The Editorial Team |

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

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…

Investment | Chinese to Invest $2.8 Billion in South Africa Economic Zone

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South Africa, Capital Markets in Africa: A group of Chinese investors will invest more than 40 billion rand ($2.8 billion) in an energy and metals-related industrial park in South Africa, giving a boost to the country’s government as it seeks to grow the manufacturing industry and ease unemployment. The consortium, led by Hong Kong Mining Exchange Co., will develop and manage the park, which will house plants to process minerals including chrome, manganese, coking coal and…

Senegal | Woodside to Buy Conoco’s Senegal Assets for $350 Million

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DAKAR, Senegal, Capital Markets in Africa: Woodside Petroleum Limited agreed to buy ConocoPhillips’s assets in Senegal for $350 million to gain a stake in exploration blocks off the West African nation. ConocoPhillips holds 35 percent of a contract with the Senegal government covering three offshore blocks, Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore, Perth-based Woodside said in a statement to the stock exchange Thursday. “This is a gutsy move from Woodside, which will only pay off…

Emerging Stocks Rise Sixth Day on Mounting Stimulus Speculation

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks headed for their longest winning streak since April and currencies rose to the strongest against the dollar in almost a year as optimism over prospects for stimulus in major economies boosted demand for riskier assets. Energy stocks led the MSCI Emerging Markets Index to a sixth consecutive gain as oil prices climbed. Turkey’s equity benchmark increased to the highest in two months. A gauge of mainland Chinese companies traded in Hong…

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