Author: Rédaction Financial Afrik

The French and Senegalese Presidents Emmanuel Macron and Macky Sall attended this Wednesday, February 16, 2022, at Station F in Paris, the closing of the event “Investing together for a new alliance between Africa and Europe”, organized by the French Development Agency. The Minister Delegate General for Rapid Entrepreneurship of Women and Youth of Senegal Mr. Papa Amadou Sarr participated in the panel “Financing SMEs, vector of African growth and jobs of tomorrow”. A panel for which he was in charge of restitution to the two Heads of State. The panel speakers also included Makhtar Diop, Executive Director, IFC, Tanja…

In Guinea, the special prosecutor of the court for the repression of economic and financial offenses announced, on February 16, 2022, the opening of an investigation against several personalities including the opponent Cellou Dalein Diallo. It relates to the sale, in 2002, of two planes and other property belonging to Air Guinée, the defunct national company. In addition to Cellou Dalein Diallo, Minister of Transport and Public Works at the time of the events, Cheick Amadou Camara, former Minister of Economy and Finance, Ibrahima Camara, director of the privatization unit of the Ministry of Economy and Finances and Mamadou Sylla,…

Nigeria’s inflation rate declined to 15.60% in January 2022, from a peak of 15.63% in December 2021, according to the monthly Consumer Price Index report released on Tuesday, February 15 by the National Bureau of Statistics (NBS). In December, the indicator had risen after eight consecutive months of decline. It had increased by 0.23 percentage point compared to the rate recorded in November 2021. At double digits since 2016, Nigeria’s inflation rate has been driven by food inflation, which fell to 17.13% during the month of January 2022, compared to 17.37% recorded the previous month. Main reasons mentioned, the rise…

After modest GDP growth of 1.5% in 2020, growth is expected to accelerate to 3.8% in 2021 thanks to increased production of cashew nuts, Guinea’s main export product -Bissau. Figures communicated on February 14, 2022 by the International Monetary Fund (IMF), which also cites public investment in critical infrastructure financed from outside, the gradual lifting of measures taken in the fight against Covid-19 and a gradual improvement business confidence. “Guinea Bissau’s economic conditions are improving,” notes the institution. The authorities have made satisfactory progress on their reform program at the end of September 2021, she notes. The fiscal situation is…

At the “Total” market, one of the busiest in Brazzaville, the incessant ballet of comings and goings between the fruit and vegetable stands has been running out of steam since January. Same story in Pointe-Noire where the prices of food products suffered an annual increase of 8.6% in January. Faced with this situation which affects the purchasing power of the Congolese, the acceleration of the development of local production, already initiated by certain actors, becomes essential. Despite its strong agricultural potential, the Congo now imports nearly 70% of its agricultural food products. Imports whose annual cost is estimated at nearly…

Bank Al-Maghrib, the Moroccan central bank, announced on February 10, 2022 in Rabat, a partnership agreement withCDG Invest, Investment Branch of the Caisse de Dépôt et de Gestion (CDG) Group. Objective, to promote the development of fintechs in the country. This partnership, indicates the issuing institute in a press release, primarily concerns cooperation in the creation and launch of fintechs supported by the 212 Founders Program. A program set up in 2019 by CDG Invest to support and finance entrepreneurs with projects to create innovative start-ups. “Bank Al-Maghrib will support CDG Invest and the selected fintechs on the regulatory aspects…

The Directorate General of Taxes (DGI) of the Democratic Republic of Congo (DRC) achieved approximately 2.4 billion dollars in revenue in 2021, against forecasts of 2.29 billion according to figures communicated by its officials. A record level. These are, according to Barnabé Muakadi Muamba, the general manager, the results of a strategy put in place in mid-2020 and which gives pride of place to the recovery of VAT. Even if, he explains, it would be necessary to broaden the tax base for more revenue. “When we arrived here, per month we had revenues of 70 billion Congolese francs (about 35…

The company SAAR Assurances Senegal, a subsidiary of the eponymous pan-African group, has a new general manager in the person of Mr. Médard Kengne Kamga, 41, his appointment has been effective since January 1, 2022. With more than 15 years of experience in the insurance sector in Africa, the newly promoted has during his solid career, particularly at SAAR Assurances TCHAD and SAAR Assurances SAO TOME E PRINCIPE where he was previously and respectively Managing Director, managed to implement effective strategies that resulted in significant performance of these subsidiaries. Currently finalist of an MBA in Insurance at the Ecole Supérieure…

Standard and Poor’s confirmed its long and short term sovereign credit rating on Rwanda at ‘B+/B’. The outlook nonetheless remains negative, S&P said in a February 4, 2022 report. The negative outlook continues to reflect that Rwanda’s economic growth model, based on investment and debt, and structurally large current account deficits could exacerbate the fiscal vulnerabilities. “We expect Rwanda’s economic growth over the period 2022-2025 to remain above that of its peers with a similar rating,” S&P says. In 2021, the Rwandan economy rebounded from the COVID-19 related recession, supported by the government’s economic stimulus package and a rebound in…

The Salon des Affaires Sentimentales (SASE) returns this year, after the success of the first edition in 2021. It will be held on Saturday February 12, 2022, from 9:00 a.m. at the Ibis Abidjan – Plateau hotel. The SASE is a trade show including an exhibition-sale, conferences and a gala dinner from which the Lady Wow of the year in Côte d’Ivoire is designated. The SASE is held every year, the last Saturday before Valentine’s Day, and it is intended to be a moment of sharing, fun and well-being. The theme of the 2022 edition is: “Technologies and sentimental affairs”.…

The Executive Secretary of the G5 Sahel, Ambassador Éric Yemdaogo Tiaré chaired on January 18 in Nouakchott, the launch of the Youth Business Resilience Support Project in the G5 Sahel member countries (Burkina Faso, Mali, Mauritania , Niger and Chad), financed by the African Development Bank Group. The launch ceremony took place in the presence of Raymond Besong, representative of the African Development Bank and the Vice-President of the Union of Chambers of Commerce and Industry of the G5 Sahel, Mohamed El Waled. It was followed by a three-day training workshop organized by the Bank for the project team. The…

The European Bank for Reconstruction and Development (EBRD) granted a loan of 20 million euros to Societe Generale Morocco through an agreement signed Thursday, February 3 in Casablanca. The financing is intended to support green projects led by SMEs participating in certain value chains and industrial ecosystems. “SMEs eligible for this program will be able to benefit from attractive support including financing, an investment subsidy and technical expertise to verify and optimize the viability of their green investment project. The acquisition of green equipment will allow them to offer more competitive products, increase their exports and access new markets by…

The Bank of Algeria announced, through a note published on February 3, 2022 on its website, that commercial banks can open currency cash accounts on its books. This, pursuant to Article 4 of Regulation No. 2020-04 of March 15, 2020 relating to the interbank foreign exchange market, currency cash transactions and foreign exchange risk hedging instruments. Dated January 26, the note issued to the banks specifies that these accounts will be dedicated to the processing of currency cash transactions concluded between banks on their behalf or on behalf of their customers, and are subject to the same operating rules and…

A few hours after a coup attempt in Bissau, President Umaro Sissoco Embalo declared Tuesday evening in a message to the press that “the situation is under control”. It is, according to the Head of State, a “prepared and organized act” which follows “decisions taken in particular the fight against drug trafficking and corruption”. “I was in the middle of the Council of Ministers with all the members of the government, including the Prime Minister, when we were attacked by very heavy weapons. (…) I can assure you that no side is linked to this coup attempt, it is an…

Cold shower on the Public Securities Market (MTP) of the West African Economic and Monetary Union (UEMOA). The Treasury of Mali defaulted on CFAF 15 billion at maturity on January 31, 2022, we learn from a note from the Agence UMOA-Titres addressed to investors. “UMOA-Titres informs MTP investors that the Public Treasury of Mali was unable to settle its financial commitments on the MTP as of 01/31/2022”. The default in question concerns the payment of capital and interest on the Referenced Treasury Bond (ISIN code) ML0000001080 for a total amount of XAF15.61 billion. This failure to pay comes as Mali…

The military junta in power in Burkina Faso announced Monday, January 31, to have restored the constitution which it had suspended a week earlier. This decision is accompanied by the modification of the institutions “pending the establishment of the transitional bodies”. These are the provisions contained in a “fundamental act” read on national television by Lieutenant-Colonel Cyprien Kaboré. The text, apart from the lifting of the suspension of the Constitution, specifies that the Patriotic Movement for Safeguarding and Restoration (MPSR) “ensures the continuity of the State pending the establishment of transitional bodies”. Without giving any further details. In addition, notes…

The Republic of Congo will have to carry out “major structural reforms” which will play a central role in improving governance and the business climate, according to the International Monetary Fund (IMF), which has just approved a program supported by a arrangement under the Extended Credit Facility (ECF). Reforms which also condition the granting of all of the 455 million dollars planned, and of which 20% will be disbursed immediately. According to the terms of the agreement concluded since November 8, 2021 between Congo and the Fund’s teams, the government will have to strengthen the management of public finances by…

West Africa Rating Agency (WARA) assigns, for the first time, the following sovereign ratings to four states in the WAEMU zone, on its regional scale: • Republic of Benin: A-/Stable/w-3 • Republic of Burkina Faso: BBB-/Stable/w-4 • Republic of Côte d’Ivoire: A/Stable/w-3 • Republic of Guinea-Bissau: BB-/Stable/w-5 Simultaneously, on its international scale, WARA assigns these four States the following sovereign ratings: • Republic of Benin: iB+/Stable/iw-5 • Republic of Burkina Faso: iB/Stable/iw-6 • Republic of Côte d’Ivoire: iBB-/Stable/iw-5 • Republic of Guinea-Bissau: iCCC+/Stable/iw-6. Republic of Benin: the rating of the Republic of Benin on the WARA regional scale (A-/Stable/w-3) is…

The coup in Burkina Faso orchestrated by a junta dubbed the “Patriotic Movement for Safeguarding and Restoration” (MPSR) has caused the country’s ‘B/B’ rating to be downgraded sharply to the highly speculative category of ‘CCC+\C’ from Standard and Poor’s. The measure is accompanied by a surveillance. In the hands of the military since January 24, the West African country has seen its constitution and parliament suspended. The watch reflects S&P’s fear that Burkina Faso’s rating will deteriorate further in the coming months. The risks that Ouagadougou will default on the next installments of the repayment of its commercial debt are…

The year 2022 promises to be auspicious for the two temporary work groups, Intérim Express and Domino RH, who have chosen to come together and join forces via a joint venture. The Domino RH group brings to this marriage its 22 years of expertise as well as its international power, with its offices in France, Switzerland, Belgium, Portugal, Poland and today in Morocco. With a turnover, excluding Morocco, of 250 million euros with more than 130 agencies and more than 40,000 temporary workers. The Intérim Express group, for its part, brings to the basket its perfect knowledge of the Moroccan…

Tourism revenues exceeded $13 billion in 2021 in Egypt, returning to their pre-pandemic level, according to Ghada Shalaby, the responsible deputy minister. Who also expects a consecutive increase in 2022. “In 2022, we will have the opening of the Grand Egyptian Museum, the Grand Transfiguration Project in the Sinai, the Galala Resort on the Red Sea coast and the expansion of hotels in the city of Alamein, which will induce new tourism products that increase the competitiveness of tourism,” she said. In 2019, revenues were estimated at 13.03 billion USD before falling to 4 billion, an annual drop of 70%…

The new hotel is expected to start welcoming guests in 2022 N’Djamena, Chad January 25, 2022: Hilton (NYSE: HLT) today announced that it has signed an agreement with Wotf Turizm Ticaret Anonim Sirketi for the opening of Hilton N’Djamena Toumaï Palace, Chad. This latest signature of the company in an African city is located in the 2nd district of N’Djamena, in the international business center and 600 m from the international airport of N’Djamena (NDJ). Andrew McLachlan, Managing Director, Sub-Saharan Africa Development at Hilton, said: “It is a proud moment for us to return to Chad with a flagship Hilton…

The fourth edition of the UEMOA Public Securities Market Meetings begins today in hybrid mode under the theme of “portfolio management in UMOA: performance lever for investments in the MTP.” The opportunity to return to collective management in the WAEMU zone, with 25 management companies and 100 UCITS. The dynamics of the market can be assessed through its evolution from 65 billion in assets under management in 2010 to 700 billion in 2020. As Adrien Diouf, Director General of Agence UMOA-Titres, recalled at the opening of the third 2021 edition of Public Securities Market Meetings (REMTP), collective management makes it…

Enko Capital Managers (“ECM”), management fund of Enko Africa Private Equity Fund (“EAPEF”), announces on January 22, 2022 its exit from Law Union Rock Insurance (LUR), a Nigerian company listed on the Lagos Stock Exchange ( NSE). EAPEF’s holdings were sold to the Nigerian fund Verod Capital through its Kanuri LUR vehicle. Verod thus acquired 100% of the company, following the acquisition of Metropolitan Life and ARM Life. These operations are creating momentum in the Nigerian market. The sale of EAPF shares traded on the basis of 1.23 naira per share has received the approval of the National Insurance Commission…

This is the first message he publishes on the events that began on the night of Saturday 22 to Sunday 23 January, when the mutinies broke out in several barracks in Ouagadougou and in some provincial towns of Burkina Faso. “Our Nation is going through difficult times. At this precise moment, we must safeguard our democratic achievements. I invite those who have taken up arms to lay them down in the best interests of the Nation. It is through dialogue and listening that we must resolve our contradictions, ”we read on the Twitter account of President Roch Marc Christian Kaboré…

The Chinese Central Bank lowered, Thursday, January 19, one of its reference interest rates in order to support the economy. This is the second drop in a month after that of December 20, 2021, when the issuing institute cut its rate for the first time in almost two years. This is the one-year loan prime rate (LPR) which has been set at 3.7% against 3.8%. This further decline should reduce borrowing costs in the market. For its part, the five-year LPR was also reduced to 4.60%, against 4.65% a month earlier. The country announced this week that it had recorded…

The 72nd session of the Board of Directors of BMS-SA held on November 30, 2021, proceeded to the appointment of a new Director General at the head of BMS-SA in the person of Mr. Lanfia KOITA, previously Special Advisor of the Managing Director of BMS-sa, replacing Mr. Alioune COULIBALY, former Managing Director of BMS-SA. The new Managing Director combines an academic background with a rich experience that makes him the ideal profile to consolidate good governance within BMS-SA, a national systemically important banking institution according to the WAMU Banking Commission. A native of Bamako, Mr. Lanfia KOÏTA is 49 years…

By Stéphanie Manguele, Lawyer at the Paris Bar, Senior Associate Thiam & Associés. On October 24, 2007, Law L2006 / 010 / AN relating to the fight against money laundering in the Republic of Guinea was promulgated. As its title indicates, this law was limited to defining the legal framework for the fight against money laundering. The financing of terrorism remained a legal vacuum to be filled. This has been done since August 17, 2021 with the adoption of Law 2021/04 / AN on the fight against money laundering and the financing of terrorism, which repeals and replaces the 2007…

In Burkina Faso, the military prosecutor announced on January 11, 2022, the arrest of several soldiers on suspicion of preparations for a coup. Information on which the Minister of the Armed Forces gave more details on Thursday 13th. “Two officers, 7 non-commissioned officers, one non-commissioned member and five civilians. And after the first hearings, three people were released, two civilians and one soldier. As a result, today, there are still twelve who are still in preventive detention for the purposes of the investigation, “said Minister Aimé Barthelemy Simporé without giving an identity. “We must remain calm, the army continues its…

West Africa Rating Agency (WARA) affirms the long-term rating of the Banque de l’Habitat du Senegal (BHS) at “BBB”. Simultaneously, on its international scale, WARA assigns to BHS the following ratings and outlook: iB / Stable / iw-6. According to the Agency’s press release of January 11, 2022, “this rating issued in December 2021 is three notches below the Senegalese national ceiling, which is – according to WARA – A’. The short term rating is “w-4”. The outlook attached to these ratings remains “stable”. BHS was created in 1979 by the State of Senegal in order to finance the real…