The Editorial Team |

Kenyan Lender CBA Agrees to Acquire Crane Bank’s Rwanda Unit

NAIROBI (Capital Markets in Africa) – Commercial Bank of Africa Ltd., a closely held Kenyan lender, agreed to acquire the Rwandan unit of Crane Bank Ltd., Uganda’s fourth-largest lender. An agreement on the purchase has been signed, the Nairobi-based lender said in an emailed statement on Thursday. The transaction is subject to regulatory approval, it said. “The acquisition signals CBA’s strategic intentions to expand its existing business operations in Rwanda and participate meaningfully in Rwanda’s economic growth…

Moody’s assigns first-time ratings to Union Bank of Nigeria Plc

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London (Capital Markets in Africa) – Moody’s Investors Service has today assigned first-time ratings to Union Bank of Nigeria plc (Union Bank): long- and short-term Local and Foreign Currency Deposit and Issuer Ratings of B2/Not Prime, and a b3 Baseline Credit Assessment (BCA). Moody’s also assigned long- and short-term Counterparty Risk (CR) Assessment of B1(cr)/Not Prime(cr), long- and short-term National Scale Local Currency Ratings of Aa3.ng/NG-1, and long- and short-term National Scale Foreign Currency Ratings…

Rand Tumbles as South Africa Seeks Higher Black Mine Ownership

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JOHANNESBURG (Capital Markets in Africa) – The rand weakened the most in more than two months as South Africa said local mines should be at least 30 percent owned by black people in an effort to redress economic imbalances caused by the apartheid system. The currency fell as much as 1.9 percent against the dollar, the most since March 28, to be the biggest decliner among 31 major and emerging-market currencies tracked by Bloomberg. The…

Nigeria’s Inflation Rate Falls to Lowest in a Year in May

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LAGOS (Capital Markets in Africa) – Nigeria’s inflation rate fell for a fourth straight month in May, dropping to the lowest in a year as growth in prices of most goods except food eased. Inflation in Nigeria, which vies with South Africa as the continent’s largest economy, slowed to 16.25 percent from 17.2 percent in April, the Abuja-based National Bureau of Statistics said in an emailed report. The median of 15 economists’ estimates in a Bloomberg survey was for…

Ghana to Tap Stabilization Fund for Cocoa Pay Next Season

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ACCRA (Capital Markets in Africa) – Ghana will probably start drawing from its stabilization fund to cover cocoa farmers’ pay during the season that starts in October as the second-biggest grower props up local prices in the face of a global slump. While Ivory Coast, the largest producer, has already slashed the price it pays farmers for the smaller of two annual crops by 36 percent, Ghana’s Cocoa Board so far kept it unchanged and…

Traders Snap Up Assets of Nation Where Default Is New Normal

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LAGOS (Capital Markets in Africa) – For a country that has missed several debt payments this year, Mozambique’s assets are performing remarkably well. The southern African nation’s currency has posted the world’s biggest gain in 2017, while the price of its overseas bonds, which the government defaulted on in January, has soared about 30 percent, making them among the best-performing sovereign notes in emerging markets. The rally — after last year’s rout — suggests investors may be…

Tanzania Says Barrick Agrees to Pay Money Owed to Government

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DAR ES SALAAM (Capital Markets in Africa) – Tanzania’s presidency said Barrick Gold Corp. is willing to reimburse money that’s owed to the government, after President John Magufuli accused subsidiary Acacia Mining Plc of failing to pay billions of dollars of taxes. Acacia surged as much as 11 percent. Barrick Executive Chairman John Thornton met Magufuli for talks in the commercial capital, Dar es Salaam, on Wednesday, the presidency said in an emailed statement. Barrick confirmed the meeting…

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