The Editorial Team |

SEFA supports 72MW Solar PV power project in Cameroon

The Sustainable Energy Fund for Africa (SEFA) approved at the end of 2014 a USD 777,000 preparation grant for JCM Greenquest Solar Corporation to support the development of a 72 MW Solar Photovoltaic (PV) power plant as the first renewable energy Independent Power Producer (IPP) in Cameroon. The SEFA grant will finance environmental and social impact assessments and the cost related to the technical, legal and financial advisory services. Despite Cameroon’s abundant resource potential and…

AfricInvest exits stake UAP Holdings Kenya

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AfricInvest, a leading pan-African SME-focused private equity firm, is pleased to announce that its AfricInvest Fund II (“AFII”) and AfricInvest Financial Sector (“AFS”) Fund, along with two other investors, Aureos Africa Fund (managed by Abraaj) and Swedfund, entered into an agreement to sell their 37.3% collective stake in UAP Holdings Limited (“UAP”) to Old Mutual Holdings, a wholly-owned subsidiary of Old Mutual plc (“Old Mutual”) for KES 14.2 billion (approximately USD155.5 million). Old Mutual had…

Financial Reforms: South Africa’s Twin-Peaks Regulation

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The South African banking sector is a very well regulated sector. This factor is a key contributor to the ability of the sector to withstand the financial crisis precipitated in the USA and spreading to Europe in 2008. Other factors contributing to this are the responsible and conservative business models adopted by SA banks and their relatively risk-averse nature. The Global Competitive Report rates the SA banking sector as the second most stable banking sector…

Chinese yuan penetrates African markets: Could it be the next global reserve currency?

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In March this year Zimbabwe joined a growing list of countries in Africa and the world using the Chinese currency, yuan, also known as remnibi (RMB), as one of its official currencies after its central bank added the RMB, the Japanese yen, the Australia dollar and the Indian rupee to the existing basket of currencies. Zimbabwe abandoned its currency in 2009 when it was rendered worthless by excessive inflation. Since then, it has been using…

IMF reduces emerging economies growth to 4.3% in 2015

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Economic growth reduced to 4.3% in 2015, downside risks persistThe International Monetary Fund reduced its projection for growth in emerging markets and developing economies to 4.3% in 2015 from an October forecast of 4.9%. It attributed the revision to lower growth in China and its negative impact on Emerging Asia, a much weaker economic outlook for Russia and its spill over on Commonwealth of Independent States (CIS), and to lower potential growth in commodity exporters….

Cenpower announces project financing for construction of IPP

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Following the fulfilment of the conditions precedent to its debt financing agreements, Cenpower Generation Company Limited (Cenpower) announced the financial close of the circa USD900 million project financing required for the construction and development of the Kpone Independent Power Project (KIPP) on 23 December 2014. KIPP is a 350MW combined cycle multi-fuel power station to be located near Tema, Ghana. Once construction is complete, it is expected to be the largest IPP in the country which will account…

2015 Sub-Saharan Africa’s Equity Market Outlook

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Equity Market overview In 2014, Sub Saharan African (SSA) equity market performance was mixed. The East African markets generally performed well, led by Tanzania (+22.7%), Uganda (+14.1%) and Kenya (+13.3%). Rwanda declined by 4.5%. Similarly, most markets were up in Southern Africa, with the exception of Zimbabwe which declined 19.5%. In West Africa, Nigeria and Ghana performed poorly in 2014. The Ghanaian equity market was up in local currency but declined 31.9% on currency devaluation….

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