Author: The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Absa Group Ltd. has overhauled the executive management of its corporate and investment banking unit as part of an ongoing group-wide revamp to draw more revenue from operations in Africa. The team of eight, which includes former joint-chief executive officers of the division, Mike Harvey and Temi Ofong, now have a mandate to drive business across the entire African continent, Absa CIB CEO Charles Russon said in an interview in Johannesburg. The…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank wants to see sustainably lower inflation to ensure cheaper borrowing costs in the economy, Governor Lesetja Kganyago said. “We have indicated that a consistently lower rate in the near term, at the midpoint of our target band — 4.5 percent — would lower long-term interest rates and be more supportive of balance in the economy,” Kganyago said Wednesday in a speech in Stellenbosch, near Cape Town. The…

LONDON (Capital Markets in Africa): The Bank of England doesn’t need to rush to raise interest rates until the uncertainty of Brexit lifts, according to policy maker Michael Saunders. In a speech in London Wednesday, Saunders, considered one of the most hawkish members of the Monetary Policy Committee, said that tame inflation and a slowdown in growth meant officials could adopt a wait-and-see approach as Brexit plays out. BOE officials voted unanimously last month to hold…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling party has taken a decision to nationalize the central bank and it will be implemented, President Cyril Ramaphosa said. “We have got to go through processes,” Ramaphosa told parliament in Cape Town on Thursday. “There is no hidden agenda.” Ramaphosa’s comments come a day after he was scheduled to meet with Reserve Bank Governor Lesetja Kganyago in Cape Town. Kganyago on Wednesday emphasized the importance of central bank independence in…