The Editorial Team |

Ghana’s Mahama Pledges End to IMF Bailouts in New Term Bid

ACCRA, Capital Markets in Africa: Ghanaian President John Dramani Mahama pledged that the West African country won’t seek further bailouts from the International Monetary Fund while economic growth will almost double next year as he seeks a second term. Mahama is leading his National Democratic Congress to polls scheduled for December while the country is in the second year of an almost $1 billion loan-program with the IMF. Ghana turned to the Washington-based lender in April 2015 after…

Libya Bids to Resume Oil Exports From Key Ports Within Weeks

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LIBYA, Capital Markets in Africa: Libya’s National Oil Co. plans to restart oil exports from key ports “immediately” after reaching a deal with Khalifa Haftar, commander of the military forces who took control of the facilities on Sunday. The resumption of shipments from ports including Ras Lanuf, Es Sider and Zueitina would allow Libya to double crude output to 600,000 barrels a day within four weeks, NOC Chairman Mustafa Sanalla said Tuesday in a statementon the company’s website. The…

Heineken Looks to Premium Brands in South African SAB Battle

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Johannesburg, Capital Markets in Africa: Heineken NV’s recent introduction of Sol Mexican lager to South Africa forms part of a plan to boost its market share in a country dominated by soon-to-be-acquired SABMiller Plc. The Dutch brewer brought Sol to South Africa this month and plans to add more premium brands there, country head Ruud van den Eijnden said in an interview Tuesday. Growth will also be achieved through established brands such as Heineken, Amstel and Windhoek, he…

South Africa Current-Account Gap Narrows as Rand Boosts Exports

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Johannesburg, Capital Markets in Africa: South Africa’s current-account deficit narrowed to 3.1 percent of gross domestic product in the second quarter after the nation’s exports received a boost from the lagged effect of last year’s rand weakness. The gap on the current account, the broadest measure of trade in goods and services, narrowed from a revised 5.3 percent in the first three months after the nation recorded its first quarterly trade surplus in a year, the Reserve Bank…

Ghana’s Eurobond Loosens IMF Straitjacket Ahead of Elections

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ACCRA, Capital Markets in Africa: Ghana will have more fiscal room to maneuver ahead of elections as a fifth Eurobond gives the nation funds to pay debt and implement projects amid spending restrictions imposed by the International Monetary Fund. West Africa’s second-largest economy raised $750 million at a yield of 9.25 percent last week in an auction that was more than four times oversubscribed. About $400 million of the bond proceeds will be used to refinance the nation’s…

Kenyan Central Bank Sets CBR as the Base Rate for Loan Charges

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NAIROBI, Capital Market in Africa: Kenya’s central bank said lenders should peg their loans to its Central Bank Rate, or CBR, in line with a new law capping costs and as the International Monetary Fund warned that legislation limiting how much lenders charge for credit risks impeding access to loans. East Africa’s biggest economy has introduced restrictions on borrowing costs that set commercial rates at 400 basis points above a central bank base rate. Most…

Zambian President Lungu Faces Challenge to Repair Economy

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LUSAKA, Capital Markets in Africa: Zambian President Edgar Lungu, who was inaugurated Tuesday after his narrow re-election last month, faces two immediate challenges: boosting an economy that’s expanding at the slowest pace in 17 years and reining in a ballooning budget shortfall. “We will remain focused on facilitating a conducive business and investment environment,” Lungu, 59, said in his inauguration speech in front of an audience that packed the 60,000-seat National Heroes stadium in Lusaka, the capital…

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