The Editorial Team |

South Africa’s Growth Downside Amid Credit Outlook says S&P

JOHANNESBURG, South Africa, Capital Markets in Africa — Standard & Poor’s halved its 2016 growth forecast for South Africa as it warned that pressure on the nation’s credit rating comes mainly from a slow economic expansion. The rating company cut its growth forecast for this year to 0.8 percent, in line with that of the central bank, from 1.6 percent, and reduced its estimate for 2017 to 1.8 percent from 2.1 percent, according to an e-mailed statement…

IMF Keeps Rwanda’s Growth at 6.9%, Sees Cautious Monetary Policy

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Kigali, Rwanda, Capital Markets in Africa — International Monetary Fund stated that Rwanda’s economic performance in 2015 remained robust, with GDP growth of 6.9 percent. Growth in 2015 was buoyed by strong construction and services activity, with agriculture and manufacturing also performing well. Consumer price inflation remained contained, averaging 2.5 percent for the year, though it increased in the second half of 2015 due to higher food prices and administrative price increases. In February 2016,…

Finance | Forte Oil Nigeria Plans to Raise US$500 Million for Expansion

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LAGOS, Nigeria, Capital Markets in Africa — Forte Oil Nigeria Plc, said it plans to raise as about 100 billion naira (US$502 million) in equity or debt in 2016 as it aims to double profit and expand amidst Nigerian economic slowdown and commodity slump. The company plans to get approval this month and raise the capital by the third quarter, Chief Financial Officer Julius Omodayo-Owotuga said in an interview. The company is “already looking at” acquiring retail…

Ghana’s Investment Roadshow is not to Market Eurobond – Finance Minister

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ACCRA, Ghana, Capital Markets in Africa — Ghana’s Finance Minister said, the country has no intention of selling debt during meetings with investors this week in London, Boston and New York. The non-deal road show is part of activities designed to share information on financial and economic developments with investors, the ministry said Tuesday in a statement on its website. Ghana mandated Standard Chartered Bank to arrange the meetings, which run until Friday, a person…

Nashiru Issahaku Named New Bank of Ghana Governor

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ACCRA, Ghana, Capital Markets in Africa — Ghana appointed Second Deputy Governor Abdul Nashiru Issahaku to head to the central bank after Kofi Wampah retired amid a slumping economy and inflation that remains stubbornly high. Issahaku’s term began on Monday, President John Dramani Mahama’s office said in an e-mailed statement. Issahaku joined the central bank in 2013 and is a former head of the West Africa nation’s Export Development and Agricultural Investment Development Fund. In his new position Issahaku will have to…

Investment | Nigerian Ntel Pursues US$1 Billion Investment for Mobile-Broadband Growth

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LAGOS, Nigeria, Capital Markets in Africa — Nigerian Internet provider Ntel is looking more than US$1 billion to invest in 4G mobile broadband by 2020, to take advantage of a rising number of smartphone users in the country. “We are speaking to investors and to banks who are interested in a growth story for Africa,” Chief Executive Officer Kamar Abass, 51, said in an interview on March 31. “We are seeing the very beginnings of a…

Investment | Ford Invests US$167 Million in South Africa, Create 1200 jobs

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Johannesburg, Ghana, Capital Markets in Africa — Ford Motor Company will invest 2.5 billion rand (US$167 million) in the U.S. automaker’s South African operations to start production of the Everest sport utility vehicle and create about 1,200 jobs. The company’s plant in Pretoria, the capital, will have capacity to build 10,000 Everests a year and will be the fourth production hub for the SUV after factories in Thailand, India and China, Dearlove, Michigan-based Ford said in…

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