The Editorial Team |

Egypt Inflation Rate Surges to Record After Subsidy Cuts

CAIRO (Capital Markets in Africa) – Egypt’s urban annual inflation rate accelerated in July to its highest level in decades, fuelled by a new round of subsidy cuts ordered under the government’s economic reform program. Annual consumer prices in urban areas climbed 33 percent, up from 29.8 percent in June, according to the state-run CAPMAS statistics agency. The month-on-month rate accelerated to 3.2 percent from 0.8 percent in June. Fuel and electricity price increases went into effect at…

Hacking, Fraud Claims Threaten to Spark Kenyan Vote Crisis

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NAIROBI (Capital Markets in Africa) – Kenya is sliding toward a potentially violent political crisis over opposition allegations that hackers interfered with provisional vote tallies from Tuesday’s general elections. The normally bustling streets of Nairobi, the capital, and business hub of East Africa’s biggest economy, were largely deserted Wednesday as residents stayed home bracing for potential trouble. Tension was heightened after the election commission released initial results showing President Uhuru Kenyatta with a commanding lead over his…

Nigerian Graft Agency Traces $615 Million to Alison-Madueke, Ex-Petroleum Minister

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LAGOS (Capital Markets in Africa) – Nigeria’s anti-graft agency said it traced at least $615 million of allegedly illegally acquired cash and properties to the West Africa nation’s former oil minister, Diezani Alison-Madueke. In addition to “boxes of gold, silver and diamond jewellery, worth several million pounds” found at her residence, the Economic and Financial Crimes Commission identified more than a dozen buildings across the country worth more than $500 million owned by the former minister,…

Zambia Central Bank Reduces Key Rate to Lowest Since 2014

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LUSAKA (Capital Markets in Africa) -Zambia’s central bank cut its benchmark lending rate for a third time this year as inflation remained below the government’s target. The Bank of Zambia lowered the rate to 11 percent from 12.5 percent, Governor Denny Kalyalya told reporters Thursday in Lusaka, the capital. That’s the lowest level since February 2014. The southern African nation’s consumer inflation rate is near the lowest since 2013, with this year’s record harvest of corn, which is used to make…

Moody’s: Angolan Banks FAQ answers investors’ questions on correspondent banking pullback

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London (Capital Markets in Africa) – In a new report Moody’s Investors Service answers investors’ questions about the credit implications for Angolan Banks, such as Banco Angolano de Investimentos, S.A. (BAI, BCA b3, LT local currency bank deposits B1, Negative), of the recent reduction in correspondent banking services. The report, “Banco Angolano de Investimentos, S.A. (BAI) Case Study: Angolan banks face challenges meeting dollar obligations following loss of correspondent bank relationships,” is now available on…

Ghana targets five million passengers yearly with AfDB-funded international airport expansion

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ACCRA (Capital Markets in Africa) – The project, funded by the African Development Bank (AfDB) with a $120-million facility, will improve air transport in the country. It is also expected to contribute towards boosting the country’s economy, reduce the cost of doing business, and improve competitiveness. “This terminal is being built for a successful economic future. Its large capacity is a confident statement of intent,” said AfDB President, Akinwumi Adesina during a tour of the…

With Sukuk & Innovation Driving New Growth Momentum, the Prospects for Islamic Finance in Africa Look Increasingly Promising

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Despite being in the early phases of development, the Islamic finance industry in Africa is fast gaining the attention of key stakeholders including central banks & regulatory authorities, as well as the leading international Islamic financial institutions and investors seeking to tap into high-growth opportunities on the continent Wednesday 9th August 2017, DJIBOUTI: The footprint of Islamic banking in Africa is set to expand further as the continent seeks to deliver on the economic and…

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