Africa news in brief
IMF says optimism in South Africa's economic recovery fading
South Africa’s economic recovery plans face serious constraints with growing debt of state firms domestically and capital outflows as a result of global trade tensions, the International Monetary Fund (IMF) said on Monday.
In October the global lender said it saw Africa’s most industrialised economy expanding by 0.8% in 2018, down from a prior forecast of 1.5%. South Africa’s Treasury predicts growth of 0.7%.
The recession-bound economy and a bleak budget in October have piled pressure on President Cyril’s Ramaphosa.
“Some of the initial optimism has dissipated as growth remains stuck in low gear and reform implementation has faced constraints,” the IMF said, naming the state power firm Eskom as a key risk.
The president’s work is made harder by cash-strapped state-owned firms, including debt-ridden Eskom, which is struggling to supply the nation’s power.
-Nampa/Reuters
Ivory Coast inflation rises to 0.8%
Consumer price inflation in Ivory Coast rose to 0.8% year-on-year in October, up from 0.5% in September, data from the National Statistics Institute showed on Monday.
Food and soft drink prices in the world’s top cocoa producer rose 0.5% year-on-year, while housing and utilities prices jumped 3.1%. Transport costs rose 1.2%.
Ivory Coast’s economy accounts for around 40% of the eight-nation West African CFA franc currency zone.
-Nampa/Reuters
Zimbabwe to let gold, platinum mines retain higher dollar earnings
Zimbabwe will allow gold and platinum mining companies to retain up to 55% of their earnings in dollars, government and central bank officials said on Monday, as authorities in the southern African nation move to ensure operators remain viable.
Mining accounts for more than two-thirds of Zimbabwe’s export earnings but the sector has seen some companies close due to a dollar crunch that has hobbled imports of spare parts and other consumables.
Deputy mines minister Polite Kambamura said gold producers that sell their output to a central bank refining subsidiary would now keep 55% of their sales in dollars, up from 30% previously.
-Nampa/Reuters
South Africa’s economic recovery plans face serious constraints with growing debt of state firms domestically and capital outflows as a result of global trade tensions, the International Monetary Fund (IMF) said on Monday.
In October the global lender said it saw Africa’s most industrialised economy expanding by 0.8% in 2018, down from a prior forecast of 1.5%. South Africa’s Treasury predicts growth of 0.7%.
The recession-bound economy and a bleak budget in October have piled pressure on President Cyril’s Ramaphosa.
“Some of the initial optimism has dissipated as growth remains stuck in low gear and reform implementation has faced constraints,” the IMF said, naming the state power firm Eskom as a key risk.
The president’s work is made harder by cash-strapped state-owned firms, including debt-ridden Eskom, which is struggling to supply the nation’s power.
-Nampa/Reuters
Ivory Coast inflation rises to 0.8%
Consumer price inflation in Ivory Coast rose to 0.8% year-on-year in October, up from 0.5% in September, data from the National Statistics Institute showed on Monday.
Food and soft drink prices in the world’s top cocoa producer rose 0.5% year-on-year, while housing and utilities prices jumped 3.1%. Transport costs rose 1.2%.
Ivory Coast’s economy accounts for around 40% of the eight-nation West African CFA franc currency zone.
-Nampa/Reuters
Zimbabwe to let gold, platinum mines retain higher dollar earnings
Zimbabwe will allow gold and platinum mining companies to retain up to 55% of their earnings in dollars, government and central bank officials said on Monday, as authorities in the southern African nation move to ensure operators remain viable.
Mining accounts for more than two-thirds of Zimbabwe’s export earnings but the sector has seen some companies close due to a dollar crunch that has hobbled imports of spare parts and other consumables.
Deputy mines minister Polite Kambamura said gold producers that sell their output to a central bank refining subsidiary would now keep 55% of their sales in dollars, up from 30% previously.
-Nampa/Reuters
Comments
Namibian Sun
No comments have been left on this article