Nigeria holds rates. Nigeria’s central bank resisted political pressure to loosen policy and kept its main lending rate unchanged even as the finance minister called for lower borrowing costs to help stimulate an ailing economy.
Kenya cuts rates. The Central Bank of Kenya reduced its benchmark rate by 50 basis points to 10 percent, its second cut in four months, in a bid to boost private-sector credit amid government restrictions on loan costs.
Guinness experiences first loss in decades. Guinness Nigeria Plc, the country’s second-biggest brewer, posted its first loss in at least 30 years as a downturn in Africa’s most populous nation increased costs and cut demand for its brands.
#ZumaOut. South African President Jacob Zuma “has to go,” with poor governance deterring prospective investors, according to the head of Sibanye Gold Ltd., the biggest producer of bullion in the country.
Nigeria is on the rise. The months ahead will show evidence that this is a genuine and lasting ‘Rising’; one that touches, not just the statistical databases, but crucially the lives of the people who elected us to deliver positive change.