Features | - Part 229

Chinese to Invest $819 Million in South African Car Industry

SOUTH AFRICA, Capital Markets in Africa: A Chinese state-owned car manufacturing company will invest 11 billion rand ($819 million) in a new plant in South Africa, giving a further boost to one of the fastest-growing industries in the continent’s largest economy. Beijing Automotive International Corp. signed the deal with the Coega Development Corporation, the operator of an industrial development zone in South Africa’s southern coast city of Port Elizabeth, Coega said in an e-mailed statement on…

INFRASTRUCTURE FINANCE IN AFRICA: A LEGAL VIEWPOINT

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: The key to unlocking Africa’s growth potential The continued downturn in global commodities prices has, according to the World Bank’s Africa’s Pulse April 2016 report, reduced Sub-Saharan Africa’s economic growth to 3% in 2015 from 4.5% in 2014. Despite this fall, Africa’s economic growth of 3% for 2015 is higher than the global average growth rate. It is undeniable that developing the continent’s road, rail, power and urban infrastructure…

Mozambique Says Deal With Opposition Was Imposed by Mediators

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MAPUTO, Capital Markets in Africa: The Mozambican government’s delegation at peace talks with the main opposition party said it was forced by mediators to agree to a proposal that the ruling party cedes control in provinces where its rival had won elections. The Mozambique National Resistance, or Renamo, has been fighting to govern six provinces where it garnered more support than the ruling Front for the Liberation of Mozambique, or Frelimo, in elections in 2014. The opposition…

Nigeria oil min says OPEC cuts unlikely, Algeria meeting could help price

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian oil minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices. Kachikwu also said in a speech in Lagos that his country’s oil output had fallen to 1.56 million barrels per day (bpd) as persistent militant attacks took out some 700,000 bpd. But he cast…

Nigeria’s Buhari says monetary policy alone not enough to expand economy

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ABUJA, Nigeria, Capital Markets in Africa: Nigeria will need to combine monetary policies with fiscal and structural policies in order to overcome its worst economic crisis in decades and return to growth, President Muhammadu Buhari said on Thursday. Nigeria is in the middle of its worst crisis in decades as a slump in oil revenues hammers public finances and the naira. Gross domestic product shrank in the first quarter and the central bank governor has…

Investors Bet Vote Dispute Won’t Derail Zambia’s IMF Bailout

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LUSAKA, Zambia, Capital Markets in Africa: Investors are betting disputed elections in Zambia won’t derail the government’s plans to secure an International Monetary Fund bailout that could exceed $1.2 billion and is needed to top up foreign reserves. The Finance Ministry announced in April that it hoped to finalize an IMF aid program for Africa’s second-biggest copper producer by the end of the year. Preliminary talks were put on hold until after Aug. 11 elections, which…

South Africa’s ANC Sticks With Zuma, Risking Eroding Support

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: The African National Congress’s senior leaders absolved South African President Jacob Zuma of blame for the ruling party’s worst performance in an election, choosing to take collective responsibility and risking further eroding support before a national vote in less than three years. Still, targeting him could have exposed factions within the party, leading to infighting and a possible split, analysts say. “Taking collective responsibility is a refusal to take responsibility,” Aubrey Matshiqi, an…

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