The Editorial Team |

XSML invests in Monishop, Congo-Kinshasa

KINSHASA (Capital Markets in Africa) – XSML, the fund manager active in Central & East Africa, announced its investment in Monishop sarl (Monishop), a well-known supermarket in Kinshasa, DRC. Since inception Monishop has grown to become the leading supermarket in Kinshasa in terms of product offering and overall store experience, with bank, fast-food and pharmacy facilities on the same premises. The investment supports Monishop to build a new large supermarket in the center of Kinshasa. Monishop…

Kenya Reviews Mining Laws as Industry Struggles to Grow

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NAIROBI (Capital Markets in Africa) – Kenya is reviewing its mining code, a year after enacting new legislation, as it seeks to attract investment into an industry that’s barely grown over the past five years. The government is working with the U.K. Department for International Development-funded Extractives Hub to come up with a revised law that balances investor returns with government-revenue needs and international best practice, Mines Secretary Dan Kazungu said. The review is expected to be…

Nigeria Taps Microsoft to Oracle to Recover From Recession

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LAGOS (Capital Markets in Africa) – Nigeria is hiring U.S. technology giants such as Oracle Corporation and Microsoft Corp. as the government invests more to save costs and fight corruption. An initiative led by Redwood, California-based Oracle has enabled Nigerian authorities to remove 50,000 so-called ghost workers, or fake entries, from the payroll, according to a presidency statement June 29. That followed Oracle’s decision to open an office in Abuja, the capital, in May. Other companies interested in taking…

Tanzania Passes Laws Enabling Renegotiation of Mining Deals

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DAR ES SALAAM (Capital Markets in Africa) – Tanzania approved two laws that enable the government to renegotiate contracts with mining and energy companies as the state seeks a greater share of revenue from natural resources. The bills, which deal with state sovereignty over mineral wealth and contracts containing “unconscionable terms,” were approved by parliament on Monday 3rd July 2017. The Tanzania Chamber of Minerals and Energy (TCME), the main industry lobby group that has…

Hunger Used as a Weapon of War in South Sudan, Amnesty Says

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JUBA (Capital Markets in Africa) – South Sudanese government forces and rebels have used hunger as a weapon of war in a region once seen as the country’s breadbasket that’s been ravaged by killings, gang-rapes and looting over the past year, Amnesty International said. Civilians’ access to food in the southern region of Equatorial, where conflict spread last July, is “severely limited” after combatants cut supplies, looted from markets and homes and targeted civilians, the…

Moody’s: Ghana’s credit profile balances strong economic growth outlook

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ACCRA (Capital Markets in Africa) – Ghana’s B3 credit rating and stable outlook reflects its strong economic growth outlook and reduction in external imbalances, set against challenges which include a significant fiscal overrun in 2016, high government debt and very low debt affordability, Moody’s Investors Service said in a report published this past week. The annual update, “Government of Ghana — B3 Stable Annual Credit Analysis”, is now available on www.moodys.com. Moody’s subscribers can access…

Moody’s downgrades Gabon’s rating to B3, outlook negative

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LIBREVILLE (Capital Markets in Africa) – Moody’s Investors Service has today downgraded the long-term issuer and senior unsecured debt ratings of the government of Gabon to B3 from B1 and maintained the negative outlook. Concurrently, Moody’s has lowered the government of Gabon’s local currency as well as foreign currency bond and deposit ceilings to Ba3 from Ba1. The rating downgrade drove the change in ceilings. Rating Rationale The key drivers behind the downgrade to B3…

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