8 February 2023
Eastern Africa
Ethiopia, France Exchange Views on Ways To Strengthen Economic Cooperation, Current Affairs
Finance State Minister Eyob Tekalgn during his working visit to France, held a fruitful discussion with French Minister of Trade, Becht Olivier on the economic cooperation of the two countries and other current affairs. Read More

ILRI Launches Project to Help Strengthen Livestock Productivity through Climate-Friendly Practices
The International Livestock Research Institution (ILRI) has launched Enviro -Cow Project, geared towards assisting the dairy sector cope with the vagaries of climate change and improve production. Read More

Ambassadors, Development Partners of Various European Countries Express Commitment to Support Ethiopia’s Development Efforts
Ambassadors and development partners of various European countries have expressed their commitment to supporting Ethiopia’s development plans. Read More

Ethiopia, China Sign ETB 161 Million Emergency Food Aid Agreement
Ethiopia and China have signed an emergency food aid agreement worth ETB 161 million (approx. USD 3 million). State minister of Finance, Semereta Sewasew and Economic and Commercial Minister Counsellor of the Embassy of China in Ethiopia, Yang Yihang signed the agreement. Read More

Roads, Electricity Projects Get Steep Cuts in Ruto Mini Budget
Roads and energy projects have suffered the steepest cuts in President William Ruto’s budget reorganisation which slashed KES 106.3 billion (approx. USD 853 million) from the development budget but increased recurrent spending in various offices including the State House. Read More

How Implementation of the NSSF Act will Affect Workers and Employers
President William Ruto’s social security plan, which includes increasing the monthly contributions to the National Social Security Fund (NSSF), has moved closer to becoming a reality after the Court of Appeal overturned a decision blocking the tenfold increase in subscriptions. Read More

Landlords Setting Rent in Dollars
A number of prime office space landlords in Nairobi are now setting rent prices in dollars, joining a growing number of businesses that are pegging daily sales prices on the movement of the greenback in a bid to cushion themselves against forex losses triggered by the weakening shilling. Read More

Safaricom Sets Expiry Date for Bonga Mobile Internet 
Safaricom has restricted the time within, which customers can use up data resources bought through the use of its Bonga loyalty points, marking an aggressive policy to push the use of the points which are a liability to the telco. Read More

Kagame Hosts Global Vaccine Body Boss
President Paul Kagame met with the chair of International Vaccine Institute (IVI) Board of Trustees, George Bickerstaff, who is in Rwanda to explore potential areas of collaboration in bio-manufacturing. Read More

Bond Yields Rise Suggests Economy Firming Up
The stock market ended the week on a positive note with total market capitalisation rising by 1.53 percent. Read More

CRDB, Denmark to Bolster Business Relation
CRDB Bank and Denmark’s Ambassador to Tanzania met and deeply discussed ways of further strengthening the existing business relationships. Read More

Dubai Firm Inks Conservation MoU
A company based in Dubai in the United Arab Emirates, Blue Carbon and the Tanzania Forest Services Agency have signed a Memorandum of Understanding (MoU) that marks the start of a collaboration in the promotion of sustainable forest management practices and reducing greenhouse gas emissions in Tanzania. Read More

Prisons Go for High Farming Tech to Maximise Output
Tanzania Prisons Service has embarked on using state-of-the-art farming technology to maximize output while cutting costs and cultivation time. Read More

The Private Sector Foundation Takes Lead on Uganda-South Africa Business Summit
The Private Sector Foundation Uganda in patnership with Ministries of Foreign Affairs, Trade and Cooperatives, Privatisation and Investment is organizing a Uganda- South Africa Trade, Tourism, and Investment Summit 27 February – 1 March 2023 in Pretoria, South Africa. Read More

URA’s Half-Year Performance for FY2022/23 Improves but Deficits Remain
Uganda Revenue Authority collected UGX 11.6 trillion (approx. USD 3.1 billion) against the target of UGX 11.7 trillion (approx. USD 3.2 billion) for the first six months of the financial year 2022/23 – representing 46.4 percent of the annual target. Read More

Absa Africa Financial Markets Index
Uganda’s overall score in the Absa Africa Financial Markets Index increased by six points to 66 in 2022, moving the country up to fourth from sixth place in the rankings, according to data released on Jan.31 in Kampala. Read More
Northern Africa
Egypt’s Trade Minister, Heads of Exports Councils Discuss Boosting Exports

Minister of Trade and Industry Ahmed Samir met with export council’s heads of ready-made garments, spinning and weaving, furniture, medical industries, printing and packaging, and furniture sectors to discuss the councils’ work plans to develop Egyptian exports. Read More

Egypt to Host First-Of-Its-Kind Cybersecurity & Defence Intelligence Systems in May
Egypt will host the first-of-its-kind event; Cybersecurity and Defense Intelligence Systems in May. Read More

Banks Inject EGP 53.2 Billion in Mortgage Financing Initiative for Low-Income Individuals
A report issued by the Social Housing and Mortgage Finance Fund revealed that banks operating in the Egyptian market have injected EGP 53.185 billion (approx. USD 1.8 billion) of mortgage financing for 467,550 customers. Read More

Strategic Partnership Between Pickalbatros Hotel Group,
Businessman Kamel Abou Ali, Chairperson of Pickalbatros Group of Hotels, held a meeting with the leaders of the senior management of the global reservation site to consolidate the strategic partnership at the beginning of the new year. Read More

Canadian Mining Company Closes USD 100 Million Deal to Fund Morocco Project
Canadian precious metal mining company Aya Gold & Silver announced closing a USD 100 million funding deal for an expansion project in Morocco’s Zgounder Silver Mine located in the Atlas Mountain range. Read More

Morocco, Tanzania Reach Deal to Set Up Fertilizer Factory in Kisarawe
Tanzania and Morocco have reportedly made significant progress in deepening their ties and are set to finalize the process of obtaining a “title deed” for the establishment of a fertilizer factory in the municipality of Kisarawe. Read More

Germany-Morocco Trade Volume Reaches EUR 4.9 Billion
Morocco-Germany trade volume reached EUR 4.9 billion (approx. USD 5.26 billion) in 2022, according to data shared by the German Chamber of Commerce and Industry in Morocco. Read More

3 of Morocco’s Top Banks Enjoy Stable Outlook at ‘BB’
The American rating agency Fitch issued a report showing that three of Morocco’s largest banking groups are rated at “BB,” reflecting the banks' capacity to meet their financial obligations. Read More
Southern Africa
Renewed Hope for Debt Relief
The International Monetary Fund says Malawi alongside 35 other least-developed countries are eligible for debt relief under the Heavily Indebted Poor Countries initiative, a development analysts say provides hope for the economy. Read More

Reserve Bank of Malawi Revises 2023 Inflation Target
The Reserve Bank of Malawi (RBM) has revised downwards its annual headline inflation target to 18.2 percent from 21.5 percent on the back of expected good agricultural output. Read More

Minister for Sanity in Tourism Industry
Newly appointed Minister of Tourism Vera Kamtukule has committed to engage stakeholders in the sector in dealing with factors impinging the sector’s growth. Read More

Banks Maintain Reference Rate
People and institutions borrowing money from financial institutions will, at least for now, have their borrowing rates static as commercial banks have maintained their reference rate at 17.3 percent. Read More

CCM and Dubai Chambers Prepare Business Mission 2023
The Mozambique Chamber of Commerce (CCM) has met the Dubai Chambers with a view to joining forces in the preparation of the Mozambique-Dubai Business Mission, scheduled for 2 to 4 May in Dubai this year. Read More

Business Leaders Call for Reflection on Tax Benefits Granted to Mega-Projects
The Mozambican Confederation of Business Associations has called for urgent reflection on the tax benefits granted by the Government to mega-projects, to increase state revenues from tax collection. Read More

Train Whistles Again in Vila Nova da Fronteira, 37 Years On
Ports and Railways of Mozambique has announced that it has successfully run the first official railway journey from Vila Nova da Fronteira in Mozambique to Malawi, a train transporting material for the reconstruction of the Malawian railway line. Read More

South Africa
Kieswetter Warns Power Cuts Will Drag Down Tax Take
The South Africa Revenue Service has sounded the alarm that tax collection will come in lower this fiscal year as worsening power cuts and an elevated cost of living combine to hollow out the tax base and heighten the temptation to withhold taxes. Read More

Stop Moaning and Get in the Ring, Ramaphosa Dares Private Sector
The government is open to working with the private sector so it can achieve great results, President Cyril Ramaphosa said at the annual Investing Mining Indaba in Cape Town. Read More

Sasol Share Rout Wipes ZAR 13 Billion Off Its Market Value
Sasol had more than ZAR 13 billion (approx. USD 741 million) of its market value wiped out after SA’s biggest energy and chemicals producer gave half-year profit guidance that came in below forecasts. Read More

SOE Capex Projects Slump More Than 85 Percent
The value of capital expenditure projects announced by state-owned enterprises slumped by a massive 85.3 percent in 2022. Read More

Zambia Airways Gets Regional Wings
Zambia Airways has finally secured a Foreign Operator Permit to enable it commerce regional flights. Read More
Western Africa
Cote d'Ivoire
President Weah Departs Liberia for Cote d’Ivoire
The President of the Republic, H.E. Dr. George Manneh Weah, has departed Liberia for the Republic of Côte d’Ivoire. Read More

Government Grants 3-Day Administrative Window for Bondholders to Complete Processes
Government has announced an administrative window for bondholders to complete processes for tendering their bonds. Read More

Fiscal Policy to Remain Constrained in Ghana Due to Elevated Funding Costs
Rand Merchant Bank is warning of constrained fiscal policy in African countries such as Ghana and Zambia due to elevated costs of funding. Read More

President Akufo-Addo Reshuffles Ministers
The Ghana Revenue Authority in collaboration with the Ministry of Local Government, Decentralisation and Rural Development and the Lands Commission, has collected data required to bill all properties in the country. Read More

Ghana Gas to Build Second Processing Plant 1.5k Jobs Assured
The Ghana National Gas Company has signed a project agreement for the construction of a second Gas Processing Plant. Read More

DMO Issues 2 FGN Savings Bonds at NGN 1,000 Per Unit
The Debt Management Office announced an offer of two Federal Government savings bonds at NGN 1,000 per unit to prospective investors. Read More

FG Raised NGN 742.56 Billion Sukuk Funds to Finance Road Projects in Six Years
The federal government has so far raised a total of NGN 742.56 billion (approx. USD 1.6 billion) through Sovereign Sukuk to finance road projects across the six geo-political zones in the country between 2017 and 2022. Read More

Lagos, FIRS Sign Joint Tax Audit Agreement
Lagos State government has sealed a bilateral agreement with the federal government to harmonise tax administration, raise system efficiency and proffer solution to challenges of multiple taxation. Read More

NIPC Moves to Slash Nigeria’s Appetite for Loans
As Nigeria’s debt profile continues to rise, the Nigerian Investment Promotion Council (NIPC) has initiated steps to curtail future borrowings by boosting the country’s foreign exchange earnings. 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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