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Angola: Central bank cuts interest rate to 18.0% as inflation rate falls to lowest in 5 years

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Angola’ central bank governor José Massano has announced that the apex bank has cut its main interest rate to 18.0% from 19.5%.

Massano, while announcing the cut on Friday, added that the country recorded its lowest inflation rate in five years in December.

The Southern African country’s inflation rate eased in December to 13.86% year on year from 15.24% in November.

According to him, the decision by the National Bank of Angola (BNA) to cut the interest rate by 150 basis points was reached after inflation last month came in below the central bank’s forecast.

The governor said he expected Angola to end this year with inflation of 9%-11%. He also predicted a 3.3% growth in gross domestic product for 2023.

Recall that in September 2021, the Bank of Angola cut its benchmark interest rate on Sept. 26, when it lowered it to 19.5% from 20.0%, where it had been since July 2021.

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Mozambique President Filipe Nyusi, TotalEnergies, discuss over gas project

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Discussion on the humanitarian situation in the Cabo Delgado area in Mozambique is ongoing between The head of TotalEnergies and Mozambique President Filipe Nyusi.

TotalEnergies’ chairman and chief executive Patrick Pouyanne had visited the Cabo Delgado area to review the security and humanitarian situation, and Pouyanne had met the Mozambique President during his trip.

The multinational revealed that it has engaged Jean-Christophe Rufin, whom it said was an expert in humanitarian action and human rights, with an independent mission to assess the humanitarian situation in Cabo Delgado province.

Pouyanné said, “since 2021, the situation in Cabo Delgado province has improved significantly, thanks in particular to the support provided by the African countries that committed themselves to restore peace and security.”

“The mission entrusted to Jean-Christophe Rufin should enable Mozambique LNG’s partners to assess whether the current situation allows for a resumption of activities while respecting human rights,” he added.

A force majeure’ was declared in 2021 on TotalEnergies’ Mozambique LNG project, valued at $20 billion, due to regional unrest after an insurgent group linked to Islamic State attacked the northern town of Palma.

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Sierra Leone, Liberia, 2 others, receive $311 million from World Bank for renewables

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Four West and Central African countries are set to receive aid worth $311 million from the World Bank after signing an agreement that would improve renewable energy projects.

The countries, Sierra Leone, Liberia, Togo, and Chad will receive funds will finance around 106 megawatts (MW) of solar power generation capacity with battery energy and storage systems, and a 41 MW expansion of hydroelectric capacity.

Commenting on the development, Sierra Leone President Julius Maada Bio, who presided over the signing ceremony on Wednesday, said the deal was the beginning of a revolution in energy supply and access in the respective countries.

“We are paying far more for energy now than we were 18 months ago. Very high and rising energy prices continue to have an adverse impact on other sectors of our economies,” Maada Bio said.

The World Bank’s Director for Regional Integration, Boutheina Guermazi said the project was the first time four countries had been brought together for a regional energy approach.

“It is a continental approach to make sure that we reach universal access to clean affordable energy by 2030,” Guermazi said, adding that the project would be completed in four years.

The West and Central sub-regions of Africa have one of the lowest electrification rates coupled with some of the highest electricity costs in Sub-Saharan Africa.

Under a new World Bank Regional Emergency Solar Power Intervention Project, the West Africa Power Pool, a regional approach to improve electricity in the sub-region, will also receive some funds approved in December.

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