The Editorial Team

Africa can learn from the Indian rebound – Cheryl Buss, CEO Absa International

LAGOS (Capital Markets in Africa) -The Indian response to the COVID-19 pandemic could serve as a blueprint for economic recovery for the African continent. While there is a major focus on the Chinese expansion into Africa, there is often less appreciation of the importance India plays in Africa. Countries like Nigeria, Mozambique, Ghana and Tanzania all count India as their single biggest export trading partner while South Africa is India’s largest trade market on the…

Odinga Rejects Kenya Election Outcome, Plans Legal Challenge (2)

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NAIROBI (Capital Markets in Africa) – Former Kenyan Prime Minister Raila Odinga, who narrowly lost last week’s presidential elections, rejected the official results, setting the stage for a protracted battle over control of East Africa’s biggest economy. Odinga, 77, secured 48.9% of the valid votes cast on Aug. 9 — his fifth unsuccessful run at the presidency. Deputy President William Ruto was declared the winner with 50.5% support. “We reject the presidential results,” Odinga told a televised…

Zambia Central Bank Holds Rates With Price Pressures Seen Waning

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LUSAKA (Capital Markets in Africa) – Zambia’s central bank left its benchmark interest rate unchanged for a third successive meeting as it sees inflation in single digits over the next two years. The monetary policy committee held the rate at 9%, Governor Denny Kalyalya told reporters Wednesday in Lusaka, the capital. While annual inflation quickened for the first time in a year to 9.9% in July and may remain elevated in the final quarter of this year and…

Namibia Raises Key Interest Rate by Most in Two Decades

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WINDHOEK (Capital Markets in Africa) – Namibia’s central bank raised borrowing costs by the biggest margin in almost two decades to safeguard its currency peg with South Africa’s rand and quell inflation. The monetary policy committee lifted the rate by 75 basis points to 5.5%, Deputy Governor Ebson Uanguta told reporters in the capital, Windhoek, on Wednesday. That’s the biggest increase since September 2002. The hike brings Namibia on par with South Africa, which raised its benchmark interest…

Cedi Set for Worst Weekly Drop Since 2019 as Ghana Decides Rates

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ACCRA (Capital Markets in Africa) – Ghana’s currency extended its decline Wednesday, heading for its worst weekly drop in more than three years before an emergency central bank meeting to decide on borrowing costs. The cedi dropped 1.1% at 10:06 a.m. in Accra, extending its fall this week to 5.2%. That’s the worst decline since the seven-day period ending March 29, 2019.The cedi has plunged 35% this year making it the world’s worst-performing currency after…

Currency Standoff in Egypt Has Investors Urging Devaluation

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CAIRO (Capital Markets in Africa) – Egypt became a prime destination for hot money by tethering its currency and boasting the world’s highest interest rates when adjusted for inflation. But five months after Egypt devalued the pound, investors say the central bank would need to let it weaken further before they return, after pulling some $20 billion from the local debt market since the start of this year. The central bank has denied that a…

Senegal faces key technology decisions in its search for the optimal gas-to-power strategy – Joonatan Huhdanmäki, Senior Analyst, Energy, Wärtsilä

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DAKAR (Capital Markets in Africa) – On the back of its recent and substantial oil and gas discoveries, Senegal is now preparing to ensure that its vast natural gas resources will help meet future electricity demand and put an end to the excessive electricity prices undermining its economy. Senegal’s domestic gas reserves will be mainly used to produce electricity. Authorities expect that domestic gas infrastructure projects will come online between 2025 and 2026, provided there is…

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