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The Ghanaian Cedi gorges itself on cocoa, the Tanzanian Shilling carried by an innovative president, the Zimbabwe dollar rebels, the Egyptian Pound vaccinated against Covid-19, and the Naira stabilizes, dancing on a barrel of oil … In this column weekly on African currencies, experts from AZA, the largest non-bank currency broker in Africa, with a transaction volume of more than $ 1 billion per year, analyze the evolution of currency fluctuations on the continent. Zimbabwe cracks down on illegal forex dealers Zimbabwe’s Vice President Constantino Chiwenga has hit out at the country’s informal currency traders after the Zimbabwe Dollar plunged…

The Republic of Rwanda and the Grand Duchy of Luxembourg signed an agreement for the elimination of double taxation with respect to taxes on income and on capital and the prevention of tax evasion and avoidance on September 29th, 2021, in Luxembourg city.  This agreement was signed by H.E. Dieudonné Sebashongore, Ambassador of the Republic of Rwanda to the Grand Duchy of Luxembourg with residence in Brussels, and H.E. Pierre Gramegna, Minister of Finance of the Grand Duchy of Luxembourg during a short ceremony. On this occasion, both parties exchanged on the excellent economic and diplomatic relations between Rwanda and Luxembourg. They also…

10 Winners to be announced at Awards Ceremony this January The Zayed Sustainability Prize, the UAE’s pioneering award for recognising sustainable solutions and humanitarianism, held its Jury meeting to elect winners for its current 2022 cycle, who will be announced during the Prize’s Awards Ceremony at the 2022 Abu Dhabi Sustainability Week (ADSW), this January. A total of 30 finalists were confirmed and are now vying for 10 awards, across the five categories of Health, Food, Energy, Water, and Global High Schools. This year, the Prize received a remarkable 4,000 applications, marking a significant 68.5% increase in entries compared to…

   DRC joins several other countries that have ramped-up capital subscription In the pan-Africa housing development financier.  Pan-Africa housing development financier, Shelter Afrique has received USD2.5 million in additional capital subscription from the Government of the Democratic Republic of Congo, DRC post the 40th AGM held in Yaounde Cameroon on the 24th June 2021. The Additional stake now takes DRC’s shareholding to 1.68% up from 0.74% held previously. While receiving the contribution, Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah thanked the Government of the Democratic Republic of Congo for improving its stake in the company, the prevailing economic conditions…

In this weekly column on African currencies, experts from AZA, the largest non-bank currency broker in Africa, with a transaction volume of more than $ 1 billion per year, analyze the evolution of currencies  fluctuations on the continent. Here are the main trends for week 39 from October 27 to 03, 2021. Moroccan central bank absorbs FX-inflow surge  Morocco’s central bank—Bank al-Maghrib—this week started buying excess foreign currency from local banks amid a glut of FX inflows from remittances and a recovery in the tourist sector. The central bank said it planned to run auctions this week to absorb the…

Bolloré Logistics is pleased to announce the appointment of Gustavo Santi as Managing  Director for Brazil. Mr Santi will be responsible for leading the company’s strategy in the  country and adapting its services to the needs of the local market. He is also tasked with  developing new business opportunities in Brazil.  Gustavo Santi brings more than 20 years’ experience to the role, primarily in logistics  operations, air and sea freight services, customer service and branch management.  “Gustavo is really experienced in creating and deploying customer-centric business strategies. I am delighted to welcome him to Bolloré Logistics, and confident that he…

In this weekly column on African currencies, experts from AZA, the largest non-bank currency broker in Africa, with a transaction volume of more than $ 1 billion per year, analyze the evolution of currency fluctuations on the continent. Angola earns rating uplift as economy poised to end five years of contraction Angola this week saw Moody’s raise its credit rating one level to B3 from Caa1, six places below investment grade, supported by the country’s improved fiscal position and rising oil prices. It was the first time Moody’s has upgraded Angola since first rating the country in 2015, reversing the…

A workshop within the international and interdisciplinary conference “The Rise of Asia in Global History and Perspective”, France, February 9-11, 2022 A collaboration of the Master’s Degree in Exchanges with Asia, Université Le Havre Normandie, France, with the Laboratoire des Afriques Innovantes, Université du Québec à Montréal, Canada and the Journal Financial Afrik, Dakar, Senegal Since the last decades, we witness the rise of economic exchanges between Africa and Asia. All the economic powers of Asia have developed economic relations and organised summits with Africa: Japan-Africa (since 1993), China-Africa (since 2006), Korea-Africa (since 2006), India-Africa (since 2008), Turkey-Africa (since 2008),…

Benin Terminal, which operates the Port of Cotonou’s container terminal, commissioned two  empty container handlers built by Konecranes, a specialist in lifting equipment, on  1 September 2021. Following their delivery in mid-August, they were installed and the  operators trained.  With a total cost of 300 million CFA Francs (€467,000) financed by Benin Terminal, these two  cutting-edge technology machines can reach stacking heights of up to seven (7) standard  containers, thus maximising space and increasing the handling capacity.   This new equipment will improve Benin Terminal’s productivity, increase delivery rates and  reduce the time required to process goods. They will also strengthen…

The global crypto market recovered significantly over the last two months, with some of the world’s leading cryptos reaching record valuations. Although digital coins have brought sizable investment returns since the beginning of the year, some investors poured money into the crypto market much earlier and watched their investments grow over time. According to data presented by BlockArabia.com, a $1,000 investment in one of the fastest-growing cryptos in 2021, Binance Coin, four years ago would be worth over $427,000 today, bringing a whopping 42,600% gain. Binance Coin’s Price Soared 427 Times Since September 2017 As the world’s fourth-largest cryptocurrency after Bitcoin,…

In this weekly column on African currencies, experts from AZA, the largest non-bank currency broker in Africa, with a transaction volume of more than $ 1 billion per year, analyze the evolution of currency fluctuations on the continent. Chad debt relief plan hinges on private creditor talks The IMF this week called on private creditors to step up debt talks with Chad as part of a restructuring process that will unlock funding the country urgently needs as its economy staggers from the combined shocks of Covid-19, lower oil prices, climate change and terrorist attacks. Government creditors have…

As the European Week for Sustainable Development gets underway, with its focus on  transcontinental innovations, some West African circular economy initiatives stand out.  This is the case of the Nigerian company GIVO, whose founding president, Victor Boyle Komolafe, is a member of the 2021 class of Young Leaders, the flagship program of the  French-African Foundation.   For impact entrepreneur Victor Boyle-Komolafe, it all started with an awareness of the  extent of plastic pollution. No less than 15 billion polyethylene terephthalate (PET) items are  consumed each year in Nigeria, of which less than 10% are recycled, the rest being disposed  of in…

MNT-Halan, Egypt’s leading fintech ecosystem, announced today a circa US$120 million investment by major global and regional growth investors: Apis Growth Fund II, Development Partners International (DPI), and Lorax Capital Partners. In addition, the company has also attracted venture capital backing from Middle East Venture Partners, Endeavor Catalyst, and DisruptTech. This round of investment demonstrates confidence in the fintech opportunity in Egypt and further institutionalizes the capitalization table of MNT-Halan. Previous investors of MNT-Halan have included GB Capital, DPI, Algebra Ventures, Wamda, Nowaisi Capital, Unidelta, Egypt Ventures, Battery Road Digital Holdings, and Shaka VC.   Capitalizing on MNT-Halan’s first mover advantage, proprietary and highly scalable tech capabilities and strong brand in Egypt, this funding endorses its strategy to drive further innovation in its technology, product development, scale to tens of millions of customers, and expand cross-border. The investment also recognizes the scale and long-term potential of MNT-Halan, which has been granted micro, consumer and nano finance licenses from the Egyptian Financial Regulatory Authority, as well as the first independent…

THE CASE OF UNIVERSAL TAX (15 %) PROPOSED AT G-20 SUMMIT 2021 AT VENICE (ITALY)  By Yannick KITUTILA. The purpose of a budget policy is to combine macroeconomic stability under the conditions favoring economic growth. Indeed, macroeconomic stabilitý is a necessary but not sufficient condition on its own to guarantee growth. Budget policy decisions must measure their effects both on growth and on the financing of publics expenditures. These expenditures can be financed[1] by loans, monetary creation as well as by fiscal measures. They can be a source of economic deterioration when they are not properly assessed (crowding-out effect[2]). For…

The Mauritanian group Maurinvest / Maurilog and the British TVET UK have just created a joint venture whose objective is to help Mauritanian students and executives to improve their knowledge of English. The aim is to enable learners, from children to executives and public decision-makers, to follow a school and university course which will take them to UK establishments. This strategic partnership was initialed by Mohamed Abdellahi Yaha, owner and CEO of Maurilog and Matthew Anderson, MD of TVET UK. The launch of edUKate was made during a webinar bringing together British and Mauritanian education specialists, under the patronage of…

Shelter Afrique has received USD 3,529,801.29 from the Government of Cameroon in additional capital subscription increasing its shareholding by 2% from the current shareholding of 3.61% to the revised shareholding of 5.24%. Cameroon, which recently acceded to the helm of the Institution at the recently concluded 40th Annual General meeting has indeed demonstrated true leadership and commitment to strengthening of Shelter Afrique’s capital base. The Cameroon Minister for Housing and Urban Development, Her Excellency Madame Celestine Ketcha Courtes was newly appointed as President of the Shelter Afrique General Assembly at the Shelter Afrique AGM which was held in Yaoundé, Cameroon…

The Global Health plan addresses the needs of the local market in 19 countries across Africa, and expats across the region, by giving them access to quality, cost-effective healthcare Aetna International, a leading provider of global health benefits, has announced that it has partnered with Sanlam Pan Africa, a premier pan-African financial services group, to launch the Global Health plan — a unique health insurance offering that addresses the healthcare needs of both local and expatriate nationals, on an international basis, across all market segments in 19 countries[1] in Africa. Fully compliant with regulations in all local markets, the plan…

African Export-Import Bank (Afreximbank) has been recognized by Global Trade Review (GTR) as Leader in Trade for Pandemic Support and ranked by Global Finance Magazine, in its annual World’s Best Investment Bank’s list 2021, as the best bank offering Crisis Finance Solutions in Africa in the fight against the COVID-19 pandemic. These recognitions were as a result of Afreximbank’s swift action at the beginning of the pandemic when the Bank launched its Pandemic Trade Impact Mitigation facility (PATIMFA) in March 2020 and the US$1.5bn Collaborative Covid-19 Pandemic Response Facility (Coprefa) in November 2020. PATIMFA played a key role in supporting…

POLITICAL PROGRESS AND STABILITY SEES SOUTH SUDAN OPEN UP ENERGY SECTOR FOR INVESTMENT The Ministry of Petroleum (MoP) of the Republic of South Sudan, is honored to announce the launch of the country’s first Oil Licensing Round. The MoP has identified new exploration blocks with potential hydrocarbons and has compiled crucial data to provide to interested investors, operators and counterparties. According to the new analysis commissioned by the Ministry, approximately 90% of South Sudan’s oil and gas reserves remain unexplored, providing unprecedented opportunities to international investors. The Oil Licensing Round aims to attract interest from a diverse group of foreign…

Vista Bank Group now operates in Burkina-Faso, a strategic point of entry into the WAEMU market  Vista Bank Group (‘Vista’) has closed the deal to acquire BNP Paribas’ majority interest in La Banque Internationale pour le Commerce l’Industrie et l’Agriculture du Burkina (BICIAB) in Burkina Faso. The acquisition adds to Vista’s existing banks in Guinea, Sierra Leone and The Gambia. BICIAB will be rebranded as Vista Bank Burkina. Afreximbank advised and structured the financing of this transaction, which helps to fill the gap created by the exit of international banks from the continent. In addition to enabling Vista to fill this gap,…

The Regional Stock Exchange of West African Monetary Union (BRVM) is now a full member of the World Federation of Stock Exchanges (WFE). Joining eight other African stock exchanges. 0n May 27th, 2021, the WFE Board of Directors, approved BRVM’s full membership application. This admission crowns the efforts of the WAEMU Stock Exchange to pass the various stages to obtain the quality of full member of the most representative organization of Stock Exchanges throughout the world “On behalf of all our members and the WFE Office, I would like to extend a warm welcome to you and your colleagues as…

KARMOL’s first Floating Storage and Regasification Unit (FSRU) has arrived  in Dakar, marking a major step forward in Karpowership’s LNG-to-Power project to supply reliable,  affordable, and cleaner energy to Senegal.  The FSRU travelled from Singapore, where it was constructed in a 50/50 joint venture between Karpowership  and Japanese firm Mitsui OSK Lines, called KARMOL. This is the first completed FSRU from the KARMOL  partnership.  The FSRU, KARMOL LNGT Powership Africa, arrived in Senegalese waters on 31st of May and will be positioned  at its mooring location to commence the commissioning process.  The vessel will connect to a Powership, a floating…

The 2021 Final Conference of The Africa Road Builders – Trophée Babacar NDIAYE will be held on June 24, 2021, by videoconference, on the sidelines of the Annual Meetings of the African Development Bank (AfDB). This final conference of the 6th edition will be devoted in particular to the virtual presentation of the Babacar NDIAYE Trophy. The 2021 Laureate is HE. Muhammadu BUHARI, President of the Federal Republic of Nigeria. He was named the winner following the Inaugural Conference held in Cairo, Egypt on May 19, 2021. As a reminder, this year’s theme is: “Roads and transport for health: actions…

African Export-Import Bank (Afreximbank) is supporting the African Organisation for Standardisation (ARSO) to harmonise standards in the automotive sector in Africa in order to facilitate an accelerated development of the sector across the continent. The harmonised standards are to be adopted by individual African countries, facilitating cross-border trade, under the African Continental Free Trade Agreement (AfCFTA). There are 1432 international automotive standards worldwide largely developed by the International Organisation for Standardisation and the American Society for Testing and Materials. To initiate the process of developing African Automotive standards, ARSO prioritised what are referred to as “Whole Vehicle Standards” encompassing motor…

By Jeff Megayo* In 1953, the State of Kuwait established the world’s first Sovereign Wealth Fund (SWF) to manage the surpluses of its oil revenues. Since then, particularly during the past twenty years, there has been a proliferation of SWFs globally as countries have discovered enormous natural resources and gained significant revenues from them. There are presently over 20 SWFs in Africa, and many other countries such as South Africa and Kenya are creating their own. The performance of most of these organizations is difficult to gauge because of their opacity. Nonetheless, there are existing SWFs that African countries can study…

CWP Global is preparing to build a Power-to-x project of 30 GW or 30,000 MW in Mauritania at a total cost of $ 40 billion, this project is the largest of its kind in the world. The signing of the MoU by Mauritanian Minister of Petroleum, Mines and Energy Abdessalam Ould Mohamed Saleh and Mark Crandall, CEO of CWP Global, was announced today in a statement from the MEPP. Named AMAN, the project will be developed in northern Mauritania on a desert site of approximately 8,500 km². The goal is to create “a stable export vector that will generate thousands…

Cameroon’s Minister of Housing and Urban Development Hon. Célestine Ketcha Courtès to assume the Chairmanship of the AGM Bureau during the Company’s 40th AGM. Kenya’s Transport, Infrastructure and Housing Cabinet Secretary James Macharia who is the current Chairman of Shelter Afrique Annual General Meeting (AGM) Bureau will hand over the mantle to Cameroon’s Minister of Housing and Urban Development Hon. Celestine Ketcha Courtes at the Company’s 40th AGM and annual housing symposium scheduled to take place between 20th – 26th June 2021 in Yaoundé, Cameroon. Hon. Courtes was elected the 1st Vice-Chairperson of the AGM Bureau at the Company’s 39th AGM…

The Youlima Youth Incubator Program award ceremony marked the conclusion of the program’s entrepreneurial training of 30 youths in Bukavu, Democratic Republic of Congo (DRC). The U.S. African Development Foundation (USADF), with catalytic funding from Citi Foundation, launched and created a successful youth business model based on entrepreneurial training leading to income-generating activities across various sectors of the economy.     Action Social et D’Organisation Payssane (ASOP), USADF’s technical partner in the DRC, assessed employers, youth and entrepreneurs to evaluate the skills which would best meet the needs of the community and local economy. After receiving over 300 applications, USADF and ASOP selected a cohort of 30 youths, comprised of 15 men, 15 women, and 5 people living with disabilities. Of those 30 participants, USADF implemented an intensive application selection process to select…

The members of the Selection Committee of The Africa Road Builders – Trophée Babacar NDIAYE met on May 5, 2021 by videoconference, as part of the annual meeting to designate the winner of the Super Prize Great Builder – Trophée Babacar NDIAYE. The meeting was attended by representatives of several media from all sub-regions of Africa. The Selection Committee worked on the basis of the 2021 report made by the Media Network for Infrastructure and Finance in Africa (MIFA). The Selection Committee also took into account the public reports of international institutions and organizations in the field of road and…

The trade finance line of credit will enable UAE exporters to expand in Africa, while giving African buyers access to funds to import goods and services from the UAE; A cooperation agreement is signed alongside the facility to promote trade between the UAE and TDB Member States. Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a USD 30 million (AED 110.19 million) line of credit agreement with the Eastern and Southern African Trade and Development Bank (TDB) to bolster trade between the UAE and the Bank’s Member States. The partnership is…