Finance | - Part 6

Ghana to Tap Stabilization Fund for Cocoa Pay Next Season

ACCRA (Capital Markets in Africa) – Ghana will probably start drawing from its stabilization fund to cover cocoa farmers’ pay during the season that starts in October as the second-biggest grower props up local prices in the face of a global slump. While Ivory Coast, the largest producer, has already slashed the price it pays farmers for the smaller of two annual crops by 36 percent, Ghana’s Cocoa Board so far kept it unchanged and…

Kenya Airways Debt Swap May Give State a Controlling Stake

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s government agreed to swap loans it provided to Kenya Airways Ltd. for equity, a conversion that may give the state a controlling stake in the national carrier, Treasury Secretary Henry Rotich said. The government will also guarantee 77 billion shillings ($745 million) of the airline’s debt to lessors and domestic banks, enabling Kenya Airways to extend its loan repayments to 10 years, Rotich told reporters Tuesday in the capital, Nairobi….

Building Starts on Solar Plant to Power Burkina Faso Gold Mine

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OUAGADOUGOU (Capital Markets in Africa) – Construction has begun on a 15-megawatt solar project to help power Iamgold Corp.’s Essakane gold mine in Burkina Faso, developers Eren Renewable Energy SA and Africa Energy Management Platform said Tuesday. The project, which is expected to cost $20 million, is scheduled for completion in January 2018, according to Christophe Fleurence, Eren’s vice president for business development in Africa. The developers have signed a 15-year power purchase agreement with…

Mozambique Misses Latest Loan Payment as Restructuring Stalls

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MAPUTO (Capital Markets in Africa) – A state-run company in Mozambique skipped $134 million in payments on a government-guaranteed loan, the third time this year the southern African nation failed to meet its obligations as a standoff with creditors blocks debt restructuring talks. Mozambique Asset Management, one of three state-owned companies that took out undisclosed loans worth about $2 billion, failed to make the payment due May 23, Rogerio Nkomo, a spokesman for the Finance Ministry,…

Zambia Took On More Than $3 Billion in External Debt in 2016

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LUSAKA (Capital Markets in Africa) – Zambia committed to $3.5 billion of new loans last year, 56 percent more than in 2015, the Finance Ministry said. Of the $3.1 billion in loans the government of Africa’s second-biggest copper producer contracted in 2016, as opposed to just committing to, $1.8 billion came from Chinese lenders, the ministry said in its annual economic report for last year. Despite the new loans, the government’s external debt position increased by…

South Africa’s Nuclear Plans Stall as Process Ruled Unlawful

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JOHANNESBURG (Capital Markets in Africa) – South Africa hasn’t complied with the constitution in seeking bidders for a nuclear-energy program and must cancel any deals that have already been signed, the Western Cape High Court ruled. The government must hold public hearings and debate the estimated 1 trillion-rand ($76 billion) program in Parliament, according to a ruling read out on Wednesday by Judge Lee Bozalek in a case brought by civil-society groups Earthlife Africa and…

Old Mutual puts China insurance joint venture stake on block

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Old Mutual has put up for sale its 50 percent stake in a Chinese insurance joint venture, people with direct knowledge of the matter said, as part of a revamp of the Anglo-South African financial group and amid a tough market for foreign insurers in China. Old Mutual, which is working with financial advisers on the stake sale plan, could sell its holding in the 13-year-old life insurance joint venture…

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