The Editorial Team |

Buhari Triumphs in Nigeria Election as Opposition Rejects Result

LAGOS (Capital Markets in Africa) – Nigeria’s Muhammadu Buhari easily won a second term as president of Africa’s biggest oil producer with promises to revive an anemic economy and tackle security threats including a devastating insurgency by Islamic State. His main opponent rejected the results. Atiku Abubakar said Wednesday he’ll go to court to challenge official results showing Buhari won the Feb. 23 ballot by a margin of 56 percent to 41 percent. He alleged the ruling party used the…

What South Africa’s Main Political Parties Are Promising Voters

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JOHANNESBURG (Capital Markets in Africa) – South Africa is gearing up for elections on May 8 that will serve as a referendum on whether the African National Congress has rehabilitated itself in the eyes of voters after former leader Jacob Zuma’s scandal-marred rule. The ruling party’s two main challengers are the pro-business Democratic Alliance and the populist Economic Freedom Fighters, which favors the nationalization of mines, banks and land. The ANC, led by President Cyril Ramaphosa, aims to…

Naspers Pay-TV Unit MultiChoice Jumps on Debut in Johannesburg

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JOHANNESBURG (Capital Markets in Africa) – MultiChoice Group Ltd. soared 16 percent in debut trading in Johannesburg as the pan-African pay-TV company embarks on a new era of independence following a spin off by technology giant Naspers Ltd. The shares traded at 111.12 rand as of 11 a.m. local time on Wednesday, valuing the company at almost 50 billion rand ($3.5 billion). That’s the biggest listing in the city since Steinhoff International Holdings NV unbundled its Africa…

Top Cocoa Growers Are Said to Mull Floor Price for Bean Sales

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ACCRA (Capital Markets in Africa) – The world’s two biggest cocoa producers are considering setting a minimum price for their beans in a bid to derive more value from growing the chocolate ingredient, according to two people familiar with the matter. The industry regulators of Ivory Coast and neighboring Ghana are in talks to study a price that will fall in a range of 1,700 pounds ($2,255) to 2,000 pounds per metric ton on a free-on-board basis,…

IMF Sees Somalia’s GDP Growth Accelerating to 3.5% in 2019

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SOMALI (Capital Markets in Africa) – The International Monetary Fund projects Somalia’s economy will expand by 3.5 percent this year and next year, compared with a forecast of 3.1 percent in 2018, as the Horn of Africa nation implements an economic program monitored by the lender. “Somalia’s economy is recovering, but further efforts are needed to secure economic resilience and reduce poverty,” the Washington-based lender said Wednesday in an emailed statement. “Since 2017, growth has rebounded, inflation has…

A Term Too Many: Protesters Tell Algerian Leader It’s Time to Go

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ALGIER (Capital Markets in Africa) – Imams across Algeria were instructed to warn worshippers against taking to the streets. Tell the faithful to beware of provoking the kind of conflict that’s ravaged Syria and Iraq, the government cautioned. It didn’t work. Since Friday, unprecedented protests calling on 81-year-old President Abdelaziz Bouteflika to rule himself out of elections set for April have erupted across the country. The demonstrators have been overwhelmingly peaceful — when police fired tear gas…

South Africa Roads Agency Plans Return to Bond Market, CEO Says

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JOHANNESBURG (Capital Markets in Africa) – The South African National Roads Agency Ltd. will lift a self-imposed moratorium on accessing the bond market but will first approach private investors for funds, its chief executive officer said. The state-owned company known as Sanral hasn’t issued any public debt since 2016, after revenue collapsed amid a boycott of electronic tolls, colloquially referred to as e-tolls. The company said it’s reluctant to tap the market until a government…

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