Author: Editor

A high-level meeting on the launch of the awareness campaign and popularization of the new exchange regulations was held on July 4 in Douala, in the boardroom of the BEAC agency. Chaired by Mr. Cesar Augusto MBA ABOGO, President of the UMAC Ministerial Committee, this meeting was attended by the President of the CEMAC Commission, the Governor of the BEAC, the members of the BEAC Government and their representatives. main collaborators, employers ‘leaders of CEMAC countries, consular chambers, professional associations of credit institutions, professional associations, microfinance institutions, oil tankers’ unions, mining unions, industrial unions, unions of importers, major oil companies,…

The Asian Infrastructure Investment Bank (AIIB) held its 4th annual meeting in Luxembourg, the first held outside Asia. These meetings have allowed to receive, on July 13, 2019, Benin in the very closed circle of the members of this financial institution initiated by China. Benin is now a member of the Asian Infrastructure Investment Bank (AIIB). The decision was taken unanimously by the institution’s Board of Governors. It is in the presence of a delegation led by the Minister of Economy and Finance Romuald Wadagni this membership was approved. This is the culmination of a long process followed by the national treasurer…

A recent report by Moody’s indicates that while East African countries such as Kenya, Ethiopia and Tanzania are focusing their infrastructure spending on the economy, recurrent budget deficits will reduce their solvency by the time their balance sheet will no longer be able to afford shocks. “Over the next two years, we anticipate that fiscal deficits will be lower than those needed to stabilize debt in all East African countries, with the exception of Uganda, where the debt burden should increase, relative to a reduction or a general stability of the debt in the rest of Africa “, testifies Lucie…

In cash stress for a few weeks, the New Bank of Mauritania (NBM) has reached an agreement with the Central Bank (BCM). The agreement in question deals with the clearance of the State’s arrears. A timetable has been set in this direction, which would allow the NBM to return to its funds. In the meantime, the BCM has imposed temporary withdrawal ceilings of up to 1 million old Ouguiyas per week for corporate clients and 400,000 UM for individuals. Financial Afrik’s attempts to join the management teams have been futile. However, information is generally informed, the NBM is not excluded…

Algeria and Nigeria will have to decide this Sunday during a shock football match between two teams with different playing styles. Without dwelling on the sporting prognosis, one can engage in an economic comparison between the West African democracy and the Maghreb dirigisme. With 177 million inhabitants and only two thirds of the GDP of ECOWAS, or 375 billion dollars, Nigeria is the first African economy. Algeria has a GDP of 175 billion dollars but has better ratios than its rival with whom it shares the characteristic of holding huge gas resources. In fact, per capita GDP in purchasing power…

The Teranga Lions and the Carthage Eagles clash Sunday, July 14, 2019 in Egypt. The winner will play the final of the Africa Cup of Nations. Beyond the sports issues, we were interested in the economic aspects of the duel Senegal -Tunisie. The West African country had a GDP of 16.37 billion dollars in 2017, far behind its rival of the day, accredited a sum of added value of 40, 26 billion dollars the same year. Thus, Tunisia with 8 million inhabitants has a saving of almost three times greater than that of Senegal, twice more populated. The Carthagenians…

On July 26, 2019, the State of Senegal will pay the half-yearly margin and partial repayment of its Islamic bond called “SUKUK State of Senegal 6% 2016-2026” for an amount of 18,156 billion FCFA (27,234 million euros). euros). On June 20, 2016, the government of Senegal launched a second Sukuk or Islamic bond in the West African Economic and Monetary Union (WAEMU) financial market for CFAF 150 billion ($ 225 million). euros). Instead of a traditional interest rate prohibited by Islamic law, the issuer had set a profit margin of 6% to pay subscribers. The Islamic loan was spread over…

In order to support its commercial development and improve its operational efficiency, Assinco, the insurance specialist, a subsidiary of the BGFIBank Group, is launching a new loyalty product aimed at its customers and thus confirms its ambitions for diversification and upmarket. “Odyssée”, a free loyalty card, offers discounts ranging from 5% to 50% from 21 of its partners. Can benefit from this card, any insured Assinco who fulfills one of the following criteria: a minimum of one year a claims ratio equal to or less than 55% Can also be entitled to the Odyssey card, VIPs paying a premium of…

The Ivorian head of state was quickly received in Paris by his French counterpart Emmanuel Macron the day after his participation in the summit of the African Union of Niamey (7 and 9 July 2019). Contrary to his habits, Alassane Ouattara did not spend more than 48 hours in Paris. The Ivorian head of state quickly returned to Abidjan where he had emergency files to evacuate and, in his agenda, the reception of two heads of state of the region, namely Mahamadou Issouffou of Niger and Roch Marc Christian Kaboré from Burkina Faso. Because, according to our sources, Emmanuel Macron…

Once again this year, Societe Generale received numerous awards at the Euromoney Awards for Excellence 2019 ceremony held on July 10 in London. Thus, Societe Generale received, for the first time, the Best Bank Award in Africa in terms of corporate responsibility. “We are honored with this award, which demonstrates the commitment of Société Générale Group and its employees to the positive transformations of the continent. Contributing responsibly and sustainably to African growth is one of the collective challenges around which Societe Generale has decided to mobilize. We recently launched the “Grow with Africa” ​​program, which aims to better support…

Sustainable development goal number 8, a multidimensional goal that lies at the heart of the global 2030 Agenda, is under spotlight at the ongoing high level political forum on sustainable development (HLPF) that is underway in New York. Speaking in a Workers and Trade Unions Major Group side event at the Forum, Oliver Chinganya, Director of the Economic Commission for Africa’s (ECA) African Centre for Statistics, said success on SDG8 can not only help achieve a number of other SDGs, but also promote inclusive and sustainable development and make a tangible contribution to improving peoples’ lives and well-being. SDG8 seeks to promote…

On Wednesday 17 July in Abidjan, the Board of Directors of the African Development Bank approved a loan of €87 million to the government of Senegal, to implement its Project to Improve the Water Supply for the Development of Value Chains (PROVALE-CV). For this project, valued at an estimated €122 million, the Bank will provide €60.8 million, while the “Africa Growing Together Fund” (AGTF) will provide €26.8 million. Developed with the support of the Bank, PROVALE-CV is the first project under Senegal’s small-scale Local Irrigation National Development Programme (PNDIL). It operates in three agro-ecological areas in the country: Les Niayes, the groundnut basin, and…

The Chair of the Bureau of the 5th Session of the African Regional Forum for Sustainable Development (ARFSD) and Secretary of State for Sustainable Development of the Kingdom of Morocco Nezha El Ouafi, addressed the High-Level Political Forum for Sustainable Development (HLPF) and presented the main conclusions of the Marrakech Declaration this week in New York.  “African countries wish to consolidate South-South cooperation, share their experiences in addressing the multiple and complex challenges they are facing. They seek to build partnerships and multi-stakeholder action programs at the regional and sub-regional levels in order to achieve the development needed to ensure…

The Economic Commission for African (ECA) and the OCP S.A. (formerly known as the Cherifien Office of Phosphates) signed an MoU aimed at strengthening collaboration on innovations and investments in agriculture using science and technologies. The agreement includes support to the African Continental Free Trade Agreement – AfCFTA and women’s economic empowerment in Africa. The MOU was signed by the ECA Executive Secretary, Vera Songwe and OCP S.A. Chair and CEO, Mostafa Terrab in New York on the margins of the ongoing High Level Political Forum on Sunday 14 July. The agreement recognizes that ECA and OCP have a shared vision for…

The African Export-Import Bank (Afreximbank) has appointed Idrissa Diop, formerly of Ecobank Transnational Inc., as its new Director of Compliance. Mr. Diop, who, until his appointment, was Ecobank’s Group Head of Compliance, replaces Maureen Mba, who retired from Afreximbank in May after a long meritorious service. The new Director comes with 20 years’ experience from various European financial institutions and the Ecobank Group, which he joined in June 2011. Prior to joining Ecobank, he worked for 10 years in Luxembourg, holding Senior Compliance Manager positions within such financial institutions as Schroders Investment Managers Luxembourg and Amundi Luxembourg (Credit Agricole Group). He…

African international schools network Enko Education just announced the closing of a 1.4 million dollars funding round from a pool of private and institutional investors. The transaction was largely oversubscribed, closed in a record time, and Enko Education is now working on a second round of 11 million dollars to be finalised by the end of the year. Following Proparco and I&P equity investments made in August 2016, and the raising of 1.1 million dollars in debt with Oikocredit and Bio Invest in 2017, Enko Education has just passed another important milestone as the group has secured 1.4 million dollars…

Africa Finance Corporation (“AFC” or “the Corporation”), the leading infrastructure solutions provider in Africa, announces today it has financed Aker Energy A.S. (“Aker Energy”), a subsidiary of Aker ASA, one of the highest-quality-rated companies in the Norwegian market and a leader in oil, gas and industrials. AFC’s support is through investing in US$100 million of convertible bond notes with an intention to participate in follow on fund raising activities. The funds will be used by Aker Energy to finance the development of the Deepwater Tano Cape Three Points block (“DWTCTP” or the “Asset”), a block offshore Ghana containing multiple oil…

ICAEW – the Institute of Chartered Accountants in England and Wales – has today announced the appointment of Allison Legge to its Africa Members Advisory Board. Legge, who is an assurance partner at Deloitte, specialises in retail and consumer industries. Speaking during the announcement of Legge’s appointment to the Advisory Board, Michael Armstrong, ICAEW Regional Director for the Middle East, Africa and South Asia said: “We are delighted to welcome Allison to the Africa Members Advisory Board and especially value her experience and networks in the Southern African market which will be a real asset to our organisation.”.  The ICAEW…

Asoko Insight and Africa Capital Digest, two leading business-to-business information providers, today launched Deal History – a comprehensive, instantly available data-set of historical Private Equity transactions in Africa since 2015. Dealmakers involved in financing Africa’s privately-held companies can purchase the entire dataset or isolated data based on characteristics meaningful to their fund or commercial due diligence. Deal History datasets includes information on buy-side and sell-side stakeholders in private equity deals, ticket sizes as well as other deal specifications and details on the intermediaries involved in executing the transactions. “Up until now, access to comprehensive deal history on the continent has…

During its General Shareholders Meeting (GSM) in Kigali yesterday, Africa50, the pan-African investment platform, announced that the Republic of Zimbabwe has joined as its 31st shareholder. Speaking during the event, Africa50 CEO, Alain Ebobissé, thanked the government of Zimbabwe for its commitment to the institution, which marks a welcome expansion in southern Africa. “We are grateful for this strong vote of confidence and look forward to working closely with the government and the private sector to identify priority projects and deploy our project development and financing expertise”. George Tongesayi Guvamatanga, Zimbabwe’s Permanent Secretary for Finance and Economic Development, signed the…

The UN Economic Commission for Africa (ECA) has once more urged leaders across the Central African subregion, especially those of CEMAC member States, to urgently pursue economic diversification and trade-induced industrialisation as pillars of their sustainable development trajectory, while taking advantage of the opportunities offered by digital transformation and regional integration – a case made stronger with the advent of the African Continental Free Trade Area (AfCFTA). The Director of the Central Africa Subregional Office of ECA, Mr. Antonio Pedro, underlined these points at a consultation on accelerating the physical and commercial integration in the CEMAC zone, convened recently in…

The organisers of the Second Intra-African Trade Fair (IATF2020) expect it to surpass the achievements of the inaugural trade fair held in Cairo in 2018 by attracting 10,000 participants and generating intra-African trade and investment deals worth more than $40 billion, Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), has said. Prof. Oramah was speaking on Saturday at the formal launch of IATF2020 during the African Continental Free Trade Area (AfCFTA) Business Forum 2019 held on the sidelines of the 12th Extraordinary Summit of African Union (AU) Heads of State in Niamey. He told guests that the trade…

The South African giant has postponed its $ 100 billion IPO following an administrative error by an external service provider. Naspers, quoted in Johannesburg, said Friday it would postpone the introduction to September of what should be the largest consumer Internet group in Europe. Listing on Euronext Amsterdam was initially scheduled for July 17. The listing aims to reduce a significant discount on Naspers share price due to the size of its investment in Tencent, which it has held since 2001. The company’s 31% stake in the Chinese video gaming giant – part of which was sold last year -…

The Regional Stock Exchange (BRVM) and the School of Management Sciences of the University of Quebec at Montreal (ESG UQAM) have created a formal framework for cooperation for a long-term partnership in the field of training, by signing a Memorandum of Cooperation Agreement. Through this Memorandum, the BRVM and the ESG UQAM pledge to collaborate to provide the UEMOA regional financial ecosystem with a training and capacity building tool. This in the form of basic training, continuous training and certifying actors and stakeholders of the regional financial market, as well as financial education of the populations of UEMOA. For the…

The 18th Edition of the US-Africa Sub-Saharan Economic and Trade Cooperation Forum (AGOA Forum called “AGOA Forum Côte d’Ivoire 2019”) will be held from 04 to 06 August 2019 in Abidjan on the theme: “Agoa and the Future: Development of a new paradigm to guide trade relations and investments between the United States and Africa “. This event will see the participation of more than 2000 personalities including American and African Political and Economic Leaders from the 39 countries eligible for AGOA, RECs: Regional Economic Communities (ECOWAS, UEMOA, SADEC, COMESA …), Multinational Organizations of Development (AfDB, World Bank …) and…

The prospect of a fully sustainable blue economy for Africa has grown considerably after the second Africa Blue Economy Forum (ABEF2019) held in Tunis on 25-26 June. The fisheries, aquaculture, shipping, ports, energy and finance sectors were all highlighted at ABEF2019, which brought together ministers, business leaders, international investors, academics and environmental organizations around the world. The need for direct action to bring environmental, economic and social benefits to Africa, and in particular to its coastal countries, given that 90% of Africa’s trade is by sea, was emphasized during two days of reflection. Stakeholders at ABEF2019 agreed on the urgent…

Orabank Togo, a subsidiary of the Oragroup banking group, announces the launch of KEAZ, its new digital services offering for private, corporate and institutional clients. The KEAZ platform, which will be accessible to as many people as possible through the sub-agents of Orabank Togo, aims to provide its users with a simple and user-friendly experience with consistent information across all channels (“omnichannel” type solution). ). The customer can start a transaction from a mobile phone and finish it on an ATM, on the internet or with a sub-agent. KEAZ users will also be able to initiate almost all their transactions…

West Africa Rating Agency (WARA) states, on July 4, 2019, CBI’s long-term rating of “BBB +” in investment grade, while its short-term rating is “w-3”. This rating is located at the level of the sovereign ceiling of Burkina Faso, which is established – according to WARA- to “BBB +”. The perspective attached to these ratings is kept stable. At the same time, on its international scale, WARA assigns to CBI the following ratings and outlook: iB + / Stable / iw-5. Born in 2008 from the transformation of “La Financière du Burkina”, which was originally a financial institution in difficulty,…

Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), yesterday in Niamey, addressed the 12th Extraordinary Summit of African Union (AU) Heads of State, announcing a series of initiatives to support the implementation of the Agreement for the African Continental Free Trade Area (AfCFTA). Prof. Oramah told the heads of state, who were gathered to mark the start of the operational phase of the AfCFTA, that Afreximbank was instituting a $1-billion AfCFTA Adjustment Facility to enable countries adjust in an orderly manner to sudden significant tariff revenue losses as a result of the implementation of the agreement. “This facility will…

The shareholders of the new unified stock exchange company of the CEMAC zone, Stock Exchange of Central African Securities (BVMAC) met this Thursday, July 4, 2019 in Douala, Cameroon, headquarters of the new company with the effect of putting in place a new governance. It was at the end of the Board of Directors of the new stock exchange that Henri Claude OYIMA, who is also Chairman and Chief Executive Officer of the BGFIBank Group, was elected Chairman of the Board of Directors. The six-year term of Henri Claude OYIMA marks the official start of the activities of the regional…