Author: Editor

The 6th Africa SME Champions Forum is set to run from the 12th to the 13th of November 2019 in Sandton, Johannesburg, South Africa.

The African Alliance for e-Commerce (AAEC), a framework to promote national and regional single windows in compliance with recommendations of international institutions, and Cameroon’s Single Window For Foreign Trade (GUCE) have joined forces to host the 7th edition of the Single Window Conference & Exhibition (SWC). The event will happen from September 17th to 19th at the Yaounde Conference Center, a first for Cameroon’s capital. Under the patronage of the President of the Republic of Cameroon, HE Paul Biya, and under the leadership of the AAEC and the GUCE, the event will mainly aim at tackling topics like intra-african trade initiatives and challenges, trade facilitation instruments for landlocked countries…

Founder of the Senegauloises public relations agency, Binta Sagna was found dead on 7 August 2019 in her Brussels apartment. The police reportedly found a natural death. Passionate about Africa, this Franco-Senegalese (hence the name of her agency) was ranked in December 2018 among “the 50 experts who make the difference” by the Africa Communications Leadership 2018 report. A distinction that was added to others for the one that invited the media to distinguish between information and communication. Binta Sagna was also ranked in 2017 among the continent’s 365 leaders by the South African magazine Tropic Media. On this occasion,…

Mohammed VI Polytechnic University (UMVIP) organized today in Accra an information session about IMPULSE, a best in-class startup acceleration program, with support from OCP Group and its subsidiary OCP Africa. The program is designed with MassChallenge, a global accelerator organization, with a unique non-profit, zero equity and impact focused model. Impulse aims to sustain OCP Group’s ambitious innovation agenda and to accelerate the development of innovative startups working on African challenges in the fields of Agritech, Biotech, Mining Tech and Materials Science & Nanotech. Speaking at the Ghana information session, which was attended by various stakeholders ranging from young entrepreneurs…

Delegation meets CEO of Senelec, Coris Bank International and Senegal’s Rapid Entrepreneurship Delegation Fund (DER) The International Islamic Trade Finance Corporation (ITFC) has sent a high-level delegation to Senegal led by its CEO, Eng. Hani Salem Sonbol, to meet the Minister of Economy, Planning & International Cooperation and newly appointed IsDB Governor for Senegal, H.E. Amadou Hott. ITFC has been actively supporting trade development in Senegal since its inception in 2008 with more than US$ 441 million of financing and trade facilitation programs in favour of the West African country and its critical sectors such as energy and agriculture. The…

The African Development Bank Group on Monday signed a $4.8 million institutional support grant to the African Union (AU) for implementation   of the African Continental Free Trade Area (AfCFTA). The grant, approved by the Group’s Board of Directors on 01 April 2019, forms part of a series of interventions by the Bank in its lead role to accelerate implementation of the Free Trade Agreement, seen as a major force for integrating the 55-nation continent and transforming its economy. Albert Muchanga, AU’s Commissioner for Trade and Industry, initialed for the continental body, and Obed Andoh Mensah, representing the Bank’s Director of the…

PIDG company, the Emerging Africa Infrastructure Fund (EAIF) today, 5 August, announced that it has arranged the long-term debt finance for a €305 million new port development by Gabon Special Economic Zone Ports (GSEZ Ports) at Owendo, Gabon. In addition to its sole mandated lead arranger role, EAIF is lending the company €40 million over 15 years, on a first ranked basis. GSEZ Ports is EAIF’s first project in Gabon. It is the largest industrial-scale infrastructure public private partnership yet seen in the country. Financial close was achieved on 26 July. The African Development Bank (AfDB), which led the structuring…

The Ministry of Health confirms that Rwanda’s border with the Democratic Republic of Congo is open, following traffic slow-down this morning as measures were put in place to reinforce screening procedures and public safety at entry points. To date, Rwanda remains Ebola free. The Ministry has advised against unnecessary travels to Goma-Eastern Congo, following increasing number of cases confirmed in DRC, and requested that individuals who have recently travelled to an Ebola affected area to report to the nearest screening station and to report any suspected Ebola cases via the Ministry of health toll-free lines 114, police number 112 or…

The ECA Executive Secretary, Vera Songwe, told African Central Bank Governors that concerns around Africa’s rising sovereign debt should not focus so much about its level, but rather the ability to pay for it.  Elaborating on this point, she stressed that managing debt dynamics well is all about implementing good fiscal policy, which in turn is linked to effective monetary policy. Songwe was speaking at the 42nd Annual Meeting of the Association of African Central Banks held on 31 July Kigali. The theme of the meeting was: Rising African Sovereign Debt: Implications for Monetary Policy and Financial Stability. “When we talk about increasing…

On 23 July, the Central Bank of Nigeria (CBN) released its monetary policy statement, which emphasised its intention to stimulate bank lending, especially to small and midsize enterprises (SMEs) and household borrowers. The policy statement notes “the need to boost output growth through sustained increase in consumer credit and mortgage loans and granting loans to our small and medium enterprises.” The plan is part of the central bank’s strategy to increase the country’s banking penetration rate. If Nigeria’s operating environment, which is still recovering from a 2016 recession, remains weak, increased private-sector lending will be credit negative for banks because…

Dubbed the most democratic nation in Africa, Cape Verde is one of the better-known of the continent’s success stories. While Cape Verde’s scattered islands enjoy stable democracy and strong majority-wielding governments, its leaders have undertaken far-reaching and ambitious reforms.

The Mo Ibrahim Foundation is pleased to announce the 2019 intake of selected Ibrahim Leadership Fellows, who will make up the programme’s eighth cohort. The incoming Fellows have taken up the following posts: Nadia Hamel (Algeria) has joined the African Development Bank (AfDB), Anta Taal (Gambia) has joined the International Trade Centre (ITC) and Emmanuella Matare (Zimbabwe) has joined the United Nations Economic Commission for Africa (UNECA). The Ibrahim Leadership Fellowships programme is a selective programme designed to identify and prepare the next generation of outstanding African leaders by providing them with mentoring opportunities in key multilateral institutions. The candidates,…

Schengen is a border-free area constituted from 26 European countries which allow residents of member countries to travel freely within the area.  On the other hand, residents of non-member states who want to enter Schengen must get a visa beforehand. Home of many historical places and cultural landmarks, this part of the world is a major attraction to visitors coming from all around the world. Schengen is a very popular travel destination among Africans too. According to the latest official statistics, provided by SchengenVisaInfo.com over 2.8 million residents of Africa applied for a Schengen visa during 2018. As such, they…

The African Development Bank, the Association for the Development of Education in Africa and the African Union are recommending the establishment of the African Education Fund as the unique African mechanism to address the challenges of education and skills development in Africa. A  joint declaration in support of the African Education Fund was produced after a workshop organised in Abidjan 16 -17 July, 2019 “The African Education Fund is a vision many education stakeholders in Africa have had but could not put into practice. It is no longer just a vision – it is a reality,” Oley Dibba Wadda, the…

A high-level meeting on the launch of the awareness campaign and popularization of the new exchange regulations was held on July 4 in Douala, in the boardroom of the BEAC agency. Chaired by Mr. Cesar Augusto MBA ABOGO, President of the UMAC Ministerial Committee, this meeting was attended by the President of the CEMAC Commission, the Governor of the BEAC, the members of the BEAC Government and their representatives. main collaborators, employers ‘leaders of CEMAC countries, consular chambers, professional associations of credit institutions, professional associations, microfinance institutions, oil tankers’ unions, mining unions, industrial unions, unions of importers, major oil companies,…

The Asian Infrastructure Investment Bank (AIIB) held its 4th annual meeting in Luxembourg, the first held outside Asia. These meetings have allowed to receive, on July 13, 2019, Benin in the very closed circle of the members of this financial institution initiated by China. Benin is now a member of the Asian Infrastructure Investment Bank (AIIB). The decision was taken unanimously by the institution’s Board of Governors. It is in the presence of a delegation led by the Minister of Economy and Finance Romuald Wadagni this membership was approved. This is the culmination of a long process followed by the national treasurer…

A recent report by Moody’s indicates that while East African countries such as Kenya, Ethiopia and Tanzania are focusing their infrastructure spending on the economy, recurrent budget deficits will reduce their solvency by the time their balance sheet will no longer be able to afford shocks. “Over the next two years, we anticipate that fiscal deficits will be lower than those needed to stabilize debt in all East African countries, with the exception of Uganda, where the debt burden should increase, relative to a reduction or a general stability of the debt in the rest of Africa “, testifies Lucie…

In cash stress for a few weeks, the New Bank of Mauritania (NBM) has reached an agreement with the Central Bank (BCM). The agreement in question deals with the clearance of the State’s arrears. A timetable has been set in this direction, which would allow the NBM to return to its funds. In the meantime, the BCM has imposed temporary withdrawal ceilings of up to 1 million old Ouguiyas per week for corporate clients and 400,000 UM for individuals. Financial Afrik’s attempts to join the management teams have been futile. However, information is generally informed, the NBM is not excluded…

Algeria and Nigeria will have to decide this Sunday during a shock football match between two teams with different playing styles. Without dwelling on the sporting prognosis, one can engage in an economic comparison between the West African democracy and the Maghreb dirigisme. With 177 million inhabitants and only two thirds of the GDP of ECOWAS, or 375 billion dollars, Nigeria is the first African economy. Algeria has a GDP of 175 billion dollars but has better ratios than its rival with whom it shares the characteristic of holding huge gas resources. In fact, per capita GDP in purchasing power…

The Teranga Lions and the Carthage Eagles clash Sunday, July 14, 2019 in Egypt. The winner will play the final of the Africa Cup of Nations. Beyond the sports issues, we were interested in the economic aspects of the duel Senegal -Tunisie. The West African country had a GDP of 16.37 billion dollars in 2017, far behind its rival of the day, accredited a sum of added value of 40, 26 billion dollars the same year. Thus, Tunisia with 8 million inhabitants has a saving of almost three times greater than that of Senegal, twice more populated. The Carthagenians…

On July 26, 2019, the State of Senegal will pay the half-yearly margin and partial repayment of its Islamic bond called “SUKUK State of Senegal 6% 2016-2026” for an amount of 18,156 billion FCFA (27,234 million euros). euros). On June 20, 2016, the government of Senegal launched a second Sukuk or Islamic bond in the West African Economic and Monetary Union (WAEMU) financial market for CFAF 150 billion ($ 225 million). euros). Instead of a traditional interest rate prohibited by Islamic law, the issuer had set a profit margin of 6% to pay subscribers. The Islamic loan was spread over…

In order to support its commercial development and improve its operational efficiency, Assinco, the insurance specialist, a subsidiary of the BGFIBank Group, is launching a new loyalty product aimed at its customers and thus confirms its ambitions for diversification and upmarket. “Odyssée”, a free loyalty card, offers discounts ranging from 5% to 50% from 21 of its partners. Can benefit from this card, any insured Assinco who fulfills one of the following criteria: a minimum of one year a claims ratio equal to or less than 55% Can also be entitled to the Odyssey card, VIPs paying a premium of…

The Ivorian head of state was quickly received in Paris by his French counterpart Emmanuel Macron the day after his participation in the summit of the African Union of Niamey (7 and 9 July 2019). Contrary to his habits, Alassane Ouattara did not spend more than 48 hours in Paris. The Ivorian head of state quickly returned to Abidjan where he had emergency files to evacuate and, in his agenda, the reception of two heads of state of the region, namely Mahamadou Issouffou of Niger and Roch Marc Christian Kaboré from Burkina Faso. Because, according to our sources, Emmanuel Macron…

Once again this year, Societe Generale received numerous awards at the Euromoney Awards for Excellence 2019 ceremony held on July 10 in London. Thus, Societe Generale received, for the first time, the Best Bank Award in Africa in terms of corporate responsibility. “We are honored with this award, which demonstrates the commitment of Société Générale Group and its employees to the positive transformations of the continent. Contributing responsibly and sustainably to African growth is one of the collective challenges around which Societe Generale has decided to mobilize. We recently launched the “Grow with Africa” ​​program, which aims to better support…

Sustainable development goal number 8, a multidimensional goal that lies at the heart of the global 2030 Agenda, is under spotlight at the ongoing high level political forum on sustainable development (HLPF) that is underway in New York. Speaking in a Workers and Trade Unions Major Group side event at the Forum, Oliver Chinganya, Director of the Economic Commission for Africa’s (ECA) African Centre for Statistics, said success on SDG8 can not only help achieve a number of other SDGs, but also promote inclusive and sustainable development and make a tangible contribution to improving peoples’ lives and well-being. SDG8 seeks to promote…

On Wednesday 17 July in Abidjan, the Board of Directors of the African Development Bank approved a loan of €87 million to the government of Senegal, to implement its Project to Improve the Water Supply for the Development of Value Chains (PROVALE-CV). For this project, valued at an estimated €122 million, the Bank will provide €60.8 million, while the “Africa Growing Together Fund” (AGTF) will provide €26.8 million. Developed with the support of the Bank, PROVALE-CV is the first project under Senegal’s small-scale Local Irrigation National Development Programme (PNDIL). It operates in three agro-ecological areas in the country: Les Niayes, the groundnut basin, and…

The Chair of the Bureau of the 5th Session of the African Regional Forum for Sustainable Development (ARFSD) and Secretary of State for Sustainable Development of the Kingdom of Morocco Nezha El Ouafi, addressed the High-Level Political Forum for Sustainable Development (HLPF) and presented the main conclusions of the Marrakech Declaration this week in New York.  “African countries wish to consolidate South-South cooperation, share their experiences in addressing the multiple and complex challenges they are facing. They seek to build partnerships and multi-stakeholder action programs at the regional and sub-regional levels in order to achieve the development needed to ensure…

The Economic Commission for African (ECA) and the OCP S.A. (formerly known as the Cherifien Office of Phosphates) signed an MoU aimed at strengthening collaboration on innovations and investments in agriculture using science and technologies. The agreement includes support to the African Continental Free Trade Agreement – AfCFTA and women’s economic empowerment in Africa. The MOU was signed by the ECA Executive Secretary, Vera Songwe and OCP S.A. Chair and CEO, Mostafa Terrab in New York on the margins of the ongoing High Level Political Forum on Sunday 14 July. The agreement recognizes that ECA and OCP have a shared vision for…

The African Export-Import Bank (Afreximbank) has appointed Idrissa Diop, formerly of Ecobank Transnational Inc., as its new Director of Compliance. Mr. Diop, who, until his appointment, was Ecobank’s Group Head of Compliance, replaces Maureen Mba, who retired from Afreximbank in May after a long meritorious service. The new Director comes with 20 years’ experience from various European financial institutions and the Ecobank Group, which he joined in June 2011. Prior to joining Ecobank, he worked for 10 years in Luxembourg, holding Senior Compliance Manager positions within such financial institutions as Schroders Investment Managers Luxembourg and Amundi Luxembourg (Credit Agricole Group). He…

African international schools network Enko Education just announced the closing of a 1.4 million dollars funding round from a pool of private and institutional investors. The transaction was largely oversubscribed, closed in a record time, and Enko Education is now working on a second round of 11 million dollars to be finalised by the end of the year. Following Proparco and I&P equity investments made in August 2016, and the raising of 1.1 million dollars in debt with Oikocredit and Bio Invest in 2017, Enko Education has just passed another important milestone as the group has secured 1.4 million dollars…