Author: The Editorial Team

HARARE (Capital Markets in Africa) — Zimbabwean President Emmerson Mnangagwa accused his deputy of plotting against him in a heated exchange, highlighting a rift between the nation’s two most powerful men as the economy implodes. At a meeting of the ruling Zimbabwe African National Union-Patriotic Front’s politburo last week, Mnangagwa shouted at Vice President Constantino Chiwenga, according to two people familiar with the situation. They asked not to be identified because the quarrel hasn’t been publicly…

LAGOS (Capital Markets in Africa) — Emerging-market stocks and currencies are within touching distance of erasing their pandemic-fueled losses of 2020. Too bad the virus is still running riot, economies are shrinking and central banks are getting low on firepower. In fact, the backdrop is so grim that investors may soon start to take the view that prices are starting to defy gravity. After falling more than 30% by March, developing-nation stocks as measured by…

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…