Zimbabwe likely to see ousted vice-president in power

Zimbabwe likely to see ousted vice-president in power

Zimbabwe likely to see ousted vice-president in power

Risk managers are being warned of the risk of violence in Zimbabwe, as the army appears to be negotiating a power handover to the recently ousted vice-president Emmerson Mnangagwa. Theophilus Acheampong, country risk analyst, IHS Markit, said: “Any speech by President [Robert] Mugabe in the coming days explaining how he will engage with the military towards the formation of a…

ATI launches services in Zimbabwe

ATI launches services in Zimbabwe

ATI launches services in Zimbabwe

Credit insurer African Trade Insurance Agency (ATI) has launched its services in Zimbabwe, after signing an agreement with the central government. ATI’s chief executive officer, George Otieno, said ATI is committed to providing solutions that could help unlock much-needed investments into the country. Zimbabwe became a member of ATI in late 2016 and has since benefited from more than $300m…

Nico General gets rating upgrade for claims paying

Nico General gets rating upgrade for claims paying

Nico General gets rating upgrade for claims paying

Global Credit Ratings (GCR) has recently upgraded the national-scale claims-paying ability rating assigned to NICO General Malawi Insurance Company Limited to AA-(MW) from A+(MW), with the outlook accorded as stable. The rating is valid until August 2018. GCR said: “The upgrade reflects NICO General Malawi’s sustained strengthening in earnings capacity, supported by enhanced underwriting profitability. In this respect, the insurer’s…

Learning from history

Learning from history

Learning from history

Malawi has suffered a tough few years with political scandal and corruption dogging the landlocked country and drought decimating its crucial agricultural sector. However, the country is determined to emerge stronger than before, as David Kaye reports Landlocked between Mozambique, Tanzania and Zambia, Malawi has no large oil deposits to rely on, nor does it have a massive population. And…

The business challenges

The business challenges

The business challenges

The Malawi economy remains extremely dependent on international aid, as relations with donors have become complicated following the embezzlement scandal in which the government was embroiled in October 2013, warns credit insurer Coface. In providing a look at the market earlier this year, it said the country is still dogged by past problems including the drought of 2015-2016 and the…

Mozambique government struggling with debt but broader economy looking better

Mozambique government struggling with debt but broader economy looking better

Mozambique government struggling with debt but broader economy looking better

Mozambique’s inability to solve its default on debt situation has left Fitch Ratings affirming Mozambique’s long-term foreign-currency issuer default rating (IDR) at RD (restricted default). There is no outlook on the IDR. “Real GDP growth of 3% (year-on-year) in H1-17 mostly reflected a surge in export volumes in extractive sectors (namely due to better prices and logistical improvements boosting coal…

Lesotho given vote of confidence by ratings agency

Lesotho given vote of confidence by ratings agency

Lesotho given vote of confidence by ratings agency

Fitch Ratings has affirmed Lesotho’s long-term foreign-currency issuer default rating (IDR) at B+ with a stable outlook, despite some political risks. The ratings agency said Lesotho’s B+ ratings reflect a high stock of government deposits at 16% of GDP in FY16/17, balanced by weak GDP per capita and human development indicators and heavy dependence on South African Customs Union revenue,…

Oil operators act to reduce bureaucracy risk

Oil operators act to reduce bureaucracy risk

Oil operators act to reduce bureaucracy risk

A group of Angolan oil operators has acted to reduce mounting bureaucracy risk, by attending a meeting convened by the Angolan President, João Lourenço. The meeting followed a statement issued by the operators to the President, after they identified several risks relating to their investment strategies and operations in Angola. In their statement, the oil operators identified the excess of…

South Africa commits to stronger trade links with Mozambique

South Africa commits to stronger trade links with Mozambique

South Africa commits to stronger trade links with Mozambique

South African firms should take advantage of the recovering Mozambique economy, according to the South African High Commissioner to Mozambique, Mandisi Mpahlwa. Mr Mpahlwa said “The Mozambican economy is in the process of recovering from the challenges that it experienced last year. The government has not only committed to ensuring that the expected economic growth of 4.6% for 2017 is…

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