
<p>WINDHOEK (Reuters) &#8211; Namibia is to host a two-day economic summit which is expected to attract at least $1 billion worth of investments over the next two years, the Ministry of Information and Communications Technology said on Wednesday.</p>



<p>Namibia’s economy has contracted for the last two years, and the southwest African nation has been ravaged by a drought which the meteorological services estimate to be the deadliest in 90 years.</p>



<p>The economic summit, which will take place from July 31 to Aug. 1 in the capital Windhoek, is aimed at reviving and growing the Namibian economy, creating job opportunities and attracting investment opportunities, the ministry said in a statement.</p>



<p>It will also seek to promote Namibia as an investment and tourist destination as well as identifying and removing bottlenecks that are slowing the growth of the local economy.</p>



<p>The International Monetary Fund projects that Namibia’s economy, which contracted by 0.8% and 0.1% in 2017 and 2018 respectively, will mildly contract again this year due to poor rains and reduced diamond production.</p>



<p>About 600 delegates from across the country, Africa and the world are expected to attend the summit, which is the first of its kind.</p>



<p>“The summit will provide a platform to showcase growth and investment prospects in the local economy as well as present local and international investors with a portfolio of investment projects in several sectors,” the ministry said.</p>



<p>Reporting by Nyasha Nyaungwa; Editing by Alison Williams<br></p>


Namibia aiming for $1 billion worth of investments, here’s what you need to know…


<p>JOHANNESBURG (Reuters) &#8211; Ratings agency Moody’s said on Monday that it had lowered its forecast for South Africa’s 2019 economic growth to 1.0% from 1.3% after it said a first-quarter contraction had dented the government’s revenue and policy options.</p>



<p>Moody’s is the last of the big three international credit firms to rate South Africa at investment grade.</p>



<p>President Cyril Ramaphosa’s efforts to revive Africa’s most advanced economy were dealt a blow last week when data showed gross domestic product had contracted by a quarterly 3.2% in the first three months of 2019, the largest contraction in a decade.</p>



<p>Ramaphosa’s African National Congress (ANC) is also in the midst of a row over the central bank’s role, which has rattled financial markets.</p>



<p>“The quarterly decline, the largest in 10 years, is credit negative for the Government of South Africa’s (Baa3 stable) revenue and policy options,” Lucie Villa, Moody’s lead sovereign analyst for South Africa, wrote in a research report.</p>



<p>“The first-quarter contraction presages low growth in the year as a whole,” Villa added.</p>



<p>If Moody’s were to relegate South African debt to “junk” status, billions of dollars could leave the economy, analysts say.</p>



<p>Reporting by Alexander Winning; editing by John Stonestreet<br></p>


Moody’s lowers South Africa’s growth forecast after Q1 GDP contraction, what you need to know…


<p>PRETORIA (Reuters) &#8211; South Africa’s economy nosedived 3.2% in the first quarter from the previous one as its manufacturing sector suffered, according to data that significantly lagged the 1.7% decline economists had expected and sent the rand sharply lower.</p>



<p>Year-on-year growth in Africa’s most industrialised economy was zero compared with forecasts of growth of 0.7%.</p>



<p>“This was the largest economic contraction in almost a decade, &#8230; It was largely driven by manufacturing, then mining,” Statistician General Risenga Maluleke told a news conference.</p>



<p>At 0950 GMT, the rand was around 1.2 percent weaker against the dollar at 14.61.</p>



<p>The data will come as a shock to President Cyril Ramaphosa, returned to office after national elections in May with a pledge to revive growth and attract foreign investment.</p>



<p>Ramaphosa’s reform drive faces formidable obstacles, including factional fighting within his governing African National Congress party, struggling state firms and weak consumer demand.</p>



<p>For 2019 as a whole the economy is expected to expand around 1%, versus growth of 0.8% last year, according to a Reuters poll.</p>



<p>That level of growth is insufficient to make a meaningful dent in poverty or reduce severe inequality, which persists in South Africa more than two decades after the end of white minority rule.</p>



<p>At 0950 GMT, the rand was around 1.2 percent weaker against the dollar at 14.61.</p>



<p>The data will come as a shock to President Cyril Ramaphosa, returned to office after national elections in May with a pledge to revive growth and attract foreign investment.</p>



<p>Ramaphosa’s reform drive faces formidable obstacles, including factional fighting within his governing African National Congress party, struggling state firms and weak consumer demand.</p>



<p>For 2019 as a whole the economy is expected to expand around 1%, versus growth of 0.8% last year, according to a Reuters poll.</p>



<p>That level of growth is insufficient to make a meaningful dent in poverty or reduce severe inequality, which persists in South Africa more than two decades after the end of white minority rule.</p>



<p>Reporting by Mfuneko Toyana; Editing by Alexander Winning and John Stonestreet</p>


South African rand falls as country’s GDP declines in Q1

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<p>As the economy of Zimbabwe struggles its President Emmerson Mnangagwa met this week with a group of entrepreneurs at State House in Harare to discuss a possible way out of the crisis. For more on the outcome of the meeting CNBC Africa is joined by an Entrepreneur Chad Chawanda, CEO of Size Chunk.</p>


Zimbabwe’s Mnangagwa meets business  leaders over economic crisis

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<p>The CEO of Access Bank, Herbert Wigwe says Nigeria is at a sweet spot for a fundamental change as far as digital technology and payments are concerned. He made this remark on the side-lines of the Africa FinTech Foundry while speaking to CNBC Africa’s Wole Famurewa on the need to take advantage of available technology to build Nigeria’s economy.</p>


Nigeria urged to embrace digital technologies

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<p>Zimbabwe&#8217;s Ambassador in South Africa David Hamadziripi has applauded the diaspora business community for their role in contributing to the development of South Africa’s economy, and also urged them to consider investing back in their home country. For more CNBC Africa’s Daniel Sango caught up with the Ambassador at the Zimbabwe Achievers Awards ceremony held in Johannesburg.</p>


Zimbabwe Ambassador lauds diaspora’s contribution to SA’s economy, urges them to invest back home

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<p>According to a latest projection by the International Monetary Fund, Rwandan economy is projected to grow by 7.8 per cent in 2019 and over the medium term at around 8 percent. We caught up with IMF&#8217;s Mission Chief for Rwanda Laure Redifer, for more on this and the recently concluded visit on a new three year policy coordination instrument and the 2019 article IV consultation.</p>


Rwanda’s economy projected to grow by 7.8 per cent in 2019 – IMF

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<p>Nigeria’s Minister of Science and Technology, Ogbonnaya Onu says the country’s economy would be greatly impacted positively if its manufacturing sector moves from 9 per cent to 15 or 30 per cent to GDP. Ugochukwu Irechukwu, Divisional Head, Institutional Banking at Diamond Bank joins CNBC Africa from the banking floor to discuss strategies to developing Nigeria’s manufacturing sector.</p>


How to reposition Nigeria’s manufacturing sector

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<p>Access Bank CEO Herbert Wigwe says women-owned businesses are at the heart of the economy. CNBC Africa’s Esther Awoniyi caught up with him to discuss the significance of supporting women entrepreneurs.</p>


Supporting women business owners why and how – Access Bank CEO explains

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<p>Nigeria held its governorship and State house of Assembly elections on Saturday the 9th of March and the ruling Party&#8217;s candidate in Lagos State, Babajide Sanwo-Olu has been declared the new governor of Lagos state. But how will this impact the economy of Nigeria&#8217;s commercial capital going forward? Kyari Bukar, Former Chairman of the Nigerian Economic Summit Group joins CNBC Africa to discuss this.</p>


What does the future hold for Lagos State’s economy?

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<p>Nigeria’s Monetary Policy Committee will meet this month for the second time this year to determine the country’s monetary policy rate. Meanwhile as the country gears up for its governorship elections scheduled to hold on Saturday, Tajudeen Ibrahim, Vice President and Head of Research at Chapel Hill Denham joins CNBC Africa to discuss expectations for Nigeria’s economy in March.</p>


What to expect from Nigeria’s economy in March

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<p>By how much can the securities of unquoted public companies in Nigeria deepen the capital market&#8217;s contribution to the economy this year? Bola Ajomale, Managing Director of the NASD OTC joins CNBC Africa to share his expectations.</p>


Focus on Nigeria’s unlisted securities

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<p>Tola Adeyemi Partner and Head of Audit Services at KPMG says many steps taken so far within Nigeria&#8217;s Economic Recovery and Growth Plan are certainly in the right direction. He discussed the state of the Nigerian Economy with CNBC Africa’s Christy Cole on the side-lines of the KPMG CFO Forum.</p>


Nigeria economic recovery plan is a step in right direction – KPMG

<p>JOHANNESBURG (Reuters) &#8211; Moody’s said on Friday that a weaker fiscal outlook in South Africa’s medium-term budget policy statement issued this week was a credit negative, sending the rand weaker.</p>
<p>“The government’s revised budget policy statement projects larger fiscal deficits and higher government debt, amid slower growth, a weaker rand and higher interest rates than expected in February, a credit negative,” Moody’s said in a research note.</p>
<p>Moody’s is the last of the top three agencies to still rate the country investment grade.</p>
<p>Reporting by James Macharia; Editing by Robin Pomeroy</p>


Moody’s says weaker fiscal outlook highlighted in SA’s mini budget a credit negative

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<p>After a rebasing exercise that changed the base year from 2006 to 2013, Ghana&#8217;s GDP expanded by 25 per cent to $52 billion dollars, making the West African country the 6th largest economy in sub-Saharan Africa. John Ashbourne, Africa Economist at Capital Economics joins CNBC Africa to analyse the underlying factors in Ghana&#8217;s economy.</p>


Understanding Ghana’s rebased GDP

<p>Nyshka Chandran</p>
<p>Source: <a href="https://www.cnbc.com/2018/10/10/south-africa-less-vulnerable-reserve-bank-governor-lesetja-kganyago-.html">South Africa is now &#8216;less vulnerable,&#8217; says central bank head</a></p>
<ul>
<li>South Africa&#8217;s economy has recovered from a few years ago, Lesetja Kganyago, governor of the South African Reserve Bank, told CNBC at the International Monetary Fund&#8217;s annual meeting on Wednesday.</li>
<li>The nation &#8220;is in a much better position&#8221; to absorb shocks from global monetary policy tightening, he said.</li>
</ul>
<p><img loading="lazy" decoding="async" src="https://cdn.cnbcafrica.com/wp-content/uploads/2018/05/14160235/101587040-107233710.1910x1000.jpg" alt="" height="1000" width="1910" data-licensor-name="Getty Images"/></p>
<p>Political uncertainty has rattled South Africa financial markets but the country&#8217;s central bank wants investors to know that economic fundamentals remain sound.</p>
<p>Citing improvements in the current account deficit and budget deficit as well as a positive net international investment position, South African Reserve Bank Governor Lesetja Kganyago said the economy has recovered from a few years ago.</p>
<p>&#8220;I&#8217;m not saying we are not vulnerable, I&#8217;m saying that we are less vulnerable,&#8221; Kganyago told CNBC on Wednesday at the<br />
International Monetary Fund&#8217;s<br />
 annual meeting, which was held on the Indonesian island of Bali.</p>
<p>Around 90 percent of government debt is domestic currency denominated, with only 10 percent in foreign currency, Kganyago pointed out. Moreover, the country&#8217;s floating exchange rate means the nation &#8220;is in a much better position&#8221; to absorb shocks from global monetary policy tightening,&#8221; he added.</p>
<p>The<br />
South African rand<br />
 was trading at three-week lows earlier this week after<br />
Nhlanhla Nene resigned as finance minister<br />
 but it recovered once President Cyril Ramaphosa appointed Tito Mboweni, a former central bank governor, to replace Nene.</p>
<p>Kganyago expressed confidence in Mboweni&#8217;s ability to manage state finances, but cautioned against expectations of immediate action: &#8220;The new minister of finance must be given the time and space to familiarize himself with the task at hand.&#8221;</p>


South Africa is now ‘less vulnerable,’ says central bank head

<p>NAIROBI (Reuters) &#8211; A cap on commercial lending rates in Kenya is “strangling” the economy by locking out many borrowers who are deemed too risky to lend to by banks, the head of the central bank, Patrick Njoroge, said on Wednesday.</p>
<p>The cap, at four percentage points above the central bank’s policy rate, was imposed in Sept. 2016. An attempt by the Finance Minister Henry Rotich to repeal the cap in June was blocked by lawmakers last month.</p>
<p>Reporting by Omar Mohamed; Writing by Duncan Miriri; Editing by Andrew Heavens</p>


economy

Namibia aiming for $1 billion worth of investments, here’s what you need to know…

Moody’s lowers South Africa’s growth forecast after Q1 GDP contraction, what you need to know…

South African rand falls as country’s GDP declines in Q1

Zimbabwe’s Mnangagwa meets business leaders over economic crisis

Nigeria urged to embrace digital technologies

Zimbabwe Ambassador lauds diaspora’s contribution to SA’s economy, urges them to invest back home

Rwanda’s economy projected to grow by 7.8 per cent in 2019 – IMF

How to reposition Nigeria’s manufacturing sector

Supporting women business owners why and how – Access Bank CEO explains

What does the future hold for Lagos State’s economy?

What to expect from Nigeria’s economy in March

Focus on Nigeria’s unlisted securities

Nigeria economic recovery plan is a step in right direction – KPMG

Moody’s says weaker fiscal outlook highlighted in SA’s mini budget a credit negative

Understanding Ghana’s rebased GDP

South Africa is now ‘less vulnerable,’ says central bank head

This East African country’s central bank says lending cap is “strangling” the nation’s economy, here’s why…

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economy

Namibia aiming for $1 billion worth of investments, here’s what you need to know…

Moody’s lowers South Africa’s growth forecast after Q1 GDP contraction, what you need to know…

South African rand falls as country’s GDP declines in Q1

Zimbabwe’s Mnangagwa meets business leaders over economic crisis

Nigeria urged to embrace digital technologies

Zimbabwe Ambassador lauds diaspora’s contribution to SA’s economy, urges them to invest back home

Rwanda’s economy projected to grow by 7.8 per cent in 2019 – IMF

How to reposition Nigeria’s manufacturing sector

Supporting women business owners why and how – Access Bank CEO explains

What does the future hold for Lagos State’s economy?

What to expect from Nigeria’s economy in March

Focus on Nigeria’s unlisted securities

Nigeria economic recovery plan is a step in right direction – KPMG

Moody’s says weaker fiscal outlook highlighted in SA’s mini budget a credit negative

Understanding Ghana’s rebased GDP

South Africa is now ‘less vulnerable,’ says central bank head

This East African country’s central bank says lending cap is “strangling” the nation’s economy, here’s why…

News Tips

Advertise With Us

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