The Editorial Team |

Bank of Ghana Said to Suspend 14-Day Bills, Replace With 56-Day

Accra, Ghana, Capital Markets in Africa — Ghana’s central bank will suspend the weekly auction of 14-day bills after demand surged to a record for the fixed-rate securities and reduced appetite for benchmark notes the government sells to finance operations, according to a person familiar with the plans. The Accra-based Bank of Ghana will offer 56-day bills instead, according to the person, who asked not to be identified because the information isn’t public yet. The…

Nigeria aims to raise US$1 Billion Eurobond to fund budget deficits

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Lagos, Nigeria, Capital Markets ion Africa — Nigeria plans to sell as much as US$1 billion of Eurobonds to help fund a record budget deficit, Finance Minister Kemi Adeosun stated on Friday in an interview at the World Economic Forum in Davos, Switzerland. The Finance Minister explained that the country is planning to hold non-deal roadshows to meet investors and explain the government’s fiscal policies and monetary policies to resuscitate growth. She said: “We’re looking at a maximum of…

Nigeria’s 2016 Budget Deficit Widen As Oil Price Slump

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Lagos, Nigeria, Capital Markets in Africa — The Nigeria’s 2016 budget deficit is estimated at 36 percent after oil prices dropped below the $38 per barrel benchmark estimate set by Africa’s largest economy. The gap will increase to NGN 3 trillion (US$15.1 billion) from NGN 2.2 trillion, or 3 percent of gross domestic product, and will remain within the “comfort zone for the international credit rating agencies,” Finance Minister Kemi Adeosun stated in an e-mailed statement on Thursday. The…

Scrapping of fuel subsidies to save Nigeria US$5 billion

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Lagos, Nigeria, Capital Markets in Africa — Nigeria’s government, which relies on oil for about two-thirds of its revenue, sees a silver lining to the plunge in crude prices because it will no longer have to subsidize fuel, Vice President Professor Yemi Osinbajo stated. “Lower oil prices also mean there is some advantage,” Osinbajo said in a panel discussion at the World Economic Forum in Davos, Switzerland, on Thursday. The decline “means that we are not paying any subsidies, which…

Central Bank of Kenya Retains CBR at 11.5% and KBRR at 9.87%

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Nairobi, Kenya, Capital Market in Africa — The Central Bank of Kenya (CBK) Monetary Policy Committee (MPC) met on Wednesday 20 January 2016 to review market development and the outcome of its previous monetary policy decision. The MPC decided to keep the Central Bank Rate (CBR) at 11.5 percent for the fifth time in a row. The rate has been retained since early July. It was first raised in May 2015 to 10 per cent,…

Foreign Portfolio Investors are net sellers on the Nigeria’s Bourse in 2015

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Lagos, Nigeria, Capital Markets in Africa — The total transactions at Nigerian Stock Exchange fell 41.72 percent from NGN 189.72 billion recorded in January to NGN 110.56 billion (about US$0.56 billion) in December 2015. This represents a decrease of 13.49% from N127.8 billion recorded in November. Likewise, Foreign Portfolio Investor (FPI) transactions decreased by 33.39 percent from NGN1,538.92 billion recorded at the end of 2014 to NGN 1,025.07 billion at the end of 2015. Out of…

IMF Cuts South Africa’s and Nigeria’s Economic Growth Forecast for 2016

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LONDON, Capital Markets in Africa — The International Monetary Fund (IMF) recently published the latest update to its world economic outlook. The document is tagged “Subdued Demand, Diminished Prospects”. In the January publication, the global economic prospects is downgraded to projected at 3.4 percent in 2016 (compare to 3.6 percent in October 2015 forecast) and 3.6 percent in 2017 (3.8 percent in October 2015 release). The pickup in global activity is projected to be more…

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