The International Monetary Fund (IMF) Resident Representative pays farewell call on Minister for Foreign Affairs and Tourism

Source: Africa Press Organisation – English (2) – Report:

Download logo

The International Monetary Fund (IMF) Resident Representative, Mrs. Aissatou Diallo called on the Minister for Foreign Affairs and Tourism, Mr. Sylvestre Radegonde as part of her farewell tour this Monday 23rd June 2025 at Maison Quéau de Quinssy.

Among the issues discussed was the forecasted growth in the Tourism sector in the coming months. Minister Radegonde explained that one main challenge encountered was air connectivity which was often a deterrent to potential visitors.

During their meeting, Mrs. Diallo described Seychelles as a success story in the IMF, saying that the country has consistently performed at a high level throughout their programmes and that it was considered to be a role model. She described her 3-year tenure as one which was productive and rewarding.

Minister Radegonde personally thanked Mrs. Diallo for the work done during her tenure as the first IMF Resident Representative and wished her much success in her upcoming posting.

– on behalf of Ministry of Foreign Affairs and Tourism, Republic of Seychelles.

The proposed Transformation Fund levels the economic playing field for emerging black businesses

Source: South Africa News Agency

By Parks Tau 

In 1994, South Africa inherited an economy that was structurally designed to exclude the vast majority of South Africans. Apartheid’s distorted policies had created a dual economy: one of wealth and privilege and another of poverty and exclusion.

This calculated economic strategy, structured along racial lines, created white-owned mines, farms, and factories while many black South Africans languished on the fringes of the economy in an underdeveloped informal sector.

Their meaningful participation in our nation’s wealth was further eroded by discriminatory laws that restricted Black South Africans from owning land, accessing quality education, and entering skilled professions.

These economic distortions which were implemented over hundreds of years continue to plague our nation today as we grapple with one of the highest levels of economic inequality in the world, worsened by alarmingly high unemployment, especially among Black youth.

The country’s Gini coefficient of 0.63 shows that our nation’s income remains unevenly distributed, with the top 10 percent of the population holding more than 85 percent of household wealth. This persistent disparity undermines the development of an inclusive economy where all citizens participate and benefit.

The transformation we seek is about positive change and is the only logical path to long-term growth and the reduction of inequality. In deracialising ownership across our economy, we open more opportunities for black people, in particular women and the youth.

While the Constitution guides our work in creating a society with equal opportunities, we require a deliberate removal of structural obstacles to draw more people into the economy and mechanisms that advance our constitutional commitment to economic redress and transformation.

In this regard, government plans to introduce the Transformation Fund to help level the economic playing field for emerging Black businesses, particularly those in key economic sectors such as manufacturing, agriculture and tourism who struggle to secure funding due to stringent lending requirements.

The fund will provide financial support, infrastructure and capacity-building to Black-owned businesses – in particular Small, Medium and Micro Enterprises, women and youth entrepreneurs, and people living with disabilities – who are often locked out of meaningful economic participation due to their lack of access to capital.

In fostering greater access to capital, business owners can invest in equipment, hire skilled staff, expand into new markets and ultimately quicken the pace of transformation in South Africa’s economy. It is also expected to stimulate meaningful economic activities across all regions of our country.

A similar transformation initiative took place in South Korea, whose government actively worked with companies in the country to address market failures. Local businesses known as Chaebol were guaranteed loans from the banking sector, backed by the government. In the late 1980s, this led to rapid industrialisation with Chaebol businesses dominating the industrial sector in manufacturing, trading and heavy industries

There was also great success in Malaysia’s empowerment initiative, demonstrating what can be achieved through transformation. The country in 1970 found itself in a similar position we face today and began to transform its society and economy through economic empowerment. Its empowerment plan, the National Economic Policy, assisted with the redistribution of the country’s wealth to the indigenous Malays known as Bumiputeras. Today Malaysia is among the richest countries in Southeast Asia by GDP per capita.  

The Transformation Fund we are proposing will operate through a transparent application process, where qualifying businesses as well as partnerships, can apply for funding based on the project’s potential for social impact, sustainability, and alignment with national development goals.

The fund will be anchored in contributions already made to the Enterprise Supplier Development and Equity Equivalent Investment Programme as part of our nation’s B-BBEE policy.  While no additional contributions are required over and above those made under our B-BBEE commitments, the voluntary co-funding by government and business of our transformation efforts can quicken the change we want in our economy.

In supporting the Transformation Fund, both the public and private sectors stand to benefit from the investment in future suppliers, customers, and innovators who will, in turn build resilience and relevance in a fast-changing society.

In advancing the establishment of the fund, it is proposed that the fund will be managed by a dedicated governance structure to ensure transparency. A Special Purpose Vehicle will be established to ensure accountability to an Oversight Committee and a board that possesses the required skills and capacity.

The fund’s draft concept document was released for public comment on 19 March 2025 and the comment period concluded on 28 May 2025. South Africans are encouraged to continue to actively engage on the fund, and more details can be found on the website www.dtic.gov.za.

Government plans to have the fund operational by the end of the year and capacitated with R100 billion. Once operational, it will assist in helping to bring real change in our economy and the lives of people. Let us turn transformation from a concept into practice as we make a real difference in others’ lives and create a fairer society.

*Parks Tau is the Minister of Trade, Industry and Competition

Spaza Shop Awareness Campaign benefits business owners 

Source: South Africa News Agency

Government’s Spaza Shop Support Awareness Campaign is providing much-needed clarity while also encouraging business owners to do things by the book.

“Before today, I didn’t know where to start or which documents were truly necessary. This workshop answered questions I’ve had for years. Now, I understand what compliance actually means and how to meet those expectations,” spaza shop owner Matshidiso Mooki said.

Mooki was among those who attended the session held at the City Hall in the Vereeniging Central Business District in Gauteng on Friday.

She said the campaign brought clarity.

“I am determined to ensure that I comply with all the regulations so that I can qualify for support through the Spaza Shop Support Fund,” she said of the session.

The campaign offered spaza shop owners and township-based convenience store operators critical information on how to apply for both financial and non-financial support under the R500-million fund that was launched by Trade, Industry and Competition Minister Parks Tau and Small Business Development Minister Stella Ndabeni Abrahams in April.

For Matome Tshabalala, the information received at the session was a game changer. He started his shop after the COVID-19 lockdown.

“I’ve always operated informally, but now I want to do things the right way. What stood out for me was the emphasis on record-keeping and understanding zoning laws. I also appreciated the introduction to stock management and bookkeeping,” he said.

The campaign, which aims to formalise and support township-based enterprises, brought together local spaza shop owners, government officials and business development stakeholders.

READ | Government’s Spaza Shop campaign goes to Sedibeng

Compliance 

Participants at the session heard about the importance of compliance requirements for spaza shop permit applications. 

Matshepo Madumbo, the Assistant Manager of Local Economic Development and Tourism at Emfuleni Local Municipality, emphasised the importance of adhering to municipal regulations when applying for permits.

“Many residential areas are not zoned for commercial activity. For a spaza shop to operate legally, the property owner must apply for a rezoning certificate. Without that, the business cannot be recognised as compliant.

“I cannot stress the importance of submitting a stamped building plan, an occupancy certificate, certified identity document, a proof of address no older than three months, and registration documents from the Companies and Intellectual Property Commission (CIPC) along with a valid tax clearance certificate,” she said. 

Madumbo noted that failure to comply with these requirements often leads to unnecessary delays and missed opportunities for funding and supplier networks.

“The Spaza Shop Support Campaign continues to rollout across provinces, ensuring that township entrepreneurs are not only included in the broader economic framework but are also equipped to thrive within it. 

“By focusing on compliance, formalisation, and access to resources, the campaign is helping to level the playing field for small business owners in underserved communities,” said the  Department of Trade, Industry and Competition and the Department of Small Business Development.  – SAnews.gov.za

Valor Hospitality Partners signs three deals in Namibia, expanding its continental footprint

Valor Hospitality Partners (www.ValorHospitality.com), a global leader in full-service hospitality solutions, today announced the signing of three new hotel management contracts in Namibia. This follows an announcement earlier this week of two new properties in West Africa that’s been added to its portfolio on the continent, signed at the Future Hospitality Summit (FHS) in Cape Town this week.  

The three deals are all with IHG Hotels & Resorts, one of the world’s leading hospitality companies, to manage three new-build properties in Namibia, namely the Vignette Collection Dunes Resort Swakopmund making its debut in the country, Holiday Inn Walvis Bay, and voco Windhoek CBD. 

The debut of a Vignette Collection property in Namibia bears testament to the country’s growing appeal as a destination of choice for the discerning traveller.  

The combined capital expenditure for the development and establishment of the three new-build properties in the Southern African country is a significant R1.3 billion.  

Not only do these agreements strengthen Valor’s relationship with IHG in the region, it also expands their footprint across the continent and attests to the growing preference for fully-integrated hospitality management services.  

Valor will oversee the successful opening and management of each of the Namibian properties, drawing on their deep global experience to bring a best-in-class offering to the agreement.  

Michael Pownall, Co-Founder and Managing Partner at Valor Hospitality Partners, says the signing of these agreements reflect not only confidence in the continent’s hospitality sector but also its appreciation for the value fully-integrated management services offer. “These partnerships are about value first and foremost, and how that value enhances the entire sector for all stakeholders. Of course we’re also immensely pleased – and proud – to grow and diversify our regional presence even further” he says.  

Valor brings global insights and strategy to the table. Combined with their deep understanding of how to blend the big-picture with regional and cultural nuances in each location, it’s an approach that ensures global best-in-class management and operational practices at every level.  

Haitham Mattar, Managing Director, IMEA, IHG Hotels & Resorts , said: ” Namibia is one of the most promising growth markets in southern Africa, and we are proud to enhance our presence in the country with three distinctive brands. With strategic locations in Swakopmund, Walvis Bay, and Windhoek, these hotels will cater to the full spectrum of traveller needs, from lifestyle seekers and leisure guests to business executives. This deal shows our ambition to expand our footprint in high-potential African markets through strong local partnerships and a diversified brand portfolio. 

He added: Valor Hospitality Partners is one of IHG’s trusted partners in the region and is a strategic choice for managing these properties in Namibia. We have every confidence in the value that add and look forward to working with them as we enhance our presence in the country. 

Reagon Graig, Managing Director Cadence Capital added: “Our collaboration with IHG Hotels & Resorts marks a major milestone for Namibia’s growing hospitality sector. Also commenting on the transaction, Rodrigo Pimenta, Managing Director, Santiago Property Developers said: “The development of these three hotels aligns perfectly with our vision to support the country’s tourism and business infrastructure, while creating high-quality, globally recognised destinations. We look forward to welcoming guests to these hotels and contributing to Namibia’s continued growth and appeal on the world stage. 

The magnitude of these deals reinforce Valor’s strategic growth on the continent and its ongoing commitment to building world-class and sustainable hospitality operations that embody the brand’s “whole world of local” value ethos.  

Distributed by APO Group on behalf of Valor Hospitality.

For media inquiries and high-resolution images, please contact: 
Delia de Villiers 
delia@phoenixcollective.world 
+27 73 710 3000

Valor Hospitality Social Media: 
Facebook: https://apo-opa.co/46aDJbt
LinkedIn: https://apo-opa.co/4kSsEQL
For more information about Valor Hospitality and its innovative approach to hotel management and franchising, visit www.ValorHospitality.com.  

ABOUT VALOR HOSPITALITY PARTNERS: 
Valor Hospitality Partners (https://apo-opa.co/3TzaXd1) is a leading global full-service hotel underwriting, acquisition, development, management, and asset management company. With over 90 hospitality projects in its international portfolio, Valor Hospitality offers an array of services, including site selection, product and brand selection, entitlements, financing solutions, conceptual design, construction and project management, procurement, technical services, pre-opening, and operations management. Valor also provides consulting services on a wide range of project scenarios, including working with new or existing ownership groups on reviewing site selection, assessing feasibility studies and project budgets, compiling project budgets, and underwriting. For more information, visit www.ValorHospitality.com

Media files

Download logo

Comment les cryptomonnaies et les technologies mobiles ouvrent la voie à la liberté financière en Afrique francophone


En Afrique francophone, où l’accès aux services bancaires traditionnels reste limité, une révolution financière discrète est en cours. Grâce à la croissance rapide des technologies mobiles  et à l’adoption accélérée des cryptomonnaies, des millions de personnes accèdent à des outils leur permettant d’envoyer de l’argent, de protéger leur épargne et de participer à l’économie mondiale comme jamais auparavant.

Dans toute l’Afrique de l’Ouest et l’Afrique centrale, la possession de téléphones portables augmente rapidement. Au Sénégal, le nombre de comptes mobile money  enregistrés est passé de 7 millions en 2013 à 38 millions en 2023 (http://apo-opa.co/467IrGV), faisant grimper le taux de pénétration du mobile money  de 45 % à un impressionnant 210 %. En Côte d’Ivoire, le taux de pénétration des smartphones était de 45 % en 2020, avec près de 11,9 millions d’utilisateurs (http://apo-opa.co/3Gbl2K4). Et au Cameroun, les cryptomonnaies gagnent rapidement du terrain : 6,76 % de la population les utilise déjà, ce qui place le pays au 11ᵉ rang en termes d’adoption (http://apo-opa.co/43UUGFn) sur le continent.

“En Afrique francophone, la combinaison des technologies mobiles  et des cryptomonnaies crée une voie unique vers l’inclusion financière”, déclare Anointing Ngoa, Responsable des opérations pour Binance Afrique. “Nous constatons une adoption rapide dans des villes comme Douala, Abidjan et Dakar, où de jeunes entrepreneurs, des travailleurs indépendants et des familles utilisent les cryptos pour envoyer et recevoir de l’argent, accéder à des opportunités mondiales et protéger leurs revenus contre l’inflation.”

Réinventer les transferts de fonds

L’envoi d’argent au-delà des frontières reste coûteux en Afrique francophone. Selon la Banque mondiale, le coût moyen des transferts de fonds vers l’Afrique subsaharienne oscille entre 7 % et 10 %. Ces frais représentent souvent une lourde charge pour les familles de migrants souhaitant soutenir leurs proches.

Binance Pay propose une alternative rapide et sécurisée. La plateforme permet aux utilisateurs d’envoyer et de recevoir des fonds en cryptomonnaies à travers les frontières presque instantanément, sans intermédiaires coûteux ni conversions monétaires complexes. Par exemple, un utilisateur en Côte d’Ivoire peut désormais recevoir de l’argent d’un membre de sa famille en France en quelques secondes, tout en conservant une plus grande partie de ses fonds.

Soutenir une nouvelle génération de travailleurs

Les cryptomonnaies donnent du pouvoir à une population croissante de travailleurs indépendants et d’entrepreneurs en ligne dans la région. Pour les jeunes professionnels qui gagnent leur vie grâce à des plateformes mondiales, elles offrent un moyen efficace et fluide de recevoir des paiements et de développer leur activité.

Grâce à la plateforme de pair à pair (P2P) de Binance et à Binance Pay, ces travailleurs peuvent recevoir des stablecoins, les convertir en monnaie locale et gérer leurs finances plus efficacement.

Préserver la valeur en période d’instabilité économique

Bien que les cryptomonnaies comportent des risques – notamment la volatilité du marché et le besoin de clarté réglementaire – les stablecoins sont de plus en plus utilisés comme outil pratique dans la gestion financière quotidienne. Dans des pays comme la Guinée (http://apo-opa.co/3Gbl3h6) et la RDC (http://apo-opa.co/3Gbl3h6), les habitants se tournent vers les actifs numériques pour se protéger contre la dévaluation monétaire et sécuriser leur quotidien.

Si le potentiel est immense, libérer tout l’impact des cryptos en Afrique francophone passe avant tout par l’éducation. Binance investit activement dans l’éducation financière de proximité à travers des ateliers en ligne, des événements physiques et des partenariats avec les communautés locales.

“La technologie mobile est déjà dans toutes les poches”, souligne Ngoa. “ Si l’on y ajoute la bonne éducation et des outils sécurisés, on peut transformer la façon dont les Africains interagissent avec l’argent, localement et à l’échelle mondiale.”

Binance reste également fortement engagé en matière de conformité et de protection des utilisateurs, en développant des systèmes et des services alignés sur les réglementations locales, mettant la sécurité et la transparence au premier plan.

Les cryptomonnaies ne sont pas une solution miracle. Mais en Afrique francophone, elles deviennent un puissant catalyseur de liberté financière, d’entrepreneuriat et d’inclusion – notamment lorsqu’elles sont combinées à l’éducation, aux infrastructures et à la confiance.

Distribué par APO Group pour Binance.

95 dead in Eastern Cape floods, as search and recovery efforts continue

Source: South Africa News Agency

The Eastern Cape Provincial Government has announced that a total of 95 bodies have been recovered across various districts, following the recent floods, including the bodies of two teenage males discovered yesterday afternoon.

This as the search and recovery efforts continue.

“Out of the recovered bodies, 86 have been identified and have been collected by their families and processes are underway for the identification of the remaining bodies,” the provincial government said in a statement on Monday.

The provincial government said it was coordinating the provision of burial support for the victims of the disaster. This includes the storage of the bodies, burial services and transportation of the remains to the area identified by the families for burial. 

“The provision of this support has been made possible through support from AVBOB and government is also engaging with other funeral parlours with a view to mobilise support in line with the needs of the family.

“Government has provided support to 26 deceased persons that were buried from Thursday to this weekend,” the provincial government said. 

In addition to the burial services, government has provided the following support to the bereaved families:

• The South African Social Security Agency (SASSA) has extended the Social Relief of Distress (SRD) grant, and this includes the provision of financial support towards funeral preparations.

• Grocery hampers donated by Interlink Express.

• The Department of Education has provided financial support of R5000 per deceased learners.

• Various local municipalities are assisting with grave preparation where required.

• Home Affairs emergency and mobile services for bereaved and displaced families.

• The Department of Home Affairs has deployed three mobile offices each in Butterworth and Mthatha. 

“Through this intervention, 311 in Mthatha and 145 in Butterworth affected individuals are being assisted to replace their birth certificates and IDs that were lost as a result of the disaster. All six mobile offices will remain on site this week to continue to provide support to the survivors as they rebuild their lives,” the statement said.

Search and recovery efforts 

The integrated search and recovery teams have been assisted by the South African National Defence Force (SANDF) members who continue to work tirelessly to locate and recover any remaining bodies.

From Monday, the search and recovery teams will be joined by a team from the North West Provincial Government, increasing the number of teams to four.

The provincial government has welcomed the support of government institutions and non-governmental organisations who have been part of rescue and recovery efforts, including the provision of humanitarian support.

Eastern Cape Acting Premier, Mlungisi Mvoko, has acknowledged the role played by ordinary citizens in continuously cooperating with authorities and providing the necessary assistance during this challenging time.

“The provincial government is committed to speeding up efforts of ensuring that affected communities are supported to rebuild their lives,” the provincial government said. – SAnews.gov.za

Central African Republic : African Development Bank Strengthens Capacity to Tackle Illicit Financial Flows and Manage Resource-backed Loans

The African Development Bank Group (www.AfDB.org) has successfully concluded a high-level workshop and policy dialogue aimed at enhancing the Central Africa Republic’s capacity to combat illicit financial flows (IFFs) and improve the governance of resource-backed loans.

Held in Bangui from 10-13 June 2025 under the theme Harnessing Africa’s Wealth: Curbing Illicit Financial Flows for Resilient Growth and Development,” the four-day event brought together 80 officials from key government ministries, including Finance, Economy, Planning, Environment, Mines and Geology – as well as civil society, the private sector, and local communities.

 The sessions were convened by the African Development Institute (ADI) (https://apo-opa.co/4k3PqnO) and the Natural Resources Management and Investment Centre (ECNR) (https://apo-opa.co/3I7F8Wc) as part of the Bank’s GONAT initiative, which supports improved natural resource governance in fragile and transitional states.

High-level panelists included Prof. Richard Filakota, Minister of Economy, Planning and International Cooperation who also serves as the Bank’s Governor for the Central African Republic; Mr. Rufin Benam Beltoungou, Minister of Mines and Geology; and Prof. Chantal Laure Djebebe, Minister and Advisor to the Prime Minister on natural resources.

Illicit financial flows are a major challenge across the continent, draining billions of dollars annually and severely constraining the ability of African countries to mobilize domestic resources for development.

“The Central African Republic is rich in natural resources – gold, diamonds, uranium, copper, forests, among others. However, without enhanced oversight, institutional capacity, and sound strategic planning, these resources can become a source of political instability, illicit activities, and unsustainable debt,” warned Minister Beltoungou.

Workshop participants emphasized the growing use of resource-backed loans – facilities collateralized by natural resources – to finance infrastructure development. While these instruments can unlock critical funding, they also pose risks.

“Resource-backed loans are loans collateralized by natural resources and can help finance infrastructure such as roads, hospitals, and schools. However, caution is needed in managing repayment conditions, especially when a country lacks full control over its resource accounting,” emphasized Médard Goudozoui, a geological engineer and training beneficiary.

The capacity-building sessions introduced a suite of practical tools and analytical methods for detecting and addressing IFFs in the Central African Republic.

“We explored techniques such as the Partner Country Method, trade misinvoicing, and international indices like the Financial Secrecy Index and the Corruption Perception Index – all of which help identify discrepancies between export declarations and customs records in partner countries,” noted Fanta Mariette Samba-Vomi, a geological engineer and Director of the Mining Cadastre. According to her, such tools are critical in detecting anomalies related to under- or over-valuation of exported resources – as often seen in the gold and diamond sectors in the CAR.

Gender inclusion in governance processes was also featured during the workshop.

“We welcome the GONAT project’s focus on inclusive governance, with a target of at least 40% female participation. As a Bank, we recognize that transformative and sustainable change is only possible when the voices of women and local communities are integrated into policy formulation processes,” said Mamady Souaré, Country Manager of the African Development Bank Group in the Central African Republic.

Echoing this, Alexia Molotouala, Head of Division at the Permanent Secretariat of the Kimberley Process, stated: “Increasing women’s involvement is critical because they play a key role in affected communities. Their participation enhances transparency, fairness, and policy effectiveness. Inclusive governance also promotes social cohesion and sustainable development.”

Dr. Eric Ogunleye, Director of the African Development Institute emphasized the broader impact of the sessions. “It is our firm belief that the knowledge and tools acquired will go a long way in fostering stronger oversight of resource-backed loans and better governance of extractive resources.”

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Contact:
Solange Kamuanga-Tossou
Principal Regional Communication Officer
African Development Bank
media@afdb.org

About the GONAT Project:
GONAT is a flagship initiative of the African Development Bank Group. Designed to improve governance in the natural resources sector to facilitate domestic resource mobilization in fragile and transition states, the project specifically targets the Central African Republic, Chad, the Democratic Republic of Congo, Mozambique, Sierra Leone, and Zimbabwe. Natural resource sectors covered under GONAT include oil, gas, minerals, forestry, fisheries, and wildlife.

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

Media files

Download logo

African finance ministers shouldn’t be making bond deals: how to hand over the job to experts

Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

Eurobonds, debts owed in a foreign currency, have become a quick and attractive way for African countries to borrow money. They are behind a sharp rise in commercial borrowing as a percentage of total external debt: it has nearly doubled from 27% in 2011 to 52% in 2020. This has increased the debt vulnerability of most African countries.

Recent developments, however, show that most of the bonds have not been structured properly. As a result, African countries are paying way over the odds relative to their sovereign risks.

Based on my bond price modelling expertise, it is my view that there are two major drivers of the mispricing of African government bonds. They are interlinked.

Firstly, a lack of expertise in debt management offices, whose job it is to negotiate the terms of any debt deals and to oversee their execution. This is a topic I explored in a recent article.


Read more: African countries are bad at issuing bonds, so debt costs more than it should: what needs to change


The second factor, which I address here, is that in many African countries, finance ministers have assumed primary responsibility for Eurobond issuance. They engage directly with investment bankers, legal advisors and credit rating agencies.

In my view they shouldn’t.

Finance ministers should stay away from debt negotiations because they are political appointees. They operate under incentives tied to electoral cycles, not fiscal sustainability. Their short tenures and desire to fund visible projects often conflict with the long-term nature of sovereign debt obligations.

They don’t have the necessary expertise to handle the technical complexity required to get the best possible deal, either.

Simply calling for ministers to step aside would ignore the institutional realities in most African countries. In particular, debt management offices have severe capacity constraints.

Nevertheless, as global financial conditions tighten and African countries seek to refinance maturing Eurobonds or issue new instruments, the risks of politicised borrowing must be minimised. Ministers should spend their energies on ensuring their debt management offices are well staffed with top quality teams. They should then leave it up to these technical staff to prepare and arrange the financing.

This would leave room for ministers to manage any disagreements between technical staff and the banks when necessary. And to close the final deal.

Ministers versus the experts

Eurobond issuance involves advanced financial engineering – pricing models, investor engagement, covenant structuring and legal compliance across jurisdictions. It takes a deep understanding of capital markets.

When debt management offices are operating at their best, they are filled with people who have this knowledge. They have a combination of financial market and public policy skills, including debt portfolio management, risk analysis and debt transaction processing.

In discussions with debt managers at the African Sovereign Debt Conference it’s become clear to me that debt managers are sidelined in the international bond issuance negotiations. They are also sidelined in the execution process, except for administrative support.

What happens instead is that finance ministers are usually key contacts of the investment bankers. By approaching a minister directly, investment bankers get to close their mandates faster.

But this minimises due diligence and bypasses internal safeguards. Ministers may not pay attention to complex legal clauses under foreign jurisdictions, details of investor negotiations and fee structures. They may accept unfavourable terms, ignore sustainability assessments and obscure fiscal vulnerabilities in pursuit of political wins and quick disbursements.

For example, in 2018, Ghana’s then finance minister was internationally lauded for financial stewardship. Ghana was the first African issuer of a longest tenure and a zero-coupon bond. A year later, the country defaulted, suggesting the bond terms weren’t great for the country. The minister nevertheless received several awards as the best and most prudent in Africa.

There is also the issue of conflicts of interest. When the same actor – in this case the finance minister – proposes, negotiates and approves a debt instrument, the system lacks accountability.

In many African countries, parliaments, audit institutions and civil society have limited understanding about the technical details of bond agreements. Ministers can easily sideline procurement rules and transparency mechanisms, resulting in non-competitive contracts and opaque fees paid to underwriters and advisors.

Investment bankers prefer this arrangement as it works in their favour.

Reforms that are needed

Before finance ministers can hand over control, debt management offices must be equipped. This requires targeted reforms, including:

  • Capacity building through strategic partnerships: African debt management offices should work with international issuing syndicates and development partners to gain first-hand exposure to structuring, pricing and marketing global bonds.

  • Human capital reforms: Governments must attract and retain highly skilled debt managers by offering competitive pay, professional development opportunities and protection from political interference.

  • Debt management offices must be staffed by dedicated quantitative analysts. They must also be equipped to use real-time market intelligence systems and formal investor relations programmes.

  • Gradual delegation: Authority can be shifted, starting with less complex debt instruments.

The role of the finance minister must evolve. Ministers should provide strategic leadership: approving borrowing strategies, ensuring alignment with macroeconomic goals, and engaging parliament and the public.

Their function should shift from operational to institutional oversight and accountability.

Structural reforms must embed the capacity, autonomy and transparency required for debt management offices to lead effectively.

In South Africa, for example, the assets and liabilities management division of the National Treasury department manages government’s annual funding programme.

Professionalising the debt issuance process is not just about avoiding technical mistakes. It’s also about creating resilient institutions that can withstand political turnover. That fosters credibility and long-term access to capital.

Ministers should remain accountable to the public, and debt management offices must do their work based on technical merit.

– African finance ministers shouldn’t be making bond deals: how to hand over the job to experts
– https://theconversation.com/african-finance-ministers-shouldnt-be-making-bond-deals-how-to-hand-over-the-job-to-experts-259017

République centrafricaine : la Banque africaine de développement renforce les capacités en matière de lutte contre les flux financiers illicites

Le Groupe de la Banque africaine de développement (www.AfDB.org) a conclu avec succès un atelier de haut niveau suivi d’un dialogue politique, visant à renforcer les capacités de la République centrafricaine en matière de lutte contre les flux financiers illicites et à améliorer la gouvernance des prêts adossés aux ressources.

Organisé à Bangui du 10 au 13 juin 2025 sous le thème « Exploiter la richesse de l’Afrique : freiner les flux financiers illicites pour une croissance et un développement résilient, cet événement de quatre jours a réuni 80 participants issus des principaux ministères – Finances, Economie, Plan, Environnement, Mines et Géologie – ainsi que la société civile, le secteur privé et les communautés locale.

Parmi les panélistes de haut niveau figuraient Felix Moloua, ministre de l’Économie, du Plan et de la Coopération et gouverneur de la Banque pour la RCA, Rufin Benam Beltoungou, ministre des Mines et de la Géologie et Chantal Laure Djebebe, ministre, conseillère du Premier ministre chargée des ressources naturelles.

Les flux financiers illicites sont un défi majeur à l’échelle du continent, siphonnant chaque année plusieurs milliards de dollars, et limitant fortement les capacités des pays africains à mobiliser des ressources internes pour financer leur développement.

« La République centrafricaine est riche de ressources naturelles : or, diamant, uranium, cuivre, forêt, entre autres. Mais sans une surveillance accrue des capacités institutionnelles et une planification stratégique adéquate, ces ressources naturelles peuvent devenir une source de fragilité politique, d’activités illicites et d’endettement insoutenable », a prévenu M. Beltoungou.

Les participants à l’atelier ont souligné le recours croissant aux prêts adossés aux ressources – des mécanismes de financement garantis par les ressources naturelles – pour le développement des infrastructures. Bien que ces instruments permettent de mobiliser des financements essentiels, ils comportent également des risques.

« Les prêts adossés aux ressources sont des prêts garantis par des ressources qui peuvent faciliter la construction d’infrastructures, telles que les routes, hôpitaux, écoles. Toutefois, il faut de la prudence dans les conditions de remboursement si l’on ne maîtrise pas encore la comptabilité de ses ressources », a souligné Médard Goudozoui, ingénieur géologue et bénéficiaire de la formation.

Les sessions de formation ont présenté une série d’outils et de stratégies nécessaires pour détecter et combattre les flux financiers illicites en RCA.

« Nous avons découvert des méthodes, telles que la Partner Country Method (PCM), la fausse facturation commerciale, ou encore les indices internationaux comme le Financial Secrecy Index ou le Corruption Perception Index, qui permettent d’identifier les écarts entre les déclarations d’exportation et les enregistrements douaniers dans les pays partenaires », a noté Fanta Mariette Samba-Vomi, ingénieure géologue et directrice du cadastre minier. Pour elle, ces outils sont essentiels pour repérer les anomalies liées à la sous-évaluation ou à la surévaluation des ressources exportées, comme cela peut être observé dans les filières aurifères ou diamantifères en RCA.

La question de l’inclusion des femmes dans la gouvernance a aussi été fortement mise en avant au cours de l’atelier.

« Nous nous réjouissons que le projet (GONAT) mette l’accent sur une gouvernance inclusive, avec un objectif de participation féminine d’au moins 40 %. En tant que Banque, nous reconnaissons qu’un changement transformateur et durable ne peut se produire que si la voix des femmes et des communautés locales est entendue et prise en compte dans les processus d’élaboration des politiques », a affirmé Mamady Souaré, responsable du bureau pays du Groupe de la Banque africaine de développement en Centrafrique.

Dans le même esprit, Alexia Molotouala, cheffe de la division n°2 du secrétariat permanent du Processus de Kimberley au ministère des Mines et de la Géologie, « impliquer davantage les femmes est crucial car elles jouent un rôle clé dans les communautés affectées. Leur participation renforce la transparence, l’équité et l’efficacité des politiques. Une gouvernance inclusive favorise aussi la paix sociale et le développement durable ».

Eric Ogunleye, directeur de l’Institut africain de développement, a souligné la portée plus large des sessions : « Nous sommes convaincus que les connaissances et les outils acquis contribueront de manière significative à un meilleur encadrement des prêts adossés aux ressources et à une gouvernance renforcée des ressources extractives. »

Distribué par APO Group pour African Development Bank Group (AfDB).

Contact media :
Solange Kamuanga-Tossou
chargée principale de la communication régionale pour l’Afrique centrale
media@afdb.org

À propos du projet GONAT :
Il s’agit d’un projet phare du Groupe de la Banque africaine de Développement. Conçu pour renforcer la gouvernance dans les secteurs des ressources naturelles dans les pays fragiles et en transition, le projet cible spécifiquement la République centrafricaine, le Tchad, la République démocratique du Congo, le Mozambique, la Sierra Leone et le Zimbabwe. Les secteurs des ressources naturelles couverts par le projet GONAT incluent le pétrole, le gaz, les minéraux, la foresterie, la pêche et la faune sauvage.

À propos du Groupe de la Banque africaine de développement :
Le Groupe de la Banque africaine de développement est la principale institution de financement du développement en Afrique. Il comprend trois entités distinctes : la Banque africaine de développement (BAD), le Fonds africain de développement (FAD) et le Fonds spécial du Nigeria (FSN). Représentée dans 41 pays africains, avec un bureau extérieur au Japon, la Banque contribue au développement économique et au progrès social de ses 54 États membres régionaux. Pour plus d’informations: www.AfDB.org

Media files

Call for nominations of board members of SAIDS

Source: South Africa News Agency

The Minister of Sport, Arts and Culture, Gayton Mckenzie, has called for nominations for independent, suitably qualified persons with knowledge of anti-doping in sport for appointment as board members of the South African Institute for Drug-free Sport (SAIDS).

Nominees should be in possession of a relevant degree or equivalent qualifications and more than five years of professional experience in any of the following fields: law, sports medicine, sport management, sport science or law enforcement.

Nominees should also demonstrate knowledge of corporate governance and familiarity with the King IV and the Public Finance Management Act (PFMA); understand policy implementation; familiarity with anti-doping issues and trends; strong ethical values and principles and professional respect and recognition by peers in their occupational field.

The Department of Sport, Arts and Culture has encouraged applications from women, youth, and persons with disabilities in line with the government’s commitment to promoting diversity and inclusion.

“The term of office for the Board is for a period of five years, commencing from the date of appointment in 2025 until 2030. The remuneration will be made in accordance with Treasury guidelines for public entities,” the department said on Monday.

Anyone wishing to nominate persons to serve as members of South African Institute for Drug-Free Sport should submit the following:

  • A letter containing full names, address and telephone numbers of the nominee, giving reasons for nomination;
  • Recently updated Curriculum Vitae of the nominee, including three contactable references;
  • A brief statement signed by the nominee explaining his/her suitability for appointment.
  • Copies of qualifications and ID document.

Nominations are to reach the Acting Director-General of the Department of Sport, Arts and Culture by closing date of 6 July 2025 via e-mail to: BoardNominations.SAIDS@dsac.gov.za.

No nomination will be considered unless all the above are included. Correspondence will only be entered into with shortlisted candidates.

If you have not been contacted withing three months of the closing date of this advertisement, please accept that your application was unsuccessful.

Enquiries can be directed to Mr Kgaogelo Phasha on 066 301 4653 or via email at Kgaogelop@dsac.gov.za.

Further information can be obtained from the SA Institute for Drug-Free Sport’s website www.drugfreesport.org.za. – SAnews.gov.za