Author: Nephthali Messanh Ledy

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,…

The Togolese government announced Tuesday (May 8th) the upcoming extension of the duration and scope of licenses granted to the two telephone operators operating in the country. Indeed, a decree adopted by the Council of Ministers authorizes the Minister in charge of the digital economy, Cina Lawson, to sign the decrees to that effect. “Due to their imminent expiration, the purpose of the decree is to extend the duration of the GSM licenses (2G and 3G) of Togo Cellular and Atlantic Telecom (Moov), until 2032,” says the report of the meet. At the same time, the Minister is authorized to…

Barclays Africa Group announced in a statement issued May 2, 2018, its intention to withdraw KPMG South Africa from its hearing as an auditor, joining other companies that have left the company cited in a scandal of influence peddling . “The board has carefully evaluated current and newer developments and decided that it was no longer able to support the renewal of KPMG’s mandate,” he said. The collaboration between the two entities will, indeed, have to end at the close of the legislative and regulatory audits of the questions relating to the financial year 2017, announced at the end of…

The IMF’s board of directors approved on Monday, April 30, the disbursement of $ 191 million in Ghana after the completion of the 5th and 6th reviews of the Extended Credit Facility, he said in a statement on Wednesday. According to the institution, this new disbursement brings to $ 764.1 million, the total of its disbursements under the economic and financial program. “During the review, adjustments were made to the program to ensure it stays on track and improves its prospects for success,” reads the release. Approved on April 3, 2015 for a total amount of approximately $ 955.2 million,…

Guinea’s economic growth is expected to reach about 6 percent in 2018, compared with an estimate of more than 8 percent in 2017, the International Monetary Fund (IMF) said in a statement released on Wednesday. “The Guinean economy is growing rapidly, driven by a dynamic mining sector,” said the institution, whose team stayed in Conakry from April 3 to 15. The sharp increase in mining exports has reduced external imbalances in 2017, she says, before pointing to a continued rise in foreign direct investment in the mining sector. In addition, says the IMF, the country’s foreign exchange reserves have strengthened,…

Togolese President Faure Gnassingbe launched the Tirsal fund on Wednesday (April 25th) in Lomé, a risk-sharing incentive mechanism for agricultural finance. Financial Afrik reviews the implications of the African Development Bank (AfDB) and Nigeria for this first program of its kind in Togo. It is indeed a program perceived as a solution in the performance of agriculture which represents about 40 of the GDP of the country, and occupies 60% of the active population. Ultimately, it will have to increase the volume of financing granted by banks to the sector. Inspired by the Nigerian model (Nirsal, a vast program of…

Togolese President Faure Gnassingbe launched the Tirsal fund on Wednesday (April 25th) in Lomé, a risk-sharing incentive mechanism for agricultural finance. The scheme will work through a basket to which development partners and the government will contribute. It will generate credit lines up to 10 times the seed capital invested within 10 years to bring agricultural loans from 0.3% to 5% of total bank loans. Eventually, it will be endowed with funding of 100 million euros, more than 65 billion CFA francs, “including a significant contribution from the state,” according to Faure Gnassingbé. “This great synergy, which includes banks and…

Togolese President Faure Gnassingbé lamented on Friday the negative effects of the socio-political crisis on the growth of the economy. “We must recognize that recently, attitudes fed by the fever of political and social demands have resulted in threatening national cohesion, weakening the social bond and inflicting a significant decline in our economy,” he said. declared in a speech commemorating the 58th anniversary of Togo’s accession to international sovereignty. A situation which, according to him, “relieves” the country of the fruit “of the many efforts made to promote growth and development”. The country is experiencing a political crisis related to…

The Togolese State resumed Friday, April 20, the Ibis hotel, thus ending a 16-year concession with a partner who had entrusted the management to the French group Accor. Indeed, according to the information, The Godfathers, concessionaires of the building since 2002, had been notified the decision since January 2017. It criticizes the Franco-Togolese couple, late renovations, exploitation below the potential of the site – formerly called Lebenin, inaugurated in 1960 as part of the festivities marking the independence of Togo, in short, a breach of the terms of the contract binding the two parties. Unlike the expulsion of the Accor…

The shareholders of Ecobank Transnational Incorporated (EIT) are holding the group’s 30th general meeting on Tuesday, which also marks the return of the bank’s indicators in green. They will have to approve the accounts of the bank which announced, for 2017, a profit of 182 million dollars, against a loss of 39 million a year earlier. A performance that Emmanuel Ikazoboh, the Chairman of the Board of Directors, explains by “the decline in provisions in favor of the creation of the resolution vehicle and an acceleration of recovery”. In addition, he says, “ETI adopted in 2017, a new accounting treatment,…

The former director of the International Monetary Fund (IMF), Dominique Strauss-Kahn, delivered his analysis on the CFA franc, the former Franc of French colonies in Africa still in force in 14 African countries, and formulated proposals reforms through three main conditions. Indeed, in a 29-page document published on April 13, 2018, the French known as DSK drew not only an almost glowing picture of the currency (notably the good performance of the Franc Zone at the macroeconomic level thanks to the guarantee it enjoys), but noted the disadvantages which, in his opinion, weaken the economies of the region. “The political…

Growth in Sub-Saharan Africa is expected to reach 3.1% in 2018, compared with 2.6 in 2017, and to reach an average of 3.6% over the 2019-2020 period, according to a semi-annual report released Wednesday (April 18th) by the World Bank. Entitled Africa’s Pulse, the document states that growth forecasts rely on the stability of hydrocarbon and metal prices, and the implementation of “macroeconomic reforms” aimed at achieving high and sustained growth levels, and ” to stimulate investment “. The moderate pace of economic expansion reflects the gradual resumption of growth in Nigeria, Angloa and South Africa, the first three economies…

The French Minister of Economy and Finance, Bruno Le Maire, announced Friday, April 13, that his country was ready to grant Congo-Brazzaville, a grant of 135 million euros subject to the conclusion of a program support with the International Monetary Fund (IMF). “This is how we will bring visibility to the debt reduction program,” justified the French minister. “France is helping the member states of the Franc Zone in their implemented strategies, including debt relief, structural reforms, diversification of the economy and the fight against corruption,” he added. the press conference marked the end of the meeting of finance ministers…

Aristides Gomes was announced on Saturday in Lome, as the so-called consensus prime minister by Bissau-Guinean President José Mário Vaz, at the extraordinary session of ECOWAS on the political situation in the country. According to the final communiqué, the president of Guinea Bissau said that this appointment comes “after consultation with political forces and civil society”, and “will be taken by presidential decree on Tuesday, April 17 in Bissau”. In addition, José Mário Vaz informed the conference of heads of state, “the holding of legislative elections on November 18, 2018”, and “the opening of parliament on April 19, 2018 to…

The President-in-Office of the Conference of ECOWAS Heads of State, Faure Gnassingbé, called on Saturday to maintain the thread of dialogue, and peace in Guinea Bissau. “Our Guinean Bissau brothers can count on our attentive presence on their side, until they come to a concerted solution to help the country strengthen its institutions, and give the state, the means to function efficiently and effectively. respect for the laws, “he said at the opening of a special session held by the organization in Lome. Mainly devoted to the political crisis in this small country of West Africa, this meeting will have…

The Heads of State and Government of the Economic Community of West African States (ECOWAS) meet in Lome on Saturday for an extraordinary summit on political developments in Guinea Bissau. Indeed, the country has been going through for a few years, a political crisis with several twists and turns. Its actors signed on October 14, 2016, the Conakry Agreement, which recommends a consensual procedure for choosing a prime minister, and which must remain in place until the 2018 legislative elections. It also provides for the formation of an inclusive government according to an organization chart negotiated in a consensual manner…

It is on the eve of a new and almost unclear opposition demonstration that the International Monetary Fund (IMF) has indicated its fears over the repercussions of socio-political unrest on Togo’s economic growth. “Socio-political tensions pose a risk to the prospects for economic growth with a negative impact on the real economy and tax revenues,” said Ivohazina Razafimahefa, the head of a mission that stayed in Lomé on 27 March. April 10, 2018 as part of the second review of the program supported by an Extended Credit Facility. “Economic activity slowed down in the second half due to socio-political unrest.…

Togo’s public debt-to-GDP ratio stood at 77 percent as of December 31, 2017, compared to 82 percent a year earlier, Economy and Finance Minister Sani Yaya said in a news conference. press Tuesday, April 10 in Lomé. This rate is determined according to the criteria of the International Monetary Fund (IMF) which also include the debts of the state companies, said the minister, who announces, moreover, that the debt is 71.74% of GDP according to criteria for defining UEMOA’s debt against a standard of 70%. The minister was speaking in the presence of an IMF team that had just completed…

The Management and Intermediation Company of Togo (SGI – Togo) is looking for a successor to its managing director, Mensah Kokou Assigbi, who has resigned since February. According to information, the candidates who applied for the post began Thursday, April 5, tests and interviews in a hotel in the capital. For now, there is no information on the number of applicants or their identities. Clarification that the resignation of the Director General of the institution, Mensah Kokou Assigbi, was confirmed by the Board of Directors meeting in extraordinary session on February 26, 2018, a few weeks after the bond transaction…

Ecobank Cameroon announced on Wednesday, having achieved for 2017, a net profit of 6 billion CFA francs, a decrease of 1.5 billion compared to the previous year. Same downtrend gross banking product which stood at 38.95 billion FCFA, against 39.31 billion a year earlier. The cost / income ratio, on the other hand, improved by two points to 56.9%, compared with 58.9% in 2016. According to the bank’s leaders – which remains the fifth largest national bank out of fifteen active banks – this weak performance is attributable to a “difficult economic environment that goes beyond the banking sector alone”,…

Mediterrania Capital Partners strengthens its presence in sub-Saharan Africa by acquiring, albeit minority, equity stake in Compagnie Financière Africaine (Cofina), thus enabling the institution of mesofinance to raise 20 million euros, and accelerate its regional growth through to four additional countries in West and Central Africa by 2021. Realized through its third fund (MC III), the operation is accompanied by technical assistance to enable Cofina to raise up to 50 million euros more, in debt or capital, over the next three years. With this new participation, Mediterrania Capital Partners will now be able to look to Benin, Burkina Faso, Nigeria…

Togolese Rose Kayi Mivedor was taken on March 22, 2018 to head Orabank Gabon, two years after joining the group of the same name via the Togolese subsidiary. She replaces the Cameroonian Guy Martial Awona, in post since 2016. With 15 years of experience in the banking sector, Rose Mivedor has taken control of Oragroup’s most profitable subsidiary (in 2014) and will have to confirm its position. Indeed, the Gabonese customers of the group based in Lomé are mainly companies. Appointed deputy general manager of Orabank Togo in January 2016, the former president of the Association of Professionals of Banks…

The Deputy General Manager of Bolloré Transport & Logistics, Philippe Labonne, announced Tuesday in Abidjan on the sidelines of the Africa CEO-forum, that the group will “persevere in its investments, with an amount of 300 million euros in 2018 to improve infrastructure and launch new projects. ” “We are determined to invest in Africa, to participate in the logistics transformation of this continent which offers some development prospects,” he added. In addition, the general manager of Bolloré Ports also announced for June 2019 in the Ivorian economic capital, the construction of a second port terminal to accommodate the “largest container…