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Economy in Africa

  • Standard & Poor’s said Cabo Verde’s reputation as one of the most stable countries in Africa

    CAPE VERDE, 2016/05/04 Cabo Verde (Cape Verde), which is seen by analysts and the international community as a “safe haven” part Portuguese-speaking nations due to economic and political stability, is presently at the beginning of a new term of office for the government, keen to improve the business climate. The revival of private investment – both domestic and foreign – was set by the new Prime Minister of Cabo Verde, Ulisses Correia e Silva, as the primary objective of the action of his government, according to the Africa Intelligence Monitor newsletter. To facilitate its implementation, said the same publication, policy, fiscal and other measures are due to be improved any minute at this time to improve the country’s business climate. The slowdown of the economy, and particularly its negative effects on investment and job creation negatively affected the previous government during the elections.

  • Economic dispute between Nigeria, South Africa still unresolved

    SOUTH AFRICA, 2016/04/16 Africa’s two economic giants are trying to patch up their frayed relations, but a long-anticipated high-level visit has failed to solve the business disputes that have damaged investment and trade between Nigeria and South Africa. The friction between the continent’s two biggest economies has come to symbolize the trade obstacles that have hobbled Africa’s increase. And the biggest dispute – Nigeria’s shocking decision to impose a $3.9-billion (U.S.) fine against South African cellphone company MTN – is still far from being resolved.

  • The need for better economic data in Africa

    AFRICA, 2016/04/16 The African economy is poised to become the fastest growing economy in the world over the next five years. Unfortunately, the American government, the world foreign aid community and business interests around the world have no meaningful, reliable or easily accessible way in which to monitor this increase. It is time that the U.S. federal government begins to play a additional active role in fostering the development of capabilities with which economic data from emerging markets can be additional easily analyzed.

  • Ouattara roots for private sector to power Africa’s economic growth

    ABIDJAN, 2016/03/31 Africa needs the private sector to meet its enormous challenges and ensure its development while building on a “win-win” partnership between the private and public sectors, Ivorian President Alassane Ouattara said on Monday in Abidjan. “It’s the private sector that contributes most to accelerating the economic development of Africa,” said Ouattara while opening the Africa CEO Forum Awards, a conference that sets the economic performance of leaders and companies in Africa. “A long-term win-win partnership between the private sector and the public will allow our economies to prosper in a sustainable way,” Ouattara stressed before business leaders on the continent that included Aliko Dangote, the Nigerian cement king and the richest man in Africa.

  • Djibouti to launch ambitious job creation programme

    DJIBOUTI CITY, 2016/03/25 Djibouti’s efforts in recent years to foster increase through infrastructure investment have been largely successful, according to the IMF’s most recent Article IV consultation. Accumulation investment reached 44% of GDP in 2014 and is expected to peak at 60% in 2015. As of late 2014, the country had accumulated $1.5bn in foreign capital, up from around $15m in the mid 1980s. Foreign direct investment has been highly concentrated around ports, roads, real estate and hotels. GDP increase is as well expected to continue increasing, from 6% in 2014 to around 6.5% in 2015 and 2016, and 7% per annum through to 2019, as per IMF figures. As the infrastructure drive increases request for housing and services, inflation is expected to rise from 3% in 2015 to approximately 3.5% between 2016 and 2018.

  • A shopper looks for items at an informal shop piloted by Pick n Pay in Soweto, South Africa

    SOUTH AFRICA, 2016/03/16 Slumping commodity prices have taken African currencies down with them, exposing the fundamental economic frailties of the world's poorest continent by driving up inflation in nations that import most of their manufactured goods. Regional economies are in no position to use their weakening currencies to their trade chance because they have few exports beyond their natural resources. The hardship for households has been compounded by rising prices for food - one commodity that has defied the price fall due to drought in southern Africa

  • South African economy slowed to 1.3% in 2015

    SOUTH AFRICA, 2016/03/14 The real increase rate of the South African economy slowed to 1.3 % in 2015 from 1.5 % in 2014 and 2.2 % in 2013 and was the lowest since 2009 according to data released by Statistics South Africa. Statistician General Pali Lehohla said that agriculture contracted by 8.4 % in 2015 with a further contraction expected in 2016. Excluding agriculture, GDP increase was 1.5 % in both 2015 and 2014. “The drought has a negative impact both in terms of employment and industrial output,” he said. South African Finance Minister Pravin Gordhan in his media briefing before the Budget last week that this time was different because government and businesses were fully engaged as the crisis of slowing economic increase had focused minds and there was a commitment to turn words into action.

  • South Africa , Nigeria: African giants battle for economic supremacy

    SOUTH AFRICA, 2016/03/14 At the same time as South Africa's President Jacob Zuma visited Nigeria last week he was on a delicate mission to mend rifts between the continent's two economic powerhouses. From economic rivalry to political friction, relations between South Africa and Nigeria have been strained in recent years. The election of Nigeria's President Muhammadu Buhari into office last May did not instantly relieve the tension.

  • These are the only images you need to understand just how much Africa has changed

    AFRICA, 2016/02/21        

  • Algeria Year in Review 2015

    ALGIERS, 2016/02/11 While the drop in oil prices has put pressure on Algeria’s export revenues, the impact has been cushioned by large foreign currency reserves and steady increase in non-oil sectors. Low oil and gas prices weighed on the Algerian economy in 2015, with hydrocarbons revenues falling by 50% to an estimated $34bn In spite of external headwinds, Algeria’s economy was expected to expand by around 3% in 2015, according to the IMF. While down from the 3.8% increase recorded in 2014, this tracks with broader prospects for world increase, which stood at 3.1%, and ranks well above the MENA average of 2.3%.
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