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Private Equity | Oasis Capital achieves first close at US$27mn

LAGOS, Capital Markets in Africa: Oasis Capital Ghana has completed the first close of its second fund, Oasis Africa VC Fund (OAF) at US$27mn. The Fund, anchored by the Dutch Good Growth Fund (DGGF) at US$5mn, has secured commitments of US$7mn from the International Finance Corporation (IFC) and over US$15mn from a local investor base of 5 institutions and individuals. OAF will invest in Small and Medium Enterprises (SMEs) in Ghana and Cote d’Ivoire providing…

Mozambique delays MPC meeting by a month

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MAPUTO, Capital Markets in Africa: The Mozambique central bank’s Monetary Policy Committee (MPC) will hold its next meeting in October and not September as earlier planned, the bank said on Friday, without giving reasons. The MPC will hold its ninth meeting of the year on Oct. 21, the central bank said in a statement. The bank lifted its main lending rate by 300 basis points to 17.25 percent in July due to soaring inflation and…

South Africa Treasury Doubt Risks Confidence, Moody’s Says

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Johannesburg, Capital Markets in Africa: Uncertainty about the leadership at South Africa’s National Treasury and political infighting are eating into investor confidence and present the greatest risks to the nation’s credit rating, Moody’s Investors Service said. “Rising political infighting and the uncertainty about continuity of leadership at the National Treasury have been creating policy uncertainty,” the company said in an e-mailed report Thursday. “We view the greatest risk to South Africa’s creditworthiness, moderate but rising, as…

Mozambique Reorganizes State Companies Amid Debt Crisis

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MAPUTO, Capital Markets in Africa: Mozambique identified six companies including telecommunications providers Telecomunicacoes de Mocambique and Mocambique Celular Sarl among 20 state-owned entities it plans to reorganize or sell as it battles a debt crisis. Others are the national airline Linhas Aereas de Mocambique and airport operator Aeroportos de Mocambique, a silos and bulk-terminal company at Matola and postal company Correios de Mocambique, the Finance Ministry said in an e-mailed response to questions from the capital,…

Ghana Said to Meet Investors Ahead of First Domestic Dollar Bond

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ACCRA, Capital Markets in Africa: Ghana is meeting investors as the nation prepares to sell bonds for as much as $100 million in its first issuance of foreign-currency debt to domestic buyers, according to a person familiar with the matter. The country will offer the bonds at a rate of 5 percent to 7 percent, the person said, who asked not to be identified as the information isn’t public. The bond will be issued in the…

National Bank Sees 10% of Profit From Global Business by 2020

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LAGOS, Capital Markets in Africa: National Bank of Canada seeks to generate at least 10 percent of profit from its international business by 2020, while looking to expand its stakes in Africa and Asia lenders into controlling positions, Chief Executive Officer Louis Vachon said. “We are looking to complement our Canadian growth — not substitute, but complement our Canadian growth — with a disciplined international strategy that delivers higher returns,” Vachon, 54, said Friday at the bank’s international…

Politicians in Africa’s Key Economies Aim at Central Banks

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LAGOS, Capital Markets in Africa: Central banks in Africa’s largest economies are under attack as politicians’ campaign to limit regulators’ jurisdictions and demand changes to policy implementation. In South Africa, senior officials from the ruling African National Congress said the Reserve Bank should help support the rand and that its authority to issue banking licenses must be revoked. President Uhuru Kenyatta of Kenya, East Africa’s most advanced economy, signed a law capping commercial lending rates even as central…

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