Author: Rédaction Financial Afrik

The proceedings of the first regular session of the Council of Ministers of the West African Monetary Union (WAMU) for the year 2024 began this Thursday, March 28 in Dakar. Gathered at the headquarters of the Central Bank of West African States (BCEAO), several items are on the agenda, notably the examination of the report...

The Eighth Regional Forum for Sustainable Development (ARFSD 2022) concluded today, with the adoption of the Kigali Declaration on Good Practices and Solutions to Strengthen the Implementation of the Sustainable Development Goals in Africa . Adopted by the 54 Member States present, the Kigali Declaration urges African countries to link mutually reinforcing policies for sustainable development and post-COVID-19 recovery to ensure an inclusive exit from the pandemic. The document calls on African countries to take advantage of new tools, innovative solutions and technologies, including through strengthened partnerships with the private sector, academia, non-governmental organizations, civil society and other stakeholders. ,…

BH Assurance, an insurance company operating in Tunisia, signed, on March 2, 2022, a technological partnership agreement with Axxis Systems, the Spanish subsidiary of ERP insurance, for the overhaul of its information system. Presented as a leader in the digitalization of the insurance sector in the country, the insurer indicates that it declares itself, through this partnership, committed to the project of improving the customer experience by choosing to an innovative business software package while retaining its uniqueness and flexibility. BH Assurance offers, among other things, 100% online insurance products and services. In 2020, the former Assurances Salim launched the…

The Algerian Fund for Start-ups (AFS) has granted 510 million Algerian dinars (about 3.5 million USD) in financing to initiators of innovative projects, said its director of participations, Hachani Okba, on March 5, 2022 in Algiers. . According to the official who was speaking at the 2nd edition of the National Conference of Start-ups, the projects financed concern 18 sectors of activity, in particular services, information and communication technologies, health, transport and tourism. . The data shows 390 beneficiaries, compared to only 65 in the first twelve months of activities of the fund launched in October 2020. Also speaking on…

The course of the price of a barrel of oil continues impetuously. Consequence of the sanctions imposed on Moscow in the context of the war in Ukraine. Indeed, the data show a rise in the price of a barrel of Brent from the North Sea to 139.13 dollars on Sunday March 6 around 11 p.m. GMT, close to the absolute record of 147.50 dollars established in July 2008. This Monday 7, around 06:07 GMT, it was up 10.43% at $130.26. As a reminder, the price of a barrel of Brent has exceeded the symbolic bar of 100 dollars for the…

Since December 20, the share price of Ecobank Transnational Incorporated (ETI) on the Regional Stock Exchange (BRVM) of the West African Economic and Monetary Union (UEMOA) has left its floor value of 13 CFA francs, on which it had been frozen for 18 months. The stock has since moved in a very volatile fashion. In the space of two months, the title has experienced variations of up to +100% (going from 13 F CFA to 27 F CFA), then equally marked declines, until returning in recent days to levels close to the floor price, with a last price quoted at…

It is through a press release published Thursday, March 3 that the Senegalese Ministry of Foreign Affairs and Senegalese Abroad informs that it has sent to the Ukrainian ambassador in Dakar, a note of verbal protest against a process of enlistment of volunteers to help Kiev against the Russian military offensive. Serious facts, according to the document. “The ambassador has confirmed the existence of the call and the registration of 36 volunteer candidates”, deplore the Senegalese authorities who indicate that they interviewed the diplomat for the purposes of verification and authentication of a document published on the Facebook page of…

Albert Ouédraogo, economist and specialist in business development and management, was appointed Prime Minister of Burkina Faso on Thursday 3 March. An announcement made by presidential decree six weeks after the January 24 coup. Originally from Dori, a city in the north-east of the country, the new tenant of the prime minister, a civilian as provided for in the transition charter adopted this week, was at the head of a business consulting and auditing firm since 2007. His appointment comes the day after the inauguration of President Paul-Henri Sandaogo Damiba during a rather sober ceremony, 24 hours after the adoption…

Inflation continues to panic the counters in the Uemoa zone. Its rate fell from 6% in December 2021 to 6.5% in January 2022 according to data from the monthly statistics bulletin published on Wednesday March 2 by the Central Bank of West African States (BCEAO). By country, Mali records the highest rate with 8.7%. It is followed by Benin and Togo, the two coastal neighbors having experienced respective inflation rates of 7.9 and 7.5%. For its part, Côte d’Ivoire, the locomotive of the region, of which it represents 40% of GDP, sees its monthly inflation rate amount to 5.6%. This…

The UN General Assembly voted Wednesday, March 2, a resolution condemning the Russian military intervention in Ukraine. Of the 193 member countries of the Organization, 141 countries (including 28 in Africa approved the text), against 5 five who voted against. These are Russia, Belarus, North Korea, Syria and Eritrea, the only African country in this list. For their part, 35 States abstained. Among them, China and 14 African states: Senegal, Mali, South Africa, Angola, Algeria, Uganda and Tanzania, among others. In detail, this resolution “deplores in the strongest terms Russia’s aggression against Ukraine” and affirms “its attachment to the sovereignty,…

The International Finance Corporation (IFC), a member of the World Bank Group, announced on February 28, 2022, the appointment of Kyle Kelhofer as Senior Regional Representative for Benin, Ghana, Liberia, Sierra Leone and Togo . The American thus succeeds Ronke-Amoni Ogunsulire and will have to focus on supporting private sector growth, job creation and post-Covid-19 recovery in the West African region. Kyle Kelhofer previously worked for the IFC in Ghana, and has nearly 30 years of experience in international development, according to a press release from the institution he joined in 1998. He notably worked on the financing of the…

The African Union (AU) spoke out, on February 28, 2022, on the accusations of racist behavior which are multiplying at the borders of Ukraine. Saying in particular “concerned” by the “shocking and racist” reports according to which Africans wanting to leave the country at war against Russia are the subject of different treatment. In a press release, the pan-African body recalls that “everyone has the right to cross international borders during a conflict and, as such, should benefit from the same rights to cross the border to take shelter from the conflict in Ukraine. (…) regardless of nationality or racial…

The work of the national assizes of the texts of the constitutional charter of the transition in Burkina Faso ended on the night of Monday February 28 to Tuesday March 1. The document subsequently signed by Lieutenant-Colonel Paul-Henri Sandaogo Damiba (photo) provides for a period of three years for the transition from the date of the inauguration of the president of the transition, against two and a half years proposed by the commission technical. According to the charter, neither the president, nor the prime minister, nor the ministers, nor the speaker of parliament will be able to take part in…

The war in Ukraine weighs on African currencies. Naira jostled by port chaos. The CEDI is losing ground against the dollar. The Rand rebels. The Egyptian pound immunized by the Chinese vaccine. The Kenyan Shilling blames expensive oil. Headwinds on the Ugandan shilling. The Tanzanian Shilling bets on gas. The Ugandan Shilling bets on Europe. Here are the trends of the main currencies of Africa for the week of February 28 to March 06, 2022 presented by AZA Finance, the largest non-bank foreign exchange broker in Africa, with a transaction volume of more than 1 billion dollars per year. War…

The current events in Ukraine, invaded since Thursday, February 24 by Russian troops, do not leave the United States and the European Union, two great allies of Kiev, indifferent. Both parties have decided to wage war on Russia by hitting it on the wallet, even if they do not intervene militarily on the ground. On the first front, Joe Biden, the American president. Vladimir Putin, he said Thursday evening during a press conference held at the White House, will become “an outcast on the international scene”. This, because of the decisions imposed by Washington, first against Sberbank and VTB Bank,…

The inaugural act of the celebration of the 45th anniversary of the African Guarantee and Cooperation Fund (Fagace) took place this Thursday, February 24 in Cotonou. It was in the presence of the director general of the institution, the representative of the Beninese Minister of Economy and Finance, partners of the institution and personalities at various levels. It is, according to the director general, Ngueto Tiraina Yambaye, a ceremony that launches the celebration. In his opening speech, he paid tribute to the founders of Fagace before recalling the chronology of its creation. “The only thing missing in the link of…

Uhuru Kenyatta formalized, Thursday, February 24, his support for the candidacy of Raila Odinga, his former opponent. The Kenyan president has indeed called on his supporters to vote for the 76-year-old presidential candidate scheduled for August 9. This support is announced at the expense of the current vice-president, William Ruto, candidate of the United Democratic Alliance. The latter, because of the relations and agreements that bound them, was seen as an heir, President Kenyatta could no longer stand for election. But their relations will quickly deteriorate in the aftermath of the 2017 elections. “I have a program on which I…

The Central Bank of Kenya (CBK) launched this Wednesday, February 23, the National Payments Strategy at an event that brought together representatives of key regional and international institutions. The document covers the period 2022-2025 and aims to consolidate the gains made since then in the Mobile Money sub-sector, and “to pave the way towards a new chapter in the payment journey in Kenya”. “Since the advent of Mobile Money nearly two decades ago, Kenya has achieved significant milestones on its journey to modernize and strengthen the payment system. While cash remains an important means of payment, Kenyans earn around 176…

The Togolese authorities signed, on February 22, 2022 in Lomé, a memorandum of understanding with the Saudi Fund for Development (FSD) concerning the financing of two projects of the Togo 2025 government roadmap. agricultural land in Mission Tové and the rehabilitation of the Adagali -Atakpamé road. “This memorandum, which illustrates the quality of relations between the two countries, punctuates the visit of a Saudi delegation to Togo”, indicates a note published for this purpose. According to Ahmad Ibrahim Al-humaid, representative of the Saudi Fund for Development, his institution is committed to supporting Togo in the implementation of the government roadmap.…

Bank of Uganda (BoU), Uganda’s central bank, kept its key rate at 6.5% this month, with the aim of containing inflation to 5% in the medium term while supporting the recovery of economic growth. The latter, after contracting by 1.5% in 2020, rebounded at a rate of between 6.5 and 7% in 2021 according to data from the issuing institute, driven by investments in infrastructure and the recovery of tourism. For 2022, growth is projected at around 6% due to the continued easing of Covid-19 restrictions, and above 7% over the medium term. Uganda is recovering from pandemic-related disruptions, but…

Commercial International Bank’s consolidated net profit for the full year 2021 was approximately EGP 13.3 billion (approximately USD 845 million), at EGP 6.10 per share, up 30% compared to the year 2020. Data contained in a press release published on February 21, 2022 by the Egyptian bank on its activities for the 4th quarter of 2021. Over the last three months of the year, consolidated net profit stood at EGP 3.37 billion, or EGP 1.53 per share, up 17% compared to the 4th quarter of 2020. “After a year of continued uncertainty, CIB again delivered its record performance in 2021,…

The explosion of a stockpile of dynamite left at least 59 people dead and several injured on the afternoon of Monday February 21 at the Gomgombiro gold panning site market in the village of Gbomblora, in western Burkina Faso . A provisional report communicated by the official information agency and national television which quote a regional authority around 6:30 p.m. GMT. “We do not know exactly the type of explosives, but the terrorist track is completely ruled out,” said the prosecutor. An investigation has also been opened to locate the exact causes of this explosion, and “several people have already…

The updated data confirms that the Rwandan economy has maintained a recovery trajectory towards achieving the projected annual growth of 10.2%. This is according to a document published on February 17, 2022 by the country’s central bank. Indeed, details the issuing institute, the Rwandan economy is recovering thanks to “relevant measures” and the “successful vaccination program”, which led to the relaxation of restrictions linked to Covid-19. Thus, the GDP increased by 3.5% in the first quarter, by 20.6% in the second and by 10.1% in the third quarter. A “recovery trajectory” that the economy maintained in the 4th quarter, according…

The gross domestic product (GDP) of Nigeria, the largest economy on the African continent, grew by 3.98% year-on-year in real terms in the 4th quarter of 2021 according to data from the National Bureau of Statistics (NBS). Against an achievement of 4.03% in the previous quarter, and 3.87% in the 4th quarter of 2020. This growth was driven in particular by the non-oil sector which grew by 4.73% in real terms between October and December 2021, against 3.05% recorded in the last quarter of 2020. It thus contributes 94.81% to the GDP of the country in the 4th quarter of…

➢ Africa50 has made an investment in PAIX Data Centres, a company that owns and operates a pan-African carrier-neutral data center platform. PAIX Data Centers today announced the completion of a $20 million Africa50 equity investment in PAIX Data Centers (PAIX). The funding is the first tranche of Africa50’s Series B investment in PEACE, which will be dedicated to expanding the company’s data center capacity and its growth plans in new African markets. Since its creation in 2016, PAIX has built a solid reputation thanks to the high quality of service and the operational efficiency of its data centers which…

In this interview conducted on the eve of the European Union-African Union summit, economist Carlos Lopes discusses the crucial issues of a relationship that needs to be rebuilt on new foundations. What is the state of Europe-Africa economic relations on the eve of the summit described by the most optimistic as the summit of refoundation? As is the case for several regions, the pandemic has caused a halt to commercial relations as well as investments. The current trade balance is not favorable to Africa. The trade deficit in 2020 is estimated at 23 billion euros. But it must be remembered…

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…