Author: Editor

Africa’s leading private sector institutions and corporates have established a Pan-African Private Sector Trade and Investment Committee (PAFTRAC) to serve as an advocacy platform to support the implementation of the African Continental Free Trade Area (AfCFTA) and enhance African private sector participation in trade and investment policy formulation, including trade negotiations. A communique issued in Addis Ababa on 19 October 2018, at the end of a meeting co-hosted by the African Export-Import Bank (Afreximbank) and the African Union Commission, said that PAFTRAC would enhance African private sector participation and galvanize the views of the African private sector, mainstreaming them into trade and…

Mali and Côte d’Ivoire benefit from a context of favorable financial aid to develop educational projects, while the UN has made school for all one of the pillars of its 2030 Agenda for Sustainable Development . Multiple initiatives – such as the Education Development Center (EDC) project in Mali, or the distribution of school kits and classes by the Orange Foundation and Dominique Ouattara in Côte d’Ivoire – are emerging in sub-Saharan Africa. Last February, the UNESCO Institute for Statistics (UIS) revealed that in sub-Saharan Africa, one out of every three young people is out of school – the world…

Opinions are divided in France, the day after the election of Rwandan Louise Mushikiwabo at the head of the International Organization of La Francophonie (OIF) at the end of the Summit of Heads of State held in Yerevan , in Armenia, on October 12th. As expected, the one that succeeded the Canadian MIchaëlle Jean, did not unanimous consensus where a consensus appointment in camera in Yerevan. Rwandan Minister of Foreign Affairs, Mushikiwabo has been the subject of many criticisms that point to the few cases that Rwanda would make of fundamental rights and the defense of French. His candidacy, supported…

The Moroccan group Banque Centrale Populaire (BCP) is finalizing the acquisition from Groupe BPCE of the Banque des Mascareignes in Mauritius after obtaining all regulatory approvals. On this occasion, an official ceremony was held this Tuesday, October 16, at the headquarters of the Mascarene Bank in Ebene (Mauritius), in the presence of Mr. Kamal MOKDAD, General Manager of the BCP group in charge of International, and Mr. Abdelwafi ATIF, next Director General of the Mascarene Bank. BCP Group is the sixth largest banking group in Africa by the size of equity and banking leader in Morocco. It is present in…

The $ 40 new tax announced in The Gambia will come into force on January 15, 2019, and applies to all passengers traveling to and from Banjul Airport. This intention of the authorities is part of the measures introduced by the government of President Adama Barrow to finance the contract for the provision of security and immigration services and the management of electronic visas. The fees will also cover the training of airport security officers and the maintenance of the system. According to the authorities, this measure will make it possible to very quickly modernize the filtering system for travelers…

After the success of the first edition in Paris, the 2d PPP Africa Forum will be held on November 12 and 13, 2018 at the Sofitel Hotel in Casablanca (Morocco), under the theme: “Promoting Agriculture and Information Technologies” and communication (ICT) in Africa through Public-Private Partnerships (PPP) “. Africa is facing the major challenges created by unprecedented urbanization, strong demographics with a predominantly young population, sustained economic growth for a decade, and an emerging and challenging middle class. At the same time, the scarcity of public financial resources makes it difficult to implement viable development policies based on quality infrastructure.…

The South African head of state is accused by his country’s press of having been made aware of the irregularities of the VBS Mutual since 2017 and of having done nothing to stop the bleeding. Vice-president of the African National Congress (ANC, party in power in South Africa) at the time of the facts, Cyril Ramaphosa would have closed his eyes to defend his private interests. The case makes a lot of noise. One of the first billionaires of the post-Apartheid era, now propelled to the helm of the country, vehemently denies. If his name does not appear in the…

SANLAM EMERGING MARKETS IRELAND, SAHAM FINANCES, SAHAM INSURANCE and SAHAM FINANCES PARTICIPATIONS, acting in concert, filed with the Moroccan Capital Markets Authority (AMMC) on October 12, 2018, a proposal for takeover bid for SAHAM ASSURANCE shares. This offer will be exercised In accordance with Article 28 of Law 26-03 on public offerings on the stock market. As a consequence of this filing, the AMMC asked the Casablanca Stock Exchange to suspend the listing of SAHAM ASSURANCE shares as of October 15th. This proposed takeover bid was made following the acquisition by SEM IRELAND of 100% of the share capital…

This is one of the major conclusions heard in court this October 15 in the long record of liquidation of the first refinery in Morocco. The prosecution demands the extension of the liquidation of the Samir to the patrimony of the members of the board of directors, who represent 73% of the shareholding. The Moroccan refinery ceased operation since 2015 is majority owned by Corral Holding Saudi Mohammed Hussein Al Amoudi. After 11 months of hearing, the verdict should fall. The prosecutor’s harsh indictment of “fictitious dividend distributions” and “irregular accounting” speaks volumes about the complexity of the case, which…

Ghana will join the 37 countries of the world that have already issued green bonds. The objective of these bond issues will be to finance the fight against the effects of climate change through the implementation of environmentally friendly projects. The “First National Bank” should be put to use, according to the approach of the Ghana Ministry of Finance to “issue sustainable, ecological and socially responsible bonds with the aim of developing innovative solutions to finance projects with social and environmental impact positive on Ghana’s economy » The long-term challenge for Ghana, according to the officials, is to accelerate the…

The contemporary discourse on migration has become emotional and devoid of rationality. It suggests in aging countries that population movements around the world will have a negative effect on them. The financial cost of receiving migrants and their integration is among the arguments often put forward to justify policies to limit migration flows – including legal migration. Currently, 3.4% of the world’s population lives in a country other than the country of origin. Between 2000 and 2017, a 49% increase in movements was recorded – and this increase will not slow anytime soon for several reasons. Firstly because half of…

Tony O. Elumelu: “In just four years, we directly reached 4,460 entrepreneurs and we are starting to see the results.” The 4th annual Tony Elumelu Foundation (TEF), Africa’s leading philanthropic organization focused on entrepreneurship, will be held on October 25 in Lagos, Nigeria. A meeting that will bring together more than 5,000 entrepreneurs, global investors, leaders of the African public and private sectors and development organizations. An event considered as “a unique opportunity to generate ideas, create networks and bring together decision-makers and the private sector”, in a spirit of lively debate and interaction where “mentors and partners will be…

The mystery has deepened since the abduction of Tanzanian Mohamed Dewiji, the youngest African billionaire, gathered in the middle of Dar Es Salam, on October 11 at around 5 am by masked men. https://twitter.com/brightmasambu/status/1051820634160988160 Four days after the abduction, the family of the manufacturer promises 1 billion shillings ($ 437,000) to anyone who has new information that would lead to his rescue. Three telephone lines were opened to gather information on the abduction of the 43-year-old owner of the MeTL group. Tanzanian police arrested 26 people in connection with the abduction. The Tanzanians remain very mobilized for this affair which…

The Standard and Poor’s agency maintains Morocco’s rating for “BBB-” in the long run, but with a perspective that goes from “stable” to “negative”. The kingdom should improve its financial situation within 24 months at the risk of losing the so-called investment grade. In its report of October 5, 2018, the agency said Morocco has moved away from its target of a budget deficit of less than 3% due to growth less strong than expected. The budget deficit stands at 3.8% this year and the current account deficit of the balance of payments at 4.2% of GDP. Real GDP growth…

The prosecutor’s office on Friday ordered the confiscation of 250 million euros against the oil group Total, tried for corruption of foreign public officials on the sidelines of the conclusion of contracts in Iran in 1997. In addition to this confiscation by the State, by way of additional penalty, the alleged proceeds of the offense, he also asked for a fine of 750,000 euros, the maximum incurred by a legal person in this type of case. The judgment was reserved on December 21st. Total is believed to have paid some $ 30 million in bribes between 2000 and 2004 under…

As a reference organization for training and certification of professionals in the sector in Africa, CAVIE organized an international seminar on strategic intelligence and economic intelligence specific to African markets from 9 to 12 October 2018 in Ouagadougou. 35 Sankara promo professionals have been certified. On the initiative of Honoré Kietyeta, Representative of CAVIE Burkina, the session held in the capital of Burkina Faso from 9 to 12 October 2018 saw the participation of 35 professionals from Burkina Faso, Côte d’Ivoire, Togo, Senegal and La France. Public and private actors from the state administration, banks, telecoms, mines, media and investment…

Sunu Assurance and the Unacois Yessal network (group of merchants of Senegal) will sign an important agreement on Tuesday November 6th, 2018. The objective is to market the “Xodeeku” package to take care of the following aspects: savings, disability, death, fire and repatriation of bodies. The product targets resident traders in Senegal and the diaspora. The pooling of these different components makes it possible to smooth out the fire risk of the markets while covering aspects related to the daily lives of traders and auto-entrepreneurs. The Unacois Yeessal network of more than 120,000 merchants offers its affiliates an opportunity to…

Politically Exposed Persons (PEPs) are major risks for banks. The South African VBS Mutual Bank, recovering since March 2018, will have learned at his expense. The institution had granted former South African President Jacob Zuma a mortgage loan of 8.5 million rand (1 rand = 0.06 euros), at least nine months before signing the documents certifying the guarantee. of the loan. In September 2016, Zuma used this obligation to repay part of the public funds used in the refurbishment of its refurbishment. The Constitutional Court had then forced him to reimburse extraordinary expenses used in this renovation denounced by the…

By Eric Maniable and Maurel Tchouonla Noubi. Since 2012, life insurers in the CIMA zone have been required to use life tables built on data from the insured populations of the fourteen countries. They are supposed to reproduce the behavior of the insured in terms of mortality. These tables had a definite impact on life insurance product prices, provisioning and profitability. Six years after the introduction of these new tables, the Integr-All actuarial firm, based in Cameroon, studied the portfolio of a company in the CEMAC zone and assessed the differences and their impact on the solvency of the company.…

Saudi Arabia announced on Sunday that it would react to any “threat” against it, as its stock market collapsed following US President Donald Trump’s warning of “severe punishment” following the journalist Jamal Khashoggi, a contributor to the Washington Post, was murdered in the premises of the Saudi embassy in Turkey. The Riyadh Stock Exchange fell Sunday by 7% early in the session and following the threats of the US President. This is the biggest fall of the Saudi financial center since December 2014. Some 182 of its 186 registered shares have recorded losses in the early afternoon of Sunday. The…

The governor of Bank Al Maghrib (Central Bank of Morocco), Abdellatif Jouahri, was awarded Saturday in Bali (Indonesia) as one of the best central bank governors in the world and the best for the Middle East and Africa region. North (MENA), reports the Moroccan daily L’Economiste. The wali of the central bank won the two distinctions awarded respectively by the American magazine Global Finance and the Global Markets newspaper, during a ceremony organized in conjunction with the annual meetings of the World Bank and the International Monetary Fund (BM-IMF ). Jouahri earned the “A” rating, the highest honor awarded, according…

Following the receipt of the necessary regulatory approvals, Wendel announced that it has finalized the sale of its stake in Saham Group. This transaction generated a net cash position of $ 155 million for Wendel. Remember that five years ago, Wendel had invested 100 million euros in the insurer. In five years, the capital gain generated is approaching 50 million euros. Wendel also has a right to 13.3% of capital gains realized in the event of the sale by Saham of the other activities of the Group (Customer Relationship Centers, Real Estate, Health and Education) during the next 24 months,…

Not surprisingly, the union federation of mobile telephony workers (FESATEL) strongly protested this Friday, October 12 against the closure of the INTERCEL PLUS telephony company which it describes as brutal and “unilateral” and violating, according to her, the legal principles in the matter. The General Secretariat of FESATEL, which is concerned about the situation of more than a hundred employees of INTERCEL, denounced in a statement the violation of the regulatory deadline for the cessation of activities of an SA (ARPT), the the deadline set by the State being only 30 days. Considering that all remedies were not exhausted to…

The Executive Director of APEX-CI (Association of Exporters of Côte d’Ivoire), Guy Mbengue, has just been co-opted into the Consultative Committee of the International Trade Center (ITC) to support supporting institutions Trade and Investment (TISI). ITC’s Advisory Committee (ITC) is an independent body established to assist ITC in continuously improving the quality, relevance and effectiveness of the TISI Enhancement Program and all related activities. Committee members provide advice and strategic direction in the area of ​​institution building. The appointment of Guy Mbengue, who is also the president of the Network of UEMOA Trade Promotion Organizations (ROPC) and director of the…

All staff of the National Bank for Economic Development (BNDE) is currently in strategic retirement from 12 to 14 October 2018 under the chairmanship of the General Management accompanied by the Chairman of the Board of Directors of the BNDE, Mr. Mamoudou DEME . The program of this 4th annual edition includes several panels under the theme of strengthening the financing strategy for economic development and financial inclusion. The BNDE Team Building 2018 “BOLLO” has enabled, through its workshops, to evaluate the progress of the implementation of its Strategic Plan 2017 – 2021, to discuss the first challenges already identified,…

Jeffrey Sachs: “Africa should be a unified region politically and economically” Former Nigerian President Olusegun Obasanjo and Development Economist Jeffrey Sachs today in Bali, Indonesia, called for the creation of an African Education Fund at the second Babacar Ndiaye Conference in Bali held on October 13 in Bali, Indonesia. The two personalities, invited to the series of international conferences introduced by the African Export and Import Bank (Afreximbank) in 2017 to honor the late Dr. Babacar Ndiaye, said that such a fund would guarantee every child in Africa a quality education. “Africa needs to help all children stay in…

The cold war is raging between the shareholders of Viettel Cameroon S.A. The joint venture controlled by Vietnamese Viettel Global Investment Company to the tune of 70% and BestCam by promoter Baba Ahmadou Danpullo to 30% through a creeping crisis. The cause of unease, the intention of the influential Cameroonian billionaire to want to take control of the company operating the brand Nexttel by administrative and judicial maneuvers. Ahmadou Danpullo claims to his partners 98 billion FCFA corresponding to what he would have spent in procedures and various for the allocation of 2G and 3G licenses to Viettel. The request…

The 47th Assizes of Tsaghkadzor, in Armenia on the theme, “Media and Migration” formally closed on Thursday, 11 October with the adoption of a number of resolutions to deal more responsibly with issues related to migration. The participants considered that migration has always been part of history. And if they have been in the spotlight for a few decades, it is simply because the range of immigration has excessively branded the estimate of international migrants. According to statistics, there are about 25 million, or just under 3 percent of the world’s population. And 75% of this population works and contributes…

A month before his abduction in Dar es Salaam, Thursday, October 11 by hooded unknown, the youngest African billionaire had told Financial Afrik (See FA from September 15 to October 14) on its course and prospects. Interview by Szymon Jagiello, Financial Afrik’s European Affairs Correspondent. Could you tell us briefly how your company has developed since you joined it in 1999 to become this company which now weighs $ 1.5 billion? Mohammed Dewji: It was at the insistence of my father, who ran a business specializing in the import / export of raw materials and whose income was around $…

From our special envoy to Yerevan, Antoine Lawson The ballet of heads of state, which began on Thursday in Yerevan, where the 17th summit of the Francophonie will take place, on October 11 and 12, 2018, should end this Friday with the election, by consensus, of Louise Mushikiwabo supported by the France to the detriment of Canadian Michaëlle Jean. The 54 full members should, in fact, appoint the Rwandan general secretary of the organization for the next four years. Behind the scenes of the Summit of the International Organization of the Francophonie (OIF) and the assizes of the Union of…