Friday, February 12, 2021/ 12:40PM / United Capital Research / Header Image Credit: Umaizi
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Anglophone West Africa
Ghana Ghana’s Parliament has shut down for at least three weeks over a surge in coronavirus cases among lawmakers and staff.
At least 17 members of parliament and 151 support staff have been infected with the coronavirus, which had already forced lawmakers to limit their assembly meetings.
Ghana’s Inflation rate dropped from the 10.4% recorded in December 2020 to 9.9% in January 2021. The improvement in the inflation number was driven by decline in food inflation, down to 12.8%, from 14.1%.
Asante Gold to seek Secondary Listing and $3.0Mn Capital Raise on Ghana Stock Exchange.
Nigeria IROKO plans to go public on the London Stock Exchange Alternative Investment Market in 2022. The media company plan to raise between $20.0mn and $30.0mn valuing the company at $80.0mn to $100.0mn.
Ecobank is in the market to raise a 5-Yr Eurobond paper at 7.125%, we think this is an attractive deal compared to equivalent sovereign and corporate Eurobond issues.
Nigeria’s Ngozi Okonjo-Iweala is set to become the first woman and the first African to lead the World Trade Organisation (WTO) after the US dropped its objection to her appointment.
The Gambia The Gambia remittance and capital transfers stood at $588.0mn in 2020, a 78% rise compared with 2019. The surge in remittance compensated for the COVID-19 induced decline in the travel industry, leading to a positive balance of payments. Francophone West Africa (WAEMU) Ivory Coast Cote d’Ivoire raised a further 850.0mn Euros in a re-opened Eurobond sale. This sale comes less than three months after the country raised 1.0bn Euros, also in Eurobonds. Authorities stated that 66.0% of this 1.0bn Euros will be used to finance the 2020 budget deficit. Cote d’Ivoire’s domestic cocoa trader’s association recently increased its calls for sectoral reform as it aims to increase the participation of local firms in the domestic market. Concurrently, Ghana and Cote d’Ivoire have increased their efforts to improve market coordination. East Africa Tanzania This week, the National Bureau of Statistics (NBS) in Tanzania releasedthe inflation data for the month of January reporting that inflation rose to 3.5% y/y in January 2021. Demand-side pressures particularly on nonfood items drove inflation. According to the Minister of State for Finance and Planning, Electronic Fiscal Devices (EFDs) will be rolled […]
