Finance | - Part 117

Angola New President Fires Dos Santos Daughter as Sonangol Boss

LUANDA (Capital Markets in Africa) – Angolan President Joao Lourenco dismissed Isabel dos Santos, the daughter of former President Jose Eduardo dos Santos, as chair of state-owned oil company Sonangol. Dos Santos, Africa’s richest woman, was relieved of her post along with the entire board of Sonangol, according to a presidential statement. She will be replaced by Carlos Saturnino, who was fired from Sonangol by Dos Santos last year. Saturnino was recently appointed the secretary of…

South Africa Treasury Seeks Funding Plan to Boost Eskom’s Liquidity

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Treasury is identifying ways to boost liquidity at the embattled state-owned power utility as its cash reserves slide due to below-target revenue. The National Treasury is concerned about Eskom Holdings SOC Ltd.’s “current financial position and has been working closely with the Department of Public Enterprises and Eskom to address the issues that are impacting the entity’s liquidity position,” the ministry said an emailed response to questions on…

Swaziland Could Be Next to Sell a Eurobond

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SWAZILAND (Capital Markets in Africa) – Another African country is considering selling dollar debt — but its international debt market debut may be hindered by its economy is too small. Swaziland is debating whether to issue a Eurobond and should decide by January or February, Bheki Bhembe, principal secretary at the Finance Ministry, said by phone Tuesday. The problem is that the country would probably need to raise a minimum of $500 million if it were…

South Africa Budget Head Resigns Amid Education-Funding Spat

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JOHANNESBURG (Capital Markets in Africa) – The head of South Africa’s budget office, Michael Sachs, resigned amid speculation President Jacob Zuma is bypassing the National Treasury to implement plans for free university education. Sachs, who headed the office since November 2013, is the third senior Treasury official to leave since Zuma appointed Malusi Gigaba to replace Pravin Gordhanas finance minister in March. Sachs won’t be leaving immediately, “to ensure a proper handover to another senior official and to allow for…

Ghana to Cut $2.2 Billion Bill With Farm Support, President Says

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ACCRA (Capital Markets in Africa)- Ghana has a target of supporting one million farmers in the next four years with plans to invest in agriculture as the West African nation seeks to increase trade and cut its reliance on food imports that cost about $2.2 billion annually. While Ghana is the world’s second-biggest cocoa producer, it imports more than two-thirds of the staples such as wheat and rice that it needs, according to the United Nations’…

Kenya Government Takes Control of Kenya Airways in Debt Swap

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NAIROBI (Capital Markets in Africa) – Kenya’s government and domestic lenders agreed to convert $405.3 million of Kenya Airways Plc debt into equity, giving the state a controlling stake and diluting other shareholders including Air France-KLM. The government, which has given Kenya Airways shilling and U.S.-dollar loans totaling $238.1 million, will increase its stake to 48.9 percent from 29.8 percent, according to statements published in the Nairobi-based Standard newspaper on Monday. Lenders owed $217.2 million will convert…

Egypt Signs Expanded $3.2 Billion Financing Deal With Lenders

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CAIRO (Capital Markets in Africa) – Egypt signed an expanded $3.2 billion financing deal with foreign banks, the central bank governor said, as it continues to bolster foreign reserves and prepare for about $14 billion of foreign debt repayments in 2018. The repurchase transaction, signed in November 2016 for one year, was increased from $2 billion, Tarek Amer said on Monday in an interview, without saying whether the duration of the deal has changed. Under the arrangement,…

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