The Editorial Team |

Nigeria Holds Key Rate at Record High Before Presidential Vote

LAGOS (Capital Markets in Africa) – Nigeria’s central bank held its key rate at a record high as it warned of rising inflationary pressures, it said. The decision to retain the rate at 14 percent was unanimous, Governor Godwin Emefiele told reporters Tuesday in the capital, Abuja. All eight economists in a Bloomberg survey forecast the pause. Key Insights By keeping the rate at this level for more than two years, the bank has sought…

South Africa $12 Billion Fee Plan to Pressure Budget, WB Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s plan to spend more subsidizing higher education is fiscally unsustainable and is unlikely to supply more skills to the economy, the World Bank said. The cost of post-school education and training will more than double to 172.2 billion rand ($12 billion) by 2022, or 2.5 percent of gross domestic product, from 65.4 billion rand in 2017, the Washington-based lender said in an economic update on the country…

Africa’s Biggest Fund Manager Suspends Key Officials

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Public Investment Corp., the continent’s biggest money manager, said it has suspended two employees after an investigation into a transaction with Ayo Technology Solutions Ltd. The PIC suspended Fidelis Madavo, the head of listed investments, and Victor Seanie, an assistant portfolio manager, the Pretoria-based fund manager said in a statement. Madavo gave evidence Tuesday before a commission that’s probing allegations of impropriety at the institution, saying there was…

EGYPT INSIGHT: Pound Volatility Coming, Dollar Ties to Loosen

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CAIRO (Capital Markets in Africa) – More volatility in the Egyptian pound is coming, but the central bank could use foreign exchange reserves and interest rates to support the currency. That’s the message from the governor of the Central Bank of Egypt. Here’s our initial take on what the governor told Bloomberg News: The Egyptian pound exhibited remarkable stability last year, hovering around 18 to the dollar, even as other emerging market currencies had a rough ride…

4th Edition Real Estate Development Summit Europe, Italy

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The Real estate sector today is burgeoning at a pace where the iconic structures, innovation and the ever-changing market dynamics, keeps project owners and solution providers across the world on hooks. Prospective buyers and suppliers are eager to understand what it takes for them to be at a place where they can make the most of real estate trends and build a strong network for collaborations. After the tremendous success at the East African, West…

Ramaphosa Moves to Calm Fears on Central Bank, Land Ahead of WEF

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JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa moved to quell investor fears ahead of his trip to the World Economic Forum in Davos, saying the African National Congress won’t tamper with the central bank’s independence and that the government won’t allow land grabs. Comments in the party’s election manifesto unveiled at the weekend that the central bank must pursue a flexible policy regime shouldn’t alarm anyone, Ramaphosa told reporters Wednesday in Johannesburg. While…

WorldRemit Seeking Fresh Funding Ahead of London IPO Plan

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LAGOS (Capital Markets in Africa) – WorldRemit Ltd., a U.K. company that specializes in money transfers into Africa, plans a new funding round in the next six months ahead of a potential initial public offering or buyout. The fast-growing financial technology firm is seeking more cash as it continues to expand, Andrew Stewart, managing director of operations in the Middle East and Africa, said in an interview in Johannesburg on Wednesday. Founded in 2010 by…

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