The Editorial Team |

Donald Trump’s Team Has Questions About Africa. Here Are Answers

WASHINGTON (Capital Markets in Africa) — President-elect Donald Trump’s transition team has circulated a list of questions on Africa to the State Department and Pentagon. At the top of the list are two queries about the United States and China and their relative presence on that continent: “How does U.S. business compete with other nations in Africa? Are we losing out to the Chinese?” Peter Navarro, who will lead Trump’s National Trade Council, provided his…

Gambia’s Jammeh Pleads for Judges as Deadline to Quit Nears

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BANJUL (Capital Markets in Africa) – Gambia’s Yahya Jammeh called on regional heads of state to help the country find judges so that its Supreme Court can hear his objections to losing a presidential election last month, two days after Nigeria’s president failed to persuade him to step down. Jammeh filed an injunction at the court to stop the swearing-in of opposition leader Adama Barrow due Jan. 19 and needs judges to hear the case as soon…

Uganda Growth Seen Accelerating to 5.5% on Oil-Industry Spending

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KAMPALA (Capital Markets in Africa) – Growth in Uganda may accelerate to 5.5 percent next fiscal year, helped by increased spending on the oil industry, the Finance Ministry said. The growth rate may increase from a projected 5 percent in the current fiscal year and may reach 6 percent in 2018-19, the ministry said in the National Budget Framework Paper e-mailed to reporters on Monday in the capital, Kampala, by the Civil Society Budget Advocacy Group. Amos…

Mozambique to Miss Coupon Payment on Eurobond, Ministry Says

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MAPUTO (Capital Markets in Africa) – Mozambique will miss an interest payment on dollar bonds this week because of its deteriorating fiscal position. The government’s capacity to make debt payments is “extremely limited in 2017, and does not allow the republic room to make the scheduled interest payment on the notes,” the Ministry of Economy and Finance said in an e-mailed statement on Monday. Mozambique is in talks with the International Monetary Fund about resuming…

Acacia Jumps in London on Talks for $4 Billion Endeavour Merger

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JOHANNESBURG (Capital Markets in Africa) – Acacia Mining Plc jumped in London trading after the gold miner confirmed it is in early-stage talks with rival Africa-focused producer Endeavour Mining Corp. about a possible merger of the two companies which have a combined value of about $4 billion. Acacia, which mines the precious metal in Tanzania, jumped as much as 7.7 percent to the highest since November 21. The stock traded at 435.1 pence a share at…

Foreign Purchases of Local Egypt Debt May Reach $11 Billion

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CAIRO (Capital Markets in Africa) – Egypt sees foreigners buying as much as $10 billion to $11 billion in local Treasury bills and bonds in the coming period, Finance MinisterAmr El-Garhy told reporters Sunday. Government moves to reform the economy and growing investor confidence are underpinning the gradual return to levels achieved before the 2011 uprising that ousted President Hosni Mubarak, he said. Foreign holdings of Egyptian debt rose by as much as $900 million after authorities floated…

Egypt Pound Can Attain ‘Fair Value’ in 6 Months, El-Sisi Says

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CAIRO (Capital Markets in Africa) – The Egyptian pound can attain its “fair value” in about six months, President Abdel-Fattah El-Sisi said, trying to reassure his anxious nation that a price surge since the abandonment of currency controls is temporary. In a new sign of support for the central bank’s Nov. 3 decision to free the exchange rate, El-Sisi said the currency was weaker than it should be, but should strengthen as reforms take hold. The interview, his…

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