The Editorial Team |

Ghana Charges Ex-Finance Minister After Collapse of Bank

ACCRA (Capital Markets in Africa): Ghanaian prosecutors charged a former finance minister for alleged crimes that contributed to the collapse of one of the West African nation’s biggest local lenders during a banking crisis. Kwabena Duffuor, who served as finance chief from 2009 to 2013, and seven other individuals were named in a filing Wednesday at the Accra High Court on counts that include theft and money laundering. Duffuor is accused of receiving 663.3 million…

Vodafone to Hand Management of Ghana Unit to Africa Operation

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ACCRA (Capital Markets in Africa): Vodafone Group Plc will hand over management of its Ghana unit to the U.K. carrier’s separately listed South African division in April, the latest step to bring the company’s operations on the continent under one roof. Johannesburg-based Vodacom Group Ltd. will take responsibility for the West African business alongside other units including Tanzania, Mozambique, the Democratic Republic of Congo and South Africa, Chief Executive Officer Shameel Joosub said in an interview. Vodafone Ghana will keep…

HSBC Plans Third Overhaul in a Decade With Investors Seething

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LONDON (Capital Markets in Africa): For HSBC Holdings Plc’s frustrated shareholders, time is running out on Chairman Mark Tucker’s mission to deliver. The former insurance executive, who arrived in 2017 after making his mark in Asia, is set to roll out a top-to-bottom overhaul of the sprawling lender after two post-crisis resets and his first pick as chief executive officer flopped. Costs remain too high, red tape is too thick and not enough businesses generate…

Trump Impeachment Win Clears Path for Emboldened President

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NEW YORK (Capital Markets in Africa) – Donald Trump’s acquittal by the Senate delivered an expected yet exhilarating victory to the White House, freeing a president who has for years operated under the threat of impeachment and longed for vindication. The vote by the U.S. Senate on Wednesday provided Trump another last-hour escape from a mortal threat to his presidency, even though the outcome was tarnished when Mitt Romney became the first senator ever to vote to…

U.S. Futures Climb With Stocks on China Tariff Cut: Markets Wrap

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NEW YORK (Capital Markets in Africa) – U.S. equity futures rose with stocks on Thursday as China’s plans for tariff cuts on American imports added to optimism the global economy will weather the hit from the coronavirus. Treasuries fluctuated. Contracts on the main American equity benchmarks all pointed to the fourth day of gains after China said it will lower levies on $75 billion of U.S. goods next week, likely satisfying part of the interim…

Sudan Appears to Back Away From Rapid Normalization With Israel

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SUDAN (Capital Markets in Africa) – Sudan appeared to back away from any rapid move toward normalization with Israel, less than two days after the military leader who heads the power-sharing government held a historic meeting with Benjamin Netanyahu. “The transitional government as a whole must ensure accountability, responsibility, and transparency in all decisions made,” Sudanese Prime Minister Abdalla Hamdok said Wednesday on Twitter. Under a new pact agreed after the ouster of longtime President Omar…

U.K. Economy Enjoys Bigger-Than-Expected Election Bounce

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LONDON (Capital Markets in Africa) – The U.K. economy’s bounce since the general election is proving bigger than initially estimated, justifying the Bank of England’s decision to hold fire last month on monetary easing. IHS Markit’s composite Purchasing Manager’s Index jumped to a 16-month high in January, beating an initial estimate. The dominant services sector also improved, and sentiment rose to the strongest since 2015. Sterling gained 0.3% to $1.3069 as of 9:55 a.m. in London. The…

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