Tuesday, February 15, 2011

Africa Telegraph: Economics

Selected News Events for Feb 7 - 14, Standard Bank Group: Economics - Africa Telegraph

Egypt
Cairo – Since the overthrow of President Hosni Mubarak, Egypt’s military has taken over the country. The military said that it would be in charge for a temporary period of 6-m or until the end of elections .Elections are scheduled for Sep 11 but the military has neither affirmed this nor given another timetable for elections. The military was holding talks with activists at the forefront of the revolt that ended Mubarak's 30-y rule to reassure them of their commitment to democracy and a smooth and orderly transition of power. Meanwhile, Egypt’s Muslim Brotherhood intends to set up a political party, which it could not do under the rule of Hosni Mubarak. (Sources: N24,RFI, 14/02 )  

Ghana
Accra – Ghana’s inflation increased to 9.1% y/y in Jan 11 from 8.6% y/y the previous month. Both food and non-food inflation increased in January to 4.8% y/y  and 11.8% y/y from 4.5% y/y and 11.2% y/y in Dec 10 respectively. (Source: BOG, 09/02)

Mauritius
Port Louis – The year-on-year inflation for Jan 11 stood at 6.4% from 2.5% in Jan 10 and 6.1%  in Dec 10. Non-food inflation increased to 6.6% y/y from 6.1% y/y the previous month. Transport inflation, a key driver in the non-food component, stood at 10.3% y/y in Jan 11 from 7.2% y/y the month before. (Source: CSO, 11/02)

Tanzania
Dar es Salaam – The government plans to expand sugar production targeting the huge East African market. The Minister for Agriculture, Food Security and Cooperatives, Jumanne Maghembe, said the government has set aside about 40,000 hectares of land for the Southern Agricultural Growth Corridor of Tanzania project that should take off before May this year. The project was first introduced at the Africa World Economic Forum in Dar es Salaam in May 10.It aims to stimulate major investments in commercial agriculture in southern Tanzania, Zambia, Malawi and DRC in ways that deliver direct benefits to smallholder farmers and rural communities. (TC, 13/02)
Inflation increased to 6.4% y/y in Jan 11 from 5.6% y/y in Dec 10, mainly attributed to increases in food and fuel prices. (Source: NBST, 15/01)
Uganda

Kampala – Data from the Uganda Coffee Development Authority (UCDA) shows that coffee export volumes for Jan 11 fell by 18.3% to 215,180 60-kg bags from 263,014 60-kg bags in Jan 10. Earnings from coffee exports in Jan 11, however, were 19.2% (USD29.98m) higher than in Jan 10. The UCDA expects coffee exports to be at about 185,000 bags in Feb 11 and anticipate better prices mainly due to tight supply of Arabica coffee and low global stock, which is expected to support higher prices. (Source: UCDA, 14/02)

Zambia

Lusaka –Zambia’s Mining Minister, Maxwell Mwale said that the expansion of some of the country’s mines is likely to elevate copper production to 850,000MT in 2011 from just under 750,000MT in 2010. (Source: CNBC)

Average Lending Rate
Botswana – 11.0
Ghana – 27.6
Kenya – 13.9
Malawi – 17.3
Mauritius – 7.1
Nigeria – 15.7
South Africa – 9.0
Tanzania – 14.8
Uganda – 20.1
Zambia – 19.4

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