Economy and Agriculture - what is the future?

Economic development

Senegal, which ranks second among French-speaking African countries in terms of industrial development after the Ivory Coast, has seen an annual growth of more than 6% since 2014. The country has been among Africa's most stable countries, according to the World Bank, with three major peaceful political transitions since its independence in 1960. The economy was estimated to be worth $24.13 billion in 2018, representing 0.04% of the world economy, according to tradingeconomics.com. Growing 7% in 2018, Senegal is expected to excel further in economic development with added income from recently discovered hydrocarbon reserves discovered in the Atlantic Ocean. The country's development strategy, called Plan Senegal Emergent, is an ambitious yet feasible path towards becoming an emerging economy. Accelerating and broadening the reforms required by this plan are integral to this vision, according to the IMF. Turkish companies and institutions, such as Turkey Maarif Foundation, Turkish International Cooperation and Development Agency, Turkish Airlines, the Yunus Emre Institute and others, also play an important role in the country's development. The country is also currently preparing to host the 2022 Summer Youth Olympics.

Agricultural sector

Agriculture, fisheries, the service sector, communication, tourism and mining have a prominent place in the Senegalese economy, with important minerals such as zirconium, titanium, marble, gold and limestone found in the country. Agriculture employs 52.7% of the workforce and contributes to 16% of GDP, though only 16.62% of the land is arable. Leading agricultural products include peanuts, cotton, cashews, melons, black-eyed peas, cassava, millet, rice and corn. Income from the industry sector, which employs 20% of the workforce, constitutes 22.6% of GDP.

Source: https://www.aa.com.tr/en/africa/-senegal-the-land-of-hospitality-/1716360

Sincerely,

Abdoulaziz Sy

General Manager - BHS Americas

Akon = Akon City

(CNN) — It's official, Akon has his own city in Senegal.

Known as "Akon City," the rapper and entrepreneur tweeted Monday that he had finalized the agreement for the new city.

"Looking forward to hosting you there in the future," his tweet read.

Akon, who is of Senegalese descent, originally announced plans for the futuristic "Crypto city" in 2018 saying that the city would be built on a 2,000-acre land gifted to him by the President of Senegal, Macky Sall. The new city would also trade exclusively in his own digital cash currency called AKoin, he said.

The official website for the city said at the time it would be a five-minute drive from the West African state's new international airport.

'I really want to make the biggest impact in Africa'

Akon was born in Senegal before moving to Union City, New Jersey, at 7, according to his website.

Known for songs like "Locked Up," "Lonely" and "Oh Africa," the Grammy-nominated rapper is more recognized as a business man than a musician these days.

His most recent venture is Akon Lighting Africa which is providing solar power to African countries.

"I really want to make the biggest impact in Africa for sure," Akon said during a 2013 interview with CNN. "If I could have my way, Africa would be the United States of Africa."

Sincerely,

Abdoulaziz Sy

General Manager - BHS Americas

News Source: https://www.cnn.com/travel/article/akon-city-senegal-trnd/index.html

Evolution of ECO

Courtesy of BBC World News:

Eight West African countries have agreed to cut some of their financial links with France in a move which will see the end of a currency known as the CFA franc. Under the deal a new currency called the eco is to be launched. It will still be linked to the euro. The decision was announced on Saturday during the visit of French President Emmanuel Macron to the region. For many people living in West Africa using the CFA franc in shops or markets has been a daily reminder of the lingering colonial link with France. Critics said the system enabled France to benefit long after the blue, white and red flags were lowered at independence especially as it could easily access the region's mineral wealth. Whilst there has long been a campaign to ditch the currency, which has been in use since just after World War Two, some economists argued that the CFA franc did provide a degree of financial stability. Being pegged to the old French franc and then the Euro helped the seven former French colonies and Guinea Bissau to keep inflation down and avoid the prospect of Zimbabwean style financial meltdown during turbulent times. Ivory Coast's President Alassane Ouattara described the decision to scrap the currency as a historic day for West Africa and other politicians in the region will also celebrate the move. Along with Ivory Coast, the decision affects Benin, Burkina Faso, Guinea-Bissau, Mali, Niger, Senegal and Togo. In a few months’ time these countries plan to have a new currency. Although it will still be pegged to the Euro, the African countries using it will no longer be forced to keep half of their reserves in the French treasury in Paris. The vast majority of people living in the eight countries are under the age of 30. So they may be less willing to listen to the politicians who see this move as cutting a colonial link. They will judge its success purely on whether it leaves them wealthier.

Source: https://www.bbc.com/news/topics/cnx753jej07t/senegal

Sincerely,

Abdoulaziz Sy

General Manager - BHS Americas

eCFA - enhancing our digital financial services

Dear friends,

West African Economic and Monetary Union (WAEMU) has recently made a breakthrough announcement, which coinsides with the technological advancements BHS has been making this year.

The eCFA will function exactly like any other currency and is meant to co-exist with current financial structure of Senegal and West African region. The digital format, however, will allow for a secure purchase, storage, and transaction capabilities.  Once the eCFA will be offered in Senegal, the second phase of the distribution will be extend to Cote d’Ivoire, Benin, Burkina Faso, Mali, Niger, Togo and Guinea-Bissau. This means that the region will be able to transact easier and safer, tremendously improving local economies and promoting trade.

Bringing digital financial services into our region is critical for our growth and BHS is committed to support regional initiatives. Thank you for your time and attention. As always, please visit www.bhsus.com to provide your feedback.

Sincerely,

Abdoulaziz Sy

General Manager - BHS Americas

Chat with us

Dear friends,

Please note that now you are able to chat with our representatives at your convenience by clicking on the link 'chat with us' on the bottom right of your screen.  If a representative is not available, you will see 'leave us a message' link. Please leave us what you are interested in and one of our dedicated associates will contact you within a day.

Thank you for your continuous support,

Abdoulaziz Sy,

General Manager - BHS Americas

One Portal - One Citizen

Dear friends,

As we continue to expand our portal, we want to ensure that you have accessible information available to you.  Partnering with those who make and deliver information is as important as making it accessible to you.  As a result we have created a list of online sources that we know you will find helpful. In the upcoming weeks we will be sending out more news on how we are connecting our community.

Below are the links:

SeneWeb:  http://www.seneweb.com

AlloDakar: http://allodakar.com

Agence de Prese Senegalaise: http://www.aps.sn

Dakaractu: http://www.dakaractu.com

Senego: http://senego.com

SenePlus: http://www.seneplus.com

Xalima: http://xalimasn.com

Thank you and please continue to visit our portal as we expand.

Sincerely,

Abdoulaziz Sy

General Manager - BHS Americas

BHS Cincinnati is opening on May 16th, 2016

Dear friends - I am pleased to announce an opening of our Cincinnati office on May 16th, 2016.  This is yet another step that we committed to this year - is to grow our footprint as a way to make our services more accessible to you.

Please continue to visit our website for detailed events.

Thank you,

Abdoulaziz Sy

General Manager - BHS Americas