The Editorial Team |

Sierra Leone to Vote Amid Discontent Over Ebola, Iron Ore

FREE TOWN (Capital Markets in Africa) – Sierra Leone will hold elections on Wednesday in which an unprecedented number of political parties will compete as discontent over the government’s handling of an economy battered by the Ebola outbreak has soared. The vote marks a departure from a decades-old tradition that mainly divided the balance of power between the All People’s Congress and the opposition Sierra Leone People’s Party, with a newcomer, the National Grand Coalition,…

South Africa Plans Return to Islamic Market to Plug Budget Gap

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JOHANNESBURG (Capital Markets in Africa )- South Africa’s debut sale of Islamic bonds had investors clamouring for four times the amount offered. The government is hoping for more of the same as it returns to the market to help plug a budget shortfall of more than $4 billion. Africa’s most-industrialized nation is considering a rand-denominated sukuk in the fiscal year starting April 1, after becoming the first African nation to issue a sovereign Shariah-compliant bond…

South Africa to Raise GDP Growth Forecasts in October, Nene Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s National Treasury will probably raise projections for economic growth this year in its October mid-term budget as the country overcomes governance and financial problems that have lowered confidence, Finance Minister Nhlanhla Nene said. Newly appointed president Cyril Ramaphosa reappointed Nene to the role last month. When former leader Jacob Zuma fired him and replaced him with a little-known lawmaker in 2015, the move triggered a sell-off in the rand and bonds. Policy uncertainty…

IMF Says Ghana Needs More Revenue, Fewer Spend Cuts for Goal

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ACCRA (Capital Markets in Africa ) – Ghana needs to improve revenue collection and can’t keep reducing spending on capital items to achieve its fiscal targets, the International Monetary Fund said. That’s one of the recommendations made by the Washington-based lender during a review of the nation’s $1 billion extended credit-facility program, country representative Natalia Koliadina said. Under the plan that started in April 2015 and is due to end in December, Ghana committed to implementing reforms…

Morocco’s credit profile reflects move towards value-added exports and fiscal progress

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RABAT (Capital Markets in Africa) – Morocco’s (Ba1 positive) credit strengths reflects a structural shift towards higher value-added export industries and fiscal improvements which could lead to stronger non-agricultural growth and a stabilization and gradual reduction in public sector debt, Moody’s Investors Service said in a report published last Friday. The main constraints on Morocco’s rating are relatively low GDP per capita, a volatile growth pattern and a relatively high, but affordable, debt-to-GDP ratio. A…

ETHIOPIA: Ratings affirmed on strong growth prospects

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ADDIS ABABA (Capital Markets in Africa) – Moody’s Investors Service affirmed Ethiopia’s long-term issuer rating and senior unsecured rating at ‘B1’ with a ‘stable’ outlook. It said that the ratings are supported by the country’s very strong growth potential, and expectations of narrow fiscal deficits and low public debt levels. In contrast, it noted that the ratings are constrained by contingent liabilities from state-owned enterprises (SOEs), structural shortages of US dollars and elevated political risks….

CULTIVATING THE GREEN OPPORTUNITY IN KENYAN REAL ESTATE

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Nairobi, Kenya – Kenya has the opportunity to set a benchmark for Africa in implementing cost-saving green technologies, as it pursues its development goals as a committed signatory of the International Climate Agreement (ICA), said the Kenya Green Building Council’s (KGBS) Madhur Ramrakha. As the 49th ICA signatory, Kenya has committed to reducing its greenhouse gas emissions by 30 per cent by 2030, while achieving its housing, infrastructure, job and healthcare goals. But while the…

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