The Editorial Team |

Libya Oil-Output Boost at Eastern Fields Offsets Drop at Sharara

TRIPOLI (Capital Markets in Africa) – Libya is ramping up oil output at its eastern fields, offsetting thousands of barrels in production lost from the partial shutdown of the country’s biggest deposit after gunmen kidnapped workers there. The North African nation’s overall production rose to 650,000 to 700,000 barrels a day and is expected to rise further after shipments resume at eastern ports that re-opened after a political standoff last week, according to a person familiar…

Africa Terror Fight to Suffer as China, Russia Take U.S. Focus

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LAGOS (Capital Markets in Africa) – The U.S. is set to scale back aid to African military units fighting terrorism as it realigns its defence strategy to compete with more traditional threats from China and Russia. The shift comes despite a growing terror threat on the continent that has led to an increased American presence, resulting in attacks on U.S. forces in Niger and Somalia that have left six U.S. service members dead since early…

South African President Urges Nigeria to Sign Africa Trade Pact

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JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa urged his Nigerian counterpart to sign a continent-wide free-trade deal. Nigeria should take its time to consult on the agreement before signing up, but shouldn’t “take too long,” Ramaphosa said at a conference Wednesday in the West African nation’s capital, Abuja. “The continent is waiting for Nigeria and South Africa. By trading among ourselves, we are able to retain more resources in the continent.” Talks to establish…

Ghana Growth Targets at Risk as Banks Pull Brakes on Lending

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ACCRA (Capital Markets in Africa) – A reluctance by banks in Ghana to lend is threatening to stall one of Africa’s fastest expanding economies. With almost a quarter of all outstanding loans in the country at risk of not being repaid, credit granted to the private sector is increasing at nearly the slowest pace in four years. At stake is the 6.8 percent growth that the government is hoping to achieve to boost revenue and narrow its…

OPEC Sees Rival Supplies Growing Most in Five Years in 2019

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LAGOS (Capital Markets in Africa) – OPEC expects supplies from its rivals to increase by the most in five years in 2019, with extra oil from the U.S. alone sufficient to meet the growth in global demand. In its first detailed outlook for 2019, the Organization of Petroleum Exporting Countries indicated that the North American oil boom means OPEC members are already producing enough crude to cover what will be needed from them. That could still change,…

South African Airways to Urgently Seek Investment Partner

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JOHANNESBURG (Capital Markets in Africa) – South African Airways pledged to urgently begin a search for a private-sector partner to help turn around the troubled state-owned carrier and ease the burden on an already stretched National Treasury. The assurance followed an attempt by the Solidarity union to end SAA’s reliance on state funding and push the airline into business rescue. The carrier hasn’t made a profit since 2011 and last year needed a bailout to avoid…

Egypt Inflation Rate Accelerates for First Time in 11 Months

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CAIRO (Capital Markets in Africa) – Egypt’s inflation accelerated for the first time in 11 months in June after the government slashed fuel and electricity subsidies to help reduce the budget deficit. Inflation in urban parts of the country, the rate closely watched by the central bank, climbed to 14.4 percent from 11.4 percent in May, according to the state statistics agency. Prices rose 3.5 percent on the month, the most since January last year….

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