Author: Editor

The dismissal of Moroccan Finance Minister Mohamed Boussaid on 1 August and his replacement on a long-term basis by Islamist Minister Abdelkader Amara, who heads the Ministry of Equipment and Transport, is a tectonic consequence of the marriage, which is as endless as it is uncertain. between Sanlam and Saham. Announced for several months but still waiting for green light from the regulatory authorities, the deal valued at $ 1 billion was wrongly tainted and because of a presumed proximity between the now former finance minister and his counterpart in the industry and Commerce, Moulay Hafid Elalamy, founder and majority…

African Media Agency (AMA) /- Africa Communications Media Group (ACG), which recently rebranded from Africommunications Group, is pleased to announce the appointment of its new Managing Director, Nonye Mpho Omotola. Co-Founder Mimi Kalinda will transition from the Managing Director role to take on the Chief Executive Officer (CEO) function. Founded five years ago as the first African-owned pan-African and fully integrated communications and public relations firm, ACG began by offering strategic, culturally-attuned services to clients in the social impact space. The agency has since expanded to servicing major multi-nationals across the continent in addition to clients outside of Africa’s borders with…

The African Development Bank Group announces, on 1 August 2018, the appointment of Ms. Bajabulile “Swazi” Tshabalala as Vice President Finance / Chief Financial Officer of the Group effective 1 August 2018. A South African national, Ms. Tshabalala is currently Executive Director at Barbican Advisory Group in South Africa, where she is responsible for financial, engineering and financial transaction advisory services. Ms. Tshabalala brings 26 years of experience in the areas of finance, treasury management and financial market operations. She holds a bachelor’s degree in economics from Lawrence University, USA in 1989, and a master’s degree in business administration from…

The African Export-Import Bank (Afreximbank) has disbursed the sum of $200 million to the Egyptian General Petroleum Corporation (EGPC) to support EGPC’s investment in the Middle East Oil Refinery Company (MIDOR).     The Investment Financing Facility, disbursed during a signing and disbursement ceremony in Cairo on 1 August, is also aimed at supporting EGPC’s company expansion plan which is part of Egypt’s plan to become a regional hub for exporting oil products to the Middle East region and the rest of Africa.             Denys Denya, Executive Vice President (Finance, Administration and Banking Services), signed the facility agreement on behalf of Afreximbank while Ayman Hegazy, Deputy Chairman of EGPC, signed for his corporation.   EGPC established MIDOR in 1994 and holds 98 per cent of the shares while the rest of the shares are held by the Suez…

Sources reported in Libreville on Tuesday, Total Gabon signed an agreement with Assala Upstream Gabon SA for the sale of its entire 32.9% stake in the onshore field of Rabi-Kounga, located in southern Gabon at $ 100 million. “In a context of volatile oil prices, the sale of our residual stake in Rabi-Kounga’s mature field is in line with Total Gabon’s strategic refocusing started in 2017, aimed at strengthening competitiveness and sustainability. of the company, said Guy Maurice, President of Total Gabon. The simplification of the asset portfolio thus enables Total Gabon to mobilize its resources on fields operated offshore…

Groupe BGFIBank strengthens its control and monitoring system with the appointment of:  Mrs. Stella BONGOTHA, Director of Group Compliance,  Mr. Youssouf DIAGANA, Director of Risks and Group Control,  Mr. Arnaud NGUIMBI, Group Internal Audit Director. In line with the ambitions set out in its “Excellence 2020” business plan with the aim of ensuring performance to ensure the Group’s long-term future, BGFIBank has made the conscious choice to increase the effectiveness of its control and monitoring system. by appointing new heads of the various control bodies at the level of the Group’s parent company, BGFI Holding Corporation. The…

The international community has often considered Gabon a bad student. While the oil revenues had made Gabon a rich country of the time of great prosperity in the 70s-80s, it is realistic to note today that the decline in oil production and therefore reserves are very real. Hence the need for urgent diversification of the economy, still slow, but promising for the next decade. There is no longer any doubt that Gabon’s oil reserves are in decline and that hopes for new discoveries are now based on offshore exploration, which are more expensive, but for which oil companies now wish…

Tribunal declares validity of the concession agreement An Arbitral Tribunal of the London Court of International Arbitration (“LCIA”) today confirmed the illegitimacy of the Government of Djibouti’s action of seizing control of the Doraleh Container Terminal from DP World (http://web.DPWorld.com). The LCIA Tribunal has ruled that Doraleh Container Terminal’s Concession Agreement “remains valid and binding notwithstanding Law 202 and the 2018 Decrees”. Law 202 and the referenced decrees were devices enacted by Djibouti to seek to evade Djibouti’s contractual obligations, and these have been found to be ineffective in law. DP World will now reflect on the ruling and review…

The seventh edition of the AFRICA CEO FORUM, the largest international meeting of African private sector decision-makers and financiers, will be held on 25 and 26 March 2019 in Kigali, Rwanda. · As Africa mobilizes to strengthen regional integration, the choice of Rwanda, a country at the confluence of East and Central Africa, is in line with the AFRICA CEO FORUM’s desire to support meetings and business trends between business leaders from across the continent. After a 2018 edition marked by a record mobilization and the presence of the presidents of Côte d’Ivoire, Ghana and Zimbabwe, it is this time…

By John Chiahemen (dailyasset.ng) It must be music to the ears of anyone interested in the rapid growth and industrialisation of Africa’s economies. In just three years since its take-off with a mandate to mobilise public and private sector finance to build Africa’s all-important infrastructure, the Africa50 fund has gathered momentum, with a growing portfolio of projects and capital base. At its third General Shareholders meeting in Nairobi on July 19, Kenya announced a doubling of its shareholding to $100 million, boosting Africa50’s committed capital to close to $1 billion. Its medium-term target is $3 billion, tapping into the global…

The quick passage of a law on factoring in Nigeria is a crucial step in facilitating the ease of doing business and procuring the trust of investors in the country, guests heard recently during a public hearing held at the National Assembly in Abuja. Speaking during the Public Hearing on the Factoring Bill, Jones Onyereri, Chairman of the House of Representatives Banking and Currency Committee, said that the introduction of factoring in the financial sector would serve as complementary financing to conventional financing and will largely target micro, small and medium enterprises (MSMEs). “This will facilitate the provision of cash…

Some 8 million Malians were called to the polls on Sunday (July 29th) for a first round of presidential elections against 24 candidates including President Ibrahima Boubacar Keita, known as IBK. Due to the de facto division of the country between North and South and the chaotic situation in the center, the vote did not take place in 644 offices, and was disrupted in 3 988, says Mohamed Ag Erlaf, the Minister of Territorial Administration. Well before the poll, which was held in 23,000 polling stations, the opposition had expressed concerns about the voter registration and the risk of fraud.…

Several heads of state of the Economic Community of West African States (ECOWAS) and the Economic Community of Central African States (ECCAS), representing alone 500 million Africans, have converged since yesterday in Lomé, the Togolese capital. They take part in the joint summit on peace, security, radicalization and violent extremism, initiated by Faure Gnassingbé. Announced since April 2018 by the UN Regional Office based in Libreville, this meeting is being held in a context marked by the presence of the Nigerian jihadist group Boko Haram in both regions. To this end, indicates a press release, it “figures prominently in the…

the African Development Bank organized a workshop in Casablanca, Morocco, to present the Africa Investment Forum (AIF). Third stage of a roadshow in North Africa after Tunis and Cairo, this presentation aimed to mobilize the actors of public and private investment. The objective of this meeting was to set up a bank of bankable projects upstream of the Africa Investment Forum, which will be held from 7 to 9 November in Johannesburg, South Africa. Mohamed El Azizi, Director General of the African Development Bank for North Africa, delivered the opening address. In particular, he highlighted the purpose of this initiative…

The African Risk Capacity Limited (the ARC Ltd) has appointed three new Non-Executive Directors (NEDs) and a Special Advisor to join its Board of Directors to bring independent strategic guidance and oversight to its operations. The ARC Ltd is a financial affiliate of the African Risk Capacity (ARC), which is a Specialised Agency of the African Union established to assist member states in tackling the impact of natural disasters on vulnerable people. ARC transfers the burden of weather and other natural disaster risks away from governments, enabling them to build resilience and better plan, prepare, and respond to extreme…

Gambian President Adama Barrow has announced the creation of 20,000 jobs in fish processing and storage. In this context, fishing plants would be built in 2019 in the two main fishing towns of Tanji and Brufut, respectively at Kombo South and Kombo North. In addition, the President, visiting Brufut, announced the construction of a feeder road that would connect all coastal communities. To Brufut’s applause, he also said that the road between Brufut Gamtel and Ghana Town would soon be built as he finalized negotiations with a new construction company to launch a pilot project in Brufut. While expressing his…

The African Trade Policy Centre of the Economic Commission for Africa (ECA), in partnership with Thabo Mbeki African Leadership Institute (TMALI) and the Pan African Strategic and Policy Research Group (PANAGRAF), last week hosted the 2nd Roundtable on Equity in Intra African Trade-Induced Industrialization and Integration. The roundtable is part of a series launched in 2016, and focused on Public-Private-People-Partnership (4Ps) “Living Labs” in fast-tracking the African Continental Free Trade Area (AfCFTA). The objective of the Roundtable was to introduce the concept of Living Labs for stakeholders for structured intra/inter stakeholder consultations, and explore the ways in which the concept…

The city of Richard Toll (100 km north of Saint Louis) was the highlight of the visit of the director of UN Women in Senegal. In front of more than 3,000 people from the Network of Women Farmers of the North, Phumzile Mlambo-Ngcuka noted the progress of the agricultural sector in Senegal in terms of gender approach. The visit, which took place on 23 and 24 July, allowed the South African to meet Richard Toll’s operators in Matam. Women provide 70% of the labor force and provide 80% of the harvest. Despite these results, women remain more or less discriminated…

Figure of the African diaspora in Paris, Roland Portella is the president of the “fourth generation” CADE (Coordination of Africa of tomorrow), “do tank” active for more than twenty years in development issues and, more specifically, the role of the diaspora in the economic renewal of the continent. Interview. “SINGLE PRODUCTION AND COMMERCIALIZATION OF RAW MATERIALS REACH THEIR LIMITS IN TERMS OF ENDOGENEOUS PRODUCTIVITY AND POSITIVE EXTERNALITIES” What do you think are the foundations of industrial policies in Africa? The consolidation of economic growth in Africa must be achieved by investing in industrial sectors, pledges of wealth creation and…

Islamic finance covers all financial and commercial activities that respect the principles of Islamic law and jurisprudence, commonly known as Sharia or Islamic law. It is an ethical finance, not speculative and based on the real economy. The BCEAO in its Instruction 002-003-2018 entered into force on March 21, 2018 distinguishes two categories the Credit Establishment exercising exclusively the Banking activity in conformity with the principles and rules of the Islamic Finance and the Credit Institutions exercising it partially through a dedicated Branch. In the UEMOA area, the banking sector’s experiences remain limited to the Islamic Bank of Senegal, the…

The Global Alliance for Improved Nutrition (GAIN)- an international organisation founded by the Bill and Melinda Gates Foundation and driven by the mission of a world without malnutrition- is hosting the first-ever Nutrition Africa Investor Forum (NAIF) in Nairobi, Kenya, on October 16-17, to invite and engage private sector investors to play a key role in improving nutrition across Africa.  The event is hosted in partnership with Royal DSM, a purpose-led global science-based company in nutrition, health and sustainable living recognized for its global fight against malnutrition, the SUN Business Network and African Business magazine. The Nutrition Africa Investor Forum will highlight business opportunities in…

On the initiative of the Regional Stock Exchange (BRVM), a training workshop for Capital Market Managers and Traders of Management and Intermediation Societies (SGI) of UEMOA, was held in Abidjan from July 23 to 24, 2018. The objectives of the BRVM in organizing this workshop on good practices in securities trading and the use of the BRVM’s trading software, are to revisit the basics of the trade of the negotiators, to strengthen their capacities and to open avenues for reflection on topics of common interest for the development of the market. Indeed, the issue of the professionalisation of the different…

As a prelude to the holding of the Turkey-Africa Forum in Istanbul in Turkey in October, the Gabonese Employers’ Confederation (CPG) plans to boost trade between companies. This is the mission given by the chairman of the CPG, Alain Bâ Oumar, who received in audience in Libreville, the Turkish ambassador to Gabon, SE. Suphan Erkula. The Turkish employers and the CPG had signed, a few years ago, an agreement whose objective is to put in touch the businessmen of the two employer organizations to promote the exchanges. Favorable to identify Gabonese businessmen able to create partnerships with Turkish companies, Mr.…

After being placed in receivership last March in order to implement major restructuring actions, the French group Rougier finally sold last week, subsidiaries of its Africa branch in Cameroon and Central Africa. According to a statement issued for this purpose, the group indicates that “the Commercial Court of Poitiers authorized, during the hearing of July 13, the entire process of sale in Cameroon of the Forestry and Industrial Society of Doume (SFID), the Cambois Company, the Sud Participation Company and the Central African Republic of the Rougier Sangha-Mbaéré Company (RSM) “. “The companies SFID, Cambois, Sud participation and RSM were…

By 2021, the Central African Banking Commission (COBAC) has set itself, among other objectives, to recapitalize micro-finance institutions (MFIs) and strengthen internal controls to clean up a “gangrené” sector. by “bad habits” According to industry experts, this new reform is important after the one initiated in 2002 because it sets the new regulatory framework and the conditions for the exercise and control of microfinance activity in the European Economic and Monetary Community. Central Africa (CEMAC). The lack of respect for the rules in the micro-finance sector in Gabon had led the Gabonese authorities to close some institutions responsible for misappropriating…

Meeting on Saturday 21 and Sunday 22 July in Buenos Aires (Argentina), the 20 most powerful economies of the planet have been concerned about the evolution of public debt in Africa. The IMF presented a gloomy picture showing that 6 of the 45 countries in sub-Saharan Africa are already in debt distress and nine would be approaching this extreme case. The fear of the scenario of the 80s and 90s is reflected in the speeches. Big difference however compared to the crisis of the time, the African debt is today exposed on the Eurobonds, ie private creditors more demanding on…

Phumzile Mlambo-Ngcuka, Executive Director of UN Women, today begins Monday, July 23, 2018, an official visit to Senegal to highlight the importance of women’s economic empowerment in Senegal’s agricultural sector, to encourage approximation of discriminatory legislation and to promote female leadership and political participation. Women farmers represent up to 70% of the active population and provide more than 80% of Senegalese agricultural production, including food crops, but many disparities remain between men and women, including access to land, skills, financial resources and markets. As part of her stay, the Executive Director will visit the Network of Women Farmers of the…

Special Correspondence (Nairobi) This is perhaps the best-hidden secret of emerging Africa, in the making, where structuring infrastructures, in sectors that are decisive for its development, could finally give it the face that attentive observers expect from it: the inescapable force of a world whose rapid mutations have not finished revealing their secrets. This is for the moment only an institutional name or a quasi-acronym -Africa50. Few Africans, let alone non-Africans, have heard of it, even though it has been nearly five years since the fund was set up by African states under the auspices of the African Development Bank…

The Board of Directors of the African Development Bank Group approved on Friday, July 20, 2018, a € 20 million equity investment in the Maghreb Investment Fund Private Equity Fund IV (MPEF IV), AfricInvest. This equity investment will help accelerate the development of mid-cap companies in North Africa with strong growth potential in the region and in sub-Saharan Africa. The objective of the MPEF IV Fund is to achieve a capitalization of 200 million euros and finance the growth of about fifteen companies with strong local presence. Investments will range between 8 and 25 million euros and are expected to…

The Board of Directors of the African Development Bank Group approved on Friday, July 20, 2018, a € 20 million equity investment in the Maghreb Investment Fund Private Equity Fund IV (MPEF IV), AfricInvest. This equity investment will help accelerate the development of mid-cap companies in North Africa with strong growth potential in the region and in sub-Saharan Africa. The objective of the MPEF IV Fund is to achieve a capitalization of 200 million euros and finance the growth of about fifteen companies with strong local presence. Investments will range between 8 and 25 million euros and are expected to…