The Editorial Team |

Nigeria and Angola’s dependence on oil and gas creates challenges

LAGOS (Capital Markets in Africa) – Although Nigeria (B2 stable) and Angola’s (B3 stable) economies, external positions and public finances are expected to stabilise, their continued dependence on oil and gas means they will both face a range of challenges in the coming years, Moody’s Investors Service said in a report today. For Angola, the key issue will be managing its liquidity pressures and higher debt burden alongside further currency devaluation. For Nigeria, it will…

Sub-Saharan Africa growth outlook subject to external and domestic risks

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LAGOS (Capital Markets in Africa) – The World Bank projected economic growth in Sub-Saharan Africa (SSA) to accelerate from 2.6% in 2017 to 3.1% in 2018, relative to a previous forecast of 3.2% for 2018, supported by higher oil and metals production and prices, improved agricultural activity, increasing domestic demand, supportive external financial market conditions, as well as a pick-up in investment. It expected growth in the SSA region to average 3.6% annually during the 2019-20 period on the…

Mauritania’s Growth Prospects Dependent on Reforms – IMF Says

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MAURITANIA (Capital Markets in Africa) – The International Monetary Fund indicated that Mauritania’s economy has been recovering, as real GDP growth accelerated from 1.8% in 2016 to 3.5% in 2017 due to improved terms of trade and strong activity in the agriculture, manufacturing, transport and telecommunications sectors. But it projected growth to slow down slightly to 3% in 2018, as a result of the delayed impact of last year’s drought on the agriculture industry. The IMF, also considered the …

South Africa’s New Mining Charter to Credit Past Black Deals

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JOHANNESBURG (Capital Markets in Africa) – South Africa will give mining companies credit for past black-empowerment deals even when the investors later sold their shares to whites or foreigners, removing a major concern for the industry. The country’s new Mining Charter, which is aimed at distributing South Africa’s mineral wealth more widely, will apply the “once empowered, always empowered” principle as long they met the previous 26 percent black-ownership requirement. The minimum percentage will also…

When AI Helps Keep the Lights On

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LAGOS (Capital Markets in Africa) – Azuri’s HomeSmart adjusts power output based on prior solar battery use. In sub-Saharan Africa, home electricity is a 50-50 prospect and bank accounts can be rare, but most people have some kind of cellphone. The phones provide information often tough to come by in rural areas—the latest commodity prices, for example. And even in places where pastoral tribesmen tend livestock in very old-school ways, they may also chat over…

Namibia Plans Bond Exchange to Lure Debt Sales From South Africa

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WINDHOEK (Capital Markets in Africa) – Namibia plans to start a bond exchange to lure issuance by local companies that currently favour raising debt in its much larger neighbour, South Africa. The southern African country’s corporate debt market of 5.8 billion Namibian dollars ($437 million) is dwarfed by South Africa’s 500 billion rand ($38 billion) of non-government bonds. The Namibian dollar is pegged at 1 South African rand. Corporate bonds in Namibia trade over-the-counter, with…

Global bond issuance at $2.1 trillion in first four months of 2018

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LAGOS (Capital Markets in Africa) – S&P Global Ratings indicated that the global issuance of corporate bonds, U.S. public finance bonds, other international public finance bonds and structured finance products totalled $2.07 trillion in the first four months of 2018, up by 1% from $2.05 trillion in the same period of 2017. In comparison, it said that global bond issuance reached $5.4 trillion in 2015 and $6.1 trillion in 2016. It attributed the year-on-year increase in the first four months…

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