Weekly African Footprint: September 16, 2016

Below is a headline summary of our Weekly African Footprint. Please click here for more detailed reports. It includes the following:

Quick summary table displaying the performance of all the African Stock Exchanges and African currencies on a WTD and YTD basis. Summaries of the keys markets and relevant economic and corporate news.

Do not hesitate to contact us should you require further information.

Botswana

•  Botswana cuts 2016 GDP growth forecast to 3.5 percent
•  Botswana inflation slows to 2.6 percent y/y in August

Ghana

•  Ghana’s Eurobond Loosens IMF Straitjacket Ahead of Elections
•  Cheap funds for MFIs in the offing
•  Cement sales decline by 3% on power cuts
•  US$750 Eurobond oversubscribed by over 400%
•  Ghana budget deficit expected to fall to 4.9 pct this year: president
•  Ghana’s Mahama Pledges End to IMF Bailouts in New Term Bid
•  Ghana consumer inflation rises to 16.9 pct in August
•  $750m Eurobond exposes Ghana’s weak economy
•  Banks tighten grip on lending

Kenya

•  Equity of Kenya Has 100 Billion Shillings to Double Loans
•  Uhuru secures deal for KCB entry into Somalia after visit
•  Centum diversifies into agribusiness with 120 acre Nyandarua farm
•  TransCentury strikes Sh2bn shares deal
•  Banks in Kenya face further squeeze as National Treasury mulls second Eurobond
•  NSE investors lose Sh243bn after rates cap hits bank shares

Nigeria

•  Nigeria's Arik Air temporarily suspends operation
•  Guinness Nigeria to Export Beer to South Africa to Add Sales
•  MTN gets $1.3bn loan to settle Nigerian fine
•  AMCON links debtors with private investors
•  Nigeria records biggest drop in oil output
•  External reserves shed $1bn in five weeks
•  Budget: FG to raise $1bn via Eurobond in November
•  Investors Gain N22bn as Stock Market Trading Resumes Bullish
•  FG borrows N183bn via short-dated TBs

Tanzania

•  Economy is stable, set for strong growth - BoT
•  DSE maintains bullish trend
•  Tanzania on track to hit 7.2 pct growth in 2016
•  BoT sheds light on money flow
•  Shell readies to drill off Tanzania in Q4
•  BoT state of the economy report viewed favourably
•  Shilling stable in first half of 2016

Zambia

•  Zesco lands US$163 million power loan
•  Zanaco, AB Bank costly lenders to SMEs – BoZ
•  Zambia's kwacha firms in volatile low-liquidity trade
•  Over a million Zambians are surviving on K20 daily - FSDZ
•  Zambia president Edgar Lungu sworn in, pledges focus on economy
•  Zambia to endure pain before gain under IMF programme

Zimbabwe

•  Cement maker Sino-Zim wants title deeds to land
•  Olivine to invest in new plants
•  Botswana firm eyes 75% in Trust Holdings
•  ‘PPC new plant almost complete, commissioning year-end’
•  High costs hold back gold mining – central bank
•  Zim platinum set to fall by 22%
•  Foreign banks tighten screws on Zim
•  Life assurers record 12% surge in net premium
•  Zimbabwe central bank says ‘bond notes’ start circulating end of October
•  August inflation up to -1,43pct – Zimstat