Author: Albert Savana

Contrary to previous simultaneous public securities issuances, the one organized by Côte d’Ivoire on Tuesday, October 28, 2025 regarding treasury bills (BAT) with a maturity of 53 days and treasury bonds (OAT) of 3.5 and 7 years organized on the financial market of the West African Economic and Monetary Union (UMOA), was characterized by its...

In the hours following the announcement of the results of the Ivorian presidential election of 2025, one number dominated television screens and newspaper columns: 50.10%. This, we were told, was the turnout rate. Immediately, some commentators saw it as proof of electoral demobilization, comparing this percentage to the 53.90% of 2020. However, this superficial reading does not tell the reality of the election. Behind this percentage hides a fundamental data: the actual number of voters. In 2020, 3,269,813 voters went to the polls. In 2025, there are 4,292,474, more than a million additional Ivorians. Never in the history of Côte…

In a rapidly changing mining sector, AFG Bank Mali is taking the lead. By launching the Local Content Champion Program (LCCP) on October 27, 2025, in Bamako, the bank affirms its ambition: to bring forth a new generation of competitive and structured local companies. Seydou Coulibaly, Deputy General Manager in charge of operations, discusses the foundations of this strategic program, the internal synergies it mobilizes, and the long-term vision of a banking actor firmly committed to Mali’s economic sovereignty. Mr. Coulibaly, why is AFG Bank Mali launching the Local Content Champion Program (LCCP)? The LCCP was born out of a…

In 2026, Senegal will allocate around **5,490 billion CFA francs** – or **almost 10 billion dollars** – to the payment of the **debt service** (principal and interest). This unprecedented amount is **more than double** what was forecasted in the budget when **Macky Sall** left office, confirming a **structural drift** in public finances. According to the **2026 budget bill**, **almost 70% of the State’s revenue** will be absorbed by debt repayment alone. In other words, for every 100 francs of income, 70 will go to creditors – a scenario that leaves **very little room for investments and social spending**. “Since 2024,…

In a context of liquidity scarcity and strong volatility of global prices, Ecobank Côte d’Ivoire has set up a fund of 300 billion CFA francs (approximately 457 million euros) to finance the 2025-2026 coffee-cocoa campaign. This line of credit, one of the largest in the national banking sector, targets exporters, processors, and cooperatives accredited by the Coffee-Cocoa Council (CCC). Structured support for the sector Accredited companies will be able to access loans for the purchase, storage, processing, and transportation of beans. The bank will assess the financial strength, export experience, and guarantees offered by each beneficiary to avoid failures seen…

The net banking income (NBI) of Banque de Tunisie, a private universal bank established in 1884, recorded a slight increase of 1.90% at the end of the first nine months of the 2025 fiscal year compared to the same period of the 2024 fiscal year, announced the leaders of this banking institution based in Tunis....

After being spun off from BNP Paribas in 2023, the Banque Internationale pour le Commerce et l’Industrie de la Côte d’Ivoire (BICICI) is now bringing joy to its new shareholders — CNPS and CGRAE — thanks to regular and upward returns. According to a research note from the brokerage firm FGI, the former BNP subsidiary...

The State of Guinea-Bissau raised on October 21, 2025, on the West African Monetary Union (UMOA) financial market, an amount of 15 billion CFA francs (27 million dollars) through a simultaneous auction of Treasury Bills (BAT) with a maturity of 363 days and Treasury Bonds (OAT) with a maturity of 3 years. The issuer had...

“In the second quarter of 2025, Benin’s merchandise exports decreased by 20.2% compared to the first quarter of 2025, according to data from the National Institute of Statistics and Demography (INStaD). According to this institution, during the period under review, cotton (excluding linters), not carded or combed (-18.1 percentage points), oilseeds and fruits, n.e.s. (not...

S&P Global Ratings has announced that it has placed Madagascar’s sovereign rating (‘B-/B’) on CreditWatch with negative implications, while lowering its Transfer and Convertibility (T&C) assessment from ‘B’ to ‘B-‘. This decision follows the military takeover, which occurred after several weeks of anti-government protests that led to the departure of President Andry Rajoelina. The agency...

At the end of its meeting on October 9, 2025, the Board of Directors of Arab Tunisian Bank (ATB), a Tunisian bank founded on June 30, 1982, through the integration of the Tunisian branch of Arab Bank and the contribution of Tunisian individuals, decided to convene an Extraordinary General Meeting (EGM) to be held on...

At the end of a simultaneous issuance of Treasury assimilable bills (BAT) with a maturity of 364 days and Treasury assimilable bonds (OAT) with a maturity of 3 years, Senegal raised an amount of 33 billion CFA francs (59.4 million dollars) on the West African Monetary Union (UMOA) financial market on Friday, October 17, 2025....

A few weeks before the COP and under the leadership of its president, Donald Trump, a self-proclaimed neo-conservative and climate skeptic, Washington disarms green finance. Banks, majors, funds: a major setback with negative consequences on the GDP of African and Global South countries. On October 16, the Federal Reserve repealed guidelines requiring large banks to...

Interpellated by a journalist from 2STV about the recent downgrade of Senegal’s rating, IMF Managing Director Kristalina Georgieva chose clarity over political correctness. “I do not comment on the decisions of rating agencies,” she first reminded, before praising “the courage of the Senegalese authorities” for bringing to light a debt that was previously hidden. “They deserve credit for revealing a serious problem of false declaration. It took time to measure the extent of it and find the way forward. But today, the situation is clear,” she said. The head of the IMF confirmed that following this clarification, Dakar officially requested…

On October 15, 2025, on the sidelines of the IMF and World Bank Annual Meetings, US Treasury Secretary Scott Bessent delivered a clear statement: the Bretton Woods institutions must return to their “core missions” and move away from “peripheral issues” such as climate or gender. Under the guise of efficiency and budget discipline, the representative...

The public treasury of Mali raised, on October 10, 2025, an amount of 28.786 billion CFA francs on the regional financial market, through a simultaneous issuance of treasury bills and bonds. The issued securities – T-Bills at 364 days and Treasury Bonds at 3 and 5 years – have respective average yields of 7.67%, 9.32%...

“In the first quarter of 2025, the turnover index in the construction sector in Burkina Faso recorded a decrease of 40.0% compared to the previous quarter, according to data from the National Institute of Statistics and Demography (INSD) based in Ouagadougou. This index stood at 159.3 points against 265.4 in the fourth quarter of 2024....

Long a discreet officer of the CAPSAT camp (Autonomous Corps of Personnel and Administrative and Technical Services), Colonel Michael Randrianirina, 51 years old, emerged in a few days in October 2025 as a central player in the political shift in Madagascar. “This is not a coup d’état, it is a taking of responsibility,” he declared...

“The cumulative revenues of the venture capital investment company Tuninvest Société d’Investissement à Capital Risque (SICAR), created in 1994 and whose purpose is to participate in the capital of companies in order to restructure them and create value, recorded a significant increase of 172% at the end of the first nine months of the 2025...

In the first half of 2025, the tax-free turnover of Servair Abidjan, specialized in aircraft refueling, increased by 10% compared to the same period of the 2024 fiscal year, announced the leaders of this company based in Abidjan. The certified half-yearly activity and results table by the auditors highlights a turnover of 6.584 billion FCFA...

Ethiopia has failed to reach an agreement with its eurobond holders after several months of formal negotiations that began in 2025. According to sources close to the matter, the discussions did not lead to a consensual restructuring of the country’s only Eurobond, amounting to $1 billion, which matured in December 2024. The main sticking point...

At the end of their Ordinary General Meeting (OGM) on September 28, 2025, the shareholders of the public limited company Carthage Medical, specialized in the production, marketing, and export of pharmaceutical products and medical devices, decided to allocate the deficit result of the 2024 fiscal year to the Retained Earnings account, announced the leaders of...

Businessman Mamy Ravatomanga extricated himself from the Malagasy turmoil on the night of October 12. After midnight, his Cessna 5R-HMR from Trans Ocean Airways landed on the tarmac of Plaisance, in Mauritius. Officially, a simple emergency landing. Unofficially, a carefully orchestrated escape. According to reports, he is said to be placed under house arrest in...

At the end of August 2025, gold and cocoa were the only main raw materials exported by the countries of the West African Economic and Monetary Union (WAEMU) to have recorded price increases, according to data from the Central Bank of West African States (BCEAO), based in Dakar. Gold saw its price increase by 36.3%...

At 92 years old, Paul Biya follows a pre-written script. The presidential elections on October 12, 2025, organized in a quiet atmosphere, seem tailor-made to open the door for an eighth term for him. The strongman of Yaoundé, in power since 1982, is once again preparing to extend the world record for the longest reigning...

Moody’s Investor Services has downgraded Senegal’s sovereign credit rating from B3 to Caa1, with a negative outlook. This decision, made public on October 10, 2025, raises serious concerns about the sustainability of the public debt and the liquidity of the Senegalese government. What does a Caa1 rating mean? The Caa1 rating is considered highly speculative and very risky. It reflects a high risk of default in the event of economic or financial shocks. In comparison, investment grade ratings (A, Baa) indicate a better credit quality, while Caa1 falls into the category of high yield bonds, often called junk bonds. The…

On October 10, 2025, S&P Global Ratings upgraded Egypt’s long-term sovereign credit rating from “B-” to “B”, while confirming the short-term rating at “B”. The agency also raised the transfer and convertibility assessment to “B” from “B-” previously. The outlook remains stable. Growth and Macroeconomic Reforms: This upgrade reflects the reforms implemented since 2024, including...

“In August 2025, Guinea’s trade balance showed a surplus of 2,302.2 billion Guinean francs (GNF), equivalent to 276.264 million dollars, compared to a deficit of 535.0 billion GNF (64.200 million dollars) the previous month, according to data from the National Institute of Statistics (INS) based in Conakry. “This improvement is mainly explained by the surpluses...

The consolidated profit of the Zellidja group, whose activities are organized around trading, hotel operation, and real estate sectors, recorded a 9.03% increase at the end of the first half of 2025 compared to the same period in 2024, announced the leaders of this company based in Casablanca. This revenue amounted to 374 million dirhams...

On November 3 and 4, 2025, Casablanca will become the focal point of African finance. For its fifth edition, the Africa Financial Summit (AFIS) presents an impressive lineup: finance ministers, central bank governors, heads of banking groups, and institutional investors. The event is shaping up to be the major meeting of decision-makers who think—and shape—the financial sovereignty of the continent. A stage where politicians and financial strategists intersect At the forefront are the top financial leaders of the continent. Morocco will be represented by Nadia Fettah, Minister of Economy and Finance, and Abdellatif Jouahri, Governor of Bank Al-Maghrib, a symbol…