The Editorial Team |

Ivory Coast, Ghana Said to Seek $1.2 Billion Loan for Cocoa

ACCRA (Capital Markets in Africa) – The cocoa regulators of the world’s two biggest producers are in talks with the African Development Bank about a $1.2 billion loan that will be used to increase output and mitigate against volatile prices, according to two people familiar with the matter. Ivory Coast and Ghana want to build storage facilities for local processing and for the storing and release of stocks based on market demand, said the people, who…

Protest-Hit Ethiopia Region Plans Oil Company to Calm Unrest

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ADDIS ABABA (Capital Markets in Africa) – A central Ethiopian region that’s seen almost two years of sporadic anti-government protests is planning a new private oil company and is in talks to import Middle Eastern crude, part of an economic initiative authorities say will address some of the roots of the unrest. Oromia Petroleum Share Co., the planned venture, will import the oil via Djibouti, process it at a new large-scale refinery and distribute it…

African Leader Son’s Multimillion-Euro Splurge on $80,000 a Year

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Equatorial Guinea (Capital Markets in Africa) – The son of Equatorial Guinea’s president bought real estate, a Bugatti Veyron, a Cartier watch and bottles of prestigious Romanee Conti wine on his $80,000-a-year position as a government minister. French prosecutors are demanding he account in court for these and other purchases, which total more than 100 million euros ($112 million). Teodoro Nguema Obiang Mangue, agriculture minister for more than a decade, is accused of amassing real…

Beware MSCI’s Inertia If You’re Tracking Its Indexes: Macro View

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LAGOS (Capital Markets in Africa) – MSCI’s decision to delay the return of Argentina to emerging-market status while extending a lifeline to Nigeria means investors may be shut off from the benefits of Mauricio Macri’s reforms, while remaining subject to the impact of policy inaction from Muhammadu Buhari. The Argentina decision could spark a selloff in the country’s stocks, ironically making it more difficult for authorities to maintain capital-market freedoms. Macri has ended a decade-long battle with creditors and embarked on…

South Africa Central Bank to Fight `Unlawful’ Mandate Proposal

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank accused the graft ombudsman of overreaching her powers and promised to fight a proposal to change the institution’s primary objective of protecting the value of the currency. “The Reserve Bank has consulted its legal team and has been advised that the remedial action prescribed by the Public Protector falls outside her powers and is unlawful,” the Pretoria-based central bank said in a statement on its website. Public…

Bank of England Governor’s Brexit Worries Mean BOE Chief in No Rush to Tighten

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LONDON (Capital Markets in Africa) – Mark Carney is still worried about the impact of Brexit on the economy and signalled he won’t be rushing to raise interest rates anytime soon. In his first major comments in six weeks, the Bank of England governor addressed weaknesses in the economy, saying that domestic inflation pressures remain subdued and wage growth is anemic. He also highlighted the level of uncertainty surrounding the U.K.’s talks to exit the European Union, saying he…

South African Airways in Talks With Banks as Deadline Looms

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JOHANNESBURG (Capital Markets in Africa) – South African Airways is in talks with lenders about reviewing the terms of 9 billion-rand ($692 million) worth of loans due at the end of the month, and may have to tap government debt guarantees that are keeping the state-owned airline in operation. One bank has told SAA that it wants to be repaid by the end-June deadline, the Johannesburg-based carrier said Monday, without giving further details. Standard Chartered Plc refused…

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