West Africa | - Part 5

India Exim Bank’s $100 Million Funds Nigeria Power Projects

LAGOS (Capital Markets in Africa) – India’s Export-Import Bank will provide Nigeria with $100 million in concessionary loans to fund power projects. They include a solar-power plant to supply the northern city of Kaduna and two gas-fired facilities to be built in the south-eastern states of Enugu and Cross River, Indian High Commissioner to Nigeria B.N. Reddy said in a Nov. 7 interview in the commercial capital, Lagos. “The power sector has been identified as…

Ghana Central Bank Governor Sees Room for Further Rate Cut

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ACCRA (Capital Markets in Africa) – Bank of Ghana Governor Ernest Addison said there is scope for a further cut in the country’s main interest rate should the economy keep improving. “If the fundamentals of the economy are seen to be improving, then there is room for a rate cut, even though inflation has stayed at around 12 percent,” he said in an interview Tuesday in the capital, Accra. The central bank of West Africa’s biggest economy…

Ghana Misses $816 Million Bond Target After Extended Bidding

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ACCRA (Capital Markets in Africa) – Ghana missed its target to sell 3.6 billion cedis ($816 million) of non-sovereign bonds to settle the debt of energy utilities as demand for the securities fell short even after the offer was extended by a week. The West African nation placed 2.3 billion cedis of the 10-year bonds at 19.5 percent after receiving 2.8 billion cedis in bids demanding a yield of as much as 20 percent, joint deal…

Togo Agrees to Talks With Opposition After Two-Month Protest

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LOME (Capital Markets in Africa) – Togo is preparing to hold talks with opposition parties in the West African nation after two months of protests that left several people dead, government spokesman Ihou Yao Atigbe said in a statement he read on state-owned Television TVT. The government also announced the release of 42 opposition supporters arrested during the protests in September and October. “The government therefore hopes that all this will lead the political parties…

Traders Aren’t Yet Calling an End to Nigeria’s Naira Problem

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LAGOS (Capital Markets in Africa) – Nigerian officials are increasingly confident the naira’s troubles are over for good. Some investors disagree. Portfolio inflows have risen in the past three months with crude prices increasing above $60 a barrel and money managers taking heart from a new foreign-exchange trading window, in which the naira has converged with the black-market rate. That prompted central bank Governor Godwin Emefiele and Patience Oniha, the head of the nation’s Debt Management Office, to tell…

Ghana Bond: A Guide to the 19.5% Debt Ghana Can’t Get Yield Hunters to Buy

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ACCRA (Capital Markets in Africa) – Ghana is having a hard time selling $820 million of local-currency debt. They aren’t sovereign notes, which is part of the problem. The second-biggest economy in West Africa attracted just a quarter of the 3.6 billion cedis of 10-year bonds up for sale last week at about 19.5 percent. Investors were willing to take on 2.4 billion cedis of seven-year notes paying just half a percentage point lower. The…

Nigeria Plans $1 Billion Processing Zone to Boost Exports

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LAGOS (Capital Markets in Africa) Nigeria plans to establish a $1 billion crop-processing park with Turkish investors in the country’s north as part of efforts to improve value and boost agricultural exports, according to the country’s investment-promotion agency. The Badeggi Crop Processing Zone in Niger state is expected to start in June next year, with an initial investment of $250 million by a Turkish investor, deputy director at Abuja-based Nigerian Investment Promotion Council, Aminu Takuma, said in…

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