The Editorial Team |

IMF offers three-pillared prescription for African growth

LAGOS (Capital Markets in Africa) – Countries in sub-Saharan Africa need to get their budgets in order, diversify their economies and look after their poorest people. If they do that, there is no reason why the region cannot have the strong growth needed to meet the aspirations of a young and growing population. That, at least, is the three-pillared prescription from the International Monetary Fund as expressed by one of its top Africa researchers, Celine…

In surprise move, Egypt central bank hikes key interest rates

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CAIRO (Capital Markets in Africa) – Egypt’s central bank raised its key interest rates by 200 basis points on Sunday, confounding the expectations of economists who saw rates unlikely to change, but in line with recent IMF statements. At a meeting of its Monetary Policy Committee, the bank hiked its overnight deposit rate to 16.75 percent from 14.75 percent and its overnight lending rate to 17.75 from 15.75 percent, it announced in a statement. This…

Moody’s: Sub-Saharan Africa’s recovery from foreign currency shortages to take time

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LAGOS (Capital Markets in Africa) – While foreign currency shortages in Sub-Saharan Africa stemming from lower oil and commodity prices are easing, it will take time for sovereigns, banks, and non-financial companies to restore their financial health, Moody’s Investors Service said in a report today. The report, “Foreign currency shortages are subsiding but will take a time to overcome”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link at the end of this press release….

Ghana to cut interest rates May 22, Nigeria, S/Africa, Kenya to hold

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JOHANNESBURG (Capital Markets in Africa) – The Bank of Ghana will extend its interest rate-easing cycle on Monday to give its economy a boost but other major African central banks will keep rates stable after a commodity price slump, a Reuters poll found. Ghana’s central bank cut its high prime rate by 200 basis points to 23.5 percent in March and is expected to chop another 100 basis points on Monday, according to the median…

Nigerian Central Bank to Keep Tight Monetary Policy, Nnanna Says

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LAGOS (Capital Markets in Africa)- Nigeria’s central bank will keep monetary policy tight as dollar shortages persist, Deputy Governor Joseph Nnanna said Now is not the time to ease policy, he said in an interview Thursday in the capital, Abuja. Inflation slowed for a third month in April, but at 17.2 percent remains almost double the upper limit of the bank’s 6 percent to 9 percent target. “We are battling with liquidity as it were, so tight monetary…

Norway Development Fund Bets Big on African Finance

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LAGOS (Capital Markets in Africa) Norway’s state-run development fund, Norfund, is finding the fattest returns in Africa are in the financial industry. The $2 billion fund, which is more and more concentrating its investments in sub-Saharan Africa, placed more than half its new capital last year in financial institutions. That focus helped salvage returns last year. At the end of 2016, the fund had invested 16.8 billion kroner ($2 billion) in 124 companies, with renewable…

Zambia Took On More Than $3 Billion in External Debt in 2016

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LUSAKA (Capital Markets in Africa) – Zambia committed to $3.5 billion of new loans last year, 56 percent more than in 2015, the Finance Ministry said. Of the $3.1 billion in loans the government of Africa’s second-biggest copper producer contracted in 2016, as opposed to just committing to, $1.8 billion came from Chinese lenders, the ministry said in its annual economic report for last year. Despite the new loans, the government’s external debt position increased by…

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