Oil Prices Slide, Nigeria's Trade Balance Declines, IMF Assess Ghana's Recovery, Kenya Nominates CBK Governor, Egypt's Reserves Rise.
Oil prices experienced a second consecutive day of decline on Wednesday amid growing apprehension about global economic challenges. These worries overshadowed the initial gains made after Saudi Arabia, the leading crude exporter, unexpectedly announced additional output cuts over the weekend. Brent crude futures dropped by 56 cents, or 0.7%, settling at $75.73 per barrel by 0705 GMT. Simultaneously, U.S. West Texas Intermediate crude futures fell by 52 cents, also 0.7%, to reach $71.22 per barrel.
Nigeria: Trade Balance Records Slight Decline to N927bn ($1.9bn)
Following a period of relative stability in the first quarter of 2023, Nigeria's trade balance experienced a modest decrease to N927.16 billion, representing a decline of 6.98% compared to the previous quarter, Q4'22, which stood at N996.8 billion. The trade balance turned positive in Q4'22 after a negative performance of -N409.4 billion in the third quarter. Throughout 2022, Nigeria's quarterly trade balance fluctuated, with a notable decline in Q1'22, a significant increase in Q2'22, and another decline in Q3'22. Q1'23 marks the first consecutive two-quarter growth in the past two years.
Ghana: IMF Staff Arrive Today to Assess Economic Recovery Programme
A team from the International Monetary Fund (IMF) will arrive in Ghana today, Wednesday, June 7, 2023, to evaluate the progress of Ghana's Economic Recovery Program. This visit signifies the IMF's first-ever assessment since approving Ghana's bailout on May 17. Notably, the mission will engage with key stakeholders, including the Bank of Ghana, the Ministry of Finance, and other relevant institutions, to discuss the way forward during their one-week visit.
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Kenya: Kamau Thugge Approved by MPs for CBK Governor Role
The Finance and Planning Committee of Kenya's National Assembly has recommended the confirmation of Dr. Kamau Thugge as the Governor of the Central Bank of Kenya, paving the way for him to succeed Dr. Patrick Njoroge as the 10th occupant of this role. Dr. Thugge, a former IMF Economist, was chosen by President William Ruto from a pool of six candidates shortlisted by the Public Service Commission on April 28. During his vetting process, he expressed that his primary focus as governor would be to build on the ongoing consolidation momentum in Kenya's banking sector by targeting larger and well-capitalized entities in the market.
Egypt: Reserves Increase by $102 Million
The Central Bank of Egypt (CBE) announced that Egypt's net international reserves grew by $109.2 million in May 2023. By the end of May, reserves reached $34.66 billion, rising from $34.55 billion in April. Over the past nine months, Egypt's reserves have been gradually recovering after being significantly impacted by the Ukraine war last year. They had reached a low point of $33.14 billion in August 2022, following a decline from their peak of $40.9 billion in February 2022. As reported by the CBE, Egypt's international reserves consist of approximately $26.7 billion in foreign currencies, $7.95 billion in gold, and $27 million in special drawing rights (SDRs)