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Trade Pact Could Boost Africa's Income by $450 Billion, Study Finds
July 27, 2020--The African Continental Free Trade Area (AfCFTA) represents a major opportunity for countries to boost growth, reduce poverty, and broaden economic inclusion, a new World Bank report has found. If implemented fully, the trade pact could boost regional income by 7% or $450 billion, speed up wage growth for women, and lift 30 million people out of extreme poverty by 2035.
The report suggests that achieving these gains will be particularly important given the economic damage caused by the COVID-19 (coronavirus) pandemic, which is expected to cause up to $79 billion in output losses in Africa in 2020. The pandemic has already caused major disruptions to trade across the continent, including in critical goods such as medical supplies and food.
view the World Bank The African Continental Free Trade Area Economic and Distributional Effects report
Source: World Bank
African Development Bank Regional Economic Outlook 2020: COVID-19 response and economic diversification crucial to growth recovery in Southern Africa, the most affected region
July 27, 2020--Report recommends inclusive, broad-based and pro-poor policies to address inequality and reduce poverty rates
Impact of COVID-19 in South Africa projected to affect rest of Southern African economies
A higher level of preparedness is urgently needed to prevent and mitigate the COVID-19 pandemic in Southern Africa, including additional resources for testing and to reduce the impact on households and the economy, the African Development Bank said in its new Southern Africa Regional Economic Outlook.
In the worst-case scenario, growth in Southern Africa would fall to -6.6% in 2020 before recovering to 2.2% in 2021.
Growth is projected at -4.9% in the baseline case, mainly driven by the deep recession in South Africa, induced by a fall in commodity prices, containment measures, weather-related events, and the structural issues related to public utilities. The region's growth is projected to be the most affected by COVID-19.
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Source: afdb.org
Nigeria: Country Refines Own Gold For First Time
July 16, 2020--Nigeria has for the first time refined its own gold and purchased the refined product into a new gold reserve.
On Thursday, the Central Bank of Nigeria (CBN) presented a cheque of N268 million for the country's first artisanally-mined and refined gold.
The cheque was presented to the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) on Thursday at the launch of the gold purchase programme in Abuja.
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Source: allafrica.com
Nigeria: Equities Market Opens Negative, As Investors Lose N55 Billion
July 14, 2020-Trading activities at the local bourse started the week bearish as the benchmark index moderated 44bps to close at 24,200.60 following sell-offs in MTNN (-1.0percent), Zenith (-3.0percent) and Guaranty Trust Bank (-2.0percent ).
As a result, investors lost ₦55.2bn as market capitalisation fell ₦12.6tn while year to date loss worsened -9.8percent.
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Source: allafrica.com
African Development Bank Regional Economic Outlook 2020: In West Africa, harnessing the youth workforce could speed economic recovery in the post-COVID-19 era
July 10, 2020--Growth in West Africa, poised to expand by 4.0 percent in 2020, now projected to contract by -2.0 percent in 2020
Demand for science, technology, engineering and mathematics increasing, though school enrolment, retention rates poor
West Africa's burgeoning youth population offers a strategic workforce which can be harnessed for employment and economic growth, despite a COVID-19 pandemic that is devastating the continent and global economies, the African Development Bank said in its regional economic outlook report.
As a result of the pandemic, growth in the West Africa region, which was poised to expand by 4.0 percent in 2020, following growth of 3.6 percent in 2019, is now projected to contract by -2.0 percent in 2020, and could fall by as much as -4.3 percent in a worst-case scenario. Countries that depend on oil and tourism for foreign exchange and fiscal revenues will especially face reduced fiscal space and heightened external account imbalances, stoking a build-up of public debt.
view the West Africa Economic Outlook 2020-Coping with the COVID-19 Pandemic
Source: afdb.org
Rand 'surprisingly firm' as global coronavirus cases surge
July 10, 2020--The rand plunged to a low of under R19/$ in early April when South Africa entered its first month of lockdown, but has been gradually gaining ground since then.
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Source: FIN24
Nigeria devalues naira to close gap with unofficial rates
July 8, 2020--The Central Bank of Nigeria has weakened the naira, responding to mounting pressure from external lenders, US dollar shortages and a slump in oil prices that has blown a hole in the country's budget.
Traders said that the central bank requested dealers to submit official bids at 380 to the dollar on Friday last week, according to Reuters.
The naira closed at 381 to the dollar on Tuesday, down about 5.5 per cent from the previous official rate of 360.
Nigeria last cut the value of its currency during the height of global market volatility in March, when the price of oil, the country's key export, collapsed. Up to that point, the exchange rate had held at around 307 for more than three years.
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Source: technocodex.com
Post COVID-19: Africa's growth stands to rebound to 3% in 2021, African Development Bank says in African Economic Outlook 2020 Supplement
July 7, 2020--Governments and development partners must respond in a more coordinated, targeted, and rapid manner to be effective in limiting impacts
An additional 49 million Africans could be pushed into extreme poverty by the pandemic and its aftermath; West and Central Africa stand to be worst hit.
Africa's economic growth could rebound in 2021, provided that governments manage the COVID-19 infection rate well, according to updated forecasts from the African Development Bank, released on Tuesday.
In a comprehensive socio-economic assessment of the pandemic's impact, the Bank said growth was now projected to rebound to 3% in 2021 from -3.4% in the worst-case scenario for 2020.
The predictions are contained in a supplement to the Bank's African Economic Outlook, which was released on 30 January. At the time, Africa's growth was forecast at 3.9% in 2020 and 4.1% in 2021.
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Source: afdb.org
Rand strengthens to below R17/$
July 2, 2020--The rand strengthened to below R17 against the US dollar on Thursday morning. Grim US jobless claims data could strengthen it even further.
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Source: FIN24
South Africa: First Quarter GDP Falls By 2 Percent As Recession Continues
June 30, 2020--South Africa's economy decreased by 2.0% in the first quarter of 2020, Statistics South Africa reported on Tuesday morning.
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Source: allafrica.com
