17 June 2022
Eastern Africa
Stakeholders Discussing Nation’s Digital Agricultural Extension, Advisory Services Roadmap 2030
International and local stakeholders are discussing Ethiopia’s first Digital Agricultural Extension and Advisory Services Roadmap 2030. Read More

Ethiopia Ranks Among Five FDI Destinations in Africa
Ethiopia ranked Africa’s best the top 5 Foreign Direct Investment (FDI) destinations in 2021 with 4.3 billion US dollars, Ministry of Foreign Affairs said. Read More

Project Waterfall Completes Four-Year Clean Water Initiative in Ethiopia
Project Waterfall has completed a four-year project in Jabi Tehnan, Ethiopia, providing the local coffee-growing community with improved water, sanitation and hygiene services. Read More

KRA Gives Ultimatum to Biden’s Global Taxation Plan
Kenya is seeking an explicit revenue-sharing deal before backing US President Joe Biden administration’s push for a global minimum tax rate on multinational companies. Read More

Grain Stuck at Tanzania Border Due to New Import Requirement
Tanzania has imposed a new requirement on grain traders to get an export permit before shipping maize into the country, in a policy shift that has locked already bought stocks of grain by Kenyan millers at the border. Read More

Foreign Currency Deposits Increase to KES 834 Billion
The value of foreign currency deposits in local banks stood at an all-time high of KES 834.5 billion (approx. USD 7.1 billion) in April, boosted by the shilling’s depreciation against the dollar and cautionary accumulation by buyers. Read More

State Tourism Financier Eyes Deals in Mountaineering, Bird Watching
Kenya Development Corporation has set sights on funding ventures in experience tourism like mountaineering which it sees as a major growth driver for the recovering sector in the coming months. Read More

Rwanda’s Economy Grew by 7.9 Percent in Quarter One of 2022
Rwanda's gross domestic product increased by 7.9 percent to RWF 3,025 billion (approx. USD 3 billion) in the first quarter of 2022, up from RWF 2,588 billion (approx. USD 2.5) in the same quarter of last year. Read More

Agric Sector Eyes Recovery after Dismal Performance
Agriculture sector output grew by a dismal 1 percent and contributed 23 percent to Rwanda’s Gross Domestic Product growth in the first quarter of 2022, according to figures from the National Institute of Statics of Rwanda. Read More

CHOGM: Academics Call for Collective Action to Address Climate Change Effects
At least 17 presidents of science academies have urged Commonwealth Heads of Government to take coordinated and equitable action to address climate change and biodiversity loss at the upcoming Commonwealth Heads of Government Meeting (CHOGM) to take place in Kigali from 20 June to 26 June. Read More

Government Receives TZS 31 Billion Dividend Payout from NMB
The TZS 41.48 trillion (approx. USD 18 billion) national budget, which was presented in Parliament, received a vital boost when the government received TZS 30.7 billion (approx. USD 13 million) dividend from NMB. Read More

NMB Launches Three Digital Services in Lake Zone
NMB Bank launched three new digital services in the Lake Zone regions that use advanced technology to enable its customers access banking services, including small loans easily and faster. Read More

Maser Group’s Quarter 4 Four Net Profit Up by 29 Percent
In 2021, Maser continued to attain success and took several important steps in its efforts to serve millions of customers globally who continued to demand consumer electronics manufactured by the company. Read More

Vodacom Customers to Share TZS 3.3 Billion in Profits
Vodacom Tanzania has started disbursing TZS 3.3 billion (approx. USD 1.4 million) to its customers who use mobile money as profit for the first quarter of this year. Read More

Govt Commits UGX 872 Billion to Oil Financing
Government has allocated UGX 872 billion (approx USD 230 million) in the 2022/23 Budget to oil related activities, which signals commitment towards going through the development phase to achieve first oil. Read More

UGX 3.8 Billion Invested to Improve Power Supply in Kira
Power distributor Umeme has said it is injecting UGX 3.8 billion (approx. USD 1 million) to improve power supply in Kira Municipality. Read More

Equity Bank Uganda Launches Equi-Green Loan Financing for Renewable Clean Technologies
Households, Educational institutions and Commercial enterprises are set to benefit from a new clean energy financing product at Equity Bank Uganda that will enable them to acquire clean energy technologies for lighting, cooking, and practicing climate smart agriculture. Read More
Northern Africa
Volume of Trade Between Egypt, Russia Rises to USD 4.7 Billion in 2021 - Minister
Trade and Industry Minister Nevine Gamea said trade cooperation between Egypt and Russia witnessed a tangible progress over the past period with the volume of their trade exchange rising to USD 4.7 billion in 2021 compared to USD 4.5 billion the year before. Read More

Production Capacity of Damietta LNG Plant Hit 5.2 Million Tons Annually, Minister
Petroleum and Mineral resources Minister Tarek el Molla said that the current production capacity of Damietta liquefied natural gas (LNG) complex is estimated at 5.2 million tons annually. Read More

Afreximbank Aims to Pump USD 20 Billion to Support African Trade over 5 Years
The African Export-Import Bank aims to pump USD 20 billion to support intra-African trade, according to Chairperson of the bank, Benedict Orama. Read More

Egypt Spends About USD 500 Billion in 7 Years to Achieve its Development Goals: Sisi
Egypt has spent about USD 500 billion over the past seven years, to achieve its development goals and meet the needs of the Egyptian people, President Abdel Fatah El-Sisi said during the 29th annual meetings of the African Export-Import Bank in the administrative capital. Read More

Study: 60 Percent of Moroccans Prefer Made-in-Morocco over Foreign Brands
A recent study found that 60 percent of Moroccans prefer local products over foreign brands, while the remaining 40 percent expressed opinions divided between indifference and favoring foreign products.  Read More

Moroccan Digital Transition is Lagging, 98 Percent of Transactions in Cash
Despite Moroccan efforts to digitize public services and boost the digital economy, 98 percent of transactions in Morocco in 2020 were exclusively in cash. Read More

Foreign Investment in Morocco Rises by 52 Percent in 2021
Foreign investment money flows to Morocco have increased by 52 percent in 2021, to reach a total of USD 2.2 billion, while the overall flow into North Africa fell by 5 percent. Read More

US Delegation Participates in ‘Dakhla-Market’ Launch
A delegation from the US State Department participated in the launch of “Dakhla-Market,” an e-commerce platform that allows local artisans in the Dakhla-Oued Eddahab region to showcase their products and services online. Read More
Southern Africa
Trade Deficit Narrows in April
Trade deficit, the difference between imports and exports, narrowed in April at the back of improved exports, figures contained in the Reserve Bank of Malawi Monthly Economic Review show. Read More

PIL Resumes Rail Fuel Haulage
Petroleum Importers has resumed the transportation of fuel through rail, a development the company says will help cut transportation costs by about 15 percent. Read More

South Africa
Ramaphosa Pledges to Intensify Removal of Red Tape in Economy
The government is intensifying its investment drive and removing the red tape that holds back business growth and greater employment creation, President Cyril Ramaphosa said in Mthatha. Read More

Good News for New Car Buyers in South Africa
New data from consumer credit reporting agency TransUnion shows that it is cheaper to buy a new car in South Africa right now, despite a multitude of global and local factors placing pressure on the sector and consumers. Read More

Energy Transition Held Back by Lack of Mining Investment, says PwC Report
If the mining industry does not rapidly scale up its discovery and delivery of critical minerals, the prospects of achieving a large-scale energy transition will be jeopardised, said a report released by PwC. Read More

Telkom Shops Around for a Suitable Swiftnet Deal
Telkom is looking at new options for unlocking value from its portfolio of masts and towers, hinting at a possible tie up with other tower providers. Read More
Maize Floor Price Increased by ZMW 10
The Food Reserve Agency has pegged its maize purchasing price for the 2022 Grain Marketing season at ZMW 160 per 50kg bag of white maize which translates to ZMW 10 increment from last year’s price for the commodity. Read More

Government Extends Fuel Subsidies for Another Three Months
The Minister of Energy Peter Kapala has announced that the New Dawn Government will extend and maintain the current subsidies or tax waivers on Value Added Tax, Excise Duty and Customs (Import) Duty on petroleum products. Read More

NRC Not Prerequisite to Access Health Care Services – Dr Mwale
Lusaka Province Health Director, Consity Mwale says National Registration Cards (NRC) or any other identification documents are not prerequisites for patients to access health care services. Read More
Western Africa
Cote D’Ivoire
Ivory Coast Minister Urges Eni to Speed Up USD11 Billion Baleine Project
New Minister of Petroleum Sangafowa Coulibaly says nation's gas demand is growing and hopes development can be online earlier than planned. Read More

Financial Donors Pledge USD 26 Billion to Boost Ivory Coast's Development
Private and institutional donors pledged USD 26 billion to help Ivory Coast rank among the top middle-income countries by 2025. The pledges were made at a meeting on the sidelines of the Africa CEO Forum held in Abidjan. Read More

Graphic Business-Stanbic Bank Breakfast Meeting: Tier Corporate Taxes for Greater Compliance - PEF
The President of the Private Enterprise Federation (PEF), Nana Osei Bonsu, has called for a tiered corporate tax system that will allow businesses to pay their corporate taxes based on their sizes and profit margins. Read More

Cocoa production: Gap between Cote d’lviore, Ghana to Widen Despite Country Still Second Largest Producer
The gap between Cote d’lviore and Ghana in terms of cocoa production is expected to widen further despite Ghana remaining the 2nd largest producer in the world. Read More

Persistent Increment in Fuel Prices a Big Challenge – Energy Ministry
The Ministry of Energy has admitted that the current persistent increments in fuel prices are a big challenge for them. “Mr Speaker indeed it has been a challenge, this is a worldwide phenomenon that is happening,” he said. Read More

Shareholders of GOIL Approve GHS 0.047 Dividend Per Share for 2021 Financial Year
Shareholders of Ghana’s leading Oil Marketing Company have approved a dividend of GHS 0.047 per share for the 2021 financial year. Read More

Nigeria Passenger Traffic to Grow at Seven Percent in 10 Years
Analysts have projected that Nigeria’s passenger traffic will exceed that of the global aviation sector with about a seven percent growth rate in the next 10 years, while the global industry remains at 5.3 percent. Read More

Telecoms Sector’s FDI Falls to USD 417.5 Billion in 2021 as Operators Earn NGN 3.2 Trillion
Telecommunications operators, comprising GSM, Fixed Telephony Operators, Internet Service Providers, Value Added Service, Collocation and Infrastructure Sharing and others earned NGN 3.2 trillion (approx. USD 7.7 billion) in 2021. Read More

Emefiele, Sanwo-Olu Seek Structural Adjustments to Stabilise FX Market
The Governor of the Central Bank of Nigeria, Godwin Emefiele, called for the “design and steadfast implementation of other supportive, structural and complementary policies” to stabilise the foreign exchange. Read More

NAGAFF to Engage Stakeholders on Ports Challenges
Determined to resolve anomalies affecting smooth cargo clearance from the seaports, the National Association of Government Approved Freight Forwarders 100 percent Compliance Task Force has said it will engage government agencies and other critical stakeholders in the maritime industry to x-ray the bottlenecks in ports operations hindering trade facilitation. Read More
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Africa This Morning is ALN’s daily newsletter that gives a round-up of the top news making headlines across Africa. It focuses on business news and any other happenings set to impact doing business and investing in the region. The above are updates and do not constitute legal advice.

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