The Editorial Team

Ghana Bonds Punished With Traders Fretting Over Debt Levels

ACCRA (Capital Markets in Africa) – Ghana’s credit-risk premium has soared to the highest since the start of the pandemic ahead of next month’s budget. It may widen further if Finance Minister Ken Ofori-Atta fails to convince investors that West Africa’s second-biggest economy has a handle on servicing its sky-high debt — a task made all the more difficult by sluggish economic growth. That raises questions about debt sustainability, according to Ernest Addison, governor of the Bank of…

The World Is Nowhere Near to Kicking Its Dirtiest Habit

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LAGOS (Capital Markets in Africa) – Never in human history has a ton of coal cost more. Governments and utilities across the globe are willing to pay record sums to literally keep the lights on. That’s the bruising reality that global leaders must face at the high-stakes climate talks in Glasgow this month as hopes fade for a deal to end the world’s reliance on the dirtiest fuel. The burning of coal represents the biggest…

Family Who Exited De Beers for $5 Billion Taps Asia’s Rich

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JOHANNESBURG (Capital Markets in Africa) – The family office for Nicky Oppenheimer and his son Jonathan has set up an outpost in Singapore to boost its Asia exposure and partner with the region’s wealthy. Edoardo Collevecchio, the former chief of staff for Oppenheimer Generations, is moving from London to build and lead its team in Singapore, while Yi Ling Ong joins from Temasek Holdings Pte as head of investment for the Asia unit, the company…

Chad ExxonMobil Unit Shuts in Production Site Over Labor Dispute

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CHAD (Capital Markets in Africa) – A unit of Exxon Mobil Corp. has temporarily shut in production in Chad after its facilities were attacked over ongoing talks to sell the business to London-based Savannah Energy. Workers have been protesting while in negotiation with the leadership of Esso Exploration and Production Chad Inc. about their remuneration package ahead of the proposed sale, Tchad Infos reported Wednesday. “For the safety and security of our employees and contractors,…

Africa’s Absolute Monarchy Shuts Schools to Quell Protests

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LOBAMBA (Capital Markets in Africa) – Eswatini, Africa’s last absolute monarchy, shut schools indefinitely as pro-democracy protests intensified. Lessons are suspended with immediate effect, Prime Minister Cleopas Dlamini said in a statement. The unrest comes less than four months after police and the army acted to crush similar widespread demonstrations in the kingdom. The pro-democracy protests have escalated in recent weeks with pupils and public-transport workers joining the calls for change. King Mswati, 53, who’s ruled…

Zimbabwe Eyes Stakes in Neighbors’ Hydropower Plants

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HARARE (Capital Martkets in Africa) – Zimbabwe’s state electricity utility is in talks to invest in hydropower plants in the Democratic Republic of Congo and Mozambique, or alternatively buy their output to ease crippling energy shortages. The southern African nation has an installed generation capacity of 2,100 megawatts, but on average generates less than two two-thirds of that. While it already imports electricity from neighboring countries, outages remain commonplace. Zimbabwe Electricity Supply Authority “is pursuing opportunities…

Moody’s Cuts Ethiopia’s Credit Rating Second Time in Five Months

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ADDIS ABABA (Capital Markets in Africa) – Moody’s Investors Service cut Ethiopia’s sovereign credit rating for a second time since May, citing a delay in the nation’s planned debt restructuring and an escalating civil war. The company lowered the rating one level to Caa2, it said in a statement on Wednesday. Moody’s in March placed the country on review for downgrade, before cutting the rating two months later. The outlook is negative.A creditor committee to discuss Ethiopia’s…

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