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© 2024 Good Morning Africa
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Good Morning Africa is your daily source of Economy and Business news from the continent. It is a product of @TheKFinancial, hosted by Ruth Adong.
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🎙 Over $200B (Sh29.1T) cargo diverted from Red Sea/Suez Canal since attacks by Iran-backed Houthi rebels in Yemen since December.🎙 MTN Group Sees 90% Profit Plunge Due to Nigerian Currency Devaluations since June.🎙 Kenya and Tanzania are the most affected economies in the East Africa region as vessel movement through the Suez Canal fall, a report indicates, amid continued disruption in international trade.🎙 Kenya is the second most attacked country by cyber criminals in the Middle East, Turkey and Africa region (META), new industry insights show🎙Africa's Economies Outpace Global Growth Amid Challenges.
Catalysing investments in progressive forestry.Bitcoin was up 4% on the day and nearly 50% this month.Cocoa prices continued to rally, surpassing $6,800 per tonne, a new historic high
🎙Why do governments need to invest in agro-processing infrastructure and long-term financing, and how are the opportunities in the Middle East market present to Africa?🎙The JSE All Share index rose about 0.3% to finish at 73,218.🎙Tunisia's economy contracted by 0.2% year-on-year in the fourth quarter of 2023, following an upwardly revised 0.3% decline.🎙Nigeria's annual inflation rate climbed to a 28-year high of 29.9% in January 2024, up from 28.9% in December and above market forecasts of 29.5%.🎙The annual inflation rate in Botswana quickened to 3.9% in January 2024 from 3.5% in the prior month.🎙The annual inflation rate in Angola accelerated for the 9th straight month to 21.99% in January 2024, up from 20.01% in December.🎙Ghana’s annual inflation rate rose to 23.5% in January 2024, from 23.2% in the prior month, staying well above the Central Bank's target band of 6% to 10%.
🎙What measures need to integrate themselves into an uncertain future while rebuilding trust in the system?🎙The JSE All Share index was trading below the 73,000 level on Wednesday.🎙Kenya has successfully issued a new Eurobond worth $1.5 billion (Sh238 billion) to buy back the inaugural one due on June 24.🎙Small and Medium-sized Enterprises (SMEs) championing green transition are set to benefit from a deal between FSD Africa and the African Guarantee Fund (AGF).🎙The International Energy Agency (IEA) is launching a program to secure the supply of minerals critical to energy security as demand rises fast while manufacturing remains in the hands of a few key producers.
🎙 What are the comparative advantages the East African countries have over each other in the apparel industry and what can they learn from Ethiopia?🎙Bitcoin rallied to its highest price since December 2021 as the world's top cryptocurrency cleared the $50,000 price level. 🎙Mining production in South Africa rose by 0.6% from a year ago in December 2023, following an upwardly revised 6.9% jump in the prior month and compared with market forecasts of a 4.9% advance.🎙Industrial production in Senegal dropped 7% year-on-year in December 2023, accelerating from a 0.5% fall in the previous month.🎙African Risk Capacity (ARC) has entered into a landmark $11.7-million partnership with the US government to increase access to parametric insurance in Africa.
🎙 What are the key driving forces that will shape the long-term future of cybersecurity?🎙The JSE All Share index was slightly down to 73,315. 🎙Uganda’s central bank raised 1.3 trillion shillings ($339 million) in a rare private placement Treasury bond auction against a target of 1.5 trillion shillings.🎙The annual inflation rate in Senegal accelerated to 2.1% in January 2024 from an over two-year low of 0.8% in the previous month.🎙Egypt's largest private lender, Commercial International Bank (CIB), is looking to expand operations in Kenya in a bid to tap into the growing trade between Kenyan enterprises and the North African state.🎙The African Development Bank Group has announced a follow-up equity investment of $15 million in the Trade and Development Bank Group (TDB Group) to support clean technology and low-carbon projects in its member states.
🎙 Understanding the real estate market, players and why the property index is invaluable.🎙Bitcoin (BTC) crossed $46,000 early Friday, as the CoinDesk 20 Index (CD20) jumped over 2%. Bitcoin is said to rise as much as $48,000 in the coming days, predicting a gain of at least 11%.🎙UNCTAD urges urgent reform in global debt architecture as external debt hits $11.4 trillion, draining resources for development and impacting 3.3 billion.🎙The annual inflation rate in Rwanda fell to 3.1% in January 2024 from 6.4% in December 2023.🎙Kenya cyber threats increased to more than 1.2 billion cases recorded from 123 million threats detected in the previous quarter, representing a 943 per cent jump.
🎙 Meet Jackie Kirabo: Co-Founder of Nate Nutrition Specialists🎙The JSE All Share index was down on Thursday, trading below 74,100.🎙The annual urban inflation rate in Egypt eased for the fourth consecutive month to 29.8% from 33.7% in December, falling below market expectations of 32.5%.🎙Tanzania's annual inflation rate stood at a three-year low of 3% in January 2024.
🎙 What are the reasons and outcomes of the forex exchange shortages in Africa?🎙South Africa's gross foreign exchange reserves fell to $61.188 billion in January 2024, down from a record high of $62.518 billion in the previous month.🎙The Central Bank of Kenya raised its benchmark rate by 50 bps to 13% at its meeting on February 6th 2024, following a massive 200 bps hike in December.🎙Kenya and Japan’s motor vehicle giant Toyota have entered into a vehicle manufacturing deal that will see the firm set up a base locally. Toyota commits an initial investment of Sh800 million.🎙Safaricom’s M-Pesa Ethiopia operations recorded Sh44.9 million in revenue.
🎙The immense pressure interest rates have on private sector credit demand and how African countries use land as an asset vs active investments in stock portfolios.🎙MTN and Mastercard have signed a definitive agreement for a minority investment of up to $ 200 million into MTN Group Fintech at a valuation of $ 5.2 billion on a cash and debt-free basis.🎙The Nafex exchange rate is trading above N1,400/$ in late January.🎙The Bank of Uganda kept its benchmark interest rate steady at 9.5% during its meeting on February 6th 2024.🎙The trade deficit in Uganda narrowed to USD 446.8 million in December 2023 from USD 453.4 million in the same period in the previous year.🎙The unemployment rate in Morocco rose to 13% in the fourth quarter of 2023, from 11.8% in the same period a year earlier.🎙The annual inflation rate in Tunisia eased for the fifth straight month to 7.8% in January 2024 from 8.1% in December 2023.
🎙 Future-proofing of Global supply chains and why politics should be left out.🎙 The JSE All Share index hovered just below the flatline around 74,320.🎙The S&P Global Ghana PMI dropped to 48.4 in January 2024, down from a four-month high of 51.8 in December.🎙The Stanbic Bank Zambia PMI dropped to 49.2 in January 2024 from 49.6 in the previous month.🎙The Standard Bank Mozambique PMI shrank to 47.8 in January 2024 from 48.8 in the previous month. 🎙The Stanbic Bank Uganda PMI slightly fell to 54.0 in January 2024 from a six-month high of 54.8 the previous month.
🎙 How can leaders mitigate the debt-servicing burden to preserve economic stability and a return to growth?🎙The FAO Food Price Index fell for a sixth consecutive month to 118 index points.🎙Kenya approved a secondary bond trading outside the NSE to enhance competitiveness in the country's capital markets, accounting for a Sh 734 billion annual bond turnover.🎙The upstream industry hopes 2024 can be a bounce-back year, as Rystad Energy has identified 36 potential high-impact wells to be drilled, accounting for almost 64% of the global total oil.🎙 The Central Bank of Egypt raised its overnight deposit rate by 200 bps to 21.25% and its lending rate to 22.25%, as core inflation decelerated to 33.7% and 34.2%
🎙 What is the role of infrastructure corridors and their means for trade and agriculture?🎙Nigeria’s naira dropped to a record low against the dollar as low as 1,531 to the dollar on Tuesday, closing at 1,482.57 naira on the official market.🎙The exit of Burkina Faso, Mali and Niger from the Economic Community of West African States (ECOWAS) could hinder the bloc’s economic growth,🎙The Central Bank of Nigeria (CBN) has released another $64.44 million in blocked airline funds. 🎙The central bank of Mozambique cut its key MIMO interest rate to 16.5% from five-year highs of 17.25%.
🎙As adoption accelerates, the need to bridge the gap between AI’s potential and practical implementation has been brought to the forefront. Can AI aid in the achievement of SDGs?🎙Oil prices fluctuated, with WTI crude futures falling below $76.7 per barrel after a 1.5% increase to three-month highs above $79.🎙Global economic growth is expected to be subdued, if not stagnant, this year, with trade also expected to be sluggish.🎙Total investment into the African technology startup ecosystem fell by 27.8%, to $ 2.4 billion, in 2023, down from a record $ 3 billion in 2022.
🎙Why is America invested in the security in the Sahel and development prospects of Africa?🎙Nigerian stocks extended gains for the 13th straight session on Monday, reaching a new record high of 105,006.🎙The JSE All Share index was slightly down around 74,805 on Monday.🎙The Bank of Ghana slashed its benchmark monetary policy rate by 100 bps to 29%. The International Monetary Fund agreed on Jan. 19 to disburse a second tranche of $600 million to Ghana under the country’s three-year bailout program.🎙Zimbabwe's annual inflation rate rose for the third month to 34.8%, up from 26.5% in December.🎙Sony is betting on Africa’s video game industry, which is expected to generate over $1 billion for the first time in 2024.
🎙Uneven exposure to AI and the ability to harness its unique benefits will hamper progress in vital sectors and regions. As adoption accelerates, there is an urgent need to bridge the gap between AI’s potential and practical implementation. What does it take to ensure equal access to AI?🎙CBN clears $2 billion forex debts and aids major sectors: manufacturing, aviation, petroleum. $61.64 million to foreign airlines strengthens Naira.🎙The JSE All Share index reverted early losses and gained ground to close about 1.4% higher at 75,084 on Friday.🎙Remittance growth to low and middle-income countries is expected to drop to 3.1 per cent in 2024.🎙BMI company expects overall growth in sub-Saharan Africa to accelerate to 3.7%, up from 2.8% in 2023, higher than previously forecast global growth of 2.3%.🎙Poor infrastructure and slow tariff harmonization hinder AfCFTA's progress. Non-tariff barriers persist, impacting businesses. Africa's roads need major investments for connectivity.
🎙Greenhouse gas emissions rise; national pledges fall short of 2°C goal from 2015 Paris agreement, lacking 1.5°C ambition.🎙PPC International Holdings has disposed of its 51% shareholding in Cimerwa for $ 42.5 million.🎙The South African Reserve Bank unanimously decided to keep its key repo rate at 8.25%.🎙The annual inflation rate in Zambia continued to climb for the seventh month to 13.2%, up from 13.1% in the prior month.🎙Global electricity demand grew 2.2% in 2023, slowing due to decreased consumption in advanced economies. Projections indicate a 3.4% average growth from 2024 to 2026.
🎙A quarter of global jobs face disruption, both growth and decline due to geo-economic, technological and green transition trends in the next five years. 🎙Nigerian stocks crossed 100,000 points for the first time on Wednesday, reaching a new record high of 101,571.🎙 Stock investors at the Nairobi Securities Exchange (NSE) lost at least Sh530 billion in paper wealth last year on capital flight as the shilling slid against major currencies.🎙 Ivory Coast raised $2.6 billion through two bonds with respective maturities of nine and 13 years in its first return to the international Eurobonds market.
🎙 Danish shipping and logistics company has suspended all sailings through the Red Sea until further notice following an attack and small boat swarm by Yemen's Houthi Group on December 30. 🎙Nigerian stocks continue to rise for the eighth consecutive session on Monday, reaching a new record high of 96,307.🎙Opec+ reports a fall in Algerian oil production in December of 4.6% compared to the previous year. 🎙Gabon achieved its highest oil production level in nearly four years considering that oil constitutes approximately 80% of Gabon's total exports. 🎙The annual inflation rate in Morocco slowed for a fourth consecutive month to 3.4% in December 2023, down from 3.6% in the previous month.🎙KS Energy in partnership with a Tanzanian gas producer, targets financial closure for a small-scale LNG project, investing less than $90M. The first gas offtake is expected by early 2026, with a 17-34 million standard cubic feet per day capacity.
🎙 The Chinese Foreign Minister Wang Yi is making the annual African tour. The focal point of this year's tour is Security to bolster Chinese influence on the continent, promoting cooperation and development. 🎙NSE All Share Index gained 28.8% in the last 12 months and increased 79.75% to 96251.00 Index Points.🎙The JSE All Share index was slightly down around 72,365 on Monday. 🎙Oil eased to around $73 per barrel on Monday as production resumed at Libya’s largest oil field following a three-week stoppage due to political protests.🎙African central banks are set to uphold tight monetary policies in the upcoming weeks, diverging from European and Latin American counterparts that have begun interest rate cuts.🎙The fast food market in the Middle East and Africa is projected to grow at a rate of 9.2% from 2024 to 2030. It is expected to reach a value of $62.44 billion, up from its current value of $33.88 billion.
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