The Editorial Team

Namibia Raises Key Interest Rate by Most in Two Decades

WINDHOEK (Capital Markets in Africa) – Namibia’s central bank raised borrowing costs by the biggest margin in almost two decades to safeguard its currency peg with South Africa’s rand and quell inflation. The monetary policy committee lifted the rate by 75 basis points to 5.5%, Deputy Governor Ebson Uanguta told reporters in the capital, Windhoek, on Wednesday. That’s the biggest increase since September 2002. The hike brings Namibia on par with South Africa, which raised its benchmark interest…

Cedi Set for Worst Weekly Drop Since 2019 as Ghana Decides Rates

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ACCRA (Capital Markets in Africa) – Ghana’s currency extended its decline Wednesday, heading for its worst weekly drop in more than three years before an emergency central bank meeting to decide on borrowing costs. The cedi dropped 1.1% at 10:06 a.m. in Accra, extending its fall this week to 5.2%. That’s the worst decline since the seven-day period ending March 29, 2019.The cedi has plunged 35% this year making it the world’s worst-performing currency after…

Currency Standoff in Egypt Has Investors Urging Devaluation

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CAIRO (Capital Markets in Africa) – Egypt became a prime destination for hot money by tethering its currency and boasting the world’s highest interest rates when adjusted for inflation. But five months after Egypt devalued the pound, investors say the central bank would need to let it weaken further before they return, after pulling some $20 billion from the local debt market since the start of this year. The central bank has denied that a…

Senegal faces key technology decisions in its search for the optimal gas-to-power strategy – Joonatan Huhdanmäki, Senior Analyst, Energy, Wärtsilä

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DAKAR (Capital Markets in Africa) – On the back of its recent and substantial oil and gas discoveries, Senegal is now preparing to ensure that its vast natural gas resources will help meet future electricity demand and put an end to the excessive electricity prices undermining its economy. Senegal’s domestic gas reserves will be mainly used to produce electricity. Authorities expect that domestic gas infrastructure projects will come online between 2025 and 2026, provided there is…

Cyber criminals’ eye South African SMEs lack of security

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JOHANNESBURG (Capital Markets in Africa) – Despite the significant risks, SMEs seem reluctant to take the same digital preventative measures to secure their IT infrastructure as they would to protect their office equipment or company-owned vehicles. Just as a business owner wouldn’t underinsure a tangible business asset such as a factory, SMEs shouldn’t leave their digital assets unlocked and in plain sight of criminals. In a business environment where every cent counts, preventative measures must…

Nominations Open for 2023 IsDB Prize for Impactful Achievement in Islamic Economics

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LAGOS (Capital Markets in Africa) — The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org/) is inviting nominations for the IsDB Prize for Impactful Achievement in Islamic Economics for the year 1444H (2023). Focusing on the Development Solutions Achievement category, this cycle of the Prize aims to recognize, reward, and encourage creative projects that successfully solve economic and financial challenges in the IsDB Member Countries. Individuals and institutions can apply or nominate other individuals and institutions based on…

S&P Bulletin: Senegal’s Parliamentary Election Results Could Slow Reform Momentum

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DAKAR (Capital Markets in Africa) – S&P Global Ratings anticipates that the Senegalese president, Macky Sall, may find it more difficult to implement his reform agenda following the parliamentary elections on Aug. 7, 2022. Preliminary results indicate that, for the first time since Senegal gained its independence in 1960, the incumbent president’s coalition has lost its parliamentary majority. Of the 165 seats in the Senegalese parliament, the president’s coalition Beno Bokk Yakaar (United in Hope),…

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