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AFRICA – Côte d’Ivoire, Togo and Burkina Faso among the examples of fiscal transparency (report)

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As part of its 2021 Budget Transparency Report, the US Department of State has taken into account 141 countries around the world. 16 African states, seven of which from ECOWAS, meet the minimum tax transparency requirements as defined by Washington.

Côte d’Ivoire, Togo and Burkina Faso are among the countries meeting the minimum requirements for budgetary transparency. This is what the US State Department said in its 2021 Budget Transparency Report.

These three countries are the only ones in the WAEMU to be included in the first classification category, including countries that regularly publish reliable and accessible budgets and financial documents. A total of 16 African countries are included in this group, seven of which are members of ECOWAS. In addition to the countries already mentioned, there are Botswana, Cape Verde, Gambia, Ghana, Kenya, Mauritius, Morocco, Namibia, Nigeria, Seychelles, Tunisia and Uganda.

This classification recalls the efforts made by African States to improve their fiscal transparency in a process of cleaning up their public spending and fighting corruption. To this end, two countries, Nigeria and the Gambia, have made significant progress by joining this year the category of countries that meet the minimum requirements for budgetary transparency.

Outside of this category, two others have been established by Washington DC: the group of countries that have made significant progress and those that have not made significant progress on tax transparency. 12 African countries, including two from WAEMU (Benin, Guinea) are part of the second group and 25 countries are part of the third group.

It is important to remember that although it allows the levels of budget transparency to be ranked according to the accessibility and reliability of public tax documents, this annual report, which includes 141 countries, does not assess corruption.

According to the US State Department, “the finding that a government “does not meet the minimum requirements for tax transparency” does not necessarily mean that there is significant corruption within the government.” “Similarly, the fact that a government “meets the minimum requirements for tax transparency” does not necessarily reflect a low level of corruption.”

Source : Agence Ecofin / By Moutiou Adjibi Nourou

2021 Ranking of African Countries by Level of Fiscal Transparency (US State Department)
Country/ Level of budgetary transparency
South Africa
: Satisfactory
Algeria: Significant progress
Angola: Significant progress
Benin: Significant progress
Botswana: Satisfactory
Burkina Faso: Satisfactory
Burundi: Significant progress
Cameroon: No significant progress
Cape Verde: Satisfactory
Central African Republic: No significant progress
Comoros: No significant progress
Congo: No significant progress
DRC: Significant progress
Côte d’Ivoire: Satisfactory
Djibouti: No significant progress
Egypt: No significant progress
Eswatini: No significant progress
Ethiopia: No significant progress
Gabon: Significant progress
Gambia: Satisfactory
Ghana: Satisfactory
Guinea: Significant progress
GuineaBissau: No significant progress
Equatorial Guinea: Significant progress
Kenya: Satisfactory
Lesotho: No significant progress
Liberia: No significant progress
Libya: No significant progress
Madagascar: No significant progress
Malawi: No significant progress
Mali: No significant progress
Morocco: Satisfactory
Mauritius: Satisfactory
Mauritania: No significant progress
Mozambique: Significant progress
Namibia: Satisfactory
Niger: No significant progress
Nigeria: Satisfactory
Uganda: Satisfactory
Rwanda: No significant progress
Sao Tome and Principe: Significant progress
Senegal: No significant progress
Seychelles: Satisfactory
Sierra Leone: No significant progress
Somalia: Significant progress
Sudan: Significant progress
South Sudan: No significant progress
Tanzania: No significant progress
Chad: No significant progress
Togo: Satisfactory
Tunisia: Satisfactory
Zambia: No significant progress
Zimbabwe: No significant progress

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SENEGAL – 511.3 billion CFA francs in savings and 677 billion CFA francs in loans granted in 2022 in microfinance

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The Senegalese Minister of Microfinance and Social and Solidarity Economy chaired, this Thursday, July 27, 2023, the 27th meeting of the National Committee for the Coordination of Microfinance Activities. Victorine Ndeye reported that microfinance affects 22% of the population with 511, 3 billion CFA francs in savings and 677, billion CFA francs in loans granted in 2022.

The 27th edition of the National Coordination Committee for Microfinance Activities was held on Friday.
According to the Minister of Microfinance and Social and Solidarity Economy, Victorine Ndeye, microfinance plays a crucial role in financial inclusion by providing accessible financial services to low-income populations and small entrepreneurs. It is a powerful tool to reduce poverty, create jobs, support local entrepreneurship and promote the economic empowerment of women and youth,” she says. “In 2022, microfinance expanded with a total of 296 institutions with 995 points of service across the country. Today 4,034,538 accounts remain active and Microfinance reaches 22% of the population, with 511.3 billion in savings and 617.3 billion in loans granted”. The minister indicates that his department is aware that we must reinvent to meet the new requirements and needs of a more vulnerable population in times of major crises that our country is going through in the face of exogenous shocks related to the Covid pandemic 19 and the Ukrainian crisis. “We intend to strengthen the synergy of microfinance actors, the government, technical and financial partners and microfinance institutions to meet the challenges we face. We must continue to promote financial stability, inclusion and transparency in the sector, but we must also address universal access to financial services through a better perception of the sector,’ she said. In his view, this requires a target-based approach, better risk management and strong governance. We also need to encourage innovation in the microfinance sector. Emerging financial technologies, such as mobile banking, innovative financing and our proven savings and credit models, offer real opportunities to expand access to financial services,’ she says. It is their responsibility to ensure that these innovations benefit everyone, including the most vulnerable and the most remote. ‘ We will continue to work towards a favourable regulatory environment that encourages investment, diversification of offerings and the expansion of microfinance institutions,’ she says.

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WAEMU AREA – Growth of 5.4% of Gdp over one year

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Economic activity in WAEMU remained buoyant in the first quarter of 2023, with a 5.4% increase in GDP over one year, after 5.3% in the previous quarter.

According to the information provided by BCEAO, the business climate indicator, which synthesizes the views of business leaders, remained above its long-term trend at 101.1 percentage points. This development reflects the continuing confidence of business managers in the favourable economic outlook. The growth gain, which is an indication of the minimum level of growth that would be achieved by the end of the year, is estimated at 3.4% in the first quarter of 2023,” the BCEAO informs.

The growth of Gdp in volume terms in the Union is the result of the continued good orientation of economic activity, particularly in the secondary and tertiary sectors. The contribution of the secondary sector increased from 0.6 percentage points (pdp) in Q4 2022 to 0.7 PDP in the quarter under review.

The contribution to growth in the tertiary sector was 3.4 pdp in the first quarter of 2023 compared to 3.3 pdp in the previous quarter. In contrast, the primary sector contribution edged down to 1.3 PDP in Q1 2023 from 1.4 PDP in Q4 2022.

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BRVM – A record of more than 2 billion CFA francs recorded this Friday

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On Friday, July 07, 2023, the regional stock exchange posted a record CFA 2.232 billion in quotations. The value of these transactions amounted to CFAF 2.232 billion compared to CFAF 1.867 billion the day before. Previously, the market recorded transactions of CFAF 1.701 billion on Wednesday, July 5, 2023. In total, during the last three trading sessions, investors have shown a real enthusiasm for the securities of both compartments with an average of 1.933 billion traded value.

At the origin of the strong transactions of the meeting of July 7, 2023, there is a value traded at the level of the bond compartment of FCFA 1.751 billion. The investors’ interest was particularly focused on the TPCI 5.90% 2016-2026 bond with the purchase of 149,671 securities during 9,600 FCFA, for a total value of 1.436 billion FCFA.

The market capitalization of the equity market exceeded the 7500 billion mark, with a realisation of CFAF 7532.519 billion against CFAF 7487.805 billion on 6 July 2023, an increase of CFAF 44.714 billion.

The bond market was also up by 19.695 billion, to 10159.467 billion FCFA compared with 10139.772 billion FCFA the day before. The clues are all improving. Thus, the composite index rose by 0.60% to 202.47 points from 201.27 points the day before.

The BRVM 30 index also rose by 0.65% to 101.63 points from 100.97 points the day before. The biggest increase was recorded by the BRVM Prestige index with 1.38% at 102.37 points compared to 100.98 points the day before.

The Top 5 of the largest price increases are held by ETI Togo (plus 5.88% to 18 FCFA), Total Côte d’Ivoire (plus 4.63% to 2,260 FCFA), Compagnie Ivoirienne d’électricité Côte d’Ivoire (plus 2.33% to 2,200 FCFA), Orange Côte d’Ivoire (plus 0.92% to 9,890 FCFA) and BOA Burkina Faso (plus 0.74% to 6,095 FCFA).

As for the Flop 5 of the largest price declines, it is occupied by the securities BOA Mali (minus 3.57% to 1,350 FCFA), Sucrivoire Côte d’Ivoire (minus 2.80% to 520 FCFA) Oragroup Togo (minus 1.67% to 2,650 FCFA), Vivo Energy Côte d’Ivoire (minus 1.30% to 760 FCFA) and SAFCA Côte d’Ivoire (minus 1.30% to 760 FCFA).

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