15 December 2022
Eastern Africa
PM Abiy Holds Talks with IMF, World Bank Chiefs
Ethiopian Prime Minister Abiy Ahmed has held discussions with top officials of the International Monetary Fund (IMF) and World Bank Group in Washington DC. Read More

U.S. Launches USD 8.7 Million Biodiversity Project in Ethiopia 
The United States through the United States Agency for International Development launched Biodiversity and Community Resilience in the Omo Valley, a new USD 8.7 million project in the South Omo zone of the Southern Nations, Nationalities and Peoples’ Region. Read More

Investment Commission Striving to Attract More FDI This Ethiopian Fiscal Year
Ethiopia is working to secure more FDI inflow this Ethiopian fiscal year as the investment environment has become conducive for investors, according to the Ethiopian Investment Commission. Read More

Coca-Cola Company Names New President of Africa Operating Unit
The Coca-Cola Company announced that Luisa Ortega will become president of the company’s Africa operating unit, overseeing markets across the continent. Read More

Uhuru's 15 Percent Cut of Power Prices to Expire this Month
Former President Uhuru Kenyatta’s order, which reduced electricity bills by 15 percent in January will expire after Christmas, raising the prospects of costly power from January. Read More

Nairobi the Warfront for KES 250 Billion Facebook Suit
Nairobi has become the battleground for two Ethiopians seeking more than KES 250 billion (approx. USD 2 billion) from Facebook parent company Meta in compensation for victims of hate and violence allegedly fuelled by the social media giant. Read More

Kenya Seeks KQ Sale to Strategic Investor in US Trip
President William Ruto will this week make a pitch to sell a controlling stake in national carrier Kenya Airways to US investors as a path of returning the struggling airline to profitability.​​ Read More

KCB Ordered to Pay Former Employees KES 115 Million 
The High Court has ordered KCB Group to pay 28 former employees more than KES 115 million (approx. USD 937,000) in a precedent-setting decision on unfair labour practices for keeping casuals on contract terms for more than three years and paying them less compared to permanent staff. Read More

RwandAir Announces Flight Delays
The national carrier, RwandAir has announced delays of flights coming to and leaving Kigali on December 14, due to heavy fog at Kigali International Airport. Read More

Rwanda Ranks Fifth in Visa Openness in Africa
Rwanda has been ranked fifth in visa openness in Africa, and the top in the East African region among countries that are open to visitors from other African countries. Read More

Kenya Vows to Remove Trade Barriers by January        
Plans are underway by the government of Kenya to resolve outstanding trade barriers with Tanzania before the end of January, Kenyan envoy to Tanzania said. Read More

Tanzania's Ports Performance Increase as Trade Recovers
Cargo handled by Tanzanian ports increased by 14.9 percent to 19.8 million tonnes in the last financial year as businesses are rebounding from the Covid-19 outbreak in the wake of improved port infrastructure. Read More

NMB Launches Digital Account Opening to Boost Inclusion
A new banking era has unfolded in the country after NMB Bank debuted a novel solution of opening accounts within two minutes that has added fresh impetus to the national financial inclusion agenda and digital finance journey. Read More

NBC Twiga Bond Oversubscribe by 30 Percent
The net proceeds from the NBC Twiga Bond will lend to retail, small and medium-sized businesses, agricultural activities, businesses whose products and services directly impact women and youth and local and multinational corporations. Read More

Innovation Village Launches Build Week to Reach End Mile Users
In collaboration with partners, the Innovation Village has today announced that they will be hosting a flagship ecosystem event dubbed “Build week”, slated to take place in February 2023 under the theme “Hack the Last Mile – Using Shared Infrastructure to Serve Last Mile Users Faster and Better.” Read More

Uganda Breweries Offers Special Skills Training to 2,000 Hospitality Staff
Uganda Breweries has announced plans to upskill over 2,000 individuals employed in the hospitality sector to elevate industry standards. Read More
Northern Africa
Sonatrach Starts Up Algerian Gas Field
Algerian state-owned Sonatrach SPA has started production from Tinrhert gas field in block Ohanet II, onshore southeastern Algeria in the Illizi province. Read More

Production Starts at Tinrhert Field Development Project in Algeria
Petrofac’s scope of work has included a new inlet separation and compression centre, extending the existing Central Processing Facility which we were involved in delivering in 2002. Read More

1.3 Million Ounces of Gold Discovered in Egypt's Sukari Mine Reserves
The Australian company Centamin, which is operating the Sukari gold mine in Egypt, said that there has been an increase in the Sukari gold mine reserves by about 1.3 million ounces, which represents the largest increase in the reserves in 10 years. Read More

Trade Exchange between Egypt, USA Hit USD 7.3 Billion in 9 Months
Egypt and the United States of America (USA) increased 13.4 percent on an annual basis, during the first 9 months of 2022, the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed. Read More

Telecom Egypt, Grid Telecom to Build Subsea Cable Connecting Egypt, Greece
Telecom Egypt signed an agreement with Grid Telecom, a wholly owned subsidiary of the Independent Power Transmission Operator in Greece, to build submarine cable connecting Egypt and Greece. Read More

Rania Al-Mashat Awarded 2022's Most Visionary, Outstanding International Cooperation Minister in Africa
Egypt's Minister of International Cooperation, Rania A. Al-Mashat, received the award for “Most Visionary and Outstanding Minister of International Cooperation of 2022 in Africa”, presented by the George Washington University Institute of African Studies and the GE7 Initiative in the Visionary Leaders Annual Summit in Washington D.C. Read More

Morocco’s UM6P Hosts Metaverse Day to Promote Next-Generation Technology
Morocco’s Mohammed VI Polytechnic University co-hosted in Ben Guerir an event with the tech giant and Facebook’s parent company Meta, with the aim of promoting the rising Metaverse and Web3 technology. Read More

Morocco’s Investments in Mining Sector Hit Over USD 1.14 Billion in 2021
The volume of Morocco’s investments in the mining sector exceeded MAD 13 billion, or USD 1.14 billion in 2021, recent data shows. Read More

Loans Granted to Non-Financial Companies in Morocco Dropped in 2021
While already underfunded, companies in Morocco have had a harder time having access to bank loans in 2021 compared to the previous year. Read More
Southern Africa
Maize Prices Still Elevated
A snap survey by The Business Times has revealed that maize prices remain elevated at an average MWK 23,541 (approx. USD 23) per 50 kilogramme  bag in the country’s major cities and some districts. Read More

Debt-to-GDP Ratio to Hit 76.6 Percent
Malawi risks having its debt-to-gross domestic product (GDP)- ratio soaring to 76.6 percent by the end of 2022, the World Bank estimates. Read More

USTDA Supports Digital Connectivity in Malawi
Trade and Development Agency awarded a grant to Malawian internet service provider Converged Technology Networks for a feasibility study to expand digital connectivity to underserved communities in Malawi. Read More

UN Secretary-General appoints Ghanaian as Resident Coordinator in Malawi
United Nations Secretary-General, Antonio Guterres appointed Rebecca Adda-Dontoh as the United Nations Resident Coordinator in Malawi, with the host Government’s approval. She took up her post on 10 December 2022. Read More

Mozambique and China Seek New Partnerships as Wuhan Delegation Visits
China wants to establish more partnerships with Mozambican businesspeople, according to a delegation from Wuhan currently visiting Maputo. Read More

New Factory to Produce Uniforms in Palma
The “Mozambique LNG” project, operated by the French oil and gas company TotalEnergies, has financed a factory to produce uniforms and individual protective equipment on an industrial scale in Palma district, in the northern province of Cabo Delgado. Read More

Confusion Over Seizure of Eggs in Nampula Reaches Strange Contours – O País
The price of a favo [‘honeycomb’] of 30 eggs rose by MZN 160 in a week in Nampula, after the INAE seized more than 12,000 ‘favos’ of eggs from Malawi. Read More

South Africa
Good News for the Rand
Easing political turmoil in South Africa may help turn the rand from this month’s emerging-market pariah into an outperformer next year. Read More

Eskom CEO Andre de Ruyter Resigns
The chief executive notified Eskom board chairperson Mpho Makwana of the decision earlier this week, with public enterprises minister Pravin Gordhan also being informed. Read More

Mpact Injects ZAR 1.2 Billion into Expansion to Meet Containerboard Demand
The board of packaging manufacturer Mpact has approved a ZAR 1.2 billion (approx. USD 70 million) capital injection into its Mkhondo Paper Mill, as the group looks to capitalise on the surging demand for containerboard, driven by booming fruit export markets. Read More

RMBH Progress Snagged by Atterbury Loan Dilemma
Ongoing efforts by RMB Holdings (RMBH) to return value to shareholders could hit a snag after the investment company confirmed there was a difference of opinion on the settlement terms for a sizeable loan made to a key investment. Read More

3.1 Percent ZCCM-IH Revenue Royalty Model with Kansanshi Copper Mine is a Good Deal for Zambia
A Local Economist has dispelled assertions that the ZCCM-IH sold its 20 percent shareholding in the First Quantum Mine owned Kansanshi Copper mine of Solwezi and advised Zambians to avoid politicizing matters bordering on national wealth creation. Read More

CEC Invests USD 100 Million in Clean Energy
To cement its ambition to increase the uptake of efficient energy, Copperbelt Energy Corporation (CEC) has invested USD 100 million in clean energy projects that are earmarked for commissioning next year. Read More

ZRA Meets Chinese Businesses Over Tax Compliance
Over ZMK 82.9 billion (approx. USD 5 million) has been disbursed in value added tax (VAT) refunds to businesses as at November this year, compared to about ZMK 78 billion (approx. USD 4.5 million) the same period last year by the Zambia Revenue Authority (ZRA). Read More
Western Africa
Cote d'Ivoire
Tullow Signs PSC for New Offshore Exploration License in Côte d’Ivoire
Tullow Oil announced the signing of a production sharing contract (PSC) for offshore exploration license CI-803 in Côte d’Ivoire. Read More

Zimbabwe, Egypt Seek Closer Agriculcural Ties
Zimbabwe and Egypt are keen to resuscitate mutually beneficial economic cooperation, particularly in agriculture, where Zimbabwe hopes to tap into the vast expertise in fisheries developed in the Nile Valley. Read More

Eloïne Barry Named Most Influential Woman of 2022 by New African Woman Magazine
African Media Agency is pleased to announce that its founder and CEO, Eloïne Barry, has been named one of the Most Influential Women of 2022 by New African Woman Magazine. Read More

Equinix to Enter South Africa with USD 160 Million Data Center Investment in Johannesburg
Equinix, the world's digital infrastructure company™ announced plans to enter the South African market with a USD 160 million data center investment in Johannesburg that augments its current footprint on the African continent in Nigeria, Ghana and Côte d'Ivoire. Read More

IMF to Inject USD 3 Billion into Economy - First Milestone Achieved for Extended Credit Facility 
Ghana has secured a preliminary agreement with the International Monetary Fund (IMF) for the injection of USD 3 billion into the economy over the next three years. Read More

Ghana Gets USD 486.2 Million from Carbon Sale   
Ghana has obtained USD 486.2 million as first payment from carbon sale. This is as a result of a pilot project that was started in 2010 to store carbon in some selected forest reserves in the country as one of the potential ways to mitigate climate change. Read More

EPA Launches Strategic Plan on Sound Management of Chemicals 
The Annual Budget Estimates of Parliament and the Parliamentary Service for the year ending 31st December 2023, has been presented to the House. Read More

Inflation Hits 50.3 Percent in November
The Environmental Protection Agency, in collaboration with stakeholders, launched a 10-year strategic plan on sound management of chemicals and waste in the country. Read More

Power Sector Debt to NDPHC Now NGN 100 Billion – MD
The indebtedness of the power sector to the Niger Delta Power Holding Company is now over NGN 100 billion (approx. USD 224 million), the Managing Director, NDPHC, Chiedu Ogbo, said. Read More

FCMB to Boost Instant Payment with QR Code
First City Monument Bank has launched a contactless, cardless, and cashless Quick Response code to boost instant payments for goods and services. Read More

Shareholders Approve Dangote Cement Buy-Back Shares 
Shareholders of Dangote Cement unanimously authorised the management of the company to undertake a share buy-back of up to 10 percent of its issued shares. Read More

Equities Regain Rally with NGN 74 Billion Gain
Nigerian equities regained their rally as increased bargain-hunting pushed most price changes upward. Read More
ALN Weekly Snapshots

Court of Appeal Upholds Decision Declaring Minimum Tax as Unconstitutional
The Court of Appeal of Kenya through a judgment delivered on Friday, 2 December 2022 upheld the High Court decision that declared the Minimum Tax unconstitutional and the Minimum Tax guidelines void. Read More

An Overview of the Mutual Agreement Procedures under Double Tax Agreements
Tax dispute avoidance and resolution procedures are essential to the effective and efficient functioning of all tax administrations as well as ensuring certainty and predictability for businesses. Read More

The Rise of Digital Banking in Mauritius
There is no doubt that more and more people are open to digital banking, especially in the wake of the COVID-19 pandemic, which has pushed “traditional” banking onto digital channels. In a recent report published by N26, a fully digital bank headquartered in Berlin and Accenture, 69 percent of the respondents were open to digital-only banking.  Read More
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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