The Editorial Team

Congress Juggles Agenda to Avert Government Shutdown and Default

NEW YORK (Capital Markets in Africa) – Democratic leaders on Capitol Hill are running up against multiple critically important deadlines as they navigate a fraught political landscape where any misstep could have dire consequences for the national economy and President Joe Biden’s legacy. While some of the worst-case scenarios — a government shutdown, a federal default or the complete collapse of Biden’s economic plan — are unlikely, several obstacles stand in the way as leaders…

Abu Dhabi’s Wealth Funds Weigh Turkey Investments Worth Billions

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LAGOS (Capital Markets in Africa) – Wealth funds in Abu Dhabi are on the prowl in Turkey, scouting for targets for billions of dollars in investments, according to people familiar with the matter. Talks between the funds from the oil-rich capital of the United Arab Emirates and companies in Turkey have been ongoing for months, the people said. The interest preceded a breakthrough phone conversation in August between Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed…

World’s Top Cocoa Grower Says Farmer Premium Is Here to Stay

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ABIDJAN (Capital Markets in Africa) – Ivory Coast, the world’s top cocoa grower, says a premium put in place to boost the livelihoods of their farmers will not change from its current form. “We now consider the LID to be part of the commercial life of cocoa,” Yves Kone, the managing director of regulator Le Conseil du Cafe Cacao, said during an interview in the commercial capital, Abidjan, late Wednesday. The so-called Living Income Differential, an…

Coup Intrigue Is the Latest Threat to Sudan’s Democratic Dream

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SUDAN (Capital Markets in Africa) – Tensions between Sudan’s civilian politicians and army neared breaking point after an alleged coup bid, risking a democratic transition seen as a rare bright spot in a region marked by dictatorship and conflict. Two days after the military said it stamped out a mutiny and arrested more than 20 officers, top officials have been trading barbs, laying bare a clash in the power-sharing government between activists who pushed for…

Egypt Sells $3 Billion of Bonds in Rush to Beat Fed Taper

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CAIRO (Capital Markets in Africa) – Egypt sold $3 billion in its second Eurobond issuance of the year, joining a rush of emerging-market governments taking advantage of low borrowing costs before the U.S. Federal Reserve starts tapering its pandemic stimulus. The issuance was three times oversubscribed, with total bids of $9 billion by more than 300 investors from U.S., Europe, Asia, Middle East and Africa, the Finance Ministry said Friday in a statement. The sale included $1.125…

South African Central Bank Signals More Hawkish Stance on Rates

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank held its benchmark interest rate for a seventh straight meeting and turned more hawkish on raising borrowing costs through 2023. The monetary policy committee kept the repurchase rate at 3.5%, Governor Lesetja Kganyago said Thursday in an online briefing. The decision by the five-member panel was unanimous, the same as in July. The key rate remains at the lowest level since it was introduced in 1998. The…

South African Mines Plan $2.7 Billion Power Investment

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JOHANNESBURG (Capital Markets in Africa) – Mining companies in South Africa are considering spending as much as 40 billion rand ($2.7 billion) to construct 2,000 megawatts of power generation capacity, said Roger Baxter, chief executive officer of Minerals Council South Africa. Mining companies have been pushing to develop their own power plants because of persistent power cuts imposed by state power utility Eskom Holdings SOC Ltd. They are also keen to move away from total reliance on…

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