The Editorial Team |

Ex-Finance Chief Fingers Zuma in South African Looting Spree

JOHANNESBURG (Capital Markets in Africa) – Former South African Finance Minister Pravin Gordhan directly implicated Jacob Zuma in being part of an orchestrated campaign to loot billions of rand in taxpayer funds and decimate state institutions during his almost nine-year tenure as president. Gordhan, who now oversees state companies, made the allegations in a statement to a judicial panel that’s investigating claims that members of the Gupta family exploited their close relationship with Zuma to influence cabinet appointments and…

Dangote Is Said to Express Interest in Kenyan Cement Firm ARM

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MAPUTO (Capital Markets in Africa) – Dangote Cement Plc, Africa’s biggest producer of the building material, expressed an interest in acquiring Kenyan rival ARM Cement Ltd., according to three people familiar with the matter. ARM has been exploring a sale since at least October 2017. The company, part-owned by CDC Group Plc, was placed in administration in August after failing to find a strategic investor to help it manage debts of 14.4 billion shillings ($141 million). Aliko Dangote,…

Senegal Targets Higher Royalties, Bigger Stakes in New Oil Code

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DAKAR (Capital Markets in Africa) – Senegal is considering raising royalties and taking a bigger stake in oil and natural gas projects as part of the West African nation’s overhaul of its oil code, according to a document obtained by Bloomberg. Senegal is revising its code as a string of major discoveries off its coast is expected to make the country an oil exporter in coming years, with explorers including BP Plc and FAR Ltd. due…

The Engines That Will Power the World Economy in the Years Ahead

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JOHANNESBURG (Capital Markets in Africa) – India, Nigeria, Turkey, and others are joining China as the globe’s powerhouses. How will they balance growth and sustainability? On a recent trip to Singapore, I found myself counting cargo ships in the Singapore Strait as I stared out the window of a new high-rise in the Marina Bay Financial Centre. The south-eastern view was unobstructed because several blocks between the building and the bay haven’t yet been developed….

Foreigners Losing Taste for Ghana’s Bonds as Budget Gap Widens

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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…

U.S. Raises Support for West Africa Force Fighting Jihadists

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LAGOS (Capital Markets in Africa) – The U.S. almost doubled its pledge for the financial support of a West African force that began deploying last year to fight a surge in Islamist militant attacks. Assistance to the force that’s known as G5 Sahel will now total $111 million, from an initial pledge of $60 million made in October 2017, Samantha Reho, a spokeswoman for the U.S. Africa Command in Stuttgart, Germany, said Friday in an emailed response…

OPEC Output Climbs to Highest Since 2016 on Saudi, Libyan Gains

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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…

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