Author: Albert Savana

After a decrease of 1.104 billion FCFA (1.656 million euros) in 2019, the drop in after-tax profit of Total Côte d’Ivoire, a subsidiary of the oil multinational of the same name, was accentuated at the end of the financial year. 2020 with a contraction of CFAF 2.771 billion (€ 4.156 million). The summary financial statements for the period under review of this Abidjan-based company indeed highlight a profit of CFAF 7.648 billion against CFAF 10.419 billion in 2019, a decrease of 26.60%. The turnover and other products are down 7.88% to 417.986 billion FCFA against 453.734 billion FCFA in 2019.…

Saham insurance companies change their name from June 1, 2021 in their various markets including Togo, Benin, Guinea and Senegal. The announcement was made officially on Wednesday 23 May by the subsidiaries concerned. “This rebranding follows the acquisition by Sanlam Group of all the capital of Saham Finances, finalized in October 2018,” said a statement from the group. “This rebranding operation also reflects a strong potential for creating value for our clients as well as a source of growth for the insurance sector in our country”, adds the same source. First from 30% to 46.6% in December 2016 then from…

The African Import-Export Bank (Afreximbank) recorded strong growth in the first quarter compared to its unaudited financial statements for the first quarter of 2021, released Thursday, May 27. Results for the first three months ended March 31, 2021 show resilient and above average growth for the previous year over the same period. “The Bank reported net income of $ 87.3 million, an increase of 4% over the 2020 performance of $ 84.2 million, achieved largely through 23% growth in net income from interests. The increase in net interest income stems from a 41% growth in net loans and advances and…

Arriving in Kigali on May 27 for a two-day visit, Emmanuel Macron focused his trip on the memorial aspect through a speech delivered this day, in the morning, at the Tutsi genocide memorial in the Gisozi neighborhood. The French president in particular recognized the responsibility – but not the complicity – of France in this tragedy while asking the victims and their descendants to “know how to forgive”. But this visit is also seen in an economic light, as evidenced by the delegation accompanying the French head of state. In addition to the director general of the French Development Agency…

Dy Ould Zeine, until then Minister of Rural Development of Mauritania, was appointed on Wednesday, May 26, Minister of Fisheries and Maritime Economy. He replaces Abdel Aziz Ould Dahi who himself inherits the portfolio of Digital Transformation, Innovation and Modernization of Administration in the government of Prime Minister Ahmed Ould Bilal. This appointment comes in a context marked by a drastic drop in fishing income, the second pillar of the Mauritanian national economy; the maintenance of a leonine agreement with the Chinese company Poly Hong Dong denounced in the report of the parliamentary commission of inquiry at the origin of…

The president of the company Ivanhoe Mines, Marna Cloete, announced on May 26, 2021 the press in the Democratic Republic of the Congo, the launch of its mining activities in August 2021, in collaboration with Gécamines within the framework of the Kamoa project. Kakula, after investing more than $ 2 billion. Kakula will be the first of multiple “high grade” mining areas planned on the Kamoa-Kakula mining license, covering an area of ​​400 km² with an initial mining production rate of 3.8 million tonnes per year, at an average feed grade of more than 6% copper over the first 5…

Symbolized by Emmanuel Macron’s visit to Kigali on May 27 and 28, the normalization of the Franco-Rwandan relationship should lead to the appointment of an ambassador. The two countries have been without representatives at such a level since the rupture of their diplomatic relations at the initiative of Rwanda, in November 2006, following the publication of the report by Judge Jean-Louis Bruguière implicating Paul Kagame in the attack against his predecessor, Juvénal Habyarimana. Event which will trigger, between April and July 1994, the genocide of more than 800,000 Tutsis and Hutus democrats. If several names have been circulating for several…

Cameroonian Head of State Paul Biya signed an ordinance amending and supplementing certain provisions of the 2021 finance law in order to allow Cameroon to honor its commitments to its international creditors. The presidential act made public on May 26, 2021 primarily targets the settlement of a debt of CFAF 450 billion ($ 838 million) contracted during the issue of the Eurobond in 2015, the repayment deadline of which is at the end of the year. ‘horizon. “The government is authorized to negotiate and possibly to conclude during fiscal year 2021, under conditions safeguarding the financial interests of the State…

Held in the Kati military camp since Monday afternoon by the junta of the National Committee for the Salvation of the People (CNSP), the now ex-president of the transition, Bah Ndaw, and his prime minister were released this Thursday, May 27 . Previously, they had been received in audience yesterday morning, Wednesday May 26, by a strong delegation from the international community, in particular ECOWAS, the African Union and Minusma. This delegation led by the mediator of the ECOWAS, Goodluck Jonathan, was held within the framework of a first mediation going in the direction of finding a solution to the…

The Togo Electronic Communications and Postal Regulatory Authority (ARCEP) announced on May 26, 2021, that it had fined nearly 600 million CFA F (a little over one million USD) against of Moov Africa Togo, a subsidiary of Maroc Telecom, for failure to comply with the obligation of permanent, continuous and regular availability of mobile electronic communications services. According to the regulator, this sanction taken and notified on May 18 to the company “stems from the observation of significant, recurring and lasting cases of unavailability of its networks and services, from June 2020 to April 2021, in a large number of…

The fourth ordinary general assembly of the Federation of Air Traffic Controller Associations of the Agency for the Safety of Air Navigation in Africa and Madagascar (Asecna) opened on Tuesday, May 25 in Abidjan on a salty note with the announcement a 52% decline in operating revenues in the first quarter of 2021. This fall was preceded by a 53% drop in said revenue in 2020. Covid-19 contributed to this deterioration in performance, testifies Louis Bakienon, director of air navigation operations who represented the CEO of Asecna . He says the agency’s monthly activities fell to 20% of normal during…

The Ivory Coast distribution company (CDCI), a subsidiary of the Moroccan group Retail Holding, has just set up an 11,000 m² warehouse within Agility logistic park, in the new industrial zone of Attingué ( PK24). This new warehouse will be inaugurated this Friday, May 28 by the government. According to the group’s managing director, Riyad Laissaoui, the choice of the Ivory Coast for the establishment of his group reflects its strong growth and its strong development potential. “The Ivory Coast has a good business and governance climate, a control of inflation in line with community standards, an economic and commercial…

The State of Burkina Faso, through its General Directorate of the Treasury and Public Accounts, raised on May 26, 2021 on the financial market of the West African Monetary Union (UMOA) an amount of 87.931 billion FCFA (131.896 million euros) at the end of its issuance of Treasury stimulus bonds (ORD) with maturities of 3, 7 and 10 years organized in partnership with the UMOA-Titres Agency based in Dakar. Launched by the UMOA-Titres agency in collaboration with the Central Bank of West African States (BCEAO), the issuance of ODRs aims to allow the issuer to mobilize the savings of natural…

It was eagerly awaited. Handed over to King Mohammed VI on May 25, the general report of the Special Commission on the Development Model (CSMD) is a new stage in the economic and social development of Morocco, in search of more inclusiveness. The report presented by Chakib Benmoussa at the Royal Palace in Fez was commissioned by the King in December 2019. The document was drawn up after extensive consultations involving political parties, economic operators, academics, unions, civil society, public administration and specialized international organizations. In addition, there is a digital platform (CSMD.ma) allowing any Moroccan citizen to enter the…

Standard Chartered Bank Kenya announced on Monday, May 24, that it posted net income up 18.9 percent to 2.39 billion shillings (22 million USD) for the fiscal year ended March 2021. This is thanks to the growth in non-interest income and lower operating expenses. “Our performance in the first quarter was supported by positive business momentum which led to improved transaction volumes, particularly in wealth management, low credit impairment charges and operating cost efficiency. Said Kariuki Ngari, CEO of StanChart Kenya. As for net interest income, it fell 2.8 percent to 4.59 billion shillings (US $ 43 million), while the…

The consolidated profit of the company Oragroup SA, parent company of the Orabank banking group, plunged by 8.887 billion FCFA (13.330 million euros) at the end of the 2020 financial year compared to that of 2019, announced the managers of this company based in Lomé. This profit thus fell from 18.327 billion FCFA in 2019 to only 9.440 billion FCFA in 2020, a decrease of 49%. As for the balance sheet total, it increased by 24%, reaching over 3,268 billion FCFA against over 2,634 billion FCFA in 2019. Regarding Oragroup’s debts to customers, they amounted to 2124 billion FCFA against…

Jeddah, Kingdom of Saudi Arabia, May 25, 2021 – The President of the Islamic Development Bank (IDB), Dr Bandar Hajjar and the CEO of the Arab Bank for Economic Development in Africa (BADEA), Dr Sidi Ould TAH , signed a historic agreement to stimulate co-financing of development projects in common member countries in Africa. Over the past ten years, IDB and BADEA have co-financed more than a dozen projects in Côte d’Ivoire, Guinea, Gambia, Sierra Leone, Mali, Senegal, Chad, Niger, Togo and Mozambique. These co-financing operations covered sectors such as education, water, sanitation, urban development, agriculture, transport, energy, health and…

On May 25, 1963 in Addis Ababa (Ethiopia), the founding fathers divided into two blocs (the Casablanca group and the Monrovia group) on the need to immediately create where gradually the United States of Africa resolved to progressive place of the project by favoring decolonization and the fight against Apartheid in South Africa. In 1999 in Sirte (Libya), Colonel Gaddafi resuscitated the idea of ​​the Ghanaian Nkrumah after evaluating the success of the Organization of African Unity (OAU) in achieving its main objective focused on the decolonization of the continent and the eradication apartheid. The Libyan leader proposed to his…

In Mali, the Vice-President of the Transition, Colonel Assimi Goïta, indicated that he saw himself in the obligation to act to preserve the Transition Charter and that, by withdrawing the prerogatives of President Bah N’Daw and its Prime Minister Moctar Ouane, as well as all the people involved in the situation following the “violation” of this charter. In a statement released this Tuesday, May 25 on the ORTM, the state channel, the head of the junta indeed indicates that the government led by Moctar Ouane has shown itself incapable of constituting a reliable interlocutor, likely to mobilize confidence. social partners,…

Since May 20, 2021, the TEYLIOM Properties group has launched its Common Credit Securitization Fund (FCTC) by public offering on the financial market of the West African Monetary Union (UMOA) called “FCTC TEYLIOM IMMO 7% 2021-2028 ”for an amount of 20 billion FCFA (30 million euros). The subscription period which runs until June 18, 2021 falls within the framework of the search for innovative financial mechanisms allowing this group to refinance its portfolio of receivables in order to optimize its intervention capacity, in a context marked by the increased demand for credit. Thus, in the eyes of the managers of…

From our permanent corespondent in Bamako. In Mali, several states and international organizations have condemned the coup that took place in the afternoon of May 24, 2021. These include the UN mission in Mali (Minusma), the Community of Western States. -africans (ECOWAS), the African Union, France, the United States, the United Kingdom, Germany and the European Union. In this article, Financial Afrik sheds light on the identity of the coup plotters and the motivations behind their coup. In a joint statement, the Heads of State of the Economic Community of West African States (ECOWAS) and the African Union (AU) strongly…

In Mali, the president of the Transition, his prime minister and their new defense minister were arrested hours after the proclamation of a new government on Monday 24 May. A look back at the latest events, the identity of the putschists, the reasons for a new coup less than a year after that of August 2020, and the reactions of the political class and the international community. In the aftermath of the arrest of President Bah N’Daw and Prime Minister Moctar Ouane by the military, Bamako woke up on Tuesday in uncertainty over the fate of the Transition. The night…

Considered an official national holiday in Ghana, Gambia, Guinea, Namibia, Zambia, Mali, Mauritania, Lesotho and Zimbabwe, Africa Day is also celebrated at the UBA group. Whose president Tony Elumelu is organizing a high-level panel, this Tuesday, May 25, by video conference with the president of Rwanda Paul Kagamé, the director general of the World Trade Organization, the Nigerian Ngozi Okonjo-Iweala, the director as guest General of the World Health Organization, the Ethiopian Tedros Adhanom Ghebreyesus and the Senegalese Makhtar Diop, director general of the International Finance Corporation (IFC). “We mark this day by highlighting our diversity and the collaborations that…

The Ministry of Petroleum, Energy and Mines is shortlisting 5 candidates to carry out a strategic environmental and social assessment of the hydrocarbon sector in Mauritania (EESS). Thus, the consortium The Ciera Group (Canada); Strategia Worldwide led by Sir Richard Shirref, retired British general who held senior positions in NATO, and Nouakchottois Meen & Meen – a pioneer in the field of hydrocarbon consulting in Mauritania – will compete with Portuguese Nemus; the British Xodus and RSK Environment Limited as well as the Malian ID Sahel, which intends to follow in the footsteps of its compatriot Kanaga Consulting, who won…

After officially ending more than two decades of state monopoly and opening up the telecoms sector to competition on June 10, 2019, Ethiopia on Saturday awarded a license for the deployment of 4G and 5G internet. to a British-Kenyan consortium. They are the Kenyan Safricom and the South African Vodacom, a subsidiary of the British giant Vodafone for a license worth 850 million dollars with an investment of 8.5 billion dollars over the next ten years. This very first license was awarded at the expense of the consortium led by the South African giant MTN, supported by the Chinese giant…

“The Ivory Coast lost 80% of its forest cover from 1900 to 2015; and at the rate of this deforestation, the country could lose all of its forests by 2034 if nothing is done ”, indicates a report of the United Nations Development Program (PND) presented in Abidjan, Wednesday 19 May, after its launch in Oslo (Norway) on the theme “Human development and the anthropocene: the next frontier”. During this presentation, the UNDP Resident Representative in Côte d’Ivoire, Carol Flore-Smereczniak, noted the inequalities in human development despite the economic performance recorded at the global or national level. Before pointing the…

The State of Senegal will proceed on May 25, 2021 with the payment of half-yearly interest and the partial repayment of the capital of its bond loan called the State of Senegal 6.30% 2015-2025 for an amount of 3.653 billion FCFA (5.479 million euros ). Interest amounts to 875 million FCFA and the capital to 2.778 billion FCFA. In order to partially finance its budget deficit for the year 2015 estimated at CFAF 396.2 billion, the State of Senegal had successfully launched, from October 30 to November 20, 2015, a bond loan by public appeal to the savings on the…

Kizzmekia “Kizzy” Shanta Corbett is an African American viral immunologist working in the Vaccine Research Center of the National Institute of Allergy and Infectious Diseases, National Institutes of Health located in Bethesda, Maryland, United States. Zoom on one of the key pieces of the fight against Covid-19. Corbett has been revealed since the outbreak of the pandemic as the scientific expert at the forefront of the global race to manufacture the SARS-CoV-2 vaccine, and as one of the scientists whose name will be inscribed in the pantheon of history of humanity as one of the key players in the development…

The after-tax profit of the company Bernabé Côte d’Ivoire, a subsidiary of the multinational of the same name and specializing in the marketing of hardware products, recorded an increase of 57.91% at the end of the 2020 financial year compared to that of 2019. This profit stood at 668 million FCFA against 423 million FCFA in 2019, an increase of 245 million FCFA in absolute value. The turnover also recorded a decrease from 1.814 billion FCFA to 39.472 billion FCFA against 41.285 billion FCFA in 2019. In terms of expenses, the item Purchases of goods fell by 3.759 billion FCFA…

Anger and exasperation. About 100 carriers and shipping companies signed a petition on May 18 calling on the international community to urgently address the problem of piracy in the Gulf of Guinea. This area now concentrates almost all cases of piracy and violence. In 2020, 130 crew kidnappings for ransom demand out of the 135 recorded worldwide took place in some 5,700 km of West African coast. It also accounts for nearly half of piracy and ship assault cases according to the International Maritime Bureau (IMB), an international body created in 1991. The latest incident dates back to March 11…