The Editorial Team |

South Africa Recession Adds Risks to Revenue Estimate, Nene Says

JOHANNESBURG (Capital Markets in Africa) – South Africa may collect less revenue than forecast for the year after the economy fell into a recession, Finance Minister Nhlanhla Nene said. “There is now additional downside risk to the tax revenue projected at the beginning of the year because of the contraction in the economy,” Nene said in an emailed copy of a speech. “Fixing our economy to ensure that it grows faster and in a more sustainable manner is…

Private Equity Firm Harith Buys Into Malawi Fiber Network

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JOHANNESBURG (Capital Markets in Africa) – South African-based private equity firm Harith General Partners Pty Ltd. is buying into a fiber-optic cable network in Malawi as it invests more than $1 billion in infrastructure on the continent. Harith has put almost $800 million to work in African infrastructure so far, a third of that in telecoms, company director Emile Du Toit said by phone. The latest investment will make it the majority shareholder in Malawi’s biggest fiber…

Unity Is Nigeria Opposition’s Key Hurdle in Defeating Buhari

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LAGOS(Capital Markets in Africa) – The floodgates have opened. At least 12 challengers are bidding to defeat Nigerian President Muhammadu Buhari in February’s elections, but their sheer number will strain the opposition’s ability to unite behind a single candidate to stand a chance of winning. With the president of Africa’s biggest oil producer facing discontent over security crises and an anemic economy, top candidates including Senate President Bukola Saraki, former Vice President Atiku Abubakar and ex-Kano state Governor Rabiu Kwankwaso are defectors…

Ghana on Hook for China Deal If Bauxite Pay Is Insufficient

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ACCRA(Capital Markets in Africa) – Ghana will have to use alternative sources to pay back China’s Sinohydro Corp. for $2 billion in infrastructure if the revenue from an earmarked bauxite project is insufficient to meet installments. Sinohydro agreed to a deal with the West African nation in May to build bridges, roads, hospitals and housing as part of the government of President Nana Akufo-Addo’s plans to lift economic growth. In return, Ghana undertook to repay the…

Seven EM Countries at Risk of Exchange-Rate Crisis, Nomura Says

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LAGOS (Capital Markets in Africa) – Seven emerging economies at risk of an exchange-rate crisis are Sri Lanka, South Africa, Argentina, Pakistan, Egypt, Turkey and Ukraine, according to a new analysis by Nomura Holdings Inc. With five of the seven already in a currency crisis or a program run by the International Monetary Fund, that leaves South Africa and Pakistan as the standouts. At the same time, the eight countries with the lowest risk of…

Banker at African Lender’s U.K. Unit Said to Be Arrested in 2017

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LAGOS (Capital Markets in Africa) – The former head of the London unit of Union Bank of Nigeria Plc was arrested last year as part of a bribery probe, according to four people with knowledge of the case, solving a mystery hinted at by U.K. prosecutors this week. Maurice Phido was detained by police in May 2017, the people said, who asked not to be identified because his name isn’t public. Phido was released on bail after…

ANC Labor Ally Sees No Need to Amend South Africa Land Rules

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JOHANNESBURG (Capital Markets in Africa) – The South African ruling party’s labour partner sees no need to amend the country’s constitution to make it easier to expropriate land without compensation. The Congress of South African Trade Unions, which is the country’s biggest labor federation and is part of the African National Congress-led ruling alliance, said the constitution already enables the state to tackle land reform, restitution and redistribution, and changes were unnecessary. The clause that…

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