The Editorial Team |

Implementing an IFRS 9 Solution: Challenges Faced by Financial Institutions

Background IFRS 9 is a new international standard set forth to address the weaknesses of IAS 39. This article provides an overview of the new standard and analyzes the major challenges financial institutions will face in ensuring compliance. While there is still uncertainty in terms of implementation approaches, we believe IFRS 9 adoption will lead to a more efficient and lower-risk financial system. As part of the response to the last financial crisis, the International…

What are the African Central Banks doing: Keeps, Slashes or Hikes?

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Angola’s central bank leaves benchmark lending rate unchanged at 16 pct The National Bank of Angola (Banco Nacional de Angola, BNA) left its benchmark lending rate unchanged at 16 percent during its latest monetary policy meeting. The Central Bank has raised the Basic Interest Rate three times since the beginning of the year in an effort to combat spiraling inflation; the previous hike was at the monthly meeting in June. Inflation has been soaring due…

How is Africa Navigating the new Reality: Contraction or Expansion?

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IMF Cuts 2017 GDP Growth Outlook for Africa’s Largest Economies The International Monetary Fund has cut its 2017 economic growth forecasts for Africa’s two largest economies as low commodity prices; policy uncertainty and weak investor confidence weigh on output. Gross domestic product in South Africa will probably expand 0.8 percent next year, compared with the 1 percent forecast in July, the Washington-based lender said in its latest World Economic Outlook Report. Nigeria’s economy will contract 1.7 percent this year and…

What’s the Continent’s Inflation Rate doing: Falling or Rising?

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Angola inflation rises to 38 percent year-on-year in August Angola’s inflation quickened to 38.18 percent year-on-year in August from 35.3 percent in July, data from the national statistics agency. Prices increased at a slower pace in August, to 3.3 percent month-on-month from 4.04 percent in July. Rwandan inflation fell to 6.4 percent year-on-year in August from 6.9 percent in July, the state-run statistics office said on Saturday. Botswana inflation slows to 2.6 percent in August…

Nigerian Equities Retreat as Manufacturing Stocks Slide… NSE ASI down 3bps

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LAGOS (Capital Markets in Africa) – The Nigerian bourse was unable to sustain the positive trend maintained since the start of the week as the All Share Index (ASI) trimmed a marginal 3bps today to close at 28,027.23 points. Accordingly, market capitalisation declined N2.4bn to close at N9.6tn as sell pressure was renewed on NESTLE (-2.4%), WAPCO (-2.7%), DANGSUGAR (-2.7%) and FLOURMILL (-3.1%). Also, activity level softened as volume and value traded fell by 5.3% and 47.3% to settle at 155.6m…

Nigeria approves transfer of Visafone shares to MTN following takeover

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LAGOS (Capital Markets in Africa) – Nigeria’s telecommunications regulator NCC said on Tuesday it has approved a request by internet provider Visafone to transfer its shares to MTN following its takeover by the South African firm. MTN bought Visafone in January to improve its broadband services in its biggest market Nigeria. “The NCC, in line with its procedure granted a Final-Approval to Visafone for the change in its shareholding structure,” the regulator said in a…

Kenyan private equity firm Fanisi Capital launches second fund

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NAIROBI (Capital Markets in ) – Kenyan private equity house Fanisi Capital is looking to raise $75-100 million for its second fund to invest in firms in East Africa, it said on Wednesday. Fanisi, which has already invested its first fund worth $50 million in healthcare, food processing and education, said up to $40 million of the new fund will be raised locally. “Several leading pension funds have already committed to putting money into the…

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