News

OPEC Invite Has Gabon Mulling Best Response to Oil Nightmare

Posted on by The Editorial Team
OPEC Invite Has Gabon Mulling Best Response to Oil Nightmare

Libreville, Gabon, Capital Markets in Africa —  Gabon is considering a return to OPEC and trying to rally fellow African nations for a more coordinated response to slumping oil prices, President Ali Bongo Ondimba said. Some members of the Organization of Petroleum Exporting Countries have asked the West African nation to rejoin the group after 21 years as producers seek to “fight together” to stabilize prices, Bongo said during an hour-long interview at Bloomberg headquarters in New York. Gabon hasn’t…

Read More

Mozambique Central Bank Hikes Policy Rate to Curb Inflation in April

Posted on by The Editorial Team
Mozambique Central Bank Hikes Policy Rate to Curb Inflation in April

MAPUTO, Mozambique, Capital Markets in Africa —The Bank of Mozambique has decided to increase key policy interest rates to the highest level in four years , in its efforts to curb inflationary pressure. The  Bank’s Monetary Policy Committee, which met in Maputo on 20 April, announced that the Standing Lending Facility (the interest rate paid by the commercial banks to the central bank for money borrowed on the Interbank Money Market) will rise immediately by…

Read More

Ghana’s Biggest IPO Said to Raise 450 Million Cedis for Lender

Posted on by The Editorial Team
Ghana’s Biggest IPO Said to Raise 450 Million Cedis for Lender

ACCRA, Ghana, Capital Markets in Africa — Agricultural Development Bank Limited  raised 450 million cedis ($119 million), the largest initial public offering in Ghana’s history, last month, according to two people familiar with the deal. The bank raised more than the target of almost 400 million cedis, said the people, who asked not to be identified because regulators are still reviewing the results. ADB will use 300 million cedis for capital and the rest to pay shareholders,…

Read More

Algeria launches local bond issue to offset energy earnings drop

Posted on by The Editorial Team
Algeria launches local bond issue to offset energy earnings drop

Algiers, Algeria, Capital Markets in Africa — Algeria’s first local bond issue in years was opened on Sunday with the government hoping to secure new financing sources after a sharp drop in world oil prices has cut energy earnings that make up 60 percent of its budget. Algeria’s government has already started to cut back some state-subsidised energy services, reduced its 2015 and 2016 public spending and frozen some infrastructure projects. The bond issue, with…

Read More

IMF Sees Rwanda’s Cautious Monetary Policy Keeping Growth at 6%

Posted on by The Editorial Team

Kigali, Rwanda, Capital Markets in Africa — GDP expanded 6.9% in 2015, International Monetary Fund says in e-mailed statement. The fund also, advised that more immediate measures needed to deflate external pressures, stem drop in forex reserves. The Brookings Institute commends Rwanda’s implementation of more cautious monetary policy, postponement of some non-priority public spending to help dampen still-strong demand for imports as well as allowing exchange rate to continue to adjust as necessary will be…

Read More

Nigeria | International Oil Companies Support Fuel Imports with US$200 Million

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — International oil companies in Nigeria have agreed to provide about US$200 million to support fuel imports and end shortages, Emmanuel Kachikwu, Petroleum Minister of State said. “I have been able to convince the upstream oil companies to provide foreign exchange buffers over the next one year for those who’re bringing in products,” Kachikwu said in video posted on his Facebook page on Thursday. “So we have tied Total upstream…

Read More
1 … 31 32 33 34 35 … 84