Africa Briefs
Massive gem find in Lesotho
A diamond thought to be the fifth largest of gem quality ever found has been discovered in Lesotho, miner Gem Diamonds said, and could be worth as much as US$40 million.
The company unearthed the D-colour stone at the Letseng mine in the landlocked southern African country and described the 910-carat find as of "exceptional quality".
"Since Gem Diamonds acquired Letseng in 2006, the mine has produced some of the world's most remarkable diamonds, including the 603 carat Lesotho Promise," Gem Diamonds chief executive Clifford Elphick said. – Nampa/AFP
Sudanese pound falls on black market
The Sudanese pound has weakened on the black market amid a foreign currency shortage that has crippled the economy as Khartoum pursues reforms aimed at boosting growth.
The pound traded at 34 to the US dollar on Monday, down from about 30 last week, traders said.
Sudan devalued its currency to 18 pounds per US dollar from 6.7 previously earlier this month, hoping to attract investment and crush a ballooning black market. – Nampa/Reuters
Kenya secures syndicated loan to pay off debt
Kenya has secured a US$750 million syndicated loan for seven years from the Trade Development Bank (TDB) to pay off creditors in another two-year syndicated loan that was extended last year.
The government was also set to issue a US$1.5 billion Eurobond for 10 years by the first week of March, to take advantage of high demand for new issues.
Finance minister Henry Rotich said last November a six-month extension of the syndicated facility had been agreed with 90% of investors. Funds raised from a new Eurobond issue could be used to pay off the outstanding amount, he said. – Nampa/Reuters
Ghana sees more stable cedi in 2018
Ghana's cedi will be more stable in 2018 than last year, helped by lower inflation outlook and higher oil production, the central bank said.
The currency of the major commodity exporter declined 4.88% to the US dollar in 2017, its best performance in five years, compared to a 9.6% slip in 2016, according to Bank of Ghana interbank reference rate.
Steve Opata, head of financial markets at Bank of Ghana said with monetary, fiscal and inflation indicators all heading in the right direction, the 2018 objective was to have a year-end decline of less than 4.8%. – Nampa/Reuters
Nigerian inflation slows for 11th month
Annual inflation in Nigeria slowed for the 11th month in a row in December, to 15.37% from 15.9% a month before.
In October, Central Bank Governor Godwin Emefiele said he expected inflation rates to fall at a faster pace and reach the high single-digits by the middle of 2018.
The bank has kept its main interest rate at 14% for over a year now as it battles inflation and seeks to attract foreign investors to support the naira currency. The government wants to see rates come down to lower its borrowing costs and stimulate the economy. – Nampa/Reuters
A diamond thought to be the fifth largest of gem quality ever found has been discovered in Lesotho, miner Gem Diamonds said, and could be worth as much as US$40 million.
The company unearthed the D-colour stone at the Letseng mine in the landlocked southern African country and described the 910-carat find as of "exceptional quality".
"Since Gem Diamonds acquired Letseng in 2006, the mine has produced some of the world's most remarkable diamonds, including the 603 carat Lesotho Promise," Gem Diamonds chief executive Clifford Elphick said. – Nampa/AFP
Sudanese pound falls on black market
The Sudanese pound has weakened on the black market amid a foreign currency shortage that has crippled the economy as Khartoum pursues reforms aimed at boosting growth.
The pound traded at 34 to the US dollar on Monday, down from about 30 last week, traders said.
Sudan devalued its currency to 18 pounds per US dollar from 6.7 previously earlier this month, hoping to attract investment and crush a ballooning black market. – Nampa/Reuters
Kenya secures syndicated loan to pay off debt
Kenya has secured a US$750 million syndicated loan for seven years from the Trade Development Bank (TDB) to pay off creditors in another two-year syndicated loan that was extended last year.
The government was also set to issue a US$1.5 billion Eurobond for 10 years by the first week of March, to take advantage of high demand for new issues.
Finance minister Henry Rotich said last November a six-month extension of the syndicated facility had been agreed with 90% of investors. Funds raised from a new Eurobond issue could be used to pay off the outstanding amount, he said. – Nampa/Reuters
Ghana sees more stable cedi in 2018
Ghana's cedi will be more stable in 2018 than last year, helped by lower inflation outlook and higher oil production, the central bank said.
The currency of the major commodity exporter declined 4.88% to the US dollar in 2017, its best performance in five years, compared to a 9.6% slip in 2016, according to Bank of Ghana interbank reference rate.
Steve Opata, head of financial markets at Bank of Ghana said with monetary, fiscal and inflation indicators all heading in the right direction, the 2018 objective was to have a year-end decline of less than 4.8%. – Nampa/Reuters
Nigerian inflation slows for 11th month
Annual inflation in Nigeria slowed for the 11th month in a row in December, to 15.37% from 15.9% a month before.
In October, Central Bank Governor Godwin Emefiele said he expected inflation rates to fall at a faster pace and reach the high single-digits by the middle of 2018.
The bank has kept its main interest rate at 14% for over a year now as it battles inflation and seeks to attract foreign investors to support the naira currency. The government wants to see rates come down to lower its borrowing costs and stimulate the economy. – Nampa/Reuters
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