Think tank in Africa’s second largest copper producer, The Economics Association of Zambia on 04 March took a swipe at Brenthurst Foundation Head Dr. Greg Mills article dubbed Avoiding debt default and turning Zambia around — at the same time in the Daily Maverick website. The Association has associated Dr. Greg Mills with negative Op-Ed articles with intent to damage reputations and cause panic in the international capital markets in the name of independent journalism with exaggerated facts. This was contained in a press release shared with the Business Telegraph. Association National Secretary Rita Mkandawire said the article was written…
Author: The Editor
Africa’s Billionaire -Aliko Dangote’s owned Cement company, plans to add market capitalization to the London Stock Exchange by 2020 through a listing. This was established in an emailed note with the Nigerian based company owned by billionaire Aliko Dangote. Talks have reached an advance stage with London Banks that will run with the advisory for the debut listing which by now should have made it to the LSE score board. At the 2018 FT Africa summit in London, owner of Dangote Cement, Aliko Dangote hinted that the usual banks like Bank of America Merrill Lynch, Standard Chartered could be among the official bankers…
The World Bank Treasury’s Public Debt Management Advisory team completed its inaugural Sovereign Balance Sheet Risk Management workshop in Jakarta, Indonesia, on February 22. This five-day innovative training built expertise and shared knowledge about sovereign balance sheet risk management with 27 practitioners from finance ministries and central banks from 12 countries. Using a framework that looks at a sovereign’s assets as well as liabilities, also known as the SALM framework, the workshop aimed to increase participants’ expertise in identifying, measuring and mitigating different types of risks, affecting both sides of a sovereign balance sheet. This workshop was developed and delivered under the Government…
The rapid growth of mobile phone ownership in low and middle income countries has been one of the defining trends of the past decade. But the growth has been far from even with women across these countries significantly less likely to own mobile phones or have access to mobile internet services, resulting in “a persistent gender gap.” However, closing that gap in low and middle income countries could result in all-round multi-billion dollar benefits, a new study by industry trade body GSMA estimates. An uptick in mobile phone ownership and mobile internet use among women in low and middle income countries could…
When Zimbabwe’s central bank chief John Mangudya announced his monetary policy last week, the majority of Zimbabweans did not expect major policy interventions and shocks. That’s because in the days leading up to his monetary policy statement on Feb.20, Mangudya had denied claims by former finance minister Tendai Biti that the government wanted to introduce a new currency immediately. The fundamentals are not yet right and the claims without basis, Mangudya said And then, half way into his six-minute presentation, the central bank head did exactly the opposite. With immediate effect, bond notes and all electronic money, would be merged…
Manufacturing in Africa’s second largest copper producer, Zambia, is expected to receive a boost in the first half of 2019. This follows the 8.34% price cut in diesel prices to K13.4pl by the Energy Regulation Board (ERB) on 28 February. Purchasing Managers Index (PMI) readings for Zambia after March are projected to be above 50 as factory activity cost curves ease and input inflation lowers. Diesel forms a key input in the copper producers manufacturing processes. PMI readings for most African nations are expected this week from Markit Economics at which the January reading showed improving conditions however below 50…
National Savings and Credit Bank Chief Executive Officer (CEO) and African Leadership Magazine Business Excellence winner, Mrs. Mukwandi Chibesakunda, on 01 March nodded the debut National Economic Summit (NES) during a courtesy call visit paid to her office by the Economics Association of Zambia. The EAZ has been on aggressive road shows in a build up towards the first ever summit dubbed the mini ‘Davos’ themed The Future of Economic Diplomacy with a skew towards inclusive and sustainable economic growth. The summit is due to be convened in Livingstone on the 25-26 July and is expected to attract thought leaders…
Central bank in Africa’s copper hot spot, Zambia, on 28 February sold K500 million worth of short dated treasury assets in a debt sale that was 37% undersubscribed. With market liquidity in excess of a billion Kwacha, bids totaling K598 million were all absorbed. The market may seem long but liquidity is skewed to one or two players in the market, an unnamed commercial bank trader said. The yield curve was infinitesimally changed with the most attractive tenors 9-months and 1-year fairly unchanged at 23% and 23.5% respectively. All government debt sales save one, have been under subscribed including the…
The Energy Regulation Board (ERB) in Africa’s second largest copper producer, Zambia has announced a 5.1% -7.2% ease in pump prices of fuel in the capital Lusaka. In a memo signed by ERB Board Chairman Raymond Mpundu, gasoline will effective midnight be priced at K15.2pl from K16.06pl (a 5.1% downward adjustment), while diesel with sell for K13.4pl from K14.65pl and LSG will ease 7.2% to K15.72pl from K16.94pl. Following a price review, coinciding with a stock replenishment requirement, the ERB has effected a downward price adjustment factoring in crude price bears coupled with stability in exchange rate in the period.…
Central Bank in Africa’s copper producer, the Bank of Zambia, recorded yet another deeply udersubscribed Kwacha debt sale with K403 million (circa. USD$33 million) in assets sold on Friday 22 February. This compares to K350 million raised in December 2018’s debt sale and represents a 76% under subscription. Bid cover ratio was 0.24. Despite K1,507 million of market liquidity as measured by aggregate interbank current account balance, bids totaled K655 million with the largest appetite in the 2 yr (28%) and 10 yr (30%) accounting for 58% of the total appetite. Of the total bids 62% were absorbed representing K403…