The Editorial Team |

World’s Deepest Devaluation Makes Egypt Assets RenCap’s Top Pick

CAIRO (Capital Markets in Africa) – Egypt is reaping the rewards of a painful devaluation. The plunge that sent its currency tumbling the most in the world over the past six months has made the nation’s assets among Renaissance Capital Ltd.’s top picks in developing nations. The Egyptian pound is now the cheapest of all emerging-market and African currencies after it scrapped controls in November, the investment bank’s real effective exchange rate model shows. The…

Ivory Coast Said to Plan $1 Billion Eurobond Sale by End of July

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ABIDJAN (Capital Markets in Africa) – Ivory Coast plans to sell at least $1 billion in Eurobonds by the end of July to raise funds for infrastructure projects, the country’s first issuance of international debt since 2015, according to two people with knowledge of the plans. The government is negotiating to sell bonds with 10-year maturity and the sale will probably happen in June or July, according to the people, who asked not to be…

Pizza Hut Enters Ethiopia in Latest Expansion Into Africa

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LAGOS (Capital Markets in Africa) – Pizza Hut is set to open three outlets in Ethiopia this year, becoming one of the first international restaurant chains to enter Africa’s second-most populous country. The restaurants are scheduled to begin serving in the capital, Addis Ababa, by November, franchisee Aschalew Belay said in an interview Monday. Aschalew’s company, Belayab Foods and Franchise, will run the local outlets of the Yum! Brands Inc. pizzeria and will have invested $5.5 million…

South Africa to Stick to Low Inflation Plan, Central Bank Says

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JOHANNESBURG (Capital Markets in Africa) – South African inflation is under control and the central bank will maintain a policy to keep it low to protect the poor and ease inequality, Reserve Bank Governor Lesetja Kganyago said. Pursuing other priorities, such as reducing unemployment, has been shown in other countries to cause “widespread economic damage,” Kganyago said in a speech at the University of KwaZulu-Natal in the coastal city of Durban on Tuesday. The central bank expects price…

South Africa to Study Annual Wealth Tax as It Targets Rich

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s finance ministry has asked for a study into the introduction of an annual wealth tax as the government seeks to boost the standard of living of the black majority. The Davis Tax Committee, which makes recommendations to the National Treasury, also requested submissions from the public on the feasibility of a land tax and a national tax on the value of property in addition to existing charges, it…

Egypt Seeks Advisers for IPO Program Aimed at Boosting Revenue

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CAIRO (Capital Markets in Africa) – Egyptian authorities are in talks with local and international investment banks to advise the government on selling stakes in state-run companies on the stock exchange, a senior official said. The plan focuses on initial public offerings that would “broaden the ownership” of the companies among Egyptians, bolster local capital markets and help the government raise revenue, Investment and International Cooperation Minister Sahar Nasr said. Egypt has already hired HSBC and EFG-Hermes…

Nigeria Said to Let Market Set Naira Rate on Exchange Window

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank will let the market determine the naira’s rate in a new foreign-exchange window for portfolio investors as the nation struggles to revive its economy amid a dollar shortage. Naira forward contracts and banking stocks rose. Governor Godwin Emefiele told senior bankers that he would tolerate the naira weakening in the window, which started today, according to a person who attended meetings with the policy maker over the past two…

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