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Africa’s growth trend signals return to faster expansion

Africa’s growth trend signals return to faster expansion

ELEVEN of the world's 20 fastest-growing economies will be in Africa in 2024, according to new forecasts from the African Development Bank (AfDB), despite recent shocks like inflation, increased debt and higher interest rates. The 2024 outlook adds some zing to a solid if patchy performance in 2023, when 15 African states posted growth rates of over 5%. Growth in 2024 will push the combined continental GDP to around US$3.5 trillion, according to German data research firm, Statista. Economic acceleration across the continent stems from structural shifts, enhanced infrastructure, and investment-driven productivity, signalling a robust continental revival. “Growth in Africa’s…
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Namibia central bank keeps repo rate and key forecasts unchanged

Namibia central bank keeps repo rate and key forecasts unchanged

NAMIBIA'S central bank kept its main interest rate unchanged for the fourth meeting in a row, sticking to its forecasts for this year's economic growth and inflation. The southern African country's repo rate has been at 7.75% (NACBIR=ECI) since June 2023. "With real interest rates remaining positive, and slow credit growth, amid a fair level of international reserves, the MPC (Monetary Policy Committee) decided to maintain the repo rate at its current level," the Bank of Namibia said in a statement. Inflation edged up to 5.4% year on year in January (NACPIY=ECI),  from 5.3% in December. It is projected to average 4.8% in…
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Egyptians greeted by hefty price rises in new year

Egyptians greeted by hefty price rises in new year

EGYPTIANS entered the new year facing a series of price hikes as the government battles to keep up with rampant inflation. Telecom companies raised the prices of their internet services, with state-controlled operator Telecom Egypt (TE) increasing the prices of its internet services by about 33%, effective Jan. 5, according to a TE company official who asked not to be named. Private providers Orange and Vodafone also raised their internet fees, apparently after approval by the National Telecoms Regulatory Authority. Headline inflation in Egypt was 34.6% in the year to November. Electricity prices are also soon set to rise by around 15% on…
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Cash-strapped Congolese eye deep inequalities ahead of vote

Cash-strapped Congolese eye deep inequalities ahead of vote

FIVE years after graduating with a diploma in computer network maintenance, Georges Bamue, 27, still navigates the streets of the Democratic Republic of Congo's capital as a motorcycle taxi rider, unable to find a job or raise enough to start a business in his trained field. On a good day, he makes around $30, but with Congo's rampant inflation, the depreciation of the local currency, and multiple demands on his meagre income, he struggles to make ends meet by paying rent and making sure his family does not go hungry. Bamue, like millions of Congolese who will head to the…
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Egypt’s non-oil activity shrinks in October as inflation, supply shortages bite

Egypt’s non-oil activity shrinks in October as inflation, supply shortages bite

EGYPT'S non-oil private sector shrank for a 35th consecutive month in October as inflation, supply chain problems and a lack of access to foreign currency continued to bite into business activity, a survey showed. The S&P Global Purchasing Managers' Index (PMI) fell to 47.9 from 48.7 in September, sliding further below the 50.0 threshold that separates growth from contraction. "The Egypt PMI pointed to the sharpest deterioration in non-oil business conditions for five months in October," S&P Global economist David Owen said. "A faster decline in new business volumes and sustained weakness in output were recorded as supply shortages and…
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Five tips for developing and managing your budget – even in tough economic times

Five tips for developing and managing your budget – even in tough economic times

THERE'S nothing quite like a new year to prompt us to take stock of our lives, our health, our goals – and our finances. Many people will start 2023 by contemplating how best to budget, plan and save. This is always a good set of aims, but it’s especially important in the inflation-prone and unpredictable economies we’re seeing all over Africa and the world. Author OLUWABUNMI ADEJUMO, Lecturer/Researcher, Obafemi Awolowo University Budgeting is especially key. It is the most effective method to monitor income and expenditure. Personal budgets can help you to monitor your resources in pursuit of larger financial…
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Tunisia cenbank warns of consequences if inflation rockets

Tunisia cenbank warns of consequences if inflation rockets

TUNISIA'S central bank governor warned inflation could spiral out of control if it did not raise interest rates, a day after government criticism of a 75-basis-point increase to 8% last week. Economy Minister Samir Saeed said on Tuesday the hike would have negative repercussions for small and medium companies as the government contends with Tunisia's worst economic crisis. "I understand the central bank's keenness to combat inflation, but I would have preferred that the hike not exceed 25 basis points," he told reporters. But Abassi told a news conference on Wednesday that Tunisia had few tools to fight inflation. "Inflation rates…
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Explainer: Why Ghana has returned to the IMF

Explainer: Why Ghana has returned to the IMF

COOPER INVEEN and RACHEL SAVAGE Hundreds took to the streets of Ghana's capital Accra last week to protest over its deteriorating economy. Days later, the government of one of West Africa's most prosperous nations announced it would begin formal talks with the International Monetary Fund (IMF) for support. It was a decision many analysts long thought inevitable, despite repeated pledges from finance minister Ken Ofori-Atta to never again seek IMF assistance. Why did the country reverse course, and what could the IMF demand in return? WHY NOW? Inflation hit an 18-year high of 27.6% in May, capping off a year…
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Zimbabwe to introduce gold coins as local currency tumbles

Zimbabwe to introduce gold coins as local currency tumbles

ZIMBABWE'S central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency. The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, U.S. dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost of production. The "Mosi-oa-tunya" coin, named after Victoria falls, can be converted into cash and be traded locally and internationally, the central bank said. The gold…
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Nigeria’s women shopkeepers forced to scale back as prices soar

Nigeria’s women shopkeepers forced to scale back as prices soar

PELUMI SALAKO THE freezers at Mama Tee's frozen food shop used to be brimming with chicken, turkey cuts and the fish varieties popular with her mainly student clientele in the city of Ilorin in western Nigeria. Not so today. Inflation means Mama Tee's price-conscious customers are tightening their belts, forcing her to drastically reduce her stock and devastating the small business that she relies on to provide for her seven children. "The market is bad," she said, asking to be identified only by her nickname, as she sat on a bench outside her store's blue-painted frontage. "The price of things…
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