Foreign exchange market

At the end of the week, the euro catches its breath after its flight the day before. After touching $1.1524 in the middle of the month, its lowest since July 2020, the European currency has recovered and is up 0.5% over 30 days. For its part, the US dollar rose sharply on Friday as markets expect the US Central Bank (Fed) to toughen its tone after its meeting on Thursday in the face of the rapid rise in inflation.

Under the effect of the “inflexibility” of prices, the Guinean local currency is depreciating. Its devaluation would be maintained by inflation, recession but also by commercial practices favored by the monopoly, resulting in the absence of competition and the dictatorship of prices and to crown it all, in the violation of the principle of price flexibility. consumer products and services, which takes into account the fluctuation of the basic elements in terms of pricing.

Cryptocurrencies

Nigeria launches eNaira and positions itself as the first country to officially implement a state digital currency. Now, Nigerians can download a digital wallet to start using e-Naira. This digital wallet that will allow them to pay in certain stores and exchange money faster, at a lower cost.

As part of a pilot program in the United States and Guatemala, Facebook has begun rolling out its Novi digital wallet app. This application will allow users to send and receive money using Pax Dollar (USDP) - a sta,xblecoin-like cryptocurrency - through partnerships with Paxos and Coinbase. On Novi, 1 USDP is equal to 1 US dollar.

Money markets

Mali jointly organized with Umoa-Titres a call for tenders for the sale of Treasury Recovery Bonds for an amount of 25 billion FCFA. The nominal unit value of an “OdR Recovery Bonds” is ten thousand francs (10,000) and the value of the interest rate is 6.15%. Also, the State of Côte d'Ivoire raised an amount of 49 billion FCFA at the end of its issue of Treasury bonds (BAT) called "support and resilience bonds" with a maturity of 364 days.

After the weekly liquidity injection call for tenders, Benin obtains 443 billion FCfa. This operation is the result of the weekly liquidity injection tender notice n°43-H-2021 of October 25, 2021, launched by the Central Bank of West African States (Bceao ) on October 22, for Umoa money market participants.

Stock markets

At the end of the trading session on Thursday, October 28, 2021, the market capitalization of the shares market of the Regional Stock Exchange (BRVM) stood at 5,803.122 billion FCFA against 5,774.932 billion FCFA the day before. , an increase of 28.19 billion. That of bonds is also up by 13.875 billion FCFA, from 7070.433 billion FCFA the day before to 7084.308 billion FCFA. The total value of transactions stood at 499.681 million FCFA against 2.815 billion FCFA the day before. The BRVM 10 index fell 0.02% to 146.75 points against 146.78 points the day before. As for the BRVM Composite index, it gained 0.49% to 192.90 points against 191.96 points previously.

The financial services sector could not have dreamed of a better circumstance to relaunch itself, restore its health and strengthen its image internationally. Thirty years after the creation of the SEM, Afrinex is the second stock market platform in Mauritius. From now on, when we talk about the stock market activities of Mauritius, in addition to the Stock Exchange of Mauritius, we will also have to refer to Afrinex.

Raw materials

Oil prices were stable on Friday but lost ground over the week as investors tried to assess the market impact of a resumption of Iranian nuclear talks.

The World Bank analyzes commodity prices soaring to record highs, to the point of threatening economic recovery. High energy and agricultural commodity prices increase the risk of inflation and food insecurity. Energy prices, for example, exploded by 80% in 2021. The fall in prices will be even sharper for natural gas and coal, which should both fall in 2022 and 2023, after having reached historically high levels. students.

With an investment of 11 billion CFA francs, the Aigle Group, specialized in cotton processing, is setting up in Benin within the Glo-Djigbé industrial zone (GDIZ). The Tunisian Group Aigle estimates its total investment at 20 million USD, or 11 billion FCFA and should make it possible to create around 2,000 direct jobs for the benefit of Beninese.

Companies

Palm Côte d'Ivoire, which specializes in the production and marketing of crude palm oil and its derivatives, recorded performances during the third quarter of 2021. At the end of the third quarter of 2021, the company's net income was a big jump of 410% compared to the same period of 2020. The turnover recorded an increase of 60% to 152.647 billion FCFA against only 95.687 billion FCFA in the third quarter of 2020.

The leaders of Nestlé Côte d'Ivoire also announce that the company's net income increased by 3.736 billion FCFA (5.604 million euros) in the third quarter of 2021 compared to the same period of 2020. The report of activities of this company indeed suggests a turnover which amounted to 148.320 billion FCFA against 133.036 billion FCFA in the third quarter of 2020, an increase of 11.5%.

The rating agency Bloomfield Investment has assigned an A- rating to the leasing specialist Fidelis. The company's three strengths are: high credit quality over the long term, good ability to deploy its strategy and financial flexibility.

Vendease raised $3.2 million. This Nigeria-based online marketplace allows restaurants and other food businesses to purchase supplies directly from manufacturers and farms.

Banks and Insurance

The Vice-President of the World Bank for West and Central Africa, Ousmane Diagana is making his first visit to Togo and Benin from October 27 to November 2, 2021 since taking office in July 2020. This visit between as part of the strengthening of the partnership between the World Bank and the two member countries.

The Board of Directors of the African Development Bank (AfDB) is mobilizing more than 110 million euros to support more resilient agriculture in Morocco. The approval of this loan aims to finance the Support Program for the Inclusive and Sustainable Development of Agricultural and Rural Areas (PADIDZAR).

The President of the West African Development Bank (BOAD), Serge EKUE and the President of Plateform Industrial Adétikopé (PIA) SAS, Jesse Ian DAMSKY signed a loan contract for a total amount of 20 billion FCFA. This agreement relates to the project for the creation and operation of an Integrated Industrial Platform with an area of 132 ha in Adétikopè, in the Togolese Republic. The West African Development Bank is also committed with the G5 Sahel to working together for the development and security of member countries. In a statement, the Bank informs that this signed agreement provides a framework for cooperation and will improve the interventions of the G5 Sahel and BOAD for the benefit of development in areas of common interest.

The Bank of Central African States (BEAC) reveals in its report on electronic money payment services for the year 2020 that payments and transactions by electronic means, over the past five years, have remained on a curve scalable. The number of transactions in the countries of the Economic and Monetary Community of Central Africa (CEMAC) increased from 977 million to 1102 million and stood at 1631 billion FCFA.

Olagunju MO Ashimolowo brings his experience to the ECOWAS Bank for Investment and Development (EBID). He was appointed to the position of vice-president in charge of operations of the institution during the last board of directors. The new vice-president in charge of operations of EBID will have to further strengthen and consolidate the operations and the governance framework of the financial institution.

According to Fitch Ratings, Oragroup has sufficient leeway at the current rating to absorb the risks associated with the pressures of the operating environment, mainly on its capitalization and the quality of its assets. Thus, the American rating agency gives it a “B-” rating with a stable outlook.

The African Export-Import Bank (Afreximbank) is taking on new challenges. It will carry out a $6.5 billion general capital increase (GCI) operation to finance some of its strategic activities. The institution based in Cairo (Egypt) thus plans to support the purchase of vaccines against Covid-19 for the continent, support post-pandemic recovery efforts for the economies of African countries, and stimulate the implementation of the African Continental Free Trade Agreement (AfCFTA), among others. ‎

Global Credit Rating (GCR), revises the financial strength rating of Leadway Assurance Nigeria. The insurance company sees its rating changed from AA-(NG) to AA(NG) with a Stable outlook. The South African financial rating agency pointed out that the insurer's nationwide financial strength rating reflects its strong financial profile, complementing an intermediate business profile. The financial institution noted a significant loss of market share in fiscal 2020 due to the slowdown in annuity writing during the year, which resulted in a notable reduction of 41% in gross written premiums ( “GWP”).

Financial crimes

Arrested as part of a joint operation by the FBI, Hawks and the American secret services, 8 Nigerian nationals appeared before the Cape Town Magistrates Court to answer various charges. The 8 Nigerian men are involved in conspiracy to commit virtual fraud, money laundering; and aggravated identity theft. More than 100 victims have lost an estimated R100 million (US$6.8 million) in these scams since 2011.

The Financial Action Task Force (FATF), an intergovernmental body for the fight against money laundering and the financing of terrorism has updated its gray list. Mauritius' efforts to get out of Europe's gray list of tax havens are finally recognized. For Morocco, the efforts were considered insufficient. As far as she is concerned, Turkey has been placed under surveillance for its failings in the fight against money laundering and the financing of terrorism.

The 15th ^{plenary meeting} of the Technical Commission of the Action Group against Money Laundering in Central Africa (Gabac) enabled the banks of the Central African States to make a commitment with the public authorities to intensify the fight against bleaching. On this occasion, the experts developed a strategy to strengthen anti-money laundering measures in Central Africa. They defined a series of actions to strengthen anti-money laundering measures in the sub-region.

Justice accuses Joseph Emmanuelli, former mayor of Montegrosso from 1983 to 2020 of laundering the misuse of corporate assets for a total sum of approximately 1.8 million euros between 2005 and 2015 for the benefit of Jean-Pierre Filippi . The case was dismissed, which did not prevent the gendarmerie soldiers from investigating his activities. In particular after the discovery of more than 400,000 euros in cash belonging to him in a safe at the Crédit Lyonnais bank. The prosecution requires 12 months suspended prison sentence, 10,000 euros fine and the confiscation of 1.1 million euros from the life insurance account.

Regional growth

Hamidou Boly, special representative of the Economic Community of West African States (ECOWAS) in Mali is declared ''persona non grata''. Summoned on Monday, the Ministry of Foreign Affairs and International Cooperation notified him of this decision which expelled him from Malian territory. This decision comes following several warnings sent to the person concerned through his hierarchy.

2020 Economic and Financial Report on CEMAC, WAEMU and the Union of the Comoros outlines the economic and financial situation of countries in monetary cooperation with France in 2020. The document provides an update on their prospects at the end of 2021. According to the document, in 2020, the countries experienced a strong economic slowdown due to the crisis linked to the Covid-19 pandemic, with a growth in Gross Domestic Product (GDP) of only + 0.4%.

Commissioner Jonas Gbian paid a working visit to Lomé on Wednesday, October 27, 2021. The meeting with the President of the West African Development Bank, Serge Ekué and the Commissioner in charge of the Department of Community Territorial Planning and transport focused on the challenges facing the Union in key development sectors. Discussions with Christian Agossa, Managing Director of CRRH–UEMOA, concerned the state of implementation of the Affordable Housing Financing Program (PFLA).

The International Monetary Fund (IMF) forecasts economic growth of 3.7% in 2021 and 3.8% in 2022 for the sub-Saharan Africa region. This increase would represent the slowest recovery compared to other regions.

Francophone Africa remains the least indebted part of the continent. According to the latest statistics and forecasts from the IMF, published during this month of October, the ten African countries which should show the highest debt ratio at the end of 2021 are the following: Sudan, with a public debt equivalent to 209 .9% of GDP, Eritrea (175.1%), Cape Verde (160.7%), Mozambique (133.6%), Angola (103.7%), Zambia (101 .0%), Mauritius (101.0%), Egypt (91.4%), Tunisia (90.2%) and the Republic of Congo (or Congo-Brazzaville, 85.4%).