13 July 2022
Eastern Africa
IMF's Georgieva says Chad, Ethiopia, Zambia Creditor Committees to Meet Soon
Creditor committees for the debt restructurings of Chad, Ethiopia and Zambia are expected to meet within the next 10 days, International Monetary Fund Managing Director Kristalina Georgieva said.  Read More

Kenya Pursues Waivers of IMF Loan Conditions
The International Monetary Fund (IMF) board will meet on July 18 to review Kenya’s request for an additional KES 28 billion (USD 244 million) in emergency loan, even as the country fell behind on key commitments including the establishment of a central payroll. Read More

Counties’ Medical Leasing Deal Extended for Three More Years
The Ministry of Health has extended the controversial medical leasing contract for the provision of medical kits to counties by another three years, in a major relief to a consortium of American and Italian firms behind the lucrative deal. Read More

Civil Servants KES 100 Billion Pay Cut Set for October
Civil servants will lose KES 2 billion (approx. USD 17 million) weekly from October after the Salaries and Remuneration Commission set the date for trimming public workers’ juicy allowances. Read More

Vegetables, Fruits Sold Locally Get New Safety Standards
Local consumers of horticulture produce are now assured of their safety following the unveiling of new standards, a departure from the previous practice where only export commodities were subjected to quality checks. Read More

Africa Bio-Manufacturing Institute Works to Kick Off in Kigali
Rwanda is engaging a host of higher learning institutions to help train, re-skill and upskill professionals in the bio-manufacturing industry. Read More

Ten New Projects That Could Fix Housing Shortage in Kigali
According to a recent study, the City of Kigali needs 310,000 new housing units by the year 2032, or around 20,700 affordable housing units, annually. Read More

Why EAC Competition Bill was Amended
The East African Legislative Assembly recently passed an amended EAC Competition Bill, 2021, after introducing a modification to limit circumstances under which a merger that leads to substantial lessening of competition in the market may be approved. Read More

Plastic Bag Ban Creates New Opportunities in Tanzania
The blanket ban on plastic bags Tanzania introduced three years ago has unleashed a huge market potential for eco-friendly paper bags, creating new opportunities for local traders who reap bigger profits. Read More

BADEA to Dish out TZS 245.9 Billion for SUZA Expansion Project
The Arab Bank for Economic Development in Africa (BADEA) will dish out USD 149 million to support expansion project at the State University of Zanzibar (SUZA). Read More

Tanzania, Chinese Firms Seal Deal to Supply Food Processing Machines
Tanzania local companies signed Memorandum of Understanding with eight Chinese dealing with food processing machines to add value to wheat flour, sesame, rice, groundnuts and flour meal and ultimately fetch more export revenue. Read More

Private Sector Credit Grows by 15 Percent
Private sector credit grew by 15 percent in the year ending May up from 13.4 percent in the preceding month and 4.7 percent in May last year, on account of improved business conditions, coupled with supportive monetary and fiscal policies. Read More

Africa’s Off-Grid Solar Sector Seeks to Rebuild After Pandemic Shock
Africa’s off-grid solar power industry is growing but is in urgent need of further support, as the sector struggles to shake off the negative impact of the Covid pandemic on providers of equipment and services, and the ability of customers to pay. Read More

UDB’s 2021 Scorecard
Uganda Development Bank, the country’s National Development Finance Institution released its 2021 Direct Impact Report highlighting the fundamental role that it continues to play toward Uganda’s sustainable socio-economic transformation and growth. Read More

Tough Times as BoU Moves to Restrict Money in Circulation
Bank of Uganda held an emergency monetary policy committee meeting and decided to increase the central bank rate by one percentage point to 8.5 percent, the highest since the country got hit by COVID-19. Read More
Northern Africa
Algerian Gas Flows to Spain Decline
Algerian gas exports to Spain were down by 15 percent in June compared with May, according to figures recorded by Enagas, the energy company and European transmission system operator that owns and operates Spain’s gas grid. Read More

Baker Hughes Partners with Petrosafe to Reduce Emissions from Flaring Operations in Egypt
Baker Hughes and Petrosafe, a subsidiary of the Egyptian General Petroleum Corporation, announced a contract that will mark the first deployment of Baker Hughes’ flare.IQ technology in refinery operations in Egypt to help reduce emissions from oil and gas flaring operations. Read More

Egypt Directs EGP 6 Billion of FY2022/2023 Budget to Export Development | Finance Minister
Egypt has directed EGP 6 billion (approx. USD 318 million) of its new state budget for FY2022/2023 towards supporting export development, revealed Minister of Finance Mohamed Maait. Read More

Egypt's Fintech Boom in Numbers
The Fintech Investment Focused Landscape Review surveyed 148 fintech startups and 26 investors and accelerators to cover all aspects of the fintech ecosystem. Read More

Over EGP 1 Billion Allocated for Industrial Complexes Nationwide: Egypt's Finance Minister
Minister of Finance Mohamed Maait assured that the government has allocated EGP 1.1 billion (approx. USD 58 million) in the new budget to establish utilities for 13 industrial complexes in several governorates with the aim of providing a stimulating infrastructure for the owners of small, medium, and micro enterprises. Read More

Morocco Seeks ‘Dynamic’ Partnership with Korea in Auto, Aeronautics Sectors
Morocco seeks to attract Korean investors in the automotive and aeronautics sectors to address the “missing links” in the country’s value chain. Read More

IMF Predicts Morocco’s Tax Revenue to Increase by 12 Percent of GDP
The International Monetary Fund (IMF) anticipates that Morocco will be able to generate more untapped tax income, increasing by 12 percent of its Gross Domestic Product. Read More

Euro Hits Parity with US Dollar for First Time in 20 Years
The euro hit a low of USD 1, its weakest value in more than 20 years, and down by about 12 percent since the start of the year. Read More
Southern Africa
Mkango Mining to Commence 2025
Dual listed mining firm, Mkango Resources, is expecting to commence rare earths mining at its Songwe Hill Rare Earths mine in February 2025. In a statement published on its website recently, the mining firm says production ramping up is expected from July 2025, averaging 5,954 tonnes per year, for total rare earth oxides with a long operating life of 18 years. Read More

Europe Volatility to Hurt Malawi Exports
Malawi is vying in the category of least developed countries within the sub-Saharan region that export to Europe to be directly affected by economic volatility there. This is contained in a recent World Bank Global Economic Prospects report. Read More

Sheriffs Seal PTC Offices
Sheriffs sealed Peoples Trading Centre (PTC) head offices in Blantyre, on instruction from Rab Processors over non-payment of more than MWK 300 million (approx. USD 292,000) debts. Read More

South Africa
Processing of Electoral Amendment Bill Nears End
Deliberations on the Electoral Amendment Bill by parliament’s home affairs committee are almost complete, and the next stage will be consideration of a reworked bill that includes all the amendments its members have decided upon. Read More

CT Set to Buy Electricity from Businesses, Households – Its Energetic Mayor Using Level 6 Crisis to Achieve Energy Independence
The City of Cape Town is poised to use SA’s electricity crisis to abrogate power over the electricity supply long centralised in Pretoria, and intends soon to be buying solar panel-generated electricity from businesses and households. Read More

Transnet Secures ZAR 25.5 Billion Credit Facility, with Deutsche Bank as Lead Bookrunner
State-owned port and rail monopoly Transnet has signed a major five-year credit facility to the tune of USD 1.5 billion in its first internationally syndicated loan in almost a decade. Read More
Tobacco Free Association Disappointed over Delayed Tobacco Control Bill
The Tobacco-Free Association of Zambia says it is disappointed with the continued delay by the government to advance the Tobacco Control Bill. Read More

Mines Minister Directs ZCCM-IH to Dialogue with Vedanta outside Court on Issues Surrounding KCM
Mines Minister Paul Kabuswe has directed the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) through its lawyers to quickly dialogue issues surrounding Konkola Copper Mines (KCM) and Vedanta mineral resources outside court. Read More
Western Africa
Cote D’Ivoire
Autochek acquires CoinAfrique to grow its footprint in Francophone Africa
Autochek, the automotive technology company has announced the acquisition of CoinAfrique, the leading platform for classified ads in French-speaking Africa, to accelerate the penetration of its auto financing services in Senegal, Côte d’Ivoire and other French-speaking African countries. Read More

BoG to Sell USD 150 Million to Authorised Dealers in Quarter 3, 2022
The Bank of Ghana will sell a total of USD 150 million to authorised dealers in the third quarter of this year in a Foreign Exchange Forex Auction. This will be far lower than the USD 350 million sold in the second quarter of 2022. Read More

Mid-year Budget Review Postponed to 25 July 2022
The mid-year budget review has been postponed to 25 July 2022, Parliamentary correspondent, Kweku Asante has confirmed. Read More

Chamber of Bulk Oil Distributors appoints Patrick Kwaku Ofori as CEO from August 1st
The Ghana Chamber of Bulk Oil Distributors has announced the appointment of Dr. Patrick Kwaku Ofori as its new Chief Executive Officer, effective August 1st, 2022. Read More

Ghana Standards Authority to Clamp Down on Uncertified Products
Officials of the Ashanti Regional branch of the Ghana Standards Authority say they will soon rid the market of illegal products. Read More
Buhari Lauds Abdul Samad Rabiu on Reappointment as President of France-Nigeria Business Council
President Muhammadu Buhari has congratulated Abdul Samad Rabiu, Chairman of BUA Group, on his reappointment as President of the France-Nigeria Business Council by the President of France, Emmanuel Macron. Read More

ICCN Urges Diplomatic Action Against Global Food Security Crisis
The International Chamber of Commerce Nigeria (ICCN) has called for urgent, decisive, diplomatic and practical action to avert a global food security crisis. Read More

NCDMB Unveils Framework for Local Content Policy Monitoring
The Nigerian Content Development and Monitoring Board (NCDMB) has unveiled seven ministerial regulations that will provide a proper framework for monitoring the implementation of the Nigerian Oil and Gas Industry Content Development. Read More

Maritime Arbitrators Urge FG, Port Users to Embrace ADR for Trade Disputes
The Maritime Arbitrators Association of Nigeria has emphasised the importance of alternative dispute resolution (ADR) in the promotion and sustainability of effective and efficient business relationships between Federal Government agencies, port users, cargo and ship owners in the country’s maritime sector. Read More
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