Author: Albert Savana

&M Bank (Rwanda) Plc announced this weekend that it made an after-tax profit of 1.6 billion Rwandan francs (1.6 billion USD) in the first quarter of 2021. “Despite a difficult context caused by the coronavirus pandemic, the bank has shown resilience. Given the dynamics we are seeing in the economic recovery and vaccine delivery, we are starting to see a slow return to normal, ”said Robin Bairstow, Managing Director of I&M Bank Rwanda. The official added that “on the Bank’s side, a review of our results shows positive performance on all key financial indicators, highlighting the good momentum with which…

The after-tax profit of the company Total Senegal, a subsidiary of the multinational of the same name, increased by 4% at the end of the 2020 financial year compared to that of 2019, announced the leaders of this Dakar-based company. This profit stood at 6.063 billion FCFA against 5.827 billion FCFA at the end of the 2019 financial year, an increase of 236 million FCFA. The managers of this hydrocarbon distribution company explain this performance despite the decline in sales by a number of factors. They put forward the fact that the 2019 result was reduced by the payment of…

Raise its market capitalization to 70% of Morocco’s GDP by 2025 by increasing the number of listed companies from 76 in 2019 to 300 in 2035. These are the major objectives posted about the Casablanca Stock Exchange (BVC ) in Morocco’s “New Development Plan”. In 2019, the market capitalization of the Moroccan financial center, of...

The Prize will be awarded this Monday, May 31 at 6 p.m., in the auditorium of Le Monde, in the presence of the winner Xavier Jaravel and the nominees Aurélie Ouss, Vincent Pons and Josselin Thuilliez. This ceremony can be followed live on LeMonde.fr, lecercledeseconomistes.fr and on the Youtube and Facebook accounts of the Cercle des economistes. The ambition of the Best Young Economist Prize is to recognize not only the excellence of the academic production of young French economists, but also their contribution to the public debate in terms of economic policy or decision-making among private or public actors,…

The Bank of Central African States (BEAC) announced, in a press release dated May 26, 2021 and published on its website on the 28th, that the securities of “La Régionale d’épargne et de crédit” are officially admitted to CEMAC’s single central depository (DCU) operations from May 20, for a total amount issued of CFAF 2.588 billion (nearly USD 5 million). This amount represents 61,630 shares, according to the issuing institute, which is also the sole central depository of securities of the Economic and Monetary Community of Central Africa (CEMAC). The announcement, according to the press release signed by Dieudonné Evou…

Cairo/Abuja, 31 May 2021: – African Export-Import Bank (Afreximbank) and Nigeria Export-Import Bank (NEXIM) have announced a US$750,000 grant to support the charting of the main channel of the Niger-Benue river in Nigeria, as part of the Regional Sealink Project, which aims to bridge the gap in maritime transport infrastructure and improve trade connectivity in West Africa. Afreximbank provided a grant of US$350,000 to supplement the US$450,000 made available by NEXIM, thus completing the financing of the barthymetric survey and hydrograhic and hydrological studies of the lower Niger-Benue river. The studies will be undertaken under a joint collaboration framework between the Nigerian…

Asky airline announced in a statement released on May 27, 2021, the appointment of Ethiopian Tasew Mesfin as chief executive. Until then Director of Operations of Ethiopian Airlines, he succeeds his compatriot Ahadu Simachew in post since 2017. Crowned with 37 years of experience at Ethiopian Airlines – a strategic partner of the Asky company in which it holds 40% of the capital – Mesfin Tasew takes the reins of the company in a context still marked by the Covid-19 pandemic. “In view of his rich and eloquent career, we are convinced that Asky will have everything to gain,” said…

The shareholders of Banque Atlantique Côte d’Ivoire met in an ordinary general meeting on May 25, 2021 in Abidjan, to review the 2020 financial year of this subsidiary of the Moroccan group BCP. After congratulating themselves on the bank’s achievements over the period under review, marked by a net profit of CFAF 26.189 billion, the shareholders, satisfied with “good performance and resilience”, approved all the draft resolutions that were submitted to them. The general meeting of shareholders was held under the chairmanship of Habib Koné, Managing Director of Atlantic Business International, representing the Chairman of the Board of Directors. Present…

The heads of state and government of the Economic Community of West African States (ECOWAS), held an extraordinary summit on the political situation in Mali on May 30, 2021, in Accra, Ghana. The Extraordinary Summit was convened to take stock of the socio-political crisis prevailing in Mali following the arrest, detention and subsequent resignations of the President and Prime Minister of the transition on May 26, 2021. At the end of the work, the Heads of State strongly condemn this recent coup, which is a violation of the decisions taken at the extraordinary summit held at the Peduase Lodge, Aburi,…

The Moroccan banking group Attijariwafa bank through its brokerage firm Attijari Securities Central Africa (ASCA) is the arranger of the second bond loan of the lender Alios Finance Cameroon. This operation, the main characteristics of which have not yet been published, will take place under the auspices of the Central African Securities Exchange (BVMAC). According to sources, Alios Finance, the leader in leasing in Cameroon and the sub-region, is about to strengthen its portfolio which is based on strategic development aimed at extending its activities in the region, in particular the conquest of the West African market. Financial institution specializing…

Gabon has chosen to resort to sub-regional savings in order to mobilize the necessary funds with a view to reviving its economy hard hit by the health pandemic linked to the coronavirus. Called “EOG 6% Net 2021-2026”, the bond issue launched on May 27, 2021 by the Gabonese government and open to all countries of the Central African Economic and Monetary Community (CEMAC) aims to mobilize 175 billion CFA francs ($ 325 million) to support both the post-Covid production tool and the clearance of domestic debt. This post-Covid recovery involves the payment of the domestic debt after verification and validation…

A crucial meeting on Mali is scheduled today in Accra, capital of Ghana. The leaders of the Economic Community of West African States (ECOWAS) will hear Colonel Assimi Goita, a strong man from Mali, dubbed by the Constitutional Court as interim president. The perpetrator of two coups d’état in the space of nine months was...

The Ivorian government has endorsed the proposal of the Ministry of Agriculture and the Coffee and Cocoa Council (CCC) to systematically and compulsorily grant 20% of the purchases of export contracts of the 6 multinationals to local traders who will be appointed by the Coffee and Cocoa Council. . This is what emerges from the press release of the Council of Ministers of May 26, 2021. “The Council decided, in order to promote the emergence in the sector, of national champions and to create the conditions for the sustainability of their activities, to allocate 20% of beans exports to Ivorian…

The State of Benin, through the General Directorate of the Treasury and Public Accounts, raised on May 27, 2021 on the financial market of the West African Monetary Union (UMOA) an amount of 66 billion FCFA (99 million d ‘euros) following its simultaneous issuance of a 3-year Treasury stimulus bond (ORD). ODR issues are initiated by the UMOA-Titres agency in collaboration with the Central Bank of West African States (BCEAO). They aim to allow the issuer to mobilize the savings of natural and legal persons in order to cover the financing needs of the Benin State budget as part of…

At a virtual ordinary general meeting this Thursday, May 27, Ecobank shareholders validated the group’s 2020 results with an annual profit which amounted to 201 million USD, against 184 million USD in 2019. An increase of result that the pan-African bank based in Lomé owes to the acceleration of the use of technology during the year. “The pandemic has accelerated the gradual migration of consumers to digital channels, which has transformed the way we work in many ways. Thanks to our technological investments over the years, we were prepared and made sure to provide our customers with permanent 24/7 access…

The World Bank will disburse USD 100 million in connection with the Emergency Project for Equity and Strengthening of the Education System (PERSE) of the Ministry of Primary, Secondary and Technical Education, according to correspondence addressed to Minister Tony Mwaba, the May 26, 2021, by Jean Christophe Carret, the institution’s director of operations in DR Congo. During his meeting on May 21, 2021 with the Minister of PTSD who had provided him with evidence from the Congolese government in compliance with the withdrawal conditions announced in the financing agreement, Jean-Christophe Carret had ensured the availability of the Bank world to…

After a decrease of 1.104 billion FCFA (1.656 million euros) in 2019, the drop in after-tax profit of Total Côte d’Ivoire, a subsidiary of the oil multinational of the same name, was accentuated at the end of the financial year. 2020 with a contraction of CFAF 2.771 billion (€ 4.156 million). The summary financial statements for the period under review of this Abidjan-based company indeed highlight a profit of CFAF 7.648 billion against CFAF 10.419 billion in 2019, a decrease of 26.60%. The turnover and other products are down 7.88% to 417.986 billion FCFA against 453.734 billion FCFA in 2019.…

Saham insurance companies change their name from June 1, 2021 in their various markets including Togo, Benin, Guinea and Senegal. The announcement was made officially on Wednesday 23 May by the subsidiaries concerned. “This rebranding follows the acquisition by Sanlam Group of all the capital of Saham Finances, finalized in October 2018,” said a statement from the group. “This rebranding operation also reflects a strong potential for creating value for our clients as well as a source of growth for the insurance sector in our country”, adds the same source. First from 30% to 46.6% in December 2016 then from…

The African Import-Export Bank (Afreximbank) recorded strong growth in the first quarter compared to its unaudited financial statements for the first quarter of 2021, released Thursday, May 27. Results for the first three months ended March 31, 2021 show resilient and above average growth for the previous year over the same period. “The Bank reported net income of $ 87.3 million, an increase of 4% over the 2020 performance of $ 84.2 million, achieved largely through 23% growth in net income from interests. The increase in net interest income stems from a 41% growth in net loans and advances and…

Arriving in Kigali on May 27 for a two-day visit, Emmanuel Macron focused his trip on the memorial aspect through a speech delivered this day, in the morning, at the Tutsi genocide memorial in the Gisozi neighborhood. The French president in particular recognized the responsibility – but not the complicity – of France in this...

Dy Ould Zeine, until then Minister of Rural Development of Mauritania, was appointed on Wednesday, May 26, Minister of Fisheries and Maritime Economy. He replaces Abdel Aziz Ould Dahi who himself inherits the portfolio of Digital Transformation, Innovation and Modernization of Administration in the government of Prime Minister Ahmed Ould Bilal. This appointment comes in a context marked by a drastic drop in fishing income, the second pillar of the Mauritanian national economy; the maintenance of a leonine agreement with the Chinese company Poly Hong Dong denounced in the report of the parliamentary commission of inquiry at the origin of…

The president of the company Ivanhoe Mines, Marna Cloete, announced on May 26, 2021 the press in the Democratic Republic of the Congo, the launch of its mining activities in August 2021, in collaboration with Gécamines within the framework of the Kamoa project. Kakula, after investing more than $ 2 billion. Kakula will be the first of multiple “high grade” mining areas planned on the Kamoa-Kakula mining license, covering an area of ​​400 km² with an initial mining production rate of 3.8 million tonnes per year, at an average feed grade of more than 6% copper over the first 5…

Symbolized by Emmanuel Macron’s visit to Kigali on May 27 and 28, the normalization of the Franco-Rwandan relationship should lead to the appointment of an ambassador. The two countries have been without representatives at such a level since the rupture of their diplomatic relations at the initiative of Rwanda, in November 2006, following the publication...

Cameroonian Head of State Paul Biya signed an ordinance amending and supplementing certain provisions of the 2021 finance law in order to allow Cameroon to honor its commitments to its international creditors. The presidential act made public on May 26, 2021 primarily targets the settlement of a debt of CFAF 450 billion ($ 838 million) contracted during the issue of the Eurobond in 2015, the repayment deadline of which is at the end of the year. ‘horizon. “The government is authorized to negotiate and possibly to conclude during fiscal year 2021, under conditions safeguarding the financial interests of the State…

Held in the Kati military camp since Monday afternoon by the junta of the National Committee for the Salvation of the People (CNSP), the now ex-president of the transition, Bah Ndaw, and his prime minister were released this Thursday, May 27 . Previously, they had been received in audience yesterday morning, Wednesday May 26, by a strong delegation from the international community, in particular ECOWAS, the African Union and Minusma. This delegation led by the mediator of the ECOWAS, Goodluck Jonathan, was held within the framework of a first mediation going in the direction of finding a solution to the…

The Togo Electronic Communications and Postal Regulatory Authority (ARCEP) announced on May 26, 2021, that it had fined nearly 600 million CFA F (a little over one million USD) against of Moov Africa Togo, a subsidiary of Maroc Telecom, for failure to comply with the obligation of permanent, continuous and regular availability of mobile electronic communications services. According to the regulator, this sanction taken and notified on May 18 to the company “stems from the observation of significant, recurring and lasting cases of unavailability of its networks and services, from June 2020 to April 2021, in a large number of…

The fourth ordinary general assembly of the Federation of Air Traffic Controller Associations of the Agency for the Safety of Air Navigation in Africa and Madagascar (Asecna) opened on Tuesday, May 25 in Abidjan on a salty note with the announcement a 52% decline in operating revenues in the first quarter of 2021. This fall was preceded by a 53% drop in said revenue in 2020. Covid-19 contributed to this deterioration in performance, testifies Louis Bakienon, director of air navigation operations who represented the CEO of Asecna . He says the agency’s monthly activities fell to 20% of normal during…

The Ivory Coast distribution company (CDCI), a subsidiary of the Moroccan group Retail Holding, has just set up an 11,000 m² warehouse within Agility logistic park, in the new industrial zone of Attingué ( PK24). This new warehouse will be inaugurated this Friday, May 28 by the government. According to the group’s managing director, Riyad Laissaoui, the choice of the Ivory Coast for the establishment of his group reflects its strong growth and its strong development potential. “The Ivory Coast has a good business and governance climate, a control of inflation in line with community standards, an economic and commercial…

The State of Burkina Faso, through its General Directorate of the Treasury and Public Accounts, raised on May 26, 2021 on the financial market of the West African Monetary Union (UMOA) an amount of 87.931 billion FCFA (131.896 million euros) at the end of its issuance of Treasury stimulus bonds (ORD) with maturities of 3, 7 and 10 years organized in partnership with the UMOA-Titres Agency based in Dakar. Launched by the UMOA-Titres agency in collaboration with the Central Bank of West African States (BCEAO), the issuance of ODRs aims to allow the issuer to mobilize the savings of natural…

It was eagerly awaited. Handed over to King Mohammed VI on May 25, the general report of the Special Commission on the Development Model (CSMD) is a new stage in the economic and social development of Morocco, in search of more inclusiveness. The report presented by Chakib Benmoussa at the Royal Palace in Fez was commissioned by the King in December 2019. The document was drawn up after extensive consultations involving political parties, economic operators, academics, unions, civil society, public administration and specialized international organizations. In addition, there is a digital platform (CSMD.ma) allowing any Moroccan citizen to enter the…