Despite a drop in its export sales, Total Senegal managed to increase its net profits in the first quarter of 2022. The performance coupled with a generous dividend policy makes the company attractive to investors.   Total Senegal seems to be doing well despite ECOWAS sanctions against Mali, its main export market.  On the WAEMU stock exchange, the company even posts a cumulative...

Last May, Glencore admitted to paying bribes for oil contracts in Africa. On Tuesday, June 21, its British subsidiary formally pleaded guilty to the allegations. Glencore, the Swiss commodities giant, pleaded guilty on Tuesday (June 21), before a British court for bribery in several African countries. In Côte d'Ivoire, Cameroon, Equatorial Guinea, Nigeria, and South Sudan, the company admitted...

Earlier this month, the BCEAO raised its key rates in a bid to curb inflation. However, its recent economic indicators suggest that monetary solutions will not be enough to achieve the targeted goal. Production needs to be revived, food production especially.  In West Africa, inflation is mainly driven by food underproduction, the regional central bank (BCEAO) confirmed in a report...

Since digital transformation is advancing in Africa, Ghanaian financial service providers want to leverage it to boost financial inclusion in an environment where most of the population is still unbanked.   Last week, Ghana’s banking association GhIPSS launched GhanaPay, a mobile money service designed to accelerate financial inclusion in the country. According to the GhIPSS website,...

After the 2021 coup that toppled the transitional government led by Abdalla Hamdok, Sudan’s western partners cut their aid. To cope with the situation, which is weakening its economy, the country now relies on its Gulf partners.  Sudan will soon have a new port. In an interview with media outlet Reuters, Osama Daoud Abdellatif (photo), director of the DAL Group (one of Sudan’s largest...

African countries’ requests for information for tax collection purposes rose 26% over the previous year, signaling continued progress toward tax transparency in spite of a challenging environment,  according to a report by The Africa Initiative, launched on Tuesday in Nairobi. The Tax Transparency in Africa 2022 report, which covers 38 countries, documents Africa’s progress in tackling...

With over 200 million telecom subscribers, Nigeria is one of Africa's largest telecom markets. As the sector continues to grow, the government wants to capitalize on the growth to get more revenues.  The Nigerian Communications Commission (NCC) signed, Friday (June 17), a public-private partnership (PPP) agreement with  3R Company Nigeria Limited to deploy revenue assurance solutions...

Zambia has reached an agreement in principle with the IMF for a US$1.4 billion extended credit facility. The disbursement of the funds is subjected to an agreement with the country’s creditors to reduce its debt to sustainable levels.  Last Friday (June 17), China urged the International Monetary Fund (IMF) to approve and disburse a US$1.4 billion bailout package for Zambia. “The...

The African Development Bank has appointed Mr. Simon Mizrahi as Acting Vice President, Technology and Corporate Services Complex, effective 20 June 2022. Mizrahi, a British national, is currently the Director for Delivery, Performance Management and Results at the African Development Bank Group and Acting Director for the Operations Committee Secretariat and Quality Assurance. In these...

The African Development Bank is pleased to announce the appointment of Mr. Jacques Edjangue as Acting Vice President, People and Talent Management Complex, effective 20th June 2022. Edjangue, a Cameroonian national, is currently Acting Director of the Human Resources Management Department, and also Director of the Language Services Department. A thought leader, Jacques has broad and diverse...