The Editorial Team |

Ghana Stocks May Snap Losing Run With Banks, Oil in Demand

ACCRA (Capital Markets in Africa) — Ghana’s stocks may snap three years of declines in 2021 as an improving economy and a more stable cedi attract foreign investors, according to Ecobank Development Corp., which expects local bank and oil-company shares to be in demand. The benchmark Ghana Stock Exchange Composite Index of 31 shares is set to gain as much as 15% this year, Nene Lomo Nartey, head of trading and sales at EDC, said in…

Mauritius Investment Corp. to Lend $415 Million in Covid Support

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PORT LOUIS (Capital Markets in Africa) — Mauritius Investment Corp., a central bank unit set up to help the Indian Ocean island economy weather the coronavirus crisis, has approved 16.5 billion rupees ($415 million) of financing to companies so far. In May 2020, the central bank formed MIC — which has access to as much as $2 billion of the nation’s international reserves — as part of relief measures for companies hurt by the Covid-19…

Standard Bank Keen to Raise Angolan Stake After Partner Jailed

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LUANDA (Capital Markets in Africa) — Standard Bank Group Ltd. is interested in buying shares it doesn’t already own in its Angolan unit after an investor in the business was detained and his shares seized by authorities. “Over the last two years we have increased our stake in our subsidiaries in Kenya and in Nigeria,” Sola David-Borha, the chief executive officer of Johannesburg-based Standard Bank’s African division, said in a video call. “If the opportunity arises…

Ethiopian Eurobond Yields Surge as Fitch Sees Default Risk

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ADDIS ABABA (Capital Markets in Africa) — Ethiopia’s Eurobonds slumped, sending yields to their highest levels in more than eight months after Fitch Ratings said the nation’s decision to seek debt relief raised the risk of default. The yield on $1 billion of notes due in December 2024 jumped 68 basis points to 9.16% by the close in London on Tuesday. Fitch downgraded the Horn of Africa nation’s long-term foreign currency debt rating by one…

AstraZeneca Study Lead Tells South Africa Not to Be Reckless

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JOHANNESBURG (Capital Markets in Africa) — The lead researcher of the South African trial of AstraZeneca Plc’s coronavirus vaccine urged authorities in the country to continue using the shot to cut death and hospitalization rates and the chance of further virus mutations. Early data of a small phase trial published Sunday showed that AstraZeneca’s vaccine has limited efficacy against mild disease caused by the B.1.351 variant that’s now dominant in South Africa, prompting the government…

Hedge Funds Enter Credit Suisse Bribery Fight With Mozambique

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LAGOS (Capital Markets in Africa) — Hedge funds VR Capital Group Ltd. and Farallon Capital Partners LP have filed lawsuits against both Credit Suisse Group AG and the government of Mozambique over a $2 billion debt scandal. VR Capital, which is led by Richard Deitz, and Farallon are suing the investment bank in London over its involvement in arranging loans for a series of unsuccessful maritime projects in the southern African country, according to a legal…

Meet Nigerian Corruption Cop Lagarde Expects Will ‘Rock’ WTO

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LAGOS (Capital Markets in Africa) — The incoming chief of the World Trade Organization has a reputation for shaking up the guardians of wealth and power that will come in handy in her new role. During Ngozi Okonjo-Iweala’s effort to root out corruption during her first stint as Nigeria’s finance minister, opponents of her plans nicknamed her “Okonjo Wahala” — “Okonjo the trouble maker.” The 66-year-old development economist embraces the moniker and true to form, trouble was…

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