The Editorial Team |

Africa’s Richest Woman Reappointed to Board of Unitel

LUANDA (Capital Markets in Africa) – Africa’s richest woman secured a fresh mandate as board member of Angola’s biggest telecommunications company when shareholders met Tuesday to discuss corporate governance in the wake of legal action by one of the firm’s biggest investors. The meeting at Unitel SA, in which Isabel dos Santos owns 25 percent stake and has been chairwoman, came after an arbitration court ruled that Brazilian telecommunications company Oi SA was entitled to receive $654 million from other…

Ugandan President Snubs Sugar Bill That Scrapped Zoning Proposal

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KAMPALA (Capital Markets in Africa) – Ugandan President Yoweri Museveni rejected signing a sugar bill that scraps a proposal, backed by large producers, to restrict the area from which millers can source cane. The president plans to return the bill to Parliament for reconsideration because lawmakers didn’t accommodate the interests of big millers, Parliament said on its website. Legislators passed the bill four months ago, but rejected a proposal to restrict the area from which millers can source supplies…

IMF Sees South Sudan’s 2019 Oil Output Rising as Wells Reopen

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SOUTH SUDAN (Capital Markets in Africa) – South Sudan’s oil production will increase by the end of the year as wells reopen in Africa’s youngest country following a truce to end a five-year war, the International Monetary Fund said. The government and rebel leaders signed a peace accord in September as they sought to end a war that had raged since 2013. The conflict more than halved the country’s oil production to about 120,000 barrels…

South Africa’s Inflation Rate Rises for First Month in Three

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s annual inflation rate rose for the first time in three months in February as food and transport prices increased. Consumer-price growth accelerated to 4.1 percent from a year earlier compared with 4 percent in January. That matched the median estimate in a Bloomberg survey of 17 economists. Key Insights Core inflation, which excludes the prices of food, non-alcoholic beverages, fuel and electricity, was 4.4 percent, matching the…

Nigeria Seeks Concessional Loans to Tame Debt-Service Costs

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LAGOS (Capital Markets in Africa) – Nigeria may have about the best-performing Eurobonds in emerging markets this year, but the West African nation says it will prioritize borrowing from concessional lenders such as the World Bank and African Development Bank as it looks to rein in interest payments. “If you were to ask me if we’re going to issue Eurobonds this year, I’d say we’ll explore all the options,” Patience Oniha, head of the Debt Management…

Ghana to Weigh Longer-Term Debt After Eurobond Issuance

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JOHANNESBURG (Capital Markets in Africa) – Ghana will work with the market to determine the tenure of possible longer-dated bonds for a future debt issuance after raising $3 billion this week, said Finance Minister Ken Ofori-Atta. The world’s second-biggest cocoa producer sold Eurobonds in a three-part dealwith an average maturity of seven, 12 and 31 years after receiving $19.9 billion in offers, Ofori-Atta said in an interview Wednesday with Nejra Cehic and Manus Cranny on Bloomberg Television. Last…

Mozambique Power Links to South Africa May Take Weeks to Restore

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JOHANNESBURG (Capital Markets in Africa) – Damage caused by Cyclone Idai to pylons in Mozambique that carry power to neighboring countries may take weeks to repair, a state-power company official said. The damage to Mozambican infrastructure has exacerbated rolling outages in South Africa, where state-owned utility Eskom Holdings SOC Ltd. is struggling to bring faulty generating units back online. Mozambique’s 2,075-megawatt Cahora Bassa hydropower dam supplies almost three-quarters of its output to South Africa along a 1,400-kilometer…

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