2018 African Economic Outlook: African Development Bank makes a compelling case for Africa’s industrialization

The Bank would organise the Africa Investment Forum on November 7-8, 2018 in Johannesburg, South Africa, to mobilise funds for infrastructure development, to bridge an estimated funding gap of $130-$170 billion a year

AudioAge – Abidjan, Ivory Coast – January 19, 2018 – The President of the African Development Bank (www.AfDB.org), Akinwumi Adesina, has made a compelling case for accelerating Africa’s industrialization in order to create jobs, reduce poverty and promote inclusive economic growth.

Citing data from the Bank’s 2018 African Economic Outlook (http://APO.af/GHTmei) launched in Abidjan, Côte d’Ivoire, on Wednesday, Adesina said infrastructure projects were among the most profitable investments any society can make as they “significantly contribute to, propel, and sustain a country’s economic growth. Infrastructure, when well managed, provides the financial resources to do everything else.”

Noting that economic diversification is key to resolving many of the continent’s difficulties, he urged African governments to encourage a shift toward labour-intensive industries, especially in rural areas where 70 percent of the continent’s population resides.

“Agriculture must be at the forefront of Africa’s industrialization,” he said, adding that integrated power and adequate transport infrastructure would facilitate economic integration, support agricultural value chain development and economies of scale which drive industrialization.

He reminded the audience of policy-makers and members of the diplomatic corps in Côte d’Ivoire that economic diversification via industrialization with tangible investment in human capital will enable the continent’s rapidly growing youth population to successfully transition to productive technology-based sectors.

Adesina also highlighted the relatively unknown win-win situation that Africa’s industrialization can generate within the developed world, citing data from the report, which notes that “increasing the share of manufacturing in GDP in Africa (and other Less Developing Countries) could boost investment in the G20 by about US $485 billion and household consumption by about US $1.4 trillion.”

The Bank President highlighted various innovative ways in which African countries can generate capital for infrastructure development and what the Bank is doing through its ambitious High 5 development agenda to address the issues raised in the report.

He announced that the Bank would organise the Africa Investment Forum on November 7-8, 2018 in Johannesburg, South Africa, to mobilise funds for infrastructure development, to bridge an estimated funding gap of $130-$170 billion a year, up from previous estimates of US $100 billion per year.

New infrastructure financing gap estimates and innovative ways through which African countries can raise funds for infrastructure development are among the highlights of the 2018 edition of the report, which was launched at the Bank’s headquarters for the first time in the publication’s 15-year history.

The African Economic Outlook was first published in 2003 and launched mostly in various African capitals outside the Bank’s headquarters in May each year.

In his remarks, Célestin Monga, the Bank’s Chief Economist and Vice-President for Economic Governance and Knowledge Management, said the African Economic Outlook has become the flagship report for the African Development Bank, providing data and reference material on Africa’s development that are of interest to researchers, investors, civil society organizations, development partners and the media.

This year’s edition focuses on macroeconomic development and structural changes in Africa, and outlines economic prospects for 2018. The report emphasizes the need to develop Africa’s infrastructure, and recommends new strategies and innovative financing instruments for countries to consider, depending on levels of development and specific circumstances.

Abebe Shimeles, Acting Director, Macroeconomic Policy, Forecasting and Research, said the Bank will publish Regional Economic Outlooks for Africa’s five sub-regions. The self-contained, independent reports, to be released at the Bank’s Annual Meetings in May 2018, will focus on priority areas of concern for each sub-region and provide analysis of the economic and social landscape, among other key issues.

Participants at the launch session, moderated by the Bank’s Director of Communications and External Relations, Victor Oladokun, included members of the diplomatic community in Côte d’Ivoire, representatives of international organisations and multilateral development banks, civil society and the media.

The African Economic Outlook is produced annually by the African Development Bank. The full report is available in English, French and Portuguese at www.AfDB.org/aeo. Official hashtag: #2018AEO

For more information or to request a hard copy of the report, please contact:

African Development Bank Group (AfDB)

Olivia Ndong Obiang, Principal Communication Officer, tel. +225 7575 0215, O.Ndong-Obiang@AfDB.org
Solange Kamuanga-Tossou, Media Relations Assistant, tel. +225 2026 2978, S.Kamuanga-Tossou@AfDB.org

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Africa: Telecom, Media and Tech leaders meet in Cape Town for regional investment event

Key decision makers from MTN, Vodacom, Econet Wireless, Safaricom, Millicom, Convergence Partners, Standard Bank, MainOne and Rand Merchant Bank are among the first key speakers announced for TMT Finance Africa in Cape Town 2018, which is taking place on March 15

AudioAge – Cape Town, South Africa- 10 January 2018 – The event gathers Africa’s top telecom, media and technology giants, plus their leading investors, financiers and advisers, to discuss future strategies for investment and regional growth. www.TMTfinance.com/capetown

Cape Town, South Africa will play host to the TMT Finance Africa event for the first time, which will see more than 200 regional and international telecom, media and technology leaders, investment bankers, investors, advisers and government representatives meet for a series of panel debates, visionary keynote speeches, structured networking sessions and private breakout discussions.

Around 70 speakers will be announced, with CxOs from leading operators confirmed from Vodacom, MTN, Econet Wireless, Safaricom, Millicom, Intelsat and 9Mobile; and financiers and investors including Standard Bank, Convergence Partners, Rand Merchant Bank, IFC, Absa Capital, Citi, Credit Suisse, Ethos Capital, Investec Asset Management, and Mamor Capital; plus tech and media companies including: Econet Media, Primedia, Letshego, iROKO, Uber, MainOne and WorldRemit, with around 30 more speakers to be announced www.TMTfinance.com/capetown/speakers

“Due to hugely popular demand from our global network, we are delighted to be bringing the TMT Finance franchise to Cape Town in order to meet the increasing demand for infrastructure and services in Africa’s flourishing TMT sector,” said Ben Nice, Managing Editor, TMT Finance. “South Africa is a critical hub for investment, M&A and innovation, and we are very excited to have already announced many of the region’s most influential people and leading companies for the event, which we envisage will now become a regular fixture in the TMT Finance global events calendar,” he added.

Key session themes announced include: Telecom Leadership Africa; Broadband Infrastructure Investment; Digital Africa; Mobile Tower Strategies; Mergers and Acquisitions; Private Equity Africa; Spectrum sharing; Regulation and Policy; Financing TMT; Investing in Mobile Data and Services; Mobile Payments and Banking, Fintech and M-Health; and Media and Convergence.

To see the agenda, go to: www.TMTfinance.com/capetown/programme

To register, go to www.TMTfinance.com/capetown/register/

TMT Finance


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Nadine Tinen appointed to lead the Sub-Saharan Francophone Africa region for PwC France and Francophone Africa

Nadine Tinen intends to grow the Firm’s revenue in the region by more than 40% by 2022

AudioAge – Neuilly-Sur-Seine, France – 20 December 2017 – Nadine Tinen has been named Regional Senior Partner of PwC Sub-Saharan Francophone Africa (www.PwC.com), thus also joining the Territory Leadership Team for PwC France & Francophone Africa. Appointed on 1 July 2017, she takes over from Edouard Messou.

Nadine Tinen, 45, is a graduate of the University of Bourgogne (Dijon), where she earned a DESS postgraduate diploma in tax law, a Magistère specialised postgraduate diploma in corporate law, tax and accounting and an international diploma in European tax law (Diplôme International de Droit Fiscal Européen). Specialising in tax, Nadine has become well-known over her 20 years in the field for her expert advice to businesses.

Nadine began her career in 1996 at PwC Cameroon and was admitted as a partner 10 years later. In 2010, she took over the Firm’s Cameroon practice and, in 2014, joined the Leadership Team for PwC Sub-Saharan Francophone Africa as Tax & Legal Leader, responsible for legal and tax advisory services.

Nadine is also a CEMAC-certified tax lawyer (Conseil Fiscal Agréé CEMAC) and a member of the Cameroon Association of Tax Lawyers (Ordre National des Conseils Fiscaux).

“Africa is a continent on the move, with an important role to play in the future of global affairs. In 2050, Africa will represent 12% of global wealth. Demographic, economic and social change is underway on the continent, and it’s happening now. This is why we need to work with the stakeholders in African development – spanning society, local communities and national, pan-African and even international businesses – to help them carry out their projects, from the initial strategy phase right up to completion. We believe that helping these stakeholders grow will allow us to contribute toward the development and promotion of Africa as a whole,” said Nadine Tinen.

With a view to dealing with the three major challenges that have been identified for the next five years – a Volatile, Uncertain, Complex and Ambiguous (VUCA) political, economic and social environment, technological developments and the growth of the regional economy, Nadine Tinen has set herself four strategic objectives:

·         To drive PwC’s transformation in Sub-Saharan Francophone Africa in a bid to improve support for clients with their own transformations, which are chiefly digital but may also be cultural. This process will involve introducing new innovative and collaborative tools, solutions, concepts and methodologies.

  • To develop the Firm’s Advisory services for businesses and public authorities in the region, with two ambitions:
    • Working with the governments of the region on their economic diversification programmes and large-scale projects for transforming and enhancing performance and competitivity;
    • Working with businesses, regional champions and start-ups with high growth potential with a view to their becoming the future leaders of the region.
  • To boost PwC’s employer brand in Sub-Saharan Francophone Africa, in two ways:
    • Implementing policies that promote employee well-being and real opportunities for career development;
    • Fostering the development of future talents in the region via the creation of a “PwC Academy”.
  • To develop synergies between PwC offices in Africa as a means of meeting the needs and expectations of both the public and private sector.

PwC reported revenue of nearly €50 million between 1 July 2016 and 30 June 2017 in the Sub-Saharan Francophone Africa region. By meeting her four strategic objectives, Nadine Tinen intends to grow the Firm’s revenue in the region by more than 40% by 2022.

The investments made to achieve this ambitious growth will focus on human capital, innovation and technology and developing synergies. Accordingly, the total headcount of PwC offices in Sub-Saharan Francophone Africa is set to climb by 20% over the next five years, growing from over 700 employees today to close to 900 in 2022. Further, there are plans to promote 12 partners over the same period, growing the partnership from 28 members to 40 over five years. The transformation has already begun: three new partners were appointed as of 1 July 2017 (see appendix for their biographies).

“In addition to setting ambitious financial and business objectives, I will make diversity the focus of my term as Regional Senior Partner. I will continue to take positive action to support the advancement of women in business and in African society as a whole. At PwC, we believe in rewarding excellence regardless of gender and in encouraging individual career plans that allow our employees to achieve a healthy work/life balance,” added Nadine Tinen. 

Nadine Tinen introduces her new management team

Nadine Tinen has brought together a new management team to take charge of the development of PwC’s business in the Sub-Saharan Francophone Africa region and help achieve the objectives set for the next five years.

The partners on the new management team are:

  • Souleymane Coulibaly Soro, Assurance Leader
  • Laurent Pommera, Tax & Legal Leader
  • Georges-Louis Levard, Advisory Coordination Leader
  • Didier Nguessan, Human Capital Leader

Souleymane Coulibaly Soro, 50, a certified accountant admitted to the Association of Certified Accountants (Ordre des Experts-Comptables) in Côte d’Ivoire, is a graduate of the Ecole Supérieure de Commerce d’Abidjan.

He joined PwC in Côte d’Ivoire in 1991. After being promoted to the partnership in 2008, he was selected to lead the Côte d’Ivoire office in 2013 and joined the PwC Sub-Saharan Francophone Africa Leadership Team the following year as Assurance Leader. His role in Nadine Tinen’s new team will be to develop and adapt the Firm’s audit services to the new challenges faced by the public and private sectors in the Sub-Saharan Francophone Africa region.

Laurent Pommera, 42, is a graduate of the University of Rennes, where he earned a DESS in corporate law combined with a DJCE (specialised diploma for in-house legal counsel) and a master’s degree in French and UK corporate law. He also holds a postgraduate diploma (DEA) in private international law and international business law from the Université Paris 1 Panthéon-Sorbonne. He is a qualified French attorney (avocat) and former member of the Paris Bar.

Laurent began his career at PwC Gabon in 1998 before moving back to France in 2003 to join the corporate litigation practice at Paris law firm D’Armagnac Société d’Avocat. At the end of 2007, he returned to Gabon and was promoted to the partnership two years later. He is now joining the PwC Sub-Saharan Francophone Africa Leadership Team as Tax & Legal Leader. His role will be to oversee the implementation of PwC’s Tax & Legal strategy in Francophone Africa, by promoting innovation and the development of human capital and tools, all with a view to achieving client satisfaction in a rapidly changing Africa.

Georges-Louis Levard, 44, holds a Diplom Kaufmann (German diploma in business administration) from ESCP-EAP and is also a graduate of Sciences Po in Paris.

He joined PwC France in 2001 after working within the corporate restructuring department at BHF-Bank in Frankfurt and at KPMG in Paris.

Georges-Louis specialises in financial audit services for the banking sector and, since 2005, has worked in Gabon, Luxembourg and the Democratic Republic of the Congo (DRC). He was promoted to the partnership in 2011 and is now based in Kinshasa. He joined the PwC Sub-Saharan Francophone Africa Leadership Team in 2015. As Advisory Coordination Leader, his main role will be to promote synergies and the development of advisory services in Sub-Saharan Francophone Africa, in coordination with the France and Francophone Africa Advisory teams.

Didier N’Guessan, 44, a French certified accountant (Expert-Comptable diplômé de l’Etat français), is a graduate of the Ecole Supérieure de Commerce d’Abidjan (ESCA) and holds a certificate in public financial management from Harvard University (John F. Kennedy School of Government). He is a knight of the National Order of Merit in Côte d’Ivoire and a member of the ethics committee of the Association of Certified Accountants (Ordre des Experts comptables) of Côte d’Ivoire.

Didier has 22 years of experience at PwC in France, the Netherlands and Africa, during which time he has led numerous audit and advisory engagements in various business sectors. Admitted as a partner in 2010, he was appointed PwC Assurance Learning & Education Leader for Sub-Saharan Francophone Africa in 2014. As part of the new management team for the region, he will be coordinating human resources and corporate culture, with the goal of delivering on the Firm’s commitment to playing an active role in the development of the African continent by building human capital.

APPENDIX: Biographies of partners promoted as of 1 July 2017 in Sub-Saharan Francophone Africa

Mahi Kane, 39, holds a master’s degree in tax and corporate law from INSEEC Paris. Specialising in tax, he is a certified member of the Senegalese National Association of Experts (Ordre national des experts).

After completing an internship of nearly two years in the tax department of LVMH in Paris and a further six‑month placement in the Paris office of Landwell et Associés (now PwC Société d’Avocats), he joined PwC Sénégal in 2005.

In Dakar, Mahi has worked on numerous engagements for transport and logistics businesses. He has over twelve years of experience in Francophone Africa, during which time he has developed expertise in telecommunications, oil and gas and banking, all of which are growth sectors on the continent.

In his new role as a partner, Mahi aims to boost the development of tax and legal advisory services at PwC Sénégal, with a particular focus on the oil and gas industry.

Fousseni Traore, 51, holds a master’s degree in political science from the University of Abidjan in Côte d’Ivoire.

He joined PwC Côte d’Ivoire out of university in 1999, as a junior associate in the tax and legal department in Abidjan. He advises on various fields, spanning tax audit support and due diligence, employment law and customs. Appointed as a director in 2007, he has developed expertise in a range of business sectors, with a focus on services, mining and agrifood.

As a new partner, Fousseni will be responsible for expanding the Firm’s tax and legal advisory services for local SMEs and customs support services in Côte d’Ivoire.

Ghislaine Djapouop, 43, holds an MBA in corporate strategy and finance from INSEAD in Singapore.

She began her career in Cameroon in 1998 as accountant and treasurer for the company Sotrav. Subsequently, she worked for two years as administration and finance manager at Colgate Palmolive and the CTM (Cellule Technique pour l’Amélioration de la Gestion des Finances Publiques – technical unit for improving governance in the public finance sector), after which she left Cameroon to continue her studies, obtaining two MBAs from CESAG and INSEAD respectively. She entered the world of consulting in South Africa in 2005 when she worked as a strategy consultant at Decipher Consulting and later at Gemini Consulting.

In 2008, she joined the Advisory team at PwC Gabon, before moving to the Democratic Republic of the Congo, where she was appointed director in 2014. She advises on improving the business environment and public sector reform.

In her role as a new partner, Ghislaine will be responsible for developing PwC’s business in Sub-Saharan Francophone Africa with international lenders, with a focus on large-scale, multi-year structuring projects.

About PwC France & Francophone Africa
PwC (www.PwC.com) is developing its advisory, audit and accounting engagements in France and French-speaking Africa by leveraging an industry-specific approach.
More than 236,000 people in 158 countries belonging to the PwC international network share their ideas, expertise and innovative views to deliver high-quality service to clients and partner companies. PwC’s French and French-speaking African firms comprise 6,400 people working out of 23 countries. For more information, visit www.PwC.fr
By working every day to advise clients and support them in their success, PwC actively contributes to the development of the French economy. Through its studies and expert analyses, PwC is also committed to preparing for the economies of the future and developing new technological applications. Lastly, by providing solutions for risk management, PwC creates trust among stakeholders and helps maintain a secure environment at the heart of the French economy.
PwC France launched the #LetsgoFrance movement to showcase all the people, companies and organisations that are working to ensure the success of the French economy.
Come join us and work together at: https://LetsGoFrance.fr

In 2017, PwC won the Audit Innovation of the Year award for the second consecutive year running. The award recognises its commitment toward leveraging technological innovation to improve the quality of its audit services and the added value provided to its clients.

“PwC” refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. For more information, visit www.PwC.com/structure

PricewaterhouseCoopers LLP (PwC)

Karl Lawson, (+33) 1 41 34 20 29KLawson@hopscotchafrica.com
Sabrina Gallinotti, (+33) 1 56 57 17 45Sabrina.Gallinotti@fr.PwC.com



GTBank Wins Nigeria’s Best Bank & Africa’s Best Bank for CSR at EMEA Finance Awards…….. MD Named CEO of the Year

AudioAge – Lagos, Nigeria – 11 December 2017 – Foremost African financial institution; Guaranty Trust Bank plc reaffirmed its position as a leading global brand with its recent recognition as the “Best Bank in Nigeria” and the “Best Bank for CSR in Africa.” The Bank’s Managing Director and Chief Executive Office, Segun Agbaje, also won the award for the CEO of the Year, which he won in 2013, thus becoming the first ever repeat winner in the history of the awards

EMEA Finance is a leading bimonthly global industry publication that reports on the major financial events and happenings initiated and influenced by the international financial industry active in Europe, Middle East, and Africa. The award celebrates Africa’s most innovative bank taking into consideration its market strength, profitability, growth and earnings, potential and quality of management of the financial institutions.

According to Christopher Moore, Publisher and Chief Executive of EMEA Finance Magazine: “In recent years, GTBank has attracted laudable accolades for its efforts in growing local communities through key interventions for SMEs in the Fashion and Food industry. This novel initiative of the Bank has enabled it to create free platforms for budding entrepreneurs across Africa to grow their businesses. In recognition of the bank’s effort in impacting local communities across Africa, GTBank is the proud winner of the 2017 Best Bank for CSR in Africa.”

He further stated that “GTBank’s emergence as “Best Bank in Nigeria” demonstrates its ability to continuously deliver notable success by leveraging cutting edge technology to deliver excellent services to a diverse African community and bolster efforts towards on-boarding the unbanked”

Receiving the award on behalf of the Bank, Segun Agbaje, Managing Director/CEO of GTBank said: “We are honored to be recognized as the Best Bank in Nigeria and Africa’s Best Bank for Corporate Social Responsibility. These awards reflect our progress in building strong, value-adding relationships with our customers and demonstrates that of far greater importance to us, beyond providing first class service, is the role we play in our host communities.”

He further stated that “I am humbled to be recognized as CEO of the Year for the second time; this award is a testament to the hard work and dedication of the amazing team of people at GTBank. We will continue to differentiate ourselves by aggressively pursuing innovative solutions that create sustainable value for all our customers and stakeholders whilst championing high impact CSR initiatives to support the economic growth and social progress of our communities.

GTBank has consistently played a leading role in Africa’s banking industry. The GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world-class corporate governance standards, excellent service delivery, and innovation. The Bank operates from over 238 branches within the country and has banking subsidiaries in Kenya, Rwanda, Uganda, Cote D’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom.

GT Bank

GTBank Fashion Weekend Set to Showcase “Africa’s Finest” This November

AudioAge – Lagos, Nigeria – 15 September 2017 – Fashion lovers all over the world can once again look forward to an unparalleled fashion experience as the 2nd edition of the GTBank Fashion weekend is set to hold on the 11th and 12th of November, 2017. The 2-day event will treat attendees to an enthralling journey across a wide variety of Africa’s finest styles and trends whilst offering small businesses in the Nigerian Fashion Industry a free and vibrant platform to connect with a wider segment of their consumers as well as experts in their industry.

The GTBank Fashion weekend is a free business platform that was created by foremost African Financial Institution, Guaranty Trust Bank plc, as part of its efforts to showcase the best of Africa’s Fashion to a global audience whilst promoting the effervescent enterprise of the continent’s growing fashion industry. The 2016 debut of the consumer-focused event received very positive reviews nationally and internationally. Attracting over 30,000 guests over the 2-day period, the event featured a series of master classes, runway shows, and a curated retail exhibition – creating the biggest, most thrilling exposé of African fashion to take place on the continent till date. The retail exhibition gave the over 90 Small Businesses that participated the opportunity to exhibit, sell and connect with consumers, as well as discover new markets.

This year’s Fashion Master Classes will feature global fashion experts such as reality TV personality and runway coach J Alexander, best known for his work on America’s Next Top Model, to renowned fashion entrepreneur and celebrity stylist, June Ambrose to award-winning fashion designer, Giles Deacon.

Other fashion and global media experts scheduled to host master classes at this year’s GTBank Fashion weekend include; Editor-in-Chief of Essence Magazine, Vanessa De Luca; Kenyan-born Vanessa Kingori, publisher of British GQ Magazine – the famed gentleman’s fashion and style magazine; multi-talented Nigerian photographer TY Bello; professional Makeup Artist and Educator, Danessa Myricks; and Fashion Editor & Style Consultant, Shiona Turini.

Fashion enthusiasts will also be treated to the ultimate shopping experience as dozens of Small Businesses will showcase a diverse range of carefully curated affordable and luxury apparel, footwear, accessories, beauty items, and much more. As part of the retail experience, there will be a crafts market featuring indigenous fabric and accessories. Each day of the event will close with a series of epic Runway shows featuring Africa’s finest designers and renowned international designers.

Commenting on the 2017 GTBank Fashion Weekend, Mr. Segun Agbaje, the Managing Director of Guaranty Trust Bank explains the vision behind the event as an “initiative that is unlocking growth opportunities for small businesses and putting African fashion on a global pedestal. The 2017 GTBank Fashion Weekend will not only give visibility to the amazing talents and entrepreneurial drive of our people at home, it will also connect them with fashion leaders abroad, in order to build local capacity and expertise across the entire Fashion Value Chain.”

GTBank has consistently played a leading role in Africa’s banking industry. The GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world-class corporate governance standards, excellent service quality, and innovation. The Bank is also going beyond the traditional understanding of Corporate Social Responsibility as corporate philanthropy by intervening in key economic sectors through non-profit consumer-focused fairs and capacity building initiatives for small businesses operating in these sectors.

GT Bank

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