Foreign exchange market

The US dollar rose against the euro on Friday before the publication of inflation in the United States for November, the last major economic indicator across the Atlantic before the meeting of the Federal Reserve (Fed) next week. Currency traders believe that the US monetary institute will continue its shift towards a stricter policy at its meeting next week to deal with inflation that far exceeds its target of 2%. The European Central Bank (ECB), Bank of Japan and Bank of England (BoE) will also meet next week.

Cryptocurrencies

The recent drop related to contract liquidations in the Bitcoin futures market over the weekend, has caused the price to tumble in recent days. Bitcoin has fallen more than 30% since its all-time highs of last month, which has the effect of casting doubt among market participants, especially for less savvy investors in this cutthroat sector of digital assets. The total number of bitcoins on exchanges hit a new three-year low of 2,389,598 BTC available, meaning more BTC is being withdrawn from exchanges rather than being recirculated into the network.

Money markets

At the end of its bond loan operation, the Development Bank of Central African States (BDEAC) mobilized 115 billion CFA francs (FCFA, approximately 197.3 million US dollars), against 100 billion initially sought. This bond issue is part of the second fundraising operation initiated by BDEAC with the support of a consortium of banks. The funds collected will be used to finance integration projects in the Central African region, both in the public and private sectors.

In order to finance investments planned in the State budget for the year 2021, the State of Côte d'Ivoire, through its General Directorate of the Treasury and Public Accounting (DGTCP), had issued this loan bond with a maturity of 10 years. Officials of the Regional Stock Exchange (BRVM) have announced that the first listing of this loan called "TPCI 5.90% 2021-2031" has been scheduled for December 21, 2021.

Also, at the end of its issue of assimilable Treasury bonds (BAT) called "support and resilience bonds", the State of Mali obtained this December 8, 2021 on the financial market of the West African Monetary Union (UMOA) an amount of 20.200 billion FCFA (30.300 million euros). Maturity is 364 days

The State of Senegal, a benchmark issuer, is soliciting the sub-regional financial market on Friday through stimulus bonds in the amount of FCfa 70 billion and with a maturity of 15 years. In a press release, the UMOA-Titres agency announces that the maturity is 15 years and it offers a coupon at 6.15% per year. The payment of interest will be made annually on the basis of the fixed interest rate and this, from the end of the first year.

Stock markets

The two indices of the Regional Stock Exchange (BRVM) recorded a slight increase at the end of the trading session on Thursday, December 9, 2021. The total value of transactions amounted to 462.667 million against 2.292 billion FCFA the day before. As for the market capitalization of the equity market, it increased by 8.166 billion FCFA to 5914.650 billion FCFA against 5 906.484 billion FCFA the day before. On the other hand, that of the bond market fell by 7.191 billion FCFA, to 7081.662 billion FCFA against 7088.853 billion FCFA the day before.

At the 24th annual conference of the African Securities Exchanges Association (ASEA) under the theme ''Financial markets, a key driver of African emergence'', African stock exchanges call for an incentive framework for IPO (IPO) of small and medium-sized enterprises (SMEs). SMEs indeed constitute the overwhelming majority of the African economic fabric, but remain the least present in financial markets. Of the 2,400 companies listed on the 26 stock exchanges brought together within the ASEA, few of them are SMEs and the various campaigns conducted to encourage them to carry out IPOs have had relative success over time. .

Raw materials

The black gold market is focused on the recovery from the Covid-19 pandemic, worried about whether the Omicron variant will push for new confinements. After their correction the day before, oil prices ended the week up sharply in a market disoriented by the uncertainties surrounding the Omicron variant.

The Congolese Commission of Mercurial Prices of the Ministry of Foreign Trade indicates through a press release that several mining products have experienced a price increase on the international market. A ton of copper was sold at 9,752 USD, zinc at 3,372 USD, tin at 40,398 USD, gold at 58.03 USD, silver at 0.76 USD.

In addition, the Congolese Commission for Mercurial Prices of the Ministry of Foreign Trade indicates that one kilogram of Arabica coffee is on the rise, selling at 4.15 USD the week from November 29 to December 04, 2021. Robusta coffee and rubber are experiencing price stability by trading at 2.26 euro/kg and 0.8 euro/kg respectively. Cocoa, on the other hand, observes a drop in price, selling at 1.20 against 1.31 USD/kg.

On the gold market, the American Newmont is targeting attributable production of 6.2 million ounces of gold in 2022, including 1.05 million ounces in Ghana. In Africa, the company is only active in Ghana with the Ahafo and Akyem gold mines where it has already produced 617,000 ounces from January to the end of September 2021.

Companies

The Ivorian Minister of Digital Economy, Telecommunications and Innovation, Roger Adom, launched Monday in Abidjan the Startup4Gouv Initiative, a framework where the State can draw solutions from startups to face its challenges. A program that aims to be an innovative approach, of collaboration between the actors of the innovation sector and the public administration.

With the acquisition of MainOne, a global provider of data centers and infrastructure hosting services, Equinix is entering West Africa. Equinix recently announced that it has acquired MainOne, a leading provider of innovative telecommunications services and communications solutions for businesses in West Africa. The transaction is estimated at 320 million USD.

The Electricity Company of Guinea (EDG SA) has signed an energy purchase contract which will supply the city of N'zérékoré with quality electricity in sufficient quantity for the happiness of the populations of Zaly. The signing of the said contract is the culmination of several months of negotiation between the Ivorian State, represented by its electricity companies (CI ENERGIES and CIE) and the Guinean State, represented by EDG.

The National Hydrocarbons Company (SNH) paid 595 million dollars to the Cameroonian State at the end of the first three quarters of the year 2021. In general, the figures published during the second annual session of the Board of Directors observe an upward trend compared to last year despite the difficult economic situation reinforced by the Covid-19 pandemic.

The application set up in French-speaking Africa, Gozem wants to develop further to offer more services to its customers. The start-up which until then specialized in the development of applications that provide a multitude of services, recently announced its plan to embark on digital banking and loan services.

Banks and Insurance

The African Development Bank (AfDB) lands the 2021 Gold Stevie First Place thanks to its Technologies for Agricultural Transformation in Africa program. This award was presented to him at the 18th annual International Business Awards virtual event. The African Development Bank has received the 2021 Gold Stevie Award, in recognition of the institution's digital campaign showcasing its Technologies for African Agricultural Transformation (TAAT) initiative.

Ecobank Transnational Incorporated has released results of its operations to September 2021. As of September 2021, Ecobank Group achieved pre-tax income of $352 million, an increase of 41% over the previous year. Revenue was $1.3 billion, up 4%. Hence the return on tangible equity increased to 17.9%, and the value per share of equity rose by 11%. According to Ade Ayeyemi, Group Managing Director, the results are solid and reflect the diligence that Ecobankers put in every day to help customers and meet their financial needs.

The ECOWAS Bank for Investment and Development (EBID) continues its recovery with an outlook for the B2 rating changed from negative to stable. Moreover, the rating agency, Moody's assumes that EBID will significantly slow the expansion of its loan portfolio. In a note published on December 3, 2021, the agency indicates that this improved outlook also reflects the induced effect of the settlement of the arrears of a few major shareholders as part of the development bank's capital increase, the improvement in the bank's liquidity, better risk management and the reduction of EBID's dependence on a narrow range of trade finance, reports the agency.

The Democratic Republic of Congo registered six new insurance operators. They have been authorized by the Board of Directors of the Insurance Regulatory and Supervisory Authority (ARCA) to operate in the country. The companies concerned are the brokers H&B Assurances Rdc Sarl, Royale d'assurances Sarl, Orbis Sau and Exa Sas.

The first Gabonese bank, in terms of customer base, Atlantic Financial group, was bought by the Ivorian group Atlantic Financial Group (AFG CEA). This acquisition was made possible thanks to a loan agreement of 21.4 billion francs signed between the Development Bank of Central African States (BDEAC) and the AFG CEA group in order to support the expansion of its activities in Africa. Central and, in particular, in Gabon. This financing will enable AFG CEA to become the majority shareholder of Bicig with a 52% stake in its shareholding.

Financial crimes

Guinea wants to step up its fight against financial crime, in particular the embezzlement of public funds. Thus, it has a Court for the repression of economic and financial offenses (CRIEF). Guinea's Court for the Repression of Economic and Financial Offenses (CRIEF) will have a key role in a country rich in resources but among the poorest, in terms of income per capita.

The American justice has decided to definitively abandon the legal proceedings against Société Générale. This decision comes three years after the signing of settlement agreements which had cost it 2.6 billion dollars. No further prosecution can be conducted in the context of the case of violations of embargoes and money laundering, nor in that of the case of suspicions of corruption with the Libyan sovereign fund and the manipulation of interbank rates.

UBS is again singled out by a consortium of media and NGOs who have dissected bank data from the Democratic Republic of Congo (DRC). The bank is accused of lacking curiosity over funds used to buy agricultural machinery for the land of former DRC President Joseph Kabila, in power between 2001 and 2019.

In Senegal, Commissioner Mor Ngom announced that four individuals were arrested on Monday by elements of the Diourbel urban police station for laundering counterfeit banknotes. This network of counterfeiters is made up of a business student, a former soldier, a charlatan and a dibiterie manager. The alleged traffickers were presented to the prosecutor's office the same day for "criminal association".

According to information reported by Liberation, a search carried out in the offices of certain officials of the Poste Finances agency of the Dakar financial institution made it possible to get their hands on certain important documents. These are several hundred checks of which even the deceased would have been beneficiaries. According to the details of the media, these checks cover amounts of 100,000 to 50 million CFA francs.

The soap opera between businessman Oumar Diawara and BNI Gestion is experiencing new developments. In court for complicity in the misuse of corporate assets and money laundering, Oumar Diawara was heavily sentenced in criminal court. The Criminal Court sentenced the Congolese-Malian businessman to 20 years in prison, a fine of 50 billion FCFA and 25 billion FCFA in damages to the State of Côte d'Ivoire for complicity in misuse of corporate assets and money laundering. Also, it was ordered the confiscation of the property of the defendant and his prohibition of stay in the Ivorian territory.

Regional growth

The Commission of the Economic Community of West African States (ECOWAS), in collaboration with the West African Health Organization (WAHO), organized a virtual meeting of sectoral ministers within the framework of the reopening next to the land borders of the ECOWAS space. At the end of this meeting, recommendations were made to relaunch commercial exchanges and the mobility of people.

As part of its operationalization, the ECOWAS Regional Competition Authority (ARCC) presented this Monday, December 06, 2021 draft legal texts to the ECOWAS Parliament. In total, 5 draft texts were presented to the ECOWAS Parliament. The various projects related to customs, the Supplementary Act amending the Supplementary Act on the creation, attributions and functioning of the ARCC, the Regulations on the attributions and composition of the ARCC Council, the Regulations on the procedures of the ARCC , rules of procedure in matters of mergers and acquisitions and rules of leniency and immunity in matters of competition.

The President of the ECOWAS Commission, Jean-Claude Kassi Brou and the Director of the French Development Agency (AFD) in Nigeria, Xavier Muron signed, on Tuesday, December 7, 2021 in Abuja, Nigeria, a grant agreement worth 5.27 billion CFA francs. It was in the presence of the Ambassador of France to Nigeria and ECOWAS, Emmanuelle Blatmann. This agreement is intended for the additional financing of an interim phase of support for the food security storage program in West Africa.

The Regional Consular Chamber of the West African Economic and Monetary Union (CCR-UEMOA) held from December 06 to 08, 2021, its 22nd ^Ordinary General Assembly (AGO). The opportunity was for regional consular officials to examine several files. It was also a question of taking stock of the activities of the CCR-UEMOA for the year 2021, and, based on the recommendations of the technical and ad hoc commissions, defining the action plan for the year 2022.