The Editorial Team |

CFA franc peg to Euro sustainable

Standard Chartered Bank considered that a devaluation of the West African CFA franc and the Central African CFA franc, which are both pegged to the Euro, is not likely in the near term. The CFA franc is the common currency of the West African Economic & Monetary Union and the Central African Economic & Monetary Community. First, it anticipated that the depreciation of the Euro against the US dollar would benefit the CFA franc zones…

African Market Watch: Friday, 27th February 2015

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Egypt: The Egyptian market was closed today. Ghana: Trading activity remained high with impressive volume and turnover being recorded at today. At the close of trading fourteen equities had their shares being traded in with total volume of 87,531 shares with market capitalization valued at GHC63.6bn. Likewise, the indices returned to positive, the benchmark Composite Index went up 15.4pts to close at 2,177.95pts; this brings its year-to-date change to -3.67%. Similarly, the Financial Index also rose…

Egypt could raise up to $2 bln in Eurobond issue

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LONDON (Reuters) – Egypt could raise as much as $2 billion through a Eurobond this year and expects economic growth of close to 7 percent in three years’ time, Finance Minister Hany Kadry Dimian said on Friday. The Arab world’s most populous country is in the process of rebuilding its battered finances after the uprising that toppled Hosni Mubarak four years ago hit the country’s economy, discouraging investors and tourists, and slashing growth. “I am…

African Market Watch: Thurs, 26th February 2015

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Egypt: Egyptian stocks fell to the lowest level in more than five weeks on the back of intensive profit taking operations. The benchmark index EGX30 lost 1.43% to close at 9334pts. The index resumed its sharp decline for the second session in row to hit its lowest level since the middle of last January. The EGX70, which measures small and mid-cap stocks, went down 0.88% to close at 558pts and the broader index lost 0.86% at…

LeapFrog invests US$25mn in AFB Mauritius Limited

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LeapFrog Investments is investing US$25m in AFB Mauritius Limited (“afb”). afb is a disruptive financial technology platform that offers life-changing financial tools to financially-excluded consumers and small businesses in sub-Saharan Africa. afb partners with mobile operators and retailers to reach this vast, untapped market. • afb is growing rapidly, and already reaches some one million people in sub-Saharan Africa; this investment will accelerate the impact of the business across the region. This is LeapFrog’s fourth…

Ghana govt, IMF agrees on $940milion support reform plan

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The loan, which could receive final approval in early April, would back a program aimed at boosting economic growth and tightening fiscal discipline. Ghana would implement its reform program under a three-year Extended Credit Facility arrangement from the IMF, which is still subject to approval by the IMF’s management and Executive Board. One of the priorities of Ghana’s program is to restore debt sustainability through a sustained fiscal consolidation. Offshore oil production came on stream…

Drop in oil prices to impact Angolan public finances

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Business Monitor International (BMI) projected real GDP growth in Angola to decelerate from 4.1% in 2014 to 3.8% in 2015, assuming an average global oil price of $55 per barrel. It said that the non-oil economy has been the main engine of activity in recent years, but most of the growth has been indirectly underpinned by oil revenues channelled through government spending. As such, it expected cuts in government spending on the back of lower…

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