Author: The Editorial Team

ACCRA (Capital Markets in Africa) – Foreigners are losing their taste for Ghanaian local-currency debt. Offshore investors bought 38 percent of the 989 million cedis ($204 million) of three-year bonds the government sold on October 18, according to data from Central Securities Depository Ghana Ltd. That’s down from 53 percent at a similar sale in September last year, and as much as 80 percent of an offering of five-year debt two months before that. An…

LAGOS (Capital Markets in Africa) – OPEC’s crude production climbed to the highest level since 2016 as increases by Saudi Arabia and Libya offset losses stemming from impending U.S. sanctions on Iran. The group’s 15 members boosted output by 430,000 barrels a day to 33.33 million a day in October, according to a Bloomberg survey of officials, analysts and ship-tracking data. That’s the highest since November 2016, just before the Organization of Petroleum Exporting Countries implemented production…

LAGOS (Capital Markets in Africa) – Nigeria’s central bank has done a good job keeping the naira stable, but it’s paying a high price. The currency of Africa’s biggest oil producer has barely budged this year, weakening less than 1 percent against the dollar. That compares with 14 percent for South Africa’s rand and 4.3 percent for major emerging-market currencies, which have been battered by the dollar’s strength and trade tensions between the U.S. and China. The cost for…