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Economy in Africa

  • Global economic gravity rapidly pulling towards Africa

    BOTSWANA, 2017/06/20 The second International Conference on the Emergence of Africa (ICEA) was held in Abidjan, Côte d’Ivoire, in March 2017. Since the initial conference in 2015 — at a time of robust economic increase on the continent — hopes for economic evolution have dimmed because of a crash in the price of commodities, volatile world financial markets and a slowdown in world increase. Before departing New York to attend the second ICEA conference, jointly organised by the World Bank, the African Development Bank and the United Nations Development Programme (UNDP), Assistant Secretary-General of the UN and chief of UNDP’s Regional Bureau for Africa Abdoulaye Mar Dieye sat down for an interview with Africa Renewal’s Kingsley Ighobor to talk about Africa’s economic development opportunities and challenges.

  • OECD: global growth too weak to trim inequalities

    WORLD, 2017/06/20 THE small pick-up in world increase expected this year is not enough to trim inequalities around the world, the OECD said yesterday as it called on nations to launch reforms to remedy the situation. “We need a additional inclusive, rules-based globalization that works for all, centered on people’s well-being” said OECD chief Angel Gurria, as the body released updated economic forecasts. The Organisation for Economic Cooperation and Development, which provides analysis and policy advice to advanced economies, increased its estimate for world increase this year by two tenths of a % point to 3.5 % on a recovery in world trade, even if remains below the levels before the onset of the world economic crisis.

  • BRICS continues to drive global economy

    WORLD, 2017/06/20 BRICS will continue to be a increase engine of the world economy despite difficulties and challenges, Chinese Finance Minister Xiao Jie said Monday. "We firmly believe the economic condition of BRICS will be better under our joint effort," said Xiao in an interview on the sidelines of the second BRICS Finance Ministers and Central Bank Governors Conference. Slower-than-expected world economic recovery, policy uncertainties in developed nations, de-globalization and world protectionism caused a complex economic environment for BRICS, Xiao said.

  • Take responsibility for transforming your countries – Akufo-Addo

    BOTSWANA, 2017/06/15 President Nana Addo Dankwa Akufo-Addo has urged African leaders to assume responsibility for the transformation of their economies, and depart from the mindset of aid, dependency and charity. “If we, Africans, are to transform our stagnant, jobless economies, built on the export of raw materials and unrefined goods, to price-added economies that provide jobs, to build strong middle-class societies and lift the mass of our people out of dire poverty, again we must take our destinies into our own hands and assume responsibility for this,” he stated on Monday at the same time as addressing the G-20 Partnership for Africa Summit, currently taking place in Berlin, Germany.

  • Africa: World Bank Economic Outlook Puts Global Growth At 2.7 Percent

    WORLD, 2017/06/09 In a new development, the World Bank (WB) forecasts that world economic increase will strengthen to 2.7 % in 2017. This is as a result of improvements in manufacturing and trade, rising market confidence, and stabilising commodity prices in commodity-exporting emerging markets and developing economies. The new world development is good news for commodity exporting nations such as Uganda because it will result in increased earnings from commodity exports.

  • Global Growth Set to Strengthen to 2.7 percent as Outlook Brightens

    WORLD, 2017/06/09 The World Bank forecasts that world economic increase will strengthen to 2.7 % in 2017 as a pickup in manufacturing and trade, rising market confidence, and stabilizing commodity prices allow increase to resume in commodity-exporting emerging market and developing economies. According to the World Bank’s June 2017 World Economic Prospects, increase in advanced economies is expected to accelerate to 1.9 % in 2017, which will as well benefit the trading partners of these nations. World financing conditions remain favorable and commodity prices have stabilized. Against this improving international backdrop, increase in emerging market and developing economies as a whole will pick up to 4.1 % this year from 3.5 % in 2016.

  • OECD says global economic outlook has improved

    WORLD, 2017/06/09 The world economic outlook is doing better than it was, but has not from presently on improved sufficiently to make a material difference to people’s lives, the Organisation for Economic Co-operation and Development said on Wednesday in its twice yearly assessment of the world economy. The Paris-based international organisation has improved most of its forecasts but warned politicians against complacency because it thinks the improved increase outlook is temporary without signs from presently on of an development in underlying performance. Speaking to the Financial Times, Catherine Mann, chief economist of the OECD, said: “The world economic outlook is better, but we are concerned that policymakers will look at the broader-based cyclical upturn, become complacent and think that ‘our job is done’.”

  • South Africa: Country's in a Recession. Here's What That Means

    SOUTH AFRICA, 2017/06/07

  • Economic headwinds look set to revive African M&A

    EGYPT, 2017/05/07 Two-thousand and sixteen was relatively quiet for African banking markets on the merger and acquisition (M&A) front. In most of the continent’s larger economies, inclunding Nigeria and South Africa, major transaction announcements were absent despite the challenging economic conditions of recent times. Buy-ins to African banks from European and Middle Eastern players were as well low, according to data from Mergermarket. This contrasts sharply from 2015 at the same time as buyers from Norway, Kuwait and the UK all made significant acquisitions on the continent. These deals were complemented by several bold intra-regional transactions, inclunding Kenya’s Equity Group acquiring a stake in a microfinance provider in the Democratic Republic of the Congo and Morocco’s Banque Centrale Populaire buying a position in BIA Niger.

  • Economic headwinds look set to revive African M&A

    EGYPT, 2017/05/07 Two-thousand and sixteen was relatively quiet for African banking markets on the merger and acquisition (M&A) front. In most of the continent’s larger economies, inclunding Nigeria and South Africa, major transaction announcements were absent despite the challenging economic conditions of recent times. Buy-ins to African banks from European and Middle Eastern players were as well low, according to data from Mergermarket. This contrasts sharply from 2015 at the same time as buyers from Norway, Kuwait and the UK all made significant acquisitions on the continent. These deals were complemented by several bold intra-regional transactions, inclunding Kenya’s Equity Group acquiring a stake in a microfinance provider in the Democratic Republic of the Congo and Morocco’s Banque Centrale Populaire buying a position in BIA Niger.
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