Page 5 - Z-Business News -January 2018

Z-BUSINESS NEWS Monthly Bulletin JA
Ghana’s economy is rebounding and the major commodity exporter is poised to wean itself off bail- outs through sustained scal discipline and a battle against corruption, President Nana Akufo-Addo has said. The former opposition leader, sworn into of ce a year ago, said his government spent the past year stabilizing the economy, including clearing huge debts while rolling out infrastructure. (www.af.reuters.com 17/01/19)
South Africa’s Finance Minister warns country will feel pain of tough budget
Nigeria will consider raising $2.5bn through Euro- bonds in the rst quarter to re nance a portion of its domestic treasury bill portfolio at lower cost. Pa- tience Oniha said the country will also try to get back into the JP Morgan Government Bond Index (GBI- EM), with improving liquidity in the local currency market.
(www.af.reuters.com 26/01/18)
Angola Kwanza weakens in rst currency sale after peg ends
Angola’s Kwanza weakened in the rst currency auction since the Central Bank removed its peg in a bid to staunch the drain on the oil producing coun- try’s foreign reserves. The Banco Nacional de Ango- la sold €83.65m ($100m) to commercial banks at an average rate of 221.26 Kwanza per Euro in the rst sale since saying last week that it would shift from a Dollar peg to a trading band to determine the value of the Kwanza against other currencies. (www.bloomberg.com 09/01/18)
Congo mining revenues through September 2017 rise 9%, oil up 70%
Democratic Republic of Congo, Africa’s top copper
NUARY 2018
EXCERPTS FROM BANK OF GHANA BULLETIN
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GHANA / SUB-SAHARAN / NORTH AFRICA
President says Ghana’s economy back on track
Industry’s quarterly con dence index climbed 8.5% to 123 points. The index increased 26.2% last year. (www.af.reuters.com 25/01/18)
Nigeria eyes $2.5bn Eurobond sale in Q1 to re - nance local debt
producer, collected $489.2m in revenues from the mining sector in the rst nine months of last year, up more than 9% over the same period in 2016, the - nance ministry has said. The ministry said revenues from the oil and gas sector rose nearly 71% over the same period. However, oil and gas revenues in the third quarter of the year fell 35%, offsetting a strong second quarter.
(www.af.reuters.com 10/01/18)
South Africa’s budget has involved making tough decisions to stabilise the country’s debt and the country will feel some pain as a result, its Finance Minister said. The South African economy, Africa’s second largest and most industrialised, has slowed to a near standstill. Finance Minister Malusi Giga- ba said the upcoming budget, to be unveiled in the spring, would involve interventions in order to boost con dence and grow the economy. (www.af.reuters.com 25/01/18)
Mauritius business con dence jumped to its highest in Q4 2017
Business con dence on the Indian Ocean island of Mauritius rose to a record high in the last quarter of 2017. The Mauritius Chamber of Commerce and