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Africa: Living up to one’s reputation

Author’s note: Zimbabwe is considered one of the most corrupt countries on the planet. The latest Corruption Perceptions Index scores the Southern African nation equal to junta-led Myanmar and war-torn Iraq. A recent exposé linking top government officials with gold smuggling and sanctions busting will only feed these perceptions. Meanwhile, Zimbabwe is looking to China to fund and build energy infrastructure. The country is overly reliant on hydropower generated from the Kariba Hydropower Station, and…

Why East Africa’s Facing Its Worst Famine in Decades: QuickTake

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – A humanitarian disaster is unfolding in East Africa, which is in the grip of its worst drought in at least four decades. More than 80 million people across Somalia, Ethiopia, Kenya, Sudan, South Sudan, Uganda and Djibouti are food insecure, and almost half of them are having to sell their possessions in order to eat, according to the World Health Organization. With forecasters seeing a high risk of rains…

Oil Heads for Longest Run of Monthly Gains Since Early 2018

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Oil is poised for a fifth monthly gain after another tumultuous period of trading that saw prices whipsawed by the fallout from Russia’s war in Ukraine and the resurgence of Covid-19 in China. West Texas Intermediate futures climbed to trade near $106 a barrel on Friday and are almost 6% higher in April. The war has entered its third month despite diplomatic efforts for a cease-fire, and the European…

Ghana Bonds Rally as Nation Assures Investors on Fiscal Targets

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s dollar bonds rallied Thursday as the government moved to reassure investors that it is committed to fiscal targets in the budget, including expenditure cuts this year if revenue falls short.Yields on Ghana’s $1 billion of 2049 dropped 33 basis points, the most since November 2020, retreating from a near-two-year high to 12.29%. The rate on the nation’s $1 billion of 2026 securities plunged 94 basis points to 12.58%….

Biden’s Economic Package Risks Languishing in Senate Into 2022

Posted on by The Editorial Team

NEW YORK (Capital Markets in Africa) – Senate Majority Leader Chuck Schumer insists the Senate will pass President Joe Biden’s nearly $2 trillion tax-and-spending package before Christmas, but there’s still much work to do and time is running short. A delay into the new year risks slowing momentum for Democrats who need this legislative victory behind them as they fight to maintain narrow majorities in the House and Senate in the 2022 midterm elections. The…

MTN, Wendel Say IHS Towers Kickstarts Second Attempt at IPO

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – IHS Holding Ltd. shareholders said the pan-African telecom-tower company has revived plans for an initial public offering, almost a year after abandoning a previous effort. MTN Group Ltd., Africa’s largest wireless carrier, and French investment firm Wendel SE both said Friday that IHS has filed a registration statement relating to a potential New York IPO. The timing, number of shares to be offered and price range haven’t been determined, Johannesburg-based MTN…

West African Leaders Call for Guinea Elections in Six Months

Posted on by The Editorial Team

GUINEA (Capital Markets in Africa) – West African leaders are calling for Guinea’s new military rulers to hold an election in six months, opting for a tight deadline after a series of coups in the region. Ghana’s President Nana Akufo-Addo will lead a delegation from the Economic Community of West African States to Guinea within the next 48 hours to meet the soldiers who ousted President Alpha Conde, Ecowas Commission President Jean-Claude Kassi Brou told reporters after a regional…

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