Africa

South Africa’s Spar Weighs Offer for Cash-Strapped West Pack

South African retailer Spar Group Ltd. is considering an offer to acquire cash-strapped West Pack Lifestyle, Bloomberg News reported. The nation’s second-largest grocer by revenue previously said it plans to expand beyond the food segment and win more market share in South Africa. West Pack, which sells homeware, has gone into business rescue — a local form of bankruptcy protection. The group also sits on a large debt pile that a purchaser would have to take on.
South Africa
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Cash-Starved Angola Pays Local Suppliers With Treasury Bills

Angola’s Finance Ministry said it will extend the practice of paying local suppliers with Treasury bills because the oil-rich nation’s government doesn’t have sufficient cash, Bloomberg News reported. The state may sell new securities to cover the payments to suppliers, Yona Amado, coordinator of arrears at the ministry’s Public Debt Management unit, said at a conference in Luanda, Angola’s capital. “This may cause some discomfort for creditors,” Amado said.
Angola
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Africa’s Debt Crisis Has ‘Catastrophic Implications’ for the World

After a new tax increase incited weeks of deadly riots in Kenya early this summer, President William Ruto announced that he was reversing course. He abandoned the finance law he had proposed, and then he shook up his cabinet. Last week, the government reversed itself again, the New York Times reported. The newly appointed finance minister announced that some of those discarded tax increases would be reintroduced.
Africa
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Nigeria’s SEC to Licence Crypto Exchanges as Adoption Surges

Nigeria’s top finance regulator plans to license providers of virtual assets including cryptocurrencies to tap opportunities and protect investors as adoption rates surge in the West African nation, Bloomberg News reported. The Abuja-based Securities and Exchange Commission is looking to issue its first licenses for digital service and tokenized assets this month, Director-General Emomotimi Agama said. “Being a crypto enthusiast and fintech enthusiast, I can tell you without doubt that this is going to happen sooner than you think,” Agama said in an interview on Bloomberg Television.
Nigeria
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