Author: Albert Savana

The Economic Community of West African States (ECOWAS) has spoken out on the ongoing war in Ukraine, in a press release dated February 27, 2022. The organization condemns “the invasion of Ukraine by Russia”, and which “creates human victims, in particular among civilians”. In the document signed by the commission, ECOWAS calls on “both parties to cease fighting” and to favor “dialogue to resolve their differences in the interest of peace in the region”. The West African organization also calls on all parties to ensure the safety of citizens of all its member states living in Ukraine. As a reminder,…

The Russian-Ukrainian war, which began on February 24, 2022 with the Russian invasion of Ukraine, does not only have an impact in Europe. Its repercussions are also expected in Africa where the leading economy, Nigeria, could fear a rise in the inflation rate, which is already difficult to control. A major consumer of durum wheat mainly imported from Russia, the continent’s largest market could suffer the effects of the blockage in the supply chain. Between January and September 2021, the West African giant imported it worth more than 128.1 billion naira (over 300 million USD). Durum wheat is the third…

The actors of the regional financial market were in Lomé, Thursday, February 24, for a workshop organized by the Regional Council for Public Savings and Financial Markets (CREPMF) with the aim of finalizing the draft regulatory texts before their presentation to the Council of Ministers of the West African Monetary Union (UMOA). Held face-to-face and by videoconference, this meeting brought together around fifty participants, mainly financial market players such as public treasury departments, benchmark issuers, central structures, intermediation and UCITS management companies. , as well as professionals and enthusiasts of Islamic finance, among others. Among them, Edoh Kossi Amenounvé, the…

After several weeks of uncertainty and concern, Russian President Vladimir Putin announced early this Thursday, February 24, at 3 a.m. GMT, a special military operation in Donbass, a separatist region in eastern Ukraine which he recognized independence at the start of the week. Already, the condemnations fuse. In his surprise statement, the Russian president urged the Ukrainian military “to lay down their arms”, while warning those “who would try to interfere with us”. “They must know that Russia’s response will be immediate and will lead to consequences you have never experienced before,” he added. In response, the US president said…

Senegal’s trade balance deficit narrowed by 35 billion FCFA (52.5 million euros), on a monthly basis during the month of December 2021 compared to the previous month, according to data from the Forecasting Department and economic studies (DPEE) based in Dakar. This deficit is estimated by the DPEE at 147.8 billion FCFA against 182.8 billion FCFA in November 2021. “This improvement is explained by the increase in exports of goods (+13.3 billion) combined with a drop in imports of goods (-24.7 billion), in monthly variation>>, underlines the DPEE. As a result, the coverage rate of imports by exports rose to…

The American bank Citigroup will launch its commercial banking services in South Africa, Nigeria, Kenya and Egypt due to the presence of large multinationals in these countries. “We will be in the markets with a caveat that we are not going to go to very small or small businesses, but rather focus on bringing the Citi network to existing customers with a presence in multiple countries,” said said Ebru Pakcan, managing director of Citigroup’s EMEA emerging markets cluster, in an interview in Dubai. The bank recently decided to withdraw from consumer, small business and medium-sized business banking in 13 countries.…

Moody’s Investors Service (“Moody’s”) today assigned the Arab Bank for Economic Development in Africa (BADEA) an Aa2 rating with a positive outlook for its long-term foreign currency borrowings. This extremely high rating coincides with the 48th anniversary of the creation of the Bank by eighteen visionary member countries of the League of Arab States (LAS). The main objective of the Bank is the strengthening of economic, financial and technical cooperation between the Arab and African regions, and the concretization of Arab-African solidarity on the basis of equality and friendship. Since the start of its operations in 1975, the Bank has…

The Democratic Republic of Congo should benefit from the upward trend of its main mining export products on the international market during the week of February 21 to 26, 2022, like copper sold at more than 10,000 USD per ton. against 9,825.80 USD per ton the previous week, with a positive price difference of 180.3 USD. Projections by experts from the National Mercurial Commission of the Ministry of Foreign Trade indicate that zinc is selling at 3,657.30 USD per ton against 3,631.95 USD last week, a positive price difference of 25.35 USD. The same goes for tin, the price of…

Egypt and Sudan each condemned, on Monday, February 21, the start of electricity production from the Grand Renaissance Dam (GERD) by the Ethiopian authorities. A project which, since its launch in 2011, has been a dispute between Ethiopia and its neighbors located downstream of the Nile. In a statement, the Egyptian Foreign Ministry set the tone, saying it was a “unilateral operation of the dam in deliberate violation of the declaration of principles signed in 2015 by the Ethiopian Prime Minister”. Adding that this inauguration is a “threat to regional stability”. For its part, Khartoum condemned a “unilateral measure” by…

The activities of the Gabonese subsidiary of the French group TotalEnergies are on the rise again after a stagnation following the outbreak of the health crisis linked to the Coronavirus. A revival of activities which resulted in a turnover of 655 million dollars in 2021 against 435 million dollars for 2020, which represents an increase of 51%. A strong increase which is explained in particular by the rise in the selling price of oil on the international market, i.e. 64.8 dollars per barrel, an increase of more than 100% compared to the previous year in the average price of Brent…

After a first postponement in October 2021 for reasons not previously mentioned, the cybersecurity summit co-organized by Togo and the United Nations Economic Commission for Africa (ECA) will be held on March 23 and 24, 2022 in Lomé, according to an announcement made this Monday, February 21. Initially scheduled for October 25 and 26 in the Togolese capital, this meeting will bring together public sector decision-makers as well as private sector leaders to “understand the strategic issues related to cybersecurity”, “grasp the latest sectoral trends through high-level panels, thematic workshops and Keynotes facilitated by cybersecurity experts” and “sharing their experiences”.…

The road and rail infrastructure development project of the Douala-Ndjamena corridor linking Cameroon to Chad with a total investment of 471 billion FCFA, or 816 million dollars is on the right track. The World Bank (WB) has approved financing of 311 billion FCFA (538 million dollars) consisting of a loan of 181 billion FCFA (313 million dollars) for Cameroon and a grant of 130 billion FCFA ($225 million) for Chad. The first disbursements will be available this year, assured the World Bank. While the works should be delivered in 2031 in accordance with the specifications agreed by this international financial…

The turnover of the Société Générale Industrielle de Filtration (GIF FILTER) SA, specializing in the manufacture and marketing of fuel and oil filters, recorded a sharp drop of 1.427 million dinars (435,645 euros) in end of the 2021 financial year compared to the same period of 2020, announced the managers of this company based in Grombalia (40 km south-east of Tunis). This turnover amounted to 1.276 million dinars as of December 31, 2021 against 2.703 million dinars a year earlier, i.e. a drop of 53%. This decline is mainly caused by export sales with a sharp drop of 100%. Indeed,…

The central bank of Rwanda announced on February 17, 2022 that it had raised its key rate by 50 basis points to 5%. A decision taken by its monetary policy committee meeting on February 15 and which analyzed recent economic developments in the country. “To ensure that inflation is contained at an adequate level while continuing to support the economic recovery, the MPC committee has decided to increase its key CBR rate (intended to regulate short-term interbank lending rates) from 50 basis points to 5%”, reads a note from the issuing institute signed by Governor John Rwangombwa. Who adds that…

As the 6th summit between the European Union and the African Union opened in Brussels on Thursday February 17, Emmanuel Macron delivered a panegyric on his African policy the day before. But his counterpart for the African Union, Macky Sall, expects more from Europe than a semantic change. By Christine Holzbauer. Relations between Africa and Europe must be overhauled in order to achieve a true partnership for the benefit of Africa. The speeches by Macky Sall and Emmanuel Macron on the eve of the 6th European Union/African Union summit (February 17-18), in Paris, set the tone for what this “new…

The ultra-high-grade Kipushi Mine, with an average grade of 36.4% zinc in the first five years of production, will be returned to commercial production under a new agreement signed by Kipushi Holding, a 100% subsidiary of Ivanhoe Mines, and Gécamines, the Société Générale des Carrières et des Mines de la RDC. Both parties made the announcement on February 15, 2022. “We recently witnessed the exceptional achievements of Ivanhoe in transforming the Kamoa-Kakula joint venture into a leading copper producer of the highest standards, now a benchmark on the Congolese Copperbelt. Ivanohe and Gécamines have also redefined the Kipushi project fairly,…

The Egyptian economy recorded a growth of 9% in the first half of the financial year 2021/22, after achievements of 9.8% and 8.3% respectively in the first and second quarters of the period under review. Announcement made by Prime Minister Mostafa Madbouly who was facing the press on Wednesday February 16 in Cairo. At this level, the Egyptian authorities expect economic growth of 6% in the calendar year 2022, which is one of the highest growth rates in the world. In addition, the leading economy in the North Africa region forecasts growth of 5.7% of its GDP for the 2022-2023…

The turnover of the Société Tunisienne d’Email (SOTEMAIL), which specializes in the production and marketing of ceramic tiles and porcelain stoneware for floor and wall coverings, recorded an increase of 31% at the end of the financial year 2021 compared to that of 2020, announced the managers of this company based in Monastir (162 km south of Tunis). The total of this turnover has indeed increased from 47.560 million dinars as of December 31, 2020 to 62.236 million dinars as of December 31, 2021, an increase of 14.676 million dinars. This makes the leaders of SOTEMAIL say that their company…

Suspicious death, on the run and in custody. Here is the big Guinean thriller that keeps the Pandoras of Scotland Yard awake. The man who led the Central Bank of the Republic of Guinea (BCRG) for more than ten years (from 2010 to 2021) under Alpha Condé, is plunged into turmoil against the backdrop of a refining contract affair, storage and sale of gold between the BCRG and the Belgian refiner AFFINOR. Sacked by Colonel Mamadi Doumbouya on December 7, 2021, Dr Louncény NABE has since been regularly placed in police custody and interviewed at the Central Directorate of Judicial…

CDC Group, the UK’s development finance institution, announced on February 14, 2022 its base commitment of USD 30 million as part of Axian Telecom’s inaugural 5-year USD 420 million public bond issue to support the extension of its network in Africa. “Affordable mobile and data services are a vital component of any economy and investments in underdeveloped telecommunications markets are therefore central to CDC’s strategy in Africa. Our engagement in this bond financing supports the raising of private capital from institutions less familiar with Axian Telecom’s markets,” said Richard Palmer, head of corporate debt at CDC. According to a note…

The president of Pepsi, Ravi Jaipuria, announced on February 12, 2022 in Kinshasa, the start of the group’s investments in the DRC with the kick-off, next April, of the construction site of a factory in the Congolese capital and a another in Lubumbashi (Haut-Katanga) to initiate the local manufacture of drinks and the entire range of the world-renowned brand. “This is a large capital investment. We are going to set up a factory here in Kinshasa and another in Lubumbashi. Soon the Congolese will be consumers of a very good product at a good price. It will be a full…

Visiting Dakar (Senegal) on Thursday, February 10, the President of the European Commission, Ursula Von der Leyen, announced a regional plan of 150 billion euros of investment in Africa, as part of her new investment strategy. called “Global Gateway”. A program that aims to mobilize funds to the tune of 300 billion euros for public and private infrastructure worldwide by 2027. “Today I am proud to announce more than 150 billion euros through the Africa-Europe program. This is the very first regional plan under Global Gateway, two months after the launch of the strategy. It will be carried by the…

The lending interest rates applied by the banks of the West African Economic and Monetary Union (UEMOA) to their customers recorded a slight decline of .01 percentage point during the month of December 2021 compared to the previous month, according to the results of the survey on banking conditions carried out by the Central Bank of West African States (BCEAO) based in Dakar. Excluding charges and taxes, the average lending rate in WAEMU stood at 6.22% during the period under review against 6.23% in November 2021. With regard to deposit interest rates for term deposits, they averaged 5.27% in December…

Ghana’s foreign exchange reserves stood at USD 9.7 billion in December 2021, compared to USD 8.6 billion at the end of 2020. This is according to a statement from the Central Bank of Ghana, published at the end of January. With this level, the reserves of the second economy of the Economic Community of West African States (ECOWAS) are equivalent to 4.4 months of import cover against 4 months a year earlier. An annual increase of 13% which continues its trend at the end of January, with 9.9 billion USD in reserve as of January 28, 2022. This increase, notes…

The prices of the main raw materials exported by the member countries of the West African Economic and Monetary Union (UEMOA) experienced mixed trends at the end of December 2021, according to data from the Central Bank of West African States. West (BCEAO) based in Dakar. According to the services of this issuing institute, it was noted during this period an increase in the prices of certain raw materials exported by the UEMO countries such as coffee (+60.6%), cotton (+41.8 %) and rubber (+31.6%). On the other hand, declines were recorded in the cashew nut (-10.5%), gold (-3.6%) and cocoa…

Benin’s Council of Ministers approved, on February 2, 2022, new so-called short-term measures intended to combat inflation in the country. Inflation that touches the heights. “Despite the good performance of our agriculture, which shows production levels of up to 180% of needs for certain products, since the second half of 2020, there has been an upward trend in prices, compared to those recorded. at the same periods in previous years”, reads the minutes of the Council of Ministers. “In addition to the adverse effects of the Covid-19 pandemic, this situation is mainly due to the strong pressure exerted on national…

The 18 African billionaires in dollars come from 7 English-speaking countries with the exception of two Moroccans and one Algerian. More than the language effect, it is rather the demographic and technological lever added to the depth of the capital market that make Nigerians, Egyptians and South Africans dominate this Forbes ranking, which must be circumscribed within its methodological limits because it is based on market capitalization stopped at January 19, the exchange rate of African currencies against the dollar and not taking into account unlisted assets. Note that Isabel Dos Santos, the only African billionaire in dollars, no longer…

The Conference of Heads of State and Government of the Economic Community of West African States (ECOWAS) which met this Thursday, February 3 in Accra, Ghana in an extraordinary session on the political situations in Mali, Guinea and Burkina Faso, under the presidency of Nana Akufo-Addo, has decided to maintain pressure on the military in power in Guinea. After reviewing the memorandum presented by Jean-Claude Kassi Brou, President of the Regional Organization Commission, the Heads of State took note of the recent creation by the National Rally Committee for Development (CNRD), of the National Council of Transition (CNT) as a…

The Fund for the Development of Exports in Africa (Feda), a subsidiary of Afreximbank, wants to encourage industries to reduce CO2 emissions by using Liquefied Natural Gas (LNG) in the West African region. He announced, this Thursday, February 3, that he had invested in Ecow-Gas, an LNG distribution infrastructure platform to promote this material. “We are delighted to partner with experienced operators and investors on this critical opportunity to unlock the supply of cheaper and cleaner fuel in West Africa. The complementary skills and capabilities combined within the stakeholders of the Ecow-Gas platform will enable the company to execute its…

The Casablanca Stock Exchange closed in the green on Thursday, the MASI having slightly increased by 0.06% to 13,913.39 points (pts). The MSI 20, an index comprising the 20 most liquid stocks, and the Casablanca ESG 10, a thematic index which calculates the performance of the prices of socially responsible companies, strengthened by 0.17% respectively, to 1,133.34 pts and 0, 2%, at 1,049.03 pts. The FTSE CSE Morocco All-Liquid, a benchmark index that tracks the performance of all liquid stocks on the stock market, gained 0.17% to 11,690.68 pts, while the FTSE CSE Morocco 15, made up of 15 main…