Friday, April o8, 2022 / 10:53 AM / United Capital Research / Header Image Credit: iStock Proshare Nigeria Pvt. Ltd. Anglophone West Africa
Nigeria According to the CBN data, Nigeria’s import bill has increased from N8.73tn to N20.85tn, recording a 129.1% increase between 2016 and 2021. The CBN notably added that the rise in the country’s import bill harms the country’s exchange rate and hinders production in various sectors of the economy.
The Federal Government’s thirst for debts appears to have deepened as new borrowing allocations rose by 278.0% or N4.03tn between 2015 and 2021. This was disclosed in the presentation of the public debt data as of 31-Dec-21 by the Director-General of the Debt Management Office, Patience Oniha.
According to the most recent Foreign Trade statistics report from the National Bureau of Statistics (NBS), the total international trade in agricultural goods stood at N3.24tn in 2021, with the import value exceeding the export value by N2.23tn. Despite interventions by the Federal Government to diversify the economy and increase food production in the country, security concerns have driven a lot of farmers out of their livelihood.
Ghana According to forward-rate auction results last week, the Bank of Ghana sold $50.0mn at the FX auction for oil importers, compared to a total bid of $192.3mn, as the bank sets a target to offer $350.0m at FX auctions in Q2-22.
According to S&P Global’s recently released Purchasing Managers’ Index (PMI) for Ghana’s private sector in March, its PMI declined to 47.2pts from 49.6pts in Feb-22, representing its lowest reading since May-20. It also revealed an 8.9% decline in Ghana’s producer output index, from 47.2 in Feb-20 to 43.1pts in Mar-22.
According to media reports, Ghana will invest $25.0m in FY-22 to upgrade its iconic tourist sites to give impetus to a new project that aims to attract one million visitors a year from Europe by 2024.
Francophone West Africa
Senegal
According to Bloomberg, the launch of the expansion in Sabodala-Massawa construction gave a 4.8% rise in the Endeavour Mining shares as the Expansion project is expected to yield incremental production of 1.4Moz of gold for a low all-in sustaining cost (AISC) of $576/oz.
East Africa Uganda According to the Bank of Uganda, Uganda’s current account deficit widened to $845.3mn in Q4-21 from the revised -$818.99m in Q3-21, indicating a 3.2% expansion in the country’s trade deficit. In its […]
