The Editorial Team |

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

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…

Ghana Leader Favors Constitutional Change to Boost Finances

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ACCRA (Capital Markets in Africa) – Ghana’s President Nana Akufo-Addo said he is in favor of changes to the West African country’s constitution that will allow lawmakers better oversight over public finances. Akufo-Addo, whose National Patriotic Party came into power in January in the world’s second-biggest cocoa producer, is battling rising public debt following a discovery of about 7 billion cedis ($1.6 billion) in unplanned spending by the previous administration of President John Mahama. The new government is…

Wiese’s Brait Seeks Growth in Asia as S. Africa, U.K. Wilt

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JOHANNESBURG (Capital Markets in Africa) – Brait SE, the investment company owned by South African billionaire Christo Wiese, plans to expand its Virgin Active gym chain in the Asia Pacific as it battles difficult operating conditions in its biggest markets, including South Africa and Britain. The stock has dropped for 18 straight days, the longest losing streak on record, and tumbled to a three-year low on Wednesday after the company slid to a full-year loss. Brait…

Alexander Forbes Targets 12% Profit Growth Over Next Five Years

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JOHANNESBURG (Capital Markets in Africa) – Alexander Forbes Group Holding Ltd., a South African provider of retirement, investment and insurance services, plans to as much as double the pace of profit growth over the next five years. The company is targeting an increase in operating profit of 10 percent to 12 percent until 2022, compared with average growth of 6 percent between 2013 and 2017, Chief Executive Officer Andrew Darfoor said in a presentation in Johannesburg on Wednesday….

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