Political Risks |

Threat of Split Looms as South Africa’s ANC Picks New Leader

JOHANNESBBURG (Capital Markets in Africa) – As delegates from South Africa’s ruling African National Congress gather this week to pick a new leader to succeed President Jacob Zuma, they face a challenge that’s threatening to overshadow the contest: to stop the party from splitting. The likelihood of a breakup is probably the biggest in the ANC’s 105-year-old history, especially if Nkosazana Dlamini-Zuma, the president’s ex-wife and favored contestant, beats his deputy, Cyril Ramaphosa, in the vote for party leader,…

Kenya Opposition Delays Plan to Swear-In Leader as President

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s main opposition alliance postponed indefinitely plans to swear-in its leader as president of a so-called People’s Assembly, after the government warned such a step would amount to treason. A ceremony that was to be held in the port city of Mombasa Dec. 12 was called off after “extensive internal consultations and engagement with a wide range of national and international interlocutors,” the National Super Alliance said in an…

Ramaphosa Wins Most Endorsements in S. Africa’s ANC Campaign

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JOHANNESBURG (Capital Markets in Africa) – President Cyril Ramaphosa won endorsement from most African National Congress branches to succeed President Jacob Zuma as ruling party leader, giving him an edge — but not a guarantee of victory — in this month’s election. Ramaphosa was nominated for the presidency of the ANC by 1,862 branches, while 1,309 backed his main rival Nkosazana Dlamini-Zuma, tallies released by the party’s nine provincial structures and collated by Bloomberg show. The branches will account for 90 percent of…

Former Nigerian Vice President Abubakar Joins Opposition PDP

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LAGOS (Capital Markets in Africa) – Nigeria’s former vice president Atiku Abubakar, a potential candidate for 2019 presidential elections, announced that he has re-joined the opposition People’s Democratic Party that he helped found. Abubakar said in a video posted to his Facebook account that the ruling All Progressives Congress Party, or APC, which he quit last month, had failed to improve lives and create the 3 million jobs a year it had targeted. “I left the PDP four…

South Africa’s Economic Heartland Backs Ramaphosa in ANC Race

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JOHANNESBURG (Capital Markets in Africa) – South African Deputy President Cyril Ramaphosa won the backing of African National Congress members in the nation’s economic heartland and extended his early lead in the nomination process to succeed President Jacob Zuma as head of the ruling party this month. Ramaphosa won the endorsement for the ANC presidency from 374 branches in Gauteng, tallies released Saturday at a party meeting in Pretoria, the capital, show. That’s the fourth province to back him. His…

Cost of Hard Currency in Zimbabwe Tumbles as Optimism Takes Root

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – The street price of hard currency in Zimbabwe has dropped more than 30 percent since Robert Mugabe was ousted as president last week. One U.S. dollar cost the equivalent of $1.30 in Zimbabwean bond notes on the black market on Tuesday, down from $1.90 on November 20, according to street traders who quoted prices to Bloomberg. Zimbabwe doesn’t have its own currency, with the government adopting a basket of…

Kenya President Vows Unity as He Begins Disputed Second Term

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NAIROBI (Capital Markets in Africa) – Kenyan President Uhuru Kenyatta vowed to unite his country as he was sworn in for a second term amid opposition protests, capping months of electoral uncertainty that unnerved investors in East Africa’s biggest economy. Opposition leader Raila Odinga, who has vowed not to recognize Kenyatta’s victory in an October election rerun, boycotted Tuesday’s ceremony in the capital, Nairobi and said he’ll be sworn-in as Kenya’s leader by supporters next month. Police fired…

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