The Editorial Team |

IMF Demand at Root of Ghana’s Cedi Slump, Deputy Leader Says

ACCRA (Capital Markets in Africa) – Ghana’s central bank was unable to support the weakening cedi because the country had to build reserves to meet the requirements of its bailout program with the International Monetary Fund, Vice President Mahamudu Bawumia said. The currency of West Africa’s second-biggest economy collapsed as much as 16 percent against the dollar this year after offshore holders of domestic debt failed to roll back their maturing investments. The cedi pared its year-to-date losses…

Oil in Longest Run of Weekly Gains Since 2017 on Tight Supply

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LAGOS (Capital Markets in Africa) – Oil in New York headed for the longest weekly winning streak since November 2017 as crises from Venezuela to Libya threatened supplies, while optimism over U.S.-China trade talks buoyed the outlook for demand. West Texas Intermediate futures were little changed, poised for a fifth weekly increase. OPEC cut production for a fourth month in March, while supply risks are mounting in member nations exempt from the strategy. Power failures that plagued Venezuela…

Macron Creates Group to Study French Role in Rwandan Genocide

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KIGALI (Capital Markets in Africa) – French President Emmanuel Macron established a group of researchers to investigate what role France may have played in the Rwandan genocide a quarter of a century ago. Macron made the announcement in Paris after meeting an association of survivors of the mass killings, in which at least 800,000 people died. The nine-person team of The French military advised Rwanda’s ethnic Hutu-dominated government in the early 1990s as it fought a war…

Max Disaster Pits Boeing Against Ethiopia’s Prized Carrier

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ACCRA (Capital Markets in Africa) – African air disasters always used to lead to the same conclusion — with the airline blamed for poor maintenance, ancient planes or poorly trained pilots, and often a combination of all three. But when an Ethiopian Airlines Boeing Co. 737 crashed near Addis Ababa last month, a curious thing happened: Industry experts immediately began to question the safety not of the carrier, but the plane itself. The focus on Boeing’s new Max…

Africa’s Largest Tower Company Plans Growth in Middle East

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LAGOS (Capital Markets in Africa) – IHS Holding Ltd. plans to enter new markets in the Middle East and Southeast Asia to bulk up ahead of a potential attempt to sell shares in either New York or London. Africa’s largest operator of the telecommunications towers is looking to build on two recent deals in Saudi Arabia and Kuwait, Chief Executive Officer Sam Darwish said by phone. “We are actively looking to add additional towers from the gulf area…

India Glows as Emerging Markets Take New Heart From Trade Talks

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LAGOS (Capital Markets in Africa) – However worried investors may be about IMF Managing Director Christine Lagarde’s warning on the global economic outlook, there was little sign of it in today’s emerging markets, which were clearly taking their cue from a report that the U.S.-China trade dispute may be closer to ending and a stronger-than-forecast China services PMI. There were few losers in the currency markets, average dollar-bond spreads were a touch narrower and a firmly green…

Ethiopian Air Pilots Said to Follow Protocol on 737 Max Flight

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ADDIS ABABA (Capital Markets in Africa) – Pilots on the Ethiopian Airlines flight that crashed last month followed protocol set by planemaker Boeing Co. to manually disable an automated anti-stall system as they tried to save the Boeing Co. 737 Max jet, a person familiar with the situation said. The Manuevering Characteristics Augmentation System turned itself on numerous times during the short flight, the person said. MCAS, which is programmed to push down a plane’s…

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