The Editorial Team |

Ghana is willing to revise 2016 Budget if need be, Finance Minister says

ACCRA, Ghana, Capital Markets in Africa — Ghana is reviewing its budget for 2016 and is ready to revise it if necessary, Minister of Finance Seth Terkper said. The government is monitoring oil prices and will go to Parliament with revisions if prices continue to plunge, he told reporters in Accra, the capital, on Tuesday. There is “strong political will” backing fiscal consolidation, he said. “We are weighing options and scenarios and may go to cabinet and parliament to…

Nigeria Aims to Resuscitate Ajaokuta Steel Mill in 2016 — Dr. Fayemi

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LAGOS, Nigeria, Capital Markets in Africa — Nigeria is aiming to hand over the US$4.5 billion Ajaokuta steel complex to private operators this year as part of a plan to kick start its industrial and mining industries, Dr. Kayode Fayemi, Nigerian Minister of Solid Minerals Development, stated. The Minister explained that construction of Ajaokuta, which lies on the Niger River and was supposed to have an installed capacity of 5 million metric tons of steel a year,…

Nigeria’s Treasury Single Account boosts revenue and reduces borrowing — Kemi Adeosun Says

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LAGOS, Nigeria, Capital Markets in Africa — Nigeria’s Finance Minister Kemi Adeosun said the government had collected more than 2.2 trillion naira (US$11 billion) since consolidating revenue into a single account tagged Treasury Single Account (TSA) and this may help reduce Nigeria’s borrowing requirements. The Finance Ministry will determine how much of the funds in the TSA will be used to fund the 2016 budget and what will be left to pay for pending expenditure commitments, Mrs. Kemi Adeosun…

Egypt Plans Eurobond Sale to Ease Pressure on Reserves

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CAIRO, Egypt, Capital Market in Africa — Egypt plans to tap international bond markets in the second quarter this year, Prime Minister Sherif Ismail said, in order to preserve foreign reserves amid a slowing global economy. Egypt has approved a bond-issuance program of up to US$10 billion, and in June 2015, it raised US$1.5 billion of Eurobonds as part of the program. The government plans to issue another US$1.5 billion in the fourth quarter of 2015 but…

Ethiopia to build 4 Agro-Processing industrial Parks

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ADISS ABABA, Ethiopia, Capital Markets in Africa — Ethiopia plans to construct four Agro-processing industrial parks at a cost of US$30 billion, construction is scheduled to start in September 2015, according to Foreign Affairs Ministry, Ethiopia. The decision was announced after meeting between Prime Minister Hailemariam Desalegn, federal, regional government officials. This is in-line with the country’s Growth and Transformation Plan (GTP), which aimed to transform Ethiopia to an industrialized economy and increase the per…

Kenyan Bourse Announces six Banks as Derivatives Clearing Members

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Nairobi, Kenya, Capital Markets in Africa — Nairobi Securities Exchange (NSE) appointed six banks as derivative clearing member. They are: Barclays Bank of Kenya, Co-operative Bank of Kenya, CFC Stanbic Bank, NIC Bank, Chase Bank and Commercial Bank of Africa, according to email statement by NSE. The email also stated that more lenders to be named in “near future” and Initial derivatives products will be single-stock, index futures, before currency-based contracts are offered.

Malawi Central Bank Policy Interest Rate at 25% in February

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LILONGWE, Malawi, Capital Markets in Africa — Reserve Bank of Malawi Monetary Policy Committee (MPC) met on 4th February 2015 and decided to maintain the Policy Rate at 25 percent and Liquidity Reserve Requirement (LRR) at 15.5 percent, according to statement on the central bank website. The Bank estimated the country real GDP growth at 6.3 percent for 2014, largely driven by the agricultural sector. For 2015, economic growth was earlier projected at 5.8 percent,…

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