The Editorial Team |

Ghana to Sell $1 Billion Eurobond Despite Concern Over Costs

ACCRA, Ghana, Capital Markets in Africa: Ghana will sell $1 billion Eurobonds this year despite concerns about rising borrowing costs. The West African nation will offer the debt in either July or September, Minister of Finance Seth Terkper said in an interview in the capital, Accra. The country hired three transaction advisers and remains open to other funding options, Terkper said. A failure to issue a Eurobond would leave a $750 million hole in the 2016 budget with an…

Zimbabwe Threatens to Scrap Bank Licenses Over Export Rules

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HARARE, Zimbabwe, Capital Markets in Africa: Zimbabwe’s central bank threatened to cancel the licenses of banks and foreign-currency dealers found to have violated new exchange-control regulations aimed at easing a dollar shortage. The Reserve Bank of Zimbabwe last week sent a directive changing the way banks and other authorized foreign-currency dealers are required to handle export earnings, adding measures aimed at encouraging companies to export their products through an incentive payment, according to a copy of the circular obtained…

Angolan Party Rejects President’s Daughter as Oil Company Head

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Luanda, Angola, Capital Markets in Africa: Angola’s main opposition party rejected President Jose Eduardo dos Santos’s decision to name his billionaire daughter Isabel as chairwoman of the state oil company and said it would ask parliament to debate the appointment. “The measure confirms once more the practice of nepotism by President Jose Eduardo dos Santos,” the National Union for Total Independence of Angola, known as Unita, said Tuesday in an e-mailed statement. “Angolans should not accept…

Market Watch: Emerging Assets Rally Fourth Day Amid Bull Market in Commodities

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose for a fourth day with currencies as a surge in commodities boosted the outlook for exporting nations along with signs U.S. interest-rate increases will be gradual. Philippine shares climbed to a one-year high, Korean equities jumped and a gauge of Chinese mainland companies traded in Hong Kong capped its longest winning streak since April 2015. The MSCI Emerging Markets Index was poised for the steepest gain in almost two…

Investment | Mediterrania Capital Partners invests in MedTech Group, Morocco

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Casablanca, Morocco, Capital Markets in Africa: Mediterrania Capital Partners, the regional private equity firm focusing on growth investments for companies in North African and sub-Saharan countries, announces the acquisition through its second fund, Mediterrania Capital II, of a stake in MedTech Group, Morocco’s leading IT business system integrator incorporating solutions from corporations such as Oracle, Microsoft, NCR, Alcatel-Lucent, Cisco, EMC and IBM. With 25 years of experience in the IT industry, nowadays MedTech is operating…

Desperate for Funding, Nigeria Prepares to Face Bond Investors

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LAGOS, Nigeria, Capital Markets in Africa: The odds are stacked against Nigeria as it looks to raise debt on the international markets for the first time in almost three years. Finance Minister Kemi Adeosun is leading a team of officials that will meet bond investors at London’s five-star Corinthia Hotel on Tuesday at a time when Africa’s biggest economy is on the verge of a recession, oil production has fallen to about a three-decade low, and the budget deficit…

South Africa | Sasol Set for Its Biggest Decline Since 1998 on Writedowns

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Johannesburg, South Africa, Capital Markets in Africa: Sasol Limited was set for the biggest decline in more than 17 years after saying fiscal full-year profit will drop by as much as 30 percent following write downs. The South African fuel producer reported impairments totaling 11.5 billion rand ($770 million), citing the collapse in energy prices. The shares fell 11 percent in Johannesburg, which would be the largest slump on a closing basis since October 1998….

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