Moody’s: Senegal’s credit profile balances economic and political stability

Moody’s: Senegal’s credit profile balances economic and political stability

DAKAR (Capital Markets in Africa) –  Moody’s Investors Service (“Moody’s”) said in a report today, the Government of Senegal’s (Ba3 stable) credit profile is supported by its record of macroeconomic and political stability and policy aimed at improving economic governance and infrastructure. High government debt represents the country’s main source of credit challenges. The annual update, “Government of Senegal — Ba3 Stable, Annual credit analysis”, is now available on www.moodys.com. Moody’s subscribers can access this…

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IMF Sees `Subdued’ Growth Outlook for Sub-Saharan Africa

IMF Sees `Subdued’ Growth Outlook for Sub-Saharan Africa

LAGOS (Capital Markets in Africa) – Sub-Saharan Africa’s economic growth outlook is “subdued” as the region’s oil producers delay policy adjustments needed to trigger and sustain expansion momentum, the International Monetary Fund said. The area’s gross domestic product will probably expand 2.6 percent this year from 1.4 percent in 2016, the IMF said in an emailed copy of its Regional Economic Outlook. The modest recovery from the worst performance in more than two decades last year will…

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Senegal to issue Eurobond in April, Finance Minister Says

Senegal to issue Eurobond in April, Finance Minister Says

ABIDJAN (Capital Markets in Africa) – Senegal will issue a Eurobond this month in order to finance a series of infrastructure and power production projects that it hopes will push economic growth above 7 percent from next year, Finance Minister Amadou Ba said on Friday. Ba declined to give the amount of the issuance or its maturity. The West African nation is rated B1 by Moody’s and B+ by Standard & Poor’s. “I think that the…

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Francophone Africa: Reality and Opportunities in Real Estate

Francophone Africa: Reality and Opportunities in Real Estate

ABIDJAN (Capital Markets in Africa) – Africa and its potential have been on every investor’s lips for some time now. This interest is especially relevant when strong trends are emerging across cities of Africa, whether French, English or Portuguese-speaking, including an emerging middle class and rapid urbanization. Early 2000, commodities-driven economies with impressive growth rates such as Nigeria and Angola were the first targets of international investors. However, with the recent fall in commodities price,…

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West African CFA franc zone to see strong growth, increased risks, Says IMF

West African CFA franc zone to see strong growth, increased risks, Says IMF

ABIDJAN (Capital Markets in Africa) – Countries in the West African Economic and Monetary Union (WAEMU) are on track to see medium-term economic growth of about 6 percent after recording 6.5 percent growth last year, the International Monetary Fund (IMF) said on Thursday. However, the eight-nation currency zone is “subject to significant downside risks”, including global uncertainties, sluggish structural reforms and falling cocoa prices, it said in a statement. Member countries using the West African…

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Economic Boom Fuels Flurry of IPOs in Sleepy West African Bourse, Says CEO

Economic Boom Fuels Flurry of IPOs in Sleepy West African Bourse, Says CEO

ABIDJAN (Capital Markets in Africa) – West Africa’s regional bourse aims to lure investors and increase the number of listings by more than a third in the next four years as some of the world’s fastest economic growth rates boost demand for capital. The Abidjan-based Bourse Regionale des Valeurs Mobilieres, or BRVM, is targeting 16 new listings by 2020 in the telecommunications, finance, agribusiness, civil engineering and mines and energy industries, Chief Executive Officer Edoh Kossi…

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Woodside takes $US350 million stake in Senegal offshore oil deal

Woodside takes $US350 million stake in Senegal offshore oil deal

DAKAR (Capital Markets in Africa) – Woodside Energy has secured a 35 percent stake in three oil and gas tenements off West Africa after buying ConocoPhillips Senegal BV for $350 million. Woodside CEO Peter Coleman said in a statement on Saturday Woodside would be working with partners to commercialise the promising SNE and FAN deep-water oil discoveries off the coast of Senegal. “We look forward to working with the Government of Senegal and joint venture…

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