Africa Economy

Ghana has raised $3bn as part of a new eurobond issued on February 4. The issuance was almost five times oversubscribed and attracted around $14bn in bids.

Several positive macro-economic developments gave the Egyptian economy a boost in 2019.

Ongoing expansion in key sectors fuelled solid growth in Kenya in 2019, although rising debt continues to challenge economic performance.

Although a slowdown in international trade made 2019 a leaner year for Morocco, real GDP growth decreased only slightly to 2.7%, from 3% in 2018, according to the IMF. This trend is expected to be reversed in 2020, with the national authorities and the IMF forecasting growth will accelerate to 3.5% and 3.7%, respectively.

Lower agricultural exports, on the back of sluggish global demand, made for a challenging 2019 in Tunisia.

In economic terms, 2019 was a mixed year for Nigeria. GDP growth remained stable at 2% in the first half of 2019, having averaged 1.9% throughout 2018. By year’s end this had improved to 2.3%, according to the IMF; however, inflation stood relatively high, at 11.3%.