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Stock Market / Finance in Africa

  • Government of Mozambique concludes Ematum’s debt restructuring

    MOZAMBIQUE, 2016/04/07 The government of Mozambique has completed restructuring of the deficit taken on to finance Mozambican tuna company Ematum, which was converted from commercial to sovereign deficit held by the national, the government spokesman saidMonday. Government spokesman and Deputy Health Minister Mouzinho Saide, said next a Cabinet conference that the agreement signed with investment banks Credit Suisse and Russia’s VTB Capital extends the deficit repayment period for two years and reduces the annual all payable.

  • Tax evasion by multinationals tops agenda at Africa economic forum

    AFRICA, 2016/04/04 Part the likely outcomes of a task force of experts put together by the Economic Commission for Africa would be uniform laws on cross-border transactions to fight illicit financial flows. “We presently have together a consortium with expertise in different areas inclunding tax matters, lawyers and customs working on modalities to check these illicit outflows,” said Anthony Maruping, the Commissioner for Economic Affairs at the African Union. Accountants will help the commission in identifying the exact weaknesses exploited by multinational firms to evade taxes, while lawyers are expected to review international tax agreements which aid revenue losses.

  • Morocco Has Africa’s Second Highest Rates of Tax Revenue as Percentage of GDP

    MOROCCO, 2016/04/03 A statement published on Friday by the Organization for Economic Cooperation and Improvment(OECD) said Morocco had the second highest rate of tax revenues as a % of the country’s total Gross Domestic Product (GDP) in 2014 out of the eight African nations studied. To complete the study, a collaborative effort between the African Union, OECD, and other continental organizations, used OECD data to produce internationally comparable statistics on tax and nontax governmental revenues for the participating nations over a time span of 18 years. The authors of the statement said the data would provide a way for officials to determine if African nations were getting closer to conference their development goals.

  • Exim Bank of China considers request for loan to Mozambique

    CHINA, 2016/03/26 The Export-Import Bank of China (Exim) is considering a request from Mozambique for a loan of US$156 million to accelerate the digital migration process in the country, said the Mozambican Minister for Transport and Communications. The deadline for migration from analogue to digital in Mozambique, initially set for June 2015, was missed, and the government presently plans to speed up the process, according to minister Carlos Mesquita, cited by Mozambican newspaper O País. The minister as well said Chinese company StarTimes, which has been awarded the arrangement, approved the disbursement of US$30 million, to be used for an order of specific digital equipment for Mozambique.

  • South Africas gold industry, like its economy, is crumbling

    SOUTH AFRICA, 2016/03/16 Just off the highway and behind a yellow auto repair shop, Andile Jeremiah slipped into a hole in the ground, descending into an abandoned 100-year-old mine that had helped make South Africa rich. For a poor man in a country with a slumping economy, it was time to look for whatever had been left behind. South Africa was once the world’s biggest gold producer, with more than 75 percent of all global reserves in 1970. That iconic industry created wealth that attracted immigrants from around the world, paid for the construction of roads and railroads and made South Africa’s economy the largest on the continent.

  • Liberia: The World Bank Group Sign U.S.$ 13.2 Million Agreements

    LIBERIA, 2016/02/27 The World Bank Group and the Government of Liberia have signed two financing agreements totaling US$13.25, 000.00. The agreements are geared towards providing apprenticeships to vulnerable youth in urban areas and to support agricultural transformation and price chain addition, using productive public works and community-driven development approaches particularly for youth in rural areas. The two financing agreements are the Youth Opportunities Project in the all of US$ 10M from the International Development Association (IDA) as credit and the Emergency Monrovia Urban Sanitation (EMUS) project totaling US$3.25 as grant.

  • Egypt's Benchmark Index Declined By 1.2%

    EGYPT, 2016/02/09 The Egyptian stock market's benchmark index EGX 30 retreated by 1.2 % on Sunday reaching 6,126 points, down from 6,202. Meanwhile, the secondary indices inched up, with EGX 70 for small and medium enterprises rising by 0.8 % and the broader EGX 100 index by 0.1 %.

  • Senegal: About 200 Billion CFA F Received from the Kuwait Fund Since the 1970s

    KUWAIT, 2016/02/02 Senegal is the initial recipient of the Kuwait Fund for Arab Economic Improvment(KFAED) in West Africa. From the 1970s to the present day, Kuwait grant to Senegal is estimated at about 200 Billion CFA F. A critical source of funding that has been used for the funding of projects in the agricultural, livestock, infrastructure, hydraulic, industry, transport, health, education, civil protection sectors… The cooperation between Senegal and Kuwait is one that has not been altered by time. In terms of public aid for development, Kuwait granted Senegal significant amounts of funding through the Kuwait Fund for Arab Economic Improvment(KFAED). The funding has made it possible to carry out a lot of projects in various areas (agriculture, livestock, hydraulic, industry, transport, health, education, civil protection, etc.)

  • Standard & Poor’s (S&P) predicts the country will be forced to devalue the naira

    NIGERIA, 2016/01/30 As Nigeria continues to defend its embattled currency, ratings agency Standard & Poor’s (S&P) predicts the country will be forced to devalue the naira, its national currency, in 2016. "The Nigerian government line is to hold as much as possible..but at some point they are going to have to move. At the same time as they do, they will try do so incrementally," says Ravi Bhatia, director of sovereign ratings at S&P. Mr Bhatia predicts devaluation will take place “within 2016” in one or two increments amounting to about 20 %.

  • Bank of Ghana keeps policy rate unchanged in January

    GHANA, 2016/01/28 At its 25 January monetary policy conference, the Bank of Ghana (BOG) decided to keep its monetary policy rate unchanged at 26.00%. The policy rate presently stands at the highest level on record. The decision met market expectations and follows three consecutive meetings in which the Bank decided to increase the policy rate in an effort to fight high inflation. On the domestic front, the Monetary Policy Committee (MPC) pointed out that challenges in the energy sector along with fiscal consolidation continue to drag on GDP increase. For the initial eleven months of the year, the fiscal deficit was 5.6% of GDP, which was an development compared to the government’s target of 6.8% of GDP. The Bank added that external developments pose a significant risk to the domestic economy. The Committee commented that, “in the medium term, increase conditions are expected to recover, supported by a sustained development in the energy situation, anticipated increased production of oil and gas and a general development in the macroeconomic environment.”
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