The Pan-African Economy in Brief: Monday, October 7, 2019
How hydrocarbon exporters have extorted the public treasury and Sonidep for more than 10 billion CFA francs:
According to the results of investigations conducted by the High Authority for the Fight against Corruption and Related Offences (HALCIA), fraud on hydrocarbon exports to Mali, Burkina Faso, and Nigeria in 2017, as well as on the transit of this product, during the period from March to May 2018, caused a shortfall of 10.4 billion CFA francs to the Nigerian public treasury and Sonidep, reports the president of this independent organization, Abdourahamane Gousmane, in a statement received on October 3, 2019 in Niamey and the two days. As the Halcia schematizes, on the hydrocarbon exports side, the method of operation consisted in returning to the national territory hydrocarbons acquired at a preferential price and excluding taxes because they were intended for export. "These practices concerned more than 150 economic operators and companies and generated a loss of income equivalent to 10.1 billion CFA francs to the public treasury and Sonidep," says Abdourahamane Gousmane...
The banking association calls for a major national debate on the CFA franc:
The Association professionnelle des établissements de crédit du Cameroun (Apeccam), chaired by Alphonse Nafack, Chief Executive Officer of Afriland First Bank, has just submitted its contribution to the Cameroonian government as part of the "Grand dialogue national". This dialogue, held in Yaoundé from September 31 to October 4, is mainly aimed at finding solutions to the crisis in the English-speaking regions of the Northwest and Southwest. Among Apeccam's proposals, there is a specific point on the CFA franc, a currency that has linked France to 15 former colonies in Africa south of the Sahara for more than 70 years. Apeccam notes that this currency has been the subject of a recurrent debate in recent years, which now goes beyond the restricted circles of universities and financial circles...
Purchases of used clothing reached $86 million in the first half of 2019:
In Kenya, there is still an appetite for second-hand clothes. In the first half of this year, the country allocated 8.86 billion shillings ($86 million) for imports of second-hand items, reports Business daily africa. According to data from the Kenya Bureau of Statistics (KNBS), this figure represents a 13% increase over the amount spent a year earlier in the same period (7.8 billion shillings). This year-on-year increase comes at a time when the government has undertaken in recent months to develop the textile sector through incentives such as facilitating access to capital for companies...
10th edition of agri-food days: Under the sign of economic recovery in Burkina Faso:
The 10th edition of the Journées agroalimentaires (JAAL) will be held from November 4 to 10, 2019 at the Maison du peuple de Ouagadougou and the Chambre de commerce et d'industrie du Burkina Faso, in the spirit of economic recovery in Burkina Faso. This year's theme is "Contribution of research and development to the competitiveness of agri-food companies in Burkina Faso: role and responsibility of stakeholders". It is eight days of promotion of national agro-sylvo-pastoral products and reflections on the constraints of the sector. Through this theme, the Fédération nationale des industries de l'agroalimentaire du Burkina (FIAB) aims to foster the spirit of innovation and excellence among agri-food companies. It will also be a question of developing subregional and international partnerships while creating a favourable framework for exchanges...
UKEF allocates $101 million to improve the electricity grid and connect 7,000 households:
UK Export Finance (UKEF) has just announced a $101.6 million allocation to support an electricity infrastructure installation project in northern Angola. "This is one of the first projects we are supporting in Angola and it is one of the priorities identified by the Angolan government," said Adam Harris, UKEF's head of civil infrastructure and energy. The project is being implemented by the Glasgow-based company IQA and consists of the construction of 5 new power transmission lines and the upgrading of several power substations in Kwanza Norte province. It is part of a government project to improve electricity supply and provide services to an additional 7,000 households...
Mining companies enter into a production sharing contract with the State:
Under the sponsorship of the Minister of Mines, Tony Ondo Mba, the mining operator Jilin Mining Resources (JMR) and the Société équatoriale des mines (SEM) signed a gold production sharing contract on October 2, 2019. Under the terms of the contract, JMR will now transfer 10% of the gold produced at its operating sites in Ogooué-Ivindo province to the national operator SEM. This agreement covers the remaining term of JMR's permits, which went into production on March 1, 2019, with a yield of 3.37 kg per month. In the event of renewal of the said permits, the production sharing contract will be automatically renewed. According to Tony Ondo Mba, the signing of this agreement materializes the vision of the highest authorities. They would like to see an increase in the contribution of the mining sector, particularly gold, to Gabon's GDP...