The Editorial Team |

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

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…

Nigeria Orders Mobile Subscribers to Link Phones to ID Numbers

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LAGOS (Capital Markets in Africa) — Nigeria’s telecommunications regulator ordered mobile-phone users to link their devices to their national identity numbers, raising the prospect of millions of lines being blocked. Subscribers have until Dec. 31 to comply with the requirement, the Nigerian Communications Commission said in a statement Tuesday on its website. Failure to do so will result in their phone lines being cut off in January, it said. Africa’s largest economy had about 196…

Johnson Appeal for Brexit Help Frustrated by Summit Deadlock

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LONDON (Capital Markets in Africa) — Prime Minister Boris Johnson’s last-ditch plea for European Union leaders to step in and salvage the bloc’s faltering trade negotiations with the U.K. was frustrated when summit talks overran on Thursday night, pushing Brexit to the fringes. The meeting of the EU’s 27 government chiefs in Brussels went through the night as they tussled over tough new climate targets. Leaders, including those crucial to the U.K. talks, like German…

Trump Says Morocco Joining Arab States Building Israeli Ties

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CASABLANCA (Capital Markets in Africa) — President Donald Trump said Morocco and Israel agreed to establish full diplomatic relations and that he was recognizing Morocco’s sovereignty over the disputed region of Western Sahara. The Western Sahara issue was long seen as a sticking point in getting Morocco to join with countries including the United Arab Emirates, Bahrain and Sudan in recognizing Israel. Taken with the earlier agreements, Thursday’s announcement helps bolster Trump’s efforts to reshape…

Next Profit Threat Faces Nigerian Banks Hanging Onto Clients

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LAGOS (Capital Markets in Africa) — It’s not just the pandemic that’s putting Nigerian bank earnings at risk: Competition for customers in the recession-hit economy is driving interest rates on loans lower. Mid-tier lender FCMB Group Plc is forecasting that first-quarter earnings will fall more than 20% as rates decline, pushing the Lagos-based bank to accelerate lending to compensate for the profit squeeze. Guaranty Trust Bank Plc, Nigeria’s biggest bank by market value, reported flat interest income for the…

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