The Editorial Team |

Ghana Said to Target Swift Sale of $3 Billion in Eurobonds

ACCRA (Capital Markets in Africa) – Ghana is favoring a sale of as much as $3 billion in Eurobonds this quarter as the country seeks to finance its budget and reduce borrowing costs, according to two people familiar with the matter. While the West African nation’s budget requires net foreign financing of 9.8 billion cedis ($2 billion), it will seek an additional $1 billion if it’s able to issue debt at lower rates than what it’s…

Apple, Powell and the Risks to Global Growth: Economy Week Ahead

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LAGOS (Capital Markets in Africa) – “The principal worry I would have is really global growth,” said Fed Chair Jerome Powell. He’s not the only one. Our view, though, is that the trade truce, Fed patience, and strong U.S. labor markets, mean concerns are overdone. Global growth is set for a slowdown, not a meltdown. There’s no shortage of troubling signals on the world economy. Looking at the economic data, factory gauges for China point to contraction, industrial…

The U.S. and Europe Should Stand With Congo’s Voters

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KINSHASA (Capital Markets in Africa) – The surprising outcome of a flawed election demands scrutiny and a willingness to hold any malefactors to account. After a long-overdue election marred by irregularities and a delay in reporting results, opposition leader Felix Tshisekedi has been provisionally declared the next president of the Democratic Republic of Congo. Under happier circumstances, cheers might be in order for Congo’s first peaceful transition of power since independence in 1960. A particle of good news is certainly overdue:…

Kenya Plans to Narrow Fiscal Deficit to 5% of GDP in 2019-20

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NAIROBI (Capital Markets in Africa) – Kenya, East Africa’s biggest economy intends to narrow its budget deficit to 5 percent of gross domestic product in the fiscal year beginning in July, from 6.3 percent in the current period. The budget gap is seen at 572.2 billion shillings ($5.62 billion), compared with an estimated 635.5 billion shillings in the 12 months through June, the Treasury said in a draft document on its website. It plans to…

Too Early to Bet on Mining Policy Change: Congo Vote Reaction

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LAGOS (Capital Markets in Africa) – In a surprise twist, Democratic Republic of Congo opposition leader Felix Tshisekedi was declared the winner of last month’s presidential election, although his victory is being marred by claims by a rival that the poll was rigged. The African country is the world’s main supplier of battery ingredient cobalt and a key source of minerals from copper to tantalum. That means miners, analysts and users of the metals — which range from carmakers…

Shock Win by Congo Opposition Leader Marred by Rigging Claim

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KINSHASA (capital Markets in Africa) = The first-ever win by an opp osition presidential candidate in the Democratic Republic of Congo is being marred by claims by a rival and an influential Catholic Church body that Felix Tshisekedi’s victory wasn’t a fair reflection of the vote. Official results show Tshisekedi, 55, beat the protege of outgoing President Joseph Kabila, Emmanuel Ramazani Shadary, and another opposition leader, Martin Fayulu, to become leader of the world’s biggest cobalt producer. Fayulu called…

Jaguar to Cut 4,500 Jobs Worldwide Amid Brexit, China Slump

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LAGOS (capital Markets in Africa) – Jaguar Land Rover plans to slash 4,500 jobs worldwide, as the U.K.’s biggest automobile maker responds to the sales slowdown caused by Brexit, flagging demand for diesel-powered vehicles and a downturn in China. The cuts, representing roughly 10 percent the company’s workforce, are part of a 2.5 billion-pound ($3.2 billion) push announced last year to reduce costs and boost cash flow through 2020. They come on top of the 1,500 people…

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