21 June 2022
Eastern Africa
Ethiopia Secures USD 405 Million Grant from the World Bank
Finance Minister Ahmed Shide and World Bank’s Director for Regional Integration for Sub-Saharan Africa, the Middle East, and North Africa Boutheina Guermazi inked a grant agreement which extended a USD 405 million grant to Ethiopia. Read More

FDI to Ethiopia Rose by 79 Percent in 2021, UNCTAD
United Nations Conference on Trade and Development’s (UNCTAD) latest World Investment Report ranked Ethiopia among the top foreign direct investment (FDI) destinations in Africa in 2021. Read More

Institute Secures USD 800,000 from Veterinary Vaccines Export
The Ethiopian National Veterinary Institute says it has secured USD 800,000 from the exports of animal vaccines to various African countries in ten months. Read More

Low Vaccination Rates Hampering Africa’s Aviation Recovery
Lower vaccination rates have dampened Africa’s air travel recovery to date, according to the International Air Transport Association. Read More

Cash in Circulation Hits Four-Month High as Election Spending Surge
Cash circulating outside the banking system hit a four-month high of KES 252 billion (approx. USD 2.1 billion) in April as Kenya entered the election season where uncontrolled political spending affects money supply. Read More

How Data and Spy Tools Handed KRA an Extra KES 324 Billion
The Kenya Revenue Authority netted KES 324.81 billion (approx. USD 2.8 billion) more in tax receipts in 11 months through May than a similar period last fiscal year on the back of aggressive use of data to catch cheats, Treasury statistics show. Read More

Bear Market Raises Bank Dividend Returns to 9.6 Percent
The ongoing bear market has raised the dividend yield on listed bank shares to an average of 9.63 percent, boosting returns for investors buying now for the long term. Read More

Telkom Launches Data Sharing Plan for Prepaid Subscribers
Telkom Kenya has launched a KES 1,500 monthly mobile data package that will allow subscribers to share the Internet with up to five other consumers in the latest push to grow revenues. Read More

CHOGM 2022: Think Small, Act Big
This week is yet another showcase opportunity for Rwanda to position itself as a key regional and global player. Its transition has been remarkable and this week it hosts the heads of government of the Commonwealth countries and more than 5,000 delegates. Read More

Muhire Appointed Lipa Later Country Manager
Louis Antoine Muhire has been appointed the new Country Manager of Lipa Later Rwanda. Lipa Later is a buy now, pay later platform that allows retailers to sell goods and services to consumers in affordable monthly installments. Read More

Tanzania, Kenya Face Off over Maize Amid Shortage, Soaring Prices
Kenya has blocked dozens of trucks ferrying maize from Tanzania over quality concerns even as the country grapples with dwindling stocks and skyrocketing prices of the commodity. Read More

Transforming Tanzania’s Agriculture Sector by Developing Value Chains
Seeds of Gold had an interview with the Chief Executive Officer of Agricultural Markets Development Trust, Mr Charles Ogutu, who talks about how the development of market systems value chains can be of benefit to the country’s largest economic sector. Read More

Nyerere Bridge Nets TZS 67 Billion Since Inception Government
A total of TZS 66.86 billion (approx. USD 29 million) has been collected as charges for vehicles crossing the Nyerere Bridge since it started operations in 2016, the National Assembly in Dodoma heard. Read More

Legislators Suggest Ways to Raise Revenue Collections
Members of Parliament have suggested different means for the government to adopt to increase revenue collection and reduce expenditures. Read More

URA to Start Charging VAT on Facebook, Netflix Next Month
To maximize tax collection, Uganda Revenue Authority has established mechanisms to start collecting VAT from non-resident service provider companies operating in the Ugandan economy, including Facebook which is currently blocked in Uganda and is only accessible via VPN. Read More

Central Bank Reports Massive Growth in Cashless Payments
Cashless payments registered accelerated growth in the period ended March 2022, according to the Bank of Uganda June 2022 Financial Stability Assessment Report.  Read More
Northern Africa
Nigeria, Others Move to Revive USD 13 Billion Trans-Saharan Gas Pipeline As Demand Pressure Mounts
Nigeria, Algeria and Niger Republic yesterday moved to reactivate the USD 13 billion Trans- Saharan Natural Gas Pipeline project as demand pressure continues to mount from within the continent and Europe. Read More

Novartis, Sandoz Demonstrate Pivotal Impact of Public-Private Partnerships to Strengthen Healthcare Sustainability
Novartis Egypt, together with Sandoz Egypt, its division for generics and biosimilars, partnered with health authorities and industry stakeholders to support the success of Africa Health ExCon, the region’s first all-encompassing platform to position the continent as a hub for health innovation and trade. Read More

Egypt, Chevron Sign MoU for Cooperation on East Mediterranean Gas
The Egyptian Natural Gas Holding Company "EGAS" and Chevron Corporation signed a memorandum of understanding (MoU) to cooperate in the activities of transporting, importing and liquefying the export of East Mediterranean gas. Read More

Egypt to be Regional Hub for Capital Investments – CBE
Governor of the Central Bank of Egypt (CBE) Tarek Amer said Sunday that Cairo plans to be a regional hub for capital investments and a gateway for investments in the financial technology industry at the Arab and African levels. Read More

Egypt Allocates Land for DP World to Establish Logistics Zone in Early 2023
The head of the Suez Canal Economic Zone, Yehia Zaki, said that there is communication regarding a logistical zone that DP World wants to work on. Read More

King Mohammed VI: Nigeria-Morocco Pipeline Promotes African Integration
King Mohammed VI has mentioned the Nigeria-Morocco Gas Pipeline among the most notable investment projects through which Morocco hopes to help Africa achieve financial independence.  Read More

Renewables Provide Development Opportunities for Morocco, Africa
Despite the recent energy crisis that hit Africa and the globe, renewables provide opportunities for regional development and the creation of new industrial opportunities in green hydrogen, solar energy, and critical minerals, said the International Energy Agency in its latest Africa Energy Outlook. Read More

42 Percent of Moroccans Plan to Look for Jobs Abroad
In a bid to tackle unfair competition and crack down on what it describes as an illicit trend of online shopping, Morocco’s Administration of Customs and Indirect Taxes announced the decision to impose by next month new import tariffs on all products purchased online from abroad. Read More

Strengthening Human Capital - World Bank Approves USD 500 Million Loan to Morocco
The World Bank Board of Executive Directors approved a USD 500 million loan to Morocco aimed at improving protection against health risks, human capital losses during childhood, poverty in old age, and climate change risks. Read More
Southern Africa
Malawi Rated Highly on Innovations, Moves Up
Malawi has excelled on innovations, moving four steps up on the global ranking to be among the top 10 most innovative economies in Africa, a new report shows. Read More

Mera Okays 4 Percent Escom Tariff Hike
Malawi Energy Regulatory Authority (Mera) has approved a four percent tariff hike for Electricity Supply Corporation of Malawi’s (Escom) based on the utility’s performance against key performance indicators. Read More

Vodacom Launches Scholarship Programme for Young Mozambican Women
In line with its policy of empowering women, offering them tools for the development of skills and their integration into the labour market, Vodacom launched a scholarship programme for young Mozambican women interested in careers in Information and Communication Technologies. Read More

South Africa
South Africa Looking to Lift Covid Restrictions – Including an End to Face Masks
The government is considering lifting South Africa’s remaining Covid restrictions as cases in the country continue to remain flat. Read More

Absa Sees Positive Growth in First Half of 2022
Absa has published a trading update for the five months ended 31 May, with the group seeing positive growth in both revenue and customer numbers. Read More

Biotech Companies Team Up to Develop African Covid Vaccine
South African biotech company Afrigen Biologics will work with a Belgian partner to develop the first African-owned Covid-19 shot as part of a broader effort to reduce the continent’s reliance on other regions for vaccines. Read More

Transnet Aims to Clear Logjam with New Tender for Locomotives
Transnet will issue a tender for new locomotives next month as the state-owned logistics group moves to keep on its side key customers in the mining industry, which have tallied billions of rand in lost export sales due to shortages of trains to haul their products to the ports. Read More
Mimbula Minerals Submits EIA for Two USD 10 Million Chingola Projects
Mimbula Minerals Resources has submitted an Environmental Impact Assessment (EIA) for the implementation of phase two mining project in Chingola district at the cost of USD 9.5 million. Read More

Africa Greenco Gets MWK 15.5 Million Equity Investments
Africa GreenCo Group has achieved its second financial close with an equity investment of USD 15.5 million by the Danish Investment Fund for Developing Countries, the EU-funded Electrification Financing Initiative and Private Infrastructure Development Group’s InfraCo Africa. Read More

Savenda Moots Return of Rop
After successfully launching UBZ 2020, under its logistics arm, Savenda Group of Companies is considering revamping the defunct Refined Oil Products Zambia Company (ROP) in Ndola as part of its business diversification drive. Read More
Western Africa
President Travels to Brussels and Kigali
President Nana Addo Dankwa Akufo-Addo left Ghana to attend the 15th Edition of the European Development Days Forum in Brussels, Belgium. He will also attend the 26th Meeting of the Heads of Government of the Commonwealth of Nations in Kigali, Rwanda after the European meeting. Read More

Government’s Affordable Housing Scheme on Course – Says Minister
The government’s nationwide affordable housing project is on course, Dr Freda Prempeh, a Minister of State in charge of Works and Housing has said. She explained her ministry was finalising processes of securing land banks across the country for the implementation of the project, saying paper works and documentation on the lands were progressing. Read More

Association of Certified HRs - Ghana Launched
The Association of Certified HRs - Ghana has been launched with a call on Human Resource managers to drive changes that will determine the successes of businesses. Read More

SSNIT Extends Pensions Education to Religious Bodies
The Director-General of the Social Security and National Insurance Trust (SSNIT), Dr John Ofori-Tenkorang, has urged all self-employed persons and workers in the informal sector to take full advantage of the scheme by insuring their total incomes earned with the Trust. Read More

At USD 450 Million, Nigeria Owes 25 Percent of Global Airlines' Blocked Fund
The International Air Transport Association has disclosed that airlines unremitted revenues from Nigeria (known as blocked funds) has risen to USD 450 million, representing 25 percent of the total amount of international carriers' funds held back by central banks of many countries put at USD 1.6 billion by end of April, 2022. Read More

The Currency Slipped by 0.4 Percent Against the Dollar at the Nafex Window
Naira depreciated by 0.4 percent against the U.S. dollar on Monday, data published by FMDQ, where forex is officially traded showed. Read More

Despite NGN 4 Trillion Subsidy, Empty Depots Trigger New Charges, Petrol Scarcity
Barely one week after President Muhammadu Buhari approved an additional NGN 10 for transporters of Premium Motor Spirit across the country, petroleum marketers have decried the prolonged inability to load from NNPC depots, leaving them to depend on private depots that equally impose additional charges. Read More

FG to Reconstruct Quay, Demolish Customs Building for Apapa Port Rail
The Federal Ministry of Transportation has intensified efforts to ensure that the standard gauge rail line at Apapa port becomes operational by July 2022 for cargo evacuation to reduce congestion at the ports. 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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