The Editorial Team |

Ghana President Pledges to Build on Economic Progress of 2017

ACCRA (Capital Markets in Africa) – Ghana’s President Nana Akufo-Addo said efforts to stabilize the economy are beginning to yield results as the rate of debt-growth slowed while the government exceeded targets for keeping spending under control. The West African nation wants to avoid another bailout from the International Monetary Fund after the current credit facility ends this year, Akufo-Addo, 73, told lawmakers Thursday in the capital, Accra. Ghana’s budget deficit probably narrowed to 5.6 percent…

Citigroup Sees Best Year Yet for Investment Banking in Africa

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LAGOS (Capital Markets in Africa) – Citigroup Inc. is gearing up for a record year of deals from Africa in 2018. “We’re very excited about the prospects for this year across the Middle East and Africa and think this will be a very active year for us,” Miguel Azevedo, Citigroup’s head of investment banking for the region said in an interview in Abu Dhabi. “We have more deals in the pipeline than ever, mostly initial public…

Kenya Halves Share of Oil Income for Communities in New Law

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NAIROBI (Capital Markets in Africa) – Kenya halved the amount of revenue it will distribute to local communities once commercial oil production starts, setting up a potential dispute with residents of its economically deprived northern Turkana region. The Petroleum Exploration, Development and Production Bill to be presented to lawmakers next week proposes giving communities 5 percent of revenue, instead of the 10 percent stipulated in an earlier amended draft. County administrations will receive 20 percent…

Zimbabwe to Consider Waivers on Platinum, Diamonds Ownership Law

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HARARE (Capital Markets in Africa ) -Zimbabwe will consider applications from companies mining platinum or diamonds to be exempted from a requirement that they be at least 51 percent owned by black citizens of the country. The government wants companies to show they have a plan to achieve compliance before it will consider granting waivers, Mines Minister Winston Chitando said in an interview in Cape Town Wednesday. “Companies should come up with proposals which suit their different…

Carry Trades With Emerging FX Are Entering Bearish Momentum

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LAGOS (Capital Markets in Africa) – Emerging-market carry trades are losing their appeal and they could be in for more losses, if technical indicators are any guide. A Bloomberg gauge of carry trades in eight developing-nation currencies declined 1.7 percent since reaching the most since August 2014 on Jan. 25 amid the latest market turmoil that sent volatility to the highest level since 2015 this week. The carry-trade measure fell below the 21-day moving average on Wednesday. At…

Opposition Party Sees Opening as Ethiopia Government Vows Reform

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ADDIS ABABA (Capital Markets in Africa) – An Ethiopian opposition party whose chairman was freed after more than a year in prison plans to step up its political activity as the Horn of Africa nation’s government pledges greater openness in the wake of mass protests. The Oromo Federalist Congress will open an initial 20 offices in the Oromia region and “start to organize our people,” Chairman Merera Gudina said in an interview in the capital,…

Yields Speak Louder Than Ratings for Emerging-Market Investors

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LAGOS (Capital Markets in Africa) – Emerging-market investors aren’t worrying much about the opinion of ratings companies these days as the hunt for yield outweighs what they consider rear-view assessments. Most of the developing nations that were downgraded in the past six months, including Brazil, Colombia and South Africa, saw their risk premium rise just briefly following the decision before quickly resuming their downward march amid a strong risk-on mood. Part of the explanation is simple. Investors have been…

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