Author: Mamadou Aliou Diallo

The increase in the price of fuel at the pump last July is eroding the purchasing power of workers in the banking and microfinance sector. This was hinted by the leader of the autonomous union federation of banks and microfinance of Guinea (FESABAG) who, after a general meeting on Tuesday, October 9, 2018, has tabled...

The establishment of the first solar plant in Côte d’Ivoire will cost 40 million euros, according to an announcement made Wednesday, October 3 in Abidjan, when signing a partnership agreement concluded for this purpose. This financing will be provided by Germany with the contribution of KfW bank and the European Union, will increase, according to forecasts, the share of renewable energy in the energy mix to 11% of by 2020, thanks to the construction of the Boundiali solar power plant in the north of the country. With a capacity of 37.5 MW (megawatts), this plant will significantly increase the share…

The group Onomo Hotels proceeded, Thursday, October 4, at the official opening of its first three-star hotel complex in Conakry, the Guinean capital. The infrastructure includes 123 rooms, apartments, meeting rooms, a business corner, an infinity pool and an exotic garden. It will have required, in total, an investment of 23 million euros. President Alpha Conde in person inaugurated the establishment, together with the Managing Director of the Onomo Hotels group, Patrick Grossetete. The latter promised the Guinean head of state to prioritize and promote the local workforce within the institution, but also the group. It should be noted, moreover,…

At the end of its mission in Guinea, the IMF expresses its satisfaction with the good performance of the aggregates and growth prospects. A downside however, the multilateral institution sends two different bell sounds. First story, the increase in growth prospects from 6.7% to 10% for the year 2017. Secondly, the net slowdown for 2018...

Planned since July 2018, G’I Cement, the cement subsidiary of the Guinean G’I industry, announced this Saturday, September 29, 2018, the official start of operations to increase its annual production from 700 thousand to one million 400 thousand tons a year, six months after the start of works to expand its production capacity. While Guinean demand is one million seven hundred thousand tons (1,700,000 t), the production capacity of the four factories in the country is two million tonnes (2,000,000 t), which leaves a margin very low security against the shortage. So, the challenge for Guinean cement companies is real:…

Yahsat, a UAE-based internet access operator, announced on Tuesday that Abdjan has officially launched YahClick, its Ka-band broadband internet service, which, according to the operator, aims to improve Internet penetration in the country. , which remains extremely weak. To materialize its implementation in Ivory Coast, Yahsat, which claims the rank of the leading satellite broadband internet provider in Africa, thanks to High Throughput Satellite (HTS) satellite beam technology, intends to collaborate with CEE-NET Technologies, Ivorian supplier. Internet services and connectivity as part of a strategic partnership.

The announcement was made this week by Soukeyna Kane, the director of World Bank operations for Guinea. This financial windfall will be affected inter alia, the development of agribusiness, digital, job creation for youth and improvement of basic services and fight against underemployment of young people. The Bretton Woods financial institution has announced through its director of operations for Guinea that the new five-year partnership framework will place special emphasis on private sector promotion and economic and financial resilience.

On the sidelines of the Forum on China-Africa Cooperation, which opened on Monday, September 3, 2018 in Beijing, under the presidency of Xi JinPing, Guinean President Alpha Condé took the opportunity to sign several agreements with his Chinese counterpart. . These agreements concern a memorandum on cooperation under the Silk Road Economic Belt Initiative; a memorandum of understanding to support food security with assistance of US $ 6 million and an economic and technical cooperation agreement for the supply of potable water to the city of Conakry. Guinea also signed two days earlier, another “Strategic Cooperation Partnership” agreement with the…

With an annual production capacity of 6,000 tons of explosive emulsions, 10,000 Anfos and 3,000,000 pieces of detonators, the factory built by the Chinese group Norinco via its subsidiary Auxin Mining Service (AMS) and inaugurated this Thursday, August 23 by Mohamed Diané, Guinean Defense Minister, aims to mitigate the import of explosives for mining and infrastructural construction, or even military. Located in Boké, a northwestern mining corridor where about 14 companies and mining companies operate, 5 of which are in operation, this plant will create 200 direct and indirect jobs, according to Deputy Director General of the NORINCO Group, Zou…

The amended draft budget bill presented on August 14, 2018 to the National Assembly of Guinea by Ismael Dioubaté, the Minister of the Budget, provides for major adjustments compared to the initial forecasts for the current year. Thus, the originally planned revenues of 18 thousand 537 billion 1 million fall to 16 thousand 434 billion 26 million Guinean francs. That is a decrease of 11.34%, which represents -2% of GDP. As a percentage of GDP, revenues fall from 18.62% to 15.42%. Expenditure in% of GDP is reduced from 20.9% to 17.75%. Revised expenditure projections are also reduced from 20 thousand…

Despite the veil surrounding the signing of important trade agreements between South Africa and China, we know more about the details of some upcoming Chinese investments in the country that are estimated at $ 14.7 billion, as announced a week earlier the South African President, Cyril Ramaphosa. The future metallurgical complex, whose construction will be financed with $ 10 billion by Chinese investors will be installed in a Special Economic Zone (SEZ) located in the province of Limpopo, in the far north-east of the country. The information disclosed by Reuters is confirmed by the same agency, by a source close…

Until then, it was a threat from the CNTG-USTG trade union center, which, with Guinea’s social forces (FSG), is behind the strike against the rising price of fuel. form. The union organizations of the different departments of Conakry international airport affiliated to the CNTG and the USTG threaten to go on strike from 2 August 2018 and to paralyze air traffic. The union sections of the various companies involved in Conakry International Airport, namely SICASS, SOGEAC (the company that manages and operates Conakry airport); ANA (National Agency for Air Navigation); NEWREST; SAT, have filed this Wednesday, July 25, a notice…

In a recently published column, Alpha Saliou Wann, an alliance of democratic forces (AFD), an observer of the Guinean socio-political life has defeated the claim that the Guinean state subsidizes fuel. Subsidy, which is precisely at the center of the current crisis and whose “abandonment” has automatically caused the rise in the price of liter of gasoline and diesel at the pump. “We must refute the government’s flagship argument that fuel subsidies have caused Guinea to lose 765 billion francs in six months. I say: the state does not subsidize fuel in Guinea. We are talking about a subsidy, when…

UAE Exchange, one of the world’s leading money transfer, exchange and payment brands, announced Monday (July 23rd) that it has renamed its activities in Africa under the name “Unimoni”. According to Promoth Manghat, executive director of Finablr and CEO of the group who was speaking at an official ceremony in Nairobi, Kenya, the new identity, “Unimoni”, which stands for “Universal Money” , reflects the desire to strengthen its presence worldwide and to provide a wider range of innovative financial services to its customers. Following this announcement, Unimoni will be launched in Botswana, Kenya, Rwanda, Seychelles, Tanzania, Uganda and Zambia, subject…

The British Nordgold presented this Monday, July 23, 2018 in London, its report on the Lefa mine it acquired in Guinea in 2010. Indeed, the company which, through its subsidiary, the mining company of Dinguiraye (SMD), remains one of the main gold producers of the country, has invested almost 1 billion dollars in Guinea, including the investments in the development of the mine, taxes and the implementation of support programs for local communities. She also presented her report on the progress of her exploration program for the mine, which aims to renew and increase gold resources. It is expected, among…

The Guinean Cement Association has made it known via Adel Fakhreddine, the president of Guinea cement, who is also CEO of Guinea Industries Ciments and Aboubacar Toure Director General of Cimaf Guinea. The reason given for this decision is “the concern for the well-being of its customers and to respect one of its values is proximity to participate in social cohesion and especially to play its role of corporate citizens” have they justified in a joint statement. Since the rise in the price of liter of gasoline and diesel at the pump, the events are multiplying, without unions and government…

The economy of the country to 190 million inhabitants takes the colors, reading the forecasts made by the French insurance company for foreign trade (Coface). In recession in 2016 with a rate of -1.6%, partly caused by the drop in oil prices, the instability related to the Boko Haram armed group and the reluctance of investors, the Nigerian economy is, indeed, on a positive spiral. In 2017, it recorded a modest 0.8% recovery that will materialize in 2018 with 2% GDP growth. However, the control of inflation is at 14.4% and a strong budget pressure with a 16% increase in…

Despite a protest that does not weaken on the side of the unions and civil society, the Guinean government favors the implementation of accompanying measures for, she says, relieving the population. While the unions are negotiating around the table a return to the initial price of 8,000 GNF ($ 0.9), the authorities do not intend to yield to the union and popular demand. Result: it is the deaf dialogue and the impasse. Indeed, as in Haiti in recent days, Guineans massively took to the streets Tuesday, July 10, 2018 at the call of a coalition of civil society called “social…

Condemned by Belgian justice to 20 months of suspended sentence, to 12,000 euros fine and confiscation of 300,000 euros, Mariama Camara, Guinean Minister of Agriculture, rejects accusations of corruption against him. Interviewed exclusively by Financial Afrik, Mariama Camara wants to be clear: “but I do not know [laughs …] I saw something on the net....

The disputes arising from the increase in the price of fuel at the pump does not fall despite the pedagogical effort unfolded on Tuesday, July 3, 2018 by the Guinean Minister of hydrocarbons. In a press conference, Diakaria Koulibaly explained in essence that the fuel subsidy was not relevant because he only took advantage of large consumers and causing a narrowing of the tax base with a loss of several billion francs Guineans recipes. The government’s decision is actually based on two major arguments. The first is based on the recommendations of the Bretton Woods institutions which advocates for Guinea…

The Guinean government took the decision this Saturday, June 30 to increase the price of the liter of gasoline and diesel fuel at the pump from 8000 GNF to 10 000 GNF. This despite strong opposition from unions, fearing a domino effect and a surge in the prices of other commodities necessities. After long weeks of speculation on the level of fuel prices, which the government considers below the sub-regional price, considering this as a revenue shortfall, the government finally decided to substantially increase the price of fuel. price of the liter at the pump of 2000 GNF. The impact…

Financial Afrik. 1 dollar = 9030 Guinean Francs (GNF) Conakry hosted the 40th Annual General Meeting of the African Reinsurance Society Africa-Re from June 19 to 21. About sixty delegations from member countries and representatives insurance companies and organizations took part in this meeting. Hassan Boubrik, President of the Moroccan Authority for the Control of...

After the tightening of US sanctions against Russian dignitaries, including Oleg Deripaska, the majority shareholder of Russian aluminum giant Russal, hopes of reviving the Fria alumina plant on Guinean soil were dulled without fading. The general management of the plant has confirmed this Thursday, May 31, the start of the production process of alumina. In the afternoon of Thursday, the first quantity of alumina was produced from the kiln in the direction of the silo on the bandwidth that will be stored for shipment to the port of Conakry for loading into the ships. This recovery, after six years of…

After serving as National Director of Petroleum Products and Derivatives in the Ministry of Commerce and spending more than two years at the head of the National Office of Petroleum (NAPO), in charge of hydrocarbon exploration, Diakaria Koulibaly finds himself at the helm of the newly formed Department of Hydrocarbons. The appointment came in the wake of the cabinet reshuffle following the resignation of the Mamadi Youla government and the appointment of Kassory Fofana as prime minister. Through the creation of this new ministry or appointment, the country’s new authorities seem to take seriously the challenge of oil exploration. The…

Mineral resources are apparently not the only Guinean paradox, the policy has the respondent in the country of Alpha Condé. Since the holding of the communal elections of February 4, 2018, there are more than three months, it is the impasse, power and opposition agree on the dysfunctions recorded but are impeccable to agree on the essentials to install the mayors. Consequence: despite the holding of the elections, the municipalities are led by special delegations. The other improbability is the resignation of the Youla government, on Thursday, May 17, under the express request of President Condé. Between the announcement of…

The Guinea Bauxite Corporation (SBG) is finally finalizing its basic agreement for the operation of the Garafiri bauxite mine after obtaining its mining concession in 2016. The SBG is majority-owned by the German company WP Pals Holding. , a subsidiary of Metalcorp, the metals and minerals division of the multinational Monaco Ressources Group, whose CEO, Axel Fisher, proceeded Monday, May 14, 2018 with the signing of the basic agreement with the Guinean Minister of Mines, Abdoulaye Magassouba, for the construction and operation of an alumina refinery and a bauxite mine in the region of Kindia in Lower Guinea. The SBG…

The head of the Guinean government, Mamady Youla, officially opened this Thursday, May 10, 2018, the foundation of the African Initiative for Financial Inclusion Policies (AFPI) around the issue “How to achieve financial inclusion in Africa, particularly in Africa. Sub-Saharan Africa ? ” Conakry hosts since Thursday about fifty delegations with more than 120 participants, including regulators and decision makers of AFI member institutions; 12 Governors and Vice-Governors of Central Banks, representatives of public and private institutions of AFPI member countries. “Today it is recognized that inclusive and sustainable economic growth starts with financial inclusion. Guinea is working on the…

In the wake of the hijacking scandal of 4 billion Guinean francs (about 370,000 euros) that shook the general management of the Conakry-Gbessia Airport Management Company (SOGEAC), at the end of March, and which set out Oulaba Kabassan Keïta cause, the latter still does not seem worried. On the other hand, the chairman of the...

While the last action on the guaranteed minimum wage (SMIG) goes back 22 years ago, in 1996, the SMIG will know according to the Senegalese authorities, a revaluation at the beginning of June. Currently at CFAF 209.10, the hourly SMIG will increase to June 1, 2018 to CFAF 308, 890. This progress is the fruit of the negotiations with the unions and employers’ organizations of Senegal which last two years. The content of the memorandum of understanding signed between the trade union movement and the competent authorities at the beginning of the week stipulates that the revaluation of the hourly…

Emirates Global Aluminum (EGA), the largest non-oil and gas company in the United Arab Emirates, signed a 15-year agreement with LD Ports & Logistics, a subsidiary of Louis Dreyfus Armateurs, for the trans-shipment of bauxite on Monday, April 30, 2018 Global Alumina Corporation (GAC) in the Republic of Guinea. Louis Dreyfus Armateurs which is a global shipping and services group and Abu Dhabi Ports have separately signed a commitment to form a joint venture to work together to implement the project. Transhipment is the process of transporting goods from one ship to another at sea and transferring goods when the…