The Editorial Team |

South Africa Opposition Wants Deal to Shut ANC Out of Johannesburg

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s Democratic Alliance is proposing a deal that would allow it to run the country’s biggest city while giving a smaller rival control of its first municipality and locking the ruling African National Congress out of the management of the two cities. The country’s biggest opposition party, known as the DA, wants to swap support with the Economic Freedom Fighters following local elections last week that would…

Nigeria Helped by Low Debt as It Tackles Slump With Spending

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria is facing a recession, a plunging currency, inflation at a decade-high and a widening budget deficit. It has one thing going for it: low debt. That means the west African nation has room to tap international markets as it plans to spend its way out of an economic slump, according to analysts including Manji Cheto at Teneo Intelligence. Nigeria said on Aug. 8 it’s seeking banks to manage a Eurobond sale…

IMF Sees Funding for Somalia If Government Sticks to Reforms

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Khartoum, Somalia, Capital Markets in Africa: Somalia may be eligible to tap financing from the International Monetary Fund and other multilateral lenders if it maintains a reform program intended to help rebuild the country’s war-shattered economy, the IMF country head said. Prospects for peace after more than two decades of conflict have been boosted after Somalis agreed to elect a new president on Oct. 30, Samba Thiam said in an e-mailed response to questions Aug. 9. The…

Emerging Markets Advance as Fed Optimism Sparks Dollar Weakness

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JOHANNESBURG, Capital Markets in Africa: Emerging-market currencies and bonds rallied as traders pushed back forecasts for when the Federal Reserve will increase U.S. interest rates, bolstering demand for higher-yielding assets. Most developing-nation currencies trading on Wednesday strengthened against the dollar, led by the South Korean won, Malaysian ringgit and South African rand. Russia’s ruble fell as oil declined for a second day, while the yuan strengthened the most in almost two weeks. Government bonds rallied, with Polish and…

Zambia Sees Swift Subsidy Cuts in $1.2 Billion IMF Deal

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Zambia, Capital Markets in Africa: Zambian President Edgar Lungu has pledged to remove or reduce energy and agricultural subsidies as part of a loan deal with the International Monetary Fund that could top $1.2 billion, his spokesman said. “Straight away when the IMF program begins, subsidies will significantly go down in the energy sector,” Amos Chanda said in an interview on Wednesday. “The president has promised to move rapidly to either completely do away with subsidies or progressively…

Cameroon Budgets $1 Billion to Boost Cocoa, Coffee Output

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Cameroon, Capital Markets in Africa: Cameroon plans to spend 600 billion CFA francs ($1 billion) doubling cocoa and coffee production by 2020, an agriculture ministry official said. The money, which will be raised from cocoa and coffee export taxes, will help boost the quantity and quality of beans, Agriculture Ministry Inspector General Yankam Njonou said in an interview Wednesday. Cocoa export duties were tripled last season. “The government intends to step up cocoa production to 600,000…

Emerging Assets Halt Five-Day Gain as Oil Falls, Ringgit Weakens

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market assets halted a five-day gain as a slide in oil prices sapped demand for higher-yielding assets. A gauge of developing-nation shares dropped from the highest level in a year, led by losses in Slovenia, Estonia and the Philippines. Malaysia’s ringgit fell the most among emerging-nation currencies as the country derives 20 percent of its revenue from energy-related sources. The Korean won weakened as the central bank governor said there was still room to…

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