The Editorial Team |

Emerging-Markets’ Prospects Bright, Even If Risks Never Far Away

LAGOS (Capital Markets in Africa) — For all the risks of a year-end cooling-off period, emerging-market backers can’t complain about the lie of the land right now. From the rollout of vaccination programs in some countries to rising commodity prices and the prospect of a breakthrough in U.S. stimulus talks, there are plenty of tailwinds to justify the buying spree that has sent gauges of developing-nation stocks, currencies and bonds to five straight weeks of…

Ghana Votes for President in Race Pitting Longtime Rivals

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ACCRA (Capital Markets in Africa) — Ghanaians voted Monday in a presidential election that’s expected to be tight, as the two front-runners face off for the third time. President Nana Akufo-Addo of the New Patriotic Party is seeking another four years at the helm of Africa’s top gold producer. His predecessor, John Mahama of the National Democratic Congress, aims to unseat him with a promise of mass infrastructure spending. The winner of Monday’s contest will…

Investec Exits Australia to Expand U.K., South African Units

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JOHANNESBURG (Capital Markets in Africa) — Investec Group is exiting Australia as the South African and U.K. specialist bank and wealth manager focuses on expanding existing operations. “We are winding down the business in Australia to focus on building scale and relevance in our core markets,” the London- and Johannesburg-based lender said by email. “This is in line with our stated strategy to bring clarity, simplicity, and focus to every aspect of Investec.” The company…

Abu Dhabi Wealth Fund Targets Africa, Renewables to Lift Returns

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LAGOS (Capital Markets in Africa) — Abu Dhabi’s top sovereign wealth fund is looking to Africa and renewable energy to generate greater returns while relying more on artificial intelligence to mine data and spot new investment opportunities. “With an abundance of natural resources and young, growing, and increasingly educated populations, African countries are among those offering the greatest potential for long-term investors,” said Abu Dhabi Investment AuthorityManaging Director Hamed bin Zayed Al Nahyan. “We already…

South Africa GDP Far From Pre-Covid Levels Even as Recession Ends

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JOHANNESBURG (Capital Markets in Africa) — South Africa’s economy may only get back to pre-Covid 19 levels by 2025 and remains vulnerable to a local resurgence of the pandemic, even after exiting its longest recession in 28 years. Gross domestic product expanded an annualized 66.1% in the three months through September from the previous quarter following a 51.7% decline in the second quarter, Statistics South Africa said Tuesday in the capital, Pretoria. That was more…

Moody’s downgrades Namibia’s ratings to Ba3, maintains negative outlook

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NAMIBIA (Capital Markets in Africa) – Moody’s Investors Service (“Moody’s”) downgraded the long-term issuer and senior unsecured ratings of the Government of Namibia to Ba3. The outlook remains negative. The downgrade reflects a further weakening in Namibia’s fiscal strength despite policy statements of plans to rein in the fiscal deficit. The debt burden is now markedly higher, it will continue to rise for the foreseeable future; debt affordability is weakening. The coronavirus shock continues to…

Moody’s changes outlook on Gabon’s rating to stable from positive, affirms Caa1 rating

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GABON (Capital Markets in Africa): Moody’s Investors Service (“Moody’s”) has today affirmed the Government of Gabon’s Caa1 long-term issuer ratings and changed the outlook to stable from positive. The rating on Gabon’s foreign currency senior unsecured debt has also been affirmed at Caa1. The key driver for the outlook change to stable is Gabon’s more limited institutional improvements than previously seemed possible, combined with rising liquidity pressures from the coronavirus crisis and associated oil price…

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