The Editorial Team |

South Africa needs Reform to Lift Growth, says IMF

JOHANNESBURG (Capital Markets in Africa) – Since 1994, economic growth and sound policies have been mutually reinforcing, fostering economic transformation and improving living conditions. However, the long-run economic growth rate has gradually slowed over the years. Following the onset of adverse shocks such as the decline in commodity prices, economic activity has come to a near-standstill in 2016 and the projected recovery to almost 1 percent in 2017 remains insufficient to keep pace with population…

Botswana’s central bank keeps Bank rate unchanged at 5.5 percent

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GABORONE (Capital Markets in Africa) – The Bank of Botswana Bank Rate was maintained at 5.5 percent at the Monetary Policy Committee (MPC) meeting held on December 13, 2016. This was in view of the positive outlook for price stability, with inflation forecast to be within the Bank’s 3 – 6 percent medium-term objective range. The Bank stated that the current state of the economy and both the domestic and external economic outlook, including the…

South Africa’s Eskom May Seek Nuclear-Plant Proposals This Week

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JOHANNESBURG (Capital Markers in Africa) – Eskom SOC Holdings Ltd., South Africa’s state-owned power utility, may ask developers for proposals to build as much as 9,600 megawatts of nuclear-powered electricity plants this week. Most of the documentation is complete and Eskom is waiting for the Department of Energy to formalize the company’s role as the procurer for the country’s nuclear energy program, spokesman Khulu Phasiwe said by phone Tuesday. The expected timing of the request for proposals,…

Metal-Backed Funds Hottest Since 2009 as Markets Tighten

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JOHANNESBURG (Capital Markets in Africa) – Investors are warming to industrial-metal funds to take advantage of the biggest annual price rally in seven years. Some $320 million poured into long-only exchange-traded funds this year through Dec. 9, poised for the biggest inflow since 2009, according to data compiled by Bloomberg Intelligence. Money is returning as the demand outlook improves, prompting Bank of America Merrill Lynch to raise price forecasts for copper, lead and zinc, while Citigroup Inc. said there’s “cautious…

Top Ghana Fund Sees Yields Headed for 2-Year Low After Election

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ACCRA (Capital Markets in Africa) – Ghana’s uncontested presidential vote will probably help spur the yield on its dollar debt to the lowest level since 2014, according to the nation’s biggest private fund manager. “Given the decisiveness of the numbers and how widely apart they are, it just shows investors that there’s no need to continue to price in any risk of a potential dispute,” said Courage Kingsley Martey at Accra-based Databank Group Ltd, the…

LeapFrog is Raising $800 Million for Africa Deals

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NAIROBI (Capital Markets in Africa) – LeapFrog Investments Ltd. plans to raise $800 million for its latest fund as the private-equity firm seeks stakes in African banks, insurance brokers and payment companies to tap into rising demand among low-income consumers. Overseas Private Investment Corp., the Washington-based development financing unit of the U.S. government, has approved an investment of as much as $200 million in the fund, the buyout company’s third, said Karima Olokun-Ola, a partner at LeapFrog…

Old Mutual to cut stake in asset management arm via offering

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JOHANNESBURG (Capital Markets in Africa) – Financial services group Old Mutual Plc said it would sell 13 million shares in its OM Asset Management Plc arm through a public offering, as the group prepares to split into its four main businesses. The proposed split was revealed in March as regulatory changes in Europe and South Africa have made Old Mutual, which started out in 1845 as a life insurance firm in Cape Town, more complex…

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