Author: Editor

The Gambia became the last African country on April 4 to ratify the agreement on the Continental Free Trade Area (FTAA). Banjul brings to 22 the number of countries that have ratified the Convention which, therefore, and on paper, comes into force. The next meeting of the African Union will have to take note, unless we are surprised. In the meantime, the ministries of commerce and the specialized bodies continue to negotiate certain aspects related in particular to the rules of origin and the numerous non-tariff barriers between countries of the continent. Hello As a reminder, this free trade agreement,…

Senegal hosts the High Mass of African Economic Intelligence from April 29 to 30, 2019. As a prelude to this continental meeting, Financial Afrik interviewed Mr. Lansana Gagny SAKHO, the Resident Representative of the African Center for Intelligence and Security. Economic Intelligence (CAVIE) in Senegal. Financial Afrik: A few weeks after the re-election of President Macky SALL, Senegal hosts the High Mass of African Economic Intelligence. A mere coincidence or a chance of timing? Chance of calendar yes, but happy coincidence of the dates His Excellency the President Macky SALL engaged since 2012 a voluntarist policy of structural transformation of…

On Sunday, March 31, 2019, at the Bank of Central African States, Cameroon National Directorate in Douala, the unification convention of the Financial Market Supervisory Commission of Central Africa (COSUMAF) with the Markets Commission Financiers du Cameroun (CMF) was signed by the Presidents of both institutions, as well as by the Chairman of the Steering Committee of the Economic and Financial Reform Program of the Economic and Monetary Community of Central Africa (COPIL PREF-CEMAC), Mr. Gilbert ONDONGO, Minister of State, Minister of Economy, Industry and Public Portfolio of the Republic of Congo. In the presence of the Ministers of Finance…

The 7th African Petroleum Congress and Exhibition (CAPE VII) opened on April 3, 2019 in Malabo, capital of Equatorial Guinea, under the theme of shared prosperity. Some 700 delegates from 38 nationalities (including 23 African) from all continents made the trip to Malabo, a city with state-of-the-art infrastructure built on oil revenue. Among the 13 African companies present at this conference, the Nigerian giant NNPC, the Ivorian Petroci or the South Sudanese Sudapec. For Mahaman Laouan Gaya, Secretary General of the Association of African Petroleum Producers (APPO), representing 18 members, or 95% of African production, “the continent must unite to…

In April 2019, Dakar is the African capital of economic intelligence. After the training sessions in Intelligence and Intelligence of African Markets (VIMA) of Ouagadougou, Paris, Yaounde, Tunis and Douala, the African Center for Intelligence and Business Intelligence (CAVIE) is set up in Dakar as a prelude to the States General of African Economic Intelligence (EGIEA) from 29 to 30 April 2019 in Senegal. This short, intensive and certifying session on business intelligence and intelligence in African markets provides the latest methods, tools and techniques for influence and counter-influence, collection and processing, production and security of economic information and intelligence.…

The capital increase announced by BMCE Bank was the main highlight of a results presentation conference held on April 2, 2019. The operation will see the entry of the British CDC (Commonwealth Development Corporation, equivalent of the French Development Agency, AFD) in the round robin for 200 million dirhams according to information Desk.ma site. This is a breath of fresh air that comes at the right moment, as the bank is struggling with minimum capital ratios. Hence, the recent leak of internal information on the recruitment freeze. This measure of austerity is in addition to that of freezing any expansion…

The African bank Ecobank Transnational Incorporated (ETI) had to inject $ 64 million into its Nigerian subsidiary to end a controversy with the authorities of that country. All is part of the adoption by Ecobank in its 2017 accounts of a Naira / dollar exchange rate different from the official rate applied by the central bank. The resulting differential affected the equity ratio of Ecobank Nigeria, the Group’s largest subsidiary, both in terms of total assets and the ratio of outstanding receivables and, inevitably, provisions. As a reminder, the board decided in November to adopt a market exchange rate of…

Senegal’s President Macky Sall was sworn in on April 2, 2019 for a second term full of political and economic issues. The consolidation of the rule of law through the reaffirmation of the roles of the three powers (the executive, the judiciary and the legislature) has certainly been the guiding principle of the country since its independence. But the second term of the re-elected president with 58.27% of the votes will have to be the occasion of big investments. The President of the Republic announced the launch of a vast program of construction of 100,000 housing units over five years…

General Electric has announced the appointment, on April 1, 2019, of Éric Amoussouga as President and CEO for French-speaking Africa. In this role, Amoussouga will play a central role in managing the next phase of GE’s strategy and growth deployment in French-speaking African markets. Based in Abidjan, Mr. Amoussouga will lead the development of various programs and the implementation of public-private projects and partnerships throughout French-speaking Africa. Commenting on the appointment, Farid Fezoua, President and CEO of GE Africa, reiterated GE’s commitment to working with governments and the private sector to build public-private partnerships and develop sustainable, results-based solutions. “We…

Three and a half years after the arrival of Nigerian Ade Ayeyemi, Ecobank Transnational Incorporated (ETI) has continued to recover. Lomé-based bank completes fiscal year 2018 with a net profit of $ 328.6 million, up 44%, reflecting management’s efforts in both the commercial offensive and the control of operating expenses . But given the total balance sheet of more than 25 billion dollars, this sharp increase in earnings is still insufficient to reflect on the profitability of assets. Clearly, the bank founded in 1985 must resize its portfolio by closing unnecessary agencies and separating itself from the dead wood that…

Always seeking capital to satisfy the minimum ratios, needs accentuated by the entry of the new IFRS standards, BMCE Bank Of Africa announces an increase of 1.9 billion dirhams (190 million euros) which will be followed by the entry of a foreign shareholder (British) up to 200 million dollars. In its first part, the transaction will be by a capital increase in two tranches, seeking each time the portfolio of former shareholders. They will have to give up the dividends of 2018 to participate in the first tranche which will materialize by optional conversion of these dividends into shares, or…

The African Export-Import Bank (Afreximbank) has been awarded the mandate to serve as the exclusive financial adviser and mandated lead arranger for the $130-million bauxite mine expansion project by Sierra Mineral Holdings 1 Limited (Vimetco) in Sierra Leone. The mandate was announced in Freetown on 4 April during a working meeting hosted by Sierra Leonean President Julius Maada Bio with representatives of Vimetco, the chief sponsor of the project; VI Holdings, the parent company of Vimetco; and Afreximbank. Under the terms of the mandate, as captured in an engagement letter signed between Vimetco and Afreximbank during the working meeting with President Bio,…

– Kenyan banks are collaborating with Safaricom’s M-PESA mobile payments service to offer higher value-added services, a credit positive – Fintech innovation will continue to expand the market for banking services Kenyan banks are now working with Safaricom’s M-PESA mobile payments service to offer saving and loan products, a credit positive, Moody’s Investors Service says in a report published today. “Banks have piggybacked on a successful model, partnering with M-PESA to offer services, like loans and deposits, and improving their cost efficiency,” said Christos Theofilou, VP-Senior Analyst at Moody’s. “M-PESA is a fintech disruptor and has dominated payments in Kenya…

Access to finance by women in Africa is critical if the continent is to attain the sustainable development goals, Economic Commission for Africa’s (ECA) Deputy Executive Secretary, Giovanie Biha said Tuesday. Speaking at an event to discuss the African Women Leadership Fund (AWLF) in Marrakesh, Morocco, ahead of the fifth Africa Regional Forum on Sustainable Development (ARFSD), Ms. Biha said adopting the right actions to integrate gender in Africa’s economies will result in financial inclusion, guarantee women’s economic empowerment and achievement of the SDGs, thereby helping change the face of the continent. According to the ECA’s Women’s Report (2013), failure…

On the eve of the seventh summit of the African Petroleum Producers Organization (APPO), which opens April 2 in Malabo, capital of Equatorial Guinea and African capital of energy throughout of the year 2019, Financial Afrik met with Mahaman Laouan Gaya, Secretary General of the association. For the high Nigerien framework, African oil and gas producing countries must unite to better defend their objectives in a global context of price volatility. As Mr. Gaya says, the Malabo meeting marks the end of institutional reforms and the launching of a new organization. Interview. The summit of the Appo opens this April…

Largest fund ever raised dedicated entirely to fund-of-funds secondaries Introduces ‘X shares’ concept, a fee- and carry-free offering for NGOs BEX Capital, the first investment firm focused exclusively on fund-of-funds (FoF) secondaries, today announced the close of BEX Fund III, with total commitments of $365 million. This was the first and final close of BEX Fund III, with fundraising completed in the space of four months. BEX Capital received strong support from existing investors with over 90% returning to commit to BEX Fund III. The fund was substantially oversubscribed and closed in excess of its original target of $280 million. As per its predecessors, BEX…

Bringing together the most innovative tech thinkers and leaders from Africa to Kinshasa, Kinshasa Digital is announcing the 2nd edition of its annual gathering of technological innovation and decision-makers: Kinshasa Digital Week 2019. The event will be the biggest tech surprise of the year and will feature a full schedule of the conference program placed under the theme of Pan-African ambition. The first edition of Kinshasa Digital Week 2018, established itself as the showcase for leading innovators and decision-makers in Kinshasa. It gathered more than 30 international and national decision-makers, inspiring tech leaders and rising startups to share their experiences…

The Moroccan Authority of Control of the Insurance and the Social Providence (ACAPS), organizes on March 31st and April 1st, in partnership with the Association of the African Authorities of Control of the Insurance (3ACA), the 1st annual meeting of this association which brings together regulators and supervisors from the insurance sector in all African countries. 3ACA arose from the desire of the African insurance supervisory authorities to coordinate their actions and set up a partnership and cooperation framework aimed at strengthening the supervision of the insurance industry, the development of markets, the protection of the insured and the contribution…

The SMB-Winning Consortium, in the presence of its President and CEO Mr. Sun Xiushun, the President of the Republic of Guinea, His Excellency Professor Alpha Condé, and several members of the Guinean Government – represented by the Minister of Mines and Geology, Mr. Abdoulaye Magassouba, and the Minister of Investment and Public-Private Partnerships, Mr. Gabriel Curtis – together laid the foundation stone for a new railway this Friday. This event marks the beginning of the revival of the Guinean railway sector while the last construction of a railway line dates back to the 70s. With this new railway axis Dapilon-Santou…

The Africa Fintech Summit (AFTS) will take place at the U.S. Institute of Peace on April 11 in Washington during the week of the Spring Meetings of the World Bank Group and the International Monetary Fund. The AFTS will gather tech and finance leaders, policy makers, and investors from across Africa and the United States to discuss the future of financial technology. Through a strategic partnership with Congo Business Network, the AFTS seeks to engage Congolese entrepreneurs who are working to revolutionize the financial and technology ecosystems. ACTUALITE.CD receives Noel K. Tshiani, founder of Congo Business Network, for today’s interview.…

The African Union Commission, and Africa 24 GROUP have signed an MoU that will see the two institutions partner to develop and disseminate content aimed at promoting Africa’s image and its development narrative. The partnership with Africa 24 reflects the various ongoing initiatives by the African Union to connect better with its citizens, as well as partner with African private sector enterprises as called for in the ongoing AU Institutional Reforms. The partnership with Africa 24 also reiterates the intent of the African Union to work with partners who share the common objective to popularise Agenda 2063, Africa’s strategic framework…

24 employees will spend four and a half weeks in Kenya to support 16 local entrepreneurs London: Citi has today launched Volunteer Africa 2019, a program that engages junior employees to help entrepreneurs grow their businesses. Now in the fourth year of the program, Citi volunteers are returning to Kenya where the program started in 2016. This year, 24 Junior Bankers will spend four and a half weeks working with local entrepreneurs based in Nakuru and Eldoret, using their skills and experience to help them to improve the overall business including growth, employment, and future investment opportunities. Citi is proud…

160 dead and looping images in social networks and TVs around the world. In the aftermath of a massacre coldly planned and executed without qualms, President Ibrahima Boubakar Keita alias IBK has finally emerged from his ivory tower. From the heights of Koulouba, the strong man of Mali, reelected in 2018 according to the principle of “1 KO tower”, seemed in disconnection with the real country. Nevertheless, his first decision after the tragedy of Ogossagou (Dogon term meaning “The will of the leader”), that of dismissing his chief of staff and eight senior military officials, pleads for his cause. It…

Subsidiary of the Moroccan banking group Banque Centrale Populaire (BCP) since October 2018, the Mascarene Bank has unveiled, this Thursday, March 28, 2019, its new name and its new visual identity. From now on, the Banque des Mascareignes becomes BCP Bank (Mauritius) Ltd and sports as a logo the horse, historical emblem of the BCP group, which symbolizes energy, strength and nobility. It is also accompanied by three dynamic traits that mark power and movement. The revelation of this new visual identity was formalized during a ceremony held at the Chateau Labourdonnais, in Mapou (Mauritius), in the presence of many…

By Abdoulaye Sow The Board of Directors of the African Development Bank has approved a € 12.5 million equity investment in the first-generation private equity fund Adiwale Fund 1. The fund, which aims to raise $ 75 million, targets small and medium-sized enterprises (SMEs) with strong growth potential in Francophone West Africa through the acquisition of minority stakes in them. The fund manager, Adiwale Partners, which was launched in 2016, initially aims at Ivory Coast, Senegal, Burkina Faso and Mali, then will move towards Togo, Benin and Guinea with an average transaction volume of between 3 and 8 million euros.

Jean Ping’s presidential campaign in 2016, would it have been financed by a Chinese network active in the illegal timber trade? This is revealed by the British NGO Environmental Investigation Agency (EIA) in a 70-page document that looks back on the ramifications of the Dejia group, the epicenter of the Middle Kingdom in the timber industry in the Basin. Congo, the second largest tropical forest in the world after the Amazon. At the end of its four-year investigation, EIA estimates that Xu Gong De’s group, a Chinese tycoon who has spent decades in the region, controls 1.5 million hectares of…

Ghana Cocoa Board, a Ghanaian government institution that oversees the cocoa sector, has successfully implemented its first syndicated loan with sustainable development objectives, amounting to US $ 300 million and a 3-year maturity. Societe Generale acted as bookrunner and E & S coordinator of the operation. Societe Generale’s E & S expertise, coupled with its consulting and structuring capabilities, was key to supporting Ghana Cocoa Board in setting up this inaugural operation. Emmanuel Chesneau, Head of Global Commodity Financing at Societe Generale commented: “We are proud to sign the first syndicated operation related to sustainability issues with an African company.…

The African Export-Import Bank (Afreximbank) has released its abridged audited financial statements for the year ended 31 December 2018, showing strong financial and operational performance, with total comprehensive income for the year amounting to $285.4 million. The total comprehensive income reflects a solid growth of 24 per cent compared to the prior year performance of $229.8 million and was achieved mainly due to higher net income in 2018 amounting to $ 275.9 million compared to $220.5 million in 2017. The results, released in Cairo, show that the Bank’s total assets grew by 13 per cent from $11.91 billion as at 31 December 2017 to…

2019 Ibrahim Governance Weekend highlights urgent need for robust data and informed policy to manage mobility and spur economic development Debating and discussing African migrations, youth and jobs, the 2019 Ibrahim Governance Weekend, held in Abidjan 5-7 April, heard that the global view of African migrations urgently needs to be reset since distorted data leads to inadequate policies. African migrations present an opportunity for both the continent and the world, and yet today this topic triggers an emotional reaction and is generally misunderstood. Driven by the need for jobs and economic opportunity, most African migrations begin and end on the…

The digital revolution is one of the keys to inclusive growth and job creation in Africa The latest edition of the Africa’s Pulse report, released today, is downgrading sub-Saharan Africa’s growth to 2.3% in 2018 from 2.5% in 2017. For the fourth year in a row, The economy is growing at a slower pace than population growth and, despite more favorable regional forecasts for 2019, which are forecast to rebound to 2.8%, growth has not been able to break the 3% mark since 2015. The semi-annual report of The World Bank’s African Economic Outlook also examines the impact of fragility…