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    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

    Govt strikes deal with Insurance Association on debt exchange programme

    We must invest in crucial infrastructure to accelerate AfCFTA’s success– Bawumia to African Leaders

    NCCE Chairperson pays courtesy call on BoG Governor

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Accra never sleeps, neither does The Cosmopolitan …The Cosmopolitan now runs 24/7 [ARTICLE]

    Tax on agro inputs a threat to agribusiness and food security – Analysts

    Completely exempt individuals from DDEP over GAB agreement – Senyo Hosi to govt

    Assin State College receives Dano “Inner Strength” Award

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    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

    Registrar of Companies increases fee for business registration

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

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    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

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    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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MTN scraps early Nigeria debt payment amid currency shortage

bycitibusinessnews
August 24, 2015
in Business, News, TECHNOLOGY
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MTN Group Ltd. has abandoned plans to repay early about $500 million of debt held in Nigeria, saying it can’t get hold of dollars in the African wireless carrier’s biggest market.

[contextly_sidebar id=”tpSLcFCfBjyolsgHR1jWQDpEWdPZjcYQ”]“We had looked to do the early resettlement but currently we are not able to,” Nik Kershaw, head of investor relations, said by phone on Monday. “In Nigeria there is limited availability of the hard currency.”

MTN, which has more than 230 million mobile-phone customers in 22 countries, said Aug. 5 it was in talks with Nigeria’s Central Bank about the early repayment of borrowings to reduce exposure to the naira, which has weakened against the U.S. dollar this year. The Johannesburg-based company sees the naira deteriorating further, Kershaw said.

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Declines in emerging market currencies against the dollar, including the South African rand, will hurt the business, Kershaw said. The cost of importing handsets into South Africa could rise, for example, with the difference to be passed onto the consumer.

“If the handset pricing goes up because the currency weakens, it’s going to cost the consumer more,” Kershaw said.

The rand tumbled to a record low on Monday on concern plunging global commodity prices will worsen the country’s economic outlook. The currency traded 2 percent weaker at 13.2340 against the dollar as of 12:54 p.m. in Johannesburg. MTN shares declined 4.9 percent to 168.50 rand, compared with a 2.5 percent fall on the FTSE/JSE Africa Top 40 Index.

MTN will take time to consider how to respond to the rand’s weakness in terms of cost controls and investment plans, Kershaw said.

“When we do the next budget cycle we’ll review that,” he said. “We’re not going to have a short-term, knee jerk reaction to the currency moving, you need to see how things play out over the next couple of months.”

–

Source:   Bloomberg

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