The Editorial Team |

Congo Opposition Threatens to Reject Election If Kabila Runs

KINSHASA (Capital Markets in Africa) – Opposition leaders in the Democratic Republic of Congo denounced President Joseph Kabila’s refusal to rule himself out of upcoming elections, saying they will reject the polls if he is a candidate. Congo is preparing to hold elections in December, two years later than scheduled. While the constitution bars Kabila from seeking a third term, he’s yet to say whether he’ll be a candidate or not. Attempting to extend his 17-year…

Rigging Claims Cast Cloud Over Zimbabwe’s Post-Mugabe Vote

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HARARE (Capital Markets in Africa) – The legitimacy of Zimbabwe’s first election since Robert Mugabe quit after leading the nation for almost four decades has come under attack even before voters line up to cast their ballots, raising fears of a disputed result. President Emmerson Mnangagwa, who replaced Mugabe in November and leads the ruling Zimbabwe African National Union-Patriotic Front, has promised a fair contest on July 30. Yet the main opposition Movement for Democratic Change says the…

Nigeria Holds Key Rate at Record High to Stem Inflation Risk

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LAGOS (Capital Markets in Africa)- Nigeria’s central bank held its main lending rate at a record high to curb inflationary pressures anticipated with election spending, and proposed ways to increase credit in the economy. The Monetary Policy Committee voted to leave the benchmark rate at 14 percent, Governor Godwin Emefiele told reporters on Tuesday in the capital, Abuja. That was in line with the forecasts from all but one of 10 economists surveyed by Bloomberg. Three MPC members voted…

Nigeria’s President Buhari Suffers Blow as He Loses Senate

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LAGOS (Capital Markets in Africa)- Nigeria’s ruling party lost its majority in the Senate after over a dozen lawmakers defected to the main opposition group, dealing a blow to President Muhammadu Buhari who is seeking re-election early next year. A group of 15 senators, including Rabiu Kwankwaso, a former governor of the northern state of Kano, quit the All Progressives Congress to join the People’s Democratic Party, Senate President Bukola Saraki said Tuesday during proceedings in the capital, Abuja. The…

Steinhoff Wins Creditor Support for Debt Restructuring Plan

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV won support from a majority of creditors to restructure its 9.4 billion euros ($11 billion) of debt, seen by the embattled retailer as a vital step toward its recovery from an accounting scandal. The owner of Conforama in France and Mattress Firm in the U.S. sought a three-year extension to payments due to lenders and bondholders as the South African company repairs its balance sheet. About…

Wiese Named in $279 Million South African Tax Case, FM Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s tax agency is investigating local billionaire Christo Wiese and former executives at law firm ENSafrica for their role in obstructing the collection of 3.7 billion rand ($279 million) in taxes, according to a report in the Financial Mail. ENSafrica created a tax structure to help pan-African crude-oil explorer Tullow Oil Plc shift assets valued at 3.9 billion rand out of the country, dodging taxes in the process, the Johannesburg-based…

Ghana Raises Income Taxes to Maintain Budget-Deficit Target

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ACCRA (Capital Markets in Africa) – Ghana plans to increase taxes for the highest earners as the West African nation seeks to boost weak collections which are putting its budget-deficit target at risk. Presenting a review of the 2018 budget in parliament on Thursday, Finance Minister Ken Ofori-Atta said the tax band for individuals earning more than 10,000 cedis ($2,089) per month will be raised to 35 percent, from the current top rate of 25 percent. Ghana collected…

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