Anglophone West Africa
 
 Nigeria

• According to the International Trade Center, between 2020 and 2021 Nigeria spent $5.3bn to supplement its electricity and electrical needs. It stated that imported electrical machinery, equipment, and parts included electric motors and generators, electric generating sets and rotary converters, electrical transformers, and static converters.
• The Minister of Communication and Digital Economy, Isa Pantami, announced that the Federal Government had suspended its planned implementation of a 5.0% excise duty on telecommunication services.
• Data from the Nigerian Inter-Bank Settlement System revealed that POS transactions in the first seven (7) months of the year totalled N4.61tn, costing users a total of N92.2bn in the same period under review.
• According to the Central Bank of Nigeria’s (CBN) Sectoral Analysis of Deposit Money Bank’s Credit, debts accruing to operators within the manufacturing sector rose 11.0% to N4.5trn between Dec-21 and Jun-22. This is despite the CBN’s inability to keep its single-digit lending rate to the sector in the current double-digit interest rate environment.
• The Federal Executive Council (FEC) has approved the National Social Investment Programme (NSIP) Establishment Bill, 2022. The Executive Bill ratifies the NSIP, establishing it as an institution to drive the administration’s agenda to lift 100 million Nigerians out of poverty by 2030. In addition, the council approved the National Flood Emergency Preparedness and Response Plan for Nigeria to ensure a more resilient and effective response to tackle flooding nationwide.

Ghana

• According to the S&P Global release, the purchasing managers’ index for the Ghanaian private sector declined to 45.9 in August from 48.8 in July. The lowest point since April 2020. In addition, output fell to 45.2 from 49.7 in July, the eighth consecutive month of contraction.
• The National Seed Trade Association of Ghana (NASTAG) has called on the government to settle GH₵207.0mn worth of debts owed to its members to supply seeds for the 2021 cropping season.
• The Ministry for Lands and Natural Resources within the Forest Law Enforcement, Governance and Trade (FLEGT) Framework has launched the GWT-DSS, a Wood Tracking-Decision Support System, to track and traces timber from source.Serving as a timber legality assurance system to improve transparency, efficiency and legality in the timber trade in European and domestic markets.

Francophone West Africa
 
 Ivory Coast

• Ivory Coast has agreed with the Asian Infrastructure Investment Bank (AIIB) on a €90.0mn loan to build the State’s response to Covid-19. The government plans to set up public health emergency centres  to strengthen risk communication and vaccination coverage
• The Government has agreed to begin talks with Murphy Oil Corp, which expressed interest in 5 offshore permits. The country expects to sign sharing and production contracts with the company. No details have been provided about Murphy’s possible share of each block.

 Mali

• According to the Malian military, Germany has resumed reconnaissance patrols in eastern Mali as part of a UN peacekeeping mission, having suspended its operations on 12-Aug following the decision by the Malian junta that denied permission for flights to support personnel rotation under the UN’s MINUSMA mission.
• Leo Lithium has announced the commencement of work at its Goulamina project in Mali, with total funding commitments of $194.0mn. Leo Lithium MD announced that mechanical construction and electrical installation started in H2-23, while the mine is expected to be commissioned in 2024.

East Africa

Kenya 

• Kenya’s Supreme Court upheld William Ruto’s victory in the last month’s presidential election, dismissing his rival, Raila Odinga’s claim that the vote was marred by rigging and irregularities. The court found no discrepancies in the vote tallies and no credible evidence that the electoral commission’s system had been breached.
• According to the IHS Markit, Kenya’s  Purchaser’s Managers Index (PMI) fell to 44.2 in Aug-2022 from 46.3 in Jul-2022, indicating the fifth consecutive month of contraction in the country's private sector at the fastest pace since Apr-2021. Output and new orders declined quicker amid disruptions caused by the national election.
• According to the Energy and Petroleum Regulatory Authority, Kenya plans to rely on imports of electricity to lower the general cost of electricity for household and industrial consumers. The country has signed a power purchase agreement with Ethiopia to purchase 200.0MW of power beginning in Nov-2022.
• According to data released by the Central Bank of Kenya (CBK), three sectors (trade, real estate and manufacturing) account for more than half (54.0%) of the Sh514.0bn bad loans held by Kenyan banks in H1-2022. Bad loans in trade increased by 10.0% to record Sh109.8bn in H1-2022. The stock of bad loans in the manufacturing sector grew fastest at 57.0% to Sh89.4bn in H1-2022.
• The Kenya Pipeline Company (KPC) has announced plans to build another petroleum products pipeline between Mombasa and Nairobi. The company noted that growing demand for petroleum products and an increase in petroleum product flow rates were factors responsible for the strain on the existing pipeline, which necessitated more investments, including the construction of another line.

 Rwanda

• According to the Customs Tariff Commission, China has removed all tariffs on 98.0% of the goods imported from 16 least developed countries, including Rwanda. The policy will gradually expand imports from Africa, granting access to the Chinese market.
• The Pan African Infrastructure developer, ARISE IP, has entered a construction partnership deal with Rwanda Development Board to develop Bugesera Industrial Zone, supporting the government’s effort to develop the country’s industrial zone.

 Tanzania

• Tanzania’s Energy and Water Utilities Regulatory Authority (EWURA) has cut fuel prices in response to a slowdown in global oil prices. In addition, the government of Tanzania has issued a subsidy of TSh65.0bn for Sep-2022.
• According to the Central Bank of Tanzania, gold exports fell by 9.4% y/y to $2.7bn in Jul-2022 from $3.0bn in Jul-2021. The increase is mainly due to a decline in global prices as the interest rate hike by the US Fed Reserve disfavours gold.
• The European Union (EU) is providing €140.0mn in funding for companies investing in a climate-resilient blue economy in the Tanzanian coastal areas to promote climate change mitigation.
• Vodacom Tanzania Plc has launched the country’s first 5G network, promising faster speeds and lower latency while supporting the Internet of Things (IoT) and other technologies.

Uganda

• According to a report released by the parliamentary committee on the national economy and the state of indebtedness, Uganda’s public debt stock printed at $21.0bn in H1-2022, from $19.5bn at the end of 2021. Of the debt stock, $12.8bn is external, while $8.2bn is domestic debt. Notably, Uganda’s debt to GDP stood at 48.6%. The increase in debt is attributed to the deliberate effort by the government of Uganda to increase public investment in infrastructure.
• According to the IHS Markit, Uganda’s Purchaser’s Managers Index (PMI) climbed to 50.5 in Aug-2022 from 48.2 in Jul-2022, with output and new orders expanding.
• The UK Foreign Commonwealth and Development Office is set to launch a $46.0mn project to promote climate-smart job creation in Uganda.
• Ugandan farmers and millers are seeking a ban on the export of maize to retain husks used to manufacture animal feeds. Following the disruption of grain supplies from Ukraine and Russia, maize stock for consumption and producing animal feeds has been limited.

Southern Africa

South Africa

• According to Statistics South Africa, manufacturing production in the country climbed 3.7% y/y in Jul-22 (lower than the market expectation of +4.1%) vs its -3.4% y/y print in Jun-22. This reflects an improvement in the country’s overall manufacturing output in July.
• According to data from the South African Reserve Bank, South Africa’s current account swung to a shocking deficit in Q2-22, printing at -1.3% of GDP from a revised 2.4% surplus in Q1-22, owing to the historical dividend payments outflow to foreign investors (FDIs*), the most significant outflow in 15 yrs.
• According to FNB and the Bureau for Economic Research, South Africa, the consumer confidence index improved to -20pts in Q3-22, 20.0% higher than its previous print of -25pts in Q2-22.
• According to the Bureau for Economic Research and Rand Merchant Bank, South Africa’s business confidence index fell to 39pts in Q3-22, 7.1% lower than its 42pts print in Q2-22.
• A report from Bloomberg disclosed the possibility of South Africans paying as much as 5.0% more on their premiums as insurers face growing global and local risks.
• According to Paul Hanratty, CEO at Sanlam Ltd, mounting flood and fire dangers, as well as the obvious risks to people and infrastructure following last year’s deadly riots, is a crucial driver of the country’s deteriorating business and economic environment.
•  According to Bloomberg, the Rand weakened for two consecutive days last week, owing to bearish sentiments from foreign investors towards the country’s bonds amid sluggish economic growth, power outages and mounting inflation pressures.
• According to Bloomberg, South Africa, the world’s second-largest exporter of citrus fruit after Spain, will voluntarily stop exporting Valencia oranges to the European Union from areas affected by Citrus Blach Spot, starting Sep. 16^th. 
• This comes after the nation’s citrus was flagged ten times for failing to comply with rules relating to the fungal disease and because of the high risk the various poses at the tail end of the EU export season.
• According to the South African Reserve Bank, the country’s gross reserve position improved by 41bps to settle at $59.8bn in August vs $59.13bn in July, contrary to economists’ expectation of a decline.

 Angola

• According to a schedule seen by Bloomberg, Angola plans to export 980kbpd of crude oil in October, 17.0% lower than the total crude export of 1.18mbpd in Sep-21, the lowest since Jul-21.

Zambia

• According to IMF, Zambian authorities are seeking $8.4bn cash debt relief from its restructuring during the 38 months of its IMF-supported program to close the financing gap on its balance of payments.
• A statement from the World Bank-backed Zambia need a profound debt reduction of 45.0% in net present value terms to help restore growth and macroeconomic stability in their economy.
• According to Stanbic Bank and S&P Global’s purchasing managers’ index report for Zambia’s private sector in August, the country’s PMI fell to 50pts from 50.5pts in July.
• According to Bloomberg, Zambia won the International Monetary Fund (IMF)board’s approval for a $1.3bn support package last week, an essential step toward the nation’s debt restructuring and a boost for the global effort to help indebted developing countries.
• Furthermore, the IMF iterated that the 38-month extended credit facility is based on the country’s homegrown economic reform plan to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth.

Zimbabwe

• Last week, Zimbabwe’s Monetary Policy Committee (MPC) expressed satisfaction with policy measures to stabilise the exchange rate and reduce inflationary pressures. As a result, they opted to HOLD the country’s key interest rate at 200.0%, despite its inflation number printing at 285.0% y/y in August, 10.9% higher than its July print of 256.9% y/y.
• According to Fidelity Printers and Refiners, Zimbabwe’s gold production, for the first time in eight months, surged to 22,290kg from Jan – Aug 2022, 41.0% higher than its print of 15,800kg from Jan – Aug 2021.
• According to the Reserve Bank of Zimbabwe, the country earned $1.09bn from gold exports in the first seven months of 2022, compared with the $592.0mn earned a year earlier.

Central Africa

Gabon

• According to its Environment Minister, in an interview at the Africa Adaptation Summit in Rotterdam, Gabon plans to sell 90mn carbon credits ahead of the United Nations COP27 climate summit in Egypt on Nov-22. The country is working with the United Nations Framework Convention on Climate Change’s REDD+ mechanism to create the credits, which the Minister expects to be ready by Oct-22.
• The credits will be marketed by the Sovereign Wealth Fund of the Gabonese Republic (FSRG)- and sold via the Redd.plus platform, a collaboration between S&P Global’s IHS Markit, CBL commodity exchange, and the Coalition for Rainforest Nations, which represents over 50 developing countries.
• According to the Ministry of Economy, Gabon’s crude oil output in 2023 is expected to increase by 2.2% y/y to 11.0mn MT compared to its 10.7mn MT forecast for 2022. The country produced 10.04mn MT of crude IN 2021.
• Gabonese President Ali Bongo Ondimba praised China’s support for Gabon’s economic and social development, vowing to strengthen the bilateral comprehensive cooperative partnership. He made this pledge while welcoming the assumption of office of China’s new Ambassador to Gabon Li Jinjin at the Presidential Palace.

 Chad

• The forum agreed that the ongoing national dialogue in Chad, launched by the country’s military rulers, will be extended by ten days following multiple interruptions. The inclusive national dialogue, aimed at paving the way to restoring civilian rule, began on Aug-22 and was initially intended to end on 20-Sept.
• The process has been repeatedly delayed and boycotted by major armed rebel groups and opposition parties who criticise it as a narrow dialogue between the government and parties friendly to it.

 Cameroon

• According to Cameroon Banana Association (Assobacam) data, the country’s banana exporters shipped 15,733.0T of fruits in Aug-22, a 24.4% y/y increase from 12,651.0T sold in Aug-21. All three leading exporters increased output, with the market leader, Plantations du Haut Penja (PHP), selling 12,899.0T on Aug-22 against 10,683.0MT on Aug-21. The association attributes this increase to clement weather and adequate rainfall.