Economy | - Part 45

Barrick Will Pay Tanzania $300 Million in Acacia Tax Fight

DAR ES SALAM (Capital Markets in Africa) – Barrick Gold Corp. agreed to pay Tanzania’s government $300 million as talks about the state’s tax dispute with unit Acacia Mining Plc continue, Chairman John Thornton said. Acacia shares surged by a record. The payment is a “a show of good faith” as a working group comprised of representatives from both sides seek to establish an ultimate resolution to the disagreement, Thornton said at a briefing Thursday after a…

Nigeria Inflation Little Changed in September as Food Costs Rise

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LAGOS (Capital Markets in Africa) – Nigerian inflation was little changed in September as food prices continued to rise, limiting the scope for the central bank to ease policy before the end of the year. The inflation rate in Africa’s most-populous nation decreased to 15.98 percent from 16.01 percent in August, the Abuja-based National Bureau of Statistics said in an e-mailed report on Tuesday. That was in line with the median of 13 economists’ estimates compiled by Bloomberg. Prices rose…

Drawn-Out Vote in Kenya Increased Risks for Investors, IMF Says

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NAIROBI (Capital Markets in Africa) – Kenya’s election rerun is raising the country’s risk profile among investors and weighing down already sluggish economic growth, theInternational Monetary Fund said. “The prolonged election period has increased risks for investors and traders,” Jan Mikkelsen, the Washington-based lender’s new resident representative in Kenya, said in an emailed response to questions. “This in turn has led to a slowdown in economic activity.” The IMF has lowered its 2017 economic growth forecast for…

Debt Management Should Be Priority for Zambia, Kalyalya Says

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LUSAKA (Capital Markets in Africa) – Zambia must prioritize its debt management to protect the economy from a surge in borrowing costs, central bank Governor Denny Kalyalya said. “That’s one area that we really need to put a hand on so that it doesn’t overheat the economy,” Kalyalya said in an interview Wednesday in Washington. “If that happens then all these interest rates we’re talking about will go up very significantly.” Ballooning debt levels are key to negotiations…

World Bank Says Africa GDP Rebound Inadequate to Tackle Poverty

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LAGOS (Capital Markets in Africa) – The rebound in sub-Saharan Africa’s economic growth is insufficient to meaningfully reduce poverty, the World Bank said. Gross domestic product in the region will probably expand by 2.4 percent in 2017, the Washington-based lender said in an emailed copy of its Africa Pulse report on Wednesday. While that’s down from the World Bank’s April forecast of 2.6 percent, it’s an improvement on the two-decade low growth rate of 1.3…

Moody’s: Côte d’Ivoire’s credit profile reflects economy’s increasing diversification and high growth prospects

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ABIDJAN (Capital Markets in Africa) — Côte d’Ivoire’s (Ba3 stable) credit profile is primarily supported by the economy’s growing diversification and high growth prospects, which are underpinned by structural reforms and public investment in infrastructure, Moody’s Investors Service said in a report today. The country’s low institutional strength is a key credit constraint. The annual update, ” Government of Côte d’Ivoire — Ba3 Stable, Annual credit analysis”, is now available on www.moodys.com. Moody’s subscribers can…

South Africa Budget Gap May Grow to 4.5% on Less Tax, Bank Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s budget deficit could swell to more than what the government forecast in February as tax revenue falls short of expectations, the central bank said. Tax revenue in the fiscal first quarter that ended June 30 was 13 billion rand ($956 million) behind target, the South African Revenue Service said last month. Should collection continue to fall short of estimates, it would be more than 40 billion rand, or…

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