Author: Albert Savana

This is a global crisis affecting the whole world. Africa, however, will be hit harder with a heavy and durable economic toll, which will threaten progress and prospects, widen inequalities between and within countries, and worsen current fragilities. African countries need support in preparing for the health crisis, and for the economic fallout. The measures being taken in Asia, Europe and North America such as physical (social) distancing and regular hand washing will be a particular challenge for countries with limited internet connectivity, dense populations, unequal access to water and limited social safety nets. In line with the steps being…

Africa Centres for Disease Control and Prevention (Africa CDC) and the Government of Ethiopia received a consignment of medical equipment Africa’s response to the Coronavirus Disease (COVID-19) outbreak received a boost today as the Africa Centres for Disease Control and Prevention (Africa CDC) and the Government of Ethiopia received a consignment of medical equipment from the Jack Ma and Alibaba Foundations.The shipment included over 1.5 million laboratory diagnostic test kits and over 100 tons of infection prevention and control commodities. This relief initiative was launched by the Prime Minister of Ethiopia, Dr Abiy Ahmed, the Jack Ma Foundation, and Alibaba…

Ecobank Transnational Incorporated, ETI, the Lomé-based parent company of the Ecobank Group, announces two new appointments and changes on its Board of Directors. Dr. Georges Agyekum Nana Donkor has been appointed as a Non-Executive Director to replace Mr. Bashir Mamman Ifo as the representative of Ecowas Bank for Investment & Development (EBID) on the Board of ETI. Dr. Donkor was recently appointed President of EBID following the retirement of his predecessor Mr. Bashir Ifo. Dr. Donkor is a Lawyer, Banker and Marketing Consultant with over twenty-five years’ experience in Senior Management capacities across several fields such as Finance, Strategic Management,…

Uncertainty regarding the duration and the severity of the COVID-19 pandemic will keep risks high for economies and banking sectors across Africa, S&P Global Ratings said today in the report titled “COVID-19 Exacerbates Africa’s Social And Macroeconomic Vulnerabilities,” published on RatingsDirect. “The pronounced deterioration of financing conditions could hurt African countries with a high current account deficit and dependence on external capital flows for financing,” said S&P Global Ratings credit analyst Mohamed Damak. More than 25 of the 54 African countries have confirmed cases of COVID-19, and the continent could find itself among the regions hardest hit. African economies and…

The Making Finance Work for Africa Partnership (MFW4A) invites researchers and students enrolled in an academic institution to submit an essay on the African financial sector. The call for essays aims to foster a better understanding of the issues challenging financial sector development in Africa and to gather thoughts, opinions and innovative ideas on how to develop the sector. Topics selected for this call are aligned with MFW4A’s priority themes, including: Addressing financial illiteracy in Africa (financial inclusion); Deposit and Consignment Funds [RR1] and African institutional investors: Roadmap for better social and economic outcomes (long-term finance); and Regulating non-bank financial services and Fintechs (governance and financial…

Facebook announced the creation of the Business Resource Hub to support businesses being affected, whether directly or indirectly, by the recent outbreak of COVID-19. The Hub features recommendations as well as courses to help businesses and brands stay connected to customers and keep their business on track. As part of these recommendations, Facebook encouraged businesses to take these five steps to navigate the impacts and effectively maintain their operations: Keep yourself safe and informed. Stay up to date by following credible, official sources such as the World Health Organization (WHO) and your local government health department so you can respond…

The Africa Fertilizer Financing Mechanism (AFFM) has kick-started a $2.2 million project to provide fertilizer suppliers in Nigeria with financial support to improve supply for 200,000 smallholder farmers. The trade credit guarantee project is AFFM’s first in the West African nation and will involve 10 fertilizer suppliers, 12 hub agro-dealers and 120 retail agro-dealers. The project will also train farmers in proper fertilizer use and other agricultural best practices. A project launch held on 3 March in the capital Abuja, was attended by senior director of African Development Bank’s (www.AfDB.org) Nigeria Regional Office, Ebrima Faal and government and industry partners.…

Moustafa Mokrane was appointed general manager of Bolloré Transport & Logistics Tunisia at the end of January. Moustafa Mokrane, 42, joins the teams of the subsidiary based in Radès, south of Tunis. With more than 15 years of experience in the transport and logistics sector, the new CEO aims to bring his expertise to support the growth of the company throughout the country. “I am very proud to join the Bolloré Transport & Logistics teams in Tunisia and to contribute to its success. We have the objective, with the 44 current collaborators of the company, to consolidate the existing one…

The new Africa presents the continent’s youth with an excellent battleground to join and wage the economic struggle that will finally liberate Africa, Prof. Benedict Oramah, President of the African Export-import Bank (Afreximbank) has said. Speaking on Wednesday on the topic “Unleashing the Power of the Youth” while delivering the 14th Convocation Lecture of the Nnamdi Azikiwe University (UniZik) in Awka, Nigeria, Prof. Oramah said, “just as Africa’s political struggle was led by the youth, so will the youth lead the way for Africa’s economic emancipation”. Youths represented agents of change across the social, political and economic spectra and history and…

The African Development Bank Group is pleased to announce the appointment of Mr. Solomon Quaynor as the Vice President for the Private Sector, Infrastructure and Industrialization Complex, effective from 1st May 2020. Quaynor, a national of the United States of America, brings over 25 years of experience in development finance and investment banking. He is an emerging markets specialist with experience investing across financial institutions, Technology, Media, and Telecommunications, Infrastructure, Energy, Manufacturing, Agribusiness and Services. He also has experience supporting private sector executives and boards in growth strategy assessment; key government/regulatory and private sector relationship engagement; and served as trusted…

 By NJ Ayuk Sometimes it is easy to forget how interconnected human lives across the globe have become. Perhaps we no longer talk as much about globalization as we used to in the 1990s because it is no longer an issue to be discussed or protested against, it is simply the reality that surrounds us. And there is no cruder evidence of that than the Coronavirus. Despite the fact that the virus hasn’t yet affected African nations in anyway as seriously as other regions of the world, a fact the World Health Organization is still unable to explain, forecasts already…

Receivables finance is an important tool that can help to close the $90 billion funding gap faced by small and medium-sized enterprises (SMEs) in Africa, Dr. Patrick Njoroge, Governor of Central Bank of Kenya, has said. Dr. Njoroge was speaking in Nairobi on 27 February during the opening of a two-day Regional Conference on Factoring and Receivables Finance organised by the African Export-Import Bank (Afreximbank) and FCI to promote the use of factoring to address the challenge of access to financing for SMEs in East Africa. He told the audience that the funding gap could not be filled by traditional banking…

By Abel Kara* No need for the chicken-and-egg theorizing about which should come first at the moment in Africa: basic infrastructure/amenities or the deployment of 5G broadband. Africa already has general sustainable development issues to grapple with, but the 5G promises to become the eye of the digital economy whirlwind which will pepper-up multiple sectors for sustainable development on the continent. For those who can see clearly, the deployment of broadband, especially via this fifth generation of mobile technology and internet connectivity systems, will determine how fast and far Africa goes in compartments such as education, agriculture, manufacturing and smart…

After securing approval last summer from the “Bank Al Maghrib”, Orange Morocco announces today the launch of Orange Money in the kingdom. This service will allow Moroccans to make mobile payments and transfer money using their phones. Morocco also becomes the 18th country in the Africa and Middle East region of Orange to offer the Orange Money solution. Orange Money, a secure and instant service Orange Money offers every mobile user, regardless of their telecom operator, the option of having a mobile wallet backed by their phone number. The solution allows mobile phone users to carry out financial transactions, pay…

Bolloré Transport & Logistics Ethiopia officially opened its doors on 21 February 2020. The new subsidiary was created as part of a joint venture between Bolloré Transport & Logistics and the Ethiopian company CLS Logistics. It is set to offer Ethiopia a wider world of capabilities and solutions to support industry, business growth, and to power greater development in regional logistics. “We have been the exclusive agent of Bolloré Transport & Logistics in Ethiopia since 2008 and through this partnership we have successfully completed a number of projects. The joint venture will enable us to provide local industry with more infrastructure,…

The first case of Coronavirus at the United Nations (UN) in Dakar, Senegal was confirmed. The United Nations is working closely with the Government of Senegal and the World Health Organization (WHO) on prevention and preparedness in the country. The staff returned from a trip to London on 24 February. The emergency protocol was activated, and the patient is in a hospital in the capital. In line with confidentiality requirements with respect to the patient’s condition, no further information will be given. An investigation by epidemiologists from the Ministry of Health is currently under way to test people recently in…

• Investment expected to cut CO2 emissions by more than 29,000 tons annually • Primary energy savings projected to amount to 150,000 MWh each year The Green for Growth Fund (GGF), an impact investment fund advised by Finance in Motion, has loaned USD 10 million to the National Bank of Egypt (NBE) to support measures that reduce energy consumption, prevent CO2 emissions, and improve resource efficiency in the country. NBE is the flagship lender in the Egyptian banking sector, with a wide-ranging branch network across both urban and rural areas. This broad outreach positions the bank as an ideal partner…

The African Legal Support Facility (ALSF) has launched a handbook on sovereign debt aimed at improving users’ understanding of the subject and offering development and implementation strategies and tips to avoid over-indebtedness. The Handbook on Sovereign Debt, produced by the ALSF in collaboration with 11 prominent debt professionals, was officially launched February 27 in Abidjan, on the first day of a High-Level Forum, convened for members to reflect on ten years of the institution’s history in providing legal and technical assistance for Africa’s development. The meeting brought together some 30 delegations from across Africa and beyond. The handbook discusses the…

Women are in the spotlight in the month of March. These are the entrepreneurs of the continent and its diaspora who are at the helm. In Paris, Assitan Sissako and Mohamadou Diallo will organise Women of Willings forum on 7 March. Nearly sixty participants are expected at least. Rudy Casbi Near the Place de la Madeleine, not far from the Opera in the center of Paris, these two young executives are attempting a new challenge. “We know that women are influential but they can be even more authentic leaders”, says Mohamadou Deme, the founder of Deme Agency. With Assitan Sissako,…

Over 200 leading African political, business, and diplomatic leaders gathered in Johannesburg for the 8th African Leadership Magazine Persons of the Year Award dinner. They witnessed Dr. Akinwumi Adesina, President of the African Development Bank, being honored as the African of the Year 2019.  Themed ‘Africa for Africans – Exploring the Gains of a Connected Continent’, the evening brought together dignitaries including South African Deputy President, David D Mabuza, South African Ministers Nkosazana Dlamini-Zuma and Lindiwe Zulu, and Dr. Ken Giami, Publisher of African Leadership Magazine. The highlight of the event was the keynote speech delivered by Dr. Adesina. His passion…

Mediterrania Capital Partners, the Private Equity firm focused on growth investments for SMEs and mid-cap companies in North and Sub-Saharan Africa, announces that its portfolio companies managed by MC II and MC III funds achieved 25% EBITDA year-on-year growth up to the end of 2019, reaching over €1 billion in aggregated annual revenues. Operating since 2015, MC II holds stakes in the following companies: • Cash Plus: operating through almost 1,900 points-of-sale, Cash Plus is the leading company in Morocco offering quick and efficient solutions for money transfers. • C.E.C.I.: Moroccan group of companies specialising in truck body manufacture, truck…

Africa Finance Corporation (“AFC” or the “Corporation”), the leading infrastructure solutions provider in Africa, announces a US$63 million strategic investment to construct and operate a 60MW wind project in the Ghoubet area, near Lake Assal in Djibouti. AFC has made this investment as lead developer together with Great Horn Investment Holdings (“GHIH”) and inviting further investment from Climate Fund Managers (“CFM”), and FMO, the Dutch entrepreneurial development bank. AFC has led the development of the project since 2017, developing it from concept to bankability, securing a 25-year take or pay power purchase agreement with Électicité de Djibouti as the off-taker,…

The Director of Macroeconomic Policy, Forecasting and Research at the African Development Bank, Dr Hanan Morsy, has been named one of Egypt’s 50 most influential women. Dr Hala El Said, Egypt’s Minister of Planning and Economic Development, gave the award on 5 February in a ceremony organized under auspices of the Egyptian Prime Minister. “I am honored to be named among the most influential women in Egypt. This award validates the crucial role of women in contributing to the Egyptian economy and the continent as a whole,” said Dr Morsy. Dr Morsy has brought a wealth of international experience to…

The second Intra-African Trade Fair (IATF2020) will provide key pathways for the Rwandan private sector to access intra-African trade opportunities offered by the African Continental Free Trade Area (AfCFTA), Kanayo Awani, Managing Director of Afreximbank’s Intra-African Trade Initiative, has said. Addressing the opening of a roadshow held in Kigali on Tuesday to raise awareness about IATF2020 and to showcase Afreximbank products and services, Ms. Awani said that the way each country prepared for the operational phase of the AfCFTA, which will commence on 1 July, would determine how successfully it would benefit from the initiative. She said that IATF2020 would…

In several news reports, World Bank President David Malpass was recently quoted as saying some Multilateral Development Banks, including the African Development Bank, have a tendency to lend too quickly and in the process, add to the continent’s debt problems. This statement is inaccurate and not fact based. It impugns the integrity of the African Development Bank, undermines our governance systems, and incorrectly insinuates that we operate under different standards from the World Bank. The very notion goes against the spirit of multilateralism and our collaborative work. For the record, the African Development Bank maintains a very high global standard…

Supporting Djibouti to meet energy demands and transition towards 100% renewable energy- based electricity production by 2030 Africa Finance Corporation (AFC), Climate Fund Managers (CFM), FMO, the Dutch entrepreneurial development bank and Great Horn Investment Holdings (GHIH) are pleased to announce a landmark investment for the construction and operation of a 60MW windfarm in the Ghoubet area, near Lake Assal in Djibouti. Djibouti is a country with expanding energy needs, located in the Horn of Africa and spanning over 23,000 km2. The country is dependent on domestic thermal power production and imports from Ethiopia for its electricity consumption and is…

The African Risk Capacity Limited (the ARC Ltd) has appointed Mr. Lesley Ndlovu as its new Chief Executive Officer following the expiration of the tenure of Ms Dolika Banda, the former CEO, under whose tenure the company recorded impressive growth of its disaster risk pool portfolio. Mr. Ndlovu was the former CEO of AXA Africa Specialty Risks, a Lloyd’s of London insurance syndicate and has extensive international experience spanning 14 years across corporate finance, audit, tax advisory, insurance and investment management sectors in several countries including Bermuda, Singapore, France and the United Kingdom. As CEO, Mr Ndlovu will work under…

 On 9 and 10 March in Abidjan, the 8th edition of the largest annual gathering of the African private sector will for the first-time feature five presidents: Alassane Ouattara, Paul Kagame, Macky Sall, Mahamadou Issoufou and Filipe Nyusi, as well as Nigerian Vice President Yemi Osinbajo. At a time when the switch from the CFA franc to the ECO poses a major political and economic challenge, for ECOWAS in particular and Africa more broadly, and on the eve of the AfCFTA’s implementation, political leaders will focus discussion on ensuring Africa’s successful economic integration, covering issues such as the list of sectors…

The African Development Bank, the United Nations, and the African Union on Saturday acknowledged the significant progress made in implementing Agenda 2063 and urged African countries to go further to fast-track economic transformation. The call was made on Saturday at the launch of the first report on the implementation of Agenda 2063 ahead of the 33rd African Union Summit in Addis Ababa. The report provides an assessment of the progress and performance of Africa’s development between 2013 and 2019. Unveiling the implementation report, President Alassane Ouattara of Côte d’Ivoire noted that while remarkable progress had been made, the continent still had a long way to hit its…

Citi and the U.S. Trade and Development Agency announced today that Citi has joined USTDA’s Access Africa initiative as an industry partner. Access Africa is a multi-stakeholder partnership between USTDA and U.S. companies to support the development of inclusive, secure, and sustainable connectivity across Africa. Access Africa partners are collaborating to strengthen the regulatory and business environment that is necessary to help meet Africa’s increasing demand for access to information and communications technology (ICT). As part of its partnership with Access Africa, Citi will host trade delegations from African nations to share Citi’s technological expertise. Citi will also participate in…