African Markets Daily

Ghana’s fiscal deficit is projected to narrow from 11.4% of GDP in 2020 to 9.4% in 2021. The Central Bank of Democratic Republic of Congo has raised the main interest rate to 18.5% from 7.5%. Zimbabwe’s inflation was 837.53% year-on-year in July compared to 737.26% the previous month. Tunisia’s tourism-dependent economy shrank 21.6% in the second quarter of 2020 due to the coronavirus crisis.

Absa Group first half-year earnings negatively affected by the coronavirus. Bad loans quadrupled, and profits could plunge by up to 97% as a result. Kenya’s biggest lender after-tax profit fell 40% to $70.1 million, while pretax profit also decreased by 28%.

Gold Fields interim profit to shoot up by 300% due to skyrocketing gold prices. Somalia’s first oil and gas licensing round in early 2021, as the country seeks petro dollars to help rebuild its struggling economy.    Telkom Kenya  it is no longer looking to merge its business with the Kenyan unit of India’s Bharti Airtel.

Morocco plans to dissolve some state-owned companies in order to reduce their dependency on a state budget. Democratic Republic of Congo plans to suspend the value-added tax (vat) exemption on mining companies’ imports to bolster state revenue. Congo. South African Breweries to cancel $290 million of planned investments due to revenue losses.

Nigeria to comply with oil output qoutas. Anglo American on a rebound despite Covid-19.  Steinhoff International first-half loss more than doubled as a coronavirus lockdown towards the end of the period weighed on sales.

Namibia approaches IMF for an emergency loan. Kenya keeps repo rate unchanged. Sasol offloads more assets.

Nigeria’s state oil company NNPC has signed a $1.5 billion prepayment deal.  The international monetary fund has approved $4.3 billion in emergency financing for South Africa,  Zimbabwe’s stock market will resume trading  

South African Airways practitioners approve a new plan to safe the airline. Botswana’s economy to shrink by less than expected. Morocco’s informal economy grows.

Tunisia negotiates repayments. Nigeria’s central bank stop lenders from import processing of maize. DRC keeps 2020 forecast unchanged.

South Africa’s manufacturing sector plummets. Uganda’s central bank to cap banks’ rates. Egypt’s inflation surge.