The Editorial Team |

China Doesn’t Want `Vanity Projects,’ Xi Tells Africa Executives

LAGOS (Capital Markets in Africa) – President Xi Jinping is using a gathering of dozens of African leaders in Beijing to push back against criticism that China’s vast development initiatives risk saddling emerging economies with debt. The Forum on China-Africa Cooperation, which begins Monday, provides a high-profile chance for Xi to defend his signature Belt and Road Initiative to develop roads, railways, ports, pipelines and other trade links. At a business event ahead of the summit, Xi said China had…

MTN May Get Naira Refund for $8 Billion Demanded by Nigeria

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. may receive a naira-denominated refund if Africa’s biggest wireless carrier returns the $8 billion that Nigeria says was illegally taken out of the country. The South African phone company must bring back the cash after it and three banks “flagrantly violated foreign-exchange violations,” Nigeria Central Bank Deputy Governor Joseph Nnanna said by text message Sunday, reiterating a Wednesday order. The lenders have been hit with a combined $16 million…

A $50 Billion Fight Over Who Owns South African Central Bank

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Lesetja Kganyago has a fight on his hands to protect the central bank’s $50 billion of reserves. More than eight months after the ruling African National Congress decided that the South African Reserve Bank should be state-owned, like most other central banks, the governor said his main concern remains to protect the regulator’s independence and mandate. But also at risk may be billions of dollars in reserves and a…

Ghana Signs Accords With China Ahead of Summit in Beijing

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ACCRA (Capital Markets in Africa) – Ghana signed eight cooperation agreements with China following talks between the two nations’ leaders in Beijing ahead of the Forum on China-Africa Cooperation that starts Monday. The package of agreements included the $2 billion infrastructure deal Ghana reached in July with Sinohydro Corp. to improve its roads and develop railways in exchange for bauxite, according to a statement from the office of President Nana Akufo-Addo. “We are looking seriously at how…

Namibia’s credit profile balances improving growth prospects, Says Moody’s

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WINDHOEK (Capital Markets in Africa) – The Government of Namibia’s (Ba1 negative) credit profile reflects its small and relatively diversified economy and its moderate but gradually improving growth prospects over the medium term set against rising public debt levels and external vulnerabilities, Moody’s Investors Service said in an annual report this week. The report, “Government of Namibia — Ba1 negative, Annual credit analysis”, is now available on www.moodys.com. Moody’s subscribers can access this report via…

Base of Australia Sees Madagascar Ilmenite Output Starting 2021

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MADAGASCAR (Capital Markets in Africa) – Base Resources Ltd. said it expects to start output at a mineral-sands project in Madagascar on schedule in three years, and sees no threat of delay from protests by residents. The West Perth, Australia-based company expects to start production of ilmenite, which is used to manufacture pigments used in paint, at Toliara Sands on the Indian Ocean island in late 2021, it said in an emailed response to questions on…

Steinhoff ex-CEO’s Ally Joins Roll Call of Corporate Pariahs

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JOHANNESBURG (Capital Markets in Africa) – After three decades behind the scenes, Stehan Grobler is now in the spotlight. Having met former Steinhoff International Holdings NV Chief Executive Officer Markus Jooste three decades ago, 59-year-old Grobler went on to serve as a long-standing executive while the retailer expanded across the world. But when an accounting scandal erupted at the South African company in December, the lawyer was left exposed. Last week, Grobler became one of just three people to have been…

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