The Editorial Team |

Years of Gridlock Face South Africa as Rules Paralyze Mining

JOHANNESBURG (Capital Markets in Africa) – Executives from Sibanye Gold Ltd., South Africa’s biggest gold miner, were in Los Angeles in the final stages of a roadshow with U.S. bond fund managers last month when a bombshell hit from back home. The government had introduced shock new rules requiring local mines to be 30 percent black-owned in perpetuity, toughening existing requirements and implying hefty dilution for shareholders. South African stocks tumbled and bond yields rose that day. The…

Ghana Oil Boon Not Enough to Plug Budget Hole as Prices Drop

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ACCRA (Capital Markets in Africa) – A surge in Ghana’s oil output this year may do little to ease the West African nation’s fiscal strains as crude prices are lower than what it budgeted, eroding the gains from extra production. This year’s average Brent crude price of $52 a barrel is below the $56 forecast in the budget, which could complicate the state’s plans to narrow the fiscal deficit. Output is set to climb by more than…

Kenya Says Election Jitters Pose Risks to Growth Prospects

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NAIROBI (Capital Markets in Africa) – Political uncertainty surrounding Kenyan elections next month and a dry-up in banks’ lending to businesses and individuals could hurt the short-term growth prospects of East Africa’s biggest economy, according to the Treasury. The Aug. 8 elections may create uncertainty that could weaken foreign and local investor confidence, Treasury Principal Secretary Kamau Thugge said in a statement on the ministry’s website on Thursday. “The economy remains vulnerable to the shocks emanating from the…

U.S. Extends Sudan Sanctions Review Period by Three Months

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KHARTOUNM (Capital Markets in Africa) – The U.S. delayed by three months a decision on whether to permanently lift some sanctions imposed on Sudan, making the revocation dependent on the North African country sustaining progress in areas such as anti-terror cooperation. President Donald Trump’s executive order extends the six-month review period established by the Obama administration on Jan. 13, which detailed conditions Sudan must meet for certain sanctions to be revoked, the State Department said in…

President Buhari Due to Return to Nigeria Soon, Deputy Says

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari is recuperating and should be back in the country “very soon,” Vice President Yemi Osinbajo said a day after visiting him in the U.K. Osinbajo, who travelled to London Tuesday to meet Buhari, told reporters in the capital, Abuja, that they spoke for more than an hour. Buhari is “in very good spirits,” Osinbajo said. “He’s doing very well.” Buhari, 74, has been in the U.K. since May 7…

Blind’ Preparations Seen Stoking Risk of Kenyan Vote Unrest

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NAIROBI (Capital Markets in Africa) – Less than a month before Kenyans are due to go to the polls, electoral authorities are behind on everything from printing ballot papers to finalizing a voter list. That risks a disputed outcome and unrest a decade after post-election violence engulfed the East African nation. While the Independent Electoral & Boundaries Commission says the vote will take place Aug. 8, there has been a court appeal over the ballot…

Africa’s Richest Man Invests $4.6 Billion in Nigeria Farming

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LAGOS (Capital Markets in Africa) – Dangote Group, controlled by Africa’s richest man, Aliko Dangote, plans to invest $3.8 billion in sugar and rice and $800 million in dairy production in the next three years as the company seeks to expand and deal with a shortage of dollars in its home market of Nigeria. The conglomerate plans to increase its production of sugar to 1.5 million metric tons a year by 2020 from 100,000 tons now and is…

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