The Editorial Team |

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

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…

Reserve Bank of Malawi slashes policy rate to 22 percent

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LILONGWE (Capital Markets in Africa) – The Monetary Policy Committee (MPC) of the Reserve Bank of Malawi on Friday 24th March 2017, agreed to cut the indicative cost of money, technically known as the policy rate, by 200 basis points from 24 percent to 22 percent, a development buoyed by a sharp fall in inflation. It is the second time in five months that the monetary authorities have slashed the policy rate following a 300…

USTDA Connects U.S. Industry To Power Ghana Solar Energy

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ACCRA (Capital Markets in Africa) – The U.S. Trade and Development Agency awarded a grant today to the Ghanaian company, Buipe Solar Limited, in support of a feasibility study for a 20 megawatt solar photovoltaic plant in northern Ghana. Ghana has tremendous solar energy potential, and this project will help the country capitalize on that potential. The solar plant will produce affordable energy while diversifying the country’s energy supply, making it more resilient. Buipe Solar…

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