Key developments in Africa in the last 6 months

It is about time to reflect upon some economic developments in Africa for last 6 months!

In general, according to the African Economic Outlook, the rebound in Africa's average growth includes a rise to 3.7% in 2024 and 4.3% in 2025, exceeding the projected global average of 3It is about time to reflect upon some economic developments in Africa for last 6 months! Niger will be not only the third-fastest-growing economy in the world but also, surprisingly, the fastest-growing in Africa.

Nigeria:

- Nigerian legislators have initiated an investigation into the alleged importation of contaminated fuel, which has caused a rift between an oil refinery owned by Aliko Dangote and the industry regulator.

- The economy in Nigeria grew faster in the first quarter of 2024 compared to 2023. Economic activity in the first quarter of 2024 was faster than in Q1 2023, but it's the second fastest first-quarter growth in the last six years.

South Africa:

- Former President Jacob Zuma's disciplinary hearing with the African National Congress has been postponed, as he faces expulsion for campaigning against the organization he once led as head of a new political party.

- The economy contracted by 0,1% in the first quarter of 2024, dragged lower by manufacturing, mining and construction. A weaker automotive sector was the main reason behind manufacturing's poor showing, while mining was pulled lower by the platinum group metals, coal, gold and manganese ore.

Niger:

- It has been a year since a dramatic coup in Niger, with coup leaders citing security and economic crises as the reasons for deposing the elected government.

- Growth is expected to rebound briskly in 2024 to 10.6 percent due to the start of oil exports and ensuing spillover effects across the economy (notably in the transport sector), as well as increased production in the agricultural sector, and the lifting of sanctions.

Sierra Leone and Mali:

- The U.S. Treasury Department has imposed sanctions on a man from Sierra Leone for smuggling thousands of migrants from Asia and Africa into the United States.

-GDP growth is projected to increase to 3.1% in 2023 and 4.8% in 2024, driven by the mining sector and the continued recovery of agriculture, manufacturing, construction, and tourism.

Rwanda and Ghana:

- Lawmakers in Rwanda are voting on a potential fourth term for President Paul Kagame.

- Ghana's economic growth is expected to be higher in 2024, as stated by the finance minister.

- Real GDP growth is projected to drop to an average of 6.6% in 2024 and 2025, driven by climate shocks to agriculture. Inflation is expected to moderate to 7.0% in 2024 and 5.2% in 2025, reflecting stabilization of supply chains, monetary policy tightening, and falling international commodity prices.

These are some of the key developments in Africa in 2024, covering a range of political, economic, and social events across different countries on the continent.

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Tewabech (Teba) H. Molla MSc.

Banking, Management Consulting, and Information Advisor