Snapshot of African economy as @ 210122

Friday, January 21, 2022 / 12:15 p.m. / United Capital Research / Header Image Credit:Courtneyk, iStock

Anglophone West Africa


  • According to the National Bureau of Statistics, consumer prices rose 15.6% yoy in December 2021, beating consensus estimates (14.8%; Bloomberg).
  • According to the Minister of Finance in a presentation of the approved budget for 2022, Nigeria’s debt increased by 20.4% in 11M-2021 from N32.9 trillion in December 2020 to N39.6 trillion in November 2021.
  • At the unveiling of 13 rice pyramids in Abuja, Governor of the Central Bank of Nigeria Godwin Emefiele announced that Nigeria’s rice production has increased by 66.7% in six (6) years, from 5.4 million tons in FY 2015 to 9 .0 million tons in fiscal year 2015. 2021.
  • Nigeria’s Senate House passed a bill establishing the National Rice Development Council aimed at further improving local rice production to reduce annual imports of rice, currently estimated at US$2.0 billion, and improve foreign exchange earnings .


  • Ghana’s producer prices rose 12.8% yoy in December 2021 but fell 0.2% mom, according to the Ghana Statistical Service.
  • Ghanaian banks can now accept offshore debt (government, corporate and multilateral) as collateral for loans, according to a statement from the Bank of Ghana (BoG).
  • However, the securities must be denominated in dollars, pounds, euros or yen and rated AA or higher.
  • Chipper Cash has been granted an Enhanced Payment Service Provider License by the Bank of Ghana (BoG) to begin commercial operations in Ghana after the company has satisfied BoG’s Payment Service Provider license requirements.
  • International rating agency Fitch downgraded Ghana’s long-term foreign currency issuer default rating (IDR) to “B-” amid growing concerns about the government’s ability to service its debt over the medium to long term.

Francophone West Africa (WAEMU)


  • According to the National Agency for Statistics and Demographics, consumer prices in Senegal increased by 3.8% year-on-year in December 2021, compared with 3.0% in November 2021.
  • PAPS, a Senegal-based logistics and delivery company, announced it had raised a total of $4.5 million in a pre-Series A round led by pan-African venture capital firm 4DX Ventures and regional telecoms operator Orange .

Ivory Coast

Headline inflation in December 2021 was 5.6% yoy, with an average of 4.2% in fiscal 2021, according to the Côte d’Ivoire statistics office.

East Africa


  • According to data from the Central Bank of Kenya (CBK), mobile money agent transactions in Kenya increased by 36.0% yoy to USD 54.3 billion in the 9-month period to 2021.
  • Data from the Tourism Research Institute showed an increase in international tourist arrivals as Kenya received 870,465 tourists, up 53.0% from 567,848 in 2020. The US was the top source of tourists to Kenya with 136,981, followed by Uganda (80,067) and Tanzania (74,051 ).
  • The Department of Tourism and Wildlife forecasts tourism revenue to rise 18% year-on-year from $146.5 billion to $172.9 billion in 2022.
  • Savannah Cement announced plans to issue a KSh39.7 billion (US$350.0 million) bond issue on the London Stock Exchange to build a 2.7 Mta clinker production plant in Kitui. Proceeds from the sale will also go towards the construction of a 700,000 tpa grinding plant at the same location.
  • Low-cost internet service provider Poa Internet raised $28.0 million from Africa 50, an infrastructure financier backed by the Africa Development Bank (AfDB) and several African states.


  • Tanzania and Burundi have signed an agreement to build a $900.0 million, 282.0 km railway line to connect the two countries.
  • The Tanzania Fair Competition Commission (FCC) announced receipt of a merger application from Exim Bank Tanzania Ltd to acquire some assets and liabilities of First National Bank Tanzania Ltd.
  • Tanzania’s current account deficit widened from about US$166.0 million in October 2021 to about US$346.0 million in November 2021. The year-to-date November 2021 deficit is US$2.0 billion compared to US$841.0 million in November 2020. This is due to a reversal of the pandemic-related effect on the terms of trade.
  • The national debt was $36.1 billion at the end of November 2021, up $5.3 billion from November 2021, with the external debt adding $4.1 billion, up $28.0 billion, according to the Bank of Tanzania Press.
  • Debt service payments as of November 2021 totaled $171.4 million, according to BoT.


According to the Uganda Coffee Development Authority, December 2021 coffee shipments increased by 28.0 year-on-year to 536,889 bags (worth US$75.3 million) from 419,3338 bags in December 2020.

South Africa

South Africa

  • According to Statistics South Africa, consumer prices rose by 5.9% yoy in December 2021, up from 5.5% yoy in the previous month. This is the highest increase since March 2017, driven by higher food and soft drink and transportation prices. On a morning basis, inflation increased by 0.6% in Dec-2021.
  • Additionally, wholesale sales for November 21 in November 2021 increased by 5.5% yoy and 0.1% mom, compared to a 0.2% mom decline in October 2021. Retail sales increased by 3, 3% yoy and 1.9% mom, after a 1.3% mom decline in October 2021.
  • South Africa’s mining production increased by 5.2% yoy in November 2021 on positive contributions from platinum group metals (PGMs) and iron ores. On a morning/month basis, production fell by 2.2% in the previous month compared to a 3.1% increase in October 2021.


  • According to the Instituto Nacional de Estatistica, Angola’s economy grew by 0.8% yoy in Q3 2021, the first year-on-year growth since Q4 2018 after a two-year depression. The main drivers of growth include domestic trade, transport and storage, fisheries and construction.
  • According to the Organization of Petroleum Exporting Countries (OPEC), Angola’s crude oil production increased to 1.15 mb/d in December 2021, up from 1.11 mb/d in the previous month.


  • Madison Metals Inc announced that it has entered into a binding letter of intent with Giraffe Energy Investments Close Corporation and Otjiwa Mining and Prospecting Close Corporation to earn approximately 85.0% interest in three separate Namibian uranium license claims called the Rossing North Uranium Project acquire.
  • The Government Institutions Pension Fund (GIPF) announced that it had earned an average of N$2.0 billion monthly in the first nine months of 2020, despite the global pandemic.
  • Transaction settlements in 2021 exceed N$1.0 trillion for the first time due to high transaction volume, according to Bank of Namibia’s Interbank Settlement System (NISS).


  • President Hakainde Hichilema has promised to accelerate investment in all sectors of the Zambian economy. The Zambian Chamber of Commerce and Industry signed a Memorandum of Understanding (MoU) with the Abu Dhabi Chamber of Commerce, United Arab Emirates (UAE).
  • Nitrogen Chemicals of Zambia (NCZ) produced 23,000 tons of D-Compound in 2021, meeting its goal to supply fertilizers under the Farmer Input Support Program (FISP) during the 2021/2022 farming season.


The Zimbabwean government has signed an agreement with the Chinese government to export fresh citrus fruits.

Central Africa


Fitch Ratings has confirmed UBA Cameroon’s Long-Term Issuer Default Rating (IDR) at “-B” and the outlook at “Stable”.


The Democratic Republic of the Congo (DRC) confirmed its willingness to join the East African Community (EAC) when negotiations to join Kenya began.

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