The Editorial Team |

World Bank Urges Kenya to Rethink Fiscal-Consolidation Plan

NAIROBI (Capital Markets in Africa) – Kenya may need to recalibrate its fiscal-consolidation plans if it’s to see economic growth rebound from a five-year low reached in 2017, the World Bank said. The government of East Africa’s biggest economy should slow the rate of expansion of recurrent expenditure, improve spending efficiency, restore the potency of monetary policy and rationalize tax exemptions to ensure its resources are fiscally sustainable, the Washington-based lender said in an economic update…

Namibian President Geingob Rejects Graft Claims in French Probe

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WINDHOEK (Capital Markets in Africa) – Namibian President Hage Geingob rejected claims linking him to a French corruption probe related to the purchase by Orano SA of Canadian mining company UraMin Inc.’s Trekkopje uranium mine in the southern African country. Geingob didn’t participated in the transaction and is demanding a retraction from Radio France Internationale, which reported the allegations last week, spokesman Alfredo Hengari said in a statement. He was paid as a consultant before he joined…

Uganda Awards Refinery Deal to GE After Earlier Contracts Dumped

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KAMPALA (Capital Markets in Africa) – Uganda awarded the contract to build its first refinery to General Electric Co. and partners, sealing a deal for the 60,000-barrel-a-day plant after previous agreements collapsed. The Albertine Graben Refinery Consortium, led by Boston-based GE, will develop the refinery in Hoima district, Ugandan President Yoweri Museveni said on his Twitter account after the accord was signed Tuesday. It’s a breakthrough for the long-planned project, which will allow the country to process its…

Big Four Consulting Firms Dip a Toe in Initial Coin Offerings

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LAGOS (Capital Markets in Africa) Initial coin offerings have raised billions of dollars for start-ups while attracting criminals and authorities around the globe. Now, the young market may get some help cleaning up from the Big Four consulting firms. In recent months, the largest accounting firms have started — albeit cautiously — offering services specializing in the risky market for ICOs. The fundraising mechanism, where a company creates a new digital currency and sells it…

Ghana Economic Growth Rate More Than Doubles in 2017 to 8.5%

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ACCRA (Capital Markets in Africa) – Ghana’s economy expanded at the fastest rate in five years in 2017 as oil and gas production surged. Gross domestic product expanded 8.5 percent last year compared with 3.7 percent in 2016, acting Government Statistician Baah Wadieh told reporters in the capital, Accra, on Wednesday. Oil and gas output surged 80.4 percent, contributing to an increase in the industry sector, which accounts for almost a quarter of the economy. This came…

Bitcoin Is a Disease in Barclays Model That Says Prices Peaked

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LAGOS (Capital Markets in Africa) – Is the rise of Bitcoin analogous to the spread of an infectious disease? Analysts at Barclays Plc saw enough similarities to develop a pricing model for the cryptocurrency that takes its cues from the world of epidemiology. Their diagnosis: Bitcoin has probably peaked. The Barclays model divides the pool of potential Bitcoin investors into three groups: susceptible, infected and immune. It assumes that as prices rise, “infections” spread by word-of-mouth (nobody likes missing…

MTN’s Nigeria IPO Done by Year-End If Market Allows, CEO Says

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. expects the listing of its Nigerian unit on the Lagos stock exchange to be done by the end of 2018, its CEO said, after suggesting late last year that the process would be concluded by mid-year. “We are progressing very well with the Nigerian listing and if market conditions are appropriate, we will conclude that by the end of the year,” Rob Shuter said Tuesday in an interview in…

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