Features | - Part 231

Zambia Sees Swift Subsidy Cuts in $1.2 Billion IMF Deal

Zambia, Capital Markets in Africa: Zambian President Edgar Lungu has pledged to remove or reduce energy and agricultural subsidies as part of a loan deal with the International Monetary Fund that could top $1.2 billion, his spokesman said. “Straight away when the IMF program begins, subsidies will significantly go down in the energy sector,” Amos Chanda said in an interview on Wednesday. “The president has promised to move rapidly to either completely do away with subsidies or progressively…

Unlocking Regional Energy Infrastructure Development through Market Integration

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Regional energy infrastructure is a key enabler for regional energy markets. Africa has huge potential to grow its energy markets hence the need to develop robust regional energy infrastructure. To do this requires heavy investment in the production, transportation, and distribution of energy products to end users. Considering the existing high level of commitment by African countries and regional institutions, which have prioritized energy as a priority sector and…

OPEC Still Faces Same Obstacles to Agree on Oil-Output Limit

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: An informal OPEC meeting next month is unlikely to deliver any agreement to limit production because several members including Iran are still pumping below capacity. Members of the Organization of Petroleum Exporting Countries are planning to hold talks in Algeria next month when they gather for a meeting of the International Energy Forum, the group’s president Mohammed Al Sada said Monday. But the same obstacles that prevented an agreement on proposals to freeze…

Tanzania’s current account benefits from strong gold prices, tourism boost

Posted on by The Editorial Team

DAR ES SALAAM, Capital Markets in Africa: Tanzania’s current account deficit shrank by 55 percent in the year to May, central bank data showed on Tuesday, as the country benefited from a jump in tourist arrivals and rising gold prices, and paid less for oil imports. Tanzania is Africa’s fourth-largest gold producer and gold and tourism are its main sources of foreign income. The current account gap narrowed to $1.9 billion in the 12 months…

Kenya’s Corporate Governance Practices Code, 2015

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: The Kenyan Capital Markets Authority (the Authority) has issued a code of corporate governance known as the Code of Corporate Governance Practices for the Issuers of Securities to the Public 2015 (the 2015 Code). The 2015 Code has replaced the Guidelines on Corporate Governance Practices by Public Listed Companies in Kenya, 2002 (the “2002 Guidelines”). It applies to all companies that issue both debt and equity securities to the…

South Africa to Stick to Fiscal Path Even as ANC Support Falls

Posted on by The Editorial Team

Johannesburg, Capital Markets in Africa: South Africa’s government will stick to the fiscal targets and objectives set out in the budget even as the ruling African National Congress’s support fell in last week’s election, the National Treasury said. “Government remains committed to implementing fiscal consolidation and returning public finances to a sustainable path,” the Treasury said in an e-mailed statement on Monday. “Government’s track record of achieving fiscal targets lends weight to future fiscal plans,…

Infrastructure | Developing Transport, Energy and ICT Infrastructure in Uganda

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: In his reading of the National Budget Speech 2016/17 on 8th June this year, Finance Minister Matia Kasaijia noted that funding strategic transport, energy and Information Communications Technology (ICT) infrastructure was a key priority of the Ugandan Government. Kasaijia said that infrastructure development contributed immensely to increased productivity by facilitating efficient connectivity and easing the movement of goods and the provision of services. Infrastructure funding currently comprises about 32.8%…

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