The Editorial Team |

‘Biden Republican’ Districts Show GOP a Path to Blue-State Wins

NEW YORK(Capital Markets in Africa) — Republicans won four House races in California in congressional districts carried at the presidential level by Joe Biden, according to a Bloomberg Government analysis of precinct-level results. The split-ticket victories last month, which have become relatively rare in recent elections, allowed the GOP to claw back some of its sharp losses from 2018. Three of the seats were held by a Democrat, and the fourth Republicans first won in…

U.S. to Loan World Bank $1 Billion to Clear Sudan Debt (Correct)

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SUDAN (Capital Markets in Africa) — The U.S. will give a $1 billion bridge loan to the World Bank to help clear Sudan’s arrears with the institution, opening the door to much-needed funding for the economically ravaged African country, Sudan’s finance ministry said. The move is due “in the coming days” and will lead to Sudan regaining access to the World Bank’s International Development Association, the ministry said in statements to Bloomberg. The comments come…

Morocco Holds Rates Again as It Awaits Economic Revival

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CASABLANCA (Capital Markets in Africa) — Morocco held its benchmark interest rate at an all-time low of 1.5%, awaiting signs the economy is recovering from the pandemic. The move by the central bank Tuesday was expected after the North African nation signaled it may dial back a recent borrowing spree, freeing up liquidity in the domestic debt market and blunting the need for an immediate cut. It’s the second consecutive hold after a record easing…

Yield Jump Risks Sale Spree for Nigerian Firms Lapping Up Funds

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LAGOS (Capital Markets in Africa) — Rising yields in Nigeria may curb companies’ enthusiasm for issuing short-term debt after a year of record sales. An increase in government borrowing costs may hit a funding source that’s allowed companies in Africa’s biggest oil producer to boost working capital and refinance costly loans amid an economic downturn. The yield on naira-denominated 1-year Treasury bills rose to 3.2% last week in anticipation that monetary-policy stimulus has approached its limits. That’s…

Egypt Approaches Banks on 2021 Eurobond Sale of Up to $7 Billion

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CAIRO (Capital Markets in Africa) — Egypt has approached investment banks to advise on a plan to raise as much as $7 billion from international debt markets in the first half of next year, according to people familiar with the matter. The so-called request for proposal is being sent to banks, said the people, who asked not to be identified because the matter is confidential. The offering could include the dollar and euro-denominated bonds. Officials…

Ghana GDP Contracts For a Second Quarter as Industry Stalls

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ACCRA (Capital Markets in Africa) — Ghana’s economy contracted for a second straight quarter in the three months through September, even as the government eased restrictions imposed to curb the spread of the coronavirus pandemic. Gross domestic product declined 1.1% in the third quarter from a year earlier, government statistician Samuel Kobina Annim told reporters Wednesday in the capital, Accra. That compares with a contraction of 3.2% in the second quarter. The data may put…

Zimbabwe Central Bank to Sell Gold Unit Stake to Lift Compliance

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HARARE (Capital Markets in Africa) — Zimbabwe’s central bank plans to sell a majority stake in the southern African nation’s sole gold-buying firm in a bid to boost compliance with the trading of the precious metal. Fidelity Printers and Refiners will be split in two, with 60% of its gold-refining business sold to private investors, the Reserve Bank of Zimbabwe said in an emailed statement. The central bank would retain a 40% stake, plus full ownership of…

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