Ethiopia
CBK Rate Rise Dampens NSE Prospects
Last week’s move by the Central Bank of Kenya to raise borrowing costs to a 12-year high of 13 percent has further dampened trading activity on the Nairobi Securities Exchange, with analysts warning that the trend would prolong as investors shifted to fixed income assets. Read More

Premier Inaugurates Flour, Bread Factory in Somali Regional Capital
Prime Minister Abiy Ahmed, together with First Lady Zinash Tayachew,  inaugurated today Jigjiga Flour and Bread Factory in Somali Region. Read More

Ovid Betoch Bank Emerges as a Promising Financial Institution
After nearly three years since the minimum paid-up capital requirement for banking businesses was increased tenfold, Ovid Betoch Bank has emerged as a promising financial organization in the making. Read More

Kenya
CBK Rate Rise Dampens NSE Prospects
Last week’s move by the Central Bank of Kenya to raise borrowing costs to a 12-year high of 13 percent has further dampened trading activity on the Nairobi Securities Exchange, with analysts warning that the trend would prolong as investors shifted to fixed income assets. Read More

Fuel Consumption Drops to Five Year Low on High Prices
Fuel consumption in the six months to December last year dropped to the lowest level in at least five years, highlighting the impact of record-high pump prices amid the doubling of Value Added Tax. Read More

Airtel Africa to Build Data Hub in Kenya after Nigeria Project
Airtel Africa plans to build a data centre in Nairobi, in what will become its second such facility on the continent after Nigeria as it moves to diversify its revenue streams. Read More

Citi and Standard Group warn Kenya on SHIF Funding Costs  
The funding model for the new universal healthcare could strain the State’s expenditure plans, two top global banks have cautioned. Read More

Rwanda
Over 500,000 Jobs Created in 3 years as Economy Recovers – PM Ngirente
Rwanda’s economy has bounced back from the Covid-19 pandemic shocks, leading to gains in job creation for the country’s population, and improvement in its welfare, Prime Minister Edouard Ngirente said on Tuesday, February 13. Read More

Government, Zipline Ink Deal to Boost “Made in Rwanda”
Zipline, a drone delivery firm, has announced a partnership with Rwanda Development Board to, among others, deliver “Made in Rwanda” products to “resorts and lodges” with proceeds going to the Volcanoes National Park Expansion Project. Read More

Agriculture, Tourism Draw Record 20,000 Visitors at Rwanda Pavilion
Innovation in the agriculture sector, the tourism sector’s potential, and the efforts to ensure sustainability emerged as a stand-out attractions drawing more than 20,000 visitors to the Rwanda pavilion at Expo 2023 Doha, Qatar. Read More

Tanzania
Experts Call for Expanded Trade in Key Sectors in East Africa
Experts have called for upscaled trade in agricultural, pharmaceutical and leather products in East Africa. Read More

Mobile App to Deal with EAC Trade Barriers Set for Roll Out
A new mobile App intended to fight trade barriers in East Africa will be rolled out soon. Read More

EAC Set to Promote Trade, Investment
The Members of the East African Community have agreed to strengthen their cooperation in trade and investment to promote trade and strengthen competition in the world market. Read More

Bunge Committee Wants Competition Law Amendments Expedited
The Parliamentary Committee on Industries, trade, agriculture and livestock has called for fast tracking of the Fair Competition Act amendments process for further enhancing fair playing ground. Read More

Uganda
We Must Save to Attain Sustainable Growth
Uganda continues to seek ways through which it can be create string financial markets to support economic growth. Read More

PostBank Partners with Airtel
PostBank Uganda has partnered with Airtel Money to foster financial inclusion by eliminating charges on all transfers made from the PostApp and PostMobile to Airtel Money wallets. Read More

Jubilee Life – Uganda Pursues New Clients Through Agents 
Jubilee Life Insurance Company Uganda anticipates a significant expansion in the insurance market in Uganda, relying on its agents to effectively promote and sell its policies. Read More

Algeria
Algeria Reveals Planned Updates to its Space Programme
Algerian President Abdelmadjid Tebboune chaired a meeting on Monday to evaluate the current state of the Algerian Space Agency, plan its future direction, and achieve the country’s 2040 space vision. Read More

ALGERIA: The Country Wants to Irrigate 60 Percent of its Land with Treated Wastewater by 2030
Algerian government is multiplying alternatives, the most recent of which is the Special Program for the reuse of 60 percent of treated wastewater in the agricultural sector by 2030. Read More

Egypt
International Partners' Funding for Egypt Reaches USD 10.3 Billion over 4 Years
International partners provided Egypt around USD 10.3 billion in funding over the past four years from 2020 to 2023, according to the Minister of International Cooperation, Rania Al-Mashat. Read More
 
Trade Exchange bet. Egypt, Turkey reaches USD 5.87 Billion in 2023
Trade exchange between Egypt and Turkey (Türkiye) reached approximately USD 5.875 billion in 2023, according to the Minister of Trade and Industry, Ahmed Samir. Read More

Government Aims to Raise USD 6.5 Billion from IPO Programme in 2024: Finance Minister
The government is adopting balanced and cautious policies to cope with the global economic crises and their complex repercussions, exacerbated by geopolitical tensions, said Mohamed Maait, Minister of Finance. Read More

TDB, World Bank to Accelerate Access to Sustainable and Clean Energy in Africa
The World Bank has extended a facility of close to USD 300 million to the Eastern and Southern African Trade and Development Bank, to support distributed renewable energy and clean cooking private sector projects in eligible countries of the World Bank’s International Development Association that are TDB member states. Read More

Morocco
German PTX Fund Offers Grants for Moroccan Green Hydrogen Projects
German fund Power-to-X Development Fund announced a call for proposals to benefit from a substantial EUR 270 million 9approx. USD 288 million) grant. The grant aims to support developers to boost hydrogen production in a selected list of countries including Morocco. Read More

Traffic in Moroccan Ports Exceeded the 200 Million Tons Milestone in 2023
Morocco’s Ministry of Equipment and Water has indicated that traffic in Moroccan ports exceeded the milestone of 200 million tons in 2023, marking an increase of 7.4 percent. Read More

Air Arabia Maroc Launches Flights Connecting Rabat to 5 European Destinations
Air Arabia Maroc, a low-cost carrier, is expanding its offerings in Morocco by launching new direct flights from its new airport base in Rabat linking the Moroccan capital to five European destinations. Read More

Businesses Struggling to Access Forex
Businesses in the country are still struggling to source foreign exchange from banks, three months after the Reserve Bank of Malawi devalued the kwacha by 44 percent. Read More

Mzuni, MBS MoU Set to Boost Capacity
Mzuzu University and the Malawi Bureau of Standards have signed a memorandum of understanding to enable the two institutions to work together to build capacity on neglected and underutilised biodiversity. Read More

Government Withdraws Foreign Exchange Bill
Government Monday withdrew Bill No 43 of 2022: Foreign Exchange which had been due to be debated in Parliament since mid-last year. Read More

Treasury for Digital Revenue Collection
The Ministry of Finance has said the government will migrate to digital revenue collection at the start of the second quarter of the 2024/2025 financial year in July. Read More

South Africa

Mining output in South Africa is expected to remain subdued this year due to weak global demand, low commodity prices and domestic economic headwinds, in spite of ending 2023 on a positive note. Read More

SA Banks Will Struggle with Non-Performing Loans this Year - Moody’s
South African banks will struggle with rising non-performing loans this year as consumers suffer from narrowing savings and elevated interest rates, although the Moody’s ratings agency has maintained a stable outlook for the country’s financial services sector. Read More

Brace Yourselves for Higher Cost of Living, PwC Warns Consumers
PwC has warned that financially-constrained consumers have to brace for even higher cost of living as the Finance Minister Enoch Godongwana looks likely to opt for hike the value-added tax slightly instead of other taxes in a bid to raise ZAR 15 billion required to stabilise public finances. Read More

House Price Growth at Low Levels but Should turn Around in the Second Half of Year
Average house price growth in January remained unchanged from December, in line with house price growth having bottomed in the fourth quarter of last year. Read More
 

Ghana
BoG Assures Commitment to AML/CFT Regime
The Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, has emphasized the bank’s dedication to supporting the completion of the National Risk Assessment and the Third Round Mutual Evaluation exercise. Read More

Low Investment in Hatcheries, Feed Mills Hampering Poultry Sector - GNAPF
The Ghana National Association of Poultry Farmers has attributed low levels of domestic poultry production to inadequate investment in the value chain by both government and private sector players. Read More

Artisanal Producers to Have Direct Access to Cocoa Beans to Reduce Chocolate Prices – Cocobod
In an effort to reduce the price of chocolate and cocoa products in the country, Ghana Cocobod is facilitating direct access for artisanal chocolate producers to cocoa beans.  Read More

Ghana Trade Commission Imposes 65 Percent Quota on Cutlass Imports
Ghana International Trade Commission has announced an imposition of a 65 percent quota on cutlass imports into the country. Read More

Nigeria
Minister Seeks More Investments in Gas Sector
The Minister of State for Petroleum Resources, Heineken Lokpobiri, has called for more investments to explore Nigeria’s “enormous” gas reserves. Read More

FG Mulls Commodity Board to Curb Rising Food Prices
The Federal Government on Tuesday hinted at plans to establish a National Commodity Board to curtail the escalating food inflation in Nigeria. Read More

UK, Nigeria Sign First Enhanced Trade Partnership
Nigeria and the United Kingdom on Tuesday signed an enhanced trade and investment partnership to boost trade and investment between the two countries. Read More

Obaseki Eyes Lithium Mining to Boost Forex Revenue
The Governor of Edo State, Godwin Obaseki, is looking to diversify the state’s economy with the exploitation of its solid minerals deposit, especially lithium as a new foreign exchange earner. Read More