Foreign exchange market

Investors changed tack after the US Department of Labor published weaker-than-expected weekly jobless claims and the lowest since the outbreak began. In this atmosphere, the dollar is stabilizing against the euro and the Turkish lira is falling. Around 6:30 p.m. GMT, the euro lost 0.03% to 1.1590 dollars for one euro. Earlier in the morning, the European currency had on the contrary taken 0.20% to 1.1617 dollars for one euro, moving away from its lowest for nearly fifteen months reached Tuesday at 1.1524 dollars. For its part, the Turkish lira reached a new historic low, at 9.19 pounds for the dollar, down 1.12%.

Cryptocurrencies

Bitcoin, the world's largest cryptocurrency by market capitalization ($1.17 trillion), is on course to break its all-time high of $64,863 set on April 14, 2021. This Friday, October 15, 2021, the bitcoin gained more than 3% in less than an hour, crossing $60,000 for the first time since May. The rise was spurred last Thursday after the publication of a report by Bloomberg which shows that an exchange-traded fund (ETF) of bitcoin futures will be authorized by the United States Securities and Exchange Commission (SEC). .

Money Market

Through the National Directorate of Treasury and Public Accounting, Mali raised, on October 13, 2021, 25 billion FCFA in recovery bonds. After the auction, 70.406 billion FCFA of overall bids from investors were identified by UMOA-Titres out of an amount auctioned by the issuer of 25 billion FCFA. This gives a coverage rate of the amount auctioned of 281.62%.

On the CEMAC market, Cameroon and Gabon accumulated nearly 50% of the debt on the public securities market of the Bank of Central African States (Beac) at the end of August 2021. The overall outstanding Treasury securities issued by States on the public securities market at the end of August 2021 reached just over CFAF 4,298 billion. As of August 30, 2021, the Gabonese Republic is the most indebted country on this market, with securities issued and not yet repaid for a total amount of 1,092.7 billion FCFA. Cameroon comes in 2nd position with an overall outstanding amount of 1,032.3 billion FCFA. In total, these two countries cumulate a debt of 2,127 billion FCFA.

Stock market

The market capitalization of the bond market of the Regional Stock Exchange (BRVM) was in a stationary situation at the end of the trading session of this Thursday, October 14, 2021. As the day before, this capitalization was established at 7073.582 billion FCFA. On the other hand, that of shares is more dynamic, standing at 5676.711 billion FCFA against 5661.830 billion FCFA the day before, an increase of 14.881 billion FCFA. As for the total value of transactions, it amounted to 364.861 million FCFA against 5.151 billion FCFA the day before. The BRVM 10 index rose by 0.19% to 147.34 points against 147.06 points the day before. For its part, the BRVM Composite index rose by 0.27% to 188.70 points against 188.20 points the day before.

Raw materials

Despite a much sharper than expected rise in US crude inventories, oil overcame the rise in US inventories and resumed its ascent. The price of Brent crude from the North Sea for December delivery rose 0.98% or 82 cents in London to close at $84. The barrel of American WTI for delivery in November gained 1.08% or 87 cents, to end at 81.31 dollars in New York. Brent lost almost a dollar a barrel, falling to 83.23 dollars.

In Gabon, the Directorate General of Hydrocarbons (DGH), in a note on the situation published in October, indicated that oil production during the first half of the year fell by 11.5% compared to the same period. last year. Production stood at 4.96 million metric tonnes while exports stood at 4.38 million tonnes, a decrease of 14.9% compared to the previous period.

In its Monthly Statistics Bulletin, the BCEAO analyzed the situation of economic activity in WAEMU. According to the document, crude oil prices denominated in dollars recorded a rise of 128.5% year on year. Regarding the main raw materials exported by the countries of the Union, adds the Bceao, the prices increased, compared to the same period of 2020, for rubber (+53.3%), cotton (+51.0 %), coffee (+20.6%), cashew (+11.5%), gold (+6.1%) and cocoa (+4.8%). For imported food products, prices were also on the rise for edible oils (+108.1%) and wheat (+31.3%). On the other hand, a decline of 17.2% was noted for rice.

From September 9 to 11, 2021, Bollore Transport & Logistics Cameroon carried out a special operation to load 9,000 tons of cotton at the Port of Kribi. In total, 164 trucks were mobilized for the transport of cotton bales by land on the Moundou-Kribi (1516 km) and Garoua-Kribi (1399 km) corridors.

Companies

CDC Group announces a commitment of 100 million USD in African Development Partners III. With this investment, ADP III will target medium and large enterprises in Africa and facilitate job creation while funding essential services through corporate taxation. The fund, in its strategy, will also focus "on innovation-driven companies that are transforming critical sectors such as healthcare and agriculture, and which, in turn, are helping drive economic growth around the world." continent,” says CDC Group.

The turnover of the subsidiary of the Nestlé group, specializing in the manufacture of food products, increased by 11.347 billion FCFA in the first half of 2021 compared to the same period of 2020. According to the leaders of this company based in Abidjan, this turnover stood at 98.793 billion FCFA against 87.446 billion FCFA in the first half of 2020, an increase of 12.98%. This increase is essentially marked by the increase in turnover, productivity and the efficiency of the production lines in the company's factories.

After the first six (06) successful editions, the Banking and Small and Medium Enterprises (SME) Fair will record its ^7th edition from November 2021. This new edition intends to offer more access to Small and Medium Enterprises (SMEs) in the Uemoa space. Placed under the High Patronage of HE Christophe Joseph Marie Dabiré, Prime Minister of Burkina, Head of Government, the ^7th edition of the fair, with the theme "Transformation of African economies: contribution and impact of UEMOA SMEs", will allow participants to discuss the role of SMEs/SMIs in the economic development of the continent.

Côte d'Ivoire has just signed a partnership agreement with the International Finance Corporation (IFC) to improve the financing of small and medium-sized enterprises (SMEs). The agreement aims to implement the Afrileasing program. It will make it possible to lay the necessary foundations for developing a viable leasing market in Africa, in particular through the strengthening of the legal and regulatory arsenal governing the field, while introducing the tools and best practices necessary to better develop the sector.

The Nigerian fintech Payday recently succeeded in raising an amount of one million USD in pre-seed funding from investors, intended to develop its African projects. In addition to being present in Kenya, Uganda and Nigeria, the pan-African start-up wants to make Rwanda its headquarters in Africa. The seed round saw the participation of several investors, including LofyInc, Microtraction, Magic Fund and Ventures Platform, among others.

Banks and Insurance

The Minister of Economy, Planning and Regional Development (Minepat), Alamine Ousmane Mey and the director of operations of the World Bank (BM), Abdoulaye Seck signed a credit agreement for three projects. These are the project for the development and enhancement of investments in the Benoué valley (117.8 billion F), the regional project on the empowerment of women and the demographic dividend (44.9 billion F ) and the support project for the development of secondary education and skills for growth and employment (7.37 billion F).

The results of the Central Bank of West African States (BCEAO) survey on banking conditions reveal a slight decline in lending interest rates in the WAEMU zone in August. Excluding charges and taxes, the lending rate in the Union stood at 6.20% in August 2021 compared to 6.21% the previous month. As for deposit interest rates on time deposits, they stood at 5.23% in August 2021, the same level as in the previous month.

BOAD announced for the first half of 2021, a net profit of 20.6 billion FCFA, the equivalent of $36.4 million. Despite growth in interest income, other income was 8.7 billion FCFA, down from that of the same period in 2020 (10.5 billion FCFA). Over the first 6 months of 2021, BOAD's outstanding investments in debt securities jumped, reaching XAF399 billion. However, this envelope, up 19% compared to its level in June 2020, should bring in 7.5 billion in interest, or 13.1% less over the periods compared.

The net result of Bank Of Africa (BOA) Niger would increase by 62.59% in the first half of 2021. It stood at 7.421 billion FCFA as of June 30, 2021 against 3.323 billion FCFA a year earlier, i.e. a increase of 2.080 billion FCFA. According to the managers of the company based in Niamey, this increase is driven by the 29.38% increase in commissions and miscellaneous which rose from 3.588 billion FCFA in June 2020 to 4.642 billion FCFA as of June 30, 2021.

Nearly 7 months after entering into negotiations, Access Bank Plc has announced that it has completed the acquisition of a majority stake of approximately 78.15% in African Banking Corporation of Botswana Limited (“BancABC Botswana”). The deal will give Access Bank the opportunity to leverage BancABC's strong retail banking space to deliver products that would benefit its local markers and enable it to compete in key business segments.

NSIA Vie Assurance, the General Confederation of Workers of Benin (CGTB) and the Confederation of Independent Trade Union Organizations of Benin (COSI-Benin) signed a partnership contract on Tuesday, October 12, 2021. This act aims to offer a wide range of life insurance products to Beninese workers. It allows NSIA Vie Assurance to offer a wide range of products to Beninese workers. These include, among others, NSIA Prévoyance, NSIA Vitalis to allow workers to spend a peaceful retirement, NSIA Funeral Assistance, NSIA Alôdo, NSIA Savings project, NSIA retirement pension, NSIA study and the list is not exhaustive.

Financial crimes

Côte d'Ivoire and Burkina have decided to act together to formalize their relationship in the fight against corruption. The High Authority for Good Governance (Habg) and the High Authority for State Control and the Fight against Corruption of Burkina Faso (Asce-Lc) signed a cooperation agreement in order to maintain the pressure , so that those who have embezzled public funds cannot feel safe crossing the border.

The first bank in Côte d'Ivoire by total balance sheet is shaken by a big case of internal fraud. An employee of the Société Générale de Côte d'Ivoire (SGCI) granted himself an overdraft of 600 million CFA Francs and flew away. He leaves a good account in the red with -450 million CFA Francs.

The Ivorian company, Express Automation Limited and its subsidiaries are singled out for fraud. They are excluded from contracts with the African Development Bank (AfDB) for a period of three years. An investigation by the regional financial institution's Integrity and Anti-Corruption Office (PIAC) found that Express Automation Limited "engaged in fraudulent practices in a tender for the upgrade of the technical security of the Bank's Regional Center for East Africa in Nairobi, the capital of Kenya”. The exclusion measure took effect on August 18.

In a procedure initiated within the framework of the "Dubai papers", a woman was sentenced Tuesday to two years in prison suspended and 1.75 million euros fine for laundering tax fraud. After revelations about a vast scheme of tax evasion, this 60-year-old, unemployed woman admitted her guilt during a "appearance on prior admission of guilt" (CRPC) hearing and accepted the sentence, which had been proposed with the National Financial Prosecutor's Office (PNF). This sentence, of two years of suspended imprisonment and a fine of 1.75 million euros, was approved by the court. This is one of the largest fines approved during a CRPC.

Regional growth

Received by President Roch Marc Christian Kaboré, President of the Conference of Heads of State and Government of UEMOA, the President of the UEMOA Commission, Abdoulaye Diop took stock of several topical issues. He declared to the press that he had come, in particular "to collect his orientations as usual, but also to report to him on the progress that we have seen in the activities of the Commission following the previous orientations that have been given to us". The President of the WAEMU Commission specifies that the President of Faso, current President of the Conference of Heads of State and Government is particularly keen on the question relating to the free movement of persons within space. To this end, he gave him an update on the recent meeting of Ministers in charge of Security, Health and Transport on the reopening of land borders closed due to the health crisis linked to covid-19.