- 2002 SASSANDRA
- 1999 Republic of Côte d’Ivoire
- 1998 SIFCA
- 1997 CSFB/UAV
- 1997 CSFB/SIFCA
The Debt Capital Market of Côte d’Ivoire
Côte d’Ivoire is part of the Union Economique et Monetaire Ouest Africaine (“UEMOA”) which includes Benin, Burkina Faso, Guinea-Bissau, Mali , Niger, Senegal and Togo. These eight countries share a common currency, the franc of the Communate Financiere Africaine (“CFA Franc”) and a common central bank.
Monetary Policy Regime
In order to benefit from the free convertibility guarantee issued by France, the member countries, through the BCEAO, must deposit 65% of their foreign currency reserves with the French Treasury into an account at the Banque de France (“the BDF”) called “compte d’operations”.
The Debt Capital Market of Ghana
Ghana has 22.5 million inhabitants, with a population growth rate of 1.9%. Overall poverty has declined from 52% in 1992 to 28% in 2006. The country is rated B+ by the rating agencies Standard & Poor’s and Fitch. Ghana has a parliamentary form of government. The president serves four-year terms and chooses the cabinet.
Inflation declined to 10.5% at end-2006, and finally achieved single digit – 9.4% – at end-March 2007;it is expected to further slow down to 8.8% in 2008.
The Ghanaian economy has performed well in recent years; in 2006 real GDP growth reached 6.2%, the highest rate since the early 1990s.
- 2005 City of Doula
The Debt Capital Market of Cameroon
During the year 2003, the Republic of Cameroon established the Douala Stock Exchange and the Commission des Marches Financiers. The Banque des Etats de l’Afrique Centrale (“BEAC”) and the CEMAC member countries (including Cameroon) are planning to formally introduce a programme of Treasury bill and bond auctions in 2006.
Monetary Policy Regime
For more than five decades now, France – the anchor currency country – has guaranteed the convertibility of the currency of the Cooperation Financiere en Afrique Centrale, the CFA France, into French Francs. The CFA France was pegged to the French Franc until the advent of the Euro in January 1999. The introduction of the Euro did not affect the monetary agreement between France and the CEMAC countries.
DEMOCRATIC REPUBLIC OF CONGO
- 1995 Republic of Congo
The Debt Capital Market of Democratic Republic of Congo
The Republic of Congo (not to be mistaken with the Democratic Republic of Congo) is an independent republic and forms part of the West Central Region of Africa. It has a population of 3.9 million (UN 2005) and an area of 342.000 square kilometers. Brazzaville is the capital city and the other majors¹ towns are Pointe Noire and Dolisie. The official language is French and the local currency is the CFA-franc.
Congo is a leading member of the CEMAC zone and has a GDP estimated at FCFA 3128.6 billion in 2005 and GDP per-capita over US$ 1751 in 2005 well among the sub Saharan average.
According to 2006 estimates by the Oil and Gas Journal (OGJ), Congo has 1.5 billion barrels of proven oil reserves. The majority of these reserves are located offshore; however, one of the most recent oil discoveries in Congo (2004) is the onshore M¹Boundi field, with estimated proven reserves of 250 million barrels. Congo was the fifth largest oil producer in 2006 in sub-Saharan Africa following Nigeria, Angola, Sudan and Equatorial Guinea in total oil production.
- 2002 AES Corp
- 1997 East African Development Bank
- 1996 East African Development Bank
The Debt Capital Market of Uganda
After president Yoweri Museveni was elected in 1986, the country saw a significant reduction of the violence suffered during the 1970’s and 1980’s, and an end to the abuses inflicted by army and police. The country, which had been on the brink of civil war and economic collapse, saw democratic reforms being gradually introduced, and significant improvements in the field of human rights.
External observers were concerned by a recent amendment to the Constitution which will allow Museveni to go for a third term in power. These concerns were mitigated by positive factors such as the fact that Uganda is a pioneer in the liberalisation of the media in Africa. Private radio and TV have mushroomed since the government loosened controls in 1993.
- 2002 Total Kenya Limited
- 2001 East African Development Bank
- 2000 Total Kenya Limited
- 1999 East African Development Bank
- 1997 Republic of Kenya
- 1997 National Bank of Kenya
- 1996 East African Development Bank
The Debt Capital Market of Kenya
When first elected in 2002, president Kibaki’s administration initiated a number of reforms to improve accountability and efficiency in the management of public corporations and enhance the role of the private sector as the engine of growth and poverty reduction.
Some very positive results were obtained at a macroeconomic level such as economic growth increasing to over 7%. Improvements were also made that carried a bigger impact to the every-day life of the population, for example the government legislated that every child in Kenya has the right to free primary education. Inflation was under control at the end of 2007 but in March 2008, after the post-election violence, it rose to 6.98% (from 5.13% in March 2007) –mainly due to increase in food prices. Interest rates have been stable for the last two years. According to the central Bank of Kenya, the country will recover rapidly from the political crisis because “productive capacity was not destroyed, and the economy will quickly bounce back to a growth rate of between 4.5% and 6%”.
- 2001 East African Development Bank 1999
- East African Development Bank
The Debt Capital Market of Tanzania
Tanzania might not be as rich in commodities as its neighbouring countries, but its economy has been free of tight government controls for more than twenty years, and therefore the country has been able to attract foreign lending and investments, and to improve productivity by implementing sound economic reforms.
Its last president, Mr. Jakaya Kikwete, was elected in 2005 and has vowed to continue the reforms started or implemented by his predecessor Benjamin Mkapa, with a renewed commitment to create new jobs and tackle poverty.
The Debt Capital Market of Zambia
Zambia’s Gross Domestic Product (GDP) grew by an estimated 5.8 per cent in 2006, as a result of increased copper production, buoyant copper prices, an exceptionally good agricultural performance and a strong expansion in construction. GDP growth is expected to remain around 6 per cent in 2007 and 2008, as a result of increasing investment in mining and high demand for housing which should result in further expansion of construction. In tandem with a favourable economic performance, the macroeconomic fundamentals have improved in recent years. The government has achieved a major fiscal consolidation and undertaken public-sector reforms that triggered the cancellation of $3.9 billion of external debt in 2005. Restored donors confidence translated into larger inflows of aid, increasingly as direct budgetary support.
The sharp appreciation of the kwacha experienced in late 2005 and early 2006, coupled with the 2006 bumper harvest, eased inflationary pressure, which averaged 9 per cent – the first time in about 30 years that Zambia has achieved single-digit inflation.