The Editorial Team |

Kenyan Central Bank Head Sees Growth Shrugging Off Election

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…

Nigeria Can Sue Chevron, Total Over Illegal Exports, Judge Says

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LAGOS (Capital Markets in Africa) Nigeria’s government can take the local units of Chevron Corporation and Total SA to trial for illegally exporting oil, a judge said. Justice Cecilia Olatoregun dismissed claims from the companies that they had no cases to answer at a hearing in the Federal High Court in Lagos, Nigeria’s commercial capital, on Friday. The trials will begin on Oct. 26, she said. “The government is seeking revenues that it lost due to under-declarations” of…

Motsepe’s ARC to Buy 10% Stake in Alexander Forbes Business

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JOHANNESBURG (Capital Markets in Africa) – African Rainbow Capital (Pty) Ltd., chaired by billionaire Patrice Motsepe, agreed to buy 10 percent in the main operating unit of Alexander Forbes Group Holdings Ltd. for 753.5 million rand ($56 million). African Rainbow Capital, known as ARC, will pay 14.69 rand a share for the stake in Alexander Forbes Ltd., which houses the company’s African and international operations, Johannesburg-based Alexander Forbes said in a statement on Thursday. Motsepe,…

Nigeria Banks Find Raising Cash ‘Tough’ in Shrinking Economy

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LAGOS (Capital Markets in Africa) – Nigerian banks are finding it difficult to raise capital as a shrinking economy cuts revenue and deters investors, the industry’s regulator said. “It’s been tough,” Umaru Ibrahim, managing director of the Nigerian Deposit Insurance Corp., said in an interview in the southwestern city of Abeokuta on Tuesday. Banks require “adequate capital that would help them cushion any adverse effect of loan defaults or losses,” he said. Ibrahim’s comments come as Access…

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