Oil Prices Dip, Kenya Records Trade Surplus, Protest Over Nigeria's Fuel Subsidy Removal, Ghana Considers More Taxes...

Oil prices declined slightly on Tuesday after a previous day's gains, as worries about the global economic situation outweighed concerns raised by Saudi Arabia's significant output cut. Brent crude futures decreased by 51 cents to $76.20 per barrel, while U.S. West Texas Intermediate crude dropped by 54 cents to $71.61 per barrel

KENYA: TRADE SURPLUS WITH AFRICA HITS RECORD LEVELS

Kenya achieved a record goods trade surplus with African countries in Q1 2023. Traders sold goods worth Sh98.85 billion to African countries during this period, while imports amounted to Sh61.72 billion. Exports experienced a 23.33% increase compared to the previous year, the highest growth rate since 2011, while imports decreased by 6.02% year-on-year. This resulted in a merchandise trade surplus of Sh37.14 billion, a significant 156.45% increase compared to the same period last year. The data also suggests increased trade with Uganda and a decline in trade with Tanzania.

NIGERIA: COURT BARS NIGERIAN LABOUR UNION FROM STRIKING OVER FUEL SUBSIDY CUT

The Nigerian industrial court has barred the main labor union, Nigerian Labour Congress (NLC), from protesting the removal of gasoline subsidies, which cost $10 billion last year.?The government argued that the union's withdrawal of services could disrupt economic activities, as well as the health and education sectors. The court has granted the order, with a future date set for a hearing on the government's arguments. The NLC announced a week-long warning strike starting June 7 to protest President Bola Tinubu's decision to remove the subsidies, which has resulted in more than a doubling of gasoline prices since his inauguration speech on May 29

EGYPT: EGYPT DECLARES NO PLANS FOR NEW LOANS

Egypt's Minister of Planning and Economic Development, Hala El-Said, stated that the country will only consider taking out new loans if they have favorable terms and are specifically for compelling developmental needs. Egypt has reduced spending and increased investments to manage inflation. The country's foreign debt reached $159.4 billion in the first quarter of FY2022/2023. The development plan for the upcoming fiscal year focuses on industry, agriculture, and communications to strengthen the economy. Private-sector participation and attracting investors are key objectives. Efforts are being made to address labour market needs and leverage the potential of the youth population.

GHANA: GHANA’S PARLIAMENT TO APPROVE FIVE MORE REVENUE BILLS

Ghana's Parliament will be reviewing and approving five additional revenue bills as it resumes from recess on June 6, 2023. The bills under consideration include the Customs (Amendment) Act, Revenue Administration Regulations, 2023, Income Tax (Amendment) Regulations, VAT (Amendment) Regulations, and Insurance Regulations, 2023. In the previous meeting, the lawmakers approved the Excise Amendment Act, 2023; Income Tax Amendment Act, 2023; and the Growth and Sustainability Levy Act. Additionally, the mid-year budget review will be presented to Parliament during this meeting