Author: Editor

Following the re-evaluation of BERNABE CI’s ratings, the Bloomfield Investment Corporation Rating Committee decided to maintain a long-term rating of A + (investment grade) with a stable outlook. In addition, the Committee decided to maintain the A1 rating (investment grade) in the short term with a stable outlook. The Committee notes that the commercial and operating performances are rather mixed in general, with regard to the strategic decisions made and which have the visible impact of a fall in turnover. However, it notes the improvement in the level of cash concomitantly with the reduction of the level of indebtedness. The…

On November 14, the West African Development Bank (BOAD) will celebrate its forty-fifth anniversary. As part of the celebrations marking this commemoration, a photography competition called “BOAD Footprint” on projects financed by the Bank in the 8 WAEMU countries “is organized from 27 August to 05 October 2018. At the end of the competition, 45 preselected photographs with a prize of one hundred thousand CFA Francs (100,000 FCFA) for each author, will be the object of an exhibition organized by the Bank on the sidelines of the Forum that it organizes. 14 and 15 November 2018 in the premises of…

By Dr. Ayodele Odusola, The inflow of foreign direct investment (FDI) in Africa presents a paradox. Conventionally, capital is supposed to go from low-yielding to high-yielding countries. Over the 2006-2011 period, the region recorded the highest rate of return on FDI at 11.4 percent, compared to 9.1 percent in Asia and 8.9 percent in Latin America and the Caribbean. The world average was 7.1%. However, the share of global net FDI allocated to Africa has been very low during the last decade of illustration, the share of sub-Saharan Africa in global net FDI between 2010 and 2016 was 1.87%, against…

After its recently concluded annual review of the African Trade Insurance Agency (ATI), S&P Global Ratings (S&P) affirmed the company’s ‘A’ for Financial Strength and Counterparty Credit as well as its “Stable’ outlook. The rating is based on ATI’s increased market penetration, expanding shareholder base, and an expectation of continued expansion and stabilization of its preferred creditor status. In the report S&P notes “ATI’s expansion and relevance in the region is bolstered by its strong shareholder support. It currently has 23 paid-up shareholders, including the African Development Bank, and its shareholder base has grown from seven initial member countries to…

Africa50, the pan-African investment platform, announced on Tuesday that the Republic of Mauritius became its 30th shareholder. Dharam Dev Manraj Gosh, Mauritian Minister of Finance and Economic Development, signed the Share Subscription Agreement on behalf of the Government, committing Mauritius to take the necessary steps for ratification of the agreement, as required under the Articles of Association of Africa50. “Mauritius is a leader in infrastructure development and one of the most investor-friendly countries in Africa. I look forward to a very fruitful collaboration. Africa50 now has four SADC member states as shareholders and looks forward to welcoming all other African countries to our platform…

These are two “good friends” linked by “sincerity and mutual trust”. For Chinese ambassador Tang Weibin in Côte d’Ivoire, this is the secret of “mutually beneficial” cooperation. President Alassane Ouattara is expected at the end of August in China for signing several large contracts. This year, Côte d’Ivoire and China are celebrating the 35th anniversary of the establishment of diplomatic relations between the two countries. Indeed, on March 2, 1983, “Côte d’Ivoire and China have united despite the long distance that separates them thanks to the far-sighted vision of their respective leaders,” welcomed the Chinese ambassador in Côte d ‘Ivoire.…

Following the disappearance of Seydina Tandian, WARA’s Board of Directors, held on August 23, 2018, decided to appoint Anouar Hassoune as WARA’s Interim Managing Director. Anouar Hassoune (43 years old, former student of HEC, Sciences Po Paris, Ecole Normale Supérieure and economics associate) is a shareholder, director and, until now, Chairman of WARA’s Standards and Methods Group. Anouar Hassoune worked for two international rating agencies before co-founding WARA, at the call of Seydina Tandian. Anouar served from 2008 to 2011 as Vice President of Moody’s Investors Service where he provided financial ratings for Islamic and sovereign banks in a number…

The West Africa Rating Agency (WARA) is deeply saddened to report the sudden death of Seydina Tandian, Chief Executive Officer, during a trip abroad on August 22, 2018. WARA, its employees, its directors and its shareholders offer their sincerest condolences to the family of the deceased, and stand at his side. Seydina Tandian was at the initiative of the creation of WARA, a rating agency approved by the Regional Council for Public Savings and Financial Markets (CREPMF) in 2012, and contributed to the influence of the profession of financial rating in the subregion. A lawyer and economist, a former student…

Donald Trump hit again. In one of those polemical tweets that only he has the secret, the boss of the White House said he was worried about the agrarian reform announced by his South African counterpart Cyril Ramaphosa. “I asked Secretary of State @SecPompeo to study closely land and farm seizures, expropriations and large-scale killings of farmers in South Africa,” Donald Trump wrote on his Twitter account, inspired by a program broadcast by the very conservative television channel Fox News. https://twitter.com/realdonaldtrump/status/1032454567152246785?s=21 Not surprisingly, the Pretoria authorities promptly responded to the presidential tweet. “South Africa totally rejects this narrow vision of…

The Saudi Energy Minister denied on Thursday a cancellation of the proposed IPO of the Saudi Aramco oil company. The IPO of the century is worth $ 2 trillion, twice the market capitalization of Apple. “The government remains committed to the IPO of Saudi Aramco, according to the appropriate circumstances and the appropriate timing chosen by the government,” said Khalid al-Falih, quoted in a statement. The Saudi Minister of Energy adds that Ryad has taken steps to prepare this operation and that the timing of its implementation will depend on various factors, including favorable market conditions, and a proposed acquisition…

The Islamic Solidarity Fund for Development (ISFD), conceived and promoted by the Islamic Development Bank Group attended a high-level event hosted by the Education above all Foundation (EAA) and United Nations International Children’s Fund (UNICEF) at the New York Public Library in New York City on 27th April with an aim to focus on the pressing issue of out-of-school children (OOSC) and to support in accomplishing the objective of EAA in reaching out 10 million vulnerable and marginalized children around the world to return back to school. The event was organized to celebrate the milestone achieved by EAA, through its “Educate…

The world of finance is in mourning following the disappearance of Seydina Tandian. An exceptional analyst, Seydina Tandian is founder of the West Africa Rating Agency (WARA), one of the first financial rating agencies recognized by the Regional Council for Public Savings and Financial Markets (CREPMF). Senegalese and Soninké, he defined himself as an African proud of his origins, evolving with optimism in the great circles of finance.

The ideal time to invest in Africa is now. Yet, foreign investors are not rushing to the continent as expected, because decisions to invest abroad are often structured in a methodical and very thorough way. The high level of risk is one of the factors mentioned. But risk and profit are Siamese brothers: high-risk investments are often associated with higher profits. Africa is the most profitable region in the world. A report of the United Nations Conference on Trade and Development indicates that between 2006 and 2011, Africa had the highest rate of return on foreign direct investment, at 14%,…

The third summit of the Forum on China-Africa Cooperation (FCSA) will be held on September 3 and 4 in Beijing on the theme “China and Africa: community of destiny and mutually beneficial partnership”. The high mass will include 27 side events including the 6th China-Africa Business Leaders Conference. The starting point will be a high-level panel between Chinese and African leaders and representatives of the business community and donors. This will be the most important event in China given the quality of participants, Chinese diplomacy said. In addition to the 54 African government delegations represented at the highest level (Head…

Announced for the end of this week, underwriting for 10-year-old Kenyan treasury bills is expected by analysts. At issue, a moderate appetite for the country’s debt, institutional investors waiting for the draft budget law, which proposes including repeal the interest rate ceiling, be adopted by Parliament. “In the event of parliamentary validation, the removal of the interest rate ceiling would lead to an increase in interest rates on government securities, which would make the rate (expected between 12.5% ​​and 12.8%) less attractive. ‘current bond subscription,’ says Olivier Muneza, an analyst at MBEA Securities in Kigali. This is the second bond…

The President of the first blockchain state will make a unique presentation for all guests of the biggest blockchain and cryptocurrency forum in Russia and Eastern Europe – Blockchain Life 2018. Vít Jedlička is a Czech politician, who founded the microstate Liberland in 2015, located between the borders of Serbia and Croatia on the territory of 7 square kilometers. All processes within the state are planned on the basis of blockchain, for example, elections to state bodies will be held on the technology of smart contracts. Many famous investors (Roger Ver, for example) are interested in this project, and…

Mergence opens an office in Maseru; institutional investment is aimed at supporting local projects and jobs Mergence Investment Managers is offering an innovative approach to private equity through its newly licensed subsidiary in Maseru, Lesotho. Semoli Mokhanoi, Managing Director of Mergence Investment Managers (Lesotho) (Pty) Ltd, says that they have adapted and tailored the traditional private equity model in SADC by offering pension funds and other institutional investors the opportunity to ensure that the bulk of their commitments are invested in “domestic market focused opportunities” rather than committing funds into offshore products. “What is more, the deals are aligned with…

The two-day forum/conference at the Europe’s leading venue Expoforum gathers more than 5,000 participants from more than 70 countries. Сrypto traders, the owners of ICO projects, leading private investors and crypto funds, entrepreneurs and blockchain experts, developers on the blockchain, the owners and representatives of global exchanges, and miners, – the event brings together industry professionals and those who are just starting their way in the crypto industry. Within the conference part, the leading experts of the Asian, US, European and CIS markets prepared their speeches. In the report, each speaker provides actual case studies on earnings or experience in…

Prior to this appointment, Yves Mayilamene was the Deputy Group Head of Human Resources and Head of Human Resources for Ecobank Nigeria LOME, Togo, August 22, 2018/ — Ecobank Transnational Incorporated, ETI, the Lome-based parent company of the Ecobank Group (www.Ecobank.com) announces the appointment of Yves Mayilamene as Group Executive, Human Resources, following the resignation of Julie Essiam early this year.  The appointment of Yves Mayilamene is effective immediately. As a member of the Group Executive Committee, he will report directly to the Group CEO. Prior to this appointment, Yves Mayilamene was the Deputy Group Head of Human Resources and…

The best time to invest in Africa is now. However, foreign investors have not moved into the continent as quickly as expected because foreign investment decisions are often methodically overstructured. One of the major factors cited is too much risk. But risks and profits are inseparable twins: high-risk ventures are frequently associated with higher profits. Africa is the most profitable region in the world. A report by the UN Conference on Trade and Development states that between 2006 and 2011, Africa had the highest rate of return on inflows of Foreign Direct Investment: 11.4%.  This is compared to 9.1% in Asia,…

Until then CEO of Banque Centrale Populaire (BCP), Mohamed Benchaaboun has been appointed Minister of Finance of Morocco.

Monrovia, Liberia: Liberian President George Manneh Weah has called on the Director General of the Sustainable Development Goals Center for Africa (SDGC/A) to ensure that Liberia improves on its development performance.

The African Energy Chamber (AEC) is organizing a forum on local content development in Senegal on September 13th, 2018, in Dakar’s King Fahd Palace.

Acquired just three years ago, the Saham Group Health Division has just been sold, according to several sources. The insurance group managed this branch through its subsidiary subsidiary Meden Healthcare. These are four clinics and two radiology centers grouped under the Evya brand. It remains to know the sale price of the Ghandi and Yasmine clinics in Casablanca, the Tangier Oncology Clinic, the Marrakech Private Hospital (HPM) and the Blue Park radiology centers in Casablanca and Bouregreg in Rabat? According to reports, an agreement was reached with the Oncology and Diagnostics Group of Morocco (ODM), headed by the former boss…

The managing director of the Transgabonais Exploitation Company (SETRAG), Patrick Claes, has just announced that his company has just received a cost of 6.5 million euros, or about 4.3 billion CFA francs, the last 5 cars of which 17 had been delivered 8 months ago. These are intended to modernize the equipment of the railway line that dates back to the 1970s. From September, these cars will make up the trains of the single line of railway that connects the station of Owendo (maritime facade) to that of Franceville (South-East) distant more than 600 kilometers. Since 2016, Gabon has undertaken…

By Antoine Lawson, Libreville. The Directorate General of the Economy and Tax Policy (DGEPF) revealed that Gabon had produced 1.109 million tons of manganese in the first quarter of 2018, compared to 827 551 tons in 2017, a variation of 27.2% . At the same time, exports reached 939 812 tonnes in 2018 compared to 1.12 million tonnes in 2017, corresponding to a decrease of 16.19%. However, sales were up slightly by 4%, from 144 697 million CFA francs in the first quarter of 2017 to 150 076 million CFA francs in 2018, following the sharp rise in world manganese…

The Turkish currency lost 20% Friday, August 10, 2018, bringing its loss to 40% since the beginning of the year. The pound has reached a record level against the dollar. The Turkish authorities favor the thesis of an economic war pointing at the West. In a message to the nation, President Recep Tayyip Erdogan urged his fellow citizens to change their foreign currencies and gold to support the pound. “If you have dollars, euros or gold under your pillow, go to the banks to exchange them for Turkish lira. It’s a national struggle. Speaking in Bayburt, a city in northeastern…

“An African country that manages to raise 2,000 billion FCFA on the international market is very far from bankruptcy” International financial expert, business banker Moustapha Sow analyzes the issues facing Africa such as financing its development, foreign direct investment and technology transfer. Mr. Sow, a graduate of McGill’s prestigious Canadian university, former Africa Director of Iciec – Islamic Development Bank Group and founder of the investment bank SF Capital, estimates that the $ 2.2 billion Eurobond raised by Senegal last March, illustrates the good health of its economy; but above all shows that Africa is a preferred destination for so-called…

The African Development Bank (AfDB) has just granted a loan of 41 billion CFA francs (about 63 million euros) to Gabon, to support the country in the diversification of its economy. According to the Minister of the Economy and Development Programming, Jean-Marie Ogandaga, this loan “will serve to accelerate the process of diversification of the economy.” The overall goal of the project is to contribute to strong and inclusive growth by improving the business climate and building institutional capacity, he added. On the other hand, 8,000 new jobs will be created in the Nkok Special Economic Zone (which already has…

By Ayodele Odusola, Chief Economist, UNDP Regional Bureau for Africa The best time to invest in Africa is now. Bringing foreign investors into Africa has not moved as quickly as expected, however, because foreign investment decisions are often methodically over-structured. One of the major factors cited is too much risk. But risks and profits are inseparable twins: high-risk ventures are frequently associated with higher profits. Africa is the most profitable region in the world. Evidence from an UNCTAD report shows that between 2006 and 2011, Africa had the highest rate of return on inflows of Foreign Direct Investment: 11.4%.  This…