economic growth - The African Mirror

Mar

2024

Cultural wealth can drive economic growth in African cities

WITH the right policies, African cities hold immense potential to drive significant economic growth by capitalizing on their rich cultural heritage and harnessing the creativity of their youthful populations, according to a new report. “Africa’s urban landscapes are not just repositories of heritage and tradition; they are dynamic centres of innovation, awaiting the right policies to support unlocking their full potential,” the report finds. Titled 'African Alternatives: The Future of Creative Cities,' the report is published by the World Cities Culture Forum, a network comprising local governments and cultural sector leaders from 44 global cities. Through interviews with over 150…

Feb

2024

By RACHEL SAVAGE

Africa’s economic growth fell to 3.2% in 2023, says African Devt Bank

BUSINESS

AFRICA'S economic growth fell to 3.2% last year from 4.1% in 2022, the African Development Bank said, but it projected higher growth this year for all regions except central Africa. The AfDB said political instability and China's economic slowdown were compounding the shocks of COVID-19 and Russia's war in Ukraine. The final figure for 2023 was below the 3.4% growth the AfDB had forecast in November. It also cut its regional growth estimates for central and north Africa, amid a recession in oil producer Equatorial Guinea and the aftermath of devastating flooding in Libya. "The shocks buffeting African economies since 2020…

Feb

2024

By BRIAN BENZA

Botswana forecasts economic rebound, budget focus on infrastructure

BUSINESS

BOTSWANA sees a recovery in economic growth this year and plans to increase spending on infrastructure development in a "stimulus" budget, its finance minister said. The southern African country's economy was hit by a decline in demand for diamonds last year. The gems generate about 30% of its revenue and 70% of its foreign exchange earnings. Finance Minister Peggy Serame said in a budget speech that growth was estimated at 3.2% in 2023, lower than a previous forecast of 3.8%, picking up to 4.2% this year and 5.4% in 2025 premised on the world economy recovering. Serame said the 2024/25 fiscal…

Jan

2024

By PATRICK WERR

Egypt economic growth forecasts lowered as Gaza crisis flares – Reuters poll

BUSINESS

Egyptian economic growth will be slower than previously expected as its pound weakens, inflation cuts into purchasing power and fallout from the Gaza crisis eats into the country's main sources of foreign currency, a Reuters poll showed. Revenue from the Suez Canal fell 40% in early January after sea attacks by Yemen's Houthis diverted away shipping. The crisis in neighbouring Gaza that started in October has also weakened the tourism outlook. "Developments over the past month have seen the country being hit hard from various angles and directly to its main revenue generators," Pieter du Preez of Oxford Economics wrote in a…

Dec

2023

By MAXWELL AKALAARE ADOMBILA and CHRISTIAN AKORLIE

Ghana’s economic growth slows to 2.0% in third quarter

BUSINESS

GHANA'S economic growth slowed to 2.0% year-on-year in the third quarter of 2023 from 3.2% in the previous quarter, driven by a decline in the industrial sector, its statistics agency said. The West African country is grappling with its worst economic crisis in a generation, with a sharply weaker cedi currency and double-digit price rises for consumers. Contributing to the third-quarter slowdown were contractions in sub-sectors of industry such as mining and construction, the statistics agency said. Agriculture made a positive contribution, even though cocoa farming is having an unusually bad season. Meanwhile, producer inflation slowed to 2.0% year-on-year in November from…

Dec

2023

By RACHEL SAVAGE

Africa’s economic growth to slow in 2023, AfDB says as it slashes forecasts

BUSINESS

AFRICA'S economic growth will slow this year and only partially recover in 2024, the African Development Bank (AfDB) said as it slashed its GDP forecasts for the continent amid political instability, weak global growth and high-interest rates. Real GDP growth is set to fall to 3.4% this year from 4% in 2022, before rising to 3.8% in 2024, the AfDB said in a report. In May, it predicted the economy would expand by 4% in 2023 and 4.3% in 2024, after growing 3.8% in 2022. The "scarring long-term effects" of the COVID-19 pandemic combined with Russia's invasion of Ukraine sending food and…

Nov

2023

By The African Mirror

Nigeria’s central bank sees ‘refocused’ role in supporting growth

BUSINESS

NIGERIA'S central bank will pull back from direct fiscal interventions and take "more limited advisory roles" in support of the government's economic growth agenda, governor Olayemi Cardoso said. The bank's current approach blurred the lines between monetary and fiscal policy, undermining its ability to effectively manage inflation and foreign reserves, Cardoso said in an emailed speech. The central bank, under former governor Godwin Emefiele who was ousted in June, had kept the naira artificially strong and pursued unorthodox monetary policy by providing liquidity to money markets through interventions. "There is need to pull the central bank back from direct development…

Jun

2023

By DR MATHEWS PHOSA

Lessons from South Africa to Empower SMEs as Key to Economic Growth & Jobs Creation

THOUGHT LEADERSHIP

WE are currently in a period of global turbulence where the balance and security of the geopolitical order is under stress. The conflict in various parts of the world does not take place in isolation, it has consequences for foes and allies alike and, unfortunately, for the economies of all the nations around the world. We are, in Southern Africa, proud of the political independence that we have achieved from our political and economic oppressors post the period of colonialization. Whilst we have not yet translated that independence into economic independence and broader local participation in wealth, I am of…

Mar

2023

By The African Mirror

US Vice President Harris promises greater investment for Africa

NEWS

U.S. Vice President Kamala Harris said that the United States will increase investment in Africa and help spur economic growth as she began a week-long tour of the continent aimed at offering a counter to the influence of rival China. China has invested heavily in Africa in recent decades, including in infrastructure and resource development, while Russian influence has also grown, including through the deployment of troops from Russia's private military contractor Wagner Group to aid governments in several countries. "On this trip, I intend to do work that is focused on increasing investments here on the continent and facilitating…

Jan

2023

By The African Mirror

Africa will outperform world in economic growth

NEWS

BIRD STORY AGENCY AFRICA'S gross domestic product (GDP) is projected to grow at 4 per cent over 2023–24, according to the African Development Bank Group (AfDB). In the inaugural release of a report dubbed 'Africa's Macroeconomic Performance and Outlook' released on January 19, the group reported that "growth across all five African regions was positive in 2022 and the outlook for 2023–24 is projected to be stable." The projections are higher than expected global figures (2.7% and 3.2% respectively) for the same period. Africa's top five performing economies before the COVID-19 pandemic are expected to grow by over 5.5% on…