News | - Part 32

Congo’s Government Halts VAT Repayments to Support Currency

DRC, Capital Markets in Africa — The Democratic Republic of Congo’s government suspended the payment of value-added tax reimbursements to all companies until further notice to reduce pressure on the domestic currency and shore up government finances. The suspension is a “temporary measure,” said Gerard Mutombo, cabinet director at the Finance Ministry. The decision was taken by Prime MinisterMatata Ponyo Mapon, according to a letter to the central bank sent by Vice Finance Minister Albert M’Peti…

Nigeria’s Buhari Says He’s Not Convinced on Naira Devaluation

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — President Muhammadu Buhari reiterates that he’s yet to be convinced that majority of Nigerians will derive any benefit from a devalued naira, his office says in an e-mailed statement. Buhari says he holds same conviction on the currency as when he resisted its devaluation as military ruler in the 1980s. “I stood my grounds for the good of Nigeria”. After naira was devalued when Buhari was deposed in…

Nigeria Revenue Drops to 5-Year Low as Tax, Oil Income Fall

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Nigeria’s revenue fell last month to the lowest level in more than five years as taxes and oil earnings dropped, making it more difficult for the government of Africa’s largest economy to pay public workers. The country’s federal, state and local governments were altogether allocated 300 billion naira ($1.5 billion) in March, the Ministry of Finance said in a statement e-mailed late Thursday from the capital, Abuja. To assist the…

IMF Suspends Standby Credit Facility for Mozambique

Posted on by The Editorial Team

MAPUTO, Mozambique, Capital Markets in Africa — The International Monetary Fund (IMF) has confirmed the suspension of the second tranche of a loan to Mozambique of US$283 million from the Fund’s Standby Credit Facility (SCF). The suspension had been widely expected after the IMF announced last Friday that it was cancelling the mission which had been due to visit Mozambique this week because of the country’s “undisclosed loans”, which the IMF put at more than…

Zambia Prepares Ground for `Inevitable’ Post-Vote IMF Aid

Posted on by The Editorial Team

LUSAKA, Zambia, Capital Markets in Africa — Zambia, reeling from a copper-price slump and a power shortage, is readying for “inevitable” assistance from the International Monetary Fund that may be finalized in December, Treasury Secretary Fredson Yamba said. A deal will only come after general elections set for Aug. 11 and until then, the government will work on lowering electricity and fuel subsidies that the fund last month estimated could cost the southern African nation $660 million a year, Yamba…

Kenya Regulators Help Investment Bank Free Funds Held in Lender

Posted on by The Editorial Team

NAIROBI, Kenya, Capital Markets in Africa — Kenyan regulators are working with Genghis Capital Ltd. to help the investment bank free up cash locked in Chase Bank Kenya Ltd., an associated company which is being nursed back to health after collapsing following a run on deposits. Authorities are collaborating with the caretakers of Chase Bank so that clients of Genghis wanting to redeem some of their mutual fund holdings can access their money, Capital Markets Authority acting Chief…

Guinness Nigeria’s Profit Tumbles During Economic Downturn

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Guinness Nigeria Plc, the country’s second-biggest brewer, said profit fell 83 percent in the nine months through to the end of March during a downturn in Africa’s largest economy. Earnings after tax were 864 million naira ($4.35 million) in the period, compared with 5.2 billion naira a year earlier, the local unit of Diageo Plc said in a statement on the Nigerian Stock Exchange’s website. Revenue dropped 18 percent to…

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