🔅 Baobab's Take on Africa in 2024
And our Survey Results!
Happy New Year Baobabians!
In our last newsletter of 2023, we were thrilled to share that Baobab was read across 91 countries (now 97 as of yesterday!). We also sought your insights through a survey to shape our 2024 content.
In this week's special newsletter (we resume full service on Monday), we shall:
Reveal Your Survey Feedback
Share Our Predictions for Africa in 2024
Survey Insights
Your top favorite sections are the 'Photo of the Day' and 'Africa’s Top Five', with 'Quote of the Day' and 'Market Overview' following behind. This valuable feedback will guide our new look starting on Monday.
Regarding the number of articles, it's a tight race between five and three. We'll monitor this closely to find the perfect balance over the next few months.
On funding options, 'Special weekend editions for a fee' and 'Advertising/Sponsorship' led the preferences. While we're not monetizing just yet, your thoughts are crucial for our future plans.
Above all, your heartwarming well wishes have touched us deeply. Thank you for your unwavering support, and don’t forget to share Baobab with friends and family!
Our Take on Africa in 2024
Hold on to your hats, folks! Africa’s economic journey in 2024 is shaping up to be a wild ride.
Inflation across the continent is cooling down, but don’t pop the champagne yet. The hit on household wallets is sticking around, and if you’re in a country big on food imports, expect your currency to shrink faster than your favourite jeans.
Overall, GDP will increase by more than 4%, which sounds cool, but per capita incomes are like, "What growth?" Indeed, although most of the world’s fastest-growing economies will be in Africa in 2024, poverty at an individual level could remain a big problem due to booming population growth, low productivity, and economies growing from a low COVID-hit base. Some countries will actually suffer significant economic contractions, notably Sudan and Equatorial Guinea. That said, East Africa could be the star pupil and is expected to outshine its continental peers in growth.
In general, the growth recipe includes a mix of natural resources (hello, oil!), tourism’s comeback after a certain pandemic, and increased agricultural productivity. However, China’s slowdown, global instability, and okay commodity prices could put a damper on things.
When it comes to money and borrowing, governments are stuck between a rock and a hard place, with high interest rates blocking them from the global credit market. Expect, therefore, more taxes and less spending on public goodies. Some countries’ debt problems (Ethiopia, Zambia and Ghana) will have them battling debt restructuring quagmires this year.
Finally, you’ll be treated to a buffet of elections this year: Botswana, Ghana, Mozambique, Senegal, South Africa, and a few more are going to the polls. Namibia might get its first female president, so keep an eye out for that!
And there you have it, our very brief forecast for the year. See you on Monday and don’t forget to spread the word about our newsletter!
Warm wishes for 2024!
Your friends at Baobab. 🌳