The Editorial Team |

Kenya Requests Six-Month Extension of Standby Loan, IMF Says

NAIROBI (Capital Markets in Africa) – Kenya asked the International Monetary Fund for a six-month extension to a $1.5-billion standby facility to allow more time to complete delayed reviews of an IMF-supported program. The government committed to reducing its fiscal deficit and “substantially modifying” controls on commercial interest rates to achieve the objectives of the program, the Washington-based lender said in an emailed statement. The request for a six-month extension of the precautionary financing will be presented to…

Saudi Crown Prince Dismisses Feud With Qatar as `Trivial’

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CAIRO (Capital Markets in Africa) – Saudi Arabia’s crown prince brushed off a festering dispute with Gulf neighbour Qatar as “very trivial,” though one that might drag on for a long time, and claimed the kingdom was succeeding in blocking Iran’s regional ambitions, according to Egyptian media. Mohammed Bin Salman, in an interview with newspaper editors in Cairo this week, also accused the Muslim Brotherhood of exploiting democracy in the region and said Turkey,…

South Africa’s Richest Man Is Said to Seek Vumatel for Fiber

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JOHANNESBURG (Capital Markets in Africa) – Remgro Ltd. is in advanced talks to buy fiber provider Vumatel Pty Ltd. as South Africa’s richest man seeks to consolidate the country’s expanding broadband infrastructure industry, according to people familiar with the matter. A deal by billionaire Johann Rupert’s investment vehicle would give an equity value of closely-held Vumatel of about 1.1 billion rand ($93 million), said the people, who asked not to be identified as the talks are private….

South African Business Leaders Upbeat as Ramaphosa Rings Changes

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JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa has been a hit with business leaders and investors during his first three weeks in office. Since succeeding Jacob Zuma, who was immersed in scandal during his nine-year tenure, Ramaphosa has fired several ineffective ministers, taken a stand against graft and ordered a review of draft rules that deterred investment in the mining industry. Improved confidence may boost weak economic growth and investment and could help stave…

IMF Urges Nigeria to Keep Tight Monetary Policy, Curb Inflation

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LAGOS (Capital Markets in Africa) – The Central Bank of Nigeria should maintain its tight monetary-policy stance and consider raising interest rates to help anchor price expectations, the International Monetary Fund said. Increasing the monetary policy rate from 14 percent to exceed price growth, which stood at 15.1 percent in January, “would more transparently reflect CBN intentions, help anchor inflation expectations, and signal forward-looking policy,” the Washington-based lender said in a report release Wednesday after an Article IV consultation. Governor Godwin…

Takeover Bid by Ghana’s UniBank in Doubt as Regulator Balks

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ACCRA (Capital Markets in Africa) – UniBank Ghana Ltd. agreed to buy a controlling stake in Agricultural Development Bank Ltd. from a group of exiting investors in a deal that still needs to win support from the country’s central bank. The planned takeover comes as lenders in Ghana scurry to meet an end-of-the-year deadline to bolster their capital buffers. The new rules are part of a government effort to create stronger banks better able to…

Equatorial Guinea Energy Outlook Suffers Double Whammy This Week

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GUINEA (Capital Markets in Africa) – OPEC member Equatorial Guinea suffered a double blow this week to its ambition of revitalizing its energy industry. The International Energy Agency said on Monday the West African nation’s crude production is on a “downward slope,” with capacity expected to drop 15 percent over the next six years to 110,000 barrels a day. That’s little more than a third of its peak output of 300,000 barrels a day in…

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