Kenya is a leading engine of growth in East Africa, but analysts are growing increasingly concerned about the country’s ability to keep up the pace as a toxic combination of credit growth-stifling regulations, excessive government borrowing and low revenue generation conspire to threaten its outlook.
Afreximbank closed a US$1.2bn loan – Cote d`Ivoire issued international bonds – Ghana’s inflation fell -Kenya to sell T-bills – VTB ready to work with Mozambique on debt restructuring – Namibia is struggling to repay a debt to EDF – Zenith’s Eurobond is oversubscribed – Nigeria to sell local sukuk – Moody’s downgraded South Africa’s credit rating, banks and insurers – Swaziland is looking to secure loan from Taiwan – Tanzania’s Central Bank announced new rules for capital conservation – Tunisia secures loan from the World Bank – IMF may grant Zambia a credit facility – Zimbabwe to issue a three-year bond
15 Jun 2017
Following a series of hit and miss attempts to keep the naira steady, the Nigerian Central Bank appears to have found a balanced approach to managing FX, but it may still be too clunky for foreign investment to flow.
East African infrastructure investments swell – South Africa’s markets recover from Zuma noise – Nigeria’s economy continues to contract – Kenya’s government upsizes domestic credit sales – HH, Lungo tensions continue to rise in Zambia – Tanzania struggles to shore up funding for railway – Tunisia doubles up on rate hikes – Zimbabwe’s electricity authority struggles to settle debt with SA’s Eskom – Gambian authorities crack down on Jammeh affiliates – Cameroon gets concessional loans from World Bank
1 Jun 2017
A number of African economies this year were hit with turbulent commodity prices and severe drought, weighing on the outlook for the region’s agricultural industry. In a region that focuses so strongly on food security, never has there been more impetus on delivering new efficiencies to the agribusiness sector.
31 May 2017
AfDB calls for investment across Africa to close annual US$162bn funding gap – Kenya borrows US$1bn via syndicated loan – Nigeria raises mere NGN100bn in bond sale – Nigeria looking to secure US$5.2bn World Back funding package – Zimbabwe warns South Africa over proposed land reform – Russia’s Rosatom committed to nuclear plant project in South Africa – Senegal issues Eurobond – Saudi Aramco stalls on US$20mn Zambia loan - Zimbabwe secures US$1.7bn loan from Afrexim Bank
Record-setting droughts in East African economies have caused food and – in some cases – power prices to rise dramatically, putting a damper on the region’s economy. But with the growth outlook moderating in the region’s largest economies, analysts are turning their attention to the steep drop in private sector credit growth, raising questions about whether this could prolong the lag. Furthering regional integration could be the answer.
Rising tensions between the Zambian government, led by President Edgar Lungu, and opposition leader Hakainde Hichilema, have done little to deter investors who are closely watching the country as it looks to clinch a critical IMF funding programme. They should not be so quick to dismiss the recent escalation that led to Hichilema's arrest and its implications for governance in the Sub-Saharan African country.
For the past two years, many West African nations struggled due to low oil and commodity prices while East African nations like Kenya and Tanzania steamed ahead with robust growth and ambitious infrastructure development plans. But due to a confluence of factors, we seem to be witnessing a broad reversal in that trend.
The Banque Ouest Africain de Développement (BOAD) priced an upsized US$750mn 5-year trade to make one of the largest capital markets debuts for any West African development financial institution, paving a path for other issuers in the region.
- CASE STUDY: Yinson Debuts Largest Murabaha FPSO Financing in Africa to Date
- Nigeria: A Struggling Economy Embraces Reform - Part II
- Top Dealmaker: Andreas Scheer, Commerzbank AG
- The Cape Town Shuffle: Rand Plummets as Zuma Sacks Chief Treasurer
- Nigeria: A Struggling Economy Embraces Reform - Part I
28 Jun 2017
26 Jun 2017