The Editorial Team |

Guinean Leader’s Bid to Change Constitution Sparks Protests

JOHANNESBURG (Capital Markets in Africa) – Two people were killed Monday as protesters clashed with security forces across the West African nation during demonstrations against proposed changes to Guinea’s constitution that may allow President Alpha Conde to extend his 10-year rule. Conde, 81, is likely to try to stay in power after his second — and legally last — term ends in October. Last month, he unveiled a proposed new constitution that’s to replace a 2010 version…

Egypt’s Red-Hot Currency Continues to Rise as Inflows Pick Up

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CAIRO (Capital Markets in Africa) – Egypt’s currency, one of the world’s best performers in 2019, has breached a key threshold following inflows of more than $1.5 billion in the past week. The pound rose 0.9% to 15.92 per dollar Monday, trading stronger than 16 against the greenback for the first time since March 2017. Local banks saw $1.7 billion of inflows in the five days through Jan. 13, the central bank said in a…

Kenyan President Reshuffles Cabinet as Chasm With Deputy Widens

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NAIROBI(Capital Markets in Africa) – Kenyan President Uhuru Kenyatta made changes to his cabinet that include the dismissal of a key member considered an ally of his estranged deputy while placating his voter base by announcing a raft of economic policy changes. Kenyatta dropped Agriculture Secretary Mwangi Kiunjuri, who is said to side with Deputy President William Ruto. He confirmed Ukur Yatani as Treasury Secretary, effectively sacking former finance chief Henry Rotich, who is facing graft charges in court. Ruto’s…

CFA Franc Reforms Pose New Hurdle for West African Currency

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ABIDJAN (Capital Markets in Africa) – An ambitious plan to adopt a common currency for 15 West African countries will become even more difficult to implement once France’s former colonies in the region follow through on an announcement to reform their single payment unit. At the heart of the matter is whether the single currency for the Economic Community of West African States should be free-floating or have a fixed value. Another consideration is France’s…

Nigeria’s Biggest Miller Revives Bond-Sale Plan as Rates Decline

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LAGOS (Capital Markets in Africa) – Flour Mills of Nigeria Plc, the country’s biggest miller by market value, has revived plans to sell bonds to refinance debt and bolster working capital as borrowing costs decline in the West African nation. The company is looking to raise as much as 50 billion naira ($138 million) via the securities, of which 20 billion naira is planned in the first quarter, Chief Financial Officer Anders Kristiansson said by phone Tuesday….

Libyan Civil War Cease-Fire Talks in Russia Break Down (

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TRIPOLI (Capital Markets in Africa) – Talks to end Libya’s civil war broke down after the commander leading the assault on the capital rejected a proposed truce agreement, throwing open the door to a possible renewal of fighting and deeper foreign intervention. The president of Turkey, which had co-sponsored the talks along with Russia, delivered a menacing message to military leader Khalifa Haftar, who left Moscow before dawn on Tuesday without signing the deal. President Recep…

Lekoil Slumps as Alleged Scam Puts Oil-Field Future at Risk

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LONDON (Capital Markets in Africa) – Lekoil Ltd. sank to a record low in London trading after falling victim to an alleged scam, leaving the future of a Nigerian oil project at risk. A loan deal struck earlier this month is no longer valid, the company said, alleging that individuals claiming to be from the Qatar Investment Authority were in fact fraudsters. Lekoil now has until February to raise enough money to cover its drilling costs at…

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