Author: Nephthali Messanh Ledy

The director general of Saham Assurances Togo, Magloire Dochamou, was sacked this Tuesday at the head of the company. According to information received by Financial Afrik, this former Fedas Ivory Coast executive has been summoned for a few weeks to resign, following an inspection mission sent by the group in Lome. Contacted, the now ex-CEO of Saham Togo, cited in a case of malpractices by the local press, did not want to comment on the subject. Major player in the insurance sector in Togo, the subsidiary of the largest pan-African insurance group (excluding South Africa) had recorded in 2015, its…

The heads of state of the Economic Community of West African States (ECOWAS) found in late January, the failure of their project of reforms of the organization, after much bargaining. Meeting in Addis Ababa on the sidelines of the 30e Ordinary Session of the African Union Summit, the Conference chaired by Togolese President Faure Gnassingbe “noted the enormous difficulties associated with the allocation of statutory posts to member states, particularly in the case of a nine-member ECOWAS Commission “, We read in the final communiqué of this extraordinary meeting. In this regard, he continues, the ECOWAS Heads of State decided,…

In a greetings speech on Friday February 9 in Douala, the chairman of the commission (CMF) of financial markets, Jean-Claude Ngbwa, has drawn up a satisfactory balance sheet of the institution, at the end of the year 2017. “We have worked to make our market a modern tool for financing the economy through the admission of the CMF to the International Organization of Securities Commissions (IOSCO) as an associate member,” he said. . The former Secretary General of CIMA (Interafrican Conference of Insurance Markets) also discussed the introduction of US capital investment in the market, and the finalization and transmission…

The President of the African Development Bank (AfDB), Akinwumi Adesina, this week called on member countries of the institution to contribute to a further capital increase. “At a time when we must all support Africa more vigorously to achieve the SDGs, the Bank needs more resources through a general capital increase,” he said. said Tuesday at the annual lunch diplomats posted in Abidjan. In his plea for “the support of all the shareholders”, the Board of Directors and the governors of the Bank, the Nigerian wanted to rake wide to make known to the continent, “a much brighter and more…

The president of the African Development Bank (AfDB) broke the silence on Tuesday over the wave of layoffs that has shaken the institution for several months. “You have probably heard of some changes at the Bank. I can assure you that everything is going well, “said Akinwumi Adesina at the traditional New Year’s luncheon held at the AfDB headquarters in Abidjan, at the accredited diplomatic corps in Côte d’Ivoire. The former Nigerian minister of agriculture and rural development justifies these changes with “the reforms that the shareholders [have] asked us to carry out”. “They asked us to optimize resources, and…

As part of improving the business climate, the Togolese government has announced the liberalization of social capital and the nominal social share, to encourage foreign direct investment. In council Friday 26 January, the executive took stock of the reforms implemented in the last two months. They focus on five key indicators contained in the World Bank’s latest Doing Business report: business creation, building permit, ownership transfer, contract enforcement and connection to electricity. In addition to the liberalization of social capital and the nominal social share, the government announced, among other things, the abolition of registration fees and stamp duties and…

To ensure macroeconomic stability and support the growth of the West African Economic and Monetary Union (WAEMU), member states must adjust budget deficits to the convergence criterion (3% of GDP) from 2019 . This is one of the recommendations made by an IMF team that conducted a mission to various institutions in the subregion, from 11 to 24 January 2018. “2018 is a critical year for convergence towards sustainable budget deficits,” according to the team led by Dhaneshwar Ghura. Fiscal consolidation will require increasing domestic resource mobilization and prioritizing spending, she says. Thus, the mission advocates fiscal policy reforms designed…

In Cameroon, the debt ceiling during the 2018 budget year is set at 650 billion F CFA against 1500 billion in 2017. Announcement made this Wednesday by the Directorate General of Treasury, Financial and Monetary Cooperation of the Ministry of Finance. According to the Public Debt Strategy Document (DSEP), this reduction “takes into account the constraints of the program with the IMF (International Monetary Fund) and the concern to keep Cameroon’s public debt on a sustainable path, with a risk of moderate debt distress “. Despite a debt ratio lower than the Community ceiling of 70% of GDP, the financing…

In an extraordinary session this Saturday in Lome, the Council of Ministers of the Economic Community of West African States (ECOWAS) is struggling to agree on the rules for the allocation of statutory posts in the institutions of the community. These are the attributions to be defined in the framework of the implementation of the reforms of the subregional institution. According to our information, almost all member countries are not ready to give their votes for the adoption of the rules, and the allocation of certain posts. Indeed, ECOWAS anticipates a reduction in the number of 15 commissions to 9,…

The Director General of Treasury and Public Accounting, Mashoud Yerima Amadou, was dismissed from office on January 10 2018, and replaced by Ekpao Adjabo, hitherto central inspector of the treasury. Cette nouvelle nomination s’inscrit «dans le cadre de la réorganisation» du ministère de l’économie et des finances, amorcée par un décret pris le 29 septembre 2017, «portant attributions, réorganisation et fonctionnement dudit ministère m», selon un communiqué du conseil des ministres. Elle intervient dans un contexte marqué par une forte baisse des souscriptions des bons et obligations du trésor sur le marché monétaire, depuis septembre 2017. Les derniers bons émis…

Back Conakry where she met Alpha Condé, a coalition of 14 political parties of the Togolese opposition announced that the chairman of the African Union (AU) has proposed a dialogue between the 23 and 26 January 2018, after consultation of stakeholders. Is the end of the crisis possible? Announced for November 6, 2017 by the government after a series of clashes between security forces and opposition protesters in several cities, the political dialogue to end the crisis in Togo she will reach her first goal ? Difficult to answer, if we know that the more entrenched positions of the two opposing camps,…

Announced in 2016 and implemented in the 2017 budget, the elimination of taxes on mobile terminals and computer equipment is no longer relevant in the state budget, Exercise 2018. “The government’s objective was to reduce the cost of these goods by reducing or exempting their importation and sale of value-added tax (VAT). Unfortunately, the implementation of these measures, which creates a significant revenue shortfall in the Treasury, has not achieved its intended objective because the investigations revealed that the prices of the goods in question have not declined. These measures do not benefit consumers, “explained the executive, during the budget…

The Togolese State has mandated Sogebourse, a SGBCI Subsidiary Management and Intermediation Company (SGI), to pilot and arrange its bond issue launched in December 2017, much to the chagrin of SGI Togo, which would have applied with a better interest rate. Financial Afrik returns to the contours of a choice that is both strategic and binding. Open from 20 December 2017 to 20 January 2018, the bond issue through a public offering launched by the Togolese State involves an amount of 60 billion CFA francs represented by six million of bonds a nominal value of 10 000 CFA each. Named “TPTG…