BCEAO injects CFA218 billion into the Togolese banking sector Banking Thursday, 11 March 2021 14:17
(Togo First) - On March 8, 2021, the Central Bank of West African States (BCEAO) injected CFA218 billion into Togo’s banking market, at an interest rate of 2%.
This loan is part of a larger amount - CFA3,419 billion - the Bank gave to commercial banks across the countries it covers. The facility is one of the weekly disbursements the BCEAO provides to the region’s 92 lenders.
Out of the total amount, Côte d’Ivoire secured the biggest piece of the pie, knowingly CFA1,095 billion (32%). Next come Senegal (CFA736 billion or 21.5%), Mali (CFA426 billion, 12.47%), Burkina Faso (CFA320 billion, 9.35%), Benin (CFA286 billion 8.36%), Niger (CFA278 billion, 8.1%). In terms of percentage share, Togo received 6.3% of the total sum.
(Business in Cameroon) - Last March 9
th, in Douala, Fortunato-Ofa Mbo Nchama (photo), president of the Development Bank of the Central African States (BDEAC) signed a XAF1.7 billion agreement to fund a hotel project.
In the framework of that agreement, the BDEAC will provide 45% of the funds needed for the construction of the Panafrican Pacific Plazza whose funding stage is completed (according to the promoters).
With 53 rooms and other related infrastructure, the hotel that will be built in Bonapriso will boost the offer in Douala, where the hotel sector is increasingly becoming competitive with the arrival of new operators. Those operators include the Chrystal Palace owned by business mogul Samuel Foyou who is building a Chrystal Palace hotel chain, and Katara Hospitality, a Qatari investor that recently purchased Ibis hotel in Douala.
(Business in Cameroon) - The death, on February 27, 2021, of business mogul Pascal Monkam revived discussions about the governance of family-run businesses in Cameroon. Indeed, the business mogul is not buried yet but his heirs are already clashing because of his group’s companies and assets. Alain Christian Monkam, one of his sons, even filed a court application to be authorized to name a receiver-manager for his late father’s properties.
According to Alain Christian Monkam, the revenues generated by his father’s group are not transparently managed. When he was alive, Mr. Monkam Pascal used to manage his group himself. He used to recover or delegate the recovery of the revenues from each of his companies. Nowadays, however, we have reasons to believe that the managers of those companies are misappropriating the turnovers of each of the companies they are managing, he writes in the court application.
(Business in Cameroon) - In Cameroon, the development of the Metropolitan Investment Corporation of Douala (SMID) is being affected by leadership battles. Indeed, in a letter sent on March 10, 2021, to Fritz Ntone Ntone (president of SMID administrative board), Samuel Ivaha Diboua (governor of the Littoral region) informed that he could not agree to his request to secure the SMID’s board meeting.
In his letter, the governor informed that due to information he received, it would be unlawful for him to respond favorably to Fritz Ntone Ntone’s request. Yet he previously agreed to that request.
Fact is, the governor backed down on his previous decision because of information about ongoing legal proceedings and the appointment of an interim administrator for SMID. Those legal proceedings were initiated because of a leadership battle that started for the management of SMID, which was established to raise funds for infrastructure projects in Douala.