The Editorial Team |

Oil Steadies as Political Risks Mingle With Economic Worries

LAGOS (Capital Markets in Africa) – Oil steadied below $64 a barrel in New York as ongoing threats to supply from political crises were offset by disappointing indicators on the global economy. West Texas Intermediate futures gained 12 cents, bringing their gain this week to 0.2 percent. A Purchasing Managers’ Index, which measures private-sector activity in the euro area, unexpectedly slid in April, and German factory numbers came in lower than forecast. Still, an escalating crisis in…

Cash-Strapped Tunisia Exhales With Delayed IMF Loan on the Way

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TUNIS (Capital Markets in Africa) – Tunisia is readying for the next installment of its International Monetary Fund loan after months of delay, a sorely needed cash injection for a North African nation whose government is struggling to cut costs, curb inflation and boost economic growth. The tranche of around $250 million, part of the $2.9 billion loan Tunisia secured in 2016, is expected to be paid out after the fund conducts its sixth review…

Botswana’s Blue Diamond Set to Challenge Its Most Famous Rival

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GABONE (Capital Markets in Africa) – Botswana’s state-owned diamond marketer has unveiled a gem that exceeds the clarity and purity of one of the world’s most famous, the Hope Diamond. At just over 20 carats, the oval-shaped blue diamond, known as Okavango Blue, is smaller than Hope Diamond, but graded above it in terms of purity by the Carlsbad, California-based Gemological Institute of America, Okavango Diamond Co. Managing Director Marcus ter Haar said in an interview…

Nigeria’s Access Bank to Raise Extra $88 Million of Debt in 2019

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LAGOS (Capital Markets in Africa) – Access Bank Plc, which obtained a $162.5 million loan last month to boost its capital and fund operations, will raise additional $87.5 million this year, its chief executive officer said. The fund will qualify as tier-two capital and will be needed to strengthen operations following merger with rival Diamond Bank Plc, CEO Herbert Wigwesaid Wednesday on an investor call in Lagos, Nigeria’s commercial hub. Access Bank acquired Diamond Bank last month in a deal…

Ghana 2018 Growth Tops IMF Forecast and Is Set to Quicken

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ACCRA (Capital Markets in Africa) – Ghana’s slower economic growth in 2018 beat the International Monetary Fund’s forecast, and may set the scene for the West African economy to expand the fastest in the world this year, as the lender predicted last week. Gross domestic product expanded 6.3 percent last year, Samuel Kobina Annim, government statistician at the Ghana Statistical Service, told reporters Wednesday in the capital, Accra. While it was slower than 2017’s growth of 8.1…

Standoff in Sudan Amid Calls for Army Rulers to Cede Power

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KHARTOUM (Capital Markets in Africa) – Pressure mounted on Sudan’s military rulers to cede power as the African Union echoed protesters’ calls for a swift handover to a civilian government in the wake of long-time leader Omar al-Bashir’s ouster. Demonstrators kept up their carnival-like sit-in outside army headquarters in Khartoum, the capital, for an 11th day, despite an apparent bid to disperse them. The Sudanese Professionals Association, a driving force behind the four months of protests…

Nigerian March Inflation Hovers Above 11% as Food Prices Rise

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LAGOS (Capital Markets in Africa) – Nigeria’s inflation rate hovered above 11 percent in March as growth in food prices accelerated. Consumer prices in Africa’s largest oil producer rose 11.3 percent from a year earlier, matching the rate in March, the Abuja-based National Bureau of Statistics said in a report published on its website Tuesday. Key Insights Price risks could elevate in the first half due to a 67 percent increase in the national minimum…

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