Features | - Part 232

Tanzania’s current account benefits from strong gold prices, tourism boost

DAR ES SALAAM, Capital Markets in Africa: Tanzania’s current account deficit shrank by 55 percent in the year to May, central bank data showed on Tuesday, as the country benefited from a jump in tourist arrivals and rising gold prices, and paid less for oil imports. Tanzania is Africa’s fourth-largest gold producer and gold and tourism are its main sources of foreign income. The current account gap narrowed to $1.9 billion in the 12 months…

Kenya’s Corporate Governance Practices Code, 2015

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: The Kenyan Capital Markets Authority (the Authority) has issued a code of corporate governance known as the Code of Corporate Governance Practices for the Issuers of Securities to the Public 2015 (the 2015 Code). The 2015 Code has replaced the Guidelines on Corporate Governance Practices by Public Listed Companies in Kenya, 2002 (the “2002 Guidelines”). It applies to all companies that issue both debt and equity securities to the…

South Africa to Stick to Fiscal Path Even as ANC Support Falls

Posted on by The Editorial Team

Johannesburg, Capital Markets in Africa: South Africa’s government will stick to the fiscal targets and objectives set out in the budget even as the ruling African National Congress’s support fell in last week’s election, the National Treasury said. “Government remains committed to implementing fiscal consolidation and returning public finances to a sustainable path,” the Treasury said in an e-mailed statement on Monday. “Government’s track record of achieving fiscal targets lends weight to future fiscal plans,…

Infrastructure | Developing Transport, Energy and ICT Infrastructure in Uganda

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: In his reading of the National Budget Speech 2016/17 on 8th June this year, Finance Minister Matia Kasaijia noted that funding strategic transport, energy and Information Communications Technology (ICT) infrastructure was a key priority of the Ugandan Government. Kasaijia said that infrastructure development contributed immensely to increased productivity by facilitating efficient connectivity and easing the movement of goods and the provision of services. Infrastructure funding currently comprises about 32.8%…

Nigeria Spends to Fight Slump as Emefiele Targets Inflation

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s government is looking to spend its way out of an economic slump after the central bank said it can’t bolster growth and is instead targeting inflation with a record interest rate. The government is planning 1.75 trillion naira ($5.6 billion) in capital spending for the year, more than four times the amount spent in 2015, according to information from the budget office. The state has spent 248 billion…

South Africa Vote Rocks ANC as Big Cities Reject Status Quo

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s ruling African National Congress trailed the main opposition party in four of the country’s biggest cities, including the capital, as results from local elections showed rising discontent among urban voters over a flat-lining economy and scandals surrounding President Jacob Zuma. While later results from its traditional strongholds in the townships around Pretoria, the capital, and economic hub Johannesburg may buoy the ANC vote, the election marks a…

Transcorp Stops $1 Billion Nigeria Power Plan on Scarce Gas

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa Transnational Corp. of Nigeria Plc suspended plans to build one of the nation’s biggest power plants as a local gas shortage makes it difficult to obtain fuel and a downturn in Africa’s largest economy hinders efforts to raise funds for the project. The company in 2014 said it would raise $1 billion to build a 1,000-megawatt gas-fired facility. Two years earlier, it bought the Ughelli plant in the hydrocarbon-rich Niger River…

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