The Editorial Team |

South Africa Tests Investor Appetite in Biggest Bond Auction Yet

JOHANNESBURG (Capital Markets in Africa) – South Africa’s widening budget deficit is going to cost it. Just how much, the Treasury will find out when it holds its biggest auction yet of local-currency debt on Tuesday. Benchmark 10-year yields have climbed more than 60 basis points since Oct. 25, when Finance Minister Malusi Gigaba said the government will need to raise an additional 122 billion rand ($8.4 billion) of debt over the next three years to plug…

Oil Output Cuts `Only Viable Option’ for Market, OPEC Head Says

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LAGOS (Capital Markets in Africa) – The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said. The Organization of Petroleum Exporting Countries should decide at its meeting later this month whether or not to extend the cuts, United Arab Emirates Energy Minister Suhail Al Mazrouei said in a speech at a conference in Abu Dhabi. Neighbouring Oman backs prolonging the output limits beyond March and sees…

South Africa Budget Head Resigns Amid Education-Funding Spat

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JOHANNESBURG (Capital Markets in Africa) – The head of South Africa’s budget office, Michael Sachs, resigned amid speculation President Jacob Zuma is bypassing the National Treasury to implement plans for free university education. Sachs, who headed the office since November 2013, is the third senior Treasury official to leave since Zuma appointed Malusi Gigaba to replace Pravin Gordhanas finance minister in March. Sachs won’t be leaving immediately, “to ensure a proper handover to another senior official and to allow for…

Factions Threaten South Africa’s ANC Leadership Conference Plans

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling party is battling to calm internal divisions that are threatening to disrupt preparations for its national conference next month as factions engage in a bitter fight over who will replace President Jacob Zuma as its leader. The African National Congress’s National Executive Committee decided on Monday to confirm the leadership of the Eastern Cape province after a disputed conference in that region in September, according to two…

The International Islamic Banking Summit Africa: Djibouti 2017 opened today with more than 250 Islamic finance leaders

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The International Islamic Banking Summit Africa: Djibouti 2017 opened today with more than 250 Islamic finance leaders seeking to capitalize on the surge in new Sukuk opportunities across Africa Held under the Patronage of the President of the Republic of Djibouti and hosted by The Central Bank of Djibouti, the International Islamic Banking Summit Africa 2017 convened global industry leaders to boost economic development and facilitate greater trade and investment flows between Africa, the OIC…

Ghana to Cut $2.2 Billion Bill With Farm Support, President Says

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ACCRA (Capital Markets in Africa)- Ghana has a target of supporting one million farmers in the next four years with plans to invest in agriculture as the West African nation seeks to increase trade and cut its reliance on food imports that cost about $2.2 billion annually. While Ghana is the world’s second-biggest cocoa producer, it imports more than two-thirds of the staples such as wheat and rice that it needs, according to the United Nations’…

Kenya Government Takes Control of Kenya Airways in Debt Swap

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NAIROBI (Capital Markets in Africa) – Kenya’s government and domestic lenders agreed to convert $405.3 million of Kenya Airways Plc debt into equity, giving the state a controlling stake and diluting other shareholders including Air France-KLM. The government, which has given Kenya Airways shilling and U.S.-dollar loans totaling $238.1 million, will increase its stake to 48.9 percent from 29.8 percent, according to statements published in the Nairobi-based Standard newspaper on Monday. Lenders owed $217.2 million will convert…

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