Author: Editor

Acquired just three years ago, the Saham Group Health Division has just been sold, according to several sources. The insurance group managed this branch through its subsidiary subsidiary Meden Healthcare. These are four clinics and two radiology centers grouped under the Evya brand. It remains to know the sale price of the Ghandi and Yasmine clinics in Casablanca, the Tangier Oncology Clinic, the Marrakech Private Hospital (HPM) and the Blue Park radiology centers in Casablanca and Bouregreg in Rabat? According to reports, an agreement was reached with the Oncology and Diagnostics Group of Morocco (ODM), headed by the former boss…

The managing director of the Transgabonais Exploitation Company (SETRAG), Patrick Claes, has just announced that his company has just received a cost of 6.5 million euros, or about 4.3 billion CFA francs, the last 5 cars of which 17 had been delivered 8 months ago. These are intended to modernize the equipment of the railway line that dates back to the 1970s. From September, these cars will make up the trains of the single line of railway that connects the station of Owendo (maritime facade) to that of Franceville (South-East) distant more than 600 kilometers. Since 2016, Gabon has undertaken…

By Antoine Lawson, Libreville. The Directorate General of the Economy and Tax Policy (DGEPF) revealed that Gabon had produced 1.109 million tons of manganese in the first quarter of 2018, compared to 827 551 tons in 2017, a variation of 27.2% . At the same time, exports reached 939 812 tonnes in 2018 compared to 1.12 million tonnes in 2017, corresponding to a decrease of 16.19%. However, sales were up slightly by 4%, from 144 697 million CFA francs in the first quarter of 2017 to 150 076 million CFA francs in 2018, following the sharp rise in world manganese…

The Turkish currency lost 20% Friday, August 10, 2018, bringing its loss to 40% since the beginning of the year. The pound has reached a record level against the dollar. The Turkish authorities favor the thesis of an economic war pointing at the West. In a message to the nation, President Recep Tayyip Erdogan urged his fellow citizens to change their foreign currencies and gold to support the pound. “If you have dollars, euros or gold under your pillow, go to the banks to exchange them for Turkish lira. It’s a national struggle. Speaking in Bayburt, a city in northeastern…

“An African country that manages to raise 2,000 billion FCFA on the international market is very far from bankruptcy” International financial expert, business banker Moustapha Sow analyzes the issues facing Africa such as financing its development, foreign direct investment and technology transfer. Mr. Sow, a graduate of McGill’s prestigious Canadian university, former Africa Director of Iciec – Islamic Development Bank Group and founder of the investment bank SF Capital, estimates that the $ 2.2 billion Eurobond raised by Senegal last March, illustrates the good health of its economy; but above all shows that Africa is a preferred destination for so-called…

The African Development Bank (AfDB) has just granted a loan of 41 billion CFA francs (about 63 million euros) to Gabon, to support the country in the diversification of its economy. According to the Minister of the Economy and Development Programming, Jean-Marie Ogandaga, this loan “will serve to accelerate the process of diversification of the economy.” The overall goal of the project is to contribute to strong and inclusive growth by improving the business climate and building institutional capacity, he added. On the other hand, 8,000 new jobs will be created in the Nkok Special Economic Zone (which already has…

By Ayodele Odusola, Chief Economist, UNDP Regional Bureau for Africa The best time to invest in Africa is now. Bringing foreign investors into Africa has not moved as quickly as expected, however, because foreign investment decisions are often methodically over-structured. One of the major factors cited is too much risk. But risks and profits are inseparable twins: high-risk ventures are frequently associated with higher profits. Africa is the most profitable region in the world. Evidence from an UNCTAD report shows that between 2006 and 2011, Africa had the highest rate of return on inflows of Foreign Direct Investment: 11.4%.  This…

The financial rating of cities and regions, a phenomenon that goes hand in hand with decentralization and regionalization, is gaining West Africa. In Côte d’Ivoire, the region of Sud-Comoé, led by its president, Minister Aka Aouélé, signed on Wednesday August 8, 2018, an agreement with the rating agency Bloomfield Investment Corporation. The objective is to establish the credit quality of the region, to assess its ability to meet financial obligations, to absorb funds necessary for the development of the region and to repay its commitments when due. According to the CEO of Bloomfield Investment Corporation, Stanislas Zézé, this signing of…

Although no demonstration of the bankruptcy situation of Bureau Veritas Gabon has been made, and while the parent company has generated 416 million euros in net profits in 2017, the leaders decided to close the subsidiary of Gabon. . Thus, the cessation of activity was announced on May 30, 2018 by the Gabonese general manager and his boss, the Central Africa manager. The following day, the individual dismissal interviews were held in contempt, say staff representatives, Gabonese labor law, since it does not comply with the procedure laid down for economic redundancies. The public authorities are still not informed of…

Ms. Yvonne Adélaïde Mougany, Minister of SMEs, Handicrafts and Informal Sector of the Republic of Congo paid a courtesy call on ASMEX on 1 August 2018 on the sidelines of her official mission to Morocco. During the exchanges of the Minister with the President of the ASMEX, Mr. Hassan Sentissi El Idrissi and members present at this meeting, the accent was put on the excellence of the political relations that exist between Morocco and the Republic of Congo and the need to strengthen their economic and trade partnership. The Minister recalled on this occasion that her country is a net…

Open an account, transfer money, buy phone credit or locate a Gab? Little Leo has an answer to everything. Launched on July 5, 2018 by United Bank For Africa (UBA), chat banking is emulated. The fictional character responds to greetings and guides the client to the service of his choice. The dialogue via the Facebook Messenger application. For example, if the customer chooses the option “open an account”, he must provide his identifiers, surname and first name, address and photocopy of the identity card. After having answered the questions, the user receives a PDF document formalizing his commitment and whose…

Here is a portrait of Soumaila Cissé written by Nassrallah Belkhayate who met him for a long time and interviewed a few weeks ago in Casablanca (Morocco). Soumaïla Cissé was born on December 20, 1949 in Timbuktu, Mali. He is married since 1978 to Astan Traoré. They have four boys, two of them twins. A Malian politician, Soumayla is one of the most respected African leaders on the Continent for his lucidity, patience, wisdom, skill, vision and spiritual love for his country. He embodies the new generation of leaders, exemplified by young people, both rooted in African values ​​and open…

President Ibrahima Boubcar Keita told IBK and his main opponent, Soumaila Cissé, will face each other on August 12th in a second electric trick. The current tenant of the Koulouba Palace, credited with 41% of votes in the first round, did not have enough votes to realize the famous “a KO tour”. Having arrived second with 17% of the vote, Soumaila Cissé will probably be able to count on the voting instructions of the businessman Aliou Boubacar Diallo, who came third with 7.95% of the vote, a hair of Cheikh Modibo Diarra (7, 46%) of votes. Observers expect the former…

The African Development Bank and Cabo Verde signed, on August 2, 2018 in Abidjan, a loan agreement of 40 million euros, intended to revitalize the economy of this island country of West Africa. This agreement provides for two phases of financing, in the amount of 20 million euros each, in 2018 and 2019. This support supports Cabo Verde’s new Strategic Plan for Sustainable Development (2017-2021), which the Bank supports in through its Program for Improving Private Sector Competitiveness and Local Economic Development. “This program aims to strengthen the contribution of the private sector and local entities to growth and job…

The dismissal of Moroccan Finance Minister Mohamed Boussaid on 1 August and his replacement on a long-term basis by Islamist Minister Abdelkader Amara, who heads the Ministry of Equipment and Transport, is a tectonic consequence of the marriage, which is as endless as it is uncertain. between Sanlam and Saham. Announced for several months but still waiting for green light from the regulatory authorities, the deal valued at $ 1 billion was wrongly tainted and because of a presumed proximity between the now former finance minister and his counterpart in the industry and Commerce, Moulay Hafid Elalamy, founder and majority…

African Media Agency (AMA) /- Africa Communications Media Group (ACG), which recently rebranded from Africommunications Group, is pleased to announce the appointment of its new Managing Director, Nonye Mpho Omotola. Co-Founder Mimi Kalinda will transition from the Managing Director role to take on the Chief Executive Officer (CEO) function. Founded five years ago as the first African-owned pan-African and fully integrated communications and public relations firm, ACG began by offering strategic, culturally-attuned services to clients in the social impact space. The agency has since expanded to servicing major multi-nationals across the continent in addition to clients outside of Africa’s borders with…

The African Development Bank Group announces, on 1 August 2018, the appointment of Ms. Bajabulile “Swazi” Tshabalala as Vice President Finance / Chief Financial Officer of the Group effective 1 August 2018. A South African national, Ms. Tshabalala is currently Executive Director at Barbican Advisory Group in South Africa, where she is responsible for financial, engineering and financial transaction advisory services. Ms. Tshabalala brings 26 years of experience in the areas of finance, treasury management and financial market operations. She holds a bachelor’s degree in economics from Lawrence University, USA in 1989, and a master’s degree in business administration from…

The African Export-Import Bank (Afreximbank) has disbursed the sum of $200 million to the Egyptian General Petroleum Corporation (EGPC) to support EGPC’s investment in the Middle East Oil Refinery Company (MIDOR).     The Investment Financing Facility, disbursed during a signing and disbursement ceremony in Cairo on 1 August, is also aimed at supporting EGPC’s company expansion plan which is part of Egypt’s plan to become a regional hub for exporting oil products to the Middle East region and the rest of Africa.             Denys Denya, Executive Vice President (Finance, Administration and Banking Services), signed the facility agreement on behalf of Afreximbank while Ayman Hegazy, Deputy Chairman of EGPC, signed for his corporation.   EGPC established MIDOR in 1994 and holds 98 per cent of the shares while the rest of the shares are held by the Suez…

Sources reported in Libreville on Tuesday, Total Gabon signed an agreement with Assala Upstream Gabon SA for the sale of its entire 32.9% stake in the onshore field of Rabi-Kounga, located in southern Gabon at $ 100 million. “In a context of volatile oil prices, the sale of our residual stake in Rabi-Kounga’s mature field is in line with Total Gabon’s strategic refocusing started in 2017, aimed at strengthening competitiveness and sustainability. of the company, said Guy Maurice, President of Total Gabon. The simplification of the asset portfolio thus enables Total Gabon to mobilize its resources on fields operated offshore…

Groupe BGFIBank strengthens its control and monitoring system with the appointment of:  Mrs. Stella BONGOTHA, Director of Group Compliance,  Mr. Youssouf DIAGANA, Director of Risks and Group Control,  Mr. Arnaud NGUIMBI, Group Internal Audit Director. In line with the ambitions set out in its “Excellence 2020” business plan with the aim of ensuring performance to ensure the Group’s long-term future, BGFIBank has made the conscious choice to increase the effectiveness of its control and monitoring system. by appointing new heads of the various control bodies at the level of the Group’s parent company, BGFI Holding Corporation. The…

The international community has often considered Gabon a bad student. While the oil revenues had made Gabon a rich country of the time of great prosperity in the 70s-80s, it is realistic to note today that the decline in oil production and therefore reserves are very real. Hence the need for urgent diversification of the economy, still slow, but promising for the next decade. There is no longer any doubt that Gabon’s oil reserves are in decline and that hopes for new discoveries are now based on offshore exploration, which are more expensive, but for which oil companies now wish…

Tribunal declares validity of the concession agreement An Arbitral Tribunal of the London Court of International Arbitration (“LCIA”) today confirmed the illegitimacy of the Government of Djibouti’s action of seizing control of the Doraleh Container Terminal from DP World (http://web.DPWorld.com). The LCIA Tribunal has ruled that Doraleh Container Terminal’s Concession Agreement “remains valid and binding notwithstanding Law 202 and the 2018 Decrees”. Law 202 and the referenced decrees were devices enacted by Djibouti to seek to evade Djibouti’s contractual obligations, and these have been found to be ineffective in law. DP World will now reflect on the ruling and review…

The seventh edition of the AFRICA CEO FORUM, the largest international meeting of African private sector decision-makers and financiers, will be held on 25 and 26 March 2019 in Kigali, Rwanda. · As Africa mobilizes to strengthen regional integration, the choice of Rwanda, a country at the confluence of East and Central Africa, is in line with the AFRICA CEO FORUM’s desire to support meetings and business trends between business leaders from across the continent. After a 2018 edition marked by a record mobilization and the presence of the presidents of Côte d’Ivoire, Ghana and Zimbabwe, it is this time…

By John Chiahemen (dailyasset.ng) It must be music to the ears of anyone interested in the rapid growth and industrialisation of Africa’s economies. In just three years since its take-off with a mandate to mobilise public and private sector finance to build Africa’s all-important infrastructure, the Africa50 fund has gathered momentum, with a growing portfolio of projects and capital base. At its third General Shareholders meeting in Nairobi on July 19, Kenya announced a doubling of its shareholding to $100 million, boosting Africa50’s committed capital to close to $1 billion. Its medium-term target is $3 billion, tapping into the global…

The quick passage of a law on factoring in Nigeria is a crucial step in facilitating the ease of doing business and procuring the trust of investors in the country, guests heard recently during a public hearing held at the National Assembly in Abuja. Speaking during the Public Hearing on the Factoring Bill, Jones Onyereri, Chairman of the House of Representatives Banking and Currency Committee, said that the introduction of factoring in the financial sector would serve as complementary financing to conventional financing and will largely target micro, small and medium enterprises (MSMEs). “This will facilitate the provision of cash…

Some 8 million Malians were called to the polls on Sunday (July 29th) for a first round of presidential elections against 24 candidates including President Ibrahima Boubacar Keita, known as IBK. Due to the de facto division of the country between North and South and the chaotic situation in the center, the vote did not take place in 644 offices, and was disrupted in 3 988, says Mohamed Ag Erlaf, the Minister of Territorial Administration. Well before the poll, which was held in 23,000 polling stations, the opposition had expressed concerns about the voter registration and the risk of fraud.…

Several heads of state of the Economic Community of West African States (ECOWAS) and the Economic Community of Central African States (ECCAS), representing alone 500 million Africans, have converged since yesterday in Lomé, the Togolese capital. They take part in the joint summit on peace, security, radicalization and violent extremism, initiated by Faure Gnassingbé. Announced since April 2018 by the UN Regional Office based in Libreville, this meeting is being held in a context marked by the presence of the Nigerian jihadist group Boko Haram in both regions. To this end, indicates a press release, it “figures prominently in the…

the African Development Bank organized a workshop in Casablanca, Morocco, to present the Africa Investment Forum (AIF). Third stage of a roadshow in North Africa after Tunis and Cairo, this presentation aimed to mobilize the actors of public and private investment. The objective of this meeting was to set up a bank of bankable projects upstream of the Africa Investment Forum, which will be held from 7 to 9 November in Johannesburg, South Africa. Mohamed El Azizi, Director General of the African Development Bank for North Africa, delivered the opening address. In particular, he highlighted the purpose of this initiative…

The African Risk Capacity Limited (the ARC Ltd) has appointed three new Non-Executive Directors (NEDs) and a Special Advisor to join its Board of Directors to bring independent strategic guidance and oversight to its operations. The ARC Ltd is a financial affiliate of the African Risk Capacity (ARC), which is a Specialised Agency of the African Union established to assist member states in tackling the impact of natural disasters on vulnerable people. ARC transfers the burden of weather and other natural disaster risks away from governments, enabling them to build resilience and better plan, prepare, and respond to extreme…

Gambian President Adama Barrow has announced the creation of 20,000 jobs in fish processing and storage. In this context, fishing plants would be built in 2019 in the two main fishing towns of Tanji and Brufut, respectively at Kombo South and Kombo North. In addition, the President, visiting Brufut, announced the construction of a feeder road that would connect all coastal communities. To Brufut’s applause, he also said that the road between Brufut Gamtel and Ghana Town would soon be built as he finalized negotiations with a new construction company to launch a pilot project in Brufut. While expressing his…