Author: Albert Savana

In Côte d’Ivoire, 715,759 megawatt-hours (Mwh) of energy are wasted per year in households, or $ 103 million and 813,691 Mwh ​​in shops and services equivalent to $ 104 million, according to Emmanuel Yéo, the CEO of the Lynas company specializing in the intelligent management of energy movements and energy saving. Which, he says, gives a total of 1,529,450 Mwh / year, or a loss of 207 million dollars per year, more than enough to fill the current energy deficit in the country. The official was speaking this Thursday, May 20, in Abidjan, on the occasion of “the leaders’ speech”,…

At the end of its annual review, the international financial rating agency Fitch Ratings has just notified the West African Development Bank (BOAD) of the renewal of its “Investment Grade” “BBB” rating with a negative outlook. , announces the agency. (See the original report) The negative outlook reflects the risk of weakening shareholder support for the bank. “Given the role played by France in the CFA franc monetary system as a guarantor of the currency’s convertibility against the euro, a downgrade of France’s rating to ‘AA-‘ would affect our appreciation of the currency. credit quality of the bank’s largest shareholder,…

The State of Mali, through the National Directorate of the Treasury and Public Accounts, raised on May 19, 2021 on the financial market of the West African Monetary Union (UMOA) an amount of 65 billion FCFA (97.500 million euros) at the end of its simultaneous issuance of Treasury stimulus bond (ORD) with maturities of 3, 5 and 10 years. This issue is the third of its kind after the 87.798 billion FCFA and the 44 billion FCFA raised respectively on February 24 and March 31, 2021. ODR issues are initiated by the UMOA-Titres agency in collaboration with the Central Bank…

Reappointed to the post of Minister of Justice in the new government of Prime Minister Collinet Makosso published by decree on May 15, Aimé Bininga intends to carry out a vast project of reforms of the judicial system and state bodies through the digitization of the justice, the reform of criminal and civil procedures, the meaning and effectiveness of penalties and the territorial organization of jurisdictions. From the independence of the judiciary to the reform of the prosecutor’s office to the conditions of detention of prisoners, through juvenile justice and the improvement of the working conditions of magistrates, the projects…

The 2020 financial year of NSIA Banque Côte d´Ivoire, a member of the financial group of the same name, was not prosperous in terms of profitability with an after-tax profit which fell by 47.11% compared to the 2019 financial year. According to the summary financial statements for this fiscal year, verified but not yet certified by the auditors, this profit stood at 7.11 billion FCFA against 13.617 billion FCFA in 2019, a decrease of 6.416 billion FCFA. According to the managers of this banking establishment, this result came “in a context combining management of the impact of COVID-19 on activity,…

The Group’s strong performance was driven by EFG Hermes’ robust results at its NBFI platform and Investment Bank (Cairo, Egypt) — EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEM), reported today its first quarter results for 2021, with revenues climbing a solid 30% Y-o-Y to EGP 1.3 billion on the back of positive performance across the majority of the Group’s lines of business in 1Q21. “While the challenges posed by the ongoing pandemic are still abound, EFG Hermes continued to reap the benefits of the diversified business model it has built in recent years,” said EFG…

Consumer prices in Togo recorded an increase of 2.7% at the end of April 2021 compared to the previous month, according to data established by the National Institute of Statistics and Economic and Demographic Studies (INSEED) based in Lomé. The National Harmonized Consumer Price Index (INHPC) thus stood at 109.7 against 106.8 in March 2021. “This change is mainly due to the increase in the indices of the Food and Beverage functions. alcoholic beverages (+ 7.7%), Housing, water, gas, electricity and other fuels (+ 0.5%), Health (+ 0.6%), Restaurants and Hotels (+ 0.1%) and Goods and various services (+ 0.2%)…

The Central African Forests Initiative (CAFI) is making 45 million euros available to support the Republic of the Congo in its strategies for land use planning and preservation of natural resources, as part of the finalization of the instruction of a sustainable land use program in the country. This is to accompany and support the various milestones of the memorandum of intent that Congo President Denis Sassou N’Guesso signed with French President Emmanuel Macron in October 2019, according to the director of the French Development Agency (AFD) in Congo, Lionel Cafferini, who made the announcement to Arlette Soudan-Nonault, Congolese Minister…

The General Delegation for the Rapid Entrepreneurship of Women and Youth (DER / FJ) structured 19 billion FCFA ($ 37 million) for the cashew nut campaign. In this amount, an envelope of 15 billion FCFA is devoted to the campaign itself and 4 billion FCFA to production. The announcement was made on May 18, 2021 from the Ziguinchor region, in southern Senegal, by the Minister Delegate General of the DER / FJ Papa Amadou Sarr, during a regional development committee (CRD) dedicated to the launch of the 2021 cashew nut marketing campaign. Chaired by the Minister of Trade and SMEs,…

The State of Côte d’Ivoire, through its General Directorate of the Treasury and Public Accounts, raised on May 18, 2021 an amount of 59.500 billion FCFA (89.250 million euros) on the financial market of the Union West African monetary (UMOA) at the end of its issuance by auction of assimilable treasury bonds (BAT) with maturity of 364 and 182 days. This fundraising is intended to cover the financing needs of the budget of the State of Côte d’Ivoire. For the second quarter of 2021, intentions to issue public securities amount to 530 billion FCFA against 480 billion FCFA for the…

Present in Paris, on May 17, as part of the international conference for Sudan, the transition authorities in place in Khartoum since the fall of Omar Hassan Ahmed al-Bashir in April 2019, have had no words strong enough to greet this event. This allows the country to reintegrate the international community after chaotic decades punctuated by wars, especially in the province of Darfur, and the military dictatorship. The supporters of the new regime, in this case Abdel Fattah al-Burhan and Abdallah Hamdok, respectively president of the Sudanese Sovereignty Council (CSS) and prime minister, intended to take this opportunity to mobilize…

After a record loss of 21.857 billion FCFA in 2019, Unilever Côte d’Ivoire SA, a subsidiary of Unilever Overseas Holdings Limited and specialized in the production and marketing of consumer products (toothpaste, soap, Lipton tea, mayonnaise) strongly mitigated this loss by achieving a net deficit of 3.690 billion FCFA at the end of the 2020 financial year. The financial situation of Unilever Côte d’Ivoire was bleak. Its equity showed cumulative losses over several years with a loss carryforward of CFAF 32.599 billion and negative equity of CFAF 21.964 billion under the last approved accounts. This situation had also prompted the…

The African Import-Export Bank (Afreximbank) has the capacity to tap long-term and competitively priced resources in Africa and to finance investments. This is the consequence of the two-tranche bond loan made on May 10, 2021, subscribed at $ 1.3 billion. From its headquarters in Cairo (Egypt), the bank said on Tuesday 18th that this is its largest operation ever carried out on the international debt capital markets. “This landmark transaction confirms investors’ deep confidence in Afreximbank’s mission and credit history, and obtaining competitive prices for both tranches is a testament to the strength of investor support from all major financial…

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, praised the excellent health of the Ivorian economy and its efforts in the response against Covid-19. A mark of confidence that has earned Côte d’Ivoire the benefit of a special fund of one billion USD from the institution in the form of special drawing rights. The announcement was made on May 16, 2021, as a prelude to the summit on the financing of African economies which will be held on Tuesday 18 in Paris (France). In an interview with Ivorian President Alassane Ouattara, Kristalina Georgieva explained the IMF’s desire…

This is the latest episode in the war of influence that has been going on for several years between France and Russia in the Central African Republic. The discovery, on May 10, of an imposing cache of heavy weapons attributed to a French national causing trouble in Bangui. Apprehended by the police supported by the Central African Armed Forces (FACA) at his home in the capital, this national by the name of Juan Quignolot introduced himself as a journalist. He was apprehended in possession of numerous automatic weapons and ammunition. According to Financial Afrik sources, he formerly belonged to the…

Paris is due to host an international conference on new development financing on May 17 and 18. This meeting is part of the measures already put in place in recent months by the G20 to enable African economies to face the consequences of Covid 19. If the alarmist forecasts related to this pandemic have not been proven from a strict health point of view, the economic effects are, on the other hand, already being felt. While observing a cycle of positive growth for more than twenty years, the continent has entered recession according to the International Monetary Fund (IMF). In…

Announced behind the scenes, the resignation of the Director General of the Ivorian Bank Company (SIB), Daouda Coulibaly, is effective. Meeting on Monday, May 10, the bank’s board said it had taken note. At the head of this banking structure for more than 10 years, Daouda Coulibaly is leaving for a new promotion at the level of the Attijariwafa bank group, on which SIB depends. He is replaced by Mohamed El Ghazi, holder of a Higher Studies Diploma (DES) from the University of Hassan II in Casablanca and an MBA from Sherbrooke Canada, with more than 30 years of experience…

The main raw materials exported by Cameroon have experienced an improvement since the beginning of the year, breaking with the gloom observed a few months ago following the appearance of the health crisis linked to Covid-19. At the end of the first quarter of the year, the statistics converge on a favorable dynamic according to the economic report published in May by the Ministry of the Economy, Planning and Regional Development. Thus, crude oil recorded an increase of 5.0% in March to stand at $ 65.5 / barrel, well above the $ 43.8 / barrel envisaged in the 2021 finance…

The State of Burkina Faso, through its General Directorate of the Treasury and Public Accounts, raised on May 10, 2021 on the financial market of the West African Monetary Union (UMOA) an amount of 33 billion FCFA (49.500 million d ‘euros) at the end of its issuance of 182-day assimilable treasury bonds (BAT) organized in partnership with the UMOA-Titre agency based in Dakar. This fundraising is part of the Burkinabé government’s strategy to cover the financing needs of the state budget. For the second quarter of 2021, the intentions of issuing public securities expressed by the Burkinabé government authorities amount…

PALM Côte d’Ivoire, a company specializing in the manufacture and marketing of crude palm oil, made a profit of 3.521 billion FCFA (5.282 million euros) in 2020, announced the leaders of this company based in Abidjan. This company seems to come out of the red zone in that the 2018 and 2019 financial years were marked by respective losses of 12.612 billion FCFA and 5.562 billion FCFA. The consolidated financial statements show an increase in turnover of 15.172 billion FCFA, to 119.759 billion FCFA against 104.587 billion FCFA in 2019. Purchases of raw materials amounted to 43.422 billion FCFA against…

The quarrel between Morocco and Algeria, materialized by the closure of the land borders between the two neighbors since 1994, is toughened on the economic ground with the ultimatum of the Algerian president, Abdelmadjid Tebboune, addressed to two insurance companies “guilty ”To work with“ Orass ”a Moroccan software package. These are the Algerian Insurance and Reinsurance Company (CAAR) and the Algerian Insurance Company (SAA). These two public entities have 10 days to cut all ties with the Moroccan startup Orsys Communication, publisher of the software package. The Presidential Palace of El-Mouradia invokes the need not to leave its sensitive data…

Has the quarrel between Morocco and Germany reached its climax? The recall of the ambassador of the Kingdom of the Shereefian Kingdom in Berlin might suggest so. Financial Afrik asked Emmanuel Dupuy, president of the Institute for Prospective and Security in Europe (IPSE), to decipher this politico-diplomatic imbroglio which not only affects Berlin, but also concerns Spain. Is Morocco right to stand up to Germany? Several economists have already pointed out the repercussions that the diplomatic anger between the two countries could have on the important economic interests linking the Shereefian Kingdom to Germany, in particular in the port of…

The ECOWAS Investment and Development Bank (EBID) is issuing from this Monday, May 10, 2021, on the financial market of the West African Economic and Monetary Union (UEMOA), a bond loan by public call to the savings called “BIDC-EBID 6.50% 2021-2028” for an amount of CFAF 50 billion (€ 75 million). Through this issue whose subscription continues until May 24, 2021 EBID intends to finance a number of projects identified in at least 7 UEMOA countries (Benin, Burkina, Côte d’Ivoire, Mali, Niger, Senegal , Togo) grouping together several sectors such as agrifood, infrastructure, energy and finance. In the understanding of…

The Vista Bank group announced this Monday, May 10, that it had chosen the payment service provider Radar Payments from BCP to manage all of its payment processing activities. “We are proud to join Vista Bank in its journey to transform the way people bank, pay and get paid, while making financial services more accessible. Radar Payments will centralize payment transactions from the technology center, ”says Evgenia Loginova, CEO of the payment service provider. This announcement, recalls BCP in a press release, comes at a time when the Pan-African Free Trade Agreement (Zlecaf) has become a reality. “The free trade…

The Société de Limonaderie et brasseries d’Afrique (SOLIBRA) posted an after-tax profit of FCFA 17.520 billion (€ 26.280 million) at the end of fiscal year 2020, announced the directors of this Abidjan-based company. Compared to the 2019 financial year when it stood at 13.095 billion FCFA, this profit increased by 33.79%. The turnover and other products of the company, however, increased slightly by 1.93% to 229.359 billion FCFA against 225.004 billion FCFA in 2019. Purchases of materials, goods and changes in inventory were reduced by 866 million with a level falling from 48.035 billion FCFA as of December 31, 2019…

The construction project of the Chollet dam located between Cameroon and the Congo has just reached an important stage, following the signing of the concession agreement between the two governments and the builder, in this case, the Chinese firm China Gezhouba. Group (CGGC). The Chinese company now has free rein to conduct the environmental and social impact study confirming the directions taken in October 2020 by the Inter-State Steering Committee of this structuring energy project. The international public call for expression of interest (APMI) launched in 2019, of which CGGC is the successful tenderer, specifies that after this phase, the…

The deterioration of the security situation in the Mozambican province of Cabo Delgado and the carelessness of the central government of Maputo to stem the threat posed by armed groups in this area, the poorest in the country, is raising increasing concern. of the international community. Since the violent assault at the end of March by two hundred men from the Ahl-al-Sunnah wa al Jamma’ah (ASWJ) group, better known under the name of Ansar Al-Sunna or “Chabab” (the “Young people), on the port city of Palma, located not far from the future site where the French Total was to develop…

Burned alive in the office of the Heavenly Church. Nigerian billionaire and philanthropist Kayode Badru will finally succumb to hospital on May 5, 2021, two days after arriving in Lagos from Dubai, his place of residence. The pastor of the Heavenly Church who had sprayed the deceased with large doses of perfume during a blessing ritual in his honor first took the powder before being apprehended by the police. This news item dismays all of Nigeria, prompting the leaders of the Feast of Christ churches in Lagos to decree on Saturday May 8, 2021 that henceforth any spiritual perfume to…

The cost of construction of new housing for residential use in Senegal increased by 2.4% in the first quarter of 2021 compared to the fourth quarter of 2020, according to data from the National Agency for Statistics and Demography (ANSD) based in Dakar. “This development is mainly due to the price of construction materials, the cost of labor and the rental of equipment,” explains ANSD. The prices of building materials rose 3.3%, attributable to the price of materials for wall and floor covering, basic materials and materials for electrical work. In annual variation, they increased by 4.2%. As for the…

Bolloré Transports & Logistics Côte d’Ivoire, a subsidiary of the French multinational of the same name, posted an after-tax profit of CFAF 13.454 billion at the end of the 2020 financial year. Compared to December 31, 2019, when it stood at 9.382 billion FCFA, this profit has increased by 43.40%. The company’s turnover contracted from 3.942 billion, 88.182 billion FCFA in 2019 to 84.240 billion FCFA a year later. This decline is due to both works and services sold and ancillary products. The former saw their level go from 80.373 billion FCFA in 2019 to 76.526 billion in 2020. As…