The Editorial Team |

I&M Holdings acquires Giro Commercial Bank, Kenya

Kenya (Capital Markets in Africa) – I&M Holdings, which owns of I&M Bank, yesterday announced that it has concluded acquisition of 100 per cent shareholding of Giro Commercial Bank. The bank said it would now convert Giro Bank branches to I&M Bank outlets. The conclusion of the transaction follows regulatory and shareholder approval. “The move underscores I&M Group’s expansion strategy, which seeks for opportunities to expand both locally and regionally by way of acquisitions,” I&M…

Bank of Mauritius keeps the Key Repo Rate unchanged at 4%

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PORT LOUIS (Capital Markets in Africa) – The Monetary Policy Committee (MPC) of the Bank of Mauritius unanimously decided to keep the Key Repo Rate unchanged at 4.00 per cent per annum at its meeting today. Growth in major advanced economies is likely to strengthen in 2017. The IMF’s World Economic Outlook Update released in January 2017 projects world growth to increase from 3.1 per cent in 2016 to 3.4 per cent in 2017 and…

Ghanaian banks face high asset risks, despite solid capital buffers, stable funding, Says Moody’s

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ACCRA (Capital Markets in Africa) – High asset risks pose the biggest challenges for banks in Ghana, says Moody’s Investors Service in a report published today. Moody’s report, entitled “Banks — Ghana; Ghanaian banks face high asset risks, despite solid capital buffers, stable funding and an economic recovery,” is available on www.moodys.com. Moody’s subscribers can access this presentation via the link provided at the end of this press release. “We expect asset risk for banks…

Solar Capital Partner with Power Africa

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JOHANNESBURG (Capital Markets in Africa) – In a bid to light up Africa, Solar Capital has partnered with a US government-led initiative, Power Africa. The US government launched Power Africa in 2013 to double access to electricity in sub-Saharan Africa by 2030. This vision is being achieved by bringing over 140 public and private sector partners together to help advance power sector deals. Power Africa aims to deliver 30000MW of electricity and to add 60…

West African CFA franc zone to see strong growth, increased risks, Says IMF

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ABIDJAN (Capital Markets in Africa) – Countries in the West African Economic and Monetary Union (WAEMU) are on track to see medium-term economic growth of about 6 percent after recording 6.5 percent growth last year, the International Monetary Fund (IMF) said on Thursday. However, the eight-nation currency zone is “subject to significant downside risks”, including global uncertainties, sluggish structural reforms and falling cocoa prices, it said in a statement. Member countries using the West African…

Kenya’s market regulator grants listing approval for first ETF

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NAIROBI (Capital Markets in Africa) – Kenya’s market regulator has allowed the listing of the country’s first-ever Exchange Traded Fund (ETF), which will track the price of gold, the regulator said on Friday. The Nairobi Securities Exchange has been investing in new infrastructure to include trading of new products like ETFs, to diversify from equities and bonds, its chief executive Geoffrey Odundo, told Reuters last November. The Capital Markets Authority (CMA) said in a statement…

Central Bank of Nigeria boosts key industries with $2.83 bln for economic recovery

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank has disbursed $2.83 billion to critical sectors of the economy in December and January, it said in a statement on Thursday, in an attempt to kick-start a struggling economy and alleviate a drought of foreign currency. Nigeria’s economy is wallowing in its first recession in a quarter of a century, hamstrung in part by low exports of the crude oil on which the government depends for…

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