Category: AIF Issue 34

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Kenya: rich tax

Since Kenya reintroduced a 5% capital gains tax (CGT) in January, its stock market has plummeted. The Nairobi Securities Exchange lost a massive 6.75% of its value in May when foreign investors withdrew 1.5 billion Kenyan shillings ($15m) from the market, according to Standard Investment Bank, a financial services firm based in Nairobi, the capital. […]

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Rwanda’s fledgling capital market

Stewards at Cafe Neo prepare cafee for clients on December 4, 2014 in Lagos. Photo: Pius Utomi Ekpei/AFP Rwanda has acquired the reputation of a rags-to-riches nation. Internationally, President Paul Kagame’s claim to have turned Rwanda into an economic lion “firmly on the path to economic maturity” has been reflected in glowing plaudits. Rwanda “has […]

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Slow times in Casablanca: Morocco’s old-school stock exchange

Hopes rose this year that a large initial public offering would rejuvenate one of Africa’s oldest bourses, but lack of reform is constraining trading By Celeste Hicks Hopes rose earlier this year of a spurt of investor and business confidence in the Casablanca Stock Exchange (CSE) when the local subsidiary of the French petroleum giant […]

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Nigeria: short cuts

Nigeria’s hope of reforming its capital market using a new corporate governance system is haunted by endemic corruption By Ini Ekott The Nigerian Stock Exchange won plaudits last November for launching a new set of rules designed to curb corporate misdeeds and reform a market weakened by years of corruption and poor oversight. Nigeria’s former […]

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A long and potholed road: Sustainable stock exchanges

Markets around the world are adopting the environmental, social and good governance agenda, but “integrated reporting” faces problems in Africa By Richard Jurgens In August 2012 police fired on a crowd of striking miners in Marikana, in South Africa’s platinum mining belt, killing 34. The miners were demanding higher wages from their employer, Lonmin, a […]

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Ethiopia: brisk trading in coffee, sesame and white pea beans

How cash-strapped farmers get their goods to market quickly and at a fair, transparent price In a small, tidy office on the top floor of the Ethiopian Commodity Exchange building in Addis Ababa, communications manager Tewodros Assefa draws two diagrams on a large glass window pane. The window overlooks the capital city’s new light rail […]

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Diaspora bonds: alternative financing

By Nontobeko Mtshali They are dollars wrapped with care — money that is homebound to villages and towns across the globe sent by relatives who have migrated in pursuit of greener pastures or refuge. These remittances to developing countries are expected to reach $516 billion dollars next year, an increase from the $404 billion recorded […]

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Angola: out of stock

  By Louise Redvers Angola is Africa’s fifth largest economy, its second producer of crude oil, a magnet for foreign direct investment and the custodian of one of the continent’s biggest sovereign wealth funds. Yet, rather surprisingly, unlike many of its smaller and poorer peers, Angola does not have an equities exchange. Trading government bonds […]

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African mining development is challenged by a shortage of investment funding

Africa’s mining sector has proven a mixed blessing. The continent’s mineral resources offer enormous possibilities for wealth, but they are also hard to reach. Sub-Saharan Africa, with the inhospitable Arctic, remains the most under-explored region on earth, geologically speaking. Yet the continent accounts for approximately 30% of the world’s mineral reserves. The geographical and logistical […]

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Egypt: ups and downs

Political instability and unclear policies rock Egypt’s bourse By Kristen McTighe In the aftermath of the 2013 military coup that toppled Mohamed Morsi, Egypt’s former Islamist president, more than 1,000 anti-government protesters were killed, thousands more jailed and hundreds sentenced to death. A government crackdown on dissent sparked international condemnation. Militant attacks became routine and […]

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Rising stock: African capital markets

By Simon Allison Ironically, Africa’s chronic economic underdevelopment may now be its greatest opportunity. After so many decades of sluggish economic growth and lagging far behind other continents, Africa can be regarded as a place of unmatched potential. In the post-crash world, where economies everywhere are stalling and investment opportunities are few, the received wisdom […]

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