News | - Part 49

Bank of Ghana Surprisingly Increases Benchmark Interest Rate Against Analysts’ Expectation

Accra, Ghana, Capital Markets in Africa — The Bank of Ghana (BOG) increased the policy rate by 1 percent to 25 percent, Governor Kofi Wampah told reporters in the capital, Accra after the 66th regular meeting of the Monetary Policy Committee of the Bank. In August, the BOG merged the policy rate and reverse repo rate at 24 percent. The policy rate was previously 22 percent. The Central Bank said at the time the adjustment didn’t…

Liberia Is On Path to Improve economy — Lagarde, MD IMF

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Morovia, Liberia, Capital Markets in Africa — International Monetary Fund (IMF) Managing Director Christine Lagarde arrived in Liberia Thursday 10 September to celebrate the resilience of the Liberian people and the leadership of President Johnson Sirleaf in overcoming the Ebola crisis. Lagarde advised the government to stay its course of improving Liberian economy for the betterment of the country and the people. Lagarde further said the key factors in Liberia’s success in the Ebola fight…

Infrastructure and Migration: Prevention vs. Reaction

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GENEVA, Switzerland, Capital Markets in Africa — In what has been coined the worst migration crisis in Europe since the end of the Second World War, hundreds of thousands of migrants from the Middle East and Africa have flocked to Europe in seek of help. In 2014, roughly 170,000 migrants landed on Italian shores alone. With the rise of movement, there has been a sharp and tragic increase in migrant deaths. The staggering numbers hold deep significance;…

JP Morgan to remove Nigeria from government bond index

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LAGOS, Nigeria, Capital Markets in Markets – JP Morgan will remove Nigeria from its Government Bond Index (GBI-EM) by the end of October, the bank said on Tuesday, after warning the government of Africa’s biggest economy that currency controls were making transactions too complicated. The removal will force funds to sell Nigerian bonds, triggering potentially significant capital outflows and raising borrowing costs for the government. Struggling with a plunge in vital oil revenue, Nigeria had imposed…

Nigeria: Scrutinizing the “Change Agenda”…100 days Appraisal

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LAGOS, Nigeria Capital Markets in Africa — Following the result of the 2015 presidential polls, the new administration was ushered into power amidst groundswell optimism. We attempt an appraisal of the performance of the Buhari led government 100 days after inauguration (since May 29, 2015), having been sworn in amidst high expectations of structural reforms, improvement of government’s fiscal state, tackling of endemic corruption and stamping out insurgency in Northern Nigeria. Although the much awaited…

South Africa’s growth curbed by energy shortages, lower commodity prices and global uncertainty

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JOHANNESBURG, South Africa, Capital Markets in Africa — Electricity shortages, low commodity prices, a severe drought and weaker than expected global growth will constrain South Africa’s economy over the next 18 months and are reflected in the government’s Baa2 rating, stable outlook, Moody’s Investors Service said in a report published September 02 2015. Uncertainty surrounding the Chinese economy and the broader global outlook, as well as the timing of any tightening of US monetary policy,…

World Bank needs about US$135 thousand million in Official Development Assistance

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LUANDA, Angola, Capital Markets in Africa — The World Bank (WB) Vice-President for Development Finance Joachim Von Amsberg asked for the support of members of the African Caucus to raise funds to replenish the International Development Association (IDA). In order to finance development in an intelligent fashion, the WB needs to mobilise some US$135 thousand million in Official Development Assistance (ODA). This amount will attract and leverage new public and private investments. “We have a large portfolio,…

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