Economic Snapshot for Sub-Saharan Africa
December 13, 2019
Sub-Saharan Africa’s economy is seen shifting into a higher gear next year, mainly driven by quickening, albeit still modest, growth in the resource-rich economies of Nigeria and South Africa. The U.S.-China trade war, lackluster global economic activity, commodity-price volatility, growing external debt concerns and the slow enactment of reforms all cloud the outlook.
Sub-Saharan Africa Monetary & Financial Sector News
Regional inflation spiked from 12.8% in September to 14.1% in October. Runaway inflation in Zimbabwe and higher food price growth in Nigeria, prompted in large part by the closure of its land borders, drove the upturn. Next year, although price pressures are seen receding somewhat on still-tight central bank policy, they are set to remain elevated overall.
Most monetary authorities in the region remained on hold recently. Notably, Kenya’s Central Bank slashed its key rate to spur economic activity while policymakers in Zambia hiked the policy rate in a bid to halt the declining kwacha. Going forward, the region’s central banks are expected to maintain relatively tight policy stances amid sticky inflationary pressures.
Currency performance across the region was mixed in recent weeks. While the Kenyan shilling gained ground against the U.S. dollar on upbeat remittance inflows, Ghana’s cedi continued to weaken amid eroding fiscal metrics. A sizeable majority of the region’s currencies are expected to depreciate in 2020, albeit at a weaker pace than this year.
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5 years of Sub-Saharan Africa economic forecasts for more than 30 economic indicators.
Sub-Saharan Africa Economic News
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South Africa: Inflation rises in December
January 22, 2020
Consumer prices rose 0.3% in December, up from a 0.1% increase in November.
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Angola: Inflation jumps in December amid currency pressures
January 17, 2020
Consumer prices in the province of Luanda rose 1.9% from the previous month in December, accelerating from November’s 1.5% result, and marking the strongest increase since September 2018. Meanwhile, inflation in the province of Luanda jumped to a four-month high of 17.1% in December, from 16.6% in November.
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Angola: Both Cabinda crude oil prices and Angolan oil production jump to seven-month highs in December
January 17, 2020
The average price of Angola’s Cabinda crude rose to USD 69.4 per barrel (pb) in December, from USD 64.7 pb in November.
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Nigeria: Inflation increases to 20-month high at end 2019
January 17, 2020
Consumer prices increased 0.85% on a month-on-month basis in December, down from November’s 1.02% rise.
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Ghana: Inflation edges down in December
January 16, 2020
Consumer prices rose 0.3% in December, slowing from November’s 0.7% increase which had marked the highest reading since June.
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