Banking activity in Côte d’Ivoire grew by 15% in 2021 with a total balance sheet at CFA16,983 billion ($29.3 billion), against CFACFA14,727 billion ($25.4 billion) in 2020. These figures were reported by Finance Minister Adama Coulibaly in a speech delivered at the decoration ceremony of members of the Professional Association of Banks and Financial Institutions of Côte d'Ivoire...

The International Monetary Fund (IMF) expects Chad’s real GDP to contract by 1.1% in 2021. This is the conclusion of a mission conducted between January 12-18, 2022 in the country. “Chad’s macroeconomic developments have been adversely impacted by a series of adverse and long-lasting shocks. These include the COVID-19 pandemic, oil price volatility and a significant deterioration in the...

Over the past decade, the Ivorian government has tripled its state budget from $5.3 billion to more than $17.1 billion between 2011 and 2022. In a statement issued Tuesday, the government says 36.6% of the 2022 state budget will go for investment while 28.4% will be used for staff expenditures, 14.3% for public debt, 10.7% for the acquisition of goods and services, and 10.1% for...

As part of its strategy to boost e-payment in the country, the Central Bank of Uganda has capped check payments at USh10 million ($2,750). The previous limit was USh20 million. With this measure, which came into effect last January 15, Ugandans can no longer make payments of more than USh10 million or the equivalent in foreign currency by check. However, the cap does not apply to checks at the...

A consortium of Burkinabe investors made an offer last June to buy Tunisia’s Carthage Cement. They wanted to acquire 58.2% of the company. However, according to information reported by Ilboursa, Tunisian authorities have rejected the offer, which they considered "insufficient". No official source has yet confirmed this announcement. As a reminder, media sources first reported that the offer of...

Ghanaian digital cash management and lending fintech Float has raised $17 million to support its business; $10 million is a debt raised from Cauris and $7 million is provided as equity in a deal led by Tiger Global and Jam Fund. “With this new funding, we will continue to refine both our credit and software products to deliver the best experiences for our fast-growing customer...

The Sustainable Development Goals Fund (SDG Fund) has approved a $45 million vehicle to help Zimbabwe implement renewable energy projects. The SDG Fund will provide $10 million and the remaining amount will come from the Infrastructure Development Bank of Zimbabwe (IDBZ) and local partners. “The 4-year program, which is expected to kick-off in April 2022, was jointly developed by...

Ugandan Fintech Asaak announced it has raised $30 million from a group of investors to support its business. The company provides credit to motorcycle cab (boda boda) drivers based on their personal and financial data. “Bodaboda riders are the lifeblood of Africa, moving people and cargo from home to school to work. They just need access to motorcycles which leads them to better income...

The Nigerian government plans to implement new reforms this year to broaden its tax base and lower the budget gap. Under this strategy, the 2022 Finance Act provides that schools and education centers should now pay a corporate tax. Until now, they were exempt from this tax. To maintain the same levels of margin in absolute terms, these educational centers could raise tuitions to compensate for...

Tanzania and Burundi are stepping up initiatives to strengthen their relations. Yesterday, the Tanzanian finance minister announced the two countries have reached an agreement to construct a railway between Uvinza, in Tanzania, and Gitega, in Burundi. The line will cover 282 km (156km in Tanzania, 126km in Burundi). Minister Mwigulu Nchemba said the project requires $900 million, without...