Politics | - Part 18

Zambia’s Lungu Appoints Felix Mutati as His Finance Minister

LUSAKA, Capital Markets in Africa: Zambian President Edgar Lungu named part of his new cabinet, nominating accountant and ex-commerce and trade minister Felix Mutati as finance minister, the presidency said. Mutati, along with the rest of the partial cabinet Lungu announced, are scheduled to be sworn in Thursday, the presidency said in an e-mailed statement on Wednesday. Mutati, 57, will need to steady an economy that’s expanding at the slowest pace since 1998, where inflation is hovering near 20…

Congo to Appoint Caretaker Government Until Delayed Election

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CONGO, Capital Markets in Africa: Democratic Republic of Congo elections will be delayed until the voter register is updated and a new government will be appointed to run the nation until the vote, a joint delegation of the ruling party and some opposition members said. President Joseph Kabila will remain in power until the vote is held and will in the meantime reorganize the government to include representatives of the opposition, ruling party member and Justice Minister Alexis Thambwe told reporters in…

South Africa Bank That Gave Zuma Loan Says It Stuck to Rules

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Johannesburg, Capital Markets in Africa: A South African bank that gave President Jacob Zuma a mortgage to settle a Constitutional Court order to repay taxpayers the money spent on upgrading his residence said it sticks to loan processes no matter who the client is. “In granting a loan, the usual processes and conditions apply no matter who the client may be,” VBS Mutual Bank Chief Executive Officer Andile Ramavhunga said in an e-mailed statement on Wednesday. “VBS Mutual Bank…

Gabon Misses Out on Africa Bond Rally as Vote Dispute Weighs

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GABON, Capital Markets in Africa: Gabon is missing out on Africa’s bond rally because of an electoral dispute that’s weighing on investor confidence. The oil-producing nation’s dollar bonds have lost 1.4 percent this month, the most out of 17 sub-Saharan African nations tracked by Bloomberg, which returned an average 0.6 percent. Yields on Gabon’s 2024 securities have climbed 77 basis points since the presidential poll of Aug. 27. Emerging-market bond issuers are set for a record…

Ghana’s Eurobond Loosens IMF Straitjacket Ahead of Elections

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ACCRA, Capital Markets in Africa: Ghana will have more fiscal room to maneuver ahead of elections as a fifth Eurobond gives the nation funds to pay debt and implement projects amid spending restrictions imposed by the International Monetary Fund. West Africa’s second-largest economy raised $750 million at a yield of 9.25 percent last week in an auction that was more than four times oversubscribed. About $400 million of the bond proceeds will be used to refinance the nation’s…

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…

Libya’s Oil Comeback Derailed as Former General Seizes Ports

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LIBYA, Capital Markets in Africa: Libya’s plans to restore oil production suffered a significant setback after forces loyal to the eastern region’s powerful military commander ousted government-backed fighters from key export terminals, just days before a tanker was due to load the first shipment in nearly two years. Khalifa Haftar’s fighters took the ports of Ras Lanuf and Es Sider from Ibrahim Jadran, leader of local Petroleum Facilities Guard units, on Sunday. His forces now control shipping…

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