According to the World Bank, there are currently 34 African countries on the Heavily Indebted Poor Countries (HIPC) list. The HIPC list is a joint initiative of the World Bank and the International Monetary Fund (IMF) launched in 1996 and aimed at ensuring that no developing country ever faces a debt burden that it cannot manage. Both financial organisations collaborate with the governments of impoverished nations to lower their external debts to sustainable levels. 

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

Below is the Weekly Economic Index from Ventures Africa for the week ending the 12th of August, 2022. 

Stock markets

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


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

Top 5 Gainers

Ikeja Hotel PLC – + 30.93

Multiverse Mining and Exploration PLC – + 29.79

NEM Insurance PLC – + 29.71

Courteville Business Solutions PLC – + 19.15

Chams Holding Company PLC – + 12.00

Top 5 Decliners

Cutix PLC – -14.58

Caverton Offshore Support Group PLC – -10.26

BUA Cement PLC – -9.95

Industrial & Medical Gases Nigeria PLC – -9.84

Stanbic IBTC Holdings PLC – -9.68


The EGX Share Index closed at 9,988.84 basis points, representing a – 0.94 % loss from the previous week. 

Top 5 Gainers

RUBEX International for Plastic and  Acrylic  Manufacturing +17.78%

Sharm Dreams for Tourist Investment +15.68%

Egytrans +14.29%

Lecico Egypt +14.15%

Mansoura Poultry +13.39% 

Top 5 Decliners

Sabaa International Company for Pharmaceutical and Chemical – -15.13%

Beltone Financial Holding – -6.67%

Speed Medical – -6.67%

Orascom Investment Holding – -5.26%

Orascom Financial Holding – -5.26%


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

Top 5 Gainers 

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 Decliners 

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%

  • Kenya

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

Top 5 Gainers

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 Decliners

NCBA Group Plc – -4.73%  

Equity Group Holdings  – -2.42%

Liberty Kenya Holdings Plc – -2.28%

HF Group – -2.23%

Safaricom – -2.04%

Currency markets

Here’s how these countries’ currencies performed against the US dollar at the close of the week:

  • The Nigerian naira started the week at 416.01 NGN/$1  to closed at 419.22 NGN/$1.
  • The Egyptian pound started the week at 19.17 EGP/$1 and closed at 19.14 EGP/$1.
  • The South African Rand started the week at 16.61 ZAR/$1 and closed at 16.22 ZAR/$1.
  • The Kenyan shilling started the week at 119.21 KES/$1 and closed at 119.45 KES/$1.

Oil price

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

Crypto markets

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


  • Bitcoin gained 6.31 per cent over the week to $24,521.35 as of 1:39 PM WAT on Sunday.
  • Ethereum dropped 17.04 per cent to $1,985.88 as of report time.
  • Binance Coin gained 2.81 per cent to $326.27 as of report time.

Tech funding

  • TeamApt, a fintech that provides business payments and banking platforms, has raised over $50 million in pre-series C funding to expand its credit services, move into new markets, and spread financial happiness by digitizing Africa’s economy.
  • DataProphet, a South African startup that provides AI-as-a-service software in the manufacturing sector, has announced the completion of its $10 million Series A round.
  • Egypt-based marketing platform, Convertedin, has raised a $3 million seed round, to launch operations in Brazil while expanding its presence in Egypt and Saudi Arabia.

From the experts

Matthew Ozah, a freelance columnist explained that there is nothing as frustrating as living in abject poverty amid riches. “The time has come to go beyond the rhetoric of conferences, seminars, and propaganda of various African leaders that poverty and unemployment in the continent particularly their countries are sustained by monies they borrow from developed countries, International Monetary Fund (IMF) and World Bank. It is obvious that even if the African economy grows at a higher percentage, the continent cannot make any meaningful progress especially in competing with the rest of the world if it continues to borrow to finance its annual budgets,” he said.

Elsewhere on Ventures

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