6 June 2022
Eastern Africa
FAO Working to Benefit 620,000 Households with Agricultural Inputs in Northern Ethiopia
Food and Agricultural Organization of the United Nations said it is working to benefit 620,000 households in conflict affected areas of northern Ethiopia by providing agricultural inputs. Read More

Oromia Regional State to Adjust Cement Prices
Oromia Regional State signed a memorandum of understanding with the Ministry of Mines and 20 cement producing companies to regulate the price of cement products. The signing of the memorandum of understanding aimed to curb illegal actions in the market and production of cement. Read More

Budget for the 2022/2023 Fiscal Year Heads to Parliament
The Council of Ministers unanimously approved a draft budget for the 2022/2023 Ethiopian fiscal year. The budget was prepared based on the 2022 - 2026 mid-term macroeconomic and fiscal framework. Read More

Chinese Firm Offers to Waive KES 1 Billion Claim on Ketraco Bill
A Chinese firm that completed the construction of the Loiyangalani-Suswa power transmission line has offered to waive a KES 1.1 billion interest claim against the Kenya Electricity Transmission Company (Ketraco) in a bid to unlock payment of KES 1.138 billion due from the State. Read More

EU to Ease Kenya’s Capsicum, Chilli Export Checks on Decline of Pests
The expensive checks on Kenya’s capsicum and chilli by European Union are set to ease following a decline in the level of pest invasion, boosting prospects of higher earnings by exporters. Read More

Cost of Digital Loans to Rise on Fresh 20 Percent Tax
Borrowers of digital loans will pay more for credit if last-minute changes proposed to the Finance Bill to impose a 20 percent excise tax on fees charged by digital lenders are approved. Read More

European Union Revokes KQ Plane Servicing Licence
The European Union Aviation Safety Agency has revoked a licence it had granted Kenya Airways (KQ) to maintain UK-registered aircraft after it failed a compliance audit. Read More

World Environment Day - Mining Firms On the Spot for Environmental Degradation
As the world celebrates World Environment Day, on 5 June, Rwanda Environment Management Authority has obliged mining companies to comply with environment protection across the country. Read More

Tanzania Reinstates Ban on Wildlife Exports
Tanzania's Minister of Tourism and Natural Resources Pindi Chana has reinstated the ban on export of wildlife. The Minister issued the order following wide circulation of news that the government had reversed a decision made in 2016 to ban the export of wildlife. Read More

State Allocates TZS 11.45 Billion for Roads Repair Countrywide in 2022/23 Fiscal Year
The government has said that it has allocated an emergency fund amounting to TZS 11.45 billion (approx. USD 5 million) in the 2022/2023 financial year which will be used in roads rehabilitation countrywide. Read More

Asyad Express Partners with Tanzania Posts
Asyad Group, represented by Oman Post and Asyad Express, signed a memorandum of understanding with Tanzania Posts Corporation to promote last-mile services and e-commerce solutions between the two countries. Read More

Regional Assembly Roots for Business Friendly Laws
The East African Legislative Assembly has laid emphasis on creating laws that will improve the business environment in the region. Read More

Ugandan Central Bank U-Turns on Crypto Welcoming Firms to Regulatory Sandbox
The bank advised the Blockchain Association of Uganda to sharpen up its knowledge of the sandbox regulations, inviting its members along to further technical discussions. Read More
Northern Africa
Egypt, Oman Discuss Enhancing Cooperation to Achieve Economic Targets
Finance Minister Mohamed Maait agreed with his Omani counterpart Sultan ben Salem al Habsi on enhancing bilateral cooperation in the financial policies domain to achieve hoped-for economic and development targets. Read More

Finance Minister Says Sukuk Used to Attract New Segments of Investors
Finance Minister Mohamed Maait said that Egypt’s vision to diversify financial resources and tools had proven to be correct. Read More

Food Industrial Sector Contributes to 24.5 Percent of GDP - Official
The food industrial sector represents 14 percent of the total export sector and 24.5 percent of the total GDP, Ashraf El Gazairly, head of the Chamber of Food Industries in the Federation of Egyptian Industries, said. Read More

GAFI CEO Starts Investment Promotion Visit to Qatar
CEO of the General Authority for Investment and Free Zones Mohamed Abdel Wahab has started a promotional visit to Qatar to discuss pumping new investments into the Egyptian market and establishing investment partnerships with the Egyptian business community. Read More

Ports Performance Index: Morocco’s Tanger Med Ranks Sixth Worldwide
Tanger Med, Africa’s and the Mediterranean’s largest port, has once again ranked among the world’s most efficient ports, with the Moroccan port placing sixth out of 370 ports in the second phase of the global container port performance ranking for 2021. Read More

AU Head ‘Reassured’ on Africa’s Food Security After Talks with Putin
Macky Sall, President of Senegal and current chair of the African Union, has reportedly said that he is reassured about Africa’s food supply after holding talks with Russian President Vladimir Putin on 3 June. Read More

Business Activities in Morocco Drop in April
After recovering during March, business activities in Morocco declined substantially over the month of April, translating into lower production for all sectors with the exception of the agri-food and the mechanic parts industry. Read More

Industrial Activity in Morocco Decreases Throughout May
Industrial activity decreased in Morocco throughout the month of May, according to a monthly report released by Bank Al-Maghrib, the Moroccan central bank. Read More
Southern Africa
Poor Seed Impacts Output, Says Agra
Alliance for Green Revolution in Africa (Agra) says the poor performance of the country’s seed systems affects farmers’ productivity. This is according to an assessment Agra conducted, whose results were subjected to a national validation session last week in Lilongwe. Read More

NBM Completes Tanzania Bank Takeover
National Bank of Malawi (NBM) has completed the acquisition of a 60.48 percent stake in Akiba Commercial Bank of Tanzania. The Malawi Stock Exchange-listed bank has established 18 service centres across Tanzania, bringing the bank’s service centres to 51. In Malawi, NBM has 33 service centres. Read More

MRA Downplays Devaluation Impact on Revenue Collections
Public tax collector Malawi Revenue Authority (MRA) has allayed fears that the devaluation of the kwacha could exert pressure in some tax lines, saying it will instead boost revenue collections. The Reserve Bank of Malawi last week devalued the kwacha by 25 percent against the dollar.  Read More

Experts Urge Early Fertiliser Procurement
Agricultural experts are urging the government to consider early procurement of fertiliser and other inputs before the prices get even higher in coming months as the farming season nears. Last week, the government devalued the Malawi Kwacha by 25 percent thereby impacting prices of goods and services instantly. Read More

South Africa
Private Energy Projects Poised for Takeoff as Nersa Receives Avalanche of Applications
The National Energy Regulator of SA has received an avalanche of applications by private power projects for registration as the move by mining companies and industry to generate their own electricity gains momentum. Read More

Civil Society Groups Urge New Government To Support Strong Action On COVID-19 Medicine Monopolies At WTO Meeting
The General Council of the World Trade Organisation (WTO) will meet from 9 June before a Ministerial Conference on 13 June to debate a waiver on monopolies for COVID-19 medicines. Read More
Zambia to Pay Remaining Kafue Bills
The remaining construction works at the USD 2.3 billion Kafue Gorge power project are being financed by Zesco and alternative funds after EXIM Bank of China froze funding to the Kafue Gorge Lower project, Energy Minister Peter Kapala has announced. Read More

Zesa Needs USD 300 Million to Address Backlog
ZESA Holdings has a backlog of 305 000 domestic customers who need to have electricity connected to their homes, but requires a whooping USD 300 million to connect all of them, a senior official has said. Read More

Government Looking for USD 100 Million to Recapitalize the Ailing Mulungushi Textiles in Kabwe
The government has said that it is looking for USD 100 million to recapitalize the ailing Mulungushi Textiles in Kabwe District. Read More

Monthly Fuel Price Reviews Have Created Uncertainties in Transport Sector
Buses and Taxi Drivers Association of Zambia National Secretary Sydney Mbewe has lamented that the monthly fuel price reviews have created uncertainties in the public transport sector. Read More
Western Africa
GCB Bank Posts Profit Before Tax of GHS 831.9 Million
GCB Bank says it is focused on accelerating its digital capabilities as a key driver to dominate the industry and create shareholder value. Read More

Savanna Agricultural Research Institute’s Credit Union Holds AGM
The Savanna Agricultural Research Institute Workers Co-operative Credit Union has reduced its interest rate from three percent to two percent to encourage members to get loans from the Union instead of the banks. Read More

Importers of Organic Fertilizer to Ghana Urged to Look for Local Alternatives
As the Russia and Ukraine war disrupts the supply of fertilizer to Ghana and other parts of the world, the Ministry of Food and Agriculture has called on importers of organic fertilizer to consider procuring their raw materials from Ghana. Read More

Energy Minister Lauds MCC over Kasoa Bulk Point Station
The Energy Minister has expressed government’s appreciation to the Millennium Challenge Corporation of the United States for funding the establishment of the Kasoa Bulk Supply under the Ghana Power Compact II programme. Read More

BDCs Can Restore Stability to FX Market
Amid the protracted currency market crisis, the President of the Association of Bureaux de Change Operators of Nigeria, Dr. Aminu Gwadabe, says the bureau de change operators could help to restore stability if re-integrated into the value chain. Read More

Policy Reforms, Trade Facilitation Measures Needed for AfCFTA to Succeed, by Stakeholders
The African Continental Free Trade Area may not be realisable after all, unless Nigeria and other 53 African nations, which signed into the agreement, muscle enough courage to synchronise the trade policies and ensure availability of infrastructure that will facilitate trade. Read More

NSML, EA Temile Sign Construction Supervision Agreement
The NLNG Ship Management and EA Temile & Sons Development Company has signed an agreement for supervision of the construction of a new-build 23,000 cubic metre LPG vessel at the Hyundai Mipo shipyard in South Korea. Read More

Momo, SmartCash to Disrupt NGN 8 Trillion Annual Mobile Money Transactions
The kick-off of MoMo, MTN Nigeria’s payment unit, and Airtel Nigeria’s SmartCash have many operators in the financial services sitting on the edge. Mobile money transactions in the country rose to NGN 8.06 trillion (approx. USD 19.4 billion) last year from NGN 3.05 trillion (approx. USD 7.3 billion) in 2020, according to data from Nigeria Inter-Bank Settlement System. Read More
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