Economy | - Part 48

IMF Extends Ghana Oversight as Bailout Plan Gets Another Year

ACCRA (Capital Markets in Africa) – The International Monetary Fund approved a one-year extension of its credit-facility program with Ghana, lengthening the lender’s economic oversight of the West African nation which is battling to keep spending under control. The country’s Eurobonds rallied. The extension follows after the IMF completed a fourth review of an almost $1 billion assistance program with Ghana agreed to in April 2015, when chronic overspending and power cuts drained public finances and…

Moody’s affirms Egypt’s B3 rating; maintains stable outlook

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Moody’s Investors Service has today affirmed the Government of Egypt’s long-term issuer and senior unsecured bond ratings at B3. The outlook remains stable. The rating affirmation is based on Moody’s view that the B3 rating appropriately captures Egypt’s credit risk profile. Very weak government finances will continue to constrain the rating pending further clarity on the sustainability and impact of the reform programme. While Egypt’s external liquidity position has…

Moody’s downgrades Tunisia’s rating to B1, maintains negative outlook

Posted on by The Editorial Team

TUNIS (Capital Markets in Africa) – Moody’s Investors Service has today downgraded the long-term issuer rating of the government of Tunisia to B1 from Ba3 and maintained the negative outlook. Moody’s has also downgraded the foreign currency debt rating of the Central Bank of Tunisia to B1 from Ba3 and maintained the negative outlook, in addition to downgrading the shelf/MTN rating to (P)B1 from (P)Ba3. The Government of Tunisia is legally responsible for the payments…

Moody’s downgrades Tunisia’s rating to B1, maintains negative outlook

Posted on by The Editorial Team

Less Predictable South Africa Policy May See Moody’s Rating Cut

Posted on by The Editorial Team

Johannesburg (Capital Markets in Africa) – South Africa’s credit rating may be cut to junk if its policies become “even less predictable” or shift in a way that could undermine the economy, Moody’s Investors Service said. Policy uncertainty and political turmoil have increased in the last two months as the nation’s anti-graft ombudsman instructed lawmakers to change the central bank’s mandate, the mines minister published new regulations that the industry says undermine investment and President Jacob Zuma’s…

Moody’s Downgrades Namibia’s rating to Ba1, maintains negative outlook

Posted on by The Editorial Team

WINDHOEK (Capital Markets in Africa) – Moody’s Investors Service (“Moody’s”) has today downgraded Namibia’s long-term senior unsecured bond and issuer ratings to Ba1 from Baa3 and maintained the negative outlook. The key factors for downgrading the rating are: Erosion of Namibia’s fiscal strength due to sizeable fiscal imbalances and an increasing debt burden Limited institutional capacity to manage shocks and address long-term structural fiscal rigidities Risk of renewed government liquidity pressures in the coming years…

Egypt Inflation Rate Surges to Record After Subsidy Cuts

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt’s urban annual inflation rate accelerated in July to its highest level in decades, fuelled by a new round of subsidy cuts ordered under the government’s economic reform program. Annual consumer prices in urban areas climbed 33 percent, up from 29.8 percent in June, according to the state-run CAPMAS statistics agency. The month-on-month rate accelerated to 3.2 percent from 0.8 percent in June. Fuel and electricity price increases went into effect at…

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