The Editorial Team |

Ecobank’s Ivory Coast Unit Is Said to Plan IPO to Fund Expansion

ABIDJAN (Capital Markets in Africa) – Ecobank Transnational Inc.’s Ivory Coast unit plans to raise 45 billion CFA francs ($79 million) in an initial public offering on West Africa’s regional stock exchange, according to two people familiar with the matter. The share sale will begin by October, pending approval by the regulator, Regional Council for Public Savings and Financial Markets, the people said, asking not to be identified because the information hasn’t been made public. The listing…

Nigeria Holds Key Rate at 14% as It Seeks Currency Stability

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank left its main lending rate unchanged for a sixth consecutive meeting as it seeks to hold on to gains it’s made in inflation and exchange-rate stability. The Monetary Policy Committee held the key policy rate at 14 percent, Central Bank of Nigeria Governor Godwin Emefiele told reporters on Tuesday in the capital, Abuja. That was in line with the forecast of all but two of 19 economists in a Bloomberg survey. While inflation in…

Saudis Focus on Oil-Export Curbs as Libya, Nigeria Pump More

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LAGOS (Capital Markets in Africa) – Saudi Arabia promised deep cuts to crude exports next month, emphasizing its commitment to eliminating a global supply glut even as fellow OPEC members Libya and Nigeria were told they are free to keep increasing output. Shipments from the Organization of Petroleum Exporting Countries’ largest producer will be capped at 6.6 million barrels a day in August, 1 million lower than a year earlier, Saudi Arabia’s Energy and Industry Minister Khalid Al-Fali…

Interest Rate Cut May Fuel Rally That Made Ghana Stocks World’s Best

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ACCRA (Capital Markets in Africa) – Ghana’s central bank has likely given the world’s best-performing stocks this quarter a boost. It cut its key interest rate for a third straight meeting on Monday and has now reduced borrowing costs this year by 4.5 percentage points to the lowest level since early 2015. That eases funding costs for companies and boosts the appeal of their shares, according to IC Securities Limited, the country’s biggest broker. “Investors are…

Ghana Cuts Key Rate to Lowest Since 2015 as Inflation Slows

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ACCRA (Capital Markets in Africa)- Ghana’s central bank reduced its key interest rate for a third straight meeting as consumer prices rose at the slowest rate in four years and the currency strengthened. The Bank of Ghana cut the rate to 21 percent from 22.5 percent, Governor Ernest Addison told reporters Monday in Accra, the capital. That’s the lowest rate since early 2015. The median of nine economists’ estimates was for a cut to 21.5 percent. Bank surveys on…

Weak Naira, Inflation Leave Nigeria Little Room to Cut Rates

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LAGOS (Capital Markets in Africa) – A weak naira and stubborn inflation may prevent Nigeria’s central bank from following South Africa and Ghana in cutting interest rates. Only two of 19 economists in a Bloomberg survey predicted the Monetary Policy Committee will reduce borrowing costs on Tuesday. The rest said the key rate will stay at a record high of 14 percent, where it’s been for a year. Governor Godwin Emefiele, who is scheduled to announce the…

Libya, Nigeria Oil Output Caps Said to Be Ruled Out for Now

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LAGOS (Capital Markets in Africa) – Limiting oil output from Nigeria and Libya won’t be on the agenda when OPEC and other producers meet on Monday, with both African nations saying they’ll need to keep pumping at a higher level before they can join a global effort to stem a supply glut, according to two people familiar with the planned talks. Nigeria is ready to cap or even reduce supply if it can maintain output of 1.8 million…

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