The Pan-African Economy in Brief: Monday, April 13, 2020
An Air France plane (on the ground) comes under fire:
An Air France plane used for the repatriation of French citizens to Paris has been damaged by gunfire, according to a press release issued by the company on Sunday. The incident took place on Saturday evening at the Pointe-Noire airport in the Republic of Congo. "An Airbus A330 of the company was damaged following an incident on the tarmac of Pointe Noire airport [...] The aircraft was stationary at its parking point at the time of the incident, without crew or passengers on board," said the Air France statement transmitted to AFP. According to the information relayed by several French media, the incident was linked to an altercation between territorial security agents, one of whom allegedly used his Kalashnikov and fired bullets that hit the Air France aircraft. No human casualties were reported.
The executive announces the purchase of 200,000 tons of cashew nuts from the growers:
In Côte d'Ivoire, the government will buy 200,000 tons of cashew nuts from farmers on the basis of the guaranteed minimum price of 400 Fcfa/kg. This decision announced last Friday by Adjoumani Kobenan Kouassi, Minister of Agriculture, should allow producers to sell their stock in a context of coronavirus pandemic. Indeed, the uncertainties that the disease is causing to the health of the world economy have already led to the cancellation or postponement of cashew nut contracts in key importing countries (mainly India and Vietnam) as well as a slowdown in exports worldwide. The operation will be carried out by the Cotton and Cashew Council (CCA) and the Economic Interest Grouping (Gie-Geppa).
Nigerian banks listed on the Lagos stock exchange earned $247.3 million after the oil deal, but... :
Bank stocks listed on the Nigerian Stock Exchange surged on Friday, April 10, 2020, the day after the announcement of a deal on oil production under the so-called OPEC+. All the 10 traditional banks present on this financial market have seen their shares rise, with the exception of Fidelity Bank which fell by 1.5%. Thus, the market value of these institutions rose by $247.3 million over the weekend, according to data collected on Capital IQ.
Senegal receives its first consignments of food to ensure the food emergency:
"I received today the first batch of food for the emergency food aid. It is also an opportunity to salute the responsible behaviour of the Senegalese people in the face of the pandemic. The respect of the measures reinforces the efforts of the Gvmt in the fight against the Covid19," tweeted the Head of State, who also mentioned "more than 69 billion CFA francs released to support the population and strengthen social resilience."
Launching of the international tender for the construction of the Temane-Maputo line (563 km):
Mozambique has just launched an international call for tenders for the project to build substations and the Temane-Maputo power transmission line with a capacity of 400 kV. The contract financed with the support of the World Bank is divided into three lots. These are the Vilanculos-Chibuto power line section with a length of 340 km, the Chibuto-Matalane section with a length of 180 km and the Matalane-Boane line with a length of 43 km. Bids for these power lines must be submitted no later than April 28. The project also provides for the installation of power substations in Vilanculos, Chibuto and Matalane, as well as the extension of the Maputo substations. Companies interested in the installation of these substations have until 25 May to submit their applications.