Author Archives: rafiqraji

About rafiqraji

Dr. Rafiq Raji is managing director & chief economist at Macroafricaintel Investment LLC, an Africa-focused macro research & investment consultancy based in Lagos, Nigeria. He is also an adjunct researcher at the NTU-SBF Centre for African Studies at Nanyang Business School, Singapore. Dr Raji is an avid writer, with his writings severally featured in prestigious publications like BusinessDay, Africa Investor, The Africa Report, African Business, New African and HowWeMadeItInAfrica. He was previously an Africa Economist at Standard Chartered Bank in London. Before joining the Global Research team at Standard Chartered, Dr. Raji worked with various teams at its Nigerian franchise; gaining experience in credit risk, asset & liability management, and capital markets. Rafiq was also previously Head, Advisory & Capital Markets for the securities brokerage arm of Nigeria's Standard Alliance Group. Prior to that, he had investment banking stints with FBN Capital Limited, Vetiva Capital Management Limited and Africapital Management Limited; all in Lagos, Nigeria. Dr. Raji holds an MBA from the Lagos Business School, Nigeria and a PhD in Financial Economics from Wits Business School at the University of the Witwatersrand, South Africa. His personal interests are travel, music, writing, finance & economics, international politics & relations, comparative religious studies, volunteering/philanthropy, film & photography and everything and anything about Africa! He hopes to learn how to play the guitar and speak, read and write Arabic, French and Mandarin. He is also an assiduous and lifetime student of history.

macroafricaintel Daily Brief | 9 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Asian stocks gain on hopes pandemic is approaching peak
  • Investors look for signs pandemic is slowing
  • Oil firm before OPEC+ meeting
  • Sterling resilient after PM Johnson hospitalisation

Oil Markets

  • Oil prices extend gains on hopes OPEC+ will cut output
  • Brent up 2.5% at $33.71 per barrel
  • WTI up 4.58% at $26.24

Precious metals

  • Gold inches up on weak dollar, pandemic peaking hopes cap gains
  • Spot gold up 0.1% at $1,646.81/oz. (0059GMT)
  • US gold futures down 0.1% at $1,682.70/oz.

Grains

  • Corn firms, market awaits USDA global supply-demand report
  • Corn up 0.4% at $3.31-1/4 a bushel (0250GMT)
  • Soybeans up 0.6% at $8.69-1/4
  • Wheat up 0.4% at $5.50-1/4

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • OPEC+ virtual meeting on production cuts
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • World Bank says sub-Saharan Africa will enter recession in 2020
  • Trump says US producers have already cut back oil production
  • Zimbabwe reopens produce markets after protests by drought-hit farmers
  • Libya’s Serraj blames central bank amid oil blockade
  • Congo president’s chief of staff arrested amid graft probe
  • South Africa minister disciplined for ‘lockdown lunch’
  • UN Seeks $130 mln to prevent hunger catastrophe in Zimbabwe
  • Somalia records first death from coronavirus – health minister
  • Algeria energy minister says Thursday OPEC+ meeting will be ‘fruitful’ – state news agency
  • Sudan increases bread prices in Khartoum to help bakers
  • In Libya, water cuts add to misery of conflict and coronavirus
  • South Africa’s Naspers pushes its resilience even as some businesses hit by virus
  • Ethiopia & Liberia declare states of emergency to curb coronavirus
  • African Devpt Bank launches $10 bln Covid-19 response facility
  • Libya oil revenue was $1.3 bln in Q1 – central bank
  • Africa Oil – Trade quiet as traders wait for OPEC meeting outcome
  • Somalia has registered first death from coronaviurs – health minister
  • IMF says Morocco drew $3 bln from liquidity line to fight pandemic
  • South Africa stocks lose close to 2% as EM rally dissipates
  • Ivory Coast issues domestic bonds worth 110 bln CFA francs
  • Egypt extends nationwide night-time curfew to counter coronavirus
  • Uganda shilling weakens due to commercial bank dollar demand
  • South Africa business confidence index drops to 7-mth low in March
  • Egypt approves first issuance of sukuk by Talaat Mostafa subsidiary
  • Kenya shilling eases against the dollar, market activity slow
  • South Africa Sasol cuts production, sales target on coronavirus impact
  • Nedbank could nix future dividends after South Africa central bank guidance
  • Japan to pledge contribution to IMF trust for low-income countries hit by pandemic – finance ministry source

N.B. Full stories of above headlines are available on Reuters

macroafricaintel Daily Brief | 8 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Asian shares turn cautious, oil rebounds in choppy trade
  • Asian markets turn choppy, give back some recent gains
  • Oil rebounds in Asia, after steep slide
  • US dollar holds steady, Aussie hit by rating change

Oil Markets

  • Oil prices jump on hopes for OPEC, Russia meeting on output cuts
  • Brent up 2.4% at $32.62 a barrel (0246GMT)
  • WTI up 5.5% at $24.93

Precious metals

  • Gold eases on firmer dollar, coronavirus slowdown signs
  • Spot gold down 0.2% at $1,644.99/oz. (0049GMT)
  • US gold futures down 0.7% at $1,671.30/oz.

Grains

  • Wheat falls for second straight session on US crops outlook
  • Wheat futures down 0.5% at $5.46-1/4 a bushel (0230GMT)
  • Soybeans up 0.3% at $8.57-1/4
  • Corn up 0.3% at $3.32-1/4

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • Ghana Covid-19 policy statement by finmin Ofori-Atta to parliament
  • Rwanda starts week-long never-again genocide commemoration
  • South Africa SACCI business confidence Mar-20 [prev. 92.7]
  • Glencore’s Mopani Copper shutters Zambia mines
  • Kenya locks down Nairobi (6 Apr) & Kilifi, Mombasa & Kwale (8 Apr)
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • Iran doesn’t agree with holding OPEC+ meet without clear outcome – oil min
  • Kenya sees GDP growth slowing to 3% or less in 2020
  • Egypt foreign reserves drop to $40.1 bln in March – c.bank
  • US pushes back on call by OPEC+ to join big oil output cuts
  • Eastern Libya confirms first coronavirus case
  • IMF says considering Nigeria’s request for funds to fight pandemic
  • Egypt to ban Ramadan gatherings to counter coronavirus
  • Saudi call for OPEC+ meeting is an extension to its efforts to achieve market balance
  • Tunisia seeks donations to fund coronavirus facilities
  • Africa Oil – Stubborn Nigeria overhang weighs
  • Tanzania lets pregnant girls attend school with World Bank project
  • Algeria pushes ahead with Islamic finance plans
  • South Africa rand gains with other emerging currencies on coronavirus hopes
  • China must step up on Africa debt relief – Ghana finmin
  • Ethiopia airlines has lost $550 mln this year due to coronavirus – CEO
  • South Africa union takes govt to court over Covid-19 gear shortage
  • Algeria banks to defer payments for coronavirus hit firms
  • South Africa lenders rally as central bank clarifies dividend guidance
  • G20 energy minsters to meet to foster global cooperation – statement
  • Glencore’s Mopani copper mine shutters Zambia mines due to coronavirus
  • Ethiopia taps army of women health workers to fight coronavirus
  • Copper belt miners turn to Tanzania as South Africa lockdown hobbles ports
  • South Africa banking index reverses losses, rises over 10%
  • Under coronavirus lockdown, Rwandans remember genocide from home
  • Uganda shilling unchanged after central bank cuts lending rate
  • Lockdowns: Saving lives, but ruining livelihoods in Africa
  • Kenya shilling weakens amid thin activity, fewer trading hours
  • Zambia says Glencore declares force majeure at Mopani Copper Mines
  • Zambia plan to block Glencore plans to close copper operations
  • South Africa Standard Bank will consider central bank guidance on dividends
  • South Africa net foreign reserves fall to $44.7 bln in March

N.B. Full stories of above headlines are available on Reuters

macroafricaintel Daily Brief | 7 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Asian shares cautiously gain on virus hopes, dollar slips
  • Early signs of virus peaking in Europe, New York
  • Broad gains from Tokyo to Sydney but momentum ebbs
  • Currencies, bonds steady as economic risks weighed

Oil Markets

  • Oil gains as hopes rise for production cut amid coronavirus outbreak
  • Brent up 2.2% at $33.78 a barrel (0026GMT)
  • WTI up 3.7% at $27.05

Precious metals

  • Gold slips from 4-wk high as dollar, equities firm on coronavirus slowdown
  • Spot gold down 0.2% at $1,657.67/oz. (0110GMT)
  • US gold futures up 1.7% at $1,723

Grains

  • Corn heads higher after dropping for seven straight sessions
  • Corn up 0.6% at $3.29-3/4 a bushel (0226GMT)
  • Soybean up 0.6% at $8.61
  • Wheat down 0.6% at $5.51-1/4

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • Kenya locks down Nairobi (6 Apr) & Kilifi, Mombasa & Kwale (8 Apr)
  • South Africa Eskom global investor update call
  • South Africa FX reserves Mar-20 [prev. $54.7B]
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • Trump says OPEC has not asked him for a US oil production cut
  • Morocco makes face masks compulsory due to coronavirus
  • OPEC+ likely to agree to cut production if US joins effort – sources
  • Egypt reports 149 new coronavirus cases, its highest daily toll
  • Morocco looks to foreign debt to deal with coronavirus impact
  • South Africa central bank asks lenders to scrap dividends amid virus
  • South Africa should not approach IMF for help, ANC and allies say
  • “We are at war”: Kenya halts movement to areas worst hit by coronavirus
  • Zimbabwe eases coronavirus lockdown to allow diaspora remittances flow
  • South Africa central bank announces regulatory relief for banks
  • Gunmen kill 25 soldiers in north Mali attack – army spokesman
  • Africa Oil – Sonangol sells Cabinda, Girassol cargoes
  • South Africa Eskom plans global investor update call – lead manager
  • South Africa rand firmer as risk takers return, stocks up 3.29%
  • Nigeria seeks $6.9 bln from lenders to fund coronavirus fight
  • Norway considers attending OPEC meeting on April 9 – oil ministry
  • South Africa sets aside $64 mln for small-scale farmers amid lockdown
  • South Africa central bank sees up to -4% GDP over coronavirus fallout
  • Ivory Coast police clash with protesters over coronavirus test centre
  • Uganda slashes main interest rate to 8% as coronavirus hurts economy
  • KFC owner witholds rent on South Africa stores amid lockdown – Bloomberg
  • Kenya president halts movement in areas affected by the coronavirus
  • Kenya – Safaricom, Vodacom finalise M-Pesa acquisition from UK’s Vodafone
  • South Africa makes more spectrum available to meet internet demand
  • Kenya shilling weakens as players beef up positions
  • Congo mine attack kills three Chinese nationals – Xinhua
  • South Africa Woolworths warns of likely 20% profit fall
  • Saudi Arabia delays setting May prices, looks to OPEC meeting to settle price war

N.B. Full stories of above headlines are available on Reuters

macroafricaintel Daily Brief | 6 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Oil slips on oversupply fears, but stocks jump on virus slowdown hopes
  • Oil prices fall after Russia-Saudi Arabia delay meeting
  • British pound skids as PM Johnson admitted in hospital
  • Equity investors focus on slowdown in COVID-19 deaths

Oil Markets

  • Oil drops over $1 on oversupply after OPEC+ delays meeting
  • Brent down 3.8% at $32.82 a barrel (0203GMT)
  • WTI down 5.9% at $26.68

Precious metals

  • Gold firms on safe-haven demand, but stronger dollar caps gains
  • Spot gold up 0.2% at $1,619.03/oz. (0314GMT)
  • US gold futures steady at $1,645.90/oz.

Grains

  • Corn falls to 3-1/2-year low on bleak prospects for ethanol
  • Corn futures down 0.5% at $3.29-1/4 a bushel
  • Wheat up 1.2% at $5.55-3/4 a bushel
  • Soybeans down 0.3% at $8.51-3/4 a bushel

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • Nigerian finance minister Ahmed briefs on Covid-19 stimulus plan
  • Bank of Uganda decides on interest rates [fcst. 8.0%, prev. 9.0%]
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases over the weekend & early a.m today

  • Tripoli forces hit eastern Libya cargo plane near capital
  • Libya revolution premier Jibril dies from coronavirus
  • Africa could lose 20 mln jobs due to pandemic – AU study
  • Egypt sees growth slowing to 4.5% in Q3, 1% in Q4 due to coronavirus
  • Congo’s Chemaf mothballs copper-cobalt processing plant over coronavirus
  • Ethiopia reports its first death of a COVID-19 patient
  • South Africa arms firm Denel to produce ventilators in coronavirus fight
  • South Sudan confirms first case of coronavirus
  • Morocco to release 5,654 prisoners amid coronavirus outbreak
  • Egypt non-oil private sector contracts faster as virus hits – PMI
  • OPEC+ meeting delayed as Saudi Arabia & Russia row over oil price collapse – sources
  • Algeria extends curfew as coronavirus cases rise
  • Malawi’s president and ministers to take 10% salary cut to fight coronavirus
  • Coronavirus hits Egypt’s administrative capital and grand museum
  • Algeria to speed up customs procedures for food, health equipment over coronavirus
  • Tunisia govt given special powers to handle coronavirus crisis
  • Nigeria to set up $1.39 bln fund to fight coronavirus
  • BAT South Africa urges govt to lift cigarette sale ban
  • Egypt postpones launch of mega projects to 2021 due to coronavirus – presidency
  • Senegal GDP growth to shrink to less than 3% due to coronavirus – president
  • Zambia central bank establishes medium-term facility to ease liquidity crunch
  • African migrants in Morocco wait for aid as coronavirus bites
  • WHO opens door to broader use of face masks to limit spread of coronavirus
  • Coronavirus spotlights risks of swelling slums in Africa’s cities
  • Guinea-Bissau convicts 12 for smuggling record 1.8 tonnes of cocaine
  • Fitch downgrades South Africa further into ‘junk’
  • Brent crude jumps above $33 on hopes of oil output deal
  • Africa Oil – Oversupply keeps offers at steep discount
  • ArcelorMittal South Africa issues force majeure, cuts salaries
  • Best-selling novel exposes life of child slaves in Nigeria
  • Zimbabwe turns water cannon on coronavirus
  • Deep OPEC+ cuts won’t be enough to prevent oil inventory build – IEA head
  • Nigerians turn to rabbits for consolation during coronavirus lockdown
  • Kenya shilling seen under pressure as economy reels from virus
  • Ivory Coast pledges $500 mln to support commodities sectors
  • South Africa, Turkey CDS surge to highest since financial crisis
  • South Africa Transnet to resume transport of non-essential cargo during lockdown
  • East Africa locust swarms gather as coronavirus curbs delay pesticides
  • Uganda shilling holds steady against the dollar
  • Kidnapped Mali opposition staff freed but leader still missing
  • Medical aid marooned as Africa shuts borders amid coronavirus pandemic
  • OPEC+ producers debating possible oil cuts of 10 mln bpd – OPEC source
  • Kenya private sector activity plunges in March – PMI
  • South Africa private sector activity falls to record low in March – PMI
  • Rwanda secures $109 mln IMF loan to tackle coronavirus

N.B. Full stories of above headlines are available on Reuters

macroafricaintel Weekly | 6 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Click here for PDF version

Date Data / Event Period Forecast Previous
6 Apr Uganda Interest Rate, % 8.0 9.0
Seychelles CPI, % yy (mm) Mar 2020 1.3 (0.5) 0.8 (-0.1)
Botswana CPI, % yy (mm) Mar 2020 2.7 (0.6) 2.2 (0.1)
Tanzania CPI, % yy (mm) Mar 2020 4.1 (1.7) 3.7 (1.1)
Namibia CPI, % yy (mm) Mar 2020 3.1 (0.8) 2.5 (0.3)
Nigeria CPI, % yy (mm) Mar 2020 13.2 (1.7) 12.2 (0.8)
South Africa CPI, % yy (mm) Mar 2020 6.3 (2.4) 4.6 (1.0)
Ethiopia CPI, % yy (mm) Mar 2020 22.4 (2.7) 21.8 (2.9)
Mauritius CPI, % yy (mm) Mar 2020 3.1 (0.8) 2.5 (0.3)

macroafricaintel | The power of narratives

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, macroafrica

In his 2019 book “Narrative Economics: How stories go viral & drive major economic events”, Nobel laureate Robert Shiller highlights the two elements of what he means by narrative economics viz. “(1) the word-of-mouth contagion of ideas in the form of stories and (2) the efforts that people make to generate new contagious stories or to make stories more contagious.”

Put another way, narrative economics is the study of “how narrative contagion affects economic events.” Public beliefs affect major economic events. Economists are however reluctant to incorporate narratives in their studies because they are difficult to measure, sources can be hard to trace robustly, and so on. Shiller’s argument is that “economists can best advance their science by developing and incorporating into it the art of narrative economics.”

“Narrative economics, the study of the viral spread of popular narratives that affect economic behaviour, can improve our ability to anticipate and prepare for economic events”, he asserts.” This makes sense. Most would agree that “contagious popular stories that spread through word of mouth, the news media, and social media,” increasingly drive the economy.

“An economic narrative is a contagious story that has the potential to change how people make economic decisions” like hiring a worker, launching a business venture, or investing in a “volatile speculative asset.” Sport events have been found to affect the economic confidence of the locales or countries where they are being held, for instance. Similarly, it has been found that “shark attacks at local beaches can affect votes for local incumbents, and background music in advertisements can have a strong effect on consumers.”

There is much that we can relate with from this background by Shiller, especially in light of the deluge of information – most of which are predominantly false and increasingly hard to detect as such – we are constantly being bombarded with in regard of the ravaging and ongoing Covid-19 pandemic.

Boring truths, fantastic lies
Truth is boring. As human beings, we are more easily drawn to magical stories; even when we know they are false. It is one of the reason why even when a retraction or correction of a false publication is made, it tends not to have as much resonance as the lie it seeks to refute. The costs of false popular narratives on lives and livelihoods are real and lasting.

What you choose to do about them depends on your station and the costs to you, however. If you are a celebrity, any popular narrative, whether negative or positive, can be economically rewarding. If you are a politician or a government, false narratives matter a great deal. And thus, you must do your utmost to change them to your truth; albeit you never quite succeed in doing so entirely.

As an individual, the knowledge about the potency of narratives might make you a little bit more relaxed. Because just like we are wired to connect with stories, we also desire new ones. Thus, every narrative is necessarily the casualty of time.

Take the case of the recent and still ongoing bizarre narrative about fifth generation mobile networks (5G) being the cause of Covid-19. There have been a number of fires at cellphone towers in the United Kingdom on the back of this popular view already. Such is the potency of the narrative that the Nigerian ministry of communications was forced to issue a press statement insisting it had not issued a 5G licence to any firm as feared by some after the narrative went “viral”.

But surely, when the circumstances and our infrastructural needs require 5G, there should not be any hesitation in doing so. Still, it is abundantly clear that in that event, a great deal of effort would be required to convince people it poses no real danger to their lives.

Beware of the dominant narrative
David Katz, founding director of the Yale-Griffin Prevention Research Centre in America, has been suffering a great deal of grief lately. To my mind, it is not justified. He is being criticized for daring to suggest another way to manage the Covid-19 pandemic; with less of the increasingly mounting economic costs of the current consensus containment measure of lockdowns.

The goal here is not to prove that he has a point or not; albeit considering how poor countries are probably ill-advisedly copying their rich counterparts without properly considering their own unique limitations, some of his suggestions resonate with me somewhat. Instead, what one seeks is to point out the importance of not being unduly swayed by the consensus or dominant narrative.

What Katz suggests is a middle course of sorts; a balancing of the health and economic costs of the measures to contain the pandemic. It does not matter whether he is right or wrong. The key point is that there is a danger that a narrative dominates at the expense of other potentially good or better ideas. We must keep questioning our decisions and ideas, reviewing them when there is new information, and if need be, changing them if the benefits of doing so outweigh the costs.

Take the case of the media coverage of the Covid-19 pandemic. If you ask a random person anywhere in the world today about the number of cases in his or her locale or country, he or she would probably quite easily tell you what the figure is. Try asking about the number of recoveries, I would be hugely surprised if the individual is able to say it without some thought. Actually, I could not readily tell you what the figure is myself; that is, even as I make a deliberate effort to track the number of recoveries.

Yes, transparency is crucial. But if anyone wants the data, they could go to a well-advertised portal for the information. What government officials and the media should focus more on should be recoveries. As human beings are wired for sensational stories, a fact the media is well aware of, it would take a deliberate effort to focus on more positive stories. Still, the authorities could definitely make the change.

macroafricaintel Daily Brief | 3 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Oil, shares slip on doubts over Saudi-Russia deal
  • US oil futures drop 4.5% on doubts on output cut deal
  • Trump says has not offered US output cut
  • S&P 500 futures fall 0.7% after energy driven overnight gain

Oil Markets

  • Oil falls on scepticism over Trump’s Saudi-Russia output deal
  • Brent down 3.3% at $28.96 a barrel (0335GMT)
  • WTI down 4.5% at $24.19

Precious metals

  • Gold slips on firm dollar, poor US data limits losses
  • Spot gold down 0.1% at $1,610.64/oz. (0037GMT)
  • US gold futures down 0.1% at $1,635.50/oz.

Grains

  • Wheat set for biggest weekly drop since late February on economic woes
  • Wheat down 4% week thus far
  • Corn down 3% for the week already
  • Soybeans down 2.4% w/w

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • Bank of Uganda decides on interest rates [fcst. 8.0%, prev. 9.0%]
  • South Africa Standard Bank PMI Mar-20 [prev. 48.4]
  • Nigeria Stanbic IBTC PMI Mar-20 [prev. 55.0]
  • PMIs for Kenya, Ghana & other African countries due as well
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • Tunisia may impose exceptional taxes on firms to raise coronavirus funds – premier
  • Trump touts ‘great Saudi-Russia oil deal to halt price rout, but details unclear
  • Egypt reports 86 new coronavirus cases
  • World Bank approves initial $1.9 bln in emergency coronavirus funds
  • UN agency keeps Africa food aid flowing amid coronavirus
  • Africa Oil – Glut persists, weighing on differentials
  • Egypt central bank leaves rates unchanged
  • Egypt to increase strategic staple reserves to 6 months
  • Malawi records first three cases of coronavirus
  • Iraq supports calls for emergency OPEC+ meeting [Most members already indicated support as well]
  • South Africa rand hits new look on bleak economic outlook
  • Ethiopia signs $800 mln geothermal power purchase agreement
  • South Africa ARM says JV gets green light to load iron ore amid lockdown
  • South Africa Famous Brands pulls plug on Gourmet Burger Kitchen
  • No meeting set up for OPEC+, sources say after Saudi call for talks
  • South Africa’s Libstar to postpone final dividend due to coronavirus
  • French army reports four soldiers positive for coronavirus in West Africa
  • Coronavirus leaves Senegal’s street children more exposed than ever
  • Africa FX – African currencies seen under pressure from the dollar; in week ahead
  • OPEC’s daily basket oil price slides below $17 a barrel
  • Middle East, Africa governments need to act faster to protect airlines – IATA
  • Twitter removes accounts linked to Egypt, Saudi Arabia, other countries
  • From chatbots to online markets, Africans craft weapons against coronavirus
  • Morocco’s February trade deficit deepens 2%
  • Zambia records coronavirus death
  • Ethiopia opens up mobile money services to local non-financial firms
  • Wives rejoice and traders despair as coronavirus halts khat supply to Somalia
  • Kenya shilling weakens against the dollar
  • Africa govts team up with tech giants to fight coronavirus lies
  • Tightening liquidity helps to support Uganda shilling
  • Nigeria tells oil, gas companies to cut staff in pandemic fight
  • South Africa’s Quantum Foods warns of 38% drop in first-half profit
  • Senegal seeks $221 mln from IMF to mitigate coronavirus shock
  • Kenya’s push to harvest rainwater has a new payoff: battling coronavirus

N.B. Full stories of above headlines are available on Reuters