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Africa
An easing of the Gulf crisis is the moment to move Africa’s fertiliser security agenda from emergency response to structural transformation: an affordable, climate-smart,…
Zhu Ruowan, the Editor, CGTN Global Business, argues that China’s…
When governments across East Africa talk about economic diversification, tourism…
Behind every discovery in the African energy industry, final investment decision (FID), and first oil…
As AfCFTA becomes a part of the daily business environment, governments and businesses need to…
Yield-chasing investors have poured money into Africa, but an emerging, recent challenge for the continent is that in a now higher interest rate environment, investors don’t need to come to Africa to find higher returns.
Even US treasuries are now yielding far more attractive yields than just a month ago: three-month government bonds offer 5.32 per cent, while 2-year bonds offer a yield above five per cent. Yields have risen in part in response to Fitch’s recent downgrade of the US from AAA to AA+, echoing S&P’s move in 2011.
African bond issuers, spooked by the high-interest rate environment and refusing to issue bonds above the psychological barrier of double-digit yields for Sub-Saharan African bonds, continue to wait it out on the sidelines.
South Africa-based insurer Hollard International has extended its footprint into East Africa. Hollard, a privately owned insurance, has struck a deal to acquire a stake in Apollo Investments Limited, the parent company of Kenya-headquartered APA Insurance.
This strategic investment, subject to regulatory approvals, gives Hollard International a presence in the East African market. The new acquisition supplements its existing operations in Southern and West Africa. Once approved, Hollard will become the second international investor in APA Insurance, following Swiss Re, which acquired a stake in 2014.
The sudden collapse of the Nigerian Naira versus the US dollar has caused widespread shock…
South Africa is set to topple Nigeria and Egypt as Africa’s biggest economy in 2024. This is according to forecasts from the International Monetary Fund. According to IMF’s World Economic Outlook, South Africa’s gross domestic product will reach $401 billion per current price in 2024. On the other hand, Nigeria’s GDP will reach $395 billion, with Egypt’s GDP reaching $358 billion.
South Africa, the continent’s most industrialised nation, is expected to maintain the top spot as Africa’s biggest economy for only one year. In 2025, the country will again lag behind Nigeria and fall to third place behind Egypt a year later. This is according to the IMF’s World Economic Outlook, a report released last week.
