Lionel Kruger


I am responsible for developing JCRA’s full service offering in sub-Saharan Africa, concentrating primarily on project finance and infrastructure. I’m based in the London office and work on structuring and negotiating long-term hedging solutions in major project finance transactions in the sub-Saharan African region.

T: +44 (0)207 493 3310

Email Lionel


  • Commodity Hedging
  • Deal Contingent Hedging
  • FX Hedging
  • Hedge Accounting
  • Inflation Hedging
  • Interest Rate Hedging
  • Project Finance & Infrastructure
  • Public Sector


  • Honours BComm Finance, The University of South Africa
  • BComm Economics and Business Economics, The University of South Africa

About Lionel

I joined JCRA in 2016 after running a successful consulting business in Johannesburg for 16 years. I have more than 30 years’ experience in investment and corporate banking and have served as a director and non-executive director on a number of boards.

I am passionate about conservation and find great satisfaction in assisting utility-scale renewable energy projects to reach financial close. 

I am an adrenaline junkie and enjoy motorised sports such as water skiing and quad biking when time allows. My wife, daughter and two sons occupy most of my spare time, however, and weekends are generally spent supporting the children’s various sporting activities. I enjoy good food, lots of wine and walks in the countryside.

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Published work

South African Rating Relief

South Africa heaved a collective sigh of relief on Friday as international ratings agency Moody’s decided to postpone its review of the country’s sovereign ratings.

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Summer is over

July and August have seen some spectacular moves in prices and markets. As recently as mid-August, the EURUSD was at 1.13 and ended the month testing 1.17. Emerging Market noise combined with Trump’s trade wars is certainly boosting volatility.

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Oil price drivers and the hedging conundrum

The risks of higher oil prices remains a very real threat to consumers and the energy complex offers some interesting opportunities to take out longer dated hedges.

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The UK: Inside (but somehow also outside) the EU

Brexit noise, and the resultant political turmoil, are building to a crescendo, with both sides playing an increasingly high-stakes poker game. The question is: who has the best game face?

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South African Medium Term Budget: what to expect?

For any successful economy, a spirit of mutual respect and teamwork between Government and the private sector must exist. In South Africa, business confidence is at its lowest level since 2009, which, unsurprisingly, coincides with low GDP.

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The impact of South Africa’s Credit Rating Downgrades

A lacklustre 2016, which saw South African GDP shrink by 0.3%, has been followed by a series of political own goals in 2017. The disastrous cabinet reshuffle, which culminated with the axing of finance minister Pravin Gordhan, ended with the inevitable rating downgrades.

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Renewable energy in sub-Saharan Africa

JCRA, in collaboration with the Centre for Economic and Business Research (Cebr), is launching a series of whitepapers focused on infrastructure in its various forms throughout sub-Saharan Africa.

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Hedging foreign exchange risk in sub-Saharan Africa

This paper sets out the FX risks investors in sub-Saharan Africa need to be aware of and how to mitigate them, where possible.

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