The Editorial Team |

Egyptian investors turn to courts to abolish tax on capital gains, dividends

CAIRO (Reuters) – Egyptian investors challenged the government in court on Tuesday over a tax on stock dividends and capital gains, saying it is causing confusion and hampering investment. Traders say the market still doesn’t understand how the tax will be calculated or collected, adding to uncertainty aroused by an indefinite delay to parliamentary elections. The stock market hit a four-month low in early trade. The head of the Egyptian stock exchange complained the tax…

Ethiopia predicts record $1.5B foreign direct investment in 2015

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Addis Ababa, Ethiopia (Capital Markets in Africa):- Foreign direct investment into Ethiopia will reach a record $1.5bn this year, on the back of successful efforts by the fast-growing and populous African country to attract overseas manufacturing companies. Only seven years ago, the country with a population of 94m drew only $108.5m in inward investments from overseas. But it has been growing at double-digit rates, thanks to increased relocation of factories, attracted by low wages, cheap…

Zimbabwe beats Q1 tax target but company tax, mining royalties fall

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HARARE (Reuters) – Zimbabwe’s tax collections were five percent above target at $897 million during the first quarter of this year but revenue from companies and mining royalties fell, the head of the national tax agency said on Sunday. Zimbabwe finances its entire budget from taxes because lenders like the International Monetary Fund (IMF) and World Bank have said they will only resume lending to the country once it clears its debts with the global…

Africa to add more to workforce in 2035 than world combined

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Growth in SSA should remain robust but decelerate in the wake of the decline in oil and commodity prices. This is according to the IMF’s latest Regional Economic Outlook for sub-Saharan Africa which projects that the region’s economy is set to register another year of solid performance, by expanding at 4.5% in 2015. While this rate will be at the lower end of the range experienced over the last few years, SSA will remain among…

Tanzania revives plans to float its debut USD 700m Eurobond to fund key projects

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Tanzania has revived its plan to float a debut TZS 1.1tn (USD 700m) Eurobond to fund infrastructure projects, especially in the gas sector. This is despite several failed attempts since 2008. The East African reports that the Ministry of Finance and Economic Affairs, during the financial year 2013/14, awarded ratings agency tenders to Fitch, Standard & Poors and Moodys. However, the companies declined the offer on the grounds that they were not ready to work…

Nigerian central bank orders lenders to get tough with bad debtors

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LAGOS (Reuters) – Nigeria’s central bank ordered banks on Friday to crack down on borrowers with non-performing loans (NPLs) in a move aimed at avoiding a repeat of a 2009 industry bailout that cost the government $4 billion. A sharp drop in the global price of oil, Nigeria’s main export, has triggered a currency crisis in Africa’s largest economy and strained government’s finances, while also harming the cash flow of some companies with foreign currency…

IMF sees Mali economic growth at 5 percent in 2015

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BAMAKO (Reuters) – Mali’s economy is expected to grow 5 percent in 2015, slowing from a 7 percent expansion in 2014, the International Monetary Fund said on Friday, following a meeting with leaders of the West African country. Inflation in Mali, one of the world’s poorest countries whose economy is largely dependent on agriculture and gold-producing, was expected to remain below the region’s 3 percent target, the fund said.”In 2014, Mali’s economy returned to strong…

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