The Editorial Team |

Rewane, Akeredolu, and the Cannabis Economy [opinion]

LAGOS (Capital Markets in Africa) — According to the Minister of Finance, Nigeria will experience a further economic recession due to the COVID-19 pandemic. It goes without saying that the economy has been adversely affected by the collapse of oil prices and demand coupled with the partial lockdown implemented to curb coronavirus spread. The economic impact of the virus worldwide is expected to far outweigh the medical impact. For example, in the US, the virus…

Why There’s a Looming Debt Crisis in Emerging Markets: QuickTake

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LAGOS (Capital Markets in Africa) — Solvency concerns in the developing world are nothing new. But as governments stare down the humanitarian and economic shocks of the coronavirus pandemic, some emerging markets with weak financial positions are at greater risk of defaulting on their debts. More than 100 nations have asked the International Monetary Fund for help, and the Institute of International Finance is coordinating an effort to offer some relief to the poorest countries….

Burundi Ruling Party Candidate Wins Vote Rejected by Rival

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BURUNDI (Capital Markets in Africa) — Burundian ruling party candidate Evariste Ndayishimiye won the nation’s presidential election, which was marred by violence and health concerns because of the coronavirus outbreak. The outcome was immediately rejected by the opposition. Ndayishimiye won with 68.7% of the ballots cast on May 20, according to the Independent National Electoral Commission. His main rival, Agathon Rwasa, got 24.2%, the commission announced on Monday. Rwasa’s National Freedom Council rejected the results, alleging…

‘Crusader’s Nightmare’ or Not, Virus Threatens African Security

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LAGOS (Capital Markets in Africa) — To hear jihadist militants tell it, the coronavirus is an opportunity not to be missed. With governments worldwide focused on the crisis, Islamist groups insist the time is ripe for increased attacks, and they say their followers are getting the message, especially in fragile African countries. Islamic State has dubbed the outbreak “the crusader’s worst nightmare,” urging adherents to take up arms. The leader of Nigeria’s Boko Haram terrorist…

Absa Warning Casts Doubt on S. African Banks’ 2020 Dividends

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JOHANNESBURG (Capital Markets in Africa) — Absa Group’s warning that it may scrap its dividend for 2020 is unlikely to be the last from South African banks hard hit by the fallout from the coronavirus pandemic. “Banks won’t have certainty on their capital and liquidity positions until later in the year,” Nolwandle Mthombeni, an analyst at Mergence Investment Managers in Cape Town, said by phone. “So they might take a prudent approach.” While South Africa’s four…

South Africa’s Development Bank Seeks Loans to Plug Funding Gap

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JOHANNESBURG (Capital Markets in Africa) — Development Bank of Southern Africa is in talks with multilateral lenders and commercial banks to help plug a funding gap as disruptions in debt capital markets hinder its ability to sell bonds. The bank needs the extra financing to keep disbursing loans as demand jumps from countries trying to cope with the fallout from the coronavirus pandemic, DBSA Chief Executive Officer Patrick Dlamini said on a video call. Potential lenders include…

Kenya’s Biggest Source of Foreign Currency Hit by Coronavirus

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NAIROBI (Capital Markets in Africa) — Kenya’s biggest source of foreign currency slumped last month, with the central bank indicating that shocks caused by the coronavirus will have a greater impact on the economy for the rest of this year. Kenyans living outside the country sent home $208 million in April, about 9% less than they did in March, according to data from the central bank. It expects those so-called remittance payments to fall as…

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