Author: Adama WADE

Fitch Ratings – Hong Kong – 30 Sep 2020: Fitch Ratings has revised the Outlook on Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘B’. The revision of the Outlook reflects a decrease in the level of uncertainty surrounding the impact of the global pandemic shock on the Nigerian economy. Oil prices have stabilised, global funding conditions have eased and domestic restrictions on movement have started to be relaxed. Nigeria has navigated external liquidity pressures from the shock through partial exchange rate adjustment combined with de facto capital flow management measures and…

The report of the panel of independent experts finally fell on Monday, July 27, clears President Akinwumi Adesina of the African Development Bank (AfDB) of the 16 allegations made by whistleblowers while recalling that “the absence of proof is not proof of absence ”, further calling for a distinction to be made between an alleged institutional failure of the Bank and the conduct of the President. Out of the 16 launchers’ allegations against President Akinwumi Adesina, here are the conclusions of the team of three experts led by former Irish President Mary Robinson, along with Judge Hassan Jallow of The…

Arash Azarmi is an economics and business expert working for Volant Media UK who own London-based Persian news channel, Iran International. From his education at Tehran Business School and the Institute for Management and Planning Studies, where he acquired both an MBA and MSc, alongside his career as an economic analyst which spans over 17 years, Arash is well versed on all issues relating to the global economy with a focus on Iran. His economic expertise has been included on a wide range of TV and Radio channels, including BBC Persian, Iran International and Radio Farda, as well as having…

Reacting to the so-called “16 allegations of whistleblowers” crisis which has paralyzed the African Development Bank for several weeks, five former vice-presidents published on Sunday, June 21, a letter calling for a “consensus”. Signatories of the open letter, Mauritanian Ousmane Kane, Chadian Bedoumra Kordje, Malian Birama Sidibé, Zimbabwean Sakala Zondo and South African Mandla Gantsho, express concern over the crisis between AfDB President Akinwumi Adesina, and certain shareholders calling for an independent investigation. Noting that 11 former African heads of state had called for caution and respect for the rules of the institution in a joint declaration of May 29,…

Dossongui Koné, boss of Atlantic Finance and Simon Tiemtoré, CEO of Vista bank in a tight duel for the takeover of the 3 BNP Paribas subsidiaries in Mali, Guinea Conakry and Burkina Faso. The process of selling BNP Paribas subsidiaries in Burkina Faso, Mali and Guinea Conakry * has taken a political turn. BNP Paribas’ investment bank, which has been playing chiaroscuro from the start, did not wish to give exclusivity, leaving the two finalists on the file, namely the Ivorian businessman Dossongui Koné, and the American-Burkinabé, Simon Tiemtoré, compete in the anterooms of the African presidential palaces. And, in…

The Annual Market Forum of the Federation of African National Insurance Companies (FANAF) has just been held in Yaoundé. From 5 to 7 November 2019, only one central theme was on the agenda: “review of the CIMA treaty after 25 years of implementation”. The participants, while welcoming the inclusive model of the unique Interafrican Conference on Insurance Markets (CIMA), made pressing demands, as reported in the final resolutions of the conference. This is the case for the harmonization of normative policies between the CIMA treaty (which concerns 14 countries) and the Organization for Harmonization in Africa of Business Law (OHADA,…

In this exclusive interview with the monthly Financial Afrik (number 63), Alexandre Benalla, the former chargé de mission at the Elysée, deputy chief of staff of the President of the Republic, talks about his career, his new relationship with Emmanuel Macron and its investment projects in Africa. Far from the incidents of May 2018 that propelled him to the front page of the French media, the man, unparalleled analyst of the security issues of the world, at the antipodes of the image of the “Arab service to big arms” that it was decked out, opened a new page, that of…

The increase in recent years in the insured value of physical, petrochemical and airport facilities reflects the stakes of the security market in Africa. The general trend is towards the diversification of actors covering both surveillance, guarding, transfer of funds, industrial activities and cyber security. In Morocco, Brink’s Maroc, a subsidiary of Brink’s France, itself a subsidiary of the American group Brink Inc, translates the private security scheme in the Maghreb. The actors belong to large international brands. Brinks Morocco shares the market with security and security company Group 4 Securicor (G4S), the world leader in security. In sub-Saharan Africa,…

The African continent is the last economic frontier where inflation reigns without debate. Central banks in Morocco, Algeria, the CFA zone, Nigeria, Kenya and other currency areas are trying to keep this ratio within the bounds of usage and theory. However, apart from the orthodoxy of the monetary policy committees of African central bankers, the assumption of low inflation as a sign of good economic health no longer seems to be unanimous. Thus, dissenting voices call on central banks to put the cursor, not on inflation (intermediate parameter) but rather on full employment and guarantee universal employment. The idea is…

The Interafrican Institute of Training in Insurance and Business Management (IFAGE) starts the academic year with an inaugural conference, October 25, 2019, dedicated to the actuary, “this risk manager unknown to the general public” as the Mandaw Kanji, president of IFAGE, pointed out at once, planting the scenery of a continent still in catch-up. “Africa has collected $ 68 billion in premiums in 2018, only 1.31% of global premiums. Moreover, says the former controller, “70% of this volume is achieved in South Africa, leader of the continent ahead of Morocco (6%) and Kenya (3%)”. For its part, the Interafrican Insurance…

One year after  the integration of Saham Finances in the scope of Sanlam, the time is for major managerial changes. Thus, Nadia Fettah, who managed Saham Finance (26 countries, 65 subsidiaries) from Casablanca (Morocco), is now under the tutelage of Heinie Werth. Until then CFO of Sanlam (CFO), Heinie Werth, who has 15 years of experience within the group, is named CEO of Sanlam Pan Africa (SPA), new name (since February 28, 2019) of the now ex Sanlam Emerging Markets. Mr. Werth will report directly to Ian Maxwell Kirk, Sanlam Group CEO, and will be responsible for developing the…

In the wake of the cabinet reshuffle on 5 September 2019 in Côte d’Ivoire, things are becoming clearer about the position of the first economy of the West African Economic and Monetary Union (40% of GDP and 50% of the money supply). in circulation) vis-à-vis the African Development Bank which is moving towards elective general...

Managing Director of Continental Ré Ivory Coast since 2014, Ibrahima Ndoye has resigned. The information revealed by Atlas Magazine has been confirmed to Financial Afrik by the interested party itself. “I actually announced my resignation on August 27,” says Ibrahima Ndoye, arguing “personal reasons.” At Continental Ré, it’s mouth and motus sewn. Contacted, a member of management confirms an “email” dated August 27 and indicating a letter of resignation submitted today at the discretion of the Board of Directors. It should be noted that the Abidjan office is also relegated to the rank of a single subsidiary since in favor…

Make no mistake. Behind the African hunt, which has become a seasonal sport in South Africa, Mandela’s legacy is being burned. Ubuntu is for the postcard. The reality is quite different, as the thousands of businessmen who attended the World Economic Forum in Cape Town, a city of jet-setters and privileged people on the waterfront, in the middle of a Ocean of misery where life is not worth a smartphone. The slogan of “Rainbow Country”, this Rainbow Nation that was to erect on the rubble of apartheid, rings hollow today in the streets of Johannesburg and Pretoria where extreme poverty…

Japan and the African Development Bank (www.AfDB.org) on Friday announced a joint target of $3.5 billion under the Enhanced Private Sector Assistance for Africa initiative (EPSA4), during the 7th Tokyo International Conference on African Development (TICAD 7).

Both Japan and the Bank have set a target of $1.75 billion each, from 2020-2022, to enhance the fourth phase of EPSA to spur private-sector-led sustainable and inclusive growth in Africa.

“Building on the successful achievements so far, Japan and the Bank have decided to upgrade EPSA in both quality and quantity to meet financial needs for infrastructure development as well as for the private…

Faced with information on a supposed record high debt ratio, the financial authorities of Mauritania have stepped up to the plate. On the sidelines of a joint press briefing on Monday, August 26, 2019, the Minister of Finance, Mohamed Lemine Ould Dhehby and the governor of the Central Bank of Mauritania, Abdel Aziz Ould Dahi, have rejected as a whole what they describe as “unfounded” information about the country’s macroeconomic situation. To counter fake news, the WB announces the establishment of a communication unit to respond to requests for information from the press. At the root of the recent…

Nigeria denied on Friday, August 23, the closure of its border with Benin, closed however since August 20 by official statement. The interruption noted by the media on all crossing points including that of Sèmè-Kraké, main gateway where most of the traffic and trade between the two countries passes, could be explained by a joint exercise. to counter transnational crime, “said Joseph Attah, spokesman for the Nigerian Customs Service (Ncs). “The country’s security agencies have come together to forge links and deploy a joint response strategy to fight insecurity in the area,” he told reporters. As a reminder, Abuja announced…

Five African countries are invited to the G7 which opens this 24th of August in Biarritz against the backdrop of the fires of the Amazon rainforest and the critics of Emmanuel Macron accusing the Brazilian Jair Bolsonaro of having “lied” about his commitments in favor of climate. Observers will watch for the unpredictable answers of US President Donald Trump, who is quick to support his Brazilian ally, of which he is the model. The fires of the forest of the Amazon, 2. 500 fires in the last 48 hours according to the National Institute of Space Research of Brazil (INPE),…

It’s the prestigious Financial Time that reveals it. The British newspaper, voice of the English establishment despite its takeover by the Japanese Nikkei, estimated on August 13, 2019 that Rwanda’s figures on poverty are “probably” manipulated. Official statistics from the National Institute of Statistics of Rwanda showed a 6% drop in poverty between 2011 and 2014. A report by the African Development Bank (ADB) entitled Intregated Household Living Conditions dating from 2015 goes in the same direction. This, while since 2015, the Oxford Policy Management Institute (OPM), mentioned in several development reports on Rwanda, has disassociated itself from the official…

The West African giant was sentenced on 16 August by the Business and Property Courts of the United Kingdom to pay 9 billion dollars (8.1 billion euros), or 20% of its foreign exchange reserves , to Process and Industrial Developments Ltd (P & ID), a company based in the tax haven of the British Virgin...

“A historic turning point full of promise for industries on condition that we prepare for it …” The African Continental Free Trade Area (CAFTA) has entered its operational phase at the end of the 12th Extraordinary Summit of the African Union (AU) held in Niamey (Niger) this weekend. For Louis S. AMEDE, the Director General of the National Federation of Industries and Services of Côte d’Ivoire (FNISCI), the African market offers enormous opportunities to Ivorian industry but provided they prepare well. Interview. Let’s go, the ZLECAf has entered its operational phase! Exactly! And we could consider this a historic turning…

Unlocking the Potential of Africa – Ideas by Alexander HAMILTON, Cédric Mbeng Mezui’s new book, was presented at the Palais Brongniart, Place de la Bourse in Paris, on April 05, 2019. The audience included industry professionals private, the institutional, the academics of the place of Paris and all these economists, thinkers and strategists on the lookout for new trends. The author’s bias on Alexander Hamilton’s ideas, to the detriment of those of Malthus, who are back in force when it comes to reporting the flow of migration to African demography, is daring. intellectual. The author considers that during this 21st…

Died on March 23, 2015 at the age of 91, Lee Kuan Yew was anything but a Western Democrat, a term he opposed to Asian consensus democracy. The founding father of Singapore had imposed on his fellow citizens the choice of discipline before freedom, the right to bread before the right to vote. Singaporeans could choose their grain at noon, but not their shop stewards. The triptych of this legendary leader whose diatribes have often moved London is made of discipline, authority and merit. Singapore became a thriving military barracks whose supermarkets were run by the Asian and world jet…

What is this old man on a wheelchair that young people today reject so well to Algeria. Bouteflika is this country rich but unable to transform, promising but tired, educated but undermined by unemployment, sovereignist but with elites who have, since the first gusts of revolution, acquired French, Swiss and Canadian nationalities while now their people in a forced Arabization that will have resulted in the French language, this spoils war according Kateb Yacine, a luxury product. Of the living symbol that young Africans discovered in the newspapers of the time with a certain revolutionary romanticism, there remains Bouteflika only…

Observers note a rise in strength of the agency UMOA-Securities at the expense of the bond compartment of the Regional Stock Exchange (BRVM) that has not experienced the boom expected corporate. Emissions from the Sifca agribusiness, the CRRH mortgage refinancing fund, Cofina mesofinance and, recently, the Senegalese electricity supplier Sénelec are slow to emulate. As...

Held on March 31 in Tunis under the cover of a wheel (some emirs had not turned off the engine of their aircraft), the 30th summit of the Arab League was rich in salamalecs and hiccups of any kind. The wall of sound was passed when the old Mauritanian anthem was played instead of the new one. The Mauritanian diplomats accredited in Tunis, officials of the Ministry of Foreign Affairs and the protocol of the President had to undergo this hymn of another century until the end. The presidential anger shakes more than one member of his delegation while Tunisian…

The insurance sector in Senegal is under tension. The insurance company Amsa multiplies the maneuvers not to join the Oil & Gas Risks Insurance Pool of Senegal. As a reminder, the grouping of insurance companies approved on the Senegalese market, which aims to cover oil risks according to the principle of co-insurance, is a vertical organization with SEN-RE and the International Reinsurance market. The approach, a first in the area of ​​the Interafrican Conference of Insurance Markets (CIMA *), went in the direction of building the capacity of Local Content of the private insurance sector in Senegal. President Macky SALL…

The appointment of Franco-Senegalese Sibeth Ndiaye as spokesperson for the French government was unanimously hailed by the French press. Born in Senegal in 1979, the only survivor of the close guard of President Emmanuel Macron, finds himself in one of the most symbolic roles of the republic. Such a situation would be hard to come to in Africa, a place where national codes, criteria and determinants of appointments in official positions are enclosed in explicit and implicitly biological principles. “The nationality laws of some African countries explicitly restrict the right to nationality on racial or ethnic grounds, and in other…

On March 8, 2019, S & P Global Ratings confirmed the long-term foreign currency notes “B-” and short-term foreign exchange and local currency “B” of the sovereign debt of Congo-Brazzaville. The perspective is stable. The agency estimates that the external and budgetary vulnerabilities of Congo-Brazzaville will remain important in the years to come. Good news...

If there is one topic that dominated the debates on March 14, 2019 on the first day of the Africa Development Forum, it is African integration. The question was the final loop of the intervention of Mohamed El-Kettani, CEO of Attijariwafa Bank who invited all participants to reaffirm “our belief in an integrated common space of hope and future, to protectionist temptations at work at the international level “. And the banker insisted: “Invest in our human capital, in the advancement of African women, in strengthening our infrastructure, and in implementing credible governance schemes. Let’s work on the implementation of…