Author: The Editorial Team

ACCRA (Capital Markets in Africa) – The slump in Ghana’s currency to a record low against the dollar will be temporary and doesn’t reflect the West African nation’s positive economic fundamentals, according to the central bank. The cedi has declined 8.2 percent this year, the most among more than 140 currencies tracked by Bloomberg, posing risks to the inflation outlook and foreign-investor demand for the country’s bonds. Almost all of the losses came after the Bank of Ghana unexpectedly…

JOHANNESBURG (Capital Markets in Africa) – Mozambique’s government, caught up in a scandal after defaulting on $2 billion in loans, sued Credit Suisse Group AG and others in London. The lawsuit is against the Swiss lender, Privinvest Shipbuilding SAL and three individuals, according to a court document. The claim is being brought for potential breaches of commercial contracts and arrangements but the filing provided no further information. In December, the U.S. Department of Justice accused three former Credit Suisse workers,…

HARARE (Capital Markets in Africa) – Almost two decades of profligate monetary policy has destroyed Zimbabwe’s economy and fueled rampant inflation, decimating the savings of its people twice. Hyperinflation of as much as 500 billion percent in 2008 made savings worthless and led to the abolition of the local currency in favor of the dollar the following year. In 2016, former President Robert Mugabe’s cash-strapped government introduced securities known as bond notes that it insisted traded…