BCEAO releases $ 6 billion for West African economies

The BCEAO has just made a liquidity injection of 3350 billion FCFA ($ 6 billion) at a fixed rate of 2% in favor of several banks of the UMOA. A total of 87 financial institutions participated in the operation. The Central Bank of West African States (BCEAO) made a further injection of liquidity to its member countries last week. In total, 3350 billion FCFA ($ 6 billion) were disbursed by the institution.

During the auction on September 14, 87 banks in the sub-region obtained an injection of liquidity at a fixed rate of 2%. With more than 1000 billion FCFA ($ 1.8 billion), it is the Ivory Coast which obtained the most important financing, ie 31% of the funds injected.

It is followed by Senegal with more than 580 billion FCFA ($ 1 billion), Mali with 466 billion FCFA (835 million $), Benin with 434.5 billion FCFA (777 million $) and Burkina Faso with 318 billion FCFA. ($ 569 million). Niger with 241.6 billion FCFA ($ 432 million), Togo with 219 billion FCFA (…

Africa's economic growth could drop from 3.2% to 1.8% due to the coronavirus (CEA)

During a press conference held on Friday March 13, 2020, the executive secretary of the Economic Commission for Africa (ECA), Vera Songwe said that economic growth in Africa could be projected decrease from 3.2% to 1.8% at the end of 2020, due to the recent coronavirus pandemic (covid-19).

Africa's economic growth could drop due to the coronavirus

Furthermore, she revealed, the continent could lose almost half of its gross domestic product (GDP), solely because of the macroeconomic effects that are observed. This, notably through the destruction of global supply chains, tourism, the slowdown in foreign direct investment, remittances and the price of oil, etc.

Although Africa has been the least affected continent since the outbreak of the coronavirus pandemic, there has been a disturbing increase in the disease in recent days, now affecting almost half of African countries. The spread of the pandemic has finally convinced African governments to adopt a series of drastic measures. These range from the closure of certain public places to the suspension of classes in the education system, including the limitation of passenger traffic to certain destinations.

To date, according to data from the World Health Organization (WHO), 28 African countries have registered a total of 362 confirmed cases of coronavirus contamination, including 9 deaths.

These include: Egypt (126), South Africa (61), Algeria (54), Morocco (28), Senegal (24), Tunisia (20), Ghana (6), Rwanda (5), Cameroon (4), Côte d'Ivoire (4), Ethiopia (4), Burkina Faso (3), Kenya (3), Seychelles (3) , Nigeria (2), DRC (2), Namibia (2), Sudan (1), Central African Republic (1), Congo (1), Equatorial Guinea (1), Gabon (1), Guinea (1), Liberia (1), Mauritania (1), Togo (1), Benin (1) and Tanzania (1).

Globally, more than 174,000 cases of covid-19 contamination have been recorded to date, with more than 6,000 deaths. Over 77,000 people are healed.