Author: The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling party faces an uphill battle to regain control of key towns in Monday’s municipal elections, with widespread outrage over poor services and crumbling infrastructure. The election of councilors in the 278 municipalities is the first since President Cyril Ramaphosa won control of the African National Congress in 2017 and set about trying to rebuild support for the party, which plummeted during his predecessor Jacob Zuma’s scandal-marred rule.Opposition party coalitions…

LAGOS (Capital Markets in Africa) – China needs to give U.S. or European-style market access to Africa as the next step in fostering a strong economic relationship, Ugandan President Yoweri Museveni said. As African nations push for the extension beyond 2025 of the African Growth and Opportunity Act that allows duty-free access to the U.S. market, Museveni wants China to offer something similar. That or a deal mirroring Europe’s Everything But Arms arrangement for least…

LAGOS (Capital Markets in Africa) – Nigeria joined fellow OPEC+ member Saudi Arabia in saying the group must resist pressure to raise oil production faster until the coronavirus pandemic abates. The 23-nation cartel shouldn’t yet change its strategy of increasing daily crude output by 400,000 barrels a month, according to Minister of State for Petroleum Resources Timipre Sylva. The Organization of Petroleum Exporting Countries and allies including Russia next meet on Nov. 4. With oil soaring…