Snapshot on the African Economy as @ 081021

Snapshot on the African Economy as @ 081021

Anglophone West Africa

Nigeria The President of Nigeria, Muhammadu Buhari, is expected to present the budget estimates for the 2022 fiscal year to a joint session of the National Assembly on Thursday. He disclosed that he sought to make changes in the recently passed Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP).

According to the Debt Management Office, Nigeria spent N1.5tn on debt servicing payments in H1-2021. In Q1-2021, the county spent N1.0tn on both domestic and external debt servicing, while a total of N444.5bn was spent in Q2-2021.

The World Bank has approved $11.5bn in lending to Western and Central African countries (Nigeria inclusive) for 98 operations, including $500.0m in IBRD commitments and $11.0bn in IDA commitments. The World Bank has projected that the Nigerian economy will grow by 2.4% in 2021. This is a revised figure from the bank’s earlier projection of 1.8% in Jan-2021. The projected growth is expected to be driven by the service sector.

According to the data released by the Nigeria Inter-Bank Settlement System (NIBSS), the value of e-payment transactions in Nigeria rose by 6.4% to N24.1tn in Sep-2021 from N22.6tn in Aug-202.

Ghana Ghana’s GDP grew by 3.9% y/y in Q2-2021, in real terms. This compares favourably to the 3.1% y/y growth recorded in Q1-2021, and the 5.7% y/y contraction recorded in Q2-2020. Growth was driven by the non-oil sector (+5.2% y/y) as the oil sector contracted by 10.8% y/y.

The Vice President of the United States of America, Kamala Harris, has assured the President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, that the United States will soon donate some 1.3 million Pfizer vaccines to Ghana.

Ghana’s House of Parliament will resume sittings on Tue. Oct. 26 th , 2021, after several weeks of being on recess. The 2022 budget is also expected to be read during the sitting on Nov. 15, 2021, by the Finance Minister, Ken Ofori-Atta.

Francophone West Africa

Senegal Senegal’s economy is expected to grow by 5.5% in 2022 and the budget is expected to be 5.1 trillion CFA francs. However, the Fiscal deficit for 2022 is expected at 4.8% compared with 5.4%.

In 2021 due to the impact of the coronavirus pandemic. Senegal aims to maintain a fiscal deficit of 3% from 2024. Ivory According to a statement released by the government, Ivory Coast’s oil production dropped by 16.5% y/y to 4.4m barrels in […]

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