The Editorial Team |

South Africa’s Main Opposition DA Is Said to Face Risk of Split

JOHANNESBURG (Capital Markets in Africa) – Several senior members of the Democratic Alliance, South Africa’s official opposition, have considered breaking away to form a new party because of disputes about its policy direction, according to people familiar with the matter. Some officials are concerned by the adoption of policies that shift it away from liberal roots ahead of national elections on May 8, including a “Secure our Borders” campaign that analysts say is a populist appeal…

Nigeria Revives Plan to Double Crude Oil Output, Triple Refining

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LAGOS (Capital Markets in Africa) – Nigeria plans to almost double oil production and triple its refining capacity by 2025, reviving previous pledges that turned out to be hard to achieve in practice. The OPEC member is looking to pump 4 million barrels a day by 2025 and increase refining capacity to 1.5 million barrels daily, Maikanti Baru, managing director of state-owned Nigerian National Petroleum Corp., said at a conference Thursday in the capital Abuja. “Nigeria…

Kganyago Says S. Africa Central Bank Ownership a `Zombie Debate’

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JOHANNESBURG (Capital Markets in Africa) – A decision by the country’s ruling party to nationalize the central bank is based on ideology and a misunderstanding of what it does, according to the institution’s governor Lesetja Kganyago. The African National Congress decided at a conference in late 2017 to nationalize the South African Reserve Bank, which is one of a handful globally owned by private investors. The shareholders have no say over monetary policy decisions and the central…

Togo President Starts Solar Micro-Grid Built by BBOX and EDF

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LOME (Capital Markets in Africa) – Togo’s President Faure Gnassingbe switched on a solar-powered micro-grid that will reach a village of 300 households, the latest phase of a project which aims to supply 60,000 people in the West African nation with electricity. A venture including London-based BBOX Ltd. and Electricite de France SA built the network. It will feed enough power for the rural community of Sikpe Afidegnon in the south to run streetlights, households,…

Kenya’s Economy Grows at Fastest Pace in Eight Years in 2018

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NAIROBI (Capital Markets in Africa) – Kenya’s economy expanded at the fastest pace in eight years in 2018 and may grow at a similar rate this year, Treasury Secretary Henry Rotich said. Gross domestic product climbed 6.3 percent from a year earlier, Kenya National Bureau of Statistics Director-General Zachary Mwangi told reporters Thursday in the capital, Nairobi. That’s the biggest annual increase since 2010, when East Africa’s largest economy grew by 8.4 percent. “Our estimate was 6…

Cyclone Kenneth Strengthens as It Bears Down on Mozambique

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MAPUTO (Capital Markets in Africa) – Tropical Cyclone Kenneth continued to grow stronger as it swirled toward the coast of Mozambique, where Anadarko Petroleum Corp. has halted all flights to and from its liquefied natural gas site. Mozambican authorities declared a “red alert” in Cabo Delgado province as they prepared to evacuate people from the northern region. Relief agencies in the country are already stretched as they deal with the aftermath of Cyclone Idai, which struck…

Mozambique Keeps Interest Rate at Record Low on Stable Inflation

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MAPUTO (Capital Markets in Africa) – Mozambique’s central bank kept its key rate at a record low, saying that while it estimates inflation will accelerate slightly, it won’t compromise the regulator’s objective of maintaining macroeconomic stability. The Monetary Policy Committee held the benchmark interbank rate, known by its Portuguese acronym MIMO and introduced in April 2017, at 14.25 percent, Banco de Mocambique said Thursday in an emailed statement. It retained the policy rate at 17.25…

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