The week that was May 8th, 2020

May 11, 2020 | Country

A brief overview of major events in Africa during the week of May 2 to May 8.

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.

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