Africa

Country Report | Nigeria
Nigeria is Africa’s largest economy, but the recent slump in oil prices has halved government revenues. The new Buhari government must now ensure the country’s economic roller coaster ride does not grind to a complete halt.

Milestones | Zimbabwe
The demonetization of the Zimbabwean dollar began in June and holders of the near worthless currency have until September 30 to exchange it for US dollars.

Country Report | Nigeria
Nigeria is Africa’s largest economy, but the recent slump in oil prices has halved government revenues. The new Buhari government must now ensure the country’s economic roller coaster ride does not grind to a complete halt.

Country Report | Egypt
Egypt may be on the verge of a major turnaround, as the most populous country in the Arab world looks set for sustained growth, lower unemployment and a manufacturing renaissance under president Abdel Fattah al-Sisi.

Global Finance had a chance to interview Sim Tshabalala in April. The joint chief executive of Standard Bank Group answered questions about Africa’s growth and the substantial demand for banking services on the continent.

Newsmakers | Nigeria
Nigeria’s presidential election proved the bookmakers both right and wrong.

Regional Report | Africa
Africa’s story is no longer that of a continent with great potential.  Increasingly, the leaders and peoples of the continent, in collaboration with outsiders, are translating that potential into concrete achievements.

Launched just three years ago, FCM Bank is the only bank in Malta to specialize solely in savings and fixed-term offerings. During a talk with Global Finance, chief operating officer Vincent Ma explained why FCM Bank has zeroed in on those two products.

Country Report | Morocco
With a diversified economic base and improving fundamentals, Morocco has a sound fiscal strategy and well-thought-out reform program to cut red tape and boost trade. But further reform, says the IMF, is needed.

with Ali Khalpey, Exotix

Newsmakers | Switzerland
Swiss giant Credit Suisse stepped out of the industry’s traditional talent pool in March when it hired Tidjane Thiam as chief executive.

Banking | Portugal/Angola
A tug of war is developing over Portugal’s fourth-largest lender, Banco BPI, between its two largest shareholders.

Uganda, the East African country that will soon to join the league of oil producers, is set to build a refinery before its own production capacity comes online.

Global Finance sat down with Egyptian bank CIB’s chairman and MD, Hisham Ezz Al-Arab, to discuss its strategy during the Arab Spring and how it plans to attract a younger clientele.

Milestones | Nigeria
A week before it was to take place, Nigeria’s presidential election was postponed for fear it would spark violence. The election was originally scheduled for February 14 but has been pushed back six weeks to March 28. The outcome of this delay is unclear.
 

Country Report | Angola
Up until 2013, Angola's GDP, buoyed by booming oil revenues, grew by an average rate of 10.7%, reaching an all-time high of 23.2% in 2007. Now, as economic growth slows and the country’s financial coffers move from surplus to deficit, Angola is rethinking its dependence on “black gold.”

Newsmakers | Malawi
Friday Jumbe is set to become the latest African finance minister to swap his political ambitions to take up a senior post in a development bank.

Country Report | Mozambique
Mozambique is the current star in Africa’s rising inward-investment constellation. For much of the last quarter of the 20th century, Mozambique was a war zone. Today the only war on its horizon is a bidder’s war, as investors salivate over the opportunities this Southern African country offers.

Sovereign Debt | Capital Markets
Governments in Africa issued a record amount of debt in international markets in 2014, taking advantage of strong investor demand and low borrowing costs ahead of the Federal Reserve’s expected rate increases this year.

Corporate Tax | Trends
By replacing cascading sales taxes with a value-added tax (VAT), Africa has succeeded in lowering its total tax rate to 46.6% from a peak of 72.2% in 2005.