The Editorial Team |

WHO Issues a Rare Public Scolding, Saying Countries Wasting Time

LAGOS (Capital Markets in Africa) — Governments should stop wasting precious time needed to fight the coronavirus after squandering an opportunity to prevent the Covid-19 pandemic, the World Health Organization’s head said. “We squandered the first window of opportunity,” said WHO Director-General Tedros Adhanom Ghebreyesus. “The time to act was actually more than a month ago or two months ago.” The WHO chief gave a rare, blunt admonishment Wednesday on the world’s progress against the…

Virus Lockdown Prompts South Africa to Boost Mobile Spectrum

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JOHANNESBURG (Capital Markets in Africa) — South Africa is rushing to boost radio spectrum for its main telecommunications companies to avoid a network breakdown as Africa’s most industrialized nation prepares for a three-week lockdown to slow the spread of the coronavirus. The Independent Communications Authority of South Africa is in talks with companies including Vodacom Group Ltd. and MTN Group Ltd. to find ways to provide the wireless carriers with additional capacity, the regulator’s spokesman, Paseka Maleka, said by…

South Africa’s Economic Firepower: Now vs 2008 Crisis in Charts

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JOHANNESBURG (Capital Markets in Africa) — South Africa emerged from the 2008 global financial crisis in a strong position thanks to robust economic growth and a budget surplus when the downswing came. A rapid deterioration in public finances over the past decade means the opposite is likely after the coronavirus pandemic. “We’re starting off this crisis in a far worse position than what we started off the global financial crisis,” said Johann Els, chief economist at…

Access Bank, Dangote Lead Nigeria Charge Against Covid-19

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LAGOS (Capital Markets in Africa) – Access Bank Plc, Nigeria’s biggest lender by assets, is teaming up with Africa’s richest man Aliko Dangote to provide treatment and isolation centers across Africa’s most populous nation as it braces for the impact of the coronavirus pandemic. The facilities, which will be located across the country of more than 200 million people with a total of 1,000 beds, will be ready within weeks, Access Bank said Thursday in…

Nigeria Makes Brutal Oil Price Cuts. But Has It Gone Low Enough?

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LAGOS (Capital Markets in Africa) — Nigeria opened a new front in the oil price war between some of the world’s largest OPEC+ countries, offering to sell its crude in April at unusually large discounts in an effort to undercut its rivals. Even so, traders said the West African country may not have gone cheap enough. Exports of Qua Iboe and Bonny Light crude — two banner Nigerian grades — will be sold in April for discounts…

Oil Plunge Pressures Nigeria to Devalue the Naira Further

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LAGOS (Capital Markets in Africa) — Nigeria will probably need to weaken the naira further following its devaluation last week, even as the central bank bucked global trends by holding interest rates on Tuesday to support the currency. With the decision to keep its benchmark rate at 13.5%, the central bank aims to avoid putting further pressure on the local unit after devaluing the exchange rate used by foreign bond and stock investors, which had…

Pandemic Threatens Billions in Credit-Card Losses in Echo of ’08

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NEW YORK (Capital Markets in Africa) — For Bethany and Derick Hingle, every dollar counts now. In just a matter of weeks, the New Orleans couple — he’s a self-employed photographer, she works at a jewelry store — watched most of their income evaporate as the coronavirus pandemic shuttered businesses. They began calling their banks, securing extensions for credit-card bills from Capital One Financial Corp. and a local credit union. They couldn’t catch a break on a…

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