Author: Marketforces Africa

Africa’s growth story over the past two decades is real, but it is not yet transformative. Across the continent, GDP has risen on the back of more workers, more capital and a commodity super-cycle, rather than through genuine gains in productivity and innovation.

Ghana Ratings Affirmed At ‘B-/B’; Outlook Remains Stable -S&P S&P Global Ratings has affirmed its ‘B-/B’ long- and short-term foreign and local currency sovereign credit ratings on Ghana, with a stable outlook. The global ratings agency also affirmed its ‘B-‘ transfer and convertibility assessment on Ghana, according to details from the latest update. In the rating note, S&P said the stable outlook balances the potential for stronger balance-of-payments performance and improvements in Ghana’s fiscal outcomes as a result of ongoing fiscal reforms, against still-high debt service costs, reform implementation risks, and Ghana’s sensitivity to terms of trade, such as gold,…

Dangote Refinery Cautions Stakeholders on IPO Speculation Dangote Petroleum Refinery and Petrochemicals has noted with concern the recent circulation of unauthorised information across various media and social platforms regarding a potential Initial Public Offering (IPO). DPRP further notes that several online platforms and unofficial sources have published unverified, and in some instances inaccurate, information relating to a potential offering. Such reports do not originate from DPRP and should be treated with caution. Dangote said all official updates regarding any potential transaction will be communicated strictly through DPRP’s formal public disclosures and announcements issued by its appointed advisers, in line with…

With a slight decline in the overnight lending rate, excess liquidity in the banking system increased to nearly N9 trillion as financial institutions continue to park funds at the Apex Bank Standing Deposit Facility (SDF).

Tinubu Resolute to Reform, Strengthen Power Sector – Shettima Vice-President Kashim Shettima has reiterated the determination of President Bola Tinubu’s administration to reform and strengthen the nation’s power sector. Shettima spoke on Thursday in Abuja during the inauguration of the new head office of the Nigerian Electricity Liability Management Company (NELMCO). The vice president noted that while the promise of every nation rested on its abundance, Nigeria could not afford to gamble with energy security. He said the inauguration of the edifice symbolised a new phase of modernisation, efficiency, and forward-thinking leadership. “This administration remains resolute in its commitment to…

Ripple, the leading provider of blockchain-based enterprise solutions across traditional and digital finance, has announced its participation in BLOOM, an initiative by the Monetary Authority of Singapore (MAS).

$39 Trillion US Debt Timebomb No One is Talking About Soaring US national debt – more than $39 trillion and growing – is the huge issue no one is talking about, but it’s a looming problem that could hit markets, borrowing costs, currencies and confidence across the global financial system. This is the stark warning from the CEO of deVere Group, one of the world’s largest independent financial advisory organisations, as investors remain fixated on near-term headlines while a far bigger structural strain keeps building in plain sight. Fresh geopolitical turmoil has added to the pressure. Escalating tensions involving Iran…

Emerging Markets to Face Middle East War Repercussions – S&P S&P Global Ratings said its macroeconomic baseline scenario for emerging markets (EMs) assumes war in the Middle East persists into early April, and its negative impact on energy prices and financial conditions is temporary. However, the downside risks to the baseline macroeconomic scenario are significant and subject to the evolution of the conflict, which is highly uncertain. A longer and more severe conflict than expected would increase inflation substantially, put upward pressure on interest rates, and lower GDP growth for most Ems, S&P said. Net energy importers, which are mostly…

GCR Revises GLNG Funding SPV Rating Outlook to Negative GCR Ratings has affirmed the national scale long-term and short-term issuer ratings of BBB(NG) and A3(NG), respectively, assigned to GLNG Funding SPV Plc, with the outlook revised to Negative, from Stable previously. The SPV is a non-operating special purpose vehicle established solely to raise capital through the issuance of debt instruments on behalf of its two underlying entities, Green Fuels Limited (GFL) and Green Liquefied Natural Gas Limited (GLNG). As such, the assigned ratings reflect the integrated credit profile of GFL and GLNG, GCR stated. “The revision of the outlook on…

Zenith Bank Names Kennedy Okwudili Executive Director In a bold move to boost its board, Zenith Bank Plc has announced the appointment of Mr Kennedy Onuwa Okwudili as an Executive Director of the bank, effective May 1, 2026. According to an official statement, the appointment, which is consistent with the bank’s tradition and succession strategy of grooming leaders from within, will further strengthen the bank’s Executive Management. Mr Okwudili graduated with a Bachelor of Science (Honours) in Accounting in 1998 from the University of Maiduguri, Nigeria, with a Second Class Upper Division. He obtained a Masters of Business Administration (MBA)…