After an unprecedented number of downgrades in 2020 in response to the rise in government debt and liquidity challenges resulting from the Covid-19 pandemic, rating momentum for sub-Saharan African (SSA) sovereigns has turned more positive in 2021, with three upgrades (Benin, Cote d’Ivoire and Gabon) and one downgrade (Ethiopia) since the beginning of the year, Fitch Ratings says in a new report.
The telecom group Airtel Africa PLC (NGX:AIRTELAFRI, MSE:AIRTEL) announced on Wednesday 3 November that it has finalized the sale of its Madagascar-based telecommunications tower company to Helios Towers Plc. The cost of the transaction is estimated at $ 51.7 million.
Cross-border trading from one African securities exchange to another comes a step closer, after the African Securities Exchanges Association (ASEA) signed a contract to procure an order-routing system. Seven of Africa’s leading securities Exchanges are working together in the African Exchanges Linkage Project (AELP) to boost pan-African investment flows and bring more liquidity to African markets.
Regional stock exchanges have committed to enhancing the capital markets and increase their allure as preferred investment destinations for both local and foreign investors as well as attract new listings.
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