Emerging Markets Update: South Africa, Nigeria & Togo


In focus: South Africa, Nigeria & Togo

South Africa

Finance Minister Tito Mboweni delivers latest budget this week. However most economists surveyed still expect Moody’s to downgrade the country to junk this year | Main concern surrounds the credibility of the plan to rein in government debt | Bailouts for state-owned companies including Eskom and SAA have further increased the debt concerns.

Nigeria Nigeria’s economy expanded 2.27% in 2019, the most since 2015 as the central bank took steps to boost credit; and oil output increased | The IMF recently lowered growth forecasts for 2020 from 2.5% to 2% with West Africa’s largest economy looking to diversify away from oil which makes up almost 10% of total GDP.

Togo Togo’s President Faure Gnassingbe declared an electoral victory with official preliminary results showing a landslide win | When confirmed, the win will give Gnassingbe a fourth term - continuing a family dynasty that begin following a coup in 1967 | Figures released by the electoral commission show Gnassingbe winning 72% of the vote ahead of his nearest rival with 18%.

To discuss how the above may affect your money transfer requirements, please contact your Currency Dealer at Heritage Pay on +44 (0) 207 117 2934.

None of the information in this article is, nor should be construed as financial advice. All foreign exchange transactions involve risk and you should always seek your own independent financial advice before entering into any foreign exchange transaction.

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