Banking | - Part 74

Uganda Oil Investments Seen Doubling Size of Economy by 2025

KAMPALA (Capital Markets in Africa) – Uganda’s economy may double in size by 2025 as investments in the oil industry stimulate growth, the country’s biggest lender said. The $15 billion expected to be spent before crude production starts in 2020 will benefit a range of sectors, boosting the East African nation’s gross domestic product to $60 billion, Stanbic Bank Uganda Chief Executive Officer Patrick Mweheire told reporters Wednesday in the capital, Kampala. Participation of local companies in…

Nigeria Approves MPC Members to Break Hiatus on Policy Rate

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LAGOS (Capital Markets in Africa) – Nigeria’s monetary-policy authorities can finally get back to the business of setting the country’s interest rates following a four-month hiatus. The Nigerian Senate on Thursday approved the appointment of two new central bank deputy governors and three other Monetary Policy Committee members, paving the way for a meeting to review interest rates for the first time this year. The lawmakers confirmed President Muhammadu Buhari’s nomination of Aishah Ahmad and Edward Adamu as…

This Is What Africa’s Central Banks Are Debating This Month

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LAGOS (Capital Markets in Africa) – Central banks in five major sub-Saharan African economies are scheduled to announce their interest-rate decisions in the next three weeks, including Nigeria if lawmakers get around to approving Monetary Policy Committee nominees. Slower inflation and more stable exchange rates have built a case for looser monetary policy in Kenya, Ghana, South Africa and Nigeria. Economic growth near 1 percent in South Africa and Nigeria, which make up half of…

Profit Estimates Jump to Record for EM Banks as Scandals Ignored

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LAGOS (Capital Markets in Africa) – A $2 billion corruption scandal is rocking India’s banks. Russia has taken over some of its biggest private lenders, while Latvia’s No. 3 bank has been shut down amid U.S. money-laundering accusations. Added to that, Turkish financiers are under attack from Erdoganomics and warning signs are flashing for a Chinese bank crisis. Then, why have earnings estimates for developing-nation banks jumped to a record? Analysts have increased their weighted…

Nigeria MPC Meeting Delayed by Up to 10 Days, Emefiele Says

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LAGOS (Capital Markets in Africa) – Nigeria’s Monetary Policy Committee meeting will be delayed by between a week and 10 days, central bank Governor Godwin Emefiele said. The postponement is to allow the Senate time to screen and approve nominees to the MPC, Emefiele said in an interview broadcast on CNBC Africa on Thursday. The meeting will take place “by latest, the first week of April,” he said. Senate lawmakers on March 13 finally agreed to start…

Ghana President Tells Lenders to Reduce Their Interest Rates

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ACCRA (Capital Markets in Africa) – Ghana President Nana Akufo-Addo said the country’s banks should cut their lending rates for clients. Lenders are failing to pass on lower rates from the central bank and are standing in the way of economic progress, Akufo-Addo said Wednesday in an emailed copy of a speech he delivered at the Ghanaian unit of Ecobank Transnational Inc. in Accra, the capital. While the Bank of Ghana has reduced its key rate by 550…

Standard Bank Lifts Targets as Sees South African Economy Improving

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JOHANNESBURG (Capital Markets in Africa) – Standard Bank Group Ltd., Africa’s largest lender by assets, said it expects its return on equity to rise as South Africa’s economy improves. “The positive steps taken already by the ruling party subsequent to its leadership conference will improve business and consumer confidence,” the Johannesburg-based bank said in a statement on Thursday. The return on equity target range has been increased to as much as 20 percent from an earlier…

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