The Editorial Team |

AFRICA: Rising public debt level increasing risk of distress

LAGOS (Capital Markets in Africa) – Fitch Ratings indicated that the public debt level in Sub-Saharan African (SSA) countries has significantly increased, as the median debt level of the 19 Fitch-rated SSA sovereigns doubled from 27% of GDP at the end of 2012 to an estimated 56% of GDP at end-2018. It noted that SSA sovereigns have used some of the fiscal space that was afforded by the Highly Indebted Poor Countries initiative to boost…

Egypt: Institutional and external risks persist despite pos- itive growth outlook

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CAIRO (Capital Markets in Africa) – Deutsche Bank considered that Egypt’s reform program with the International Monetary Fund has been successful in reducing macroeconomic imbalances and improving the country’s growth prospects. It projected real GDP growth to accelerate from 5.5% in the fiscal year that ends in June 2019 to 5.9% in FY2019/20, supported by higher oil, gas and renewable energy production, sustained spending on state-sponsored mega-projects, as well as by a recovery in private…

Guinea-Bissau Assembly Votes to Remove President Jose Mario Vaz

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GUINEA-BISSAU (Capital Markets in Africa) – Guinea-Bissau’s national assembly approved a resolution to remove President Jose Mario Vaz from office and replace him with the head of the legislature, escalating a political feud that’s paralyzed the impoverished West African nation. A majority of 54 out of 102 lawmakers on Thursday voted for Cipriano Cassama to be named as interim president, according to Suzi Barbosa, a lawmaker of the country’s biggest party, known by its acronym PAIGC. Vaz,…

Uber Plans to Launch Boat Taxis in Nigeria’s Congested Lagos

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LAGOS (Capital Markets in Africa) – Uber Technology Inc. is planning to launch its boat business in Lagos, Nigeria’s commercial capital and biggest city, to beat traffic congestion. The ride-hailing service company is in talks with the Lagos state government and regulatory authorities to start Uber Boats services on its waterways, Uber’s Chief Business Officer Brooks Entwistle said Thursday in an interview. “We know the traffic is a priority and we think we can help there,” Entwistle said….

Nigeria’s Buhari Says Made-in-Africa Key to Free-Trade Gains

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LAGOS (Capital Markets in Africa) – The success of a continental free-trade deal hinges on Africa developing its manufacturing base, Nigerian President Muhammadu Buhari said. Africa’s largest economy won’t rush into joining the Africa Continental Free Trade Area until it finishes extensive consultations with all stakeholders, Buhari said Thursday in Abuja, the capital. The AfCFTA agreement will only succeed if the continent develops policies that promote production, he said while receiving the report of a committee set…

Ivory Coast Sees Return to Anti-Foreigner Rhetoric Ahead of Vote

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ABIDJAN (Capital Markets in Africa) – The leader of Ivory Coast’s second-biggest political party is taking an anti-foreigner stance as campaigning for next year’s presidential elections gears up, sparking concerns of a return to the divisive politics that fueled almost a decade of conflict in the world’s top cocoa grower. Former President Henri Konan Bedie, who first emphasized the difference between “real” Ivorians and migrants in the 1990s, accused President Alassane Ouattara’s administration of favoring members of…

Ailing South African Health Stocks Suffer Under Weak Economy

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JOHANNESBURG (Capital Markets in Africa) – Health-care companies have missed out on the best first-half for South Africa’s stock market since 2007. An index of South African hospital operators and pharmaceutical companies has slumped 21% this year, the worst performance of any Johannesburg sector with more than three members, and lagging behind the 10% gain for the benchmark gauge. Analysts and investors blame the weak local economy, which contracted by the most in a decade in the…

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