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28 July 2022
Eastern Africa
Ethiopia
Global Food Crisis Caused by Sanctions on Russia, Says Foreign Minister Sergey Lavrov
Russia’s Foreign Minister Sergey Lavrov said the global food crisis is a result of unprecedented sanctions against his country and insisted on softening it to mitigate the problem. Read More

Power Purchase Agreement Signed between Ethiopian, Kenya
The Ethiopian Electric Power and Kenya Power & Lighting Company have signed a power purchase agreement for the sale and purchase of 200 MW of energy in the first phase of the power export with expected increase of power export to 400 MW in due course. Read More

Kenya
CBK Blocks Interest-Free Lipa na M-Pesa Loan Plan
The Central Bank of Kenya (CBK) blocked the launch of a Safaricom-backed zero-interest credit service for purchase of goods, derailing a product that was expected to disrupt the mobile loans market. Read More

Only 10 Percent of Listed Firms Comply with ESG Norms
Reporting on environmental social and governance (ESG) has lagged at 10 percent of Nairobi Securities Exchange (NSE) listed firms, almost six months after the companies were required to make disclosures blamed on the absence of enforcement action. Read More

KQ to Access KES 36 Billion Bailout Based on Targets
The Ministry of Transport says the KES 36 billion (approx. USD 300 million) loan to be disbursed to Kenya Airways in the current financial year is conditional and is only to be released to the airline in bits based on achieving set goals. Read More

Kenya Flags Betting Jackpots for Money Laundering
The mega jackpots paid to punters in Kenya have been flagged as possible avenues for laundering proceeds of theft, drug dealings and terrorism as the State heightens focus on the betting industry. Read More

Rwanda
E-Commerce website to boost access of Rwandan products to UAE and global market.
Rwandan and East African products are set to gain extended access to UAE and global markets following the first launch in Rwanda of Dubuy.com, an e-commerce platform. Read More

Rwanda on Course to Grow Electric Mobility Market
Five years ago, Rwanda announced plans to introduce environmentally friendly transport services as part of the efforts to prioritise a climate resilient low carbon economy. Read More

Preparations for National Population Census Underway
Over 20,000 enumerators are being trained across the country as part of the preparation of national population and housing census, Yusuf Murangwa, Director General of the National Institute of Statistics of Rwanda (NISR) has told The New Times. Read More

Rwanda Converts Degraded Wetland into Urban Ecotourism Park
African wildlife officials meeting in Rwanda noted that urbanization threatens the continent's biodiversity. To promote nature conservation, Rwanda has restored a degraded wetland in the capital, turning it into its first urban ecotourism and educational park. Senanu Tord reports from Kigali. Read More

Tanzania
AfDB, AGF Ink Deal to Boost Finance to Women SMEs
African Development Bank (AfDB) and the African Guarantee Fund (AGF) signed a USD 110 million bouquet of financing facilities with CRDB Bank to boost access to finance for women SMEs. Read More

Afreximbank Supports Elsewedy Electric to Establish USD 400 Million Industrial City in Tanzania
The African Export-Import Bank (Afreximbank) is supporting Egyptian Elsewedy Electric to establish the Egyptian Industrial City in Tanzania at a cost of nearly USD 400 million, head of research at the Afreximbank Frederick Seidu said, stressing that the project has won the award for the best project in Africa. Read More

Govt Plans to Reinforce Foreign Policy Focusing on Economic Diplomacy
The government has embarked on a plan to maximize strategic communication to implement a foreign policy, which focuses on economic diplomacy aimed at promoting trade. Read More

Mwanza Airport Readies for International Flights
Airport manager Pascal Kalumbete said in an interview here that the terminal building was in final stages, with arrangements for starting international flight starting rapidly after the work is completed. Read More

Uganda
Museveni Gives Away 15 Acres of Ministry of Agriculture Land for Turkish Hospital
President Yoweri Museveni has directed Frank Tumwebaze, the minister for Agriculture, Animal Industry, and Fisheries to allocate Turkish firm, Beyler Group 15 acres of land in Entebbe for the construction of a hospital. Read More

UBA Group Opens Banking Operations in Dubai
United Bank for Africa Group has extended its operations to the United Arab Emirates with the official opening of its new branch at the Dubai International Financial Centre. Read More

Oxfam to Unveil UGX 77 Billion Impact Fund
UK-based global organisation, Oxfam, plans to unveil a EUR 20 million (approx USD 20.4 million) Impact Fund to support small businesses in line with their goals. Read More
Northern Africa
Egypt
Nigeria and Egypt Test Different Approaches to tax Digital Economy
The booming digital economy in many African countries like Nigeria and Egypt raises the hopes for more revenues for the countries in their COVID-19 fatigued economies. Read More

FRA Approves First Future Flow Securitisation Programme of EGP 2 Billion over 3 Years
The Financial Group for Securitization will be the first in Egypt to securitise future flows on behalf of the Cairo for Investment and Real Estate Development (CIRA), following the Financial Regulatory Authority’s (FRA) approval of the multi-issuance programme. Read More

Aman to Launch Securitisation Affiliate with First Issuance Reaching EGP 500 Million Within 3 months
Aman Group, one of the leading FinTech companies in the Egyptian market focusing on non-banking services, has announced the establishment of Aman Securitization company. Read More

Egypt Makes Use of its Energy Surplus
Egypt has developed an integrated strategy to direct its electricity surplus to projects that achieve added value to the Egyptian economy and enhance Egypt’s position on the Arab and international levels. Read More

Morocco
The U.S. Trade and Development Agency and Africa Investment Forum Showcase Women as Investment Champions
The U.S. Trade and Development Agency and African Development Bank’s (www.AfDB.org) Africa Investment Forum co-hosted a forum of 40 women leaders who are delivering high-quality solutions for Africa’s infrastructure needs. The forum took place during last week’s U.S.-Africa Business Summit, in Marrakech, Morocco. Read More

Porsche F1 Partnership With Red Bull Buy-In Plans Revealed
New documents released by Morocco’s Conseil de la Concurrence (Competition Council) show Porsche is in the process of acquiring a 50% stake in Red Bull Technology, which manufactures the F1 team’s chassis. Read More

China Signs up for Morocco’s Mohamed VI Tanger Tech City Project
Chinese companies and representatives from Morocco’s public and private sectors signed in Rabat an agreement to launch the construction of the Mohammed VI Tangier Tech City project, a smart city ambitious project that King Mohammed VI launched in 2017. Read More
Southern Africa
Malawi
Pressure Persists on Malawi Kwacha
Pressure continues to mount on the Kwacha, barely two months after the authorities devalued it by 25 percent. A snap survey by The Business Times in Malawi’s Administrative Capital Lilongwe revealed that the forex black market continues to flourish with the dollar now selling at around MWK 1,400 from around MWK 1200 in recent weeks. Read More

Malawi Bureau of Standards Satisfied with Compliance Rate
The Malawi Bureau of Standards (MBS) has observed a 10 percent decrease in the use of illegal weighing scales by traders. MBS Director of Metrology Thomas Malunje said intensified awareness campaigns across the country have helped in the compliance level. Read More

Jenda Tollgate Awaits M1 Works
Roads Fund Administration has said the construction of its tollgate at Jenda Trading Centre in Mzimba District will await the rehabilitation of the M1 Road. Read More

Malawi Lags on AfCFTA Trading
Malawi is missing on the list of six countries which will commence trading of goods ahead of other signatories to the African Continental Free Trade Area (AfCFTA). The six, Ghana, Kenya, Cameroon, Tanzania, Rwanda and Egypt, will be participating in the AfCFTA Guided Trade Initiative. Read More

Mozambique
Standard Bank Agrees with Regulator’s Finding
Standard Bank Mozambique said on Tuesday it does not disagree with the local financial regulator on the extension of the sanction imposed on the bank but noted that “there are reforms that go beyond the bank and that could better serve customers. Read More

Mozambique Tax Authority Launches Countrywide VAT Inspection
The Mozambican Tax Authority launches a nationwide campaign to regulate Value Added Tax invoicing. The campaign aims to verify, through door-to-door inspection, compliance with Article 27 of the VAT Code (relating to the obligation to issue invoices or equivalent documents for each transmission of goods or provision of services) and to alert economic agents about the need for invoicing as an essential basis for the settlement of VAT obligations, a statement from the AT explains. Read More

South Africa
Ramaphosa Seeks Lower Wages, Investment Commitments to Revive Economy
South Africa’s government sought a series of commitments by labour unions and business, ranging from lower entry-level wages to an agreement to boost investment, as part of a plan to revive the nation’s struggling economy. Read More

Pick n Pay reveals market share among middle class and more affluent shoppers – promising big changes
South Africa’s biggest retailers have all expressed ambitions to take each other on in some way in their traditional market segment – the most notable being Shoprite’s move into affluent areas and customers. Read More

Transnet Sees Green Shoots Despite Another Challenging Year
Transnet’s executives and board made no bones about its last financial year (April 2021 to March 2022) being one of its most challenging at a results presentation, despite the year seeing eased Covid-19 restrictions following the pandemic fallout in 2020. Read More

Zambia
ZESCO to Commence the exportation of Electricity to Zimbabwe
Energy Minister Peter Kapala says ZESCO will next month commence with the exportation of 100MW electricity to Zimbabwe under a five years deal. Read More

Government Urged to Consider Reducing Further Value-Added Tax on Petrol and Diesel
Copperbelt-based Good governance activist Peter Mulenga has called on the Government to consider reducing further value-added tax on petrol and diesel as way of cushioning prices of fuel. Read More
Western Africa
Cote D’Ivoire
Ramaphosa Hosts Côte d’Ivoire President Alassane Ouattara as Pretoria and Abidjan Cement Ties
President Cyril Ramaphosa will host his Federal Republic of Côte d’Ivoire counterpart, President Alassane Ouattara who is in Pretoria for a State visit. Read More

Ghana
Parliament Approves EUR 140 Million Contract for Suame Interchange
Parliament has approved an amount of EUR 140 million (approx. USD 142 million) for the contract agreement between the Government of Ghana and Rango Construction Company for the design and construction of the phase one of the Suame interchange and ancillary works at Kumasi. Read More

Government will Protect Public Jobs Under IMF Programme – Finance Ministry
Government has reiterated its commitment to protect public sector jobs and social investment under an International Monetary Fund (IMF) programme. Read More

MiDA Establishes Energy Services Centers to Promote Sustainable Energy Usage
The Millennium Development Authority (MiDA) in collaboration with the Energy Commission has established a Sustainable Energy Services Centers in three tertiary institutions in Ghana to train and certify professionals. Read More

SSNIT Saves over GHS 312 Million by Deactivating 21,337 'Ghost Pensioners'
The Social Security and National Insurance Trust (SSNIT) has been able to save GHS 312.27 million (approx. USD 37 million) as a result of the deactivation of 21,337 "ghost pensioners" from its database. Read More

Nigeria
NIMC Must Include NIN to National ID – Representatives
The House of Representatives has called on the National Identity Management Commission to redesign the national identity card such that the National Identity Number of the bearer is written on it. Read More

Emefiele: Represents to Bar CBN Chiefs from Politics
The House of Representatives has begun the process of disqualifying politicians and persons with political affiliations from taking leadership positions in the Central Bank of Nigeria. Read More

Firstmonie Agents Record One Billion Transactions
First Bank of Nigeria has said its agent banking network, Firstmonie Agents, spread across the country has processed transaction volume in excess of one billion, amounting to over NGN 22 trillion (approx USD 53 billion). Read More

Naira Falls 34 percent to NGN 710, Senate Summons Emefiele
Naira has weakened by 34 percent in 10 months, closing at NGN 710 to a dollar on in the parallel market, with a margin of NGN 280 from the official rate. Read More
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ALN Weekly Snapshots
Kenya

EACJ Issues Landmark Decision in Kenyan Election Dispute
TIn Kenya's General Elections on 8 August 2017, Ms Karua contested for Governor of Kirinyaga County. Her principal rival for the position was Anne Waiguru. Following the tabulation of votes, Ms Waiguru emerged victorious after garnering 161,343 votes, while Ms Karua came second with 122,091 votes.  Read More

 

Building Trust and Accountability in the Humanitarian Sector
Trust is at the heart of humanitarian action. It is a core tenet to the relationships humanitarian organisations build with the local communities in which their actions are rooted, as well as with donors, both to whom they are accountable. 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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