Chinese investment in Africa could be accelerating debt on the continent and creating economies which are “entirely dependent on China”, according to financial experts. Around $86bn (£64bn) in loans were issued by China between 2000 and 2014 to finance over 3,000 infrastructure projects in Africa. But as leaders gather in Beijing for China’s Belt and Road Summit this week, under…
The government on Tuesday re-affirmed its commitment to renewable energy as part of the country’s energy mix while dodging any mention of its plans for nuclear energy. Energy minister Jeff Radebe delivered a keynote address at the African Utility Week conference that kicked off at the Cape Town International Convention Centre on Tuesday. He also…
In the last few months much has been written about the overwhelming demand experienced by African eurobond issuers. Nigeria, Kenya, Egypt and more recently Ivory Coast have all come out smiling, having issued bonds at low rates that were unimaginable just a few years back. While “kudos” might be the appropriate response to these issuers’…
After selling $2 billion of Eurobonds, Ghana will prioritize lowering its interest burden and raising revenue to make sure it can continue to service debt, said Finance Minister Ken Ofori-Atta. The nation sold the securities on Thursday at the lowest rate this year for a sub-Saharan African country whose credit assessment is at B, the…
Billionaire Beny Steinmetz is back to mining diamonds. The Koidu mine in Sierra Leone, controlled by the billionaire’s family trust, has started mining again after halting production for almost a year. It’s the latest step in a recovery for a business that’s spent much of the last few years in deep trouble. While the mine produces some…
The federal government of Nigeria is set to dole out US $200m to electric distribution companies in the country to boost power supply and increase consumers confidence. The project,which is being executed by Transmission Company of Nigeria, TCN and generation companies will lead to a significant improvement in the quality of power supply to the…
Aspen Pharmacare Holdings Ltd.’s infant formula business has drawn interest from companies including Reckitt Benckiser Group Plc and Perrigo Co., as the largest African drugmaker evaluates options for the business, people familiar with the matter said. Family-owned French dairy group Lactalis and Australia’s iNova Pharmaceuticals, controlled by Pacific Equity Partners and Carlyle Group LP, are also weighing offers…