Author: Albert Savana

The senior management of the French Development Agency (AFD) announced the appointment of Christian Yoka as director of the organization’s Africa department. The French of Congolese origin replaces in this post Rima Le Coguic, appointed deputy executive director of expertise France, in charge of operations of the future technical expertise of the group. Regional Director for East Africa since August 2018, Christian Yoka has extensive field experience on the African continent, according to the AFD press release announcing his appointment. He was notably regional director for Cameroon, Central African Republic and Equatorial Guinea between 2016 and 2018, after having served…

An arbitral tribunal of the International Court of Arbitration in London (“LCIA”) ruled on July 7, 2021 against the company Port de Djibouti SA (“PDSA”), in its dispute with DP World, confirming the illegality of its efforts to terminate its joint venture agreement and transfer its shares to the State. The London arbitral tribunal has outright rejected the Djibouti company’s offer to evade the contract formerly concluded with the Emirati port giant. It should be noted that 23.5% of the shares of this port platform are held by China Merchants Port Holdings Company Ltd of Hong Kong (“China Merchants”), and…

Paul Biya’s presence in Europe on a private visit fuels political battles that go beyond the classic confrontation between the majority and the opposition. The stake is more important, since it is about the succession to the head of the country. Decryption. “The President of the Republic, accompanied by Madame Chantal Biya, left Yaoundé this Sunday, July 11, 2021, at the end of the morning, for a brief private stay in Europe”. It is with this laconic press release that the Presidency of the Republic officially announced the visit currently being made by the Cameroonian Head of State to Europe.…

The foreign exchange reserves of the Bank of Central African States (BEAC) stood at 4.137 billion FCFA (approximately 7.5 billion USD) as of May 31, 2021, against 4.951 billion on the same date in 2020. That is to say a contraction of 16.43% in one year, according to the recent report on monetary policy published by the issuing body based in Yaoundé (Cameroon). These reserves are made up of 84% of foreign sight assets, 6.3% of other foreign currency assets in the trading room, 5% in gold stocks, and 4.7% in Fund assets. international monetary policy (IMF). “On a monthly…

The question has been on the lips for a few days, and torments the minds in the economic and financial circles of the sub-region. Tipped for the takeover of at least one of the two Togolese public banks put on the market and for which the State is slow to find (or validate) a taker, the Burkinabe businessman Mahamadou Bonkoungou has just formed, formally on the 29th June 2021 in Lomé, a structure called IB Holding, thus feeding the track of an affirmative answer. According to the local press, the purpose of the company is to acquire stakes in companies…

Despite an increase of around 20% in the overall net income of banks operating in WAEMU in 2020, not all banking centers have contributed to the favorable trend. Starting with Guinea Bissau and Togo. This increase in the profit of WAEMU banks was driven, in 2020, by Beninese banks with CFAF 24.5 billion in 2020, or 22.5% of annual growth (the strongest increase). The country thus leaves 7th place in the 2019 ranking and points to 5th in 2020, according to data from the annual report of the Umoa Banking Commission. Behind Benin are Mali (61.9 billion, or +18.8) and…

The estimated overall volume of government securities that the member countries of the West African Economic and Monetary Union (UEMOA) plan to issue by auction during the third quarter of 2021 amounts to CFAF 1,075 billion (€ 1.612 billion), announced the officials of the UMOA-Titres Agency based in Dakar. In a note addressed to investors operating on the financial market of the West African Monetary Union (WAMU), Mr. Adrien Diouf Director of the UMOA-Titles Agency specifies that this volume includes “ the indicative programs available to date from the seven States members of the Union which are Benin, Burkina, Côte…

More than three weeks after his return to Côte d’Ivoire, ex-president Laurent Gbagbo began his political agenda on Saturday July 10 with a visit to Henri Konan Bédié (also ex-president) in his stronghold in Daoukro (East ). Back in Côte d’Ivoire since June 17 after his acquittal by the International Criminal Court (ICC), Laurent Gbagbo began a 48-hour visit to Henri Konan Bédié, president of the Democratic Party of Côte d’Ivoire (PDCI) in its stronghold in the east of the country. According to indiscretions the staffs of these two “heavyweights” of Ivorian politics will find themselves “out of sight” this…

A global agreement of 6.75 million euros was signed on Friday July 9, 2021 between the State of Senegal and the European Investment Bank (EIB) for the establishment of a production plant for vaccines against the Covid-19. The amount will finance the carrying out of technical feasibility studies and the preparation of a regional production pole within the Institut Pasteur in Dakar. The initiative is supported by the Government of Senegal and international financial partners. The non-repayable funding includes 4.75 million euros from the European Commission and the European Investment Bank (EIB), 200,000 euros from Germany and 1.8 million euros…

-The elephant sheltered from exogenous shocks thanks to its membership in the UEMOA zone. -An increased robustness through the special BCEAO window for the refinancing of “COVID-19 Treasury bills.” S&P Global Ratings has assigned Côte d’Ivoire, as of July 6, 2021, long and short-term sovereign credit ratings in foreign and local currencies “BB- / B”. The outlook is stable denoting the balance between expectations of strong economic growth, supported by improved policymaking supporting a decline in twin deficits in the coming years and, on the other hand, the risk of fiscal slippage and persistent socio-political tensions. S & P’s opinion…

The Senegal Housing Bank (BHS) will proceed on July 10, 2021 to the payment of the half-yearly interest on its bond loan by public offering called “Diaspora bonds BHS 6.25% 2019-2024” for an amount of 625 million FCFA (937,500 euros). During the period from May 16 to June 17, 2019, this banking establishment specializing in housing finance had successfully raised on the West African Monetary Union (WAMU) financial market an amount of 20 billion FCFA. As such, he had issued 2 million bonds with a nominal value and an issue price of 10,000 FCFA. Through the funds raised, the bank…

WAMU’s banking sector net income grew 19.8% compared to 2019, according to data from the Banking Commission’s annual report. It stands at 551.8 billion FCFA (approximately 994 million USD), against 460.6 billion in 2019 in a context marked by the Covid-19 pandemic. According to the 312-page document consulted by Financial Afrik, Ivorian banks posted a profit of 242.5 billion (nearly 45%), leading the list far ahead of those of Burkina (92.5 billion), Senegal ( 85.4 billion), and Mali (61.9 billion). Beninese institutions recorded a profit of 24.5 billion, just ahead of those of Niger (23.9 billion). The Togolese and Bissau-Guinean…

In the Democratic Republic of the Congo, the Public Treasury collected more than USD 945 million in May and June 2021, in execution of the government’s triple strategy of mobilizing revenue through the strengthening of control mechanisms at all levels, rationalization expenditure and the promotion of transparency in the management of public finances. According to data communicated by the Minister of Finance, Nicolas Kazadi, in the Council of Ministers on July 2, 2021, the financial authorities mobilized 938.5 billion Congolese francs (454 million USD at the average budget rate of 2067 FC per US dollar) in June 2021, i.e. an…

Nigeria: First City Monument Bank at the bedside of female entrepreneurship The Board of Directors of the African Development Bank (AfDB) has approved a $ 50 million loan to the First City Monument Bank (FCMB). This amount is intended for local businesses and women-empowered businesses in the agribusiness, manufacturing, health and renewable energy sectors. “The AfDB is pleased to support FCMB’s strategy to become a dominant player to meet the financing needs of local businesses. This project will extend valuable resources to critical but underserved segments during the ongoing Covid-19 pandemic, with its negative macroeconomic impacts, ”said Stefan Nalletamby, AfDB…

The Nigerien Treasury is issuing a simultaneous bond of 60 billion FCFA on the West African Monetary Union (WAEMU) market on Friday July 9. The first bond has a maturity of 5 years, ie July 9, 2026, with an interest rate of 5.9% for a nominal value of 10,000 FCFA. The second has a maturity of 7 years with an interest rate of 6.15 for the same face value. The Treasury announces a 10-year maturity for the third bond with an interest rate of 6.2500%.

Sentenced to fifteen months in prison by the justice of his country, the former South African president Jacob Zuma was taken prisoner Wednesday evening just a few minutes before the deadline for the ultimatum set by the justice. The former head of state in office between 2009 and 2018 thus spent a first night in his new conditions. “Former South African President Jacob Zuma has been taken into custody,” the Police Department said on Twitter. Shortly after the announcement of his decision to “comply with the order of incarceration”, made by the foundation that represents him. This is not “an…

On July 16, 2021, the Ivorian company Uniwax S.A, specializing in the manufacture of textiles, will pay its shareholders, for the 2020 financial year, an overall net dividend of CFAF 373.500 million (€ 560,250). Compared to the 20.750 million shares that make up the company’s share capital, the net dividend per share stands at 18FCFA against 181.80 FCFA in 2018. The 2019 financial year did not result in a distribution of dividends. The net dividend per share to be distributed on July 16 represents 9% of the nominal value of the share, which is 200 FCFA. At the end of…

After shrinking by around 13% in 2020, Seychelles’s gross domestic product (GDP) is expected to grow 7.7% in 2021, according to forecasts released on July 7, 2021 by the International Monetary Fund (IMF). This announcement comes following a two-week mission carried out by the Fund between late June and early July in the country. “The IMF team welcomes the progress made by the authorities in the fight against the Covid-19 pandemic. As Seychelles (…) reopened its borders on March 25, 2021, tourists returned and economic activity started to pick up, ”says the IMF. “There has been a recent upsurge in…

The Bank of Central African States (BEAC) appointed a new national director for Chad on July 1, 2021 following the end of the board of directors of the monetary issuing institution of the sub-region. held in its central services in Yaoundé. A decision which confirms the choice made by the Chadian authorities, in particular the National Transitional Council (CNT), one of the first decisions of which after coming to power in April was the dismissal of the national director of the BEAC Annour Mahamat Hassan, to whom “The highest Chadian authorities have decided to withdraw confidence”. According to our information,…

Since the announcement by the regulator, the National Lottery of Guinea (Lonagui), of the termination of the Guinea Games concession contract and the takeover of the sports betting company headed by businessman Antonio Souaré, the two entities are engaged in a communication battle through interposed media. The first seeking to justify its decision, the second attempting to prove its legitimacy and good faith. The general management of Guinea Games had until then opted for the strategy of silence and presumably to prepare its defense in order to retaliate with its army of lawyers. It had not made any official statement…

Treasury bills launched by the government of DR Congo on July 6, 2021 on the internal financial market raised CDF 24.14 billion (USD 12.07 million). Three bidders shared the three-month securities at an interest rate of 7%. The total amount of bids reached 56.64 billion CDF against 20 billion CDF (10 million USD) targeted. During this month of July, the government plans to raise 40 billion CDF on the internal financial market, according to the Ministry of Finance.

The State of Côte d’Ivoire, through its General Directorate of the Treasury and Public Accounts, raised on July 6, 2021 an amount of 33 billion FCFA (49.500 million euros) on the financial market of the Union West African monetary policy (UMOA) at the end of its issue by auction of assimilable treasury bonds (BAT) with a maturity of 91 days. Out of a total amount put up for auction of 30 billion FCFA, the Ivorian public treasury ended up with 43 billion FCFA in global bids made by investors, ie a coverage rate of the amount put out to tender…

The National Telecommunications Company of Senegal (SONATEL) will proceed, on July 16, 2021, to the payment of the half-yearly interest on its bond loan called “Sonatel 6.50% 2020-2027” for an amount of 3.250 billion FCFA (4.875 million of euros), announced the leaders of this Dakar-based telephone company. With a view to financing its 2020 investment plan linked to its operations in Senegal (its main market), Sonatel had launched on the financial market of the West African Monetary Union (WAMU) a bond loan by public call to the savings for an amount of CFAF 100 billion. An interest rate of 6.50%,…

The ECOWAS Investment and Development Bank (EBID) will proceed on July 12, 2021 to the payment of half-yearly interest and the partial repayment of the capital of its bond loan called BIDC-EBID 6.40% 2019-2026 for an amount of 2.883 billion FCFA (4.324 million euros), announced the leaders of this regional financial institution based in Lomé, Togo. At the end of its 59th meeting held in Lomé on October 25, 2018, the Board of Directors authorized EBID to issue a bond loan on the financial market of the West African Monetary Union (WAMU) in the amount of 25 billion euros. FCFA…

Inflation continues its upward trend that began in February 2021 in WAEMU. After 3.1% in April, it stood at 3.3% in May 2021 according to data published by the Central Bank (BCEAO), which represents a new successive increase since the beginning of the year. As in recent months, inflation was mainly driven in May by “food and non-alcoholic beverages” at 2.2% (compared to 2% in April). This item is the engine of successive growth in the rate, its contribution having been steadily increasing since the start of the year. By country, inflation varies between 1.2 and 5.3% respectively for Guinea…

Will the “great” republican dialogue announced last March by the head of state Faustin Archange Touadéra after his re-election in a tense socio-political context be held under inclusive conditions? It is difficult for the moment to be optimistic, as the beginnings of this high mass to restore peace and security in the Central African Republic are the subject of many challenges, particularly within the political class. Following the presidential decree of June 30, 2021 defining the profiles of the participants as well as the conditions of participation, several opposition movements reacted strongly to contest the organizing committee as defined by…

The International Monetary Fund (IMF) on Tuesday, July 6 called for the “rapid” establishment of a creditors’ committee for Ethiopia, which has begun a process of restructuring its debt. “The IMF strongly encourages the early formation of the Ethiopia Creditors Committee to enable timely debt relief,” said Gerry Rice, spokesperson for the Fund in a statement posted on the organization’s website. global. “Ethiopia asked G20 and Paris Club creditors in February to benefit from a debt transaction under the G20 Common Framework. The authorities’ goal is to create fiscal space for development spending and mitigate the risk of debt distress…

Visiting Côte d’Ivoire, the president of the African Import Export Bank (Afreximbank), Benedict Oramah, said on Tuesday July 5 that the institution has invested nearly 3.5 billion USD as part of its cooperation with the country. The Nigerian was received in audience by Ivorian President Alassane Ouattara. He said he took stock of cooperation between Côte d’Ivoire and Afreximbank, before adding that the country has made progress on the Covid-19 vaccine campaign. Before taking leave of his host, the president of Afreximbank announced the prospects of a financial contribution for the continuation of the said campaign within the framework of…

The extractive industries sector is consolidating its place among the main contributors to government revenue. According to the report of the Extractive Industries Transparency Initiative (EITI), the contribution of hydrocarbons amounts to 533 billion (963 million dollars) representing 93.91% of the total budgetary revenues generated by the extractive sector. in 2018 estimated at CFAF 763 billion, approximately ($ 1.3 billion). Crude oil accounts for the bulk of the production and export of the extractive sector with 21,845,145 tons followed by gas 35,636,361 metric tons and gold with 35,200 tons of ounce. During the period under review, cash payments made by…

The African activities of the French multinational Axa are now attached to Asia. Indeed in its strategic plan “Driving Progress 2023”, the world number 2 in insurance announces the creation of a new Asia-Africa entity headed by Gordon Watson, current CEO of AXA Asia. This major change expresses a willingness to take advantage of the rapid growth that Africa and Asia offer. This new plan gives an important place to Health as evidenced by the recent opening of AXA OneHealth and its 16 clinics across Egypt. The new entity brings together on the Middle East and Asia side, China, Hong…