The Editorial Team |

Strong Demand Seen for Ivory Coast’s Sucrivoire Ahead of Listing

ABIDJAN (Capital Markets in Africa) – Shares in Sucrivoire SA of Ivory Coast will go on sale Oct. 5 as the lead arranger of an initial public offering forecasts strong demand for a stake in the sugar producer that the government is disposing of. Sucrivoire is preparing to list on the Bourse Regionale des Valeurs Mobilieres in Ivory Coast’s commercial capital, Abidjan, as part of a privatization program by the West African nation to boost public finances…

Eurobond Investors Warm to Nigeria as OPEC Deal Aids Rally

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LAGOS (Capital Markets in Africa) – Nigeria, heading for its first full-year contraction in 25 years and in need of funding to cover a record budget deficit, may take heart from the performance of its dollar debt and OPEC’s agreement to cut oil production as the West African country prepares to tap the Eurobond market for the first time since 2013. Demand for the nation’s U.S. currency-denominated securities drove yields to the lowest in 15 months, handing…

Och-Ziff Unit Said to Plan to Plead Guilty Over Bribes

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LAGOS (Capital Markets in Africa) – Och-Ziff Capital Management LP, the largest publicly traded hedge fund firm in the U.S., has agreed to enter into a deferred-prosecution agreement and have a subsidiary plead guilty in a federal probe into millions of dollars of bribes funneled to African officials, according to a person familiar with the matter. The admission of guilt is part of a settlement with the Justice Department and the Securities and Exchange Commission after a complex five-year…

Congo Raises Key Rate to 7% to Check Inflation, Defend Franc

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo raised its key interest rate by 5 percentage points to 7 percent because of accelerating inflation and “tensions” in the foreign-exchange market. The increase marks the first change in the base rate in almost three years and comes after the government’s foreign-exchange reserves dropped below $1 billion for the first time since 2008. Reserves have fallen by a third since the start of the year as a sustained…

Infrastructure | Kenya Says Railway Through Wildlife Park Is Least-Worst Route

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NAIROBI (Capital Markets in Africa) – Routing a new Kenyan railway line through the capital’s national wildlife reserve is the least-worst option for a congested city and compromises in its design will leave animals enough space to roam, a government official said. The government said earlier this month that its new $3.2 billion Standard Gauge Railway linking East Africa’s biggest port at Mombasa to the capital, Nairobi, would be routed through Nairobi National Park. The decision sparked…

Ivory Coast Raises Cocoa Price for Farmers 10% From 2015

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ABIDJAN (Capital Markets in Africa) – Ivory Coast, the world’s biggest cocoa producer, will boost the minimum price paid to farmers for their beans 10 percent from last year. Growers will get a minimum 1,100 CFA francs ($1.86) a kilogram (2.2 pounds) for beans for the main crop starting in October, according to Abdourahmane Cisse, the country’s budget minister. That’s up from 1,000 CFA francs last season. The main crop runs from October to March. “My own view…

African economic growth to dip to 1.6 pct this year: World Bank

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LAGOS (Capital Markets in Africa) —Growth in sub-Saharan African countries will stall to just 1.6% this year, the lowest in over two decades, a report said Thursday, as one of the world’s once fastest-growing frontiers continues to lose steam because of overdependence on oil and commodity exports, and poor policies. The disappointing rate of economic expansion is well below the global average of 2.3%, the World Bank said in its twice-annual “Africa’s Pulse” report. Just…

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