Author: Rédaction Financial Afrik

The Togolese authorities signed, on February 22, 2022 in Lomé, a memorandum of understanding with the Saudi Fund for Development (FSD) concerning the financing of two projects of the Togo 2025 government roadmap. agricultural land in Mission Tové and the rehabilitation of the Adagali -Atakpamé road. “This memorandum, which illustrates the quality of relations between...

Bank of Uganda (BoU), Uganda’s central bank, kept its key rate at 6.5% this month, with the aim of containing inflation to 5% in the medium term while supporting the recovery of economic growth. The latter, after contracting by 1.5% in 2020, rebounded at a rate of between 6.5 and 7% in 2021 according to...

Commercial International Bank’s consolidated net profit for the full year 2021 was approximately EGP 13.3 billion (approximately USD 845 million), at EGP 6.10 per share, up 30% compared to the year 2020. Data contained in a press release published on February 21, 2022 by the Egyptian bank on its activities for the 4th quarter of...

The explosion of a stockpile of dynamite left at least 59 people dead and several injured on the afternoon of Monday February 21 at the Gomgombiro gold panning site market in the village of Gbomblora, in western Burkina Faso . A provisional report communicated by the official information agency and national television which quote a...

The updated data confirms that the Rwandan economy has maintained a recovery trajectory towards achieving the projected annual growth of 10.2%. This is according to a document published on February 17, 2022 by the country’s central bank. Indeed, details the issuing institute, the Rwandan economy is recovering thanks to “relevant measures” and the “successful vaccination...

The gross domestic product (GDP) of Nigeria, the largest economy on the African continent, grew by 3.98% year-on-year in real terms in the 4th quarter of 2021 according to data from the National Bureau of Statistics (NBS). Against an achievement of 4.03% in the previous quarter, and 3.87% in the 4th quarter of 2020. This...

➢ Africa50 has made an investment in PAIX Data Centres, a company that owns and operates a pan-African carrier-neutral data center platform. PAIX Data Centers today announced the completion of a $20 million Africa50 equity investment in PAIX Data Centers (PAIX). The funding is the first tranche of Africa50’s Series B investment in PEACE, which will be dedicated to expanding the company’s data center capacity and its growth plans in new African markets. Since its creation in 2016, PAIX has built a solid reputation thanks to the high quality of service and the operational efficiency of its data centers which…

In this interview conducted on the eve of the European Union-African Union summit, economist Carlos Lopes discusses the crucial issues of a relationship that needs to be rebuilt on new foundations. What is the state of Europe-Africa economic relations on the eve of the summit described by the most optimistic as the summit of refoundation? As is the case for several regions, the pandemic has caused a halt to commercial relations as well as investments. The current trade balance is not favorable to Africa. The trade deficit in 2020 is estimated at 23 billion euros. But it must be remembered…

The French and Senegalese Presidents Emmanuel Macron and Macky Sall attended this Wednesday, February 16, 2022, at Station F in Paris, the closing of the event “Investing together for a new alliance between Africa and Europe”, organized by the French Development Agency. The Minister Delegate General for Rapid Entrepreneurship of Women and Youth of Senegal Mr. Papa Amadou Sarr participated in the panel “Financing SMEs, vector of African growth and jobs of tomorrow”. A panel for which he was in charge of restitution to the two Heads of State. The panel speakers also included Makhtar Diop, Executive Director, IFC, Tanja…

In Guinea, the special prosecutor of the court for the repression of economic and financial offenses announced, on February 16, 2022, the opening of an investigation against several personalities including the opponent Cellou Dalein Diallo. It relates to the sale, in 2002, of two planes and other property belonging to Air Guinée, the defunct national...

Nigeria’s inflation rate declined to 15.60% in January 2022, from a peak of 15.63% in December 2021, according to the monthly Consumer Price Index report released on Tuesday, February 15 by the National Bureau of Statistics (NBS). In December, the indicator had risen after eight consecutive months of decline. It had increased by 0.23 percentage...

After modest GDP growth of 1.5% in 2020, growth is expected to accelerate to 3.8% in 2021 thanks to increased production of cashew nuts, Guinea’s main export product -Bissau. Figures communicated on February 14, 2022 by the International Monetary Fund (IMF), which also cites public investment in critical infrastructure financed from outside, the gradual lifting...

At the “Total” market, one of the busiest in Brazzaville, the incessant ballet of comings and goings between the fruit and vegetable stands has been running out of steam since January. Same story in Pointe-Noire where the prices of food products suffered an annual increase of 8.6% in January. Faced with this situation which affects the purchasing power of the Congolese, the acceleration of the development of local production, already initiated by certain actors, becomes essential. Despite its strong agricultural potential, the Congo now imports nearly 70% of its agricultural food products. Imports whose annual cost is estimated at nearly…

Bank Al-Maghrib, the Moroccan central bank, announced on February 10, 2022 in Rabat, a partnership agreement withCDG Invest, Investment Branch of the Caisse de Dépôt et de Gestion (CDG) Group. Objective, to promote the development of fintechs in the country. This partnership, indicates the issuing institute in a press release, primarily concerns cooperation in the...

The Directorate General of Taxes (DGI) of the Democratic Republic of Congo (DRC) achieved approximately 2.4 billion dollars in revenue in 2021, against forecasts of 2.29 billion according to figures communicated by its officials. A record level. These are, according to Barnabé Muakadi Muamba, the general manager, the results of a strategy put in place...

The company SAAR Assurances Senegal, a subsidiary of the eponymous pan-African group, has a new general manager in the person of Mr. Médard Kengne Kamga, 41, his appointment has been effective since January 1, 2022. With more than 15 years of experience in the insurance sector in Africa, the newly promoted has during his solid career, particularly at SAAR Assurances TCHAD and SAAR Assurances SAO TOME E PRINCIPE where he was previously and respectively Managing Director, managed to implement effective strategies that resulted in significant performance of these subsidiaries. Currently finalist of an MBA in Insurance at the Ecole Supérieure…

Standard and Poor’s confirmed its long and short term sovereign credit rating on Rwanda at ‘B+/B’. The outlook nonetheless remains negative, S&P said in a February 4, 2022 report. The negative outlook continues to reflect that Rwanda’s economic growth model, based on investment and debt, and structurally large current account deficits could exacerbate the fiscal...

The Salon des Affaires Sentimentales (SASE) returns this year, after the success of the first edition in 2021. It will be held on Saturday February 12, 2022, from 9:00 a.m. at the Ibis Abidjan – Plateau hotel. The SASE is a trade show including an exhibition-sale, conferences and a gala dinner from which the Lady Wow of the year in Côte d’Ivoire is designated. The SASE is held every year, the last Saturday before Valentine’s Day, and it is intended to be a moment of sharing, fun and well-being. The theme of the 2022 edition is: “Technologies and sentimental affairs”.…

The Executive Secretary of the G5 Sahel, Ambassador Éric Yemdaogo Tiaré chaired on January 18 in Nouakchott, the launch of the Youth Business Resilience Support Project in the G5 Sahel member countries (Burkina Faso, Mali, Mauritania , Niger and Chad), financed by the African Development Bank Group. The launch ceremony took place in the presence of Raymond Besong, representative of the African Development Bank and the Vice-President of the Union of Chambers of Commerce and Industry of the G5 Sahel, Mohamed El Waled. It was followed by a three-day training workshop organized by the Bank for the project team. The…

The European Bank for Reconstruction and Development (EBRD) granted a loan of 20 million euros to Societe Generale Morocco through an agreement signed Thursday, February 3 in Casablanca. The financing is intended to support green projects led by SMEs participating in certain value chains and industrial ecosystems. “SMEs eligible for this program will be able...

The Bank of Algeria announced, through a note published on February 3, 2022 on its website, that commercial banks can open currency cash accounts on its books. This, pursuant to Article 4 of Regulation No. 2020-04 of March 15, 2020 relating to the interbank foreign exchange market, currency cash transactions and foreign exchange risk hedging...

A few hours after a coup attempt in Bissau, President Umaro Sissoco Embalo declared Tuesday evening in a message to the press that “the situation is under control”. It is, according to the Head of State, a “prepared and organized act” which follows “decisions taken in particular the fight against drug trafficking and corruption”. “I...

Cold shower on the Public Securities Market (MTP) of the West African Economic and Monetary Union (UEMOA). The Treasury of Mali defaulted on CFAF 15 billion at maturity on January 31, 2022, we learn from a note from the Agence UMOA-Titres addressed to investors. “UMOA-Titres informs MTP investors that the Public Treasury of Mali was...

The military junta in power in Burkina Faso announced Monday, January 31, to have restored the constitution which it had suspended a week earlier. This decision is accompanied by the modification of the institutions “pending the establishment of the transitional bodies”. These are the provisions contained in a “fundamental act” read on national television by...

The Republic of Congo will have to carry out “major structural reforms” which will play a central role in improving governance and the business climate, according to the International Monetary Fund (IMF), which has just approved a program supported by a arrangement under the Extended Credit Facility (ECF). Reforms which also condition the granting of...

West Africa Rating Agency (WARA) assigns, for the first time, the following sovereign ratings to four states in the WAEMU zone, on its regional scale: • Republic of Benin: A-/Stable/w-3 • Republic of Burkina Faso: BBB-/Stable/w-4 • Republic of Côte d’Ivoire: A/Stable/w-3 • Republic of Guinea-Bissau: BB-/Stable/w-5 Simultaneously, on its international scale, WARA assigns these four States the following sovereign ratings: • Republic of Benin: iB+/Stable/iw-5 • Republic of Burkina Faso: iB/Stable/iw-6 • Republic of Côte d’Ivoire: iBB-/Stable/iw-5 • Republic of Guinea-Bissau: iCCC+/Stable/iw-6. Republic of Benin: the rating of the Republic of Benin on the WARA regional scale (A-/Stable/w-3) is…

The coup in Burkina Faso orchestrated by a junta dubbed the “Patriotic Movement for Safeguarding and Restoration” (MPSR) has caused the country’s ‘B/B’ rating to be downgraded sharply to the highly speculative category of ‘CCC+\C’ from Standard and Poor’s. The measure is accompanied by a surveillance. In the hands of the military since January 24,...

The year 2022 promises to be auspicious for the two temporary work groups, Intérim Express and Domino RH, who have chosen to come together and join forces via a joint venture. The Domino RH group brings to this marriage its 22 years of expertise as well as its international power, with its offices in France, Switzerland, Belgium, Portugal, Poland and today in Morocco. With a turnover, excluding Morocco, of 250 million euros with more than 130 agencies and more than 40,000 temporary workers. The Intérim Express group, for its part, brings to the basket its perfect knowledge of the Moroccan…

Tourism revenues exceeded $13 billion in 2021 in Egypt, returning to their pre-pandemic level, according to Ghada Shalaby, the responsible deputy minister. Who also expects a consecutive increase in 2022. “In 2022, we will have the opening of the Grand Egyptian Museum, the Grand Transfiguration Project in the Sinai, the Galala Resort on the Red...

The new hotel is expected to start welcoming guests in 2022 N’Djamena, Chad January 25, 2022: Hilton (NYSE: HLT) today announced that it has signed an agreement with Wotf Turizm Ticaret Anonim Sirketi for the opening of Hilton N’Djamena Toumaï Palace, Chad. This latest signature of the company in an African city is located in the 2nd district of N’Djamena, in the international business center and 600 m from the international airport of N’Djamena (NDJ). Andrew McLachlan, Managing Director, Sub-Saharan Africa Development at Hilton, said: “It is a proud moment for us to return to Chad with a flagship Hilton…