Features

LOME (Capital Markets in Africa) -Atani Bamaze was working his small plot of land, scything weeds down to the rust-colored soil, when he received a lifeline in the form of a text message. It was late 2020, and though Bamaze still didn’t know anyone sickened by Covid-19, the pandemic had disrupted his life all the same. The village in Togo where he lives with his wife and infant daughter relied on trade and travelers from…

LAGOS (Capital Markets in Africa) – As leaders at the United Nations climate summit in Glasgow, Scotland, thrash out how to rein in catastrophic levels of global warming, one of the most important deals is taking place on the sidelines. The Global Methane Pledge — a collective commitment to cut emissions of the potent greenhouse gas 30% by 2030 -– is signed by more than 80 countries so far, representing more than two-thirds of the…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling party faces an uphill battle to regain control of key towns in Monday’s municipal elections, with widespread outrage over poor services and crumbling infrastructure. The election of councilors in the 278 municipalities is the first since President Cyril Ramaphosa won control of the African National Congress in 2017 and set about trying to rebuild support for the party, which plummeted during his predecessor Jacob Zuma’s scandal-marred rule.Opposition party coalitions…

LAGOS (Capital Markets in Africa) – China needs to give U.S. or European-style market access to Africa as the next step in fostering a strong economic relationship, Ugandan President Yoweri Museveni said. As African nations push for the extension beyond 2025 of the African Growth and Opportunity Act that allows duty-free access to the U.S. market, Museveni wants China to offer something similar. That or a deal mirroring Europe’s Everything But Arms arrangement for least…

LAGOS (Capital Markets in Africa) – Nigeria joined fellow OPEC+ member Saudi Arabia in saying the group must resist pressure to raise oil production faster until the coronavirus pandemic abates. The 23-nation cartel shouldn’t yet change its strategy of increasing daily crude output by 400,000 barrels a month, according to Minister of State for Petroleum Resources Timipre Sylva. The Organization of Petroleum Exporting Countries and allies including Russia next meet on Nov. 4. With oil soaring…

CAIRO (Capital Markets in Africa) – Egypt said it’s on target to produce enough fuel to cover its own needs by 2023. The country will reach its goal thanks to upgrades of existing refineries and the construction of seven new ones as part of a project costing around $7 billion, according to Energy Minister Tarek El Molla. The new facilities will be able to make 6.2 million tons a year of products such as gasoline and…

NEW YORK (Capital Markets in Africa) – Peter Thiel, the technology billionaire and conservative political donor, praised cryptocurrencies and slammed central banks during an appearance on Wednesday.  “You’re supposed to just buy Bitcoin,” he joked to an assembled crowd in Miami. “I feel like I’ve been underinvested in it.”  Thiel said his only hesitation about investing was that he thought “the secret was already known by everybody.” He concluded that “I think the answers are…