The Editorial Team |

Kenyan Inflation Quickens First Month in Three in August

NARIOBI (Capital Markets in Africa) – Kenyan inflation quickened for the first time in three months as food prices increased and has moved outside of the central bank’s target band. The annual inflation rate rose to 8 percent in August, compared with 7.5 percent in the previous month, the Kenyan National Bureau of Statistics said Thursday in a statement emailed from the capital, Nairobi. Prices increased 0.6 percent in the month. The economy of the world’s largest shipper…

Somalia Confirms Capture, Deportation of Ethiopian Rebel Leader

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MOGADISHU (Capital Markets in Africa) – Somali agents captured a senior Ethiopian rebel leader and handed him over to the authorities of his home country, the head of Somali intelligence said. Abdikarim Sheikh Muse, a member of the Ogaden National Liberation Front’s executive committee, was detained in the central town of Adado, 500 kilometres (311 miles) north of the Somali capital, Mogadishu, on Aug. 25, National Intelligence & Security Agency Director Abdullahi Mohamed Ali told…

Angola Oil Minister Says Nation Needs Crude to Rebound to $60

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LUANDA (Capital Markets in Africa) – Angola’s Petroleum Minister Jose Maria Botelho de Vasconcelos said it’s essential for the southern African nation’s economy that oil prices rebound to $60 a barrel this year. “That would be extremely important,” Botelho de Vasconcelos said on Monday in an interview in the country’s capital Luanda. “We’ve been getting signs from the market that prices could reach $60 by the end of the year.” Angola, which depends on crude shipments…

Nigeria Says Chinese to Build $5.8 Billion Hydropower Plant

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LAGOS (Capital Markets in Africa) – Nigeria said China Civil Engineering Corp. will build a $5.8 billion hydro-power station in the country’s eastern Mambila region with a capacity to generate 3,050 megawatts. China’s Export-Import Bank will provide 85 percent of the funding for the project, which is scheduled to be completed in six years, Power, Works and Housing Minister Babatunde Fashola told reporters on Wednesday in the capital, Abuja. Nigeria will contribute the remaining funds. “The scope…

IMF Extends Ghana Oversight as Bailout Plan Gets Another Year

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ACCRA (Capital Markets in Africa) – The International Monetary Fund approved a one-year extension of its credit-facility program with Ghana, lengthening the lender’s economic oversight of the West African nation which is battling to keep spending under control. The country’s Eurobonds rallied. The extension follows after the IMF completed a fourth review of an almost $1 billion assistance program with Ghana agreed to in April 2015, when chronic overspending and power cuts drained public finances and…

Death Threats, Court Case Mark Battle for South Africa’s ANC

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JOHANNESBURG (Capital Markets in Africa) – Death threats and court challenges mark an intensifying battle for control of South Africa’s ruling African National Congress as factions fight it out in the nation’s provinces before the party elects a new leader to replace Jacob Zuma. In the region with the most ANC members, KwaZulu-Natal, the high court is expected to rule next month on an application by party officials to overturn an 2015 election of provincial leaders…

Republic of Congo Eurobond Trustee Said to Announce Coupon Payment

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BRAZZAVILLE (Capital Markets in Africa) – Delaware Trust, Eurobond trustee for the Republic of Congo, issued statement Aug. 29 that $21 million of overdue principal and interest payments will be transferred to investors soon, according to two people familiar with the matter. People asked not to be named as they were not authorized to speak publicly. The statement said that Commissions Import Export, a contractor claiming it’s owed money from Republic of Congo’s government, has…

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