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SSA news through Dec. 28

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SSA news through Dec. 28

EAST AFRICA

* The National Bank of Rwanda slashed the key repo rate for the first quarter of 2018 by 50 basis points to 5.5%.

* Analysts at EFG Hermes Kenya expect KCB Bank Kenya Ltd., Equity Bank (Kenya) Ltd., Co-operative Bank of Kenya Ltd. and Stanbic Bank Kenya Ltd. to boost their loan loss provisions by 36 billion Kenyan shillings under the new IFRS 9 accounting standards set to come into force Jan. 1, 2018, The East African reported.

WEST AFRICA

* Former soccer star George Weah won Liberia's presidential election, defeating Vice President Joseph Boakai. Weah is set to replace incumbent President Ellen Johnson Sirleaf next month.

* The Ghanaian National Insurance Commission said the process to shutter an under-capitalized insurance firm has already begun, Joy Business reported. Its operations are set to shut down by December-end for its inability to meet the existing minimum capital requirement of 15 million Ghanaian cedi.

* Egypt-based EFG-Hermes Holding SAE aims to enter Nigeria in 2018 with broking services, Reuters reported, citing Mohamed Ebeid, co-CEO of the group's investment bank platform.

SOUTHERN AFRICA

* The Bank of Mozambique cut the key lending rate, or MIMO, by 150 basis points to 19.5%. The standing lending facility and the standing deposit facility were also reduced by 150 basis points to 20.5% and 14.0%, respectively.

* Sasfin Holdings Ltd. named Angela Pillay group financial director, with effect from March 1, 2018. Pillay will also be a director at various Sasfin Holdings subsidiaries, including Sasfin Bank Ltd.

CENTRAL AFRICA

* Chadian President Idriss Déby appointed Abdoulaye Sabre Fadoul as finance minister, among other appointments, Reuters wrote. Fadoul has held the post on an interim basis since last month following the dismissal of former Finance Minister Christian Georges Diguimbaye.