The Editorial Team |

Ramaphosa’s Dependence on the Left Stymies South African Reforms

JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa is hamstrung by politics and the economy is suffering the consequences. His narrow win to become leader of the ruling African National Congress in December 2017 has left him dependent on the left — the unions and the South African Communist Party that are ANC allies and helped him become party president. Now the same labor movement that he worked to strengthen almost four…

IMF Says S. Africa Hasn’t Asked for Assistance, Doesn’t Need It

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JOHANNESBURG (Capital Markets in AfricA) – South Africa has not asked the International Monetary Fund for assistance and does not need it, the lender’s resident representative in the country said. The IMF doesn’t see a balance-of-payments problem in South Africa, which means there’s no need for IMF support, Montfort Mlachila said Thursday at a conference hosted by the Bureau for Economic Research in Johannesburg. “To tell you the truth we, by we I mean the institution, much prefer the…

Africa’s Biggest Fund Manager Sees Gold Boom in West Africa

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JOHANNESBURG (Capital Markets in AfricA) – Africa’s largest money manager sees “significant investment opportunities” in West African gold mining as the industry at the southern end of the continent declines. Investor-friendly policies can help Ghana and other countries in the region drive the next “gold-mining boom,” said Lebohang Sekhokoane, a mining research analyst at South Africa’s Public Investment Corp. Low-cost deposits in Mali, Burkina Faso, Guinea and Ivory Coast offer the long-term investment potential the PIC…

Ghana Bans Funds From Taking New Cash With $1.6 Billion Tied Up

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ACCRA (Capital Markets in Africa) – As much as $1.6 billion of investments in Ghana have been trapped and the nation’s regulator is stepping in to avoid it getting any bigger. Twenty one fund managers have been banned from accepting new money as Ghana’s Securities and Exchange Commission looks into whether they violated rules by placing client cash into illiquid assets. Investors who sought to withdraw funds from the firms have found their money unavailable,…

Trump’s Re-Election Now at the Mercy of a Slowing Economy

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LAGOS (Capital Markets in Africa) – The growing odds of a recession before the 2020 election threaten to crush President Donald Trump’s hopes of a second term. Though still uncertain, such a scenario would be a political gift to Democrats, who have avoided talking about the nearly full employment, record stocks and low inflation so far in the Trump presidency. Instead, the candidates have highlighted rising income inequality and untenable costs of health care and college…

Nomura Says ‘50 Cent’ Has Banks Scrambling for VIX Hedges

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LAGOS (Capital Markets in Africa) – The re-emergence of a huge U.S. equity volatility buyer has banks scrambling to hedge the other side of the trades and is even affecting levels on the Cboe Volatility Index, according to Nomura Securities International. In July, a big purchaser accumulated protection against a major sell-off in U.S. stocks over the next month on the so-called VIX, in activity similar to that of the volatility buyer known as “50 Cent” given…

U.S. Stocks Fluctuate, Bonds Gain on Trade Angst: Markets Wrap

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LAGOS (Capital Markets in Africa) – Trade angst whipsawed financial markets Thursday, with U.S. stocks swinging wildly and Treasuries resuming a rally that pushed the 30-year yield below 2% for the first time. Stimulus hopes in Europe weakened the euro. The S&P 500 attempted to bounce back from one of its worst days of the year, boosted by strong earnings from Walmart Inc. and solid data on the American consumer. Tapestry Inc. tumbled on poor sales, adding…

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