Politics | - Part 9

High Noon for President Zuma as Key ANC Leaders Seek Ouster

JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma faces a key battle for his political survival this weekend when senior members of his ruling party say they’ll push for its decision-making national executive committee to order him to step down. Zuma, 75, goes into the meeting of the committee facing an unprecedented level of opposition from within the African National Congress and its labor and communist supporters following a series of scandals he’s faced since…

Voter Fatigue May Doom Kenyan Opposition Presidential Nominee

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Former Kenyan Prime Minister Raila Odinga’s three previous presidential election losses may hamstring his ability to generate enough public enthusiasm to mount a serious challenge to President Uhuru Kenyatta in this year’s election. Less than half of the supporters of the opposition National Super Alliance agree with the choice of Odinga, 72, and former Vice President Kalonzo Musyoka as its flag-bearers, the Nairobi-based Star newspaper reported Friday, citing an Ipsos poll. It’s the same ticket that…

Kenyan Opposition Chooses Odinga to Run Against Kenyatta

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – An alliance of Kenyan opposition parties chose former Prime Minister Raila Odinga as its candidate to run against President Uhuru Kenyattain elections scheduled for August. Odinga’s running mate on the National Super Alliance ticket will be former Vice President Kalonzo Musyoka, co-principal Musalia Mudavadi said Thursday at a rally in the capital, Nairobi. The two were recommended by a technical committee that also considered Mudavadi and Senator Moses Wetang’ula as potential candidates. “The one who will fly the…

Nigeria’s Buhari Suspends Top Aides Over Graft Allegations

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari suspended two senior administration officials linked to graft allegations and ordered an investigation, the presidency said. David Lawal, secretary to the government, is being probed for alleged violations of “law and due process” in the award of contracts, presidential spokesman Femi Adesina said Wednesday in an emailed statement. Ayo Oke, head of the National Intelligence Agency, is facing investigation over the discovery of $38 million and other currencies in…

South Africa Stock Volumes Plunge as Protesters Rally Nationwide

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Tens of thousands of protesters marched in South Africa to demand that President Jacob Zuma resigns after he fired the finance minister and reshuffled the cabinet. Marchers chanting “Zuma must go” in Pretoria, the capital, walked to the Union Buildings, the official seat of government, while thousands of people faced riot police outside the chained gates of parliament in Cape Town, and rallied in Durban and Port Elizabeth. In Johannesburg, eNCA…

Rand, Bonds Fall as South Africa Junk Rating Triggers Index Exit

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand and dollar bonds fell after Fitch Ratings Ltd. became the second company to cut the country’s credit assessment to junk, triggering sales by some investors tracking investment-grade debt indexes. JPMorgan Chase & Co. said it would remove South Africa from gauges tracked by $59 billion of funds. President Jacob Zuma plunged South Africa into a political crisis when he fired Finance Minister Pravin Gordhan in a cabinet purge just after midnight on…

Gambia Chooses Lawmakers as Leader Seeks Backing for Reforms

Posted on by The Editorial Team

BANJUL (Capital Markets in Africa) – Gambians are going to the polls on Thursday in a parliamentary vote that will be crucial for the new government’s ability to implement reforms after two decades of rule by Yahya Jammeh, the former dictator ousted by West African neighbors in January. President Adama Barrow defeated Jammeh in presidential elections in December with the support of seven political parties that had rallied behind him amid growing discontent with the former leader’s repressive regime. While…

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