The Editorial Team |

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

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…

Rising Star of South African Politics Entangled in Scandal

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JOHANNESBURG (Capital Markets in Africa) – Once a rising star in South Africa’s ruling African National Congress and mentioned as a possible future presidential contender, Malusi Gigaba is now fighting for political survival. Anti-graft ombudsman Busisiwe Mkhwebane has given President Cyril Ramaphosa 20 days to take disciplinary action against the former finance minister for lying under oath. Her finding comes seven months after the High Court said Gigaba, now home affairs minister, committed perjury when he denied authorizing a company owned…

Senegal’s Economic Growth Seen Above 6% This Year, IMF Says

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DAKAR (Capital Markets in Africa) – Senegal’s economy is projected to expand more than 6 percent in 2018, driven by both public and private investment, the International Monetary Fund said. “Growth is supported by strong performances in the construction and services sectors,” the Washington-based lender said Wednesday in an emailed statement. The West African nation’s economy grew 7.2 percent in 2017, according to the IMF. Senegal needs to attract more private investment, improve credit access and tackle energy and…

Nickel Bull Glencore Says Many in the Market Missing Vital Signs

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LAGOS (Capital Markets in Africa) – Commodity powerhouse Glencore Plc gave a ringing endorsement of the prospects for nickel, saying that most participants in the market don’t realize how strong demand for the metal now is and haven’t grasped the magnitude of the global deficit even as stockpiles dwindle. Worldwide consumption will outstrip supply by 124,000 metric tons next year after a shortfall of 178,000 tons in 2018 and deficits in the prior two years, the company said in…

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