Author: Nephthali Messanh Ledy

Headline inflation fell to 3.7% in November 2020 in Uganda, according to data from Bank of Uganda (BoU), the central bank. It had stood at 4.5% the previous month. Core inflation also fell to 5.8% from 6.3% in October, according to the central bank, due to lower prices in services to 11.1%, mainly due to transport tariffs revised downwards. Other inflationary factors also fell in November, according to the Kampala-based issuing institute. The Ugandan authorities’s inflation outlook points to a rate between 5 and 6.5% in 2020, before converging towards its medium-term target of 5%.

The inflation rate stood at 3.4% in October 2020 in WAEMU countries, according to data from the BCEAO. This is its highest level since 2013, after the record 3.3% left in August 2020. By country, Burkina is in pole position with an inflation rate of 4.6% in October against 4.5% in September, thus maintaining the upward trend observed since June. Benin and Mali come second with 4.4%, while Guinea-Bissau has the lowest rate (1.1%) in the region. It should be noted that inflation has not been negative in any of the WAEMU countries since July 2020. Inflation was pulled over…

The gross reserves of the CEMAC banking system (made up of free reserves and mandatory reserves) increased from 2,431.7 billion CFA francs (approximately 4.42 billion USD) at the end of June 2019 to 2,631.5 billion F CFA (around 4.7 billion USD) at the end of June 2020, according to data from the Bank of Central African States (BEAC). This represents an increase of 8.2% over one year, relatively less than that observed between June 2018 and June 2019 (34.1%). According to the central bank, this development contributed to the increase in the share of reserves in the banks’ balance sheet…

The UMOA-Titres Agency announced on November 30, 2020, that the Treasury of Côte d’Ivoire has decided to postpone until December 8, 2020, the simultaneous issues of Assimilable Treasury Bonds (OAT), with maturities of 3 years and 5 years initially scheduled for December 1 and 22, 2020. According to the institution based in Dakar (Senegal), the new issue will have an indicative amount of CFAF 50 billion (approximately USD 91.5 million) and the characteristics will be communicated “later”. “In the name of the Public Treasury of Côte d’Ivoire, the Agency thanks all the investors for the constant support for the initiatives…

The DR Congo had a deficit of 122.2 billion CDF (about 62.2 million USD) as of June 30, 2020, according to a conjuncture note published by the Central Bank of Congo (BCC). The country collected CDF 451.4 billion in revenue, compared to expenditure of CDF 573.6 billion as of that date. “This deficit was entirely financed by resources from Treasury bill issues as well as that drawn from the budget support of the IMF (International Monetary Fund). It should be noted that in the second quarter of 2020, the Treasury used a quota of IMF budget support amounting to CDF…

The Togolese government has ordered the immediate and temporary closure of the premises of the cement manufacturer Wacem (West African Cement), which has become a source of contamination with the coronavirus (Covid-19) “By letter (…) dated October 30, I was informed by the national coordinator of the response to Covid-19 of the discovery of an epidemic focus in Wacem, an industrial company in the free zone. In order to prevent this epidemic center from being the place of spread of the disease in the country, I ask you to immediately close the company for fifteen from this date ”, we…

In Kenya, economic activity fell 5.7% in the second quarter of 2020 year-on-year, according to a report from the Kenya National Bureau of Statistics (KNBS). Growth was 5.3% in the second quarter of 2019. Although Kenya was somewhat spared the effects of the pandemic in the first quarter, notes the institution, the economy was significantly affected in the second quarter of 2020. “During this period, the country instituted measures aimed at containing the spread of the virus, including restricting movement within and outside certain regions, closing educational establishments, closing certain businesses, especially those that deal with medical services ‘accommodation and…

UMOA countries will soon be on the regional financial market for a third phase of Covid-19 Voucher issuance, according to an announcement made by the Dakar-based UMOA-Titres agency. “The mode of operation of these titles remains identical to the previous ones (including their accessibility to the BCEAO counters with a special device for these titles)”, specifies the institution. The broadcasts will be organized over a period of one month, which will be communicated later. Supported by the Central Bank of West African States (BCEAO), the Covid voucher initiative announced in April 2020 aims to allow States to mobilize financial resources…

English-speaking countries in West Africa denounce the “unilateral” decision to rename the CFA franc to “eco” on the sidelines of a meeting held on Thursday January 16 in Nigeria. The six West African Monetary Zone (WAMZ) countries “noted with concern the declaration to unilaterally rename the CFA franc to eco by July 2020”. Finance ministers and central bank governors of the six English-speaking ECOWAS countries say in a statement that “this action is not in accordance with the decisions” of the Economic Community of West African States (ECOWAS) in view of “adopting the eco as the name of the single…

The new sentence pronounced in the conflict between the Dubai Port World group and the State of Djibouti on the termination of the concession contract for the Doraleh container terminal is not likely to calm the fervor between the two parties whose positions do not are still not reconcilable. In a press release titled “Only a fair compensation and in accordance with international law is possible” and published Thursday, January 16 by African Media Agency on behalf of the Presidency of the Republic of Djibouti, the latter declares this decision not surprising “d ‘a sole arbitrator ruling under the aegis…

The Togolese government adopted Wednesday, November 13, the draft budget finance 2020 whose budget estimates are in resources and expenses to 1,463.8 billion FCFA against 1378.7 billion in 2019, an increase of 6.2% “due to the increase in cash resources”. “The fiscal outlook is based on a macro-fiscal framework that takes into account national and international economic environments, efforts to be provided under the IMF-supported economic and financial program, which is coming to an end at the end of the year. 2019, “reads an official statement. “In order to structurally transform the Togolese economy, the government intends to focus on…

From Togo, the best African student in the Doing Business 2020 report published this Thursday, October 24, in Lesotho, the worst, Financial Afrik presents the evolution of progress in all the countries of the continent concerned by the annual ranking of the World Bank. “These results are remarkable, excellent and exceptional. They translate three things: vision, ambition and political will. Thus commented on Thursday in Lome, Sani Yaya, the Minister of Economy and Finance of Togo (photo), the ranking of his country Doing Business 2020 report. A satisfaction mixed emotions that, of course, are not the same in all African…

The World Bank released this Thursday, a new edition of the Doing Business report that measures the improving business climate around the world. Even though sub-Saharan Africa is underperforming, some countries in the region are doing well. According to the report, 73 reforms (compared to 108 in 2018) were carried out in sub-Saharan Africa, for an average of 1.5 per country. 65% of the economies in the region have achieved at least one reform over the period of the study, says one. Two countries in sub-Saharan Africa are in the top 50 worldwide: Mauritius, 13th in the world, the only…

Private equity investor Verod Capital Management announced Wednesday (September 17th) that it has received the necessary regulatory approvals for the acquisition of the entire shares of Metropolitan Life Insurance Nigeria. This transaction – the amount of which was not disclosed – marks the departure of the South African group Momentum Metropolitan from the Nigerian market, in line with its new restructuring and growth strategy announced in 2018. The latter provides for a greater focus on growth. of its main activities in South Africa and a review of its operations in Africa, among others. “We are confident that Verod Capital will…

The International Monetary Fund (IMF) is now forecasting an economic growth rate of around 4.5 percent in 2019 in Malawi, six months after announcing a 5 percent forecast for the southeastern African country. “Malawi’s recent economic performance has been favorable despite the impact of Hurricane Idai. Economic growth is expected to increase to around 4.5 percent in 2019, thanks to the recovery in agriculture in most of the country and the reconstruction of the infrastructure damaged by the hurricane in the south of the country, “said a statement. published on 17 September 2019 by the institution. In the medium term,…

High Power Exploration (HPX) today signed with the Guinean government an agreement to acquire a 95% stake in the Nimba iron ore deposit owned by BHP, Newmont Goldcorp and Orano. Located in the south-eastern forest region, this deposit would contain about one billion tonnes of high-grade iron ore containing very low levels of impurities, according to HPS, quoting a 2015 study report. by the United States Geological Survey. “Iron ore of this quality is essential for reducing energy consumption, greenhouse gas emissions and slag production during the steelmaking process,” says the privately-held company. mining exploration and development domiciled in the…

Access Bank’s after-tax profit was 63 billion naira (approximately 173.8 million USD) in the first half of 2019, compared to 39.6 billion at June 30, 2018, an increase of 59%. According to the Nigerian bank’s financial statements published by the Lagos Stock Exchange (NSE), pre-tax profit increased by 61.6 percent to 74.1 billion naira during the reporting period. For its part, earnings per share increased from 1.38 naira in June 2018 to 1.94 naira a year later. As a reminder, the bank is buying this year the activities of its competitor Diamond Bank Plc, which will increase its size and…

The South African Reserve Bank announced on Friday that the country’s net foreign exchange reserves reached $ 44.226 billion at the end of August 2019, up from $ 43.906 billion in July, an increase of 320 million over a month. These figures indicate a slight increase compared to May 2019, when the net reserves of the most industrialized country of Africa had fallen to 43,178 billion dollars, against 43,245 billion in April. According to data from the central bank, gross reserves in South Africa rose to 49.948 billion USD in August 2019, against 49.360 billion in July. The forward position…

Airtel Africa, the African subsidiary of India’s Bharti Airtel Group, has appointed Ian Ferrao as Regional Director for East Africa, a newly created position to oversee operations in Kenya, Uganda, Tanzania and Rwanda. Formerly Managing Director of Vodacom Tanzania and Vodacom Lesotho, Mr. Ferrao claims twelve years of senior management experience in the telecommunications sector in Africa. Airtel’s director in East Africa had also previously worked as a sales manager at Vodacom Business Africa. Airtel Africa’s second largest market, East Africa accounts for 35.81% of the company’s revenues for the fiscal year ended March 31, 2019, for a total of…

In a note to its investors, Zenith Bank has indicated that it will repay its $ 500 million Eurobond before maturity scheduled for April 2022. This decision, according to the banking group based in Lagos (Nigeria), is motivated by the strong liquidity of its dollar reserves. As a reminder, the 5-year Eurobond was issued on May 30, 2017 by the bank.

Tanzania’s gold exports rose 23.3 percent between July 2018 and July 2019 to reach US $ 1.783 billion, according to a monthly economic report released by the central bank (BOT). This increase, according to the document, is due to the increase in the volume of exports that has not been revealed. Tanzania, Africa’s fourth largest gold producer, exported 1.549 billion USD of gold between January and December 2018, up from 1.541 billion the year before. The country opened in the first quarter of 2019, its first commercial gold trading center in the northwestern city of Geita.

Saham Assurance Maroc announced Wednesday, September 4, a half-year sales increase of 11.3% over June 2018 to reach MAD 3.073 billion (about 318 million USD) at the end of the first half of 2019. According to the company’s half-yearly accounts, the non-life business (with a figure of MAD 2,452 million) was dominant over the period, despite a slight increase of 4.3% compared to June 2018. Half-yearly turnover Life branch reached 621 million dirhams, an increase of 52% year-on-year. In its statement issued by the insurer following a meeting of the Board of Directors, Saham Assurance also confirms the decline in…

The Central Bank of Egypt (CBE) announced on Wednesday (September 4th) a net currency reserve increase of 52.1 million USD at the end of August 2019. Indeed, reserves reached 44.969 billion USD in August, against 44.917 billion in July 2019. They have thus increased by 2.418 billion USD since January, according to the figures provided by the central bank. Egypt’s foreign exchange reserves cover almost eight months of imports excluding significant payments in 2019, which allows the CBE to meet the country’s operational needs and to support the Egyptian currency against the dollar. after a Beltone Financial report quoted by…

Sanlam Kenya posted net profit of 639.7 million shillings (about 6.2 million USD) for the first half of 2019, after a loss of 1.5 billion shillings after tax in the first six months of the year former. “The investments recorded impressive gains in the market value of Sanlam’s treasury and equity portfolios, bringing non-insurance revenues to 1.9 billion shillings compared to 41 million shillings in the same period. last year, “according to Patrick Tumbo, chief executive of the former Pan Africa Insurance Holdings, quoted by the local press. “Efforts to recover the Group’s impaired assets of more than 2.2 billion…

Salim Insurance announced a turnover of 65.223 million Tunisian dinars (nearly 23 million USD) at June 30, 2019, up 11% year-on-year. According to the company’s statements, non-life premiums rose to 39.795 million TND (13.44 million USD), up 18% compared to the first half of 2018 – this branch largely dominates its portfolio with 60% of premiums in 2018- . Claims expenses declined to 26.370 million TND (8.905 million USD) against 26.540 million TND (10.136 million USD) as of June 30, 2018. Controlled by BH Bank, Assurances Salim, at a general meeting held on August 8, 2019, formally received shareholder approval…

Reinsurer Waica Re (Sierra Leone-based West African Insurance Companies Association) announced at a general meeting that it has established a group structure in view of its growth in recent years. In 2018, the company obtained the authorization of the regulators to establish two subsidiaries in Kenya and Zimbabwe. “Waica Re Corporation Plc holds majority stakes in the two subsidiaries with investments of $ 10 million and $ 5 million respectively in Kenya and Zimbabwe,” said Abiola Ekundayo, Managing Director. “This brings to three the number of subsidiaries created after the creation of WAICA Re Capital in 2015. These developments have…

Prime Bank, Bank of Kenya reported net profit of 1.25 billion shillings (approximately $ 12.5 million) in the first half of 2019, up 32 percent year-on-year. This growth is mainly due to the bank’s strategy of reducing loans to the private sector (from 35.8 billion to 34 billion shillings) to invest more in government bonds (from 20.5 billion to 36.6 billion shillings). As a result, interest earned on government securities rose from 1.4 billion shillings to 2.2 billion shillings, compared to a decline of 2.2 billion shillings to 1.9 billion shillings for interest on loans. Founded in 1992, Prime Bank…

The Bank of Tunisia (BT) recorded, according to the interim financial statements as of June 30, 2019, a net banking income of 180 million dinars (approximately 62.7 million USD) against 152.6 million in the first half of 2018. That is 17.86% increase. The bank’s main performance indicator was 327.5 million dinars (around 114 million USD) as of December 30, 2018. Net income amounted to 75.2 million dinars as of June 30, 2019, representing an increase of 10.5% year-on-year. Operating expenses amounted to 108.5 million, an increase of 23.22%. In addition, loans to customers rose by 3.7%, from 4.35 billion dinars…

Zenith Bank Plc recorded an increase in its key financial indicators for the first half of 2019 ended June 30th. According to the financial statements released Monday by the Nigerian Stock Exchange (NSE), the gross profit of the Nigerian bank increased by 3%, from 322.2 billion naira to 331.6 billion (about 911 million USD). E-services revenues increased by 168% to 27 billion naira (approximately 74.2 million USD) in the first half of 2019, compared to 10 billion in the first half of 2018. Profit before tax reached Nl 111.7 billion, up 4% from the $ 107.4 billion recorded in the…

Kenya’s Ministry of Finance has cleared the National Industrial Credit Bank (NIC) and the Commercial Bank of Africa Limited (CBA) for the transfer of the share transfer tax, according to information this week by the local press. The exempt amount represents 1% of the value of the unlisted shares transferred. The shares of the merged entity are 53% owned by current shareholders of CBA and 47% owned by NIC Bank. “The transaction is an exchange of shares between the two banks,” says one. As a reminder, it was last March that the directors of the two institutions took note of…