The Editorial Team |

Guptas’ Oakbay Listing May Be Suspended on Lack of Sponsor

South Africa, Capital Markets in Africa: Oakbay Resources & Energy Ltd., the company controlled by the Gupta family, may have its listing suspended by the Johannesburg Stock Exchange, the latest setback to the business interests of the friends of South African President Jacob Zuma who also lost their auditor and had the country’s major banks refuse to do business with them. JSE Ltd., which runs the exchange, said in a statement it may suspend Oakbay after it failed…

Sub-Saharan credit growth rates halve in two years says ODI report

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LAGOS, Nigeria, Capital Markets in Africa: Private credit growth across sub-Saharan Africa has more than halved over the past two years and ground to a halt in oil exporting countries following low oil prices and the economic slowdown in China, weighing heavily on regional growth prospects, a report said on Friday. With international finance having become ever scarcer and costlier, private credit in sub-Saharan Africa increased by just 7 percent in the first six months…

South Africa’s Economy is to Slow Down due to Zuma’s Questionable Integrity

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South Africa is on the brink of an economic catastrophe something must be done ASAP to arrest the decline in the country’s fortunes. Standard & Poor has downgraded South Africa’s sovereign rating to negative outlook and the rating might be downgraded further to junk in the near term. In December 2015, President Jacob Zuma was forced to appoint Pravin Gordhan as the finance minister after investor confidence fell to its lowest point in decades. South…

Zimbabwe Misses Own Deadline to Repay $1.8 Billion; Pays None

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Harare, Capital Markets in Africa, Zimbabwe failed to repay $1.8 billion to the International Monetary Fund, the World Bank and African Development Bank by its own June 30 deadline. “Right now, we’ve not paid anything,” John Mangudya, Zimbabwe’s central bank governor, said by phone from the capital, Harare, on Thursday. “That is why we have this re-engagement process with international financial institutions. This is all part of re-engagement and confidence building measures.” Finance Minister Patrick Chinamasa said earlier…

Mozambique Says Foreign Loans Breached Laws as Probe Deepens

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MAPUTO, Capital Markets in Africa: Mozambique’s attorney-general plans to ask international and domestic experts to help probe loans taken by three state-owned companies that may have breached the southern African nation’s budget laws, spokesman Taibo Mucobora said. The office of the attorney-general has held hearings into loans taken by Empresa Mocambicana de Atum SA, whose debt was converted into a $727 million sovereign Eurobond in April, Mozambique Asset Management and ProIndicus. The borrowings breached limits on guarantees…

Nigerian President Buhari Plans Seen as Inadequate to Deal With Nigeria’s Slump

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s economy could contract this year and President Muhammadu Buhari’s government is seen as having few plans in place to turn the slump around, according to analysts including Renaissance Capital Limited’s Yvonne Mhango. Last month, the Central Bank of Nigeria allowed the naira to devalue after a 15-month currency peg curbed investment and contributed to a 0.4 percent contraction in the economy in the three months through March. With inflation at a…

Ghana Companies Sell Shares at Record Rate Amid Debt Squeeze

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ACCRA, Ghana, Capital Markets in Africa: Ghanaian companies needing cash are caught in a dilemma. Faced with borrowing costs at a 13-year high, companies including the local unit of Diageo Plc and Ghana Oil Co. are turning to the stock market to raise record amounts of capital as they try to reduce debt. They could hardly have chosen a worse time. The West African nation’s benchmark stock index is in a bear market, having fallen to a three-year low as a plunge…

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