The Editorial Team |

Legal Battle Looms Over South Africa’s Land-Seizure Plans

JOHANNESBURG (Capital Markets in Africa) – A legal battle may be looming over plans by South Africa’s ruling party to change the constitution to make it easier to expropriate land without paying for it, with widely divergent views over the process that needs to be followed. Land seizures could violate the founding provision in section 1 of the constitution, which guarantees human dignity, rights and freedoms, outlaws racism and ensures the supremacy of the rule…

Ghana Hires McKinsey to Boost Tax Take After $367 Million Gap

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ACCRA(Capital Markets in Africa) – Ghana’s tax agency has hired McKinsey & Co. to help boost collections after missing the revenue target for the year trough August by 1.8 billion cedis ($367 million). The move to increase income comes after the government of President Nana Akufo-Addo announced tax increases for top earners in July as part of measures to yield 1.3 billion cedis by the end of the year and enable the government to meet its budget-shortfall target. The…

Kenyan Treasury Wants 16% VAT on Petroleum Products Scrapped

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NAIROBI (Capital Markets in Africa) – Kenyan legislators should repeal a law that introduced a 16 percent levy on fuel and seek other means of raising revenue, a top Treasury official said. While the value-added tax that came into effect on Sept. 1 will add 35 billion shillings ($347.2 million) to the government’s coffers, the levy will drive inflation up by as much as 2 percentage points, Chief Administrative Secretary Nelson Gaichuhie told lawmakers in…

Biggest Mauritian Bank Sees Infrastructure Boost for Economy

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PORT LOUIS (Capital Markets in Africa) – Mauritius’s biggest bank expects economic growth to accelerate next year, driven by railway, road and other infrastructure projects, its chief executive officer said. The Indian Ocean island nation’s economy will probably grow 4 percent in 2019, compared with 3.8 percent this year, MCB Group Ltd. CEO Pierre Guy Noel said in an interview Monday in Ebene, south of the capital, Port Louis. “We are expecting to benefit, in 2019, from the…

Nordex Wins Order for 80 Wind Turbines to South African Projects

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JOHANNESBURG (Capital Markets in Africa) – Nordex SE was awarded contracts to supply 80 turbines with a total capacity of 252 megawatts to the Garob and Copperton onshore wind projects in South Africa. The turbine manufacturer will build 46 AW125/3150 units for the Garob project ordered by Enel Green Power and 34 for Copperton ordered by developer Elawan, Hamburg-based Nordex said in a statement. “Such announcements bode well for the beleaguered projects that had to wait…

Moody’s: South Africa’s banking system outlook changed to stable from negative

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JOHANNESBURG (Capital Markets in Africa) – Moody’s has changed its outlook on the South African banking system to stable from negative, reflecting the expected resilience of the banks’ financial metrics and creditworthiness over the next 12-18 months, despite weakening operating conditions, Moody’s Investors Service said in a report today. Moody’s report, “Banking System Outlook – South Africa, Resilient financials amid a weakening economy drive our stable outlook” is available on www.moodys.com. Moody’s subscribers can access…

Get Ready for Big Bitcoin: Cryptocurrency Industry Opens a D.C. Lobbying Arm

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LAGOS (Capital Markets in Africa) – The price of bitcoin may be down, compared with last year’s meteoric heights. But industry officials aren’t waiting for the next spike in investor demand to launch a charm offensive targeting federal lawmakers and regulators who’ve taken an interest in cryptocurrencies. Tech veterans and a number of high-profile cryptocurrency companies on Tuesday said they are forming the Blockchain Association, the first fully fledged lobbying group in Washington representing entrepreneurs…

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