Stanchart Plans Kenya Business Sentiment Indicator
(AllAfrica Via Acquire Media NewsEdge) London-based lender Standard Chartered has said it will publish a Business Sentiment Indicator for Kenya, Nigeria and Ghana to provide insights to business conditions in the countries.
It will survey companies, with the economic analysis set to focus on interest rate fluctuations, employment rates, production efficiencies and export trends.
The survey will be published later this year and released early in 2015, it said. StanChart said the volume of economic data available in sub-Saharan Africa economies remains low compared to international markets, with official statistics often being out of date.
"This creates a challenge for decision-makers in both the private sector and governments. A lack of reliable market statistics leads to uncertainty, adds to the cost of doing business and can impact the formulation of policies, business investment and expansion strategies," it said in a statement.
The indicator for each of the countries will seek to address gaps for credible data to inform investments.
"Data quality in most sub-Saharan African economies is weak. In many instances, the official data are too out of date to tell us much that is useful," wrote Razia Khan, the bank's regional head of research for Africa.
"The lack of data complicates decision-making for both the private sector and governments. It reduces certainty, adds to the cost of doing business and can delay the formulation of much-needed policy."
StanChart said trends generated from the content of its indicators will benefit governments, central banks, companies, investors, analysts and economists in their understanding of how Africa is growing.
Copyright The Star. Distributed by AllAfrica Global Media (allAfrica.com).
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