The Editorial Team |

DPI acquires stake in Général Emballage, an Algerian packaging business

ALGIERS (Capital Markets in Africa) – Development Partners International (DPI), one of the leading African private equity specialists with US$1.1bn under management, has acquired through its ADP II fund a stake in Général Emballage, the leading packaging business in Algeria, which specialises in the manufacturing and processing of corrugated cardboard. ADP II closed in March 2015, at US$725mn, significantly above its target and is DPI’s second successfully closed fund. Under the agreement, a consortium comprising…

Diamond Magnate at the Heart of Och-Ziff’s Africa Ambitions

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KINSHASA (Capital Markets in Africa) – Dan Gertler, an Israeli diamond tycoon, gave Och-Ziff access to some of the richest mineral deposits in Africa. Using his close ties to the president of the Democratic Republic of Congo, Gertler developed a virtual monopoly in the country’s diamond exports for a time. He then expanded into other types of mining, becoming a billionaire. Capitalizing on his resourcefulness, Och-Ziff Capital Management Group LLC created a joint venture in 2008 that invested in…

Congo Election Body Proposes Two-Year Wait for Presidential Vote

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s electoral authority said presidential elections will be delayed until 2018, angering opposition leaders who are demanding President Joseph Kabila step down this year. The commission “hasn’t called elections in 2016 because the number of voters isn’t known,” Norbert Basengezi Katintima, vice president of the Independent National Electoral Commission, known by its French acronym CENI, told reporters Thursday in South Africa’s capital, Pretoria. Voter registration has started…

Kenyan Central Bank Head Sees Growth Shrugging Off Election

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NAIROBI (Capital Markets in Africa) – The Kenyan economy is “resilient and diversified” enough to shrug off any potential negative effects from elections next August, with growth likely to accelerate in 2017, Central Bank of Kenya Governor Patrick Njoroge said. The prospects for East Africa’s largest economy are “very good,” even as analysts flag investor concerns about a possible slowdown in output because of shrinking private-sector credit growth and the potential for unrest during the vote, he said…

Zimbabwe to issue new bond notes to bolster liquidity

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HARARE (Capital Markets in Africa) – It was announced by the Governor of the Reserve Bank of Zimbabwe (RBZ), Dr Mangudya, on 15 September 2016, that “bond notes” will be issued by the end of October, in an effort to ease the recent cash shortages in the country. Liquidity difficulties – Zimbabwe has run out of US dollars, and does not have its own currency – have meant civil servants’ salaries are in arrears, and…

Mozambique Needs More Rate Hikes to Counter Inflation, Says IMF

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MAPUTO (Capital Markets in Africa) – Mozambique needs to further increase its benchmark interest rate hikes to counter rising inflation and prevent its currency from depreciating, the International Monetary Fund said, following a visit to the southern African nation. The IMF visited the coal-producing country this week after government finances have come under pressure as global commodity prices plunged and financiers, such as the IMF, and donors froze funding due the disclosure of $1.4 billion in…

South Africa Posts 8.6 Billion-Rand Trade Deficit in August

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s trade balance swung to a deficit in August after three months of surpluses as shipments of precious metals and stones, which include gold and diamonds slumped. The 8.6 billion-rand ($619 million) deficit compares with a revised surplus of 5 billion rand in July, the Pretoria-based South African Revenue Service said in an e-mailed statement on Friday. The median of 10 economist estimates compiled by Bloomberg was for a surplus of 1.6…

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