The Editorial Team |

Former OPEC President Optimistic There Will Be Deal in Algiers

ALGIERS, Capital Markets in Africa: Chakib Khelil, the former Algerian energy minister who steered OPEC the last time it decided to cut supply, said he’s confident the group will reach an accord next week as low oil prices force members to act. With most of the Organization of Petroleum Exporting Countries now producing near full capacity, it should be straightforward to promise no further increases, said Khelil, who was the group’s president in 2008 when it agreed…

South Africa’s Central Bank Signals Possible End to Hiking Cycle

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JOHANNESBURG, Capital Markets in Africa: South Africa’s Reserve Bank left interest rates unchanged for a third straight meeting as it signaled it may be close to the end of its policy-tightening cycle. The central bank kept the benchmark repurchase rate at 7 percent, Governor Lesetja Kganyago told reporters Thursday in the capital, Pretoria. This was in line with the forecasts of all 27 economists in a Bloomberg survey. “The MPC is of the view that should current forecasts transpire,…

Denham to Steer Clear of Coal-Fired Power in Africa Expansion

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LAGOS, Capital Markets in Africa: U.S. private-equity firm Denham Capital Management LP will shun coal-fired power as it looks to African energy projects for investment. “We’re not targeting coal for any new investments,” Justin DeAngelis, Denham’s managing director and power-deals team leader, said Wednesday in New York. “Coal power is out of favor for people who want to own power plants.” The stance of Boston-based Denham, with $8.4 billion under management, echoes that of other investors deterred by…

World Bank Fund For World’s Poorest Nations to Issue First Bonds

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LAGOS, Capital Markets in Africa: The World Bank’s fund for the poorest countries is preparing to tap financial markets for the first time. The International Development Association plans to issue bonds to finance its loans and grants to countries such as Malawi and Niger. Created in 1960, IDA provides loans that charge no interest or very low rates primarily to countries that have an annual per capita income below $1,215. It also gives grants to…

Richest African Says Nigeria Needs $15 Billion for Economy

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LAGOS, Capital Markets in Africa: Nigeria needs $15 billion from asset sales and borrowing to revive a slumping economy and boost foreign reserves, according to Aliko Dangote, Africa’s richest man. “Through sales of assets, through loans from Bank of China or wherever, we need something like $15 billion,” Dangote, a Nigerian national, said in a Bloomberg TV interview at the U.S.-Africa Business Forum in New York on Wednesday. “We’re having a problem as the reserves are low….

‘Timebomb’ Road Is Economy Lifeline in World’s Newest Nation

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SOUTH SUDAN, Capital Markets in Africa: When trucker James Okumu slams his pedal to the floor for the three-hour drive between South Sudan’s capital and the Ugandan border, he feels like he’s sitting on a timebomb. “You don’t know when it will explode,” said the 37-year-old Ugandan, who regularly plies the 195-kilometer (121-mile) route to transport vegetables and rice to Juba from his home country. Unidentified gunmen have ambushed buses and fuel-tankers on the winding road this month,…

U.S. Companies Lag in Race to Tap Africa’s Growth Potential

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LAGOS, Capital Markets in Africa: That was the warning from political and business leaders who attended the second U.S.-Africa Business Forum in New York on Wednesday and dismissed an economic slowdown in the world’s poorest continent as a temporary blip. They highlighted the potential of its expanding middle class, untapped mineral riches and uncultivated arable land. U.S. President Barack Obama’s administration has reinforced the vision of an Africa on rise, spearheading a program to more than double…

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