The Editorial Team |

For Black South Africans, Land Seizure Is a Question of Justice

JOHANNESBURG (Capital Markets in Africa) – As the land-seizure debate divides South Africa and threatens to spook investors, for many black citizens the issue isn’t about farming — it’s about justice. President Cyril Ramaphosa says his ruling party plans to amend the constitution to permit seizing land without compensation to address the inequities of laws during white-minority rule that at one time put 87 percent of South Africa’s land in the hands of whites. The goal is…

Free Float Would Send Naira Tumbling, Nigeria Governor Says

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ABIDJAN (Capital Markets in Africa) – Ivory Coast’s president, Alassane Ouattara, plans to seek a third five-year term in next year’s presidential polls as his ruling coalition is set to face stronger competition for votes, according to three people familiar with the matter. Ouattara, 77, has informed his inner circle in the Rally of Houphouetists for Democracy and Peace coalition about his intentions, even though he hasn’t decided when the plan will be announced, said the…

Market May Lose Linker Love as South Africa Inflation Slows

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JOHANESBURG (Capital Markets in Africa) – South African government bonds that offer protection against price increases are outperforming nominal debt so far this year — but that may prove to be a false start. Demand for inflation-linked bonds increased as inflation in Africa’s most-industrialized economy accelerated in 2018, reaching an 18-month high of 5.2 percent in November. But the rate probably plunged to 4.5 percent in December, data will show Wednesday, according to the median estimate of 19 economists…

Zimbabwe’s Ncube Sees Fiscal Order Taming Inflation, Deficit

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HARARE (Capital Markets in Africa) – Zimbabwe’s government will ensure fiscal discipline to rein in an inflation rate that’s the highest in a decade and a yawning budget deficit, Finance Minister Mthuli Ncube said. Both the rate of price growth and the budget shortfall as a percentage of gross domestic product are expected to fall below 10 percent this year, Ncube said in an interview Tuesday at the World Economic Forum in Davos. Zimbabwe’s Treasury estimated the budget…

Egypt Sees More Pound Volatility After Repatriation Fund Ends

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CAIRO (Capital Markets in Africa) – Egypt’s stagnant exchange rate is likely to see more movement after a system that guaranteed foreign investors could repatriate dollars was terminated, but the central bank stands ready to fend off speculators and ensure debt holders don’t lose out, Governor Tarek Amer said. Amer’s remarks could help reassure foreign investors scrutinizing Egypt’seconomic policy as the country wraps up a three-year, $12 billion economic overhaul agreement with the International Monetary Fund this year….

Tunisia Risks Explosion Over Austerity, Ghannouchi Cautions IMF

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TUNIS (Capital Markets in Africa) – Pressure from global lenders like the International Monetary Fund could put Tunisia’s post-revolution stability at risk, cautioned Rashid Ghannouchi, head of the moderate Islamist Ennahda party that is part of the governing coalition. The remarks, made in an interview with Bloomberg, come amid mounting frustration in the North African country as it tries to implement an IMF-backed economic program that calls for cutting government spending as part of a broader push to…

Nigeria Court Refuses to Remove Top Judge Ahead of Elections

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LAGOS (Capital Markets in Africa) – A Nigerian Federal High Court declined a government request to order the nation’s chief justice to step down before next month’s elections while he faces allegations of failing to properly declaring his assets. Justice Danladi Umar told the Code of Conduct Tribunal that only the Senate could force Chief Justice Walter Onnoghen to step aside pending the conclusion of the case, as requested by the prosecutor. The proceedings were postponed until…

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