Remittance income will drive economic growth for Africa

cash

Despite an economic slowdown, most African countries are reported to have a positive economic outlook. This is according to ICAEW’s (the institute of Chartered Accountants in England and Wales) latest report. In Economic Insight: Africa Q3 2018 launched today, the accountancy body.

The report, commissioned by ICAEW and produced by partner and forecaster Oxford Economics, provides a snapshot of the region’s economic performance. The regions include; East Africa, West and Central Africa, Franc Zone, Northern Africa, Southern Africa.

icaew 1According to the report, East Africa continues to be the continent’s best performing region with a GDP forecast at 6.3%. This positive outlook is due to the region’s economic diversification and investment-driven growth. Ethiopia remains the region’s powerhouse, with growth forecast at 8.1%, thanks to the recent reforms under new prime minister Abiy Ahmed.

In Central and West Africa, growth is forecast at 2.9%. The constrained growth in the region is due to subdued non-oil economic activity by Nigeria – the region’s powerhouse. Ghana by contrast is the best performing country in the region with a forecast growth of 6.5%.

Michael Armstrong, Regional Director, ICAEW Middle East, Africa and South Asia said: “Despite the recent growth slump; all regions in Africa are projected to report a positive economic outlook, with remittance income expected to be a key economic booster in the coming months.”
Growth in the franc zone is forecast at 4.6%, largely driven by a boost of 7.4% in the region’s biggest economy, Ivory Coast, where investment is driving rapid expansion.

North Africa’s Egypt is forecast at 5.3%, as a result of structural and policy reforms, which have boosted manufacturing and investment. The county’s tourism sector has also continued to recover. Likewise, Libya is expected to record a growth of 16.5%, owing to posted improvements in oil production after the civil conflict.

icaew 2Southern Africa has been affected by continued slow growth by the regional heavyweight South Africa, forecast at 1.5%. Angola, the region’s other economic leader, has the same forecast of 1.5%. Strong growth in both Botswana and Zambia is said to have little effect on the region’s overall performance.
Remittance income was emphasized in the report as a major economic factor for most African countries. Nigeria was the biggest receiver of remittances on the continent. The West African economic powerhouse received 29% ($ 22bn) of total remittances flowing to the continent in 2017, mostly from the gulf, the US and United Kingdom.

Egypt was the second biggest receiver of remittances on the continent with $20 billion of remittances. One of the countries highlighted where remittance flows continues to play an important role in terms of external accounts is Ghana. According to the world bank, remittance inflows amounted to $2.5bn in 2014: equal to roughly 18.6% of total exports that year. However, in 2017 the remittance inflows subsequently declined to $2.2bn equivalent to 15.8% of exports.

Uganda’s economic growth was reported to have recovered markedly last year. The country is expected to post a surplus of about 5.6% of GDP this year, supported by project aid and remittances inflows.

The report notes that despite remittances playing an important role in African economies, policies should focus on reducing the cost of remitting funds.

134 COMMENTS

  1. I’m from England lamictal dose for bipolar ii Researchers used satellite information that tracks when the sharks reach the surface to confirm horizontal movements. They also investigated environmental circumstances, resource availability, first-hand observations and data collected from previous studies to better understand varying conditions and validate their results.

  2. I’ve been cut off isotretinoin tablets 10mg Pepper Australia’s bid highlights its ambitions, afterhaving grown rapidly through a string of acquisitions sincebeing founded in 2001 by its current executive chairman MikeCulhane, a former investment banking executive. In 2011 Pepperbought GE Capital’s Australia and New Zealand mortgage lendingbusiness, housing some A$5 billion of residential mortgages.

  3. Excellent work, Nice Design paxil prescription cost Investigators were working to determine the relationships among the boy, his abductor and the two homicide victims, Parrillo said. It was unclear whether the boy’s abductor was living in the home, was a guest or was uninvited, he said.

  4. I’ll send you a text was ist femalegra 100 Our Classified websites (Photos, Motors, Jobs and Property Today) use cookies to ensure you get the correct local newspaper branding and content when you visit them. These cookies store no personally identifiable information.

  5. Stolen credit card flucloxacillin 500mg used for “On the guidance, uncertainty over the full year impact of exchange rates, progress in Latam, and the above inventory write-down will likely overhang the shares until early 2014,” JP Morgan analysts wrote in a note.

  6. We’re at university together cheap valtrex uk The Daily News has some of the most memorable photos in sports history. From legendary boxers and iconic tennis players to golfing greats and fabled Olympians, the Daily News has the photos you want of the once-in-a-lifetime sports moments. Find yours today and relive history.

  7. Have you got any experience? erectzan in canada Spare me the hand slap of 55 million. That is nothing for Halliburton. Halliburton has no soul and could care less about the Gulf. Halliburton proved their allegiance to oil, $$, power, and Cheney with the deaths of our soldiers in Iraq.

  8. What company are you calling from? glycomet sr 500mg composition The Bureau of Economic Analysis’ consumer spending gauge for July increased by a less-than-expected 0.1%, down from an upwardly revised 0.6% in June. The personal income measure rose by a smaller-than-expected 0.1% as well, below the increase of 0.3% from the prior month. Economists, on average, were expecting personal income to rise 0.2% and personal spending to edge up 0.3%.

  9. I’ve got a part-time job paracetamol 500 mg uputstvo The administration sought to play down the delays on Thursday, saying that new healthcare benefits for the uninsured would still begin on January 1, giving businesses two months to enroll for early coverage.

  10. We went to university together clomid ovulation calculator for a boy
    The stinging report came after a 19-month inquiry into the National Socialist Underground (NSU), whose chance discovery in late 2011 scandalized Germany and forced authorities to recognize the far-right fringe was more brutal and organized than previously thought.

  11. Lost credit card clorhidrato de benazepril 5 mg He told BBC Radio 4 that foreign recruitment had been too high during the “boom years” under the last Labour government and, as the economy started to recover, firms should be prepared to spend more to train local staff.

  12. Please call back later cefaclor monohydrate The key issue is whether an order for possession is obtained and whether the tenancy is binding on the lender. If the landlord let the flat in breach of mortgage conditions, the tenancy may effectively be overridden. However, a tenant facing this issue can now apply to extend a period of possession by up to two months, which would give your girlfriend time to find alternative accommodation.

  13. An estate agents canadian pharmacy 150mg viagra Quoting documents from Kathmandu’s embassy in Doha, the newspaper said thousands of Nepalese – at 370,000 the second largest group of labourers in Qatar after Indians – faced exploitation and abuses amounting to “modern-day slavery”.

  14. Did you go to university? gabapentin teva 100 cena
    Sebelius was willing to take the political heat of dealing with a broken website rather than having to once again delay another component of Obamacare. She refused to listen to the IT experts who expressed serious concerns about the launch as early as March of 2013. Henry Chao, deputy chief information officer said in a meeting that he was “pretty nervous”about the exchanges being ready for October 1. Prior to the launch, one insurance executive also stated, “the extent of the problems was pretty enormous.”

  15. I work for a publishers purchase cialis online canada The Egyptian Army, while so derided and condemned by the “talking heads” has clearly stepped forward at a critical moment in Egypt’s history to prevent the nation from being dragged back into the Dark Ages, something a country with 85,000,000 people, and thousands of serious problems, both economic and social, could not afford to see happen.

  16. Remove card caverta 25 mg uses for female Instead they’re hemorrhaging blood after being assaulted by the Red Sox for an astounding total of 34 runs the last three days at the Stadium, making you wonder how they’ll survive Game 4 of this Demolition Derby, never mind the next seven days in Baltimore and Boston.

  17. Withdraw cash children’s flonase sensimist age Or, given the money you’ve saved on blocks, straps and eye masks (and perhaps avoiding the $90 stretch pants), consider investing in a mat. Shop around at big box stores such as Walmart and Target, discount stores such as TJ Maxx and Marshalls, sporting good stores and online, and finding a basic mat under $20 should be a cinch.

  18. Just over two years costo combivent respimat spray Fees for going over allowable credit limits have basicallybeen eliminated, the bureau said. The CARD Act says card issuerscan no longer allow consumers to exceed their limits unless thecardholders first agree to pay fees when they go over.

  19. Which university are you at? nutrex vitrix canada
    It was a timely move by the investor’s Soros FundManagement. On Tuesday, the U.S. Justice Department filed alawsuit to block the proposed merger of US Airways and AMR Corp,the parent company of American Airlines.

  20. I’ve got a full-time job para que serve diclofenaco sdico 50mg The tighter proposed limits on PM could pose problems for EU governments, many of which have struggled to meet the existing limits in force since 2010, resulting in up to a third of Europeans being exposed to dangerous levels of PM pollution.

  21. Could I order a new chequebook, please? enalapril maleato 10 mg para que sirve The country has the second-largest reserves of natural gas in South America, but there have been long-running tensions over the exploitation and export of the resource. Indigenous groups say the country should not relinquish control of the reserves, which they see as Bolivia's sole remaining natural resource.

  22. In a meeting slimfast vitality starter kit Due to the overwhelmingly adverse health effects associated with drinking soda, Ochner recommends that people should drop soda completely from their diets. But if you still need that 140-calorie fix, he said almost anything else is better than soda.

  23. Lost credit card flomax manufacturer patient assistance Morrissey, who has never had a formal mentor, advises surrounding yourself with people you respect to offer you advice and constructive criticism. “It’s important to be able to take criticism from those who are on your side; you’re going to get it from those who aren’t.”

  24. How many would you like? is benicar hct a beta blocker By contrast, Microsoft is going it alone as it tries to build a presence in a mobile world increasingly dominated by Google's Android. Its Windows RT operating system, designed to offer users the benefits of the touch screen tablet experience combined with the familiar Windows desktop, has failed to excite the big manufacturers.

  25. I’ve got a very weak signal acyclovir vs valacyclovir cost Starting today, Twitter users with the service’s official Android or iOS apps on their smartphones or tablets will be able to approve the log-in without entering a string of numbers or having access to SMS. The latter is a big boon for people who rely on tablets.

  26. perfect design thanks levofloxacin 750 mg tablet price Actually, the idea of a filibuster was against everything the Founders invisioned for the U.S. Originally, the Articles of Confederation contained a requirement that two thirds of the states had to agree to an action before the central government could: declare war, coin money, enter treaties, or spend or borrow funds. This threw the new nation into a state of paralysis very similar to the condition we now endure. The Constitution only requred more than a simple majority for: Impeaching a President, overiding a veto, or expulsion of a member. That’s it. The current filibuster originated sometime in the 70’s and is a result of two unfortunate actions: 1) The changing of the cloture requirement from two-thirds to three-fifths, and 2) the implementation of dual tracking. So, if Reid really wants to stop this right wing use of filibuster to halt work in the Senate all he has to do is: 1) Stop the practice of dual tracking, and 2) Make those who declare a filibuster actually stand-up and filibuster. Force them to talk about it at length and totally stop the operation of the Senate. (Oh wait, they’ve already done that.) Anyway, since dual tracking is a Senate practice it can be changed by Reid at will. And as for the enforcement of the filibuster rules, can you imagine Paul Ryan actually standing for days talking and not meeting w/K-Street Lobbyists? Fat chance of that! I hope Reid thinks about this, I’d love to see TeaPublicant’s talking themselves horse. Imagine the silence afterwards, that would be wonderful.

  27. When can you start? arrt cipralex prise de poids TRIPOLI/MOGADISHU, Oct 6 (Reuters) – Two U.S. raids inAfrica show the United States is pressuring al Qaeda, officialssaid on Sunday, though a failure in Somalia and an angryresponse in Libya also highlighted Washington’s problems.

  28. Can I use your phone? what is carvedilol phosphate used for Thus, A-Rod’s back — and his wallet — are against the wall and he has $100 million reasons to fight this suspension with everything and anything he has in his arsenal. The problem is that not only is A-Rod fighting an uphill battle, he may be further complicating an already messy situation.

  29. What do you like doing in your spare time? prozac, zoloft, and paxil are called The researchers reported that after three weeks, the cells started to look like a human tooth with success rates up to 30%. The teeth-like structures contained dental pulp, dentin, enamel space and enamel organ. However, these ‘teeth’ were not as hard as natural teeth, and were about one-third the hardness of human teeth.

  30. Please wait para que es el naproxeno sodico 275 mg “There’s nothing horrifying about it to me,” he says. “I don’t think it’s gothic nastiness. There’s nothing horrible on the surface about someone with a shaky hand. The way I look at it, sometimes it’s frustrating, sometimes it’s funny. I need to look at it that way.”

  31. Where are you calling from? phenergan 1 mg/ml Shaquille O’Neal, talking with reporters at a NASCAR race in Florida, said he expected Howard would bolt L.A., because “not everyone can handle being in the bright lights … it was a safe move to go to a little town like Houston.”

  32. I’d like to transfer some money to this account half life of hydroxyzine hcl Instead, the Republican-led House of Representatives and the Democratic-controlled Senate should focus on their “core responsibility” of working out their differences and passing a budget and approving a debt limit so the country can operate, Obama said.

  33. Its like you learn my mind! You appear to grasp so much approximately this, such as you wrote the guide
    in it or something. I feel that you can do with a few percent to power the message home a little
    bit, but instead of that, this is excellent blog.
    An excellent read. I’ll definitely be back.

  34. It is appropriate time to make some plans for the
    longer term and it is time to be happy. I’ve read this post and
    if I may I desire to recommend you few attention-grabbing things or tips.
    Perhaps you can write next articles relating to this article.

    I desire to learn even more issues approximately it!

  35. I’ve been surfing online greater than three hours as of late,
    yet I never found any attention-grabbing article like yours.
    It’s beautiful worth enough for me. Personally, if all web owners
    and bloggers made just right content material as you probably did, the web will likely be much more useful than ever
    before.

  36. It is the best time to make some plans for the future and it is
    time to be happy. I’ve read this post and if I could I want to suggest
    you few interesting things or tips. Maybe you could write next articles referring to this article.
    I desire to read even more things about it!

  37. I will right away grasp your rss feed as I can’t to find your email subscription hyperlink or newsletter service.
    Do you have any? Please let me recognize in order that I may subscribe.
    Thanks.

  38. Heya i’m for the first time here. I came across this board and
    I find It truly useful & it helped me out a lot.
    I hope to give something back and aid others like you aided me.

  39. Hey there just wanted to give you a quick heads up. The
    words in your post seem to be running off the screen in Chrome.
    I’m not sure if this is a format issue or something to do with browser compatibility but I thought I’d post to let you know.
    The design look great though! Hope you get the problem solved soon. Many thanks

  40. I will right away snatch your rss feed as I can not find your email subscription hyperlink or newsletter
    service. Do you have any? Please let me recognise in order that I could subscribe.

    Thanks.

  41. It’s the best time to make some plans for the longer term and it’s time to
    be happy. I have learn this publish and if I may I want to
    suggest you some interesting things or tips. Maybe you could write next articles regarding this article.
    I desire to learn more things about it!

  42. I simply could not leave your web site prior to suggesting that I really enjoyed the standard
    info a person provide to your visitors? Is gonna be again frequently in order to check out
    new posts

LEAVE A REPLY

Please enter your comment!
Please enter your name here