Author: Nephthali Messanh Ledy

It is August 3, 2018 that the case of a probable financial support of the International Monetary Fund (IMF) in Congo will be debated by the board of directors of the institution. After two postponements in less than a month, President Sassou Nguesso finally holds the good end? Indeed, according to the schedule of activities,...

With a penetration rate of 3.7% in 2017, the insurance sector in Morocco is neither exposed to the risk of specialization, nor to the risk of a probable fall in turnover, according to the 2017 report on the stability published by ACAPS, AMMC and Bank Al-Maghrib. “The Moroccan insurance market is still dominated by four...

It is in a context marked by the trade war, mainly between the United States of Donald Trump and China of Xi-Jiping that the BRICS opened, Wednesday, July 25, 2018, their 10th summit in Johannesburg. The theme of the meeting reflects the ambitions of the member countries (Brazil, Russia, India, China, South Africa) for the continent. “Brics in Africa: cooperation with emerging countries for inclusive growth in the era of the Fourth Industrial Revolution”. Each of these emerging powers has its own African agenda. Last arrival in what until then was limited to a race for raw materials, Russia set…

Sentenced to pay more than 4 million euros to the Accor group after his expulsion from the Mercure Sarakawa hotel in Lome, the Togolese state does not intend to stop there. According to the information, not only has Lomé not yet paid the least amount to the French group, but it has sentenced it to pay a sum of 27 million euros to compensate for numerous contractual breaches. ‘Accor in the management of the hotel (the judgment of the Lomé Court of Appeal dates from February 15, 2017). A new episode that is not the kind to put an end…

The president of the West African Development Bank (BOAD), Christian Adovelande, announced on Thursday that the institution has mobilized 630 billion FCFA in 2017, including 550 billion FCFA invested for the benefit of the economies of the region. “The activity remained strong in 2017 with a level of intervention for the benefit of the economies of the zone for 550 billion CFA francs, an increase of 30% compared to the situation 2016,” he said in Abidjan, at the same time. after a meeting with President Alassane Ouattara of Côte d’Ivoire, adding that the bank’s interventions concerned, inter alia, sectors such…

Togo and Ghana are at risk of engaging in a legal battle over oil exploration in a bloc between the two countries, according to a report by the Ghana Public Interest and Liability Committee (PIAC). Indeed, the regulator says it has noted “the adverse claims of the Togolese authorities concerning its maritime border with Ghana, especially on the ultra-deep Keta East block,” before urging Accra “to take urgent measures to delimit the maritime border. And “resolve the dispute that is still at an early stage”. Moreover, the exploratory companies committed by the Ghanaian government would be even often intimidated by…

Appointed a few weeks earlier, Landry Malan took over as CEO of Ascoma Benin at the end of June 2018 in Cotonou, replacing Frenchman Michel Glazman who was retired. The former senior customer manager of the Ivorian subsidiary of the French broker takes the reins of a company that claims the second rank in global market shares. “In a decade, our brokerage has become a major player in the insurance sector with 15% of premiums and nearly 25% of health insurance beneficiaries,” said Michel Glazman, the outgoing director at the occasion of the celebration of the ten years of existence…

Mali tops the ranking of the issuing countries with the highest mobilization in the WAMU regional market for the second quarter of 2018. Indeed, according to the latest quarterly bulletin of securities market statistics, the country has collected, between April and June 2018, a total volume of 140 billion CFA francs (about 30%), far ahead of Togo (95 billion ), Burkina Faso (87 billion) and Niger (86 billion). Benin, 57 billion, closes the Top 5, and is followed by Guinea-Bissau who mobilized 11. Note that Ivory Coast and Senegal have not been on the market. However, the giant of the…

“Our ambition is to build a world-class pan-African network” It is after a course “atypical” that Georges Kavege enters the insurance brokerage. Formerly of Ecobank Transnational Incorporated (ETI), SGI Togo and C2A, this 56-year-old Togolese is giving himself the challenge of building a pan-African empire whose mission is to create and manage insurance broking companies. Exclusive! You have officially launched in Lomé, an insurance brokerage company called Afrik Assurances. What missions do you assign to your entity? Our main mission is to be a leader in our market and in all the countries where we are established, by…

It is through a statement issued Tuesday, July 10 that the Togolese office of the World Bank announced the inauguration of Hawa Cissé Wagué, the new Resident Representative of the institution in Lomé. She replaces the American-Belgian Joelle Dehasse, in office since 2015. “I am pleased to join the Togo team as Resident Representative to continue the momentum built by my predecessor, to reinforce ongoing actions and to move forward, while maintaining the impetus given by our joint teams. – those of Togo and the Bank- for a successful implementation of our operations and an increase in the volume of…

Terminated in February 2018 at the head of Saham Assurances Togo following an inspection mission sent by the group in Lomé, Magloire Dochamou broke the silence. The Beninese executive, who boasts fourteen years of professional experience in the insurance sector, including seven executive directors, gives his version of the facts in this interview with Financial Afrik in Lomé. Exclusive! Interviewed in Lome by Nephthali Messanh Ledy You left the General Management of Saham Assurances Togo since February 2018 in a context where the company knew a constant increase of its turnover. What has been your news since your departure?…

In Togo, the next legislative elections will be held before November 30, 2018, according to a wish expressed Wednesday, June 27 by the facilitators of the dialogue to end the political crisis in the country. In a statement issued on the evening of the new round of talks, Ghanaian Presidents Nana Akufo-Addo and Guinea-Bissau Alpha Condé hailed “the agreement between the parties for the continuation of parliament’s activities in accordance with the constitution beyond the due date “. During this period, the statement continues, “the preparations for the elections remain suspended, given that it is desirable that these elections be…

The Togolese political dialogue resumed on Wednesday, June 27, in the presence of Presidents Alpha Condé of Guinea and Nana Akufo-Addo of Ghana, facilitators appointed by the Economic Community of West African States (ECOWAS). These new discussions take place after the suspension of March 23, following irreconcilable positions posted by both parties. Arriving in Lome in the morning, the Guinean president was taken to the hotel on February 2 by his counterpart Faure Gnassingbe who had withdrawn immediately. The Ghanaian, meanwhile, there since Tuesday night. “The facilitators will support the political actors in achieving constitutional reforms in compliance with legal…

Kaylan Hospitality Development, the company in charge of operating the hotel February 2 in Lome, concluded Wednesday, June 27 in Dubai, a management contract with Emirati Emaar Hospitality Group. “Togo is a fascinating country with a strong potential for development. That’s why we have an agreement with Kaylan Group, “commented Olivier Harnisch, director of Emaar’s hotel division, which marks his first steps in the African market. Formerly managed by the Swedish hotel group Carlson Rezidor (brand Radisson Blu) who retired due to disagreements over management and development strategy, the largest hotel in the Togolese park had been renovated between 2015…

Togo’s finance minister, Sani Yaya, lamented on Friday (June 22nd) the continuing impact of the political crisis on the national economy. Addressing the deputies who had just voted the 2018 amended budget law, Mr. Yaya explained, in fact, the decline in revenue by “the national socio-political situation marked by demonstrations sometimes with the acts of vandalism that accompany them and which had a very negative impact on economic activity and subsequently on the mobilization of internal resources “. Revenue mobilization has suffered a lot from this situation, he said, before saying that “this crisis is a blow to the image…

The Republic of Congo became, on Friday, June 22, the 15th member country of the Organization of Petroleum Producing and Exporting Countries (OPEC) which gave its green light at the 174th Ministerial Conference held in Vienna, Austria. It becomes the 7th African country to join the cartel, after Libya, Gabon, Algeria, Nigeria, Angola and Equatorial Guinea. Although his diplomacy highlights a spirit of solidarity, we do not hide the benefits in the line of fire. “We know that there is a fund within OPEC to develop important projects in member countries, even beyond member countries. The Opep Fund allows, for…

The Togolese deputies voted on Friday, June 22, the bill of finance rectifying management 2018. It is balanced, in total, in revenue and expenditure at CFAF 1,307.6 billion compared with the initially forecasted 1.318.5 billion, a decrease of 0.8% in the general budget while the State budget incorporating the special accounts of the Treasury equilibrate in receipts and expenses to 1310.9. “The amended budget bill reflects the Government’s willingness to pursue the consolidation of public finances,” said Sani Yaya, the Minister of Finance. Budgetary revenue stands at 832 billion against 853 billion CFA francs in the initial budget law. Expenditure…

The Togolese government announced on Thursday (June 14th) that it has examined the draft law authorizing accession to the agreement establishing the African Export Import Bank (Afreximbank). In a statement issued to this effect, the executive said that the agreement signed since May 1993 in Abidjan by African countries “in order to address the various factors that hinder African trade,” was intended to promote and develop south-south trade, on the one hand between African countries and, on the other hand, between African countries and other countries. In fact, he explains, these various factors – including the deterioration of the terms…

In office since February 2017, Chadian Abbas Mahamat Tolli met with Christine Lagarde, Executive Director of the International Monetary Fund (IMF) on June 15, 2018 in Washington. The latter welcomed the reforms undertaken by the institution and the Central African Banking Commission (COBAC). “The efforts undertaken, as well as the macroeconomic and structural reforms implemented by the states, with the support of the international financial community, are gradually contributing to stabilize the macroeconomic and financial framework of the CEMAC”, reads in a published document the bank Wednesday, June 20th. “The beneficial effects of these actions are perceptible on the level…

The Togolese head of state, Faure Gnassingbé, inaugurated on June 14, 2018, the new headquarters of the National Assembly offered by China. It is in a folkloric atmosphere, with animations worthy of ancient times that the Togolese officials celebrated the brand new parliamentary seat offered by China Xi-Jiping. Realized by companies of the Asian giant over a period of 21 months, the work was almost entirely financed by Beijing. Lome, for its part, mentions a contribution of 5.22 billion CFA francs out of a total cost of 16.6 billion. “Please accept the expression of our profound admiration for having visited…

It is on the fiber “fight against poverty” that President Patrice Talon now defends the restitution of cultural property in Benin. Speaking on 1 June 2018 at the UNESCO forum, Mr Talon said that his country is engaged in an “important program” of development of the sector of culture and tourism to increase its potential of attractiveness and investing in a sector that is known to generate socio-economic development. “Beyond political, historical, sociological or philosophical considerations, the restitution, sharing and circulation of cultural goods are now for Benin, a means of fighting against poverty, a factor of job creation and…

Kenyan President Uhuru Kenyatta launched a pilot program for the export of crude oil on Sunday (June 3rd) in Lokichar in the north-west of the country. “My government will focus on the development of our gas and oil sectors for the benefit of the economy and the people,” said the head of state quoted in a statement from the presidency. And to indicate that this launch “marks the beginning of a long and fruitful journey”. Initially announced to begin in June 2017, this biannual program plans to transport some 2,000 barrels a day by truck to the port of Mombasa…

The New Cotton Company of Togo (NSCT) announced Thursday, May 31, to have completed the 2017/2018 campaign with a production of 117 000 tonnes of seed cotton, against 108 000 tonnes the previous campaign, an increase of 8%. “The campaign was strongly disturbed by climatic anomalies characterized by severe rainfall deficits in places and floods that impacted productivity,” says the former Sotoco (Togolese cotton company) which had planned a production of 160,000 tons. It indicates, moreover, that 168,000 hectares were planted against 129,000 during the 2016/2017 campaign. The sector had just ended the campaign with a meeting of its stakeholders…

BICICI (International Bank for Commerce and Industry of Côte d’Ivoire), a subsidiary of BNP Paribas, recorded a decline in its net profit of 2.76 billion FCFA (4.2 million euros) the year 2017. The bank has indeed made the year with a net profit of 9.29 billion FCFA (14.16 million euros) against 12.046 billion FCFA (18.36 million euros) at the end of 2016, a drop of nearly 23%. This result contrasts with the evolution of profit in 2016, which had increased by 2.84 billion FCFA (4.3 million euros), an increase of 31% compared to 2015 when the establishment had collected 9,202…

The Togolese government adopted Friday, May 25, a draft budget law amended marked by a decline in the forecast in the initial version of the general budget 2018. Indeed, the rectified budget is balanced in revenue and expenditure at CFA 1,308.1 billion compared to $ 1,318.5 billion in the initial budget law, a decrease of 1%. According to the executive, this action is “made necessary by the evolution of the socio-economic and financial situation,” characterized by the socio-political crisis “enamelled by violence that has affected negatively since the second half of 2017, economic activity, reducing as a result, the level…

Saham Assurance Togo, a subsidiary of the insurance group of the same name, topped the ranking of Togolese insurance companies in terms of sales at 31 December 2017. Indeed, according to the results consulted by Financial Afrik, NSIA Assurance, the historical leader of the market, was grilled politeness by the Moroccan who finished the year with 8.55 billion FCFA at 31 December 2017 (25% the general share by branch), against 7.68 billion for the Ivorian insurer (22%). The Ivorian insurer had total revenues of 7.22 billion and 7.45 billion respectively in 2015 and 2016, compared with 7.17 billion and 7.37…

Robert Akika Ngong was banned by the African Development Bank (AfDB) for a minimum of three years following an investigation by his Office of Integrity and Anti-Corruption. The information was given this Tuesday, May 15 by the institution. According to a statement posted on the organization’s website, the investigation “revealed that Mr. NGONG engaged in fraudulent practices in connection with his recruitment as a consultant by the Department of Statistics of the institution. “. The concerned, explains the press release, made false statements about its contribution to the design of a project to avoid being disqualified from a consulting mission…

The Ivory Coast which has just inaugurated the direct line to New York, in the United States, already plans to open an air link to Washington. “We have already opened discussions with Ethiopian to open other destinations in the United States. (…) We are working to ensure that in addition to New York, we can also from Abidjan go to Washington, “said Amadou Koné, the Ivorian Minister of Transport, a few hours of the inaugural flight, 12 may. This first flight to North America comes to sign the end of the “frustrations” of a whole country who was offended at…

Gambia’s debt-related vulnerability remains high, said a mission of the International Monetary Fund (IMF) that has been in the country from May 3 to 9, 2018, which recommends, among other things, budgetary discipline and “strict The use of external borrowing, even on concessional terms. “The stock of debt has further increased to around 130% of GDP by the end of 2017 (more than half of which is due to external creditors), mainly because of legacy problems, including faster disbursements of loans contracted. previously and the posting of external arrears of the previous government, as well as the assumption by the…

The contribution of Togolese banks in financing investments reached 162.1 billion CFA francs in 2017, against 109.1 billion a year earlier, according to the final report of a macroeconomic forecast survey released on Wednesday by the Ministry of Finance. economy and finance. These figures represent 44.7% of total investment financing in 2017, a jump of 20.2 points. According to forecasts, equity financing has increased from 72.9% in 2016 to 51.6% in 2017. “The rise in the level of investment on bank loan is mainly due to the performance recorded by banking institutions in recent years,” says the report. In fact,…