John Campbell

Africa in Transition

Campbell tracks political and security developments across sub-Saharan Africa.

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Showing posts for "IMF"

Home Truths About the Size of Nigeria’s Economy

by John Campbell
Traders work at the Nigerian Stock Exchange in Lagos, February 13, 2015. The naira has crashed through the key level of 200 to the dollar this week in a rout sparked by weak oil prices and escalating tension over the postponement of a presidential election in Africa's biggest economy. (Reuters /Joe Penney)

In 2014, following the first revision of Nigeria’s gross domestic product data in two decades, Abuja announced that its economy had overtaken South Africa’s as the largest in Africa. Using the rebased data, the International Monetary Fund (IMF) reported that that Nigeria’s economy grew at 12.7 percent between 2012 and 2013. Thereafter, there was some triumphalist rhetoric about the size and strength of the economy from personalities in then-president Goodluck Jonathan’s administration in the run up to the 2015 elections and among those promoting foreign investment in Nigeria. However, in 2016, reflecting the dramatic fall in petroleum prices and the value of the national currency, the naira, the IMF concluded that Nigeria’s GDP had fallen behind that of South Africa. The Economist noted that foreign investors are likely to be discouraged by the latest figures. Read more »

The Likelihood of Instability in Zimbabwe

by Guest Blogger for John Campbell
Zimbabwe's President Robert Mugabe gestures as he arrives to address Zimbabwe's Independence Day celebrations in Harare, April 18, 2016.(Reuters/Philimon Bulawayo)

Tyler Falish is an intern for the Council on Foreign Relations Africa Studies program, and a student in Fordham University’s Graduate Program in International Political Economy & Development.

Last spring, the Council on Foreign Relations published a Contingency Planning Memorandum (CPM) by Ambassador George F. Ward that described the potential for political instability and violence in Zimbabwe. Amb. Ward detailed three paths to instability in Zimbabwe: President Robert Mugabe’s death before an appointed successor is installed; a serious challenge to Mugabe’s control driven by increased factionalism; and an economic crisis triggering demand for political change. He also offered three corresponding “warning indicators”: any sign that Mugabe’s health is in decline; indication of increased dissent or infighting within the ruling party, Zimbabwe African National Union – Patriotic Front (ZANU-PF); and public unrest. Read more »

IMF Managing Director Lagarde’s Visit a Boost for President Buhari

by John Campbell
Nigeria's President Muhammadu Buhari and International Monetary Fund (IMF) Managing Director Christine Lagarde attend a meeting in Abuja, Nigeria, January 5, 2016. (Reuters/Afolabi Sotunde)

President Muhammadu Buhari faces a serious economic crisis related to the plunge in the world price of oil, slow rates of economic growth, the prospect of rising American interest rates, a falling national currency, and declining government revenues. At the same time, he is working to restructure the economy away from undue dependence on oil by increasing infrastructure investment and vigorously pursuing an anti-corruption agenda demonstrated by the arrests of high-profile public figures. Read more »

Is the IMF Going to Save Ghana’s Troubled Economy?

by Guest Blogger for John Campbell
U.S. Secretary of State John Kerry (L) and President of Ghana John Dramani Mahama attend the Ghana Compact Signing Ceremony at the State Department in Washington, August 5, 2014. (Yuri Gripas/Courtesy Reuters)

This is a guest post by Cheryl Strauss Einhorn, a journalist and adjunct professor at the Columbia University Graduate School of Journalism

Long hailed as evidence of Africa’s growing political and economic stability, Ghana is suffering a reversal of fortune. One week ago as President John Mahama arrived in Washington for the U.S.-Africa Summit, his government finally admitted it needed urgent help to fix its faltering economy and contacted the International Monetary Fund for financial assistance. Read more »