The week that was May 2 to May 8 2020

This is a weekly update by ABiQ on major events on the African continent. You can view the video here

This week saw COVID-19 restrictions being eased in many of the African markets along with reduced fuel prices as a result of persistently low oil prices.

 

Northern Africa

  • Algeria announced a further 30% cut in the 2020 budget
  • Egypt applied for a $2.7 billion loan from the IMF to help fight the COVID-19 pandemic

Western Africa

  • Nigeria’s Burea of Statistics announced that 43% of the population or 83 million people are living in poverty
  • Nigeria’s ministry of finance announced that it expects the economy to contract by 4.3% in 2020

Central Africa

  • Angola received 980 heads of cattle as a 4th instalment as part of a loan repayment from Chad
  • In Cameroon, the African Development Bank has approved EUR 40 million towards financing for a new bridge connecting Cameroon with Chad.

Eastern Africa

  • Ethiopia has broken ground on a new flour and biscuit factory 145 kilometres north of the capital.  This factory will bring the domestic production capacity to 200,000 ton per annum.
  • Widespread floods across the region have killed hundreds of people and displaced thousands.  It has also caused blackouts across parts of Kenya and Uganda.

Southern Africa

  • In South Africa, Vodacom has rolled out its 5G network
  • Anglo American has announced it will exit the South African coal market.  It has not ruled out doing so via an IPO.

For more details on the above, get in touch

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