The Editorial Team |

Idled Ghana Oil Refinery Is Said to Seek Finance Guarantees

ACCRA (Capital Markets in Africa) – Ghana’s state-owned oil refinery is seeking credit guarantees from the government after lenders declined to issue it loans for crude purchases, according to two people familiar with the matter. The Tema Oil Refinery, 29 kilometers (18 miles) east of the capital, Accra, halted production on June 21 after running out of crude stock, said the people, who asked not to be identified because they’re not authorized to speak publicly about…

Bears Out of Hibernation as Trade Woes Hit Currencies: Inside EM

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LAGOS (Capital Markets in Africa) – Stocks in emerging markets sank to a 10-month low and most currencies retreated as heightened anxiety over a global trade war spurred demand for haven assets. A measure of equity volatility in developing nations surged 13 percent, while technology and consumer stocks led losses in the MSCI Emerging Markets Index. Seventeen out of 24 currencies tracked by Bloomberg fell, led by South Africa’s rand. The gains in Turkey’s lira that followed Recep Tayyip Erdogan’s…

Nigerian Low-Cost Mortgage Lender Set for $1.4 Billion Boost

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LAGOS (Capital Markets in Africa) – Nigeria’s government plans to inject 500 billion naira ($1.4 billion) into its low-cost mortgage lender over the next five years in an effort to spur home ownership that has failed to take off in Africa’s most-populous nation. Faced with a housing deficit of 17 million units, Nigeria is seeking to improve access to home loans in an economy that vies with South Africa as the continent’s biggest. A lack of…

Angola Is in Talks With Majors to Boost Oil Output by 2020

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LUANDA (Capital Markets in Africa) – Angola is targeting an increase of about 250,000 barrels a day in oil output by 2020 and is already in discussions with oil majors Exxon Mobil Corp. and Equinor ASA to achieve this, said Sonangol’s Chairman of the Board Carlos Saturnino. New energy legislation and more favourable investment terms have already spurred interest from international operators, including Chevron Corp. and Total SA, he said in an interview in Vienna….

Libyan Forces Hand Oil Ports to East-Based Energy Company

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TRIPOLI (Capital Markets in Africa) – Forces of Libyan Commander Khalifa Haftar handed control of oil ports in the east of the divided nation to a state unit rivaling the internationally recognized National Oil Corp. based in the capital Tripoli, in a surprise move that could create uncertainty among buyers. “All oil facilities, all oil ports — not just the ones in the oil crescent but even Hariga port — all oil sectors, oil pipelines, all facilities…

Bond Flight From South Africa Spurs `Amplification’ Warning

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JOHANNESBURG (Capital Markets in Africa) – Foreign investors’ holdings of South African bonds have dropped to the lowest level in more than a year following a record sell-off since the beginning of May, and a senior Treasury official says there could be worse to come. Non-residents held 38.9 percent of government debt as of June 22, down from as high as 42.8 percent in March, according to Bloomberg’s calculations based on National Treasury data through…

South Africa Central Bank Sees Limited Room for Further Easing

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JOHANNESBURG (Capital Markets in Africa) – South Africa has little room for further interest-rate cuts unless the inflation outlook improves, the central bank said. Monetary policy is still marginally accommodative and “the room for additional rate cuts remains limited in the absence of a more durable improvement” in the price-growth outlook, the central bank said in its annual report published on its website on Monday. The Monetary Policy Committee kept its key rate unchanged at 6.5 percent last…

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