West Africa | - Part 25

Nigeria stock market deals fell 22 pct last month amid naira crisis

LAGOS (Capital Markets in Africa) – The value of trading on Nigeria’s stock market dropped by 22.3 percent to 74.1 billion naira ($236 mln) in February from a month before, the stock exchange said on Tuesday, as foreign investors kept to the sidelines. Nigeria is battling a currency crisis brought on by low prices for oil, its main export, and now operates multiple currency regimes dominated by central bank intervention, making it difficult to price…

Ghana central bank slashes benchmark interest rate

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ACCRA (Capital Markets in Africa) – Ghana’s central bank slashed its benchmark interest rate on Monday by two percentage points to 23.5 percent, noting signs inflation was trending downwards, in a move that may help spur lending and business activity. Ghana was for years one of Africa’s fastest-growing economies but growth slumped in 2014 due to falling commodities prices, high inflation, a big budget deficit and public debt. As inflation eases, the bank can lower…

USTDA Connects U.S. Industry To Power Ghana Solar Energy

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ACCRA (Capital Markets in Africa) – The U.S. Trade and Development Agency awarded a grant today to the Ghanaian company, Buipe Solar Limited, in support of a feasibility study for a 20 megawatt solar photovoltaic plant in northern Ghana. Ghana has tremendous solar energy potential, and this project will help the country capitalize on that potential. The solar plant will produce affordable energy while diversifying the country’s energy supply, making it more resilient. Buipe Solar…

Nigerian Senate Approves Sale of Extra $500 Million Eurobond

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LAGOS (Capital Markets in Africa) – Nigeria’s senate approved a plan on Wednesday for the issuance of an additional $500 million of Eurobonds after demand for the sale of $1 billion of debt securities in February exceeded supply. The West African nation wants to “take advantage of favorable market conditions,” the government said on its Twitter account. The proceeds from the sale will fund projects in last year’s budget, it said. Nigeria has sought other sources…

Ivory Coast to Sell First Eurobond Since 2015, Says Minister

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ABIDJAN (Capital Markets in Africa) – Ivory Coast will soon sell Eurobonds in the West African nation’s first issuance of international debt since 2015, said Finance Minister Adama Kone. The offering will start in the “coming days,” Kone said in comments after a cabinet meeting in the commercial capital, Abidjan. He declined to comment on the sale amount or maturity of the debt. The announcement comes as cocoa prices have fallen by more than a third…

Nigerian Banks Continue To Face Challenges Amidst Foreign Currency Shortage

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LAGOS (Capital Markets in Africa) – Fitch Ratings says Nigerian banks will continue to face challenges this year, following an extremely difficult 2016. Banks faced multiple threats from the operating environment in 2016, including Nigeria sliding into recession, the economy continuing to suffer from low oil prices and severe shortages of foreign currency (FC). Consequently banks struggled with declining operating profitability (excluding translation gains), sluggish credit growth, fast asset quality deterioration, tight FC liquidity and…

Nigeria’s government revenues fall in February due to lower oil prices

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ABUJA (Capital Markets in Africa) – Nigeria’s distributable government revenues fell to 429.127 billion naira in February from 465.19 billion naira in January due to lower oil prices and attempts to sabotage its oil pipelines, a government statement said on Tuesday. Distributable revenue is government income that is shared at various levels of state including the federal government, state governments and local government councils. Average oil prices fell to $44.74 from $49.57 per barrel in…

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