Author: Albert Savana

Driven economically by its mining sector which represents 90% of its exports, and which almost caused a major global aluminum crisis, against the backdrop of the uncertainty linked to the putsch of September 5, 2021, Guinea figures, despite the Covid-19 pandemic, in the top 5 of African countries with the most resilient economies, posting a growth rate of its GDP of 5.2% in 2021. However, the perverse effects of a galloping inflation of its currency, the Guinean franc (GNF), continue to weaken the purchasing power of populations. Around 9.8% in 2018 before registering a slight decrease in 2019 to 9.5%…

The price of Digital World Acquisition Corp (DWAC), the company that carries Donald Trump’s social network, soared on Friday morning and ended up 107.03% to $ 94.20. The price of the flying saucer had taken off about 200% earlier today after already climbing more than 350% on Thursday at close. Long before the actual launch of his social network, “Truth Social”, Donald Trump seems to have won his bet. His SPAC to speak of these acquisition companies, also referred to as the “empty shell”, is valued at $ 3.2 billion. An impressive amount for a recent company, until then confidential…

The net profit of the company Nestlé Côte d’Ivoire, a subsidiary of the Nestlé group and specializing in the manufacture of food products, increased by 3.736 billion FCFA (5.604 million euros) in the third quarter of 2021 compared to the same period of the year 2020, the leaders of this Abidjan-based company announced. This result rose from 14.610 billion FCFA on September 30, 2020 to 18.346 billion FCFA a year later, an increase of 25.6%. According to company officials, the result in question is marked by a marked improvement in operating profit without the positive impact observed last year with…

Malian Minister of Foreign Affairs and International Cooperation Abdoulaye Diop has announced that a United Nations Security Council delegation will pay an official visit to Bamako on Saturday 23 and Sunday 24 October 2021. In his press release published on Thursday 21, the head of Malian diplomacy specified that the main objective of this UN mission is “to assess the political, security, humanitarian, human rights, development, and calendar situation. of the transition as well as the state of implementation of the priority measures of the Agreement for Peace and Reconciliation resulting from the Algiers process by the signatory parties ”.…

According to its financial results for the third quarter of 2021, Amen Bank recorded a net banking income (NBI) up 19% to stand at 340.3 million dinars (120 million USD) at the end of September 2021, against 286.1 million (102 million USD) in the same period of the previous year. Customer loans, net of provisions and reserved agios, increased from 5,859 million dinars (2 billion USD) at the end of September 2020 to 6,068.2 million dinars (2.1 billion USD) at the end of September 2021, an increase of 3.6%. For its part, customer deposits and assets stood at the end…

The largest African IPO, on the New York Stock Exchange, has lived. Introduced on October 14 through the sale of 18 million shares, in addition to an extra 4.5 million shares offered by shareholders, at a unit price of $ 21, IHS Holding was valued at approximately $ 7 billion. The IPO raised $ 378 million. From day one of listing, the share price has fallen 18% to $ 17.2, which analysts say does not detract from the upside potential of the stock. The company that owns shared telecoms infrastructure manages a portfolio of 30,000 towers across Africa, the Middle…

The Board of Directors of the ECOWAS Investment and Development Bank (EBID), appointed Olagunju MO Ashimolowo to the post of vice-president in charge of the institution’s operations, at the end of his 75th session held on October 1, 2021. Mr. Ashimolowo, PhD, brings to the bank his experience which will help to further strengthen and consolidate its operations and its governance framework. Prior to his appointment, he held the position of Director of the Internal Audit and Operations Evaluation Department for more than four (4) years within the institution based in Lomé (Togo). He previously served as an auditor with…

Africa REN, a pioneer of renewable energies in Africa, announces that it has launched the construction of the Kodeni Solar solar power plant, near Bobo-Dioulasso, in Burkina Faso. With an installed capacity of 38MW, Kodeni Solar will be the largest solar power plant in the country as well as the first public-private partnership to reach financial closing. The commissioning of the plant is scheduled for August 2022. Kodeni Solar has signed a 25-year Power Purchase Agreement (PPA) with SONABEL, the Burkina Faso power company, as part of a public-private partnership with the government. The construction was entrusted to the French…

The Malian government denied, through a statement released Thursday evening on the Mali Radio and Television Office (ORTM), the state channel, to have “mandated anyone to dialogue with terrorist groups linked to Al-Qaeda” , led by Iyad Ag Ghaly and Amadou Koufa. Earlier this week, several sources including the Ministry of Religious Affairs and the High Islamic Council (HCI) had yet confirmed this mission of good offices. “Neither the High Islamic Council, nor any other body has been mandated,” Bamako insists. He added that the government will take note that “goodwill has been shown to conduct negotiations”. Furthermore, it should…

Bloomfield Investment Corporation has confirmed the long-term rating “A + with a positive outlook” awarded in 2020 to Bank Of Africa (BOA) Benin, a member of the banking group of the same name, announced the executives of this rating agency based in Abidjan. Bloomfield also confirmed the short term rating which was “A1 with a stable outlook”. The rating is valid from May 2021 to April 2022. The rationale for the rating and its long-term outlook is based on “high credit quality”. In addition, the agency notes that the protective factors are good. However, she tempers, the risk factors are…

Nigeria’s gross domestic product (GDP) grew 5.01 percent year-on-year in the second quarter of 2021, according to a new report released by the National Bureau of Statistics (NBS). This is the third consecutive quarterly increase in growth after the negative rates recorded in the second and third quarters of 2020. This recovery, it is said, is explained by the gradual return of commercial activity as well as local and international travel. The second and third quarters of 2020 being marked by the restrictions imposed in the country to fight against the spread of the coronavirus (Covid-19). This increase in growth…

Visa announces the appointment, on August 26, 2021, of Ms. Leila Serhan as Group Country Manager and Senior Vice President. Ms. Serhan will be responsible for leading Visa operations in the North Africa, Levant and Pakistan (NALP) region. With over two decades of experience in various leadership roles (including 20 years with Microsoft) to her credit, Ms. Serhan most recently led Microsoft’s operations in the Gulf region. She previously served as Microsoft’s Managing Director for North Africa, Eastern Mediterranean and Pakistan. She had also held several positions in areas related to national management, finance and marketing, in addition to overseeing…

The Raxio Group (“Raxio”), a leading pan-African data center developer and operator, today announced the appointment of Master Power Technologies (“Master Power”), a leading African company in data center solutions, specializing in supply and installation of pre-designed data centers, to build and install several data centers in Africa. Following an initial installation in Uganda, Raxio’s next series of data centers are being developed in Ethiopia, the Democratic Republic of the Congo and Mozambique to provide world-class colocation services in the region. The infrastructure will help drive the region’s growth by supporting data consumption and growing digital needs while reducing the…

Senegal’s exports of goods at the end of June 2021 increased by 23 billion FCFA (34.500 million euros) compared to their level in May 2021, according to data from the Directorate of Forecasting and Planning. economic studies (DPEE). The DPEE notes in fact in its Point de conjoncture for the period under review that these exports rose from 197.4 billion FCFA to 220.4 billion FCFA between May and June 2021. << This increase is favored by the increase external sales of cement (+3.3 billion), food products (+1.9 billion) and zircon (+1.3 billion), ”explains the DPEE. As for non-monetary gold exports,…

The 5th edition of the AFRICAN BUSINESS & SOCIAL RESPONSIBILITY FORUM will take place in Marrakech, on September 22 and 23, 2021. Organized by LATITUDE MONDE, CSR Consulting Firm, the AFRICAN BUSINESS & SOCIAL RESPONSIBILITY FORUM has become a force of proposal to boost the Sustainable Development ecosystem in Africa, to promote and improve the CSR policies of SMEs, Organizations and Large companies while including Start-ups. In 4 editions, this Forum welcomed more than 150 Companies and Institutions from 21 countries. Since the launch of the Forum, AWARDS have celebrated Companies and Organizations that lead exemplary and innovative projects in…

The net banking income (PNB) of the Ivorian Bank Company (SIB), a member of the Moroccan banking group Attijariwafa Bank, increased by 9% in the first half of 2021 during the same period of the year 2020, announced the leaders of this banking establishment based in Abidjan. This GNP stood at 39.198 billion FCFA against 35.933 billion FCFA on June 30, 2020, an increase of 3.265 billion FCFA in absolute value. According to the bank’s management, this growth is mainly driven by market activities despite a timid economic recovery environment. The general operating expenses of the SIB recorded an increase…

Thunderclap in the Malian political landscape. Soumeylou Boubeye Maiga, former Prime Minister of Ibrahim Boubacar Keita, was arrested on the morning of Thursday August 26 by the Attorney General at the Supreme Court of Bamako in the so-called “purchase of the presidential plane” case. and military equipment ”. He was placed under arrest warrant, following questioning. Since Wednesday evening, media have been announcing that a magistrate of the supreme court, the highest court of the country, asked to hear the former prime minister nicknamed “the tiger” this Thursday, in particular in the case which was relaunched in March 2020 ,…

The situation is favorable for the Gabonese subsidiary of the Total group since most economic indicators are on an upward trend. Activity during the first half of the year saw strong growth, with sales of $ 311 million, up 66% from the previous year. During the reporting period, the company achieved net income of $ 12 million. “This increase is mainly explained by the improvement in the average selling price,” Total Gabon explained, unlike the previous year where the results were mixed. The company reported that the first half of 2021 selling price averaged $ 61.5 / bbl, a 100%…

The State of Mali, through its National Directorate of the Treasury and Public Accounts, raised on August 25, 2021 on the financial market of the West African Monetary Union (UMOA) an amount of 30 billion FCFA (45 million ‘euros) at the end of its simultaneous issuance of 3 and 5 year treasury stimulus bonds (ODR) ODR issues are initiated by the UMOA-Titres agency in collaboration with the Central Bank of West African States (BCEAO). They aim to enable the issuer to mobilize the savings of natural and legal persons in order to cover the financing needs of the Malian State…

what Africa can gain from the end of tax havens Interview by Abashi Shamamba. The treaty concluded at the beginning of last July at the instigation of the OECD and the G20 marks a break in the fight against tax evasion on an international scale. It is the most ambitious multilateral agreement in a century, says Pascal Saint-Amans, director of the OECD Center for Tax Policy and Administration. It is the linchpin of this agreement for having piloted and coordinated the difficult negotiations between states. With this agreement, more than 100 billion dollars captured by multinationals via sophisticated arrangements which…

The chairman of the management committee of the Vocational Training Development Fund (FDPF), Joël Nguessan, and its secretary general, Ange Leonid Barry Battesty, are at loggerheads. Facts ! It all started with information about misappropriation relayed by the media and social networks, which led the High Authority for Good Governance (HABG) to instruct the General State Inspectorate (IGE) to initiate a mission of audit and investigations. According to Joël Nguessan, the audit report sent to him shows that there were indeed acts of bad governance and serious dysfunctions in administrative, financial and accounting management. Following this report – which reveals,…

This has been in effect since August 24, 2021, the breakdown of diplomatic relations between Algeria and Morocco. The announcement made by Algerian Foreign Minister Ramtane Lamamra at a press conference comes after months of latent and noisy tensions between the two neighboring countries. A decision according to Algiers which would be justified by “hostile actions” of Rabat which led “Algeria to decide to sever diplomatic relations with the Kingdom of Morocco from this day”, indicated the head of diplomacy Algerian. Even if for some observers, the differences between the two states did not foresee the “escalation” which we are…

Faced with the press on August 24, 2021 in Algiers, the Algerian Minister of Foreign Affairs, Ramtane Lamamra, announced the severance of diplomatic relations with neighboring Morocco, due, he said, to hostile actions by the kingdom of the Sharif to the regard to his country. Justifying this decision, the former Commissioner for Peace and Security of the African Union said that “history has shown that the Kingdom of Morocco has never ceased to carry out hostile actions against from Algeria “. And the break as announced takes effect on Tuesday, August 24. “Moroccan propaganda and security services are waging a…

On August 24, 2021, the Public Treasury of Côte d’Ivoire raised 66 billion FCFA (99 million euros) following its simultaneous issuance of Treasury bills and stimulus bonds (ORD). maturity 91 days, 3 years and 5 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 individuals and moral standards in order to ensure the financing needs of the Ivorian state budget are covered as part of its economic recovery…

The Republic of Senegal and the Agence pour l’Assurance du Commerce en Afrique (ACA) today signed a Participation Agreement to meet the final conditions of the Government of Senegal’s membership in ACA. The Participation Agreement will be accompanied by a capital contribution of 15 million euros, financed by the European Investment Bank (EIB), for Senegal’s accession to the ACA following the signing of a financing agreement between Senegal and the EIB in October 2020. Membership in ACA will enable Senegal to attract longer-term financing at competitive rates, and will give international investors and financiers assurance that sovereign transactions and other…

Good news for Gabon. Fitch Ratings has just upgraded the country’s rating from CCC to B- with a stable outlook. The upgrade reflects a recent easing of liquidity pressures due to rising oil prices and a new IMF program. For Fitch, this upward revision also reflects his expectation that Gabon’s underlying fiscal position will improve due to a “rebound in non-oil revenues, a reduction in pandemic-related spending and a restriction of other current expenditure ”. The rating also takes into account Gabon’s high GDP per capita compared to its peers but also long-term uncertainties regarding the country’s oil production capacity,…

The Democratic Republic of Congo (DRC) aims to revive its economy through an Industrialization Master Plan (PDI) likely to mobilize 115,000 billion Congolese francs, or 58 billion USD. After its validation by the Council of Ministers, a tweet from the Ministry of Industry said, the document will be presented by Prime Minister Sama Lukonde to stakeholders on August 26 as a prelude to the donors’ conference. This plan aims to reduce the DRC’s dependence on the outside for the consumption needs of its population estimated at 80 million people in terms of agro-industrial, pharmaceutical and textile products costing around 2…

Cameroon is already planning for post-Covid economic recovery through the launch of the extended 2022-2024 budget programming conferences backed by Cameroon’s National Development Strategy (SND30). Under the triptych of “relevance, credibility and reliability”, the work in progress will make it possible to discuss the three-year programming of sectoral administrations, to analyze the performance associated with budget programming and to consolidate the entire Medium-term Expenditure Framework (CDMT ). To complete the 854 ongoing projects, the State will have to invest FCFA 5,888 billion (approximately $ 10.5 billion) during the period under review, including FCFA 4,052 billion from external funding and FCFA…

The construction magnate Mahamadou Bonkoungou, boss of the Ebomaf group (Entreprises Bonkoungou Mahamadou et Fils) active in West Africa, particularly (in 2014) in Guinea and which also has continental ambitions in the African banking sector and that of the insurance (in Burkina Faso, Djibouti and Togo) has just acquired an “operating license” for a gold mine in Guinea. This unofficial information neither in Burkina Faso nor in Guinea, and which made the headlines of several West African newspapers, was, in fact, leaked by the means of a person close to the boss of Ebomaf. And the media which practically relayed…

On the eve of Hakainde Hichilema’s inauguration ceremony, the President of the DRC, Felix Tshisekedi, also current president of the African Union (AU), sent envoys with a message to the newly elected president. from Zambia. Indeed, the delegation made up of the principal adviser, Christian Bushiri, in charge of diplomatic questions, Claude Ibalanki, coordinator of the mechanism of the Addis Ababa agreements, Serge Tshibangu, representative of President Tshisekedi assisted by the Ambassador of the DRC from Zambia was dispatched to Lusaka to carry a message, the content of which has not been made public. She was received by President-elect Hakainde…