African countries

Weekly economic index: 34 African countries are on the list of heavily indebted poor countries

According to the World Bank, there are currently 34 African countries on the list of Heavily Indebted Poor Countries (HIPCs). The HIPC List is a joint World Bank and International Monetary Fund (IMF) initiative launched in 1996 to ensure that no developing country ever faces a debt burden it cannot manage. The two financial organizations work with the governments of poor countries to reduce their external debts to sustainable levels.

It is important to note that being poor is not the only eligibility criterion for being admitted to the HIPC list. Other requirements include having an established track record of the ability to move out of poverty over time. Ghana, Tanzania, Ethiopia and Benin Burkina Faso are among the countries on this list.

Below is Ventures Africa’s weekly economic index for the week ending August 12, 2022.

Stock markets

Here’s how stocks fared in major African markets – Nigeria, Egypt, South Africa and Kenya – at the end of the week:

The NGX All-Share Index fell 2.09% to close the week at 49,664.07

Top 5 winners

Ikeja Hotel PLC – +30.93

Mining & Exploration Multiverse Automaton – +29.79

NEM Assurance PLC – +29.71

Courteville Business Solutions PLC – + 19.15

Chams Holding Company PLC – + 12.00

Top 5 dropouts

Cutix API – -14.58

Caverton Offshore Support Group PLC – -10.26

Cement PLC BUA – -9.95

Industrial and medical gases Nigeria PLC – -9.84

Stanbic IBTC Holdings PLC – -9.68

The EGX equity index closed at 9,988.84 basis points, representing a loss of -0.94% from the previous week.

Top 5 winners

RUBEX International for the manufacture of plastics and acrylics +17.78%

Sharm Dreams for tourism investment +15.68%

Egytrans +14.29%

Lecico Egypt +14.15%

Poultry Mansoura +13.39%

Top 5 dropouts

Sabaa International Company for Pharmaceutical and Chemical – -15.13%

Beltone Financial Holding – -6.67%

Medical Speed ​​– -6.67%

Investment holding company Orascom – -5.26%

Orascom Financial Holding – -5.26%

The Johannesburg Stock Exchange closed at 70,731.31 basis points, representing growth of 0.74% week-on-week.

Top 5 winners

ISA Holdings Limited – +18.00%

Eastern Platinum Limited – +15.22%

Novus Holdings Limited – +13.03%

Mondi plc – +10.33%

Indluplace Properties Limited – +9.92%

Top 5 dropouts

Rebosis Property Fund Ltd A – -26.14%

Sable Exploration & Mining Ltd – -24.81%

Crookes Brothers Ltd – -20.00%

4Sight Holdings Limited – -14.29%

Trematon Capital Inv Ltd – -11.76%

The Nairobi Securities Exchange (NSE) All-Share Index gained 3.43% over the weekend to close at 146.88 basis points.

Top 5 winners

Olympia Capital Holdings Ltd- +9.13%

Britam Holdings – +4.67%

Nairobi Business Ventures Ltd – +3.89%

Umeme – +3.77%

Carbacid Investments Plc – +3.45%

Top 5 dropouts

NCBA Group Plc – -4.73%

Equity group holdings – -2.42%

Freedom Kenya Holdings Plc – -2.28%

HF Group – -2.23%

Safaricom- -2.04%

Foreign exchange markets

Here’s how the currencies of these countries fared against the US dollar at the end of the week:

  • The Nigerian naira started the week at 416.01 NGN/$1 to close at 419.22 NGN/$1.
  • The Egyptian pound started the week at 19.17 EGP/$1 and closed at EGP19.14/USD1.
  • The South African rand started the week at ZAR 16.61/$1 and closed at ZAR 16.22/$1.
  • The Kenyan shilling started the week at KES 119.21/$1 and closed at KES 119.45/$1.

Oil prices

Brent oil started the week at $93.93 a barrel and closed at $98.12 a barrel on Friday July 12.

Crypto Markets

The global cryptocurrency market cap stood at $1.18T as of 2:00 PM WAT on August 14. Here is how the top three cryptocurrencies fared:

  • Bitcoin gained 6.31% over the week to hit $24,521.35 as of 1:39 PM WAT on Sunday.
  • Ethereum fell 17.04% to $1,985.88 at the time of the report.
  • Binance Coin gained 2.81% to $326.27 at the time of reporting.

Technology funding

  • TeamApta fintech that provides corporate payments and banking platforms, has raised over $50m in pre-Series C funding to expand its credit services, enter new markets and spread financial happiness by digitizing the African economy .
  • DataPropheta South African startup that provides AI software as a service in the manufacturing sector, announced the completion of its $10 million Series A.
  • Marketing platform based in Egypt, converted toraised a $3 million funding round to launch operations in Brazil while expanding its presence in Egypt and Saudi Arabia.


Freelance columnist Matthew Ozah explained that there is nothing more frustrating than living in abject poverty amid wealth. “Now is the time to move beyond the rhetoric of conferences, seminars and propaganda from various African leaders that poverty and unemployment on the continent, especially in their countries, are being supported by money which they borrow from developed countries, the International Monetary Fund (IMF) and the World Bank.. It is evident that even if the African economy grows at a higher percentage, the continent cannot make significant progress, especially in competition with the rest of the world, if it continues to borrow to fund its annual budgets,” he said.