VENDREDI 10 DÉCEMBRE 2021 BIZWEEK ÉDITION 372 ACTA PUBLICA 2021 AFRICAN ECONOMIC CONFERENCE (AEC) Experts call for African Crypto Currency, Integrated Capital Market to Ease Business Costs A common crypto currency and an integrated capital market could boost trade in Africa and sustain growth after the Covid-19 crisis, experts said at the 2021 African Economic Conference on Friday 3rd December. The continent first needs to harmonise national rules and protocols governing the financial systems of individual countries to make the reforms workable Anouar Hassoune, Professor of Finance and CEO of the West Africa Rating Agency, believes that a common crypto currency will ease the cost of doing business and give the continent an identity. «We need to comeup with a crypto currency that is acceptable to each member state. It’s better to do it at the continental level, and we have the expertise to do it. It’s a matter of governance, not an issue of technology,» Hassoune stressed. He added that the proposed crypto currency could serve as an alternative to monetise some of the continent’s endowments, such as gold and other commodities. Augustine Ujunwa, an economist at the West African Monetary Institute, said a well-functioning integrated capital market is crucial in raising debt to finance Africa’s development needs. «Currently, our markets are small, our countries are smalland we need to adopt a regional approach towards integrating markets. But, before we get there, we must harmonise our laws, regulations and protocols governing our fintech and digital systems,» he said. Role of Central banks Ujunwa said central bank financing had become critical, especially in the wake of the Covid-19 crisis. «Central banks should go beyond their price stability role and pursue a growth-focused Malachy McAllister appointed as Chief Executive Officer of AfrAsia Bank AfrAsia Bank has appointed its new Chief Executive Officer. Malachy McAllister has taken office since 03 December 2021. An experienced banker with a strong commercial, financial and operational track record, Malachy brings over 32 years of expertise acrossinternational markets, including 16 years at senior leadership levels. A seasoned banker with a track record of strategic leadership spanning multiple continents, Malachy has led critical businesses at HSBC in China, Malaysia and France before takingup the role of CEO of HSBC Russia in 2015. During his tenure, he sustained business development and rebuilt profitability despite a deep recession, increasing country sanctions, and COVID-19 challenges. monetary policy. They should begin to think of innovative ways of providing finance for the critical sectors of the economy.» The panel, moderated by Marie-Laure Akin-Olugbade, African Development Bank Director General for West Africa, also explored the role of central banks in financing Africa’s development, and Islamic financing. Emmanuelle Riedel Drouin, head of the Economic and Financial Transition Department at Agence Française de Développement, supported the idea of a pan-African crypto currency, but said there were some prerequisites. «We should not forget that there is a lot of work to be done on the digital infrastructure, the development of payment systems, payment system interoperability really needs to be worked on, so there is a lot of work to be done in collaboration with the financial institutions on digitalisation of delivery and payment channels,» she said. Diversify funding sources She added that while central banks have a crucial role, it is essential for economies to diversify funding sources to lessen dependence on them. Panelists noted that the existence of various regional groupings and their different protocols, including cross-border payments, need to be addressed to facilitate the implementation of an integrated capital market. Experience has shown that some countries are reluctant to allow other protocols to interface with their systems, they said. The 2021 African Economic Conference was held in a hybrid format, with key delegates gathering on the Cabo Verde island of Sal, as wellas virtually. It brought together a wide range of stakeholders, including policymakers, development institutions, the private sector, and researchers, to discuss ways to sustainably grow the continent’s development funding sources. The conference was organised by the African Development Bank, the United Nations Development Programme, and the Economic Commission for Africa. People’s Choice Awards : Éclatante victoire de Courts Mammouth La chaîne d’ameublement et d’électroménager préférée des Mauriciens conserve sa première place dans le cœur de la population. Courts Mammouth a en effet remporté haut la main le Overall People’s Choice et Large Business Special Award lors de la toute première édition des Mauritius People’s Choice Awards, organisés par MBN (Mauritius). L’objectif de ce concours réservé aux entreprises est d’aider à la relance de l’économie mauricienne, avec pas moins de 24 catégories représentant autant de secteurs économiques locaux. « Nous avons estimé que le concept de nomination donnerait aux entreprises du bon contenu pour se faire mieux connaître. Tout en renforçant leur bonne volonté et leur crédibilité », explique Denise Pitot, directrice de MBN (Mauritius). Cerise sur le gâteau, la catégorie Vente au Détail est celle qui a réuni le plus de votants au sein des 24 catégories représentées dans les People’s Choice Awards. Cette performance remarquable renforce encore davantage le sentiment d’accomplissement au sein des équipes de Courts Mammouth suite à cette victoire. 4 |