Africa in brief

Son of ex-Angolan president detained in graft probeThe son of Angola’s ex-president has been detained in connection with an investigation into corruption and other crimes, the official ANGOP news agency said on Tuesday.José Filomeno dos Santos is the highest profile figure to be held in custody since President Joao Lourenco succeeded former leader Jose Eduardo dos Santos a year ago vowing to tackle widespread corruption.ANGOP said he had been arrested for “being part of a criminal association, irregular acceptance of advantages, fraud, embezzlement and corruption, among others.”In March, the younger Dos Santos, the former head of Angola’s US$5 billion sovereign wealth fund, was charged with fraud relating to a US$500 million transaction out of an account belonging to the central bank.-Nampa/ReutersNigeria's central bank optimistic over US$8.1 bln MTN disputeNigeria’s central bank governor Godwin Emefiele said on Tuesday he was optimistic the bank would resolve a dispute linked to allegations that South African telecom firm MTN moved funds out of the country illegally.The regulator last month ordered MTN and its banks to bring US$8.134 billion back into Nigeria which the central bank alleged the company had sent abroad in breach of foreign exchange regulations.MTN’s latest troubles come about two years after it agreed to pay more than US$1 billion to settle a dispute over SIM cards in Nigeria, whose finances have been hit by a weak economy and volatile global oil prices.Emefiele said the crux of the latest alleged infraction, related to the repatriation of funds, was that MTN did not obtain final approval before moving the naira equivalent of US$8.1 billion from its profits out of Nigeria.MTN and its banks have written to the central bank and provided documents on the matter, Emefiele said.-Nampa/ReutersBank of Ghana keeps policy rate unchanged Ghana’s central bank kept its benchmark interest rate unchanged at 17% on Monday as expected, mindful of possible inflationary headwinds as the dollar strengthened, governor Ernest Addison said.Monday’s decision to hold rates steady, the second this year, would also help to cushion any spillover effect from fuel price increases and a potential trade war between the United States and China, Addison told reporters in Accra.He said the most recent forecast showed the rate of disinflation slowing marginally on possible second-round effects of recent increases in petroleum prices, exchange rate depreciation and tax increases.Ghana is a major commodity exporter but its cedi currency has been unstable since May, touching new lows this month, as investors pulled away from emerging market assets.“Given these considerations and weighing the balance of risks, the committee decided to keep the policy rate unchanged, but will continue to monitor closely developments in the coming months and take the appropriate actions to address any potential threats to the inflation outlook,” Addison said.-Nampa/ReutersSouth Africa rand weakens as stimulus package disappointsSouth Africa’s rand was on the back foot on Tuesday amid weak emerging market sentiment and with investors unimpressed by an economic stimulus package announced by President Cyril Ramaphosa last week that included no new money.At 0645 GMT the rand was 0.36% weaker at 14.3325 per dollar, having closed in New York at 14.3850.The ramp-up in trade war tensions continues to rattle investor confidence as the US and China showed no signs of backing down and the escalating trade row is expected to hit global economic growth.Investors remain skittish on the rand following the announcement of a stimulus programme that will see a reallocation of the budget but does not involve an injection of new cash.In fixed income, the yield on the benchmark government bond due in 2026 was up 3 basis points to 9.115%.Stocks are due open lower at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0.6%-Nampa/Reuters

Africa in brief

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Africa in brief

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