The Editorial Team |

Sierra Leone Public Finance Audit Shows $1 Billion Missing

SIERRA LEONE (Capital Markets in Africa) – A probe into state funds in Sierra Leone has shown that the government can’t account for $1 billion, or more than a quarter of its gross domestic product, in state expenses made over a three-year period. The funds are missing due to graft and mismanagement under the previous administration, Finance Minister Jacob Jusu Saffa said Tuesday on Star Television. He pledged that the government will recover the funds by June,…

Territory Dispute Clouds $1.1 Billion S. Africa-Morocco Deal

Posted on by The Editorial Team

RABAT (Capital Markets in Africa) – The South African government’s support for a political movement some 4,500 miles away could complicate a $1.1 billion deal. Moroccan billionaire Othman Benjelloun on Tuesday spoke out against South Africa-based Sanlam Ltd.’s acquisition of insurer Saham Finances SA, saying South Africa has chosen the wrong side in a territorial dispute. South Africa supports a group called the Polisario Front, which has been seeking self determination in the Western Sahara territory since 1991. Morocco…

Africa Growth at 7-Year High, No Thanks to Its Major Economies

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Growth in Africa’s two largest economies may be sputtering along but that won’t stop the continent’s gross domestic product from expanding at the fastest pace since at least 2012. GDP growth for the continent is forecast to accelerate to 4 percent this year, up from an estimated 3.5 percent in 2018, making it the fastest-growing region in the world after Asia, according to the African Development Bank. And that’s…

Nigeria to Boost Port Security as U.S. Imposes Restrictions

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria is improving the security of its waterways and harbors, the nation’s ports authority said, as the U.S. reportedly imposed restrictions on the West African country. The U.S. Coast Guard will apply conditions of entry to ships that recently visited some of Nigeria’s port terminals, Ships & Ports reported, citing the U.S. organization. The entry restrictions will begin April 12 and aim to protect the U.S. from vessels arriving from countries…

South Africa Says It’s Got a Plan to Restore Power Stability

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s state-owned power company has a plan to restore reliability of supply over the short to medium term and will aim to avoid any more scheduled blackouts, according to the minister responsible. The objective for Eskom Holdings SOC Ltd. remains predictable power supply, Public Enterprises Minister Pravin Gordhan told reporters on Wednesday. If rotating power cuts become necessary, the utility will aim to ensure that a maximum of 1,000 megawatts…

Zimbabwean Lenders Ask Central Bank to Lift Interest-Rate Cap

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe’s lenders, which include units of Standard Bank Group Ltd. and Ecobank Ltd., appealed to the central bank to raise interest rates that have been capped at 12 percent for the past two years, saying this would increase lending in the collapsing economy. They also proposed that the Reserve Bank of Zimbabwe introduce an overnight rate to facilitate lending between financial institutions and the central bank, Bankers Association of Zimbabwe submissions seen by Bloomberg…

Why Change at the Top Might Not Be Enough in Algeria: QuickTake

Posted on by The Editorial Team

ALGEIRS (Capital Markets in Africa) – Bowing to almost two months of mass protests, Algeria’s ailing, octogenarian President Abdelaziz Bouteflika resigned. The announcement may not be enough to quell the unrest that’s being watched closely in Europe and elsewhere and that’s invoked comparisons to the Arab Spring of 2011. Algeria is not only one of Africa’s largest energy producers but has been a bulwark against Islamist militancy and undocumented migration from other parts of the…

« 1 … 331 332 333 334 335 … 1,078 »