News | - Part 20

Ethiopia Key U.S. Africa Ally Faces More Unrest After Scores Killed

Addis Ababa, Ethiopia, Capital Markets in Africa: Ethiopia, a key U.S. ally in the fight against Islamist militants in East Africa, faces the prospect of further unrest after a crackdown on anti-government demonstrations held by its two largest communities over the weekend that Amnesty International said left 97 people dead. Security forces opened fire on protesters in the country’s Amhara region, with the worst bloodshed in the northern city of Bahir Dar where at least 30 people…

Zambia Sees Swift Subsidy Cuts in $1.2 Billion IMF Deal

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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…

Cameroon Budgets $1 Billion to Boost Cocoa, Coffee Output

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Cameroon, Capital Markets in Africa: Cameroon plans to spend 600 billion CFA francs ($1 billion) doubling cocoa and coffee production by 2020, an agriculture ministry official said. The money, which will be raised from cocoa and coffee export taxes, will help boost the quantity and quality of beans, Agriculture Ministry Inspector General Yankam Njonou said in an interview Wednesday. Cocoa export duties were tripled last season. “The government intends to step up cocoa production to 600,000…

Toshiba to Work With Djibouti to Develop Geothermal Power

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DJIBOUTI, Capital Markets in Africa: Toshiba Corp., the world’s biggest supplier of geothermal turbines, plans to work with the government organization responsible for developing geothermal power in Djibouti, to promote the energy source. The Tokyo-based company and the Office Djiboutien de Developpement de l’Energie Geothermique, or ODDEG, signed a memorandum of understanding to develop the African country’s geothermal resources and provide training for plant workers, Toshiba said in a statement Tuesday. Toshiba will help ODDEG put…

Burundi Cracks Down on Currency-Changers Amid Dollar Shortage

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BURUNDI, Capital Markets in Africa: Burundi’s police said they closed 15 foreign-exchange offices and arrested 12 money-changers as the East African country, struck by more than a year of unrest, struggles with a dollar shortage. The actions were taken against speculators who committed “economic crime” by not complying with the official exchange rate, police spokesman Pierre Nkurikiye said Tuesday on his Twitter account. An inadequate supply of dollars from Burundi’s central bank has forced companies…

Republic of Congo bond jumps 7 cents after missed payment made

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CONGO, Capital Markets in Africa: The Republic of Congo’s 2029 dollar bond jumped by as much as 7 cents on Tuesday after trade body Emerging Markets Trade Association (EMTA) said the country had transferred funds to make an overdue payment on the issue. The bond, in which $478 million is outstanding, traded as high as 71 cents in the dollar after closing at 64 cents on Monday, its lowest level on record, according to Tradeweb…

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

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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…

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