The Editorial Team |

Uganda Awards Refinery Deal to GE After Earlier Contracts Dumped

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…

South Sudan Ex-Army Chief Forms New Challenge for President

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SOUTH SUDAN (Capital Markets in Africa) – South Sudan’s former army chief Paul Malong formed a rebel group aimed at toppling President Salva Kiir’s administration, which it holds responsible for the nation’s economic and political crisis. Malong was appointed by Kiir in 2014 to lead a military campaign against rebels of former vice president Riek Machar, only to be fired last year and exiled to neighbouring Kenya. His army was accused of atrocities against civilians including…

Steinhoff Says Payments to Ex-Chairman Broke Company Rules

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV said two 2017 payments to former chairman and biggest shareholder Christo Wiese didn’t follow proper governance and disclosure processes, dragging the South African billionaire deeper into an accounting crisis. The deals were agreed to with entities related to Wiese in the weeks leading up to the emergence of financial irregularities that have wiped more than 90 percent off the value of the global retailer. Steinhoff has investigated the…

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