The Editorial Team |

Ghana Deals at Risk as Virus Threatens Insurance Revamp

ACCRA (Capital Markets in Africa) – The spread of the coronavirus threatens to slow efforts by Ghana to overhaul its insurance industry as companies race to boost their capital levels. “It will certainly have an impact,” Seth Eshun, head of supervision at the West African nation’s National Insurance Commission, said. “Because of Covid-19 there’s a slowdown in general economic activity, which implies that companies’ ability to generate revenue and make savings will be affected.” Insurers…

Can They Pay? Ballooning EM Yields Pose a $413 Billion Question

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LAGOS (Capital Markets in Africa) – Emerging-market sovereign bonds tumbled as the prospect of billions of dollars in stimulus packages threatened to flood the market with new debt, and in some cases undermine already fragile finances. The extra yield developing nations need to pay to borrow dollars from abroad has doubled since the start of the year to 629 basis points — the highest since the global financial crisis. The prospect of a wave of…

Nigeria Central Bank Covid-19 Stimulus to Reach $2.7 Billion

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank will bolster its support to manufacturing and other key sectors of the economy by 1 trillion naira ($2.7 billion) to counter the fallout of the coronavirus outbreak. The bank will provide a 100-billion naira loan to health authorities as Africa’s most populous nation tries to contain the spread of the new virus, it said in a statement on Wednesday. The central bank will increase efforts “in…

South Africa Is Told to Use $11 Billion Jobless Fund for Coronavirus

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s biggest labor organization and the nation’s main business lobby are pushing the government to find a way to utilize an unemployment fund with assets of about $11 billion to fight the effects of the coronavirus outbreak. The Congress of South African Trade Unions and Business Unity South Africa, or Busa, told the government at a meeting on Monday that it must find ways to use the Unemployment Insurance…

Banks Soar as Goldman Calls Stocks Attractive After Plunge (1)

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LAGOS (Capital Markets in Africa) – Banks rallied on Friday morning after Goldman Sachs said stocks were starting to appear attractive after a 41% sell-off, with investors accounting for lower interest rates and a much higher probability of recession. A “zero percent interest rates scenario appears fully priced in,” analyst Richard Ramsden wrote in a note upgrading Morgan Stanley to buy from neutral and U.S. Bancorp to neutral from sell. The market may now believe “low rates for a protracted period of time…

Trump Administration Steps Up Coronavirus Testing Under Pressure

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NEW YORK (Capital Markets in Africa) -# The Trump administration has announced new steps to speed up testing for the coronavirus, after widespread warnings about a bottleneck in diagnosing cases that’s failing to provide a clear snapshot of the pandemic’s U.S. footprint. The Food and Drug Administration announced it had approved the first rounds of high-volume testing, as well as allowing New York state to authorize labs to expand testing on their own. The Trump…

U.K. Says Virus Needs to Infect 60% of Britons to Save Lives

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LONDON (Capital Markets in Africa) – The U.K. government is battling criticism of a coronavirus plan that blends blunt talk of the pandemic’s toll with modest steps that fall far short of measures taken in other countries. Patrick Vallance, the chief scientific adviser, said in broadcast interviews Friday that the infection rate could hit 60% of the British population, after Prime Minister Boris Johnson warned that “many more” families will lose loved ones. The approach is aimed…

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