The Editorial Team

Ghana Bonds Rally as Nation Assures Investors on Fiscal Targets

ACCRA (Capital Markets in Africa) – Ghana’s dollar bonds rallied Thursday as the government moved to reassure investors that it is committed to fiscal targets in the budget, including expenditure cuts this year if revenue falls short.Yields on Ghana’s $1 billion of 2049 dropped 33 basis points, the most since November 2020, retreating from a near-two-year high to 12.29%. The rate on the nation’s $1 billion of 2026 securities plunged 94 basis points to 12.58%….

Shell Appeals $2 Billion Judgment in Nigeria Pollution Case

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LAGOS (Capital Markets in Africa) – A Nigerian court will hear Royal Dutch Shell Plc’s appeal to overturn an almost $2 billion award against the company for allegedly spilling oil in the West African country.The energy giant is challenging a November 2020 judgment in favor of community members claiming a leak from a company pipeline damaged their land and waterways. A federal court of appeal in the city of Owerri is scheduled to consider applications…

Nigeria Stiffens Oversight of Terror Financing With Latest Rule

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LAGOS (Capital Markets in Africa) – Nigeria’s market regulator is introducing a new rule that will expand the reach of authorities in monitoring financial links with suspected terrorist groups. A circular issued this month by the country’s Securities and Exchange Commission directs capital market players “to screen and verify every client” before onboarding them and when carrying out one-off transactions. Operators will need to ensure that clients aren’t associated with any group designated a terrorist…

World Bank Grants $750 Million Covid-Relief Loan to South Africa

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JOHANNESBURGH (Capital Markets in Africa) – The World Bank approved the South African government’s request for $750 million to support efforts to offset the impact of the coronavirus pandemic. The loan was agreed almost two years after the National Treasury first approached the Washington-based lender for help financing a 500 billion-rand ($33 billion) relief package after the onset of the pandemic. The low-interest loan “will contribute towards addressing the financing gap stemming from additional spending…

Africa’s First Heat Officer Faces Climate Change in Sierra Leone

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FREE TOWN (Capital Markets in Africa) – From a distance, Kroo Bay, a slum in Sierra Leone’s capital of Freetown, resembles a gigantic overheating engine: Thousands of rust-colored tin shacks stand in rows under the sweltering West African sun, divided only by trash-filled streams of sewage. “It’s warm, warm, warm,” says Mariama Barrie, a 34-year-old mother of three who rents a one-room hut in the heart of the poverty-stricken district. “It feels like we’re being cooked…

Inflation Menace Vs Pandemic Recovery: Central Bank Guide

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Global central banks are set to spend 2022 diverging, as some take on the menace of inflation and others stay focused on boosting economic growth. The pandemic remains a risk to demand the world over, but after triggering a recession in 2020, its subsequent igniting of price pressures has also posed a challenge for monetary policy makers. They enter a new year having to tread carefully. Acting quickly to control prices could end up quashing expansions, especially…

Africrypt Investors Push Charges Despite Mystery Payouts

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JOHANNESBURG (Capital Markets in Africa) – A group of Bitcoin investors are pushing for criminal charges against individuals who run a cryptocurrency platform in South Africa suspected to have been fraudulent, in a case that might prove challenging to prosecute. The investors are seeking the arrest of brothers Raees and Ameer Cajee, age 21 and 18, who operated the company, but haven’t been seen publicly since the scandal broke. That’s even after a mystery benefactor…

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