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Africa

South Africa’s ZAR500bn Fiscal Bazooka Risks “Chasing a Growing Hole”

South African President Cyril Ramaphosa unveiled a ZAR500bn (approx. USD26.5bn) fiscal support package this week in a bid to help ease some of the economic pressures caused by the spread of COVID-19 and the lockdown designed to contain it. Analysts say South Africa, which was already in a precarious fiscal position before the lockdown began, was right to jump off the fiscal cliff – but now risks…

22 Apr 2020

Nigeria OPEC+ Mandated Production Cut “More Palatable” than Initially Feared

Renaissance Capital analysts Nikolas Stefanou and Alexander Burgansky suggest the headline 23% figure quoted in the OPEC+ agreement excludes condensate production, which makes up a large share of Nigeria’s overall oil output.

17 Apr 2020

“More to be Done” From Kenyan Government to Buoy Economy – Cytonn Investments

Kenya has so far managed to limit the spread of COVID-19, with just 184 cases and 7 deaths reported as of 10 April 2020, and the government has responded with fiscal and monetary measures to buoy the economy. According to Cytonn Investments, the government’s actions need to go further but the government remains constrained by its fiscal deficit.

16 Apr 2020

COVID-19, Rating Downgrade Push South Africa’s Economy Off the Edge

South Africa’s ailing economy has long teetered on the edge of a recession, with only a light breeze needed to send it off the cliff. Is the coronavirus pandemic, which has intersected with the Moody’s downgrade of the sovereign to junk, a death knell for the continent’s second largest economy?

15 Apr 2020

IMF Approves USD422mn for Senegal to Help Address COVID-19

The International Monetary Fund (IMF) has approved two new facilities totalling SDR323.6mn in financial aid for Senegal in a bid to help the West African country support its balance of payments needs stemming from the COVID-19 pandemic.

14 Apr 2020

Analysts Revise Kenyan GDP Growth to 4.3% for 2020

Kenya’s economy, like many of its peers on the continent, is being hit hard by the COVID-19 pandemic, with analysts revising the country's growth prospects downward.

8 Apr 2020

Nigeria’s Economy Could Contract by 3.4% Unless ‘Radical’ Stimulus Measures are Passed, Finance Minister Says

The Nigerian economy could contract by as much as 3.4% this year unless ‘radical’ stimulus measures are put in place to stem the economic fallout from coronavirus, the country’s Finance Minister said.

7 Apr 2020

Kenyan Banking Sector Recovery Cut Short as Pandemic Crosses into the Country

Encouraging full-year 2019 results published by Kenyan lenders pointed to a build up of momentum, but the spread of COVID-19 is forcing the government to introduce emergency measures and banks to slash revenue targets for 2020.

7 Apr 2020

African Countries in Talks with IMF for Lifelines to Help Fight Coronavirus

The IMF has approved or is in talks to disburse more than USD450mn in financial assistance for several African countries this week, with a substantial portion of funding going towards balance of payments and budgetary support as the continent’s leaders try to contain the spread of, and economic fallout from, COVID-19.

3 Apr 2020

African Development Bank Sells USD3bn ‘Coronabond’ in Effort to Combat COVID-19 on the Continent

The African Development Bank (AfDB) raised USD3bn through the sale of social sustainability bonds in an effort to finance Africa-based initiatives to combat the spread of COVID-19.

30 Mar 2020

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