The Editorial Team

Africa: When a big government can’t borrow from abroad

LAGOS (Capital Markets in Africa): Losing access to foreign capital markets is tough, especially for a statist government with a number of fingers in a number of economic pies. Ethiopia has had to lean on its underdeveloped domestic financial sector to keep the machinery of state going, and it is now dealing with the second-round effects of this approach: strong domestic money growth is amplifying the liquidity imbalance between hard currency and birr supply. Staying…

Africa: Living up to one’s reputation

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Author’s note: Zimbabwe is considered one of the most corrupt countries on the planet. The latest Corruption Perceptions Index scores the Southern African nation equal to junta-led Myanmar and war-torn Iraq. A recent exposé linking top government officials with gold smuggling and sanctions busting will only feed these perceptions. Meanwhile, Zimbabwe is looking to China to fund and build energy infrastructure. The country is overly reliant on hydropower generated from the Kariba Hydropower Station, and…

Time to Break the Deadlock on TotalEnergies’ Offshore Gas Deal

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JOHANNESBURG (Capital Markets in Africa) – South Africa is a regional heavyweight. Its economy is one of the largest on the African continent — as well as the most diversified, the most industrialized, and the most technologically advanced. It has more extensive road and rail networks than any other African state, a feature that puts it in a good position for future growth. But South Africa also has a very big problem. Since 2007, the…

AFSIC 2023 Event | Registration Discount Code AF23M10

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China: Risk of macro fallout will see policy err on side of caution

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LAGOS (Capital Markets in Africa): Our house view is that recent bank failures are largely contained and in and of themselves do not represent a systemic threat. But market repricing and a shifting economic environment in the US/EU, alongside the PBOC’s surprise RRR cut, have led some to (once again) question China’s recovery and any associated contagion risk from tighter US and global financial conditions. This is so despite the recent contrast between US and…

Today’s main economic and political developments across the continent

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LAGOS (Capital Markets in Africa): Zambia’s new dawn has given way to a chilly and overcast day. The country has effectively been in debt restructuring talks since 2020, and even the Hichilema administration, with the backing of business and multilaterals, has been able to make real inroads in this regard. The next two weeks will bring some clarity regarding the state of affairs and the way forward. In neighbouring Angola, the central bank has cut…

SARB to hike repo rate: Finder’s Repo Rate Forecast Report

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JOHANNESBURG (Capital Markets in Africa): The SARB’s Monetary Policy Committee (MPC) is set to increase the repo rate at the March meeting, according to 95% of panellists on Finder.com’s SARB Repo Rate Forecast Report. 77% think the repo rate will increase by 25 bps, while 14% forecast a 50 bps increase. However the panel is divided on whether or not this will be the rate peak. 55% of panellists expect March to be the peak…

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