The Editorial Team |

Ghana Eyes $5 Billion With Virtual Bond Roadshow Next Week

ACCRA (Capital Markets in Africa) — Ghana will begin a roadshow next week to raise $5 billion from the international capital markets, as it seeks to close its 2021 budget financing gap. The nation wants to start marketing the debt to investors after Friday’s budget presentation, a Ministry of Finance official said by phone on Tuesday. The meetings would be held virtually due to coronavirus restrictions, said the official, who declined to be named because they are…

What’s the Best Covid Vaccine? Why It’s Not So Simple: QuickTake

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LAGOS (Capital Markets in Africa) — As scientists raced to develop Covid-19 vaccines, public health specialists were hoping that more than one group would succeed. Having multiple companies producing vaccines would make it easier to inoculate a lot of people fast. Be careful what you wish for. A range of vaccines with different efficacy results now has given rise to worries that some people may refuse the shot on offer in hopes of getting a…

Bitcoin Worth $38,000 Among U.S. Government Auction of Used Cars

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NEW YORK (Capital Markets in Africa) — Tucked away among the Ford, Dodge, and Chevy sedans, the 12,000-gallon storage container and the inoperable Caterpillar tractor being auctioned off by the U.S. government is an unusual item: 0.7501 of a Bitcoin. The U.S. General Services Administration typically uses its auctions to sell surplus federal equipment to the general public. With lot 4KQSCI21105001, which goes up for auction in a week, the government is offering an amount of Bitcoin worth…

Yellen Says Stimulus Unlikely to Cause Inflation Problem

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LAGOS (Capital Markets in Africa) — Treasury Secretary Janet Yellen dismissed fears that President Joe Biden’s $1.9 trillion pandemic-relief bills is so big that it will cause an inflation problem, as she seeks to push the recovery deeper into the U.S. labor market to address long-standing economic disparities. Yellen called the impact on women and minorities from Covid-19 “absolutely tragic.” She has repeatedly rejected concerns that Biden’s stimulus is excessive given the economy’s signs of…

Niger President Wins World’s Biggest Cash Prize for Leadership

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NIGER(Capital Markets in Africa) — Niger’s President Mahamadou Issoufou, who’s due to step down next month after serving two terms, was named the 2020 winner of the world’s largest leadership prize — a $5 million award made by Sudanese billionaire Mo Ibrahim’s foundation. Issoufou is the sixth winner of the Ibrahim Prize for Achievement in African Leadership since it was introduced in 2006 to promote good governance in the world’s poorest continent. Previous recipients include…

Rising Oil Prices Hold Mixed Blessings for African Currencies

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LAGOS (Capital Markets in Africa) — In a world of rising U.S. Treasury yields and a stronger dollar, higher oil prices can be a game-changer — for good or for bad. Oil exporters are the obvious beneficiaries: African crude producers including Angola, Ghana, and Nigeria had budgeted for an average price of around $40 per barrel for Brent crude in 2021, according to Rand Merchant Bank analysts. The price actually averaged closer to $60, providing…

Kenya Delays Plan to Sell Road Bonds Backed by Fuel Levy

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NAIROBI (Capital Markets in Africa) — Kenya has postponed plans to raise funds for road-building through selling bonds backed by a fuel levy, citing the need to complete ongoing works before starting new projects. The government planned to raise 30 billion shillings ($274 million) in the fiscal year ending June, by issuing debt that would be repaid through a road maintenance tax on every liter of gasoline and diesel. The securities may still be issued…

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