Fitch affirms both Cameroon and Tunisia, but political risks remain

Fitch affirms both Cameroon and Tunisia, but political risks remain

Fitch affirms both Cameroon and Tunisia, but political risks remain

Fitch Ratings has affirmed Cameroon’s long-term foreign-currency issuer default rating (IDR) at B with a stable outlook and has affirmed Tunisia’s IDRs at B+, also with a stable outlook. In both countries, political risks still loom large, said Fitch. In Cameroon, uncertainty surrounding succession to the 84-year-old President Paul Biya is a political risk. Presidential elections are set to take place…

Boost for Guinea economy from World Bank

Boost for Guinea economy from World Bank

Boost for Guinea economy from World Bank

The World Bank Group has announced financial support totalling $2.35bn to help Guinea implement its National Economic and Social Development Plan (PNDES) for 2016-2020. The 2016-2020 PNDES aims to promote robust growth with a view to improving the wellbeing of the population and structurally transforming the economy, while placing the country on the path of inclusive and sustainable development. Makhtar…

One Re receives approval for CIMA-zone office

One Re receives approval for CIMA-zone office

One Re receives approval for CIMA-zone office

One Re has received its regulatory permission to open a branch office and conduct non-life reinsurance in the Inter-African Conference on Insurance Markets (CIMA) zone, as part of its planned Africa expansion. The approval was granted by the Regional Commission for the Control of Insurance (CRCA), during the 89th ordinary session. The branch office will be based in Libreville, Gabon.…

Cape Verde sets itself up as Africa business hub

Cape Verde sets itself up as Africa business hub

Cape Verde sets itself up as Africa business hub

Cape Verde is setting itself up as the business hub of Africa, encouraging international trade and intra-Africa trade. Prime Minister Jose Correia e Silva said: “Cape Verde intends to be an international market.” We have developed a specific agenda to achieve that objective.” He stated that, to address the challenge of inadequate transportation lines among African countries, Cape Verde has…

Risk Frontiers West Africa report

Risk Frontiers West Africa report

Risk Frontiers West Africa report

On 19 October 2017, Commercial Risk Africa hosted the Risk Frontiers West Africa conference at the Four Points by Sheraton hotel in Lagos, Nigeria. Download our post-event report to catch up on all the news, analysis, debates and pictures from the day, which was based around the theme: ‘Understanding the New Normal’.

Bank boost for Sierra Leone

Bank boost for Sierra Leone

Bank boost for Sierra Leone

African Development Bank (AfDB) has approved a line of credit (LOC) of $3m to help finance projects and enterprises in Sierra Leone in sectors such as agriculture, energy, manufacturing and services, with strong emphasis on women-owned businesses. The money will be sent to Union Trust Bank Sierra Leone (UTB), the only indigenous private bank in Sierra Leone and an important…

Mauritania urged to become more business friendly

Mauritania urged to become more business friendly

Mauritania urged to become more business friendly

Mauritania has been urged to strengthen its economy through a more transparent and user-friendly banking system, among a series of measures. The call comes from directors of the International Monetary Fund (IMF), after a review of the country’s economy. The IMF said Mauritania continues to face a challenging external environment, with low and volatile metal prices. A steep decline in…

Fitch downgrades Gabon

Fitch downgrades Gabon

Fitch downgrades Gabon

Plummeting oil prices have hit the Gabon economy hard, with Fitch Ratings now downgrading Gabon’s long-term foreign-currency issuer default rating (IDR) to B from B+. The outlook is negative. Fitch said: “The downgrade of Gabon’s IDRs reflects the sharp deterioration of the country’s fiscal and external positions, an accumulation of large domestic and external arrears and a sharp rise in…

New Insurance Commissioner for Ghana

New Insurance Commissioner for Ghana

New Insurance Commissioner for Ghana

Ghana’s president has appointed Justice Yaw Ofori as the Commissioner of the National Insurance Commission (NIC). He takes over from Lydia Lariba Bawa. Mr Ofori, before his appointment, was the director of the Ghana Insurance College. He is a Fellow of the Insurance Institute of Ghana and the Chartered Insurance Professional Insurance Institute of Canada. He assumes duty with a…

Gas development boost in west Africa

Gas development boost in west Africa

Gas development boost in west Africa

Equatorial Guinea’s Ministry of Mines and Hydrocarbons has signed a memorandum of understanding (MoU) with the government of Burkina Faso, to supply the west African country with liquefied natural gas (LNG) and build critical infrastructure to import, store and transport gas. The initial three-year agreement compels both sides to negotiate and sign a LNG sales and purchase agreement and a…

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