Blog

The Pan-African Economy in Brief : Monday, September 09, 2019

Congo :
Digital economy and e-business at the heart of the 5th Forum Investing in Africa: "The Republic of Congo is hosting the 5th edition of the Forum Investing in Africa from September 10 to 12, 2019, and the challenges of digital technology will be at the heart of the proxies, said Jean Jaques BOUYA, president of the organizing committee. More than 400 business delegates are expected to attend and will form various panels, among others, on the digital economy, human capital development, public-private partnership, industrialization and global value chains and renewable energies. The organizing committee (Congo, China, and the World Bank) has been working continuously for years to achieve the objectives set, in particular that of promoting the diversification of African economies and job creation, which is essential for Africa's development..."
Kenya :
The tax authorities freeze the accounts of the sugar company Mumias Sugar: "In Kenya, the Kenya Revenue Authority sent a note asking banks to freeze Mumias Sugar's accounts until it had paid its heavy tax liability. According to Business daily africa, the sugar company has accumulated a debt of 10 billion shillings ($96.3 million) towards the tax authority since 2012. "It is unfortunate that this is happening at a time when we had planned to pay our employees' salary advances. Management remains focused on resolving the problem as quickly as possible and paying the salary advances as promised," says John Shiundu, Human Resources Manager, who indicates an upcoming meeting with KRA officials..."
South Africa :
Ascension Capital Partners acquires a 40% stake in Westcon: "South African private equity firm Ascension Capital Partners has offered to buy back the 40% stake held by the diversified MIC Investment Holdings (MIC) group in Westcon Southern Africa, a company specialising in the provision of security and network solutions, at an undisclosed price. Westcon Southern Africa, which welcomes a new investor to its shareholder base, is a subsidiary of Datatec, a group listed on the Johannesburg Stock Exchange and focused on the information and communication technology sector. In a press release, Jens Montanana (photo), CEO of Datatec, was enthusiastic about the idea of welcoming this new investor. "I am delighted to welcome Ascension as a new partner of Westcon Southern Africa," he said. MIC Investment Holdings, which is withdrawing after nine years as a shareholder in Westcon Southern Africa, has not disclosed the capital gain realized following this sale..."
Togo :
The pineapple exports brought in 1.5 billion in 2018: "According to information provided by the Central Bank of West African States (Bceao) in the latest report on foreign trade in Uemoa (West African Economic and Monetary Union) and reported by our colleagues, pineapple exports brought in 1.5 billion FCFA to Togo in 2018. This is a 50% increase compared to 2017, when they peaked at 1 billion CFA francs, informs the site. This jump in the value of exports is driven by an increase in production in 2018 (+73.6%), to 3,300 tonnes, compared to 1,900 tonnes a year earlier..."
Ivory Coast :

Ivory Coast/ Bank: the Commission Bancaire provided an update on the situation of BHCI: "In response to an article in a local newspaper on Abidjan.net, the Commission Bancaire of the West African Monetary Union (WAMU) provided an update on the situation at the Banque de l'Habitat de Côte d'Ivoire (BHCI). Right of reply: In its publication of Tuesday, September 3, 2019, the daily "L'ESSOR ivoirien" reports a pseudo harassment by the WAMU Banking Commission against the Banque de l'Habitat de Côte d'Ivoire (BHCI). The numerous inaccuracies, approximations and erroneous statements contained in this article have led the Banking Commission to react in order to restore the reality of the facts. Moreover, compliance with the journalist's rules of professional ethics in Ivory Coast, a guarantee of professionalism, should have led the author of the article to seek the views of this Banking Supervisory Authority, with a view to ensuring balanced information processing. Unfortunately, this approach was not observed..."