Author: Mamadou Aliou Diallo

Financial Afrik. 1 dollar = 9030 Guinean Francs (GNF) Conakry hosted the 40th Annual General Meeting of the African Reinsurance Society Africa-Re from June 19 to 21. About sixty delegations from member countries and representatives insurance companies and organizations took part in this meeting. Hassan Boubrik, President of the Moroccan Authority for the Control of Insurance and Social Welfare (ACAPS) and Chairman of the Board of Africa Re, welcomed the quality of the exchanges that marked the 40th Annual Meeting of the GA of Africa Re, the progress made by the different countries and promised to consolidate the achievements in…

After the tightening of US sanctions against Russian dignitaries, including Oleg Deripaska, the majority shareholder of Russian aluminum giant Russal, hopes of reviving the Fria alumina plant on Guinean soil were dulled without fading. The general management of the plant has confirmed this Thursday, May 31, the start of the production process of alumina. In the afternoon of Thursday, the first quantity of alumina was produced from the kiln in the direction of the silo on the bandwidth that will be stored for shipment to the port of Conakry for loading into the ships. This recovery, after six years of…

After serving as National Director of Petroleum Products and Derivatives in the Ministry of Commerce and spending more than two years at the head of the National Office of Petroleum (NAPO), in charge of hydrocarbon exploration, Diakaria Koulibaly finds himself at the helm of the newly formed Department of Hydrocarbons. The appointment came in the wake of the cabinet reshuffle following the resignation of the Mamadi Youla government and the appointment of Kassory Fofana as prime minister. Through the creation of this new ministry or appointment, the country’s new authorities seem to take seriously the challenge of oil exploration. The…

Mineral resources are apparently not the only Guinean paradox, the policy has the respondent in the country of Alpha Condé. Since the holding of the communal elections of February 4, 2018, there are more than three months, it is the impasse, power and opposition agree on the dysfunctions recorded but are impeccable to agree on the essentials to install the mayors. Consequence: despite the holding of the elections, the municipalities are led by special delegations. The other improbability is the resignation of the Youla government, on Thursday, May 17, under the express request of President Condé. Between the announcement of…

The Guinea Bauxite Corporation (SBG) is finally finalizing its basic agreement for the operation of the Garafiri bauxite mine after obtaining its mining concession in 2016. The SBG is majority-owned by the German company WP Pals Holding. , a subsidiary of Metalcorp, the metals and minerals division of the multinational Monaco Ressources Group, whose CEO, Axel Fisher, proceeded Monday, May 14, 2018 with the signing of the basic agreement with the Guinean Minister of Mines, Abdoulaye Magassouba, for the construction and operation of an alumina refinery and a bauxite mine in the region of Kindia in Lower Guinea. The SBG…

The head of the Guinean government, Mamady Youla, officially opened this Thursday, May 10, 2018, the foundation of the African Initiative for Financial Inclusion Policies (AFPI) around the issue “How to achieve financial inclusion in Africa, particularly in Africa. Sub-Saharan Africa ? ” Conakry hosts since Thursday about fifty delegations with more than 120 participants, including regulators and decision makers of AFI member institutions; 12 Governors and Vice-Governors of Central Banks, representatives of public and private institutions of AFPI member countries. “Today it is recognized that inclusive and sustainable economic growth starts with financial inclusion. Guinea is working on the…

In the wake of the hijacking scandal of 4 billion Guinean francs (about 370,000 euros) that shook the general management of the Conakry-Gbessia Airport Management Company (SOGEAC), at the end of March, and which set out Oulaba Kabassan Keïta cause, the latter still does not seem worried. On the other hand, the chairman of the board of directors who had commissioned the audit, Boubacar Sow, was dismissed last April for “gross negligence” when the SOGEAC Board of Directors was held in Paris. Boubacar Sow’s explanations of the reasons for his dismissal leave one puzzled: “SOEGAC is a mixed enterprise, 49%…

While the last action on the guaranteed minimum wage (SMIG) goes back 22 years ago, in 1996, the SMIG will know according to the Senegalese authorities, a revaluation at the beginning of June. Currently at CFAF 209.10, the hourly SMIG will increase to June 1, 2018 to CFAF 308, 890. This progress is the fruit of the negotiations with the unions and employers’ organizations of Senegal which last two years. The content of the memorandum of understanding signed between the trade union movement and the competent authorities at the beginning of the week stipulates that the revaluation of the hourly…

Emirates Global Aluminum (EGA), the largest non-oil and gas company in the United Arab Emirates, signed a 15-year agreement with LD Ports & Logistics, a subsidiary of Louis Dreyfus Armateurs, for the trans-shipment of bauxite on Monday, April 30, 2018 Global Alumina Corporation (GAC) in the Republic of Guinea. Louis Dreyfus Armateurs which is a global shipping and services group and Abu Dhabi Ports have separately signed a commitment to form a joint venture to work together to implement the project. Transhipment is the process of transporting goods from one ship to another at sea and transferring goods when the…

The consequences of Donald Trump’s decision on Friday, April 6, 2018, to punish 24 people close to Russian President Vladimir Putin, including Russal’s CEO, Russian billionaire Oleg Deripaska, the group’s majority shareholder, could generate collateral effects on investments. from the world leader in aluminum. Beyond the expected losses of assets on US soil, there is the case of Guinea. Indeed, these sanctions could have repercussions on Rusal’s assets in Guinea, notably on the bauxite company in Kindia, which produces 3.5 million tonnes per year, and jeopardize the plans to revive the Alumina plant. Friguia stopped since 2012. Even more worrying,…

The signing of this Supplementary Financing Agreement for the Electricity Sector Rehabilitation Project took place on Tuesday, April 17, 2018 in Washington DC. Malado Kaba, Minister of the Economy and Finance has reviewed the efforts made since 2011. “We have doubled energy production with the construction of our Kaleta dam and we will increase it to more than 700MW with the construction of Souapiti and the rehabilitation of other hydropower plants. These efforts have had a significant impact on growth despite the marginal share of the electricity subsector in our GDP in 2016. These efforts reflect the importance of this…

The financing agreement of 28 million euros, about 18 billion 340 million CFA francs was initialed this weekend in Ouagadougou by the Burkinabe Minister of Economy, Finance and Development, Mrs. Hadizatou Rosine Coulibaly and Jean Lamy the Ambassador, Head of the Delegation of the European Union. This amount, intended to support the project for the development of the value-added of agricultural sectors (VAFA), will make it possible, according to Burkinabé officials, to add value to the agricultural sectors. “This financing will make financial resources available to our country. to meet challenges in the areas of food and nutrition security, and…

In Guinea for nearly ten days, as part of an evaluation mission, the emissaries of the IMF and the World Bank were amazed to note budgetary discrepancies very far from the line of action enacted during its previous visit. According to revelations relayed in the press by the site Mosaic Guinea, massive issuance of payment authorization at the level of the treasure have forced the latter to go into debt with the central bank to the tune of more than 2million Guinean Francs, this which would have derailed the program. As a result, the emissaries of Breton Woods demand new…

The agreement in the form of a highly concessional loan was initialed Monday, April 9, 2018 by the Minister of Economy and Finance of Mali, Malado Kaba and the Director of the French Development Agency (AFD), Patricia Aubras, in presence of the Director General of the Guinea Water Company (SEG). According to a World Health Organization study conducted in 2015, only 67% of the population in Guinea had access to drinking water. It is against this situation that France through AFD has decided to support the Guinean government to support it in a global program of impetus for the promotion…

Following the convening by the union delegation of BICIGUI of an emergency general meeting on Friday, March 30, the general management of the Guinean subsidiary BNP Baripas Group has faced a general malaise within the International Bank for Trade and Industry of Guinea (BICIGUI). The meeting was originally scheduled to last 4 hours, from 8 am to noon, the DG was activated according to our information the day before to plead with the union delegation for a reduction in timing to avoid lost work hours. It will win because the assembly will finally be held from 8am to 9am. During…

While the country tries somehow to start the process of transformation of its mineral resources, in 2015 Alpha Condé signed a decree for commissioning the Interministerial Committee for Monitoring Integrated Mining Projects (CISMI). The mission of this committee is to streamline the implementation of integrated mining projects with the creation of a single point of contact which will be the center for accelerated processing and follow-up of permit and permit applications for integrated mining projects and to enable reduce delays in obtaining construction or operating permits. Led since its establishment in 2016 by the Guinean Ministry of Mines under the…

The trade union delegation of BICIGUI, the Guinean subsidiary of the BNP Paribas Group, convened on Thursday, March 29, 2019, all the employees of the Conakry and the interior agencies of the country to an emergency general assembly of crisis to be held Friday, March 30, 2018, at the Labor Exchange located in the commune of work. The reason for this emergency general assembly is, according to the trade union representation, to explain to the workers of the said bank, “a misunderstanding that is emerging between the trade union delegation and the general management of BICIGUI, in particular, the lack…

The General Manager of the operating company of Conakry-Gbessia International Airport (SOGEAC), Oulaba Kabassan Keïta, has been facing charges of financial embezzlement for more than 48 hours. Its management questioned during the 62nd session of the Board of Directors held in Conakry on November 22, 2017, an audit covering the period from January 1, 2016 to October 31, 2017 was conducted by independent firms and confirmed the suspicions of the CA. More than 4 billion Guinean francs disappeared from the coffers of SOGEAC. Summoned to explain these financial anomalies, especially in terms of expenses, in the components: maintenance, repairs and…

Accompanied by Messrs. Robert Kwame of Graft AGYARKO, Responsible for outbreak and Epidemic, ARC and Mamadi Sidibé, West and Central Africa Country Manager, Chief Executive Officer of African Risk Capacity (ARC), Panafrican Mutual for Climate Risk Management Mohamed Béavogui met this Monday, March 19, 2018 in Conakry with the Guinean Minister of Planning and International Cooperation, Mama Kany Diallo. The purpose of this interview was to inform about the progress made by the CRA and its perspectives. The ARC boss presented his Institution (African Risk Capacity (ARC) as an innovative extreme weather insurance scheme, designed to help African Union member…

The big market of Madina is again the subject of a large fire. For the second time in three years, part of the largest shopping center, described as “economic lung” of the country, caught fire on the night of Saturday, March 17, 2018. For cause, according to preliminary findings, a short circuit electric would be at the origin. According to the testimony of the market administrators and the police, the fire broke out following a short circuit, when the power came back with a high voltage, after a load shedding around 23 hours. The balance sheet is huge, there are…

The announcement of the launch of the national airline Guinea Airlines by the GBM lottery group Antonio Souaré and Regourd Aviation led by Alain Regourd intervened in February 2017. The two partners had agreed on the terms of the circulation of this company, which was to serve domestic flights to the regional capitals of Guinea and some capitals of the West African subregion as Dakar, Banjul, Abidjan, Monrovia, Freetown, Bamako. A year later, the Guinean government and GBM decided to change partners. À now the place of Regourd Aviation, the choice is focused on African partners in this case Ethiopians Airlines and ASKY Airlines. The…

The same causes which maintained the status quo on the Simandou iron ore for years and have been the pretext for Rio Tinto to freeze the project seem SIMFER catch Chinalco who took over the project in October 2016. They include, declining prices of iron on the world market ( 72 per ton with a decrease of 9% over the year) and the costs associated with this mega project estimated at 20 billion. Chinalco shareholder SIMFER (blocks 3 and 4) which bought 47% of Rio Tinto shares had not materialized the transfer to mid-January the shares of Rio Tinto Chinalco according to…

The 4 February 2018 municipal elections are expected to be hotly contested in Guinea, some candidates not affiliated to political parties have seized the opportunity offered by the electoral commission to independent candidates to participate in the election. This is the case of Moussa Baldé, former General Secretary of the MTN Guinea Workers’ Union, and a member of the Federation of Telecommunications Trade Unions (FESATEL), the Union of Workers of Guinea (USTG), and Global Union. Under the banner of an independent movement, called REM, it must be said that there is Macronism in the air at a time when we…

The mining company Dinguiraye, a subsidiary of the multinational North Gold operating gold deposits in the region of Upper Guinea, including lero in Dinguiraye prefecture, received this Monday, January 22, 2018 in Conakry signing a third rider. The said agreement was initialed in the premises of the Ministry of Mines between the Guinean Mines Minister Abdoulaye Magassouba Egveny Tulubensky and Chairman of the Board of Directors of Northern Gold. While the first operating agreement between the state Guinea to SMD, expires in 2019, SMD wanted to ensure investments by injecting 363 million for a period of 15 years. This investment will according…

In an uncomfortable situation in recent weeks, the Electricity Company of Guinea (EDG), strongly criticized lately because of load shedding and the demonstrations that followed, made, Wednesday, January 17 in Conakry, its annual balance sheet of the exercise 2017 .  Abdenbi Attou, the deputy head of the EDG, who became head of the company under the administrative supervision of VEOLIA in January 2017, with the mission to pursue the recovery plan for a period of four years, lent himself to exercise. The finding made by the administrator of EDG upon his arrival was that production is highly deficient in relation…

In its policy of internationalization, the group of Construction, Guinean construction and service delivery (Guicopres SA), proceeded on Friday 12 January 2018, at the opening of a representation in Senegal (Guicopres Senegal) in the purpose, according to group leaders, to export Guinean expertise in the building. The group headed by kerfalla “Person” Camara (KPC), who also specializes in real estate, trading, distribution and transit, landed in the country of Teranga to position itself in a booming market. After its establishment in Sierra Leone, the Group’s representation in Dakar, in Keur-Gorgui, will cover two other countries, Gambia and Guinea Bissau.