Top stories around Africa this week

Living in denial. Nigeria’s government says its economy could still expand this year because of a bumper rice harvest, even as the International Monetary Fund forecast the first contraction in more than two decades.

Slowing Ghana. Ghana’s economic growth in 2016 will slow to the lowest rate in more than two decades as uncertainty over the resumption of oil and gas output at a key field weighs on the country’s prospects for next year, according to the International Monetary Fund.

You deserve better. Shoprite Holdings Ltd. doubled Chief Executive Officer Whitey Basson’s pay last fiscal year to 100.1 million rand ($7.4 million), thanks to a bonus from Africa’s largest food retailer for beating a profit-growth target.

Condition for rate cut. South African inflation forecasts would need to improve substantially for policy makers to start cutting interest rates, the Reserve Bank said.

Retreating cedi. Ghana’s currency retreated on Monday after government data showed the West African nation is overshooting key budget targets as it approaches elections in December.

Bad loans rising. Bad loans in Nigeria’s banking system soared to more than double the limit set by the regulator as the industry struggles with an economic downturn.