The Editorial Team |

Zimbabwe’s Ncube Sees Fiscal Order Taming Inflation, Deficit

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…

Nigeria Holds Key Rate at Record High Before Presidential Vote

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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…

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