The Editorial Team |

Congo Suspends Insurance Regulator Head, Stymying Industry Plans

KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo suspended the head of the newly established insurance regulator for financial mismanagement, dealing a setback to the long-awaited liberalization of the industry. Finance Minister Henri Yav Mulang wrote to Insurance Regulatory Authority Managing Director Eric Mboma on Oct. 7 informing him that an audit had found him “guilty of several acts characteristic of bad management.” The findings were likely to result in disciplinary action,…

Ghana Preparing $1.4 Billion Bond Sale to Clear Energy Debt

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ACCRA (Capital Markets in Africa) – Ghana will hold roadshows in the U.S. and London next week to sell 6 billion cedis ($1.4 billion) in local-currency debt to clear arrears owed to banks by state-owned electricity and petroleum utilities, according to Finance Minister Ken Ofori-Atta. The sale is the first tranche of a plan to sell as much as 10 billion cedis in bonds through a special-purpose vehicle and backed by a tax on the sale of…

Debt Management Should Be Priority for Zambia, Kalyalya Says

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LUSAKA (Capital Markets in Africa) – Zambia must prioritize its debt management to protect the economy from a surge in borrowing costs, central bank Governor Denny Kalyalya said. “That’s one area that we really need to put a hand on so that it doesn’t overheat the economy,” Kalyalya said in an interview Wednesday in Washington. “If that happens then all these interest rates we’re talking about will go up very significantly.” Ballooning debt levels are key to negotiations…

CRH Is Said Among Firms Mulling Bid for South Africa’s PPC

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LAGOS (Capital Markets in Africa) – CRH Plc is among companies considering a counter bid for PPC Limited that could trump an offer by Canada’s Fairfax Financial Holdings Ltd., according to people familiar with the matter, adding a potential new twist to the battle for South Africa’s largest cement maker. The Irish building-materials supplier has held early deliberations about pursuing an acquisition of the Johannesburg-based company, said the people, who asked not to be identified as the plans aren’t public….

Bitcoin Breaches New Milestone by Smashing Past $5,000 Mark

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LAGOS (Capital Markets in Africa) – Bitcoin surged to a fresh record Thursday as the enthusiasm for cryptocurrencies showed little sign of abating. The world’s largest cryptocurrency rose as much as 8.4 percent and was trading 7.9 percent higher at $5,209 as of 12:34 p.m. in London, resuming gains after a one-day break. As recently as December, bitcoin was trading at less than $1,000 dollars. Bitcoin tumbled below $4,000 last month after China’s central bank banned initial…

PIC Is Said to Mull Backing Bid for Chevron’s South Africa Unit

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JOHANNESBURG (Capital Markets in Africa) – Africa’s biggest fund manager is interested in taking part in the acquisition by Glencore Plc and a group of black South African-owned companies of Chevron Corp.’s assets in the country, according to three people familiar with the matter. The Public Investment Corp., which manages the pension funds of South African government workers, could buy a portion of the business from Glencore or the minority owners, said one of the people,…

South Sudan Targets Doubling Oil Output in 2018, First Refining

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SOUTH SUDAN (Capital Markets in Africa) – South Sudan targets more than doubling oil production to 280,000 barrels per day next year as it restarts output that was suspended at some fields because of an almost four-year civil war. The government is seeking to restore production to about 150,000 barrels per day by the end of 2017, from 130,000 barrels, Petroleum Minister Ezekiel Lul Gatkuoth told an energy industry conference in the capital, Juba, on Wednesday….

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