World Bank Cuts Kenya’s Growth Forecast to 4.7%

World Bank Cuts Kenya’s Growth Forecast to 4.7%

CNBCAfrica says the World Bank on revised Kenya’s 2024 economic growth projection down to 4.7% from an earlier estimate of 5.0%, attributing the downgrade to the effects of floods, anti-government protests, and sluggish fiscal reforms on Tuesday. Despite progress in stabilizing the exchange rate, increasing central bank reserves, and reducing inflation, Kenya remains at a high risk of debt distress, according to the bank's latest report.

December 11, 2024 7

South Africa

Cosatu Expresses Concern Over South Africa’s 0.3% GDP Contraction

S.A Union Cosatu says it is disheartening that the country’s gross domestic product has contracted by 0.3-percent in the third quarter compared to the second quarter. Statistics South Africa said the leading contributors to the decline were agriculture, transport, and communications. Cosatu’s, Zanele Sabela, says for a brief period, it appeared as if things were improving when expanded unemployment fell by 0.7-percent, and inflation dropped to 2.8-percent:

December 4, 2024 7

Namibia

Labour Statistics exclusion raises questions

The Namibia Statistics Agency (NSA) is expected to release its Labour Statistics on 29 January 2025. However, the agency has come under fire for excluding unemployment figures and the Labour Force Survey from its 2023 Census Report, sparking concerns over transparency and accountability. Youth, who form a significant portion of Namibia's 1.4 million voters, are particularly impacted. According to an Afrobarometer survey, unemployment stands at 43% overall, with youth unemployment […]

November 21, 2024 23

Africa

Nigeria’s Food Crisis Expected to Worsen Amid Economic Hardship

Nigeria is projected to see a severe hunger crisis next year, with over 30 million people facing food insecurity—a 33% increase from this year—due to economic challenges, according to a government and UN report as seen by CNBCAfrica. Economic hardship has intensified following austerity reforms by President Bola Tinubu, including currency devaluation and the removal of a longstanding petrol subsidy, contributing to rising inflation and a cost-of-living crisis.

November 4, 2024 7

South Africa

Deputy President Says Government Is Collaborating with Development Bank to Aid Indebted Municipalities

S.A's Deputy president Paul Mashatile says the government is working with the Development Bank of Southern Africa to secure resources to assist municipalities that are in debt. Municipalities owe creditors 116.5-billion-rand, with 75.3-percent of this debt more than 90 days overdue. In turn municipalities in 2023/2024 were owed 339.9-billion-rand. Answering questions in the National Assembly yesterday, Mashatile said it is concerning that many municipalities are in financial stress:

November 1, 2024 29

Namibia

NSA’s Omission of Unemployment Data Raises Serious Concerns

The Statistics Agency recently released the 2023 Census report, excluding crucial labour force data, including unemployment statistics, which have not been updated since 2018 when the rate was 33.4%. Cirrus Securities experts warn that current unemployment may exceed 40% due to economic challenges and the impact of COVID-19. This omission raises alarms about the NSA's independence and integrity, undermining public trust in its role to provide comprehensive data. It says […]

November 1, 2024 12

South Africa

Cosatu Expresses Disappointment with S.A’s Treasury’s Economic Strategies

S.A union, Cosatu says it remains underwhelmed and disappointed by the Treasury’s continued approach to tackling South Africa’s deep-seated economic and governance crises. The union federation was responding to the Medium-Term Budget Policy Statement. Cosatu’s, Matthew Parks, says the fundamental challenges facing the nation are a stagnant economy and a rising unemployment rate of 42.6-percent:

October 31, 2024 23

Africa

Botswana Prepares for Crucial Election as President Masisi Seeks Second Term

Botswana is set to vote today in an election that will decide if President Mokgweetsi Masisi can secure a second term amid economic challenges linked to declining diamond demand according to Reuters. The Botswana Democratic Party, in power since 1966, remains the frontrunner despite facing a drop in popularity, as voters will elect a National Assembly, with the largest party responsible for selecting the president.

October 30, 2024 15

South Africa

Transport Minister In S.A Calls for Sustainable Solutions as Taxi Sector Faces Rising Finance Costs

In S.A, its transport minister Barbara Creecy has expressed concern over rising vehicle finance costs for the taxi sector. Speaking to the ANC NEC about the Taxi Recapitalisation Programme, she noted that the current scrapping allowance is insufficient, and unaffordable. Creecy says the programme’s model is now outdated. She aims to engage stakeholders and financiers to find sustainable solutions for the sector:

October 28, 2024 24