Anglophone West Africa

Nigeria

• The Central Bank of Nigeria (CBN) has announced plans to re-design the 200, 500 and 1000 Nigerian naira notes. The aim of the redesign of the notes is targeted at controlling currency in circulation as well as curb currency and ransom payments to kidnappers and terrorists. According to the CBN, N2.7tn out of the N3.2tn money in circulation is outside the vaults of commercial banks across the country and supposedly held by the members of the public. The release of the new notes is set to commence by December 15, 2022.
• Moody’s agency has downgraded Nigeria’s local currency rating and foreign currency long-term issuer ratings. The decision was taken as a result of the deterioration of the Nigerian government’s finances and the decline in its external position.
• In addition, the rating agency further downgraded the foreign currency senior unsecured debt ratings to B3 from B2 of nine Nigerian  banks (all tier-1 banks and Fidelity, FCMB, Sterling and Union banks) owing to fears that the banks cannot meet its foreign exchange obligations amid lingering FX pressures in th country.
• According to the Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Western Zone, the recently witnessed increase in fuel pump prices across the region is a consequence of NNPC depots having no Premium Motor Spirit (PMS). The IPMAN Chairman further stated that the depot price of fuel rose 20.3% w/w to N178.0/ltr., driving its members to sell the commodity at the current N195.0 – N200.0/ltr. price range.
• The most recent Domestic and Foreign Portfolio Participation in Stock Trading report by the Nigerian Exchange Limited (NGX) showed that domestic and foreign portfolios in the Nigerian equities market declined 33.9% m/m to N81.9bn ($187.1mn) in Sept-22 from N124.0bn($289.0mn) in Aug-22. Total domestic and foreign transactions decreased by 35.0% and 30.3% to N62.2bn and N19.7 ($44.9mn), respectively.
• According to the National Bureau of Statistics (NBS) in its report on Liquefied Petroleum Gas (cooking gas) Price Watch for Sep-22, the price of 12.5kg of cooking gas climbed 61.0% y/y to N9,906 in Sep-22 from N6,165 in Sep-21. The increase is majorly attributed to gas demand exceeding the country's general supply levels.
• According to the Nigerian Communications Commission (NCC), the technology-driven telecommunications industry has contributed a total of $70.0bn to the Nigerian economy. In addition, the industry provided over 500,000 jobs in the public and private sectors. It was highlighted that the adoption of the 5G network, e-commerce, Fintech and Big data boosted the country’s revenue generation capacity.

 Ghana

• The United Nations (UN) in Ghana has developed a new generation Cooperation Framework that will allow the organisation to commit $500.0mn towards development activities in the country from 2023 – 2025. 
• The Framework will be focused on three key outcomes – inclusive, sustainable & resilient economic transformation, equitable access to services, and durable peace & security in Ghana and across the sub-region. It would also empower institutions and people, strengthen partnerships, and increase accountability.
• The Ghanaian government has reassured the nation of his administration’s commitment to fostering appropriate measures and policies to stabilise the economy amid the prevailing economic challenges (depreciation of the Ghana Cedi, among others).

Francophone West Africa (WAEMU)
 

Ivory Coast

• The proprietor of manufacturers from Cadbury to Toblerone, Mondelez, stated on Wednesday that it will commit an extra $600.0mn in sustainability funding till 2030, higher than the $400.0mn invested over the previous decade.
• According to the Minister of Mines and Energy, Gesler E. Murray, the management of the Liberia Electricity Corporation (LEC) has reached an agreement with La Cote d'Ivoire for electricity distribution through the TRANSCO CLSG Transmission Line.
• The world's top cocoa producers, Ghana and Ivory Coast, are boycotting meetings in Brussels this week of the World Cocoa Foundation on cocoa sustainability. Authorities in the two West African countries accuse multinational chocolate companies and traders of blocking measures to improve cocoa farmers' incomes.

East Africa
 

Kenya

• According to the Kenya National Bureau of Statistics, in Q3-2022, the working age population (16 years and above) was around 8.0mn, of whom 3,711,254 were employed; 819,936 were unemployed, and 3,469,591 were out of the labour force. The working-age population in the labour force increased to 56.6% in Q3-2022 compared to 54.3% in Q2-2022. The working-age population outside the labour force decreased to 43.4% in Q3-2022 compared to 45.7% in Q2-2022 and 49.1% in Q3-2021.
• President William Ruto reiterated his administration’s commitment to curb the government’s debt appetite (currently Sh8.2tn) by expanding the tax base (current tax collections amount to Sh2.0tn annually). In addition, he further revealed that his administration had made arrangements to make another six (6) million bags of various types of fertiliser available for the long rains season in Mar-2023.
• He also pledged to initiate Public Private Partnerships to deliver 100 dams to progressively increase land under irrigation to three (3) million acres.
• The W.H.O Prevention and Control of Non-Communicable Diseases Programme Officer, Dr Joyce Nato, disclosed to stakeholders that 406 acres of tobacco farms in Migori County have been transformed into another crop (majorly iron beans) farmlands by tobacco growers.
• Governor Irungu Kang'ata revealed that the county government of Murang'a has signed a deal with National Health Insurance Fund (NHIF) worth Sh170.0mn to provide enhanced health cover to more than 20,000 households from poor backgrounds
• The Kenyan FG has lifted the ban on cultivating and importing genetically modified crops amid the worst drought in 40 years and soaring food prices.
• The European Union (EU) has allocated Sh119.6mn in humanitarian funding to help Kenya take anticipatory actions against the spread of Ebola following its outbreak in Uganda.

 
 Rwanda

• According to the National Institute of Statistics of Rwanda, consumer prices climbed by 23.9% y/y in Sep-2022 from 20.4% y/y in Aug-2022. This is the highest inflation rate since Feb-1998, with prices of food and alcoholic beverages soaring by 41.2% y/y. On a monthly basis, headline inflation rose to 3.1% from a 1.1% increase in the previous month.
• The Minister for ICT and Innovation, Paula Ingabire, announced that Rwanda is in preparation to adopt the 5th Generation (5G) mobile network  to drive its digital economy as part of the newly released broadband policy over the next five years
• Herman Hakuzimana, the Environment and Climate Change Adaptation and Mitigation Specialist at Rwanda Environment Management Authority (REMA), revealed that the FG is establishing a scheme and new rules that will govern the carbon market and will be announced soon to enable investors embark on designing projects to take to the carbon market.

 
 Tanzania

• According to the Tanzania’s National Bureau of Statistics, consumer prices quickened for the sixth consecutive month by 4.8% y/y in Sep-2022, from 4.6% in Aug-2022. This is the highest rate since Oct-2017, mainly due to rising food prices, non-alcoholic beverages, and transport. On a monthly basis, consumer prices were up by 0.1%, following a 0.4% decrease the previous month.
• The Minister for Energy, January Makamba, revealed the findings of an LNG project macroeconomic impact report. The report showed that the LNG project that comprises a major deep offshore development and construction of a large LNG plant would add between $7.0bn and $15.0bn per year.
• The Minister for Investment, Industry and Trade, Dr Ashatu Kijaji, announced that the government had reinstated its stance on partnering with the private sector to develop the Bagamoyo port.
• The government has allocated a total of TZS60.0bn to streamline the fisheries sector in the country, including implementing cage fishing. Kagera Regional Fisheries Officer, Efrazi Mkama, explained that, of the TZS60.0bn, about TZS22.0bn was allocated for cage fishing in the Lake Zone regions.
• Kenneth Bengesi, the director general of the state-run Sugar Board of Tanzania (SBT), announced measures being employed to end the shortage of sugar in the East African nation, which included the expansion of sugar factories, mobilisation of farmers to grow sugarcane and attracting investors in the sugar industry.
• These measures aim to increase sugar production from 380,000 tonnes annually to 756,000 tonnes annually by 2025. Bengesi told a news conference in the capital Dodoma that current sugar demand in Tanzania stood at 440,000 tons annually, creating a shortage of 60,000 tons annually.

 
 Uganda

• The Uganda Bureau of Statistics has rebased the Construction Sector Index (CSI), hereafter referred to as the Construction Input Price Index (CIPI), from Q1-2006 to the 2016/17 base period. The rebasing exercise yielded an Annual Construction Input Price Index for 12 months ending August 2022 of 9.3% when compared to the published 5.8%
• The Government, through the Ministry of Gender, Labour and Social Development, has announced that the FG has introduced measures to address existing challenges facing the country's labour externalisation industry. The development follows an ongoing deportation of African migrant workers, including Ugandans, from the United Arab Emirates.
• According to a report published by the "Power for All" campaign in collaboration with the Uganda National Renewable Energy and Energy Efficiency Alliance (UNREEEA), over 5,000 jobs in Uganda's decentralised renewable energy (off-grid power) sector have been lost over the last two years due to the COVID-19 pandemic.
• The Uganda National Bureau of Standards (UNBS), with support from the Private Sector Foundation of Uganda (PSFU), has granted free product certification (Q-Mark) to over 500 Micro-Small and Medium Enterprises (MSMEs) that are producing over 700 products across various sectors.

Southern Africa
 

Angola

• According to the Instituto Nacional de Estatistica, Angola’s National Consumer Prices rose 18.2% y/y in Sept-2022, sliding from 19.8% y/y in Aug-2022. Luanda CPI printed at 17.7% y/y.
• Moody’s Investors Service has raised its outlook on Angola’s credit rating from stable to positive, citing rising state revenue and robust economic growth prospects. The Central Bank’s expectation of a 3.5% economic growth is its fastest in 10yrs, while loans-to-GDP are forecast to fall to 61.0% in 2023 from 66.0% this year. However, its credit rating is maintained at B3 due to its vulnerability to oil shocks.
• The European Commission, in a workshop hosted by the parliament’s international trade committee in Brussels, stated that it aims to harmonise rules of origin between its economic partnership agreements with African countries before the end of its mandate in 2024. An agreement on sustainable investment facilitation with Angola is almost finalised.

 
 South Africa

• South Africa’s Finance Minister, Enoch Godongwana, delivered the 2022 Medium-Term Budget Policy Statement (MTBPS) on 26-Oct. In it, the government plans to take over as much as two-thirds of Eskom’s $23.0bn debt. Also, the treasury is set to post its first primary budget surplus in 15yrs in the next fiscal year owing to improved debt and deficit metrics. The minister also stated that Transnet, the government’s road agency and rail ports operator, will receive bailouts above ZAR 30.0bn.
• In his budget update, the Finance Minister provided for the state’s wage bill to increase by an average of 3.3% in the 3yrs through Mar-2026. The Department of Public Services and Administration has pledged to implement its offer of a 3.0% increase in wages for its 1.3mn workers and ZAR1,000.0 ($56.0) monthly cash allowances. However, unions are demanding raises of 6.0 – 10.0%
• Moody’s Investors Service VP-Senior Credit Officer stated that the Medium-term budget policy statement reaffirms the nation’s commitment to fiscal consolidation. The agency stated that it already accounts for Eskom’s guaranteed debt-to-GDP ratio for South Africa, implying there will be no immediate implications for the country’s Ba2 rating.
• Eskom’s Managing Director, in a presentation, stated that the legal separation of its transmission business is at an advanced stage, and the company is engaging with lenders, Segomoco Scheppers. The transmission infrastructure will require ZAR 72.2bn by 2027, with more capability needed owing to the underperformance of coal-fired plants.
• In an emailed statement, South Africa Reserve Bank (SARB) stated that the country’s H1-2022 revenue collections rose 9.0% y/y to ZAR 784.8bn. Fuel levy recorded a 20.9% y/y contraction of ZAR 9.1bn. Revenue growth YTD was partially offset by the ZAR 32.5bn total refunds paid out, 20.9% higher y/y, and VAT ZAR 26.2bn refunds which climbed 21.0% y/y. South Africa’s fiscal year runs through 31-Mar.

 
 Zambia

• The World Bank disclosed that it would provide a loan totalling $275.0m to Zambia to enable the country to recover from spillovers from the war in Ukraine, emerge from its debt crisis and shift to a path of sustainable economic growth.
• According to the Zambia Statistics Agency, the country’s consumer prices rose 9.7% y/y in Oct-22 from 9.9% y/y in Sept-22. CPI rose 0.2% m/m vs -0.4% m/m in Sept-22. Core inflation slowed to 6.5% y/y from 7.2% y/y in Sept-22, while food inflation rose to 12.2% y/y from 12.1%
• Moody’s Investors Service has reaffirmed the government’s Ca foreign-currency and local-currency long-term issuer ratings. Its outlook remains stable.

 
 Zimbabwe

• The Finance Minister stated to lawmakers on 21-Oct. that the Government plans to borrow against its mining reserves accrued under its new policy, which compels miners to pay half of their royalties in commodities and the other half in cash.
• According to Zimbabwe National Statistics Agency, Zimbabwe’s consumer prices rose 268.8% y/y in Oct-2022, a decline from 280.4% y/y recorded in Sept-2022. CPI rose 3.2% m/m vs 3.5% m/m the month prior.
• According to the Commissioner General of the Zimbabwe Revenue Authority, Q3-2022 tax collection was Z$641.0bn vs the Z$500bn target set by the Treasury.

Central Africa
 

Cameroon

• According to the Cameroonian Ministry of Public Works, the Cross River Bridge that links Cameroon to Nigeria will be inaugurated on the 3-Nov.
• The Cameroon Telecommunications (CAMTEL), an incumbent telecom operator in Cameroon, recently launched the recruitment of local companies to operate its fibre optic network (FTTH) in Yaoundé and Douala.
• The Cameroonian Palm Company (SOCAPALM) expects its turnover to increase by 9.5% by the end of 2022. The subsidiary of Luxembourg-based rubber company Socfin says its ordinary Profit Before Tax (PBT) should be around CFA15.0bn, against CFA13.7bn the previous year, despite a somewhat unfavourable environment.