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The Pan-African Economy in Brief: Wednesday, January 9, 2019

UGANDA:
The Central Bank expects average annual growth of 7% over the next three to five years:
Growth in the Ugandan economy is expected to accelerate over the next three to five years to an average of 7% per year if investment in public infrastructure and the oil sector remains at a high level, estimated the Uganda Central Bank (BoU) on January 4. "Over the next three to five years, growth could reach 7% if investments in infrastructure and the oil sector remain on the same track," it pointed out in a report on the situation of the economy of this East African country, whose GDP should grow by 6% during the 2018-2019 financial year (July-June)...


MALAWI:
The Government expects growth of 7% in 2019:
Malawi's economy is expected to grow by 7% in 2019, said Malawi's Finance Minister Goodall Gondwe on January 3, citing stable macroeconomic fundamentals. "We have started to stabilize the economy well. This means that debt no longer accumulates as it did in 2014 and 2015, which means that our economy can now start growing. I think we will soon reach a growth rate of 7 or 8%," he told the local press. Mr. Gondwe's growth forecasts are very optimistic compared to those of the World Bank...


SENEGAL:
Good performance of domestic economic activity in November:
The DPEE explains that this Performance is mainly due to the good performance of the tertiary sector (+5.0%), primary sector (+2.9%), and public administration (+1.6%). On an annual basis, growth in economic activity (excluding agriculture and forestry) stood at 8.6% in November 2018, particularly driven by the tertiary sector (+10.2%), public administration (+8.8%) and primary industry (+5.6%)...


TANZANIA:
Strandline obtains a $26 million financing facility for the Fungoni project:
Strandline Resources Mining Company announced that it has appointed African mining financier Nedbank CIB as lead arranger and underwriter for a $26 million financing facility for its Fungoni mineral sands project in Tanzania. The Funds represent a large part of the $32 million required to develop the Project...


GHANA:
The Central Bank revokes the licenses of Heritage Bank and Premium Bank:
The consolidation of the Ghanaian banking sector has just claimed two more victims. The Central Bank of Ghana announced, in a press release issued on January 5, the revocation of the licenses of Premium Bank and Heritage Bank. The Governor of the Bank of Ghana (BoG), Ernest Addison, explained the case of Heritage Bank, by "anomalies in its licensing, sources of initial capital and transactions." The main shareholder of Heritage Bank is Seidu Agongo, the Managing Director of the Agricult Ghana Group, who is the subject of legal proceedings with the former Chairman of the Ghana Cocoa Council (Cocobod) for "financial offences that caused losses to the State"...


KENYA:
The USA becomes the leading destination for Kenyan exports:
Kenyan exports to the USA reached a record level at the end of the third quarter of 2018. According to Business Daily Africa, which quotes the Kenya Bureau of Statistics (KNBS), the country exported 14.23 billion shillings to the United States. This represents an increase of 1.12 billion shillings year-on-year and an increase of 1.77 billion shillings compared to the previous quarter. But, for the United States, this case also represents a victory for the American President's policy of favouring bilateral trade over multilateral relations. Indeed, this performance of the Kenyan economy comes after the signing of trade agreements between the two countries at the end of June...

Tourism revenues increased by 31% in 2018:
According to a statement issued Monday, January 7, by the Kenyan Ministry of Tourism, tourism revenues jumped 31.2% in 2018 in the East African country. It is reported that this performance is due to a 37% increase in the number of foreign visitors to the country. More than 2 million foreign tourists are estimated to have visited Kenya in 2018, helping to increase the sector's revenue to more than 1.55 billion dollars. According to the Kenyan authorities, the launch of direct flights between Nairobi and New York in 2018 by the national airline Kenya Airways has also been a significant factor in increasing the number of visitors from the United States...