Economy | - Part 19

‘Timebomb’ Road Is Economy Lifeline in World’s Newest Nation

SOUTH SUDAN, Capital Markets in Africa: When trucker James Okumu slams his pedal to the floor for the three-hour drive between South Sudan’s capital and the Ugandan border, he feels like he’s sitting on a timebomb. “You don’t know when it will explode,” said the 37-year-old Ugandan, who regularly plies the 195-kilometer (121-mile) route to transport vegetables and rice to Juba from his home country. Unidentified gunmen have ambushed buses and fuel-tankers on the winding road this month,…

South African Rating Cut a Serious Risk, De Beers CEO Says

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JOHANNESBURG, Capital Markets in Africa: South Africa is in deep danger of losing its investment-grade credit rating and needs to reassure investors of its commitment to regulatory certainty and fiscal stability, said Bruce Cleaver, the chief executive officer of De Beers, the world’s largest diamond producer. “South Africa is in a slightly difficult place right now,” Cleaver said in an interview with Bloomberg TV at the U.S.-Africa Business Forum in New York on Wednesday. “I think the threat of…

Ivory Coast Leader Sees Steady Growth of 9 Percent Through 2017

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ABIDJAN, Capital Markets in Africa: Ivory Coast President Alassane Ouattara said he expects an economic growth spurt in the west African nation that’s outpaced all its continental peers to last until at least through next year, and said the country is looking everywhere for investors as it recovers from internal conflict. Ivory Coast has no preference for either public or private investment on whether investors come from “China, the Gulf States” or anywhere else, Ouattara said in…

Blackouts, Violence and Now Recession: Nigeria’s Troubles Mount

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LAGOS, Capital Markets in Africa: On a site four times the size of Manhattan along the banks of the Niger river, the Ajaokuta steel plant was supposed to symbolize Nigeria’s modernity and prosperity rather than its failure. Russian contractors first started building it in 1979 and estimates on how much has been spent range from $4 billion to $10 billion. The state-owned company that owns the facility calls it “the bedrock of Nigeria’s industrialization.” It’s…

Currencies to Politics Bedevil African Central Banks’ Task

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LAGOS, Capital Markets in Africa: Africa’s major economies are taking diverging approaches to monetary policy as they struggle to cope with volatile currencies, slumping growth and political meddling. Ghana, Kenya, Nigeria and South Africa are set to announce interest-rate decisions this week in an environment marked by accelerating price growth and an economic slump in some countries and attempts by politicians to prescribe policy in others. While Nigeria’s central bank will probably take more aggressive action, South Africa,…

IMF Sees Tanzanian Growth Being Spurred by Public Spending

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DAR ES SALAM, Capital Markets in Africa: Tanzania’s economy is expected to grow 7.2 percent this year, driven by public spending and President John Magufuli’s efforts to curb government waste, the International Monetary Fund’s resident representative said. Investment in roads and power plants, along with upgrades to ports and airports, a drive to boost government revenue and lower oil prices all support the expansion of the economy, Bhaswar Mukhopadhyay said in an interview Sept. 16 in the…

South Africa Treasury Doubt Risks Confidence, Moody’s Says

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Johannesburg, Capital Markets in Africa: Uncertainty about the leadership at South Africa’s National Treasury and political infighting are eating into investor confidence and present the greatest risks to the nation’s credit rating, Moody’s Investors Service said. “Rising political infighting and the uncertainty about continuity of leadership at the National Treasury have been creating policy uncertainty,” the company said in an e-mailed report Thursday. “We view the greatest risk to South Africa’s creditworthiness, moderate but rising, as…

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