Africa Markets Podcast
382 episodes - English - Latest episode: almost 2 years ago -RMB's research offering spans across the fixed income, currency and credit markets to offer strategic insight to our clients across multiple sectors and markets.
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Episodes
AMI 7 October 2021: SSA economic growth
October 07, 2021 06:21 - 2 minutes - 1.92 MBSSA economic growth: The World Bank has raised its SSA growth forecast to 3.3% for 2021 which is about 1ppt higher than its April forecast. Underpinning the revision is the sharp increase in commodity prices (the Bloomberg Commodity Index is up 31% year-to-date) and easing lockdown restrictions See omnystudio.com/listener for privacy information.
AMI 06 October 2021: Zambia - IMF talks and PMI data
October 06, 2021 06:44 - 2 minutes - 1.96 MBZambia: The past week so the conclusion of talks between IMF and Zambian authorities. The next key milestone for the authorities will be the budget proposal. See omnystudio.com/listener for privacy information.
AMI 05 October 2021: Nigeria and Egypt PMI and oil prices
October 05, 2021 06:20 - 2 minutes - 2.43 MBPMI: The index for Nigeria remains firmly above the 50-level benchmark, coming in at 52.3 in September indicating strong business confidence. Supporting the general positive business sentiment is the increase in new orders with firms increasing employment in some sectors. See omnystudio.com/listener for privacy information.
AMI 04 October 2021: Kenya tax revenue and natural gas
October 04, 2021 06:22 - 2 minutes - 1.9 MBKenya: The Kenya Revenue Authority has indicated that tax collected has come in better than what was initially targeted. Improvement in custom taxes have in part led to overall increase in total revenue collected. See omnystudio.com/listener for privacy information.
AMI 01 October 2021: Zambia and Kenya’s inflation prints
October 01, 2021 06:13 - 2 minutes - 2.22 MBZambia: September’s inflation slowed to 22.1%y/y - a 2.3ppt drop from the August reading. The main driver was the deceleration in food inflation which printed at 29.6% compared to 21.6% previously while non-food inflation also slowed sharply to 13.6% from 16.3%. See omnystudio.com/listener for privacy information.
AMI 30 Sept 2021: Kenya electricity tariffs and the naira
September 30, 2021 06:26 - 1 minute - 1.76 MBKenya: The president yesterday noted that existing power purchase agreements are under review. By his estimation, electricity tariffs could fall by as much as 30% over the next four months. See omnystudio.com/listener for privacy information.
AMI 29 September 2021: Kenya’s MPC descision and Kwacha levels
September 29, 2021 06:26 - 2 minutes - 1.94 MBKenya: In line with market consensus, the central bank of Kenya opted to keep interest rates flat at 7.0%. Broadly speaking, we concur with the central bank narrative that remains tilted towards offering monetary policy support towards the recovering economy. See omnystudio.com/listener for privacy information.
AMI 28 September 2021:Ghana MPC, Namibia’s diamond output and oil
September 28, 2021 07:18 - 2 minutes - 2.38 MBGhana: The central bank opted to keep interest rates unchanged at 13.50% as the current accommodative policy remains critical in supporting Ghana’s broader economic recovery targets. See omnystudio.com/listener for privacy information.
AMI 27 September 2021: Namibia’s GDP, Zambia-IMF discussions and tin prices
September 27, 2021 05:12 - 2 minutes - 2.46 MBNamibia: The second quarter economic performance suggests that there are risks to our current 2021 growth estimates of 1.0%y/y. The economy grew by 1.6%q/q as several sectors bounced back from the devastating performance during the same time last year when the country was in lock down. See omnystudio.com/listener for privacy information.
AMI 23 September 2021: Ghanaian cedi and Nigeria and Egypt Eurobonds
September 23, 2021 06:26 - 2 minutes - 2.17 MBGhana: In the latest FX forward auction, the Bank of Ghana sold US$50m against demand of US$133m, suggesting continued pressure in the currency market. The demand for dollars from corporates has continued to ratchet up in the last few months, leading to the cedi losing 3% of its value in 2H21. See omnystudio.com/listener for privacy information.
AMI 22 September 2021: Nigeria market updates and uranium
September 22, 2021 06:42 - 2 minutes - 1.93 MBNigeria: The Nigerian Statistic Bureau revealed that firth of the workforce lost their jobs during the pandemic based on survey in the market. The survey results corroborate a broader theme impacting the continent - job losses in 2020 may have had a more permanent feature on the continent versus developed markets where employment figures are heading back to pre-pandemic levels. See omnystudio.com/listener for privacy information.
AMI 21 September 2021: Kenya’s minimum tax and uranium
September 21, 2021 07:14 - 1 minute - 1.86 MBKenya: Kenya’s High court, that had previously suspended a new minimum tax, has now declared the tax as unconstitutional. The tax change was among other efforts taken by the current government to improve tax revenue to the country. See omnystudio.com/listener for privacy information.
AMI 20 September 2021: Namibia house prices and commodity prices
September 20, 2021 06:33 - 1 minute - 1.64 MBNamibia: FNB housing Index is up 9.6% y/y at the end of June, signalling a recovery in house prices across the market despite a weak economic backdrop. See omnystudio.com/listener for privacy information.
AMI 17 September 2021: Egypt rate decision and Nigeria's eurobond issuance
September 17, 2021 05:12 - 2 minutes - 2.06 MBEgypt: True to expectation, the central bank left interest rates unchanged yesterday. The statement was neutral on the recent increases in inflation, citing base effects and muted core CPI. On growth, the committee noted the strong economic recovery, particularly the 2Q21 print of 7.7% which brought the full year FY20/21 growth to 3.3%. See omnystudio.com/listener for privacy information.
AMI 16 Sept - Nigeria and Namibia inflation, Egypt rate decision and Ghana 2Q21 growth
September 16, 2021 06:52 - 3 minutes - 2.86 MBNigeria: In keeping with consensus, inflation slowed to 17% y/y in August from 17.4% in July. With month-on-month inflation having printed at 1% compared to 0.9% a month before, the move seems to be driven more by base effects. We expect the trend lower to continue for the remainder of the year, but the pace of disinflation could be challenged by the weakening naira in the parallel market, which now trades at 562 to the dollar. This is markedly wider than the 412 in the I&E window. The lates...
AMI 15 September 2021: Mozambique’s MPC and the metical
September 15, 2021 06:10 - 1 minute - 1.32 MBMozambique: We expect the central bank to keep interest rates at the current level. Since the last MPC meeting, inflation has remained above 5.0% — a rate we expected given the rising regional food prices, higher oil prices and weaker currency. See omnystudio.com/listener for privacy information.
AMI 14 September 2021: Zambia’s growth forecast and oil price growth
September 14, 2021 04:46 - 1 minute - 1.72 MBZambia: According to the ministry of finance’s Mid-year economic report, growth in the Zambian economy is slated to come in at 1.6%y/y in 2021. Underpinning their growth figures will be the performance of the key sectors of agriculture, See omnystudio.com/listener for privacy information.
AMI 13 September 2021: Botswana’s loan and aluminium prices
September 13, 2021 05:55 - 2 minutes - 2.1 MBBotswana: Botswana received support from the African Development Bank (AfDB) in the form of a US$137m loan to support its economic recovery efforts See omnystudio.com/listener for privacy information.
AMI 10 September 2021: Egypt inflation and Kenya economic growth
September 10, 2021 07:44 - 2 minutes - 2.11 MBEgypt: for three consecutive months, annual inflation has increased now standing at 5.7%y/y in august from 5.4% in July. Generally, global food prices have been increasing alongside fuel costs as the scars of the pandemic fade. See omnystudio.com/listener for privacy information.
AMI 9 Sept 2021 - Ghana inflation and Kenya declares national disaster
September 09, 2021 06:42 - 2 minutes - 1.96 MBGhana: Inflation for August surged to 9.7% from 9% y/y a month earlier. The main protagonist was food, which increased to 10.9% from 9.5% — in keeping with international trends where food prices continue to rise. Non-food prices rose by 8.7%, after climbing 8.6% in the prior month. See omnystudio.com/listener for privacy information.
AMI 08 September 2021: DSSI extension and the kwacha
September 08, 2021 06:08 - 1 minute - 1.48 MBDSSI: Mozambique, Kenya and Zambia are among several African countries that will be benefiting from a final extension of the Debt Service Suspension Initiative (DSSI). The extension runs from the 1st of July to the 31st of December. See omnystudio.com/listener for privacy information.
AMI 07 September 2021 Mozambique’s coal and natural gas prices
September 07, 2021 06:25 - 1 minute - 1.52 MBMozambique: Coal production from Vale operations in Mozambique has increased by 92%q/q over second quarter of this year according to reports. See omnystudio.com/listener for privacy information.
AMI 06 September 2021: Egypt’s PMI and Aluminium prices
September 06, 2021 05:55 - 1 minute - 1.79 MBEgypt: Despite remaining below the 50-neutral level, PMI data in Egypt edged higher in August coming in at 49.8 from 49.1 in July. The pick-up was on the back of improved demand across the market. See omnystudio.com/listener for privacy information.
AMI 03 September 2021: Mozambique PMI and Zambia bonds
September 03, 2021 07:44 - 2 minutes - 2.15 MBMozambique: The latest PMI reading dipped below the 50-neutral level, printing at 47.9 in August relative to 51.8 a month earlier. See omnystudio.com/listener for privacy information.
AMI 2 September 2021: Zambia MPC, Oil vs non-oil credits
September 02, 2021 05:47 - 1 minute - 1.87 MBZambia: As expected, the central bank held interest rates at 8.5% citing that while inflation was projected to remain above the bank’s target, it was on a downward trajectory. See omnystudio.com/listener for privacy information.
AMI 01 September 2021: Zambia’s MPC, Namibia’s PSCE and Kenya’s inflation
September 01, 2021 06:15 - 2 minutes - 2.25 MBZambia: We expect the central bank to increase interest rates during the MPC meeting. We maintain this view given the inflationary pressures across the economy. See omnystudio.com/listener for privacy information.
AMI 31 August 2021: Mozambique’s economy, Namibia’s fuel and Nigeria’s Eurobond Issue
August 31, 2021 06:00 - 2 minutes - 2.38 MBMozambique: Second quarter growth came in at 1.97%q/q as tertiary sector services showed improvement across the economy. See omnystudio.com/listener for privacy information.
AMI 30 August 2021: Covid-19 daily new cases and Brent crude prices
August 30, 2021 04:59 - 1 minute - 1.63 MBCovid-19: Several African countries will have to brace themselves for another infectious wave towards the end of the year on account of poor vaccination rates. See omnystudio.com/listener for privacy information.
AMI 27 August 2021: Zambia inflation, Nigeria GDP
August 27, 2021 06:16 - 1 minute - 1.64 MBZambia: True to expectation, year-on-year inflation in August slowed to 24.4% from 24.6% a month earlier. See omnystudio.com/listener for privacy information.
AMI 26 August 2021:Nigeria and Zambia data releases, Egypt sukuk issuance and SDR allocation
August 26, 2021 07:26 - 2 minutes - 2.05 MBZambia and Nigeria data reseales: Anticipated data releases today include CPI from Zambia and GDP figures from Nigeria. See omnystudio.com/listener for privacy information.
AMI 25 August 2021: Cocoa supply improves and the cedi
August 25, 2021 06:39 - 1 minute - 1.41 MBCote d’ivoire: Data collected by bloomberg shows that cocoa output has been improving in Cote d’Ivoire as better rains has led to bumper harvest. See omnystudio.com/listener for privacy information.
AMI 24 August 2021: Mozambique taxes and Oil prices
August 24, 2021 07:05 - 1 minute - 1.54 MBMozambique: Data for the first half of the calendar year suggests that tax revenue has improved within the economy – mainly supported by the country’s megaprojects. See omnystudio.com/listener for privacy information.
AMI 23 August 2021: Kenya’s Court of Appeal and Kwacha's expected gains
August 23, 2021 06:54 - 1 minute - 1.55 MBKenya: The country’s Court of Appeal has rejected government’s appeal to make fundamental changes to the constitution. See omnystudio.com/listener for privacy information.
AMI 20 August 2021: Botswana fisus and Cameroon external debt
August 20, 2021 07:13 - 1 minute - 1.66 MBBotswana: the finance minister yesterday raised the forecasted budget deficit to 3.6% in FY21/22 from a previous estimate of 2.9%. See omnystudio.com/listener for privacy information.
AMI 19 August: Namibia MPC and Zambia dollar bonds
August 19, 2021 06:20 - 2 minutes - 2.25 MBNamibia: As expected the central bank kept the benchmark rate unchanged at 3.75%, as it assesses the trajectory of inflation and growth. See omnystudio.com/listener for privacy information.
AMI 18 August 2021: Namibia’s MPC, Nigeria’s inflation and the Metical
August 18, 2021 07:20 - 1 minute - 1.85 MBNamibia: We expect the MPC to keep interest rates unchanged at 3.75%. Inflation seems to have steadied at 4.0% and is largely expected to move sideways for the rest of the year. See omnystudio.com/listener for privacy information.
AMI 16 August 2021: Botswana inflation, Zambia election and Diamond prices
August 16, 2021 06:47 - 3 minutes - 2.84 MBBotswana: Local price growth accelerated, yet again, in July 2021 clocking 8.9% y/y (from 8.2% y/y in June). See omnystudio.com/listener for privacy information.
AMI 13 August 2021: Ghanaian cedi and Cote d’Ivoire potential issuance
August 13, 2021 05:29 - 1 minute - 1.52 MBGhana: the cedi continues to weaken now trading above the USDGHS6 level on limited central bank intervention. Not only has the unit continued to lose ground but the volatility has increased along with it making it a challenging environment for importers. See omnystudio.com/listener for privacy information.
AMI 12 Aug 2021: Ghana CPI and Africa hard currency bonds.
August 12, 2021 05:56 - 1 minute - 1.77 MBGhana: Annual inflation for July surged to 9% from 7.8% y/y a month earlier. The main protagonist was food inflation, which increased from 7.3% to 9.5% in keeping with international trends where food prices have surged by 28% over the last year. See omnystudio.com/listener for privacy information.
AMI 11 August 2021: Zambia foreign reserves boost and the Dollar Index
August 11, 2021 06:42 - 1 minute - 1.79 MBZambia: With increase in SDR allocations across IMF member states, Zambian authorities have confirmed that they will be receiving US$1.3bn which will help double the size of the current foreign reserve base. See omnystudio.com/listener for privacy information.
AMI 10 August 2021: Zambia fiscal update and the Metical
August 10, 2021 06:55 - 1 minute - 1.87 MBZambia: Total revenue and grants in Zambia came in 56% higher than what was targeted for the period of January to July. Both tax and non-tax revenue came in higher than anticipated supported, in part, by improving real sector performance relative to last year. See omnystudio.com/listener for privacy information.
AMI 06 August 2021: Egypt MPC decision and Ghana eurobond curve
August 06, 2021 05:34 - 1 minute - 1.43 MBEgypt: True to expectation, the central bank kept interest rates unchanged as it mulls over the impact of the recent fuel price increases. In the near term, we expect a moderate pickup in inflation as aggregate demand increases. See omnystudio.com/listener for privacy information.
AMI 5 Aug 2021: Egypt MPC decision and Nigeria eurobond issuance
August 05, 2021 07:19 - 1 minute - 1.6 MBEgypt: We expect the central bank to keep interest rates on hold today on account of a stable inflation profile and the need to support economic growth. See omnystudio.com/listener for privacy information.
AMI 04 August 2021: PMI releases and base metals
August 04, 2021 07:03 - 2 minutes - 2.65 MBPMI: IHS PMI data is divergent at the end of July with Egypt’s PMI teetering below 50 while that of Nigeria at lofty levels of 55.4. Meanwhile Mozambique’s figures remain in positive territory coming in at 51.8. See omnystudio.com/listener for privacy information.
AMI 03 August 2021: IMF drawing rights and Iron ore prices
August 03, 2021 06:51 - 1 minute - 1.63 MBIMF: The announcement that IMF governors have approved US$650bn in special drawing rights will bode favourably for several economies. In particular, several countries in Africa could benefit from the increase in SDRs (available based on the existing quota allocation) as a means of bolstering reserves levels were utilised as part of the wider response to tackling the pandemic. See omnystudio.com/listener for privacy information.
AMI 02 August 2021: Namibia PSCE and Kwacha levels
August 02, 2021 07:14 - 1 minute - 1.77 MBNamibia: Private sector credit extension growth remains low at 2.7% y/y at the end of June. Over the past few months, credit extension has moved sideways as the economic performance remains lackluster. See omnystudio.com/listener for privacy information.
AMI 30 July 2021: Egypt’s credit rating, Zambia inflation and Ghana’s mid-year review
July 30, 2021 07:15 - 2 minutes - 2.41 MBEgypt: Moody's yesterday affirmed the country's rating at B2 with a stable outlook. Despite the progress that the economy has made during the pandemic in minimising the economic fallout, the agency noted that the economy remains vulnerable to external shocks and potential liquidity challenges. Egypt’s susceptibility to these shocks is a result of high gross financing needs which Moody’s estimates to be 35% of GDP. See omnystudio.com/listener for privacy information.
AMI 29 July 2021 - Nigeria FX moves, Kenya interest rate decision
July 29, 2021 08:37 - 1 minute - 1.74 MBNigeria: Following the recent decision by the Central Bank of Nigeria to discontinue the sale of foreign exchange to bureau de change operators, the naira on the parallel market has weakened aggressively See omnystudio.com/listener for privacy information.
AMI 27 July 2021: Nigeria and Ghana monetary policies
July 27, 2021 04:26 - 2 minutes - 2 MBNigeria: Our base case scenario is for the central bank to keep the Monetary Policy Rate (MPR) unchanged. This is largely because the non-oil economic recovery is still very fragile at this stage and the CBN would want to send a strong signal that it is committed to monetary policy supporting the recovery. See omnystudio.com/listener for privacy information.
AMI 26 July 2021: Egypt fuel increases, and the Zambian kwacha
July 26, 2021 08:31 - 2 minutes - 1.98 MBEgypt: Last Friday, the Egypt’s Fuel Automatic Pricing Committee adjusted fuel prices upwards by about 3% to EGP6.75, EGP8 and EGP9 for 80, 92 and 95 octane gasoline. See omnystudio.com/listener for privacy information.