7.0% wage increase. The deal will cost the company more than R1.0bn ($60mn) to finance.  
• However, protests erupted last week after negotiations stalled, resulting in power cuts that removed 6,000.0MW from the grid. Eskom is the nation’s primary generator of power.  

Zambia 

• The Stanbic Bank and S&P Global’s Purchasing Managers’ Index for Zambia’s private sector rose to 49.9 points in Jun-2022 from 49.8 in May, signalling a stabilisation in business conditions across the country. In the same vein, output rose to 49.5 from 49.4 in May-2022.  
• According to the Ministry of Finance and National Planning, Zambia has hired six companies, including EY Advisory and PwC, to audit its Domestic Government Debt. The exercise is expected to be completed in 2 months.  

Zimbabwe  

• According to Zimbabwe National Statistics Agency (ZIMSTAT), the country’s exports dipped by 12.6% m/m to $513.1mn after exports of nickel mattes halved to 575 tons, bringing in only $82.6mn compared with $133.9mn in Apr-2022. On the other hand, imports rose by 12% m/m to $714.5mn in May-2022.  
• The Reserve Bank of Zimbabwe has made plans to sell gold coins to the public from 25-July as a store of value to stabilise the nation’s tumbling currency and offer an alternative to the US dollar. According to the Governor, the one-troy-ounce gold coins will be called “Mosi oa-Tunya” Gold Coin. A serial number will identify the 22-carat coin.  
• The coin forms part of measures to deal with a currency crisis that has seen a sharp depreciation of the Zimbabwean dollar (RTGS), which has lost two-thirds of its value against the dollar this year.  

Central Africa  

Cameroon 

• According to the finance minister, Louis Paul Montze, Cameroon’s GDP growth forecast for 2022 has declined from 4.2% to 4.0% due to worsening global economic output. Growth is estimated to accelerate to 4.6% in 2023 and an average of 5.3% in 2024 and 2025.  According to media reports, the FG is developing a strategic plan for the bamboo industry. The Ministry of Forestry and Wildlife launched a local, national call for tenders under this initiative, with bids set to open in Aug-2022.  
• The International Finance Corporation (IFC) revealed it had granted a loan of $3.2mn to the Cameroon Equipment Corporation aimed at financing Cameroonian SMEs through leasing.  
• The Cocoa and Coffee development fund (Fodecc) has begun distributing funds to farmers to boost the production of both crops. So far, XAF 1.5bn has been disbursed out of the allotted XAF 6.3bn.  

Democratic Republic of Congo (DRC)  

• The World Bank’s board approved $750.0mn worth of funding through the International Development Association (IDA). The funds are to finance foundational economic governance reforms and projects to strengthen transport and digital connectivity.  
• The World Health Organization (WHO) has officially declared an end to the latest Ebola disease outbreak.  
• The Democratic Republic of Congo (DRC) and Rwanda agreed to de-escalate tensions on the security situation in the eastern part of the nation.