The Editorial Team |

IMF Sees Bigger Ghana 2016 Deficit Target Slippage Than Forecast

ACCRA (Capital Markets in Africa) – Ghana will miss its budget-deficit target for 2016 by a bigger margin than the government’s forecast due to weak revenue collection and higher-than-planned capital spending, according to the International Monetary Fund. West Africa’s second-biggest economy will probably miss the Washington-based lender’s budget-deficit forecast of 5.2 percent of gross domestic product by 2 to 3 percentage points, the IMF said in an e-mailed response to questions. Last month, former Finance Minister Seth Terkper said…

Guinea President Says Rio Payment Saga Tied to Internal Feud

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GUINEA (Capital Markets in Africa) – The President of Guinea is disputing public statements made by Rio Tinto Group regarding the firing of a senior executive for a $10.5 million payment made to the president’s friend Francois de Combret. President Alpha Conde said the firing of Alan Davies, who headed Rio’s $20 billion Simandou iron ore project in Guinea, was the result of an internal feud. Rio has said it was because of improper payments to de Combret…

PwC Survey: CEO Confidence Rises Despite New Risks, Uncertainty

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JOHANNESBURG (Capital Markets in Africa) – Worldwide, CEOs’ confidence levels for their growth prospects and outlook for the economy is back on the rise amidst new risks and uncertainty. In PwC’s (www.PwC.com) 20th annual survey of CEOs worldwide, 38% (2016:35%) are very confident about their company’s growth prospects in the next 12 months while 29% (2016:27%) believe global economic growth will pick up in 2017. Just over one-third (33%) of South African CEOs are very…

Trump Takes Reins of Nation as Divisions Deprive Him a Honeymoon

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WASHINGTON (Capital Markets in Africa) Washington Donald Trump takes the oath of office Friday, a celebration of American unity in a country that is anything but unified. Other presidents have been sworn in on the Capitol steps facing war, economic calamity or domestic social strife. Trump, the only president elected with no prior experience in public or military service, confronts a more fundamental challenge to his leadership. He’s the first president since the dawn of national…

Power Africa Partner Gigawatt Global Advances 1,000 MW in Burundi

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BUJUMBURA (Capital Markets in Africa) – Amid the lush and rolling hills of Mubuga, 100 km outside the Burundian capital of Bujumbura, 2,500 people came yesterday to celebrate the festive ground-breaking for a 7.5 MW solar field that will add 15% to the East African country’s generation capacity. In a colorful and drum-accented ceremony attended by government officials, international investors, religious leaders and the diplomatic community, Gigawatt Global (http://GigawattGlobal.com), the leading frontier solar and social development…

Kenya Hires StanChart, Citigroup, RMB for $800 Million Syndicated Loan

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NAIROBI (Capital Markets in Africa) – Kenya’s government mandated four international banks to raise $800 million in syndicated loans that authorities need to boost foreign-currency reserves and plug a widening budget deficit, according to two people familiar with the agreement. The East African nation’s Treasury informed the Nairobi-based units of Citigroup Inc., Standard Bank Group Ltd., Standard Chartered Plc and Rand Merchant Bank on Tuesday that they were appointed to arrange the financing, the people said, asking not to be identified…

MTN May Put Off Nigeria Listing Until 2018 as Barriers Persist

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. may put off plans to list its Nigerian operation until 2018 as Africa’s largest wireless carrier works to resolve a regulatory dispute and awaits an economic recovery in the continent’s most populous country. “It’s a work in progress and hopefully within the 12 to 18 month period we will be able to do it,’’ MTN Chairman and Acting Chief Executive OfficerPhuthuma Nhleko said at the annual meeting of…

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