The Editorial Team |

Enko Capital Starts $200 Million Bond Fund Focused on Africa

LAGOS (Capital Markets in Africa) – Enko Capital Management LLP is starting a $200 million bond fund that will focus on African sovereign and corporate debt to provide investors with yields higher than those available in developed markets. African and European institutions are backing the fund, which aims to eventually raise as much as $1 billion, and has so far invested in Zambian, Ghanaian and Nigerian government bonds, Alain Nkontchou, managing partner of Enko Capital, said by phone from London. Enko…

Capitec Says Political Risk May Delay SouthAfrica Economic Rebound

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JOHANNESBURG (Capital Markets in Africa) – The uncertainty surrounding South African Finance Minister Pravin Gordhan’s future risks heaping extra pressure on consumers and delaying a rebound in the country’s economy, according to the nation’s largest provider of loans not backed by assets. “It’s going to be a difficult year if you look at the political risk,” Capitec Bank Holdings Ltd. Chief Executive Officer Gerrie Fourie said by phone on Tuesday. “It’s probably going to be much longer before there’s a turning point…

IFC Plans More Nigeria Investment, $1 Billion in Bond Sale

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LAGOS (Capital Markets in Africa)- The World Bank’s private-lending arm plans to boost investments in Nigeria by about 20 percent as Africa’s second-biggest oil producer tries to recover from a recession. The International Finance Corp. is looking to invest about $1.2 billion in Nigeria for the year through June 2018 using equity or debt the IFC raises itself or that it mobilizes from other sources, Country Manager Eme Lore said in a March 22 interview in Lagos,…

Home Afrika of Kenya Seeking Up to $49 Million From Investors

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NAIROBI (Capital Markets in Africa) – Home Afrika Limited, a Kenyan property developer, will return to debt markets to raise as much as 5 billion shillings ($48.6 million) and complete projects in the capital and on the East African nation’s coast. The company, based in Nairobi, has picked Genghis Capital Ltd. to offer between 2 billion and 5 billion shillings to international investors in the first phase of the funds drive that’s set to begin by April,…

Nigeria stock market deals fell 22 pct last month amid naira crisis

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LAGOS (Capital Markets in Africa) – The value of trading on Nigeria’s stock market dropped by 22.3 percent to 74.1 billion naira ($236 mln) in February from a month before, the stock exchange said on Tuesday, as foreign investors kept to the sidelines. Nigeria is battling a currency crisis brought on by low prices for oil, its main export, and now operates multiple currency regimes dominated by central bank intervention, making it difficult to price…

Ghana central bank slashes benchmark interest rate

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ACCRA (Capital Markets in Africa) – Ghana’s central bank slashed its benchmark interest rate on Monday by two percentage points to 23.5 percent, noting signs inflation was trending downwards, in a move that may help spur lending and business activity. Ghana was for years one of Africa’s fastest-growing economies but growth slumped in 2014 due to falling commodities prices, high inflation, a big budget deficit and public debt. As inflation eases, the bank can lower…

Africa will develop on its own terms, not based on the benevolence of others, AFDB President

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ABIDJAN (Capital Markets in Africa) – “Africa will develop on its own terms, not based on the benevolence of others. And that is the only way we can make development faster and driven by our own needs – with a deep sense of urgency and responsibility.” These were the words of African Development Bank Group President Akinwumi Adesina, who delivered the keynote address on Monday, March 27, 2017 in Abidjan, as part of a week-long…

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