As economies struggle amid the COVID-19 pandemic, gold has been making history. Investors are flocking to the safe-haven investment, as volatility rises in the markets. The price of the yellow metal broke the $2000 mark last week. The question is, what impact will this gold bubble have on African economies? Neville Mandimika, Sub-Saharan Africa Economist at Rand Merchant Bank joins CNBC Africa for more.
The RMB/BER Business Confidence Index has fallen to a record low of 5 points in the second quarter due to the unprecedented damage from Covid-19. This is lowest level in business confidence since the survey started in 1975. Joining CNBC Africa to breakdown the figures is Siobhan Redford, Economist at RMB.
“In recent weeks, the South African Government, business community, philanthropists and society at large have shown remarkable unity in a joint effort to protect our country against the impact of COVID-19,” writes FNB Chief Executive Officer, Jacques Celliers.
Egypt and Morocco have pipped South Africa to the post in RMB’s 2020 Where to Invest in Africa report reflecting Africa's most industrialised country’s constrained levels of growth.
The World Bank is projecting a 7 per cent economic growth for Cote d’Ivoire this year. Meanwhile, the world’s largest cocoa producer will hold its Presidential election this year. Ayalanesh Tafesse, Country Risk Analyst at RMB joins CNBC Africa for an outlook on Cote d’Ivoire’s economy.
As South Africa awaits the MPC announcement this afternoon, Economist have sited that the reserve bank will keep interest rates unchanged until its next meeting in November. Joining CNBC Africa to give insight is Mpho Tsebe, Economist at Rand Merchant Bank.
South Africa has fallen to third place in Rand Merchant Bank’s edition of its Where to invest in Africa report. South Africa’s fall is due to low levels of growth but still remains as a hotspot for portfolio investment. The North African countries Egypt and Morocco top the ranks with its attractive markets. Celeste Fauconnier, Sub-Saharan Africa Economist at RMB joins CNBC Africa for more.