Africa
Kenyan governor outlines three pillars for ‘new normal’ in banking
2016 to be a year of “transition” for banking in Kenya, says Patrick Njoroge; calls for greater transparency, stronger governance and new models
Parliament keeps door open to monetary financing in Ghana
Parliament approves bill that removes government representative from central bank board, but government would still be able to borrow from central bank to finance deficit; IMF to discuss implications
Angola’s president replaces two deputy governors
Manuel Antonio Tiago Dias and Suzana Maria de Fátima Camacho Monteiro appointed as deputy governors as president continues to overhaul senior leadership
Sub-Saharan African countries need more responsive policy – IMF staff
Some central banks “impeded” in pursuit of primary mandate; staff report discourages government and structural development financing
Troubled Kenyan bank to reopen under new management
Chase Bank will be managed by Kenya Commercial Bank, which may go on to acquire majority stake; questions raised over pressures on small and mid-sized banks
Central Bank of Kenya places third bank in receivership
Chase Bank under new management after resignation of chairman and managing director; Imperial Bank progress “postponed” while audit continues
Angola appoints new governor as de Morais departs
Silva takes over from de Morais as part of a government reshuffle; has previously provided counsel to country’s vice-president
Report finds 11% of Rwandans remain financially excluded
Women and younger people more likely to be financially excluded; share of population excluded falls from 28% to 11%
IMF staff identify ‘priority areas’ for SSA reform
Staff members in the IMF African department chart the progress of financial development in sub-Saharan Africa, the challenges that remain and how they might be addressed
Uganda raises rates again to tackle inflation risks
Bank of Uganda hikes its policy rate to head off inflationary pressures but analyst warns the move will be ineffective unless overnight rates on the interbank market respond
African central banks must heed changes to inflation drivers, study argues
IMF working paper argues policy-makers in sub-Saharan Africa may have to pay more attention to inflation now demand shocks exert greater influence on prices
Fischer warns developing countries may not be ready for inflation targeting
Fed vice-chair tells audience of African central bankers no framework is ‘suitable for all countries for all times’ and cautions against adopting inflation targets before financial markets are ready
Central banks have 'track record' to manage new African SWFs, says World Bank expert
Ekaterina Gratcheva argued at a forum in Basel this weekend that central banks' institutional history makes them suitable managers for sovereign wealth funds
Fed taper could hit African sovereign credits hard, World Bank warns
Cross-continent trade agreement could help provide bigger markets and greater efficiencies, but African economies face tough times ahead with borrowing costs set to rise
South-South development co-operation in transformation
China's approach in South-South development co-operation focuses on using ‘what China owns and knows best' by combining trade, investment and development co-operation
Chinese outward direct investment: overtaking other EMEs
With China’s labour costs rising rapidly, enterprises are facing pressure to seek out low-cost locations – they either have to move westwards seek new opportunities in the global economy
WEF panel in Africa values sound public policy over money
Outgoing African Development Bank president Donald Kaberuka says good policy crucial to development; World Bank vice-president Makhtar Diop says financing costs unfairly high
Central banks face weight of expectations in sub-Saharan Africa
The art of central banking has changed dramatically in frontier markets. Monetary policy, financial regulation, capital flows and exchange rate are now centre stage, writes Louis Kasekende
Banque de France paper tackles ‘elasticity of poverty’
Researchers examine the extent to which growth in different sectors translates into a reduction in poverty for countries in Africa; commodity-driven economies particularly bad for the poor
Book notes: Emerging Africa, by Kingsley Moghalu
Sub-Saharan Africa is no basket case, but neither is it poised to follow China and India on their meteoric economic rise, Kingsley Moghalu argues in his forthright book
Lower productivity behind growth slowdown in African middle-income countries, IMF paper finds
Slowdown in total factor productivity 'largely responsible' for weaker growth in small middle-income African economies, authors argue
Mauritius reappoints former governor
Rameswurlall Basant Roi returns after eight years following the reported ousting of Rundheersing Bheenick in December; new deputy also appointed
Mobile money accounts trump number of adults in Kenya, IMF data show
African bank depositors increased five-fold between 2004 and 2013, IMF's fifth annual Financial Access Survey shows; includes data on mobile money for first time