The Editorial Team |

Ghana Works to Show It Can Stick to Budget as IMF Deal Ends

ACCRA (Capital Markets in Africa) – For the 16th time since the 1960s, Ghana is wrapping up a financial bailout from the International Monetary Fund and stepping away from the lender’s oversight. Now, it’s up to one of Africa’s perennial overspenders to show that it can stick to a budget. The previous time Ghana was in this position was in July 2012, five months before general elections, the country recorded the first of three consecutive…

South Africa Yields Fall to 10-Month Low as Moody’s Forgoes Action

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JOHANNESBURGH (Capital Markets in Africa) – South African benchmark bond yields fell to the lowest in 10 months and the rand extended gains after Moody’s Investors Service chose not to update its investment grade rating on the country’s sovereign debt or the outlook. Yields on rand-denominated securities due December 2026 fell five basis points to 8.55 percent by 8:09 a.m. in Johannesburg, the lowest since May 30. The rand led gains in emerging-market currencies, advancing for a second…

South Africa Extends Probe Into Africa’s Biggest Money Manager

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JOHANNESBURGH (Capital Markets in Africa) – South African President Cyril Ramaphosa granted a judicial commission an extra three months to finish its investigation into allegations of wrongdoing at the government workers’ pension-fund manager. The date by which the commission of inquiry into Public Investment Corp. must submit its final report was moved to July 31 from April 15, the commission said in a statement posted on its Twitter account on Saturday. The commission, whose mandate was also…

Europe’s Brand New Tech Giant Doesn’t Even Have a Name Yet

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LAGOS (Capital Markets in Africa) – European-listed tech giants are so scarce they are set to be trumped in size by a newcomer that hasn’t decided what to call itself yet. African conglomerate Naspers Ltd. revealed this week that it plans to list a portfolio that includes a range of tech investments, from food delivery to online platforms for second-hand goods. The new Amsterdam-based company will also hold a massive $133 billion stake in Chinese game-maker Tencent Holdings…

Gold Fields Seeks Options for Unprofitable South African Mine

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JOHANNESBURG (Capital Markets in Africa) – Gold Fields Ltd.’s board has asked Chief Executive Officer Nick Holland and his managers to consider other options for its unprofitable South African mine should the latest turnaround plan fail. After investing more than $800 million in South Deep, Gold Fields hopes that a fifth restructuring in 13 years will see the mine break even by the middle of the year. The company cut more than 1,500 jobs to reduce costs and lowered its…

Libya Moves to Repossess Seized Ugandan Assets, Monitor Reports

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TRIPOLI (Capital Markets in Africa) – Libya’s government is seeking to repossess telecommunication, hotel, banking and oil assets worth $375 million that were seized by Uganda after the ouster of the North African nation’s former ruler, Moammar Qadaffi, the Daily Monitor reported. A Libyan delegation traveled to the East African country this week to deliver a letter to Ugandan President Yoweri Museveni, the Kampala-based newspaper said, citing Investment Minister Evelyn Anite. The Ugandan government has…

A Coffee Shot to Boost Burundi Economy? Farmers Are Lukewarm

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JOHANNESBURG (Capital Markets in Africa) – Bumper coffee harvests were supposed to fuel Burundi’s recovery from three years of political upheaval. Tell that to Jean Ntungiyabandi, one local farmer who’s just called it quits. The tiny East African nation, which counts Starbucks Corp. among its customers and gets at least 80 percent of its foreign exchange from coffee, wants to double output by 2023. But delays in local payments are squeezing its 60,000 small-scale producers, complicating…

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