The Editorial Team |

Namibia’s Diamond Discoveries Seen Extending Mining by 50 Years

Namibia, Capital Markets in Africa: Discoveries of diamonds on land bordering the southern Atlantic coastal areas of Namibia, the world’s largest producer of marine gems, may extend ground-based mining operations by another 50 years, Finance Minister Calle Schlettwein said. Namdeb Diamond Corp., jointly owned by the Namibian government and Anglo American Plc’s De Beers, struck more deposits after pushing back the sea wall at its land-based operations, Schlettwein said an interview Sunday in Kigali, Rwanda’s capital, where he was…

Market Watch | Emerging-Market Currency Price Swings Widen as Lira Bounces Back

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LAGOS, Nigeria, Capital Markets in Africa: A rebound in the Turkish lira after a failed coup attempt helped boost some developing-nation exchange rates that were hurt by the turmoil as a gauge of emerging-market currency volatility rose from an 11-month low. The lira gained 1.7 percent, following a 4.6 percent plunge on Friday, helping to lift currencies such as South Africa’s rand. The JPMorgan Emerging Market Volatility Index, a gauge of price swings, jumped 1.3 percent from the lowest…

Nigeria | Naira Forwards, Volatility Surge as Nigeria Removes Spread Limit

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LAGOS, Capital Markets in Africa: Naira forwards rose to record highs and volatility surged after the Central Bank of Nigeria removed a limit on bid-offer spreads in the foreign-exchange market, raising expectations the currency is set to extend declines as it trades more freely. Three-month non-deliverable forward contracts jumped 4.1 percent to a record329 per dollar by 4:41 p.m. in Lagos, while contracts maturing in a year rose 3.3 percent to 363, also the highest level…

Ghana Increases 2016 GDP Growth Forecast After Earlier ‘Mistake’

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s finance ministry increased its economic growth forecast for 2016 two weeks after projecting the slowest expansion in more than three decades due to a “mistake” in its calculations. West Africa’s largest economy after Nigeria will grow between 4.1 percent and 4.3 percent this year compared with 3.9 percent in 2015, Finance Minister Seth Terkper said in an interview in the capital, Accra, on Monday. The Bank of Ghana’s Monetary Policy Committee…

Zimbabwe Says It’s on Course to Clear $1.8 Billion Loan Arrears

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HARARE, Capital Markets in Africa: Zimbabwe will clear the $1.8 billion of arrears it owes the World Bank, International Monetary Fund and African Development Bank once it has a new financing plan with the three multilateral lenders, Finance Minister Patrick Chinamasa said. The southern African nation is continuing negotiations with the three on financing industries such as agriculture, Chinamasa said in an interview in Rwanda’s capital, Kigali. A survey of how much money is required is being undertaken and once agreed,…

Mozambique Hires Lazard, Legal Advisers to Assess External Debts

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MAPUTO, Capital Markets in Africa: Lazard Ltd. as a financial adviser to help assess its foreign debt as it struggles to service borrowings by state-owned companies. The ministry of economy and finance also appointed White & Case LLP as a legal adviser, it said in a statement e-mailed by Lazard’s London-based spokesman, Richard Creswell. The two will “assist the ministry with the assessment of Mozambique’s current external debt situation,” according to the statement. “The ministry has started to work…

Nigeria Inflation 16.5% in June, Highest in Almost 11 Years

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LAGOS, Capital Markets in Africa: Nigerian inflation accelerated to the highest rate in almost 11 years in June, complicating the task of the central bank in an economy which is at risk of contracting this year. The inflation rate in Africa’s largest economy increased to 16.5 percent from 15.6 in May, the Abuja-based National Bureau of Statistics said in an e-mailed statement on Monday. That’s the highest rate since October 2005, according to data on the Central Bank of…

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