The Editorial Team |

MTN Is Said to Start $754 Million Ghana Unit IPO Next Week

ACCRA (Capital Markets in Africa) – MTN Group Ltd. will start selling more than a third of its Ghanaian unit for $754 million next week in an initial public offering that will be 10 times larger than the West African nation’s previous biggest-ever share sale, according to a person familiar with the matter. The offer to raise 3.48 billion cedis of stock will start May 29 and close at the end of July, said the person, asking not…

Mozambique Backs Constitution Changes That May Boost Peace Deal

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MAPUTO (Capital Markets in Africa) – Mozambican lawmakers approved constitutional changes that give political parties more power in the provinces, a step that may support a peace deal cast into doubt by the death of the main opposition leader. President Filipe Nyusi signed an open-ended truce in 2016 with the Mozambican National Resistance, or Renamo, whose leader, Afonso Dhlakama, died on May 3. Renamo’s armed wing fought the government in a 16-year civil war that claimed as many…

Carmakers in Battle With South Africa Over Support Plan

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LAGOS (Capital Markets in Africa) – South Africa is proposing automakers including Toyota Motor Corp., Ford Motor Co. and BMW AG more than double production in return for tax breaks so generous that the companies can ship the cars all the way to Europe. The auto industry accounts for about 7 percent of South Africa’s gross domestic product and has been one of the few highlights of a period of sluggish economic growth, according to the National…

Burundi Voters Back Longer Presidential Terms in Referendum

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BUJUMBURA (Capital Markets in Africa) – Burundian voters backed sweeping constitutional changes including extending presidential terms to seven years, setting the stage for Pierre Nkurunziza to continue ruling the East African country until 2034. The proposed changes were backed by 73.3 percent of people who cast a vote in the May 17 referendum, the head of the electoral committee, Pierre Claver Ndayicariye, told a briefing Monday in the capital, Bujumbura. About 19.3 percent voted “no,” while…

South African Bonds Catch a Break as Tide Turns in Their Favour

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JOHANNESBURG (Capital Markets in Africa) – It’s been a miserable quarter so far for South African bonds, but the worst may be over. After a selloff that started in April and wiped out this year’s gains, yields on benchmark securities fell on Tuesday as Finance Minister Nhlanhla Nene delivered good news on the country’s fiscal deficit. Rates may fall further, provided global factors that roiled emerging markets in recent weeks don’t worsen, according to Standard Bank…

The Legal Cases Ensnaring Prominent South African Officials

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JOHANNESBURG (Capital Markets in Africa) – A slew of legal cases involving South African politicians and officials, including former President Jacob Zuma, are working their way through the courts, with some prominent public figures at risk of being jailed or losing their jobs. This is the state of play of some of the most high-profile lawsuits: Zuma’s graft trial Zuma, who the ruling party forced to resign in February after a scandal-tainted tenure lasting almost nine…

South Africa’s Nene Sees Faster Growth and Smaller Budget Gap

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s economy will expand faster and the fiscal deficit may be smaller than the estimates set out in the February budget, Finance Minister Nhlanhla Nene said. Gross domestic product will grow more quickly this year than the 1.5 percent predicted in the budget, Nene told lawmakers in Cape Town on Tuesday, without giving a new forecast. The fiscal shortfall for the year to March 2018 could be “marginally lower” than…

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