The Editorial Team |

Kenya | Kenya Central Bank Sees Current-Account Gap Narrowing on Inflows

NAIROBI, Kenya, Capital Markets in Africa: Dollar inflows into Kenya will result in a narrower current account gap this year and are among reasons the shilling has a “bias toward strengthening,” Central Bank of Kenya Governor Patrick Njoroge said. The deficit, the broadest measure of trade in goods and services, is expected to shrink to 6.3 percent of gross domestic product this year, Njoroge said in an interview Thursday at the World Economic Forum in Kigali, the…

Africa Embraces the Fourth Industrial Revolution

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Kigali, Rwanda, Capital Markets in Africa: Africa should use the opportunities presented by the Fourth Industrial Revolution to transform itself into a full partner on the global stage, said Paul Kagame, President of the Republic of Rwanda, at the opening address of the 26th World Economic Forum on Africa. “Africa should not be still playing catch-up when the fifth revolution comes around, he added. Kagame called for “a continent free of pity and apprehension, a…

Nigeria | Naira Devaluation Bets Jump Most on Record on Policy Review

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LAGOS, Nigeria, Capital Markets in Africa: Traders raised bets on a devaluation of Nigeria’s naira by the most on record after the vice president of Africa’s biggest economy said it was carrying out a “substantial review” of its foreign-exchange policy. Naira three-month non-deliverable forwards weakened to 237 against the dollar, before paring losses to trade 7.2 percent lower at 230.5 by 12:41 p.m. in London, still the biggest drop since the contracts started trading in March 2011….

Transnet Turns to Retailers, Manufacturers as Commodities Falter

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s state rail and ports operator is considering entering new businesses, including warehousing and pitching its services to retailers and manufacturers, as it seeks to boost income and reduce its reliance on transporting coal and iron ore. Transnet SOC Ltd. plans to increase the volume of consumer and manufactured goods on its rail lines and may add distribution operations, Chief Executive Officer Siyabonga Gama, 48, said on Wednesday. While…

South Africa | Transnet Moving to Fixed-Rate Debt as Credit Downgrade Looms

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Johannesburg, South Africa, Capital Markets in Africa: Transnet Holdings SOC Ltd., South Africa’s state-owned transport company, is cutting its proportion of floating-rate debt to hedge against a rise in borrowing costs in the event of a downgrade of the country’s credit rating to junk, Chief Executive Officer Siyabonga Gama said. The possibility of South Africa’s national sovereign debt rating being cut to junk by S&P Global Ratings next month is “a big concern for the country, it’s…

Kenya | Barclays Leaves Kenya Feeling Like `Flowergirls’ in Africa Exit

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Nairobi, Kenya, Capital Markets in Africa: Central Bank of Kenya Governor Patrick Njoroge urged Barclays Plc and its Johannesburg-based unit to engage with regulators in the countries in which it operates as the British bank plans to exit the continent. “It feels like we are being treated like flowergirls” who have no real role to play in the transaction, he said in an interview at the World Economic Forum’s annual Africa conference in Kigali, Rwanda on Thursday, declining to say…

Nigeria Maintains Oil-Revenue Forecast Despite Output Decline

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria maintained revenue forecast for this year’s budget based on daily oil production of 2.2 million barrels despite output falling over the past month, reaching a 20 year low currently. The government of Africa’s biggest economy is keeping price assumptions at $38 per barrel, Budget Minister Udoma Udo Udoma told reporters in the capital, Abuja, on Thursday. Nigeria recently dropped to second place behind Angola as Africa’s largest oil producer following…

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