The End of Resident Permit in ECOWAS

ECOWAS is slashing the residence permit system, Ghana is making its first foray into atomic power.

Author

Westaf Daily
August 31, 2024

Good Morning, Welcome to Saturday! ECOWAS is slashing the residence permit system, Ghana is making its first foray into atomic power, Citibank Nigerian appointed Nneka Enwereji as its new CEO, Togo's Chamber of Commerce has a new President, Air Côte-d'Ivoire turned profit for the first time in 10 years, Starlink has New Markets in Botswana, Ghana, and Kenya.

 Let’s go!

Financial Markets Overview

August 29 2024 market close.

Public Markets

  • The market capitalization of the BVRM increased by 22,052 billion FCFA, reaching 9,305,286 billion FCFA. The bond market, on the other hand, experienced a decrease of 1,116 billion FCFA. Despite this, the indices of the BRVM showed positive growth.

Earnings results

  • Air Côte d'Ivoire Announces First Profit After 10 Years of Operations (CI)

  • CFAO Motors Côte d’Ivoire Announces Nearly 3 Billion Dividends for Shareholders (LJ)

  • SMB announces 8 Billion FCFA in Dividends for Shareholders (LJ)

  • Standard Chartered Bank Ghana has announced that it will pay a dividend of GH¢397 million to its ordinary shareholders (MG)

  • Central Bank of Gambia Reports Decline in Domestic Forex Market (TS)

  • Quidax and Busha, two digital asset exchanges, received provisional licenses form Nigeria's SEC (TC)

Deals / M&A

  • Afreximbank Provided $650m to Facilitate Oando's Acquisition of NOAC in Landmark Deal (PN)

  • Tekedia Capital Acquired Nigerian Start-Up Quizac Specializing in Information and Communication Technologies (DB)

Debt / Bond

  • Ghana is launching a debt exchange soon, according to Finance Minister (RT)

  • Ghana Seeks $500 Million Loan from Cocoa Traders to Overcome Delays in Traditional Financing (MG)

  • Mali Struggles to Raise 25 Billion FCFA in Treasury Bonds and Bills on WAEMU Financial Market (LE)

  • Coris Bank International Earns Long-Term AA Rating from Bloomfield (LE)

  • Togo Launches New Issue on WAMU Securities Market, Aiming to Raise CFA30 Billion (TF)

  • BOAD Completes Successful Operation Doli with 160 Billion FCFA Raised (FA)

  • The listing of Mali state FCFA 50.396 billion debt issue, maturing in 2031, will take place on September 11, 2024 on BVRM (LJC)

  • Ivory Coast Secures 53.27 Billion FCFA on WAMU Financial Market (FA)

Business ops

  • MTN Group Expands Operations in Ghana, Uganda, and Cameroon to Drive Growth in Africa (IT)

  • MTN South Africa Reports First Loss Since 2016 Due to Naira Decline (DB)

  • Citibank Nigeria appointed Nneka Enwereji as its new CEO (PUNCH)

Monetary Policy

  • CBN's Monetary Policy Successfully Slows Inflation, Indicating Positive Economic Outlook (PN)

Commodities

  • Ghana Temporarily Suspends Cereal Exports (AJ)

West Africa

Headlines

  • Mali State Initiates Exploitation of Intahaka Artisanal Gold Mine, Bringing Potential Prosperity to the Region (RF)

  • Africa to strengthen its relationship with Spain (AN)

  • Starlink Expands in Africa with New Markets in Botswana, Ghana, and Kenya (TE)

  • Ghana is launching ‘monster mines’ to boost gold production (KITCO)

  • Nigerian Federal Government Grants 50% Electricity Subsidy to Hospitals, Reducing Costs and Supporting Patient Care (PUNCH)

  • Senegal Constitutional Council gave President Diomaye Faye the green light to dissolve the country's National Assembly (DKRM)

  • Ghana signs agreement to build a nuclear reactor (RT)

What else is going on in Westaf

  • African Airlines See Record Drop in Passenger Demand, Reports IATA (VG)

  • Ivory Coast Newspapers Threatened with Closure, Press Chiefs Seek Presidential Help (CI)

  • Senegalese Producer Launches African Film Festival in Denver (AP)

  • Nigeria Ranks 24th in Africa's Digital Development (PN)

  • Benin makes progress in strengthening its health workforce to meet WHO standards (BW)

  • Togo Universities are taking steps toward curriculum harmonization (TF)

  • Ivory Coast is aiming to be a regional E-commerce hub (LD)

  • Port of Dakar is in a weird state after the departure of Groupe Bolloré (MW)

Other Sub-Saharan Africa

  • CAF Invests Millions to Enhance Clubs in Champions League (IC)

  • Somalia Threatens to Suspend Ethiopian Airlines Flights Over Dispute (AN)

  • China-Africa Trade Surges 55% in the First Seven Months of 2024 (LE)

  • Madagascar Seeks $100 Million for 9th Global Environment Fund Cycle (FA)

  • Ampersand Raises $2 Million in New Funding Round (TC)

Editor's Picks

Meme Review

Don't forget to submit your best meme on the current state of affairs in West Africa or Sub-Saharan Africa. The team features the best memes in the next newsletter. After review, below are the team's choice for memes submitted/found on the net yesterday!