The Editorial Team |

Angola Eurobonds Fall Most in Three Weeks on IMF Lending Concern

LUANDA (Capital Markets in Africa) — Angola’s Eurobonds fell the most in three weeks as a postponed International Monetary Fund meeting raised concern that the southern African nation may face obstacles to obtaining a bigger loan from the institution. The IMF executive board meeting, which had been scheduled for Thursday, was delayed to give the fund more time to work with Angolan authorities, a spokesperson for the Washington-based organization said, without providing more details. The…

S&P Holds DR Congo Rating at CCC+, Lowers Outlook to Stable

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DR CONGO (Capital Markets in Africa) — S&P Global Ratings held Democratic Republic of Congo’s long-term foreign-currency debt rating at CCC+ and lowered its outlook to stable from positive amid the fallout from the coronavirus pandemic. Emergency foreign assistance should help balance out the worst effects of the virus on Congo’s economy, which could rebound if copper and cobalt demand and production increase as expected, the ratings agency said Friday on its website. “DRC’s economic…

South African Lockdown Tax Loss Exceeds Value of Two Virus Loans

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JOHANNESBURG (Capital Markets in Africa) — South Africa lost more in tax revenue in the first three-and-half months of its fiscal year than it borrowed from the International Monetary Fund and the African Development Bank combined. A lockdown that initially shuttered almost all economic activity led to an under-recovery of 82 billion rand ($4.8 billion) for the fiscal year through July 15, South African Revenue Service Commissioner Edward Kieswetter said Friday in an interview. Lockdown rules and allowances to…

South Africa’s Long Road Back From Meltdown

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JOHANNESBURG (Capital Markets in Africa) — Even before the pandemic struck, South Africa was in a parlous state. Jacob Zuma’s disastrous nine-year rule left a toxic legacy of endemic graft, soaring government debt, and evaporating investor confidence. President Cyril Ramaphosa has made only stuttering progress since he succeeded Zuma in 2018, replacing some inept and corrupt officials, but has struggled to ignite economic growth or tackle rampant unemployment. The arrival of Covid-19 has compounded South…

South African Factory Activity Stabilizes After Lockdown Slump

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JOHANNESBURG (Capital Markets in Africa) — An index measuring South African manufacturing sentiment pulled back in July as activity levels in the sector stabilize. Absa Group Ltd.’s Purchasing Managers’ Index, compiled by the Bureau for Economic Research, fell to 51.2 from 53.9 in June, the Johannesburg-based lender said Monday in an emailed statement. The median estimate of six economists in a Bloomberg survey was 52.8. The July reading is the first time since the start…

Ethiopia Starts Covid Test Campaign; Cases Spike After Protests

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ADDIS ABABA (Capital Markets in Africa) — Days of protests and violence in Ethiopia following the assassination of a prominent musician in June likely caused a spike in coronavirus cases, prompting the government to start a month-long testing campaign. The government plans to carry out 400,000 tests in the next month. Ethiopia has done close to 430,000 tests since the first case was reported in the country in mid-March. “Following the conflicts and protests of…

Dollar Rebound Signals Rocky Road Ahead for South Africa’s Rand

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JOHANNESBURG (Capital Markets in Africa) — With the dollar heading into what is traditionally its best month of the year, the outlook for South Africa’s rand has taken a turn for the worse. The world’s second-most volatile currency has weakened during August in four of the past five years, for an average decline of 5.3%, according to data compiled by Bloomberg. The dollar, by contrast, has gained on average 0.4% in August against a basket…

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