The Editorial Team |

South Africa’s ANC Resolves to Change Constitution on Land

JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling party decided to complete a proposed amendment to the nation’s constitution to make it clearer under what conditions land can be expropriated without compensation, prompting the rand to weaken. This brings the African National Congress closer to the populist Economic Freedom Fighters party, after the ANC said earlier that land redistribution will only be done in a manner that doesn’t harm the economy, agricultural production or…

Protests Erupt in Zimbabwe After Ruling Party Wins Landslide

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HARARE (Capital Markets in Africa) – Sporadic violence erupted in Zimbabwe’s capital after the ruling party secured a landslide win in the first parliamentary election of the post-Robert Mugabe era that Western observer groups said was marred by abuses. The verdict by monitors from the European Union and the U.S. is likely to dent President Emmerson Mnangagwa’s drive to attract investors to rebuild the southern African nation, which is still reeling from two decades of misrule and…

Kenya’s MPC Cuts Rates to Spur ‘Below-Potential’ Economic Growth

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NAIROBI (Capital Markets in Africa) – The Central Bank of Kenya unexpectedly cut its key policy rate by 50 basis points to 9% today, citing well-anchored expectations of inflation and growth below its potential. The decision was against our forecast and the median forecast of economists in a Bloomberg survey for no change. Well-anchored inflation expectations and below potential economic output gives room for accommodative monetary policy, according to MPC. Food and fuel costs are…

What to Expect From Zimbabwe’s First Vote Post-Mugabe

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HARARE (Capital Markets in Africa) – For the first time since white minority rule ended in 1980, Zimbabweans won’t have the option of voting for Robert Mugabe when they choose their next leader. After driving the southern African nation to economic ruin, Mugabe unsuccessfully tried to line up his wife to succeed him and was forced to quit in November when the military briefly seized power and the ruling party threatened to impeach him. His former deputy…

Zimbabwe Stocks Rise Before Vote in Sign of Investor Unease

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HARARE (Capital Markets in Africa) – Zimbabwean stocks are rising before Monday’s election. But in the topsy-turvy world of the country’s equities market, that’s not necessarily a sign of investor confidence. The Harare exchange’s benchmark index has climbed 10 percent since the election date was set on May 30. The gains suggest Zimbabweans are continuing to use equities as a refuge to preserve their wealth, concerned that there is a risk of inflation as the…

Tie-Up Plan for Three Ghanaian Lenders Is Said to Break Down

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ACCRA (Capital Markets in Africa) – Three Ghanaian banks are close to abandoning talks for a merger as the two smaller parties contend that their operational models are incompatible with the bigger counterpart, according to two people familiar with the matter. Premium Bank Ltd. and BSIC Ghana Ltd. are no longer keen for a tie-up with GN Bank Ltd. and will pursue talks with other parties, said the people, who asked not to be identified because they’re…

China, BRICS Push to Shift World Order Amid Trump Trade Threats

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JOHANNESBURG (Capital Markets in Africa) – Brazil, Russia, India, China and South Africa, representing about 40 percent of the world’s population and almost a quarter of its output, think it’s time for a change in how things are done. After a three-day summit in Johannesburg, the BRICS nations said they want a fairer, more representative global order in diplomacy and trade just as China, the biggest member, faces billions of dollars of extra U.S. tariffs. They…

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