The Editorial Team |

Trump’s Indefinite Travel Ban Opens New Stage in Legal Fight

LAGOS (Capital Markets in Africa) – President Donald Trump restricted or suspended travel to the U.S. from eight countries, adding North Korea and Venezuela, while subtracting Sudan, from his earlier ban on travellers from six Muslim-majority nations. “I must act to protect the security and interests of the United States and its people,” Trump wrote in Sunday’s proclamation. The move came as the original order, which had been limited by court challenges, was set to expire. Speaking to…

Ghana Bank Holds Key Rate at 2015 Low as Inflation Quickens

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ACCRA (Capital Markets in Africa) – Ghana’s central bank kept its key lending rate at the lowest since 2015 after inflation accelerated for the first time in four months. The Bank of Ghana left the rate at 21 percent, Governor Ernest Addison told reporters Monday in the capital, Accra. Two of seven economists in a Bloomberg survey predicted the hold, while the rest forecast cuts ranging from 50 to 100 basis points. The central bank of West Africa’s biggest…

Kenya Opposition Plans Mass Protests to Force Out Vote Officials

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NAIROBI (Capital Markets in Africa) – Kenya’s main opposition alliance will begin mass protests this week to force out electoral officials it suspects of rigging last month’s annulled presidential vote. The National Super Alliance will begin its campaign on Tuesday and will continue until the Independent Electoral & Boundaries Commission officeholders resign, said Norman Magaya, chief executive officer of the opposition coalition. It may escalate the protests if lawmakers from the ruling Jubilee Party continue…

Moody’s: Cameroon’s credit profile supported by diversified economy

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YAOUNDE (Capital Markets in Africa) – Moody’s Investors Service says that while Government of Cameroon’s (B2 stable) credit profile is supported by a diversified economy that has limited the impact of the oil price shock, the country still faces challenges from its weak institutional environment and rising public sector debt. The annual report, “Government of Cameroon — B2 Stable, Annual credit analysis”, is now available on www.moodys.com. Moody’s subscribers can access this report via the…

Crypto-Mania Grips Hong Kong as City Looks Beyond Banking

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LAGOS (Capital Markets in Africa) – In the mid-1990s, Johnson Leung embarked on a career in shipping. In the early 2000s, he moved to finance. And now, he runs a Hong Kong startup that aims to improve how container ships are booked using blockchain technology. Many in Hong Kong hope the city can make a similar leap. The shipping and banking hub, which has struggled for years to nurture a domestic technology industry, is embracing the blockchain…

Zimbabwe Cabinet Stalling $400 Million Rail Recap, Minister Says

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HARARE (Capital Markets in Africa) – Zimbabwe’s cabinet hasn’t approved a $400 million deal with Transnet SOC Limited to recapitalize National Railways of Zimbabwe because it’s concerned about the government taking on more debt, Transport Minister Joram Gumbo said. Zimbabwe awarded the contract to the South African ports and rail operator in August in a joint venture with the Diaspora Infrastructure Development Group after issuing a tender to recapitalize state-owned NRZ. The Zimbabwean operator, which is plagued by…

Record-High Nigeria Rate Seen Held on Inflation, Naira Woes

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LAGOS (Capital Markets in Africa) – Now that Nigeria’s economy is recovering from its worst slump in 25 years, the central bank can turn its focus to fighting inflation again — and shoring up its currency. The Monetary Policy Committee has kept its interest rate at a record-high 14 percent since July 2016, trying to support the economy, and will probably hold it there at its decision this week to contain above-target consumer-price growth. Officials can take heart…

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