The Editorial Team |

Shares used by many wealthy Zimbabweans as an inflation hedge

HARARE (Capital Markets in Africa) — When Zimbabwe suspended trading on its stock exchange last week, James Hove was left with no access to the funds he needs to conduct his business. Like many wealthy Zimbabweans, Hove invests in the local stock market. Not for the value, he sees in the companies whose stocks trade on it, but as a hedge against surging consumer prices while annual inflation is running at 786%, the benchmark Zimbabwe…

Nigerian Presidency Summons Anti-Graft Chief Over Asset Sales

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LAGOS (Capital Markets in Africa) — Nigeria’s presidency summoned the head of the nation’s anti-corruption body to discuss the sale of seized assets. Economic and Financial Crimes Commission acting Chairman Ibrahim Magu attended the meeting after receiving an invitation from a presidential panel while en route to another meeting, the agency said Monday in an emailed statement. It denied a report by the online newspaper The Cable that Magu had been arrested. “The EFCC’s boss…

Angola’s Isabel Dos Santos Says Will Cooperate With Authorities

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LUANDA (Capital Markets in Africa) — Isabel dos Santos, who is accused of causing billions of dollars in losses to the Angolan government during her father’s 38-year rule, said she is available to cooperate with authorities to clear her name and find out the truth. “What I want to resolve as quickly as possible are the attacks on my reputation and my good name,” Dos Santos said in an emailed statement on Monday. “I’m available,…

Ghana’s Finance Chief Warns Years of Discipline Undone by Virus

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ACCRA (Capital Markets in Africa) — Ghana’s budget deficit for 2020 will swell to more than double the legal limit because of the impact of the coronavirus on the economy, undoing years of fiscal consolidation that was supposed to mark the end of persistent financial bailouts. The fiscal gap is forecast to widen beyond 10% of gross domestic product from an adjusted outlook in March of 7.8% of GDP, Finance Minister Ken Ofori-Atta said in…

INTO AFRICA May-June 2020 Edition – COVID-19 Pandemic: Africa’s Share

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LAGOS (Capital Markets in Africa) – Welcome to the May/June 2020 edition of INTO AFRICA, a publication written by the professionals, for professionals, investors, policymakers … We Advance and provide fresh insights into Africa’s emerging markets through renowned thought leadership and peer-to-peer knowledge sharing. This edition is titled: COVID-19 Pandemic: Africa’s Share. The Coronavirus disease 2019 (COVID-19), caused by SARS-CoV-2 was declared a pandemic by the World Health Organization (WHO) on March 11, 2020. The disease that…

Commodities Outlook: Oil Price average $40 p/b in 2020

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LAGOS (Capital Markets in Africa) – ICE Brent crude oil front-month prices averaged $42.2 p/b in the first half of 2020, constituting a drop of 32.2% from an average of $62.3 p/b in the second half of 2019. The decline in prices was due to the spread of the coronavirus that led to the enforcement of lockdown measures worldwide, which reduced global demand for oil. Also, prices averaged $33.5 p/b in the second quarter of…

Africa: Limited impact of debt relief from China

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LAGOS (Capital Markets in Africa) – Standard Chartered Bank indicated that Sub-Saharan African(SSA) countries will benefit from debt-service relief from China under the G-20 Debt Service Suspension Initiative. It expected the agreement to suspend the repayment of bilateral loans for low-income economies until the end of 2020. It considered that Angola, Zambia, Uganda, and Kenya will benefit the most from the suspension of debt payments to China, as they owe a large position of their…

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