- Ghana, Senegal & Uganda met virtually with international financial partners and risk analysts to discuss the most urgent risks and mitigation solutions at ATI’s annual Roundtable. Analysts noted that Africa is expected to see a subdued economic recovery in 2021 and not likely to reach 2019 growth levels till 2022.
- Limited financial investment for the agriculture sector is one of the major bottlenecks to improve agricultural productivity and commercialization in Uganda. Dr. Sarah Ssewanayan, executive director at the Economic Policy Research Centre said digitizing financing of the agricultural sector offers good options to overcome some of the adverse effects of COVID-19.
- Minister of finance's debt-driven budget journey has been soiled by Moody's Rating, which deems Namibia long-term borrowing facilities as quite risky. Moody's Rating downgraded the long-term issuer and senior unsecured ratings of Namibia to Ba3.
- Zambian inflation quickened for the third straight month in November to a four-year high propelled by food and non-food items. Consumer prices increased 4% compared to November 2019 and 16% compared to October 2020.
- According to the Minister of Industry, Trade and Investment, Adeniyi Adebayo, Nigeria is yet to see the potential of Free Trade Zones (FTZs) as an instrument for economic growth due to poor implementation.
- Pricewater houseCoopers (PWC) has predicted that the Nigerian Gross Domestic Product (GDP) will contract by 2% y-o-y in 2020 compared to 3% growth in 2019. this estimation is based on a prediction that the country’s economic growth rate in Q4-2020 could most likely decrease between -1.5% and 0.5%.
- South Africa inflation rate increased to 3% in October compared to 3% in September. The increase was mainly driven by food and non-alcoholic beverages. However, food prices are not expected to increase rapidly over the short- to medium term, mainly due to excellent agricultural production.
- Civil Society Organizations (CSOs) challenged government to produce evidence to back up claims that the Uganda National NGO-Forum and Uganda Women Network (UWONET) are financing terrorism activities in the country.
- More than 800 peacekeepers from India, including a sole woman officer, serving in the United Nations peacekeeping mission in South Sudan, have been awarded medals for their commendable work in the successful tour of duty in the country.
- A new African Stock Exchanges linkage project being promoted by the African Development Bank (AfDB) with other stakeholders, which would integrate stock exchanges across Africa, is set to create an integrated capital market on the continent with capitalization in excess of 1 TR USD.
- Nigerian stock market (NGSE) ended the week on a negative note as the All-Share Index decreased further by 0.94% to 34,250.74 Consequently, year-to-date return and market capitalization settled at 27.86% and 17.90 TR NGN (46.95 BN USD) respectively.
Note: Weekly values are calculated on Friday of each week.
- Airtel and Tanzania Railways Corporation (TRC) team up to digitize train ticket purchasing. Airtel Money subscribers can now buy tickets using their mobile phone wallets thanks to a deal reached between Airtel Tanzania Plc and TRC.
- InfraCo Africa, a member of the Private Infrastructure Development Group has completed a 27 MM USD equity investment into InfraCredit, a Nigerian-based specialized local currency infrastructure credit guarantee institution. The investment is aimed towards unlocking infrastructural finance in Nigeria, accelerating economic growth, and market development.
- The consumer goods giant, Nestlé S.A has invested an additional 8 MM NGN (387,672 USD) in shares of its Nigerian Subsidiary (Nestlé Nigeria Plc). Nestlé S.A acquired the additional 105,569 units of Nestle Nigeria Plc shares in three transactions on the floor of the NSE, at an average share price of 1,400 NGN per share.
- AXA Mansard Insurance Plc has projected a marginal decline in Profit After Tax (PAT) to 04 BN NGN (5.35 MM USD) in Q1-2021, indicating 1.08% decrease from the figure recorded in Q3-2020.
- Lasaco Assurance Plc has projected an increase in its profit to 23 MM NGN (984,209 USD) in Q1-2021, indicating 60% increase in Q3-2020. Moreover, gross premium is expected to increase to 5.44 BN NGN (14.26 MM USD), +72.1% Q-o-Q. However, investment income is expected to decrease to 112.5 MM NGN (295,081 USD), -46.13% Q-o-Q.
- Royal Exchange Plc has projected an increase in its Profit after Tax (PAT) to 83 MM NGN (1.31 MM USD) in Q1-2021, indicating 244% increase from the figures recorded in Q3-2020.
- I&M Group shareholders have approved the acquisition of 90% of Orient Bank Limited, Uganda. The deal is set to add to I&M's regional banking operations comprising Kenya, Rwanda, Tanzania and Mauritius.