Author: Rédaction Financial Afrik

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…

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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…

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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…

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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.…

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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…

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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,…

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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…

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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…

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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…

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➢ 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…

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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…

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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…

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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,…

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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…

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