The Editorial Team |

Togo Opposition Rebuffs Mediators, Continues Nationwide Protest

LOME (Capital Markets in Africa) – Togo’s opposition rejected a joint statement from three regional diplomatic blocs urging the government to set a date for a referendum about constitutional change, as nationwide protests continued for a second day. The African Union, the Economic Community of West African States, known as Ecowas, and the United Nations Office for West Africa called on the Togolese government to fix a date for a nationwide poll on a proposal…

`Mind-Boggling’ Math Could Make Blockchain Work for Wall Street

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LAGOS (Capital Markets in Africa) – A major breakthrough in cryptography may have solved one of the biggest obstacles to using blockchain technology on Wall Street: keeping transaction data private. Known as a “zero-knowledge proof,” the new code will be included in an October 17 upgrade to the ethereum blockchain, adding a level of encryption that lets trades remain private. Previously, users were able to remain anonymous but transactions were verified by allowing everyone on the network…

Investors Undeterred by Risks as South Africa Bond Inflows Soar

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JOHANNESBURG (Capital Markets in Africa) – Political turmoil, the risk of a widening budget deficit, a weakening currency and the prospect of a credit downgrade to junk would usually put investors off a country’s bonds. Not when it comes to South Africa. The lure of the highest yields among emerging-market peers is proving irresistible, with foreign investors buying a net 18 billion rand ($1.3 billion) of South African bonds in September, the most in a month…

Nigerian Minister Is Said to Query $24 Billion Oil Contracts

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LAGOS (Capital Markets in Africa) – Nigeria’s oil minister sent a letter to President Muhammadu Buhari listing at least $24 billion of contracts involving the state oil company that he said were never discussed with him or the firm’s board, a copy of the document seen by Bloomberg shows. Emmanuel Kachikwu, the state minister for petroleum resources, complained in the seven-page, August 30 letter to Buhari that during the more than one-year tenure of Nigerian National Petroleum…

Matt Levine’s Money Stuff: Bitcoin Traders and Index Funds

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LAGOS (Capital Markets in Africa) – Goldman Sachs Group Inc. is weighing a new trading operation dedicated to bitcoin and other digital currencies, the first blue-chip Wall Street firm preparing to deal directly in this burgeoning yet controversial market, according to people familiar with the matter. Literally, why not? Banks — Goldman especially — trade things. If there is a thing that trades — and, particularly, if it is a purely financial asset that trades…

Ivory Coast Cocoa Farmers See Bumper Crop After Slow Start

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ABIDJAN (Capital Markets in Africa) – This year’s cocoa harvest in top producer Ivory Coast may be starting slowly, but farmers say volumes will catch up in a few months and are forecasting another big crop to follow last season’s record. Heavy rains in June and July caused flowers to fall off trees and while farmers have started reaping some pods, there are a lot fewer than this time last year, said Salam Pelega, the head…

PPC Extends Battle for African Cement Maker by Ordering Review

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JOHANNESBUG (Capital Markets in Africa) – PPC Limited hired Investec Plc to review an offer by Fairfax Financial Holdings Ltd. for South Africa’s biggest cement maker and said other interested bidders should be granted enough time to conduct full due diligence. Investec has been appointed to consider the partial offer by Toronto-based Fairfax and the planned merger between PPC with local rival AfriSam Group Pty Ltd. that’s part of the proposal, Johannesburg-based PPC said in a statement Tuesday….

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