The Editorial Team |

Angola’s central bank Raises Basic Interest Rate by 2% in March

Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) Monetary Policy Committee (CPM) held a meeting on 28 March 2016, decided to increase the Basic Interest Rate to by 200 basis points to 14.oo percent, to manage inflation rate and strength the currency, BNA said in a statement on its website on Tuesday. In addition, the central bank raised the standing lending facility rate to 16 percent from 14…

Energy and Environment Partnership Southern and East Africa announces opening of its 12th and 13th Call for Proposal

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JOHANNESBURG, South Africa, Capital Markets in Africa — As a challenge fund, the Energy and Environment Partnership Programme with Southern and East Africa (EEP S&EA) is seeking high-quality applications for projects in the two regions that can contribute to the reduction of poverty by promoting inclusive and job-creating green economy and by improving energy security while mitigating global climate change. EEP is jointly funded by the Ministry for Foreign Affairs of Finland (lead donor), the UK…

Nigeria | Investors show confidence in Nigerian shares

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LAGOS, Nigeria, Capital Markets in Africa — Total transactions at the Nigerian Stock Exchange (NSE) rose from N84.10 billion recorded in January 2016 to N117.27 billion (about $0.60 billion) in February 2016 (about 39.44% increase), according to data released by NSE. However, comparing to the same period in 2015, total transactions decreased by 36.44% from the N184.49 recorded in February 2015. The data also highlighted that domestic investors significantly outperformed foreign investors by 27.04%. Domestic…

Zambia | Plenty to do after elections says Bank of America Merrill Lynch

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Lusaka, Zambia, Capital Markets in Africa — Our caution on Zambia, and hence our Underweight recommendation, was based on downside to copper prices and the government’s unwillingness to engage in an IMF program. Following our meetings with policymakers in Lusaka, we are now more confident that an IMF program will be taken, although our base case of a post-election program remains unchanged. We expect a program to start soon after the elections, regardless of who…

Cameroon | Boost from the AfDB through €500m guarantee

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Yaounde, Cameroon, Capital Markets in Africa — Much of the discussion in Yaounde concerned the €500mn partial credit guarantee given to Cameroon by the AfDB. This agreement covers the government’s payment obligations in a cross-currency swap they had entered with commercial banks to ensure dollar availability to service the obligations of its US$750m Eurobond issued in November 2015. From the AfDB press release, the guarantee appears to have been approved solely to limit exchange rate…

Ethiopia | Government-led growth model is maintained — BAoML

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Addis Ababa, Ethiopia, Capital Markets in Africa — Ethiopia’s government-led growth model shows no signs of significant change, with many meetings focused on investment in new industrial parks across the country as part of the second Growth and Transformation plan (GTP2) that runs from 2015 to 2020. The major investment areas are infrastructure, energy, and education/healthcare. GDP growth (which the IMF expects at c.8% in the medium term) continues to be driven by the government….

Gabon | Prioritizing spend in an election year — Bank of America Merrill Lynch

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Libreville, Gabon, Capital Markets in Africa —The Gabonese government is taking steps to mitigate the effect of lower oil prices (oil makes up 40% of revenues) by re-prioritizing its development plans. A supplementary budget is expected to be released in the summer, which will detail where spending can be cut with minimal social and growth impacts. The government is using US$30/bbl in the budget (compared to US$42 previously) and expects GDP growth of 3.2% and…

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