Foreign exchange market

The dollar is consolidating against several currencies such as the euro, the pound and the Canadian dollar. Only the Yen is weaker against all these currencies. Factors that have impacted currencies this week include questions over the financing of a 2 trillion BBB plan for infrastructure, concerns about a third wave of COVID-19 in Europe, potential increases in taxes in the United States and the escalation of tensions between the West and China. Nonetheless, the dollar is crushing all major global currencies thanks to the faster-than-expected deployment of coronavirus vaccines and rising Treasury yields.

Cryptocurrency

The value of Bitcoin is again pushed by Elon Musk, the boss of Tesla. The businessman raised the value of Bitcoin by announcing the purchase of Tesla cars with this currency. On his official account, he encouraged the purchase of his electric vehicles with Bitcoin. According to the boss of the electric vehicle manufacturer, Bitcoin holders can now afford Tesla cars.

Money Market

The Umoa-Titres agency has announced that Mali intends to raise a total of 910 billion FCFA for the year 2021 on the regional market. This sum will be mobilized through 22 issues of public securities. The mobilization of these resources will enable the State to cover its specific cash needs and to finance economic development projects such as the construction of infrastructures, the financing of innovative projects or the daily management of its needs. Public and private investors are massively expected to achieve Mali's objectives.

Stock market

The market capitalization of the equity market stands at 4,196 billion CFA francs. Transactions in equity market value amounted to 2,811 million CFA francs at the end of the week, driven mainly by the "Public Services" (86%) and "Finances" (10%) sectors.

clues

According to the Bloomfield Investment Corporation stock market analysis report, the Regional Stock Exchange (Brvm) ended the week of March 22 to 26, 2021 down, posting 121.68 points for the BRVM 10 index (-2.19 %) and 139.61 points for the BRVM Composite index (-1.46%).
The European indices evolve around equilibrium. In Paris, the CAC 40 index is almost stable (-0.04%) at 5,986.34 points around 08:20 GMT. The euro zone's Euro Stoxx 50 index gained 0.04%, the FTS Euro first 300 lost 0.06% and the Stoxx 600 fell 0.07%. The Dow Jones index gained 1.39% to 33,072.88 points.

Raw materials

On the commodity market, prices started in the green. After the container ship that blocked the Suez Canal was refloated at the end of the week, oil prices rose. The return to normal will take several days. Because, hundreds of ships are waiting for a passage on both sides of the canal.
In Benin, the Support Project for the Development of the Cashew Nut Sector and Agricultural Entrepreneurship was launched by the Minister of Agriculture, Livestock and Fisheries (MAEP) of Benin, Gaston Cossi Dossouhoui. The objective is to support the installation of 3,000 hectares of new cashew orchards based on high-performance plants, to rehabilitate 10,000 hectares of old plantations through a facilitation and improvement approach from the National Agricultural Development Fund.
In Côte d'Ivoire, the intermediate cocoa marketing campaign was officially launched. The price per kg of the bean is fixed at 750 FCFA. During the main campaign which ended, the kg of cocoa was bought towards the end of this campaign between 1050 and 1060 FCFA.

Bank and insurance

The President of the West African Development Bank (BOAD), Serge Ekue held a virtual press conference on Wednesday reporting on his results after the first six months at the head of the Institution. From September 2020 to the end of March 2021, the Bank granted the economies of the Union an overall volume of financing of an amount of 256.1 billion FCFA (390 million euros) for 24 projects in the sectors of finance and insurance (38.2%) of transport, energy and sanitation infrastructure (35.8%), health and education (12.1%), industry (7.8% ) as well as agriculture and rural development (6.1%). However, it announces that it will double its capital to better invest in priority sectors.
The World Bank published on Wednesday, April 31, 2021 the new edition of Africa's Pulse. The semi-annual report, Africa's Pulse identifies job creation, investment and competitiveness as the 3 priority areas for action to ensure the economic recovery of sub-Saharan Africa. Titled “COVID-19: The Future of Work in Africa and the New Digital Landscape,” Africa's Pulse report notes that real GDP growth for 2022 is estimated at 3.1%. Growth forecasts for the region call for an increase of between 2.3 and 3.4% in 2021, depending on the policies adopted by the countries and the international community.
The BCEAO and the Managing Directors of large microfinance institutions referred to in Article 44 of the law regulating Decentralized Financial Systems (DFS), held a meeting on the impact of the COVID-19 pandemic and the slowdown in economic activity on the financial situation of the microfinance sector.
Nigerian Access Bank announces that it is finalizing the takeover of South African Grobank in the second quarter of 2021. The planned acquisition of 49% of Grobank by Access Bank began in September 2020. The Nigerian bank has received the necessary regulatory approvals in Nigeria and in South Africa, for the purchase of a significant stake in the South African bank Grobank Limited.
The survey on banking conditions carried out by the Central Bank of West African States (Bceao) indicates that the lending interest rate of the Union recorded a slight increase. Excluding charges and taxes, the average rate calculated at Union level is stable at 6.26% in January 2021. By country, a drop in the cost of credit is noted in Burkina (6.18% against 7.05 %) and in Togo (7.40% against 7.54%).
Ecobank Cote d'Ivoire launched "Ellever", a program dedicated to women, during a webinar which took place on March 26, 2020 in Abidjan. Through this action, the Ecobank Group intends to stimulate and support women entrepreneurs and businesses run by women or geared towards women. This through financial solutions and value-added services that will allow them to realize their full potential and prosper.
In Niger, the BOA is effectively addressing these internal challenges, partly caused by the global health crisis. For the 2020 financial year, the Niger subsidiary of the pan-African banking group Bank of Africa paid its staff 5.97 billion FCFA ($10.7 million). This 20% increase in compensation compared to 2019 comes as the number of employees declared by the company fell for the second consecutive year, rising to 292 people, against 306 at the end of 2018.

Governance

A delegation from the Court of Justice of the West African Economic and Monetary Union (UEMOA) was with the President of the Conference of Heads of State and Government, Roch Marc Christian Kaboré. The concerns of the community space were at the heart of the exchanges which led to a plea for the popularization of community law.
The employers' organization of industrialists in Mali (OPI) has chosen Mamadou Yatassaye to lead its destiny. Meanwhile, it is Karim Diarassouba who will succeed Jean-Baptiste Kouamé at the end of his mandate as head of the Inter-African Conference of Insurance Markets (CICA-Re). At the end of the 134th session of its Board of Directors, CICA-Re elected Karim Diarassouba as Director General.

Financial crimes

During the Council of Ministers last Thursday, Guinean President Alpha Condé reiterated his directives to fight against corruption, fraud, tax evasion, nepotism, carelessness and all these scourges which plague the country. 'administration.
In Togo, the Minister of Economy and Finance, Sani Yaya, issued a press release informing the public "that structures operate illegally and are not authorized to collect funds from the public against capital or placement ". Scammers use the Ponzi scheme and claim to offer their clients amazing returns. The proliferation of investment companies is becoming worrisome.
The Regional Council for Public Savings and Financial Markets (CREPMF) and its partners met to finalize the draft uniform law relating to stock market and similar offenses on the regional financial market of the Western Economic and Monetary Union African (UEMOA).

Regional growth

Under the presidency of Sani YAYA, the Council of Ministers of the Union examined the recent economic situation and the prospects for WAEMU. It was noted that the Union's growth rate came out at 1.3% after 0.6% a quarter earlier. For the whole of 2020, the WAEMU growth rate is estimated at 0.9% and the inflation rate stood at 2.1% after -0.7% in 2019. Inflation in the Union slowed slightly, standing at 2.7% in the fourth quarter of 2020, year-on-year, after 2.9% in the previous quarter.
Experts in charge of competition from the ECOWAS Commission, the ECOWAS Regional Competition Authority (ARCC) and WAEMU met this week to decide on the competition enforcement rules in West Africa. This initiative falls within the framework of the draft Cooperation Agreement in the context of the application of competition rules.
The think tank ''A new ROAD'' dedicated to African public debts was created on the initiative of Nicolas Jean, partner and member of the executive committee of the law firm Gide, and of the independent consulting firm for States, Global Sovereign Advisory (GSA). The think tank is made up of members from different nationalities, generations and industries, with rich and multiple backgrounds. Among others, Romuald Wadagni, Minister of Economy and Finance of Benin, Kako Nubukpo, Economic Advisor to the President of the WAEMU Commission and Félix Edoh Kossi Amenounve, Managing Director of BRVM and President of ASEA.