The Editorial Team |

Ghana central bank slashes benchmark interest rate

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…

Nigerian Senate Approves Sale of Extra $500 Million Eurobond

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LAGOS (Capital Markets in Africa) – Nigeria’s senate approved a plan on Wednesday for the issuance of an additional $500 million of Eurobonds after demand for the sale of $1 billion of debt securities in February exceeded supply. The West African nation wants to “take advantage of favorable market conditions,” the government said on its Twitter account. The proceeds from the sale will fund projects in last year’s budget, it said. Nigeria has sought other sources…

Kenya sells bond over mobile phones in world first

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NAIROBI (Capital Markets in Africa) – Kenyans can now buy government bonds using only their mobile phones. The nation’s Treasury on Thursday began selling 150 million shillings ($1.5 million) of three-year debt using a platform known as M-Akiba, the first such product across East Africa. “For the first time we will provide government securities to the entire population,” Central Bank Governor Patrick Njoroge said at a briefing in the capital, Nairobi. “This will dramatically change the savings…

Ivory Coast to Sell First Eurobond Since 2015, Says Minister

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ABIDJAN (Capital Markets in Africa) – Ivory Coast will soon sell Eurobonds in the West African nation’s first issuance of international debt since 2015, said Finance Minister Adama Kone. The offering will start in the “coming days,” Kone said in comments after a cabinet meeting in the commercial capital, Abidjan. He declined to comment on the sale amount or maturity of the debt. The announcement comes as cocoa prices have fallen by more than a third…

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