The Editorial Team |

South African Rand Slumps as Gordhan Breaks Silence on Talk of Arrest, Firing

Johannesburg, South Africa, Capital Markets in Africa: The rand slumped as much as 2 percent against the dollar and bonds fell as concern intensified around the role of South African Finance Minister Pravin Gordhan, who broke his silence over reports that he may be arrested and dismissed. The rand was 1.7 percent lower at 15.8106 by 12:26 p.m. in Johannesburg, the weakest since March 15 on a closing basis and the worst performance among 31 major and developing…

Gloves Off in South Africa Power Struggle as Gordhan Fights Back

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Johannesburg, South Africa, Capital Markets in Africa: A power struggle between South African President Jacob Zuma and Finance Minister Pravin Gordhan over control of the National Treasury is approaching a tipping point, unnerving investors and weighing on the rand. Gordhan, 67, on Tuesday accused government officials of conspiring to harass him and his family and described allegations that he had spied on taxpayers when he ran the national revenue service as “malicious rumors” that were “manufactured for other motives.”…

Investment | Ivory Coast Attracts $15.4 Billion in Pledges, Twice Its Budget

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Abidjan, Ivory Coast, Capital Markets in Africa: Ivory Coast received more than $15 billion in pledges from donors and lenders to fund its five-year development plan, almost double the amount it sought at a Paris meeting that showcased the world’s top cocoa grower as an investors’ favorite in Africa. The West African nation wanted to secure at least 4,425 billion CFA francs ($8.8 billion) in pledges to fund part of a $60 billion investment plan…

Goldman Upgrades Commodity Outlook on Constrained Oil Supplies

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LAGOS, Nigeria, Capital Markets in Africa: Goldman Sachs Group Inc. upgraded its outlook for commodities for the next three months because of disruptions to oil supply, while staying bearish on industrial metals and gold. Supply constraints should support oil prices, but “physical re-balancing” is incomplete and Goldman remains neutral on commodities for the next 12 months, it said in a report e-mailed Wednesday. The bank is recommending investors buy oil and gas assets in equities and…

Mozambique Says Can’t Pay $178 Million Debt Interest This Month

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Maputo, Mozambique, Capital Markets in Africa: Cash-strapped Mozambique won’t be able to honor a debt-interest repayment of $178 million that is due next week for a loan to a state-run company, Finance Minister Adriano Afonso Maleiane told lawmakers. The nation holds total public debt of $11.64 billion, of which $9.85 billion is owed to foreign investors, he said Wednesday in the capital, Maputo. Mozambique Asset Management, whose payment is due on May 23, is negotiating with lenders…

Nigeria | Central Bank of Nigeria to Create N750 Billion Agriculture Intervention Fund

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LAGOS, Nigeria, Capital Markets in Africa: The Federal Government, yesterday, said it will collaborate with the Central Bank of Nigeria, CBN to create N750 billion agriculture fund as part of its commitment to making agriculture the mainstay of the Nigerian economy, just as it is committed to tackling the smuggling of poultry products into the country. The Minister of State for Agriculture, Mr. Heineken Lokpobiri, who disclosed this at the 2016 National Summit of the…

Private Equity | Harith General Partners has invested in NOVO Energy

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Johannesburg, South Africa, Capital Markets in Africa: Harith General Partners has invested in NOVO Energy, a power and technology company that specialises in supplying alternative fuel technologies and services in Africa. Harith, the South African based fund manager, purchased a significant shareholding at NOVO Energy through its US$435m second Pan African Infrastructure Development Fund (PAIDF2). The partnership was established to create a strategic alignment and focus on the supply of natural gas in the Southern African energy…

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