The Editorial Team |

Ghana to Cut 2017 Spending as It Struggles to Raise Revenue

ACCRA (Capital Markets in Africa) – Ghana plans to cut spending this year as weak revenue collections are the “Achilles’ heel” in getting its accounts to balance, Finance Minister Ken Ofori-Atta said. “We are trying to contain expenditures as much as we can,” Ofori-Atta said at a conference Monday in the capital, Accra. In July, the West African nation trimmed the budget-deficit forecast to this year 6.3 percent of gross domestic product from 6.5 percent. Constant overspending prompted…

Solar Telecom Company Calls Ex-Morgan Stanley Manager to Africa

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LAGOS (Capital Markets in Africa) – GreenWish Partners, a renewable energy company run by a former Morgan Stanley executive, is planning to invest $800 million on solar-powered telecommunications towers across Africa. The project could fuel economic growth by providing power for essential services. Sub-Saharan Africa has the lowest rates of energy access in the world and is home to about half of the world’s 1.2 billion people without reliable electricity, according to the International Energy Agency. The problem extends…

Moody’s affirms Egypt’s B3 rating; maintains stable outlook

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CAIRO (Capital Markets in Africa) – Moody’s Investors Service has today affirmed the Government of Egypt’s long-term issuer and senior unsecured bond ratings at B3. The outlook remains stable. The rating affirmation is based on Moody’s view that the B3 rating appropriately captures Egypt’s credit risk profile. Very weak government finances will continue to constrain the rating pending further clarity on the sustainability and impact of the reform programme. While Egypt’s external liquidity position has…

Novartis Speeds New Anti-Malarial as Older Drug Loses Potency

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LAGOS (Capital Markets in Africa) – Novartis AG began testing a new anti-malaria pill in Africa, advancing development of an alternative to its most effective treatment that billionaire philanthropist Bill Gates said risked losing potency. Patients in Mali infected with the mosquito-borne parasite began receiving the experimental drug, known as KAF156, in combination with another medicine, the drugmaker said Monday. More than 500 children and adults across nine countries in Africa and Asia will be enrolled in the mid-stage study…

Moody’s downgrades Tunisia’s rating to B1, maintains negative outlook

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TUNIS (Capital Markets in Africa) – Moody’s Investors Service has today downgraded the long-term issuer rating of the government of Tunisia to B1 from Ba3 and maintained the negative outlook. Moody’s has also downgraded the foreign currency debt rating of the Central Bank of Tunisia to B1 from Ba3 and maintained the negative outlook, in addition to downgrading the shelf/MTN rating to (P)B1 from (P)Ba3. The Government of Tunisia is legally responsible for the payments…

Moody’s downgrades Tunisia’s rating to B1, maintains negative outlook

Posted on by The Editorial Team

Angola Ruling-Party Candidate `a Chauffeur,’ Opposition Says

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LUANDA (Capital Markets in Africa) – Angolan ruler Jose Eduardo dos Santos will keep his grip on power if his party wins elections this month, even as he steps down as president after 38 years in office, according to the country’s main opposition leader. The ruling Popular Movement for the Liberation of Angola has picked 63-year-old Defence Minister Joao Lourenco as its presidential candidate for the August 23 vote. Dos Santos will remain the party’s chairman and has appointees…

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