Finance | - Part 19

Battle for South Africa’s Finances Rages on Multiple Fronts

Johannesburg, Capital Markets in Africa: South Africa’s government appears to be at war with itself, as President Jacob Zuma and his Finance Minister Pravin Gordhan grapple for control of the nation’s finances. While Zuma has downplayed the conflict, saying “there is no war within government,” he’s undermined Gordhan’s authority by refusing to back him in stand-offs with the police, national tax agency and loss-making state airline. Several government agencies have been drawn into the fight. Here are the key…

Ghana to issue first domestic dollar bond next month – Finance Minister

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ACCRA, Capital Markets in Africa: Ghana plans to issue its first domestic investor only dollar bond next month in efforts to deepen the government’s financing streams and bolster the local bond market, Finance Minister Seth Terkper said on Friday. The two-year bond with a target of about $50 million, would be issued through a book-building system to be arranged by Barclays Bank, Stanbic Bank and brokerage firm Strategic African Securities, Terkper told reporters in Accra….

Ghana Said to Meet Investors Ahead of First Domestic Dollar Bond

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ACCRA, Capital Markets in Africa: Ghana is meeting investors as the nation prepares to sell bonds for as much as $100 million in its first issuance of foreign-currency debt to domestic buyers, according to a person familiar with the matter. The country will offer the bonds at a rate of 5 percent to 7 percent, the person said, who asked not to be identified as the information isn’t public. The bond will be issued in the…

Funding Nigerian oil cash calls from debt key for economy: minister

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LAGOS, Capital Markets in Africa: Nigeria must get out of paying so-called cash calls to joint ventures with oil and gas companies to stand a chance of pulling its ailing economy out of recession, Finance Minister Kemi Adeosun said on Friday. The minister said the Nigerian National Petroleum Corporation (NNPC) had spent 110 billion naira ($360 million) on cash calls this month, which dwarfed the country’s 41 billion naira income from oil production over the…

Visa Introduces Mobile-Money Product to Rival Safaricom’s M-Pesa

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Johannesburg, Capital Markets in Africa: Visa Inc., the world’s largest payments network, introduced a mobile-phone application to enable cashless transactions in Kenya, where the majority of wireless payments are being done through the nation’s biggest telecommunications company, Safaricom Limited. The mVisa app will initially facilitate transactions for people with accounts in four banks, including KCB Group Ltd. and Co-operative Bank of Kenya Ltd., according to Visa Emerging Markets Senior Vice President Uttam Nayak. The company estimates 84 million of Africa’s mobile-phone…

South Africa’s Jonas Worried State Firms Being Used Politically

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Johannesburg, Capital Markets in Africa: South African Deputy Finance Minister Mcebisi Jonas is “worried” about the impact of a perception that state institutions are being used to advance political agendas, saying the issue is a distraction to efforts to expand the economy. “Political behavior does sometimes impact negatively on certainty” and “times are tough, we should be focused on growing the economy,” he said in an interview on Johannesburg-based Talk Radio 702 on Tuesday. The National Treasury has…

Investment | DPI invests US$100mn in Atlantic Business International

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ABIDJAN, Capital Markets in Africa: Development Partners International (DPI), one of the leading African private equity specialists with US$1.1bn under management, has agreed to subscribe to a US$100mn capital increase through its ADP II Fund in Atlantic Business International (ABI). ABI is the third largest banking entity in the West African Economic and Monetary Union (UEMOA) and the second largest bank in Côte d’Ivoire in terms of deposits with banking and insurance operations across Côte…

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