Africa > Economy

Economy in Africa

  • Angola to “Look East” after dismissing the IMF

    ANGOLA, 2016/07/27 Angola’s decision to dispense with support from the International Monetary Fund (IMF) at a difficult economic and financial time was based on the idea of securing new financial support from China and of strengthening relations with other Asian nations, according to analysts. The Africa Intelligence Monitor newsletter said the decision announced at the end of June, which meant giving up on a maximum of USD4.5 billion over three years, was taken following “firm” guarantees of “fresh money” from China, guaranteed by oil production in the coming years.
  • Can Africa save the West?

    EUROPE, 2016/07/20 In a strange decade rapidly getting stranger, the biggest amaze of all could be that Africa saves the West. Don't laugh — and don't recoil in post-colonialist horror. Political, cultural, and economic stars are aligning for a large strategic shift that could bring Africans and Westerners into a powerful relationship of mutual benefit and respect. Why Africa? Simple. For the West, there's a sheer lack of alternatives. Even additional significant, however, that's just as authentic for Africans. In this historic moment of weakness, it's Westerners who are on the verge of coming crying to Africa. As Mideast violence and European dysfunction have put America's regional allies back on their heels — giving great-power adversaries a string of advantages the U.S. needs to offset — leading Western powers are hard pressed to seek geopolitically favorable ground. All along the West's southeastern flank, from Turkey to the Baltic Sea, there's bad news, and no clear path toward regaining the initiative.
  • Africa’s economies are set to get a boost from tighter integration with or without Brexit

    AFRICA, 2016/07/16 The African Union (AU) is holding its 27th summit in Kigali, Rwanda this week in the wake of the United Kingdom’s referendum decision to withdraw from the European Union. The outcome of last month’s referendum has sent seismic waves across Africa. A lot of observers have focused on the negative short-term damage to African economies. Others, however, suggest that Brexit is likely to unravel the African Union (AU). Even additional extreme is the view that the AU should be dissolved because the continent has mindlessly mimicked western institutions.
  • Zimbabwe govt moots $100 transport advance as salaries delay

    ZIMBABWE, 2016/07/05 Cash strapped Zimbabwean government has announced a $100 pay advance for civil servants in lieu of transport as they wait for June salaries to be paid in a two weeks time. The Zimbabwe Herald reports that the current transport stipend does not include the Army and Airforce who were paid on Monday. It would as well not apply to prison officers who are expected to pick their salaries on Thursday. According to Public Service, Labour and Social Welfare Minister, Prisca Mupfumira, the all would be ready to be paid out by Friday next conference representatives of labour groups.
  • Tanzania’s economy is expected to grow by 20 basis points to 7.4 % in 2017.

    TANZANIA, 2016/07/04 Tanzania’s economy is expected to grow by 20 basis points to 7.4 % in 2017. According to the country’s central bank, this increase will be driven by construction, communications and finance. The country is experiencing increased real estate development for residential and non- residential purposes and building of road networks. “Construction has been the major contributor to increase for the completed two years contributing 23.9 % and 18.8 % in 2015 and 2014, respectively,” noted the bank in its monetary policy satement
  • Mozambique government wants to increase financial inclusion of the population

    MOZAMBIQUE, 2016/05/17 The government of Mozambique plans for 35 % of adults, by 2022, to have access to a bank account at a formal financial institution and that 75 % of districts will offer banking services, according to a newly approved strategy paper. The document – National Strategy for Financial Inclusion (2016/22) -sets out world goals to be completed during the reporting period inclunding the actions to be undertaken by different actors in the economy.
  • Strong or weak: A look at Africa's economy

    AFRICA, 2016/05/13 At the Africa conference of the World Economic Forum (WEF), currently being held in Rwanda's capital Kigali, participants expressed their optimism about the continent's economic next, writes DW's Manuela Kasper-Claridge. Why is it that there are 10 times as a lot of negative news stories coming out of Africa as there are positive ones? Participants in a background talk on Thursday were at a loss, expressing views of a skewed world perception of Africa to biased or unfair media coverage of the continent. The discussion about Africa's image in the world quickly turned emotional because the World Economic Forum participants were rejecting talking only about Africa's weaknesses. Rather, they wanted to focus on the continent's strengths, too.
  • South Africa’s economy sinks to third largest in Africa

    SOUTH AFRICA, 2016/05/12 The International Monetary Fund (IMF) suggests that Egypt has overtaken South Africa as the second major economy in Africa. South Africa has been known as the continent’s second-major economy since Nigeria rebased its gross domestic product (GDP) data in early 2014. However, the IMF World Economic Outlook (WEO) released in mid-April provided additional sobering GDP statistics for South Afric, writes financial services firm, KPMG in a blog. Not only did the multilateral organisation suggest that the South African economy would grow by a mere 0.6% this year, but as well that the country is presently only the third-major economy on the continent behind Nigeria and new silver medalist Egypt.
  • Africa’s economic growth is likely to be slower in the intervening years

    BOTSWANA, 2016/05/12 Africa’s economic increase is likely to be slower in the intervening years than in the before decade, according to the new rating by Ernst & Young using a barometer to gauge the level of appeal and success.“The baseline projection of the International Monetary Fund (IMF) for 2016 is presently reduced to 3%, while it was estimated at 6.1% in April 2015″, Ernst & Young points out in its rating.
  • Opportunities for African companies to do business with Chinese counterparts

    CHINA, 2016/05/10 China’s influence in Africa has grown rapidly over the last decade. Although China’s economy is not growing as fast as it did in recent years, the Asian superpower remains completely visible in a lot of parts of the continent. Traditionally, China-Africa economic activities have focused on government-to-government relations. But engagement between private sector entities is picking up, says Jinghao Lu, project director at the Sino Africa Centre of Excellence (SACE) Foundation, an organisation seeking to improve China-Africa relations. SACE Foundation has been conducting surveys on Chinese companies operating in a number of African nations. It has as well been working with Kenyan SMEs that want to sell to Chinese companies operating in Africa.