8 November 2022
Eastern Africa
PM Abiy Discusses with Various African, International Organizations Leaders on Bilateral, Regional Issues at COP27 Summit
Prime Minister Abiy Ahmed discussed bilateral and regional issues with various African and international organizations leaders on the sidelines of COP27 summit in Egypt. Read More

Ethiopia Gets GeneXpert TB Testing Machines Worth USD 3 Million from USAID
Ethiopian health ministry has received 126 cutting-edge GeneXpert tuberculosis (TB) testing machines support from the U.S. Agency for International Development. Read More

Ethiopia Participates in World Travel Market Tourism Expo
Tourism Minister announced that Ethiopia was participating in World Travel Market 2022 tourism expo which was held in London. Read More

Travelport and Ethiopian Airlines Renew Agreement
Travelport International Operations and Ethiopian Airlines renewed their agreement which allows Ethiopian Airlines to distribute Travelport+ and other related Travelport products in Ethiopia. Read More

KRA Upbeat KES 297 Billion Sin Tax in Sight Despite MPs’ Action
The Kenya Revenue Authority is confident it will meet its annual revenue targets from sin taxes despite the lawmakers shooting down some of its major proposals. Read More

Kenya, UK Agree Deal for KES 425 Billion Mega Dam
A new multipurpose dam to be built in Kitui and Tharaka Nithi counties will cost KES 425 billion (approx. USD 3.5 billion) following a deal by President William Ruto and UK Prime Minister Rishi Sunak. Read More

Interest Rates Jump as T-Bills Hit 10 Percent, Increases Investor Returns
Short-term interest rates on risk-free government securities have risen to 10 percent, piling pressure on returns for various assets including bank loans. Read More

Costly Fuel Gives Electric Buses a Lift
Silent. Smooth rolling with no gears being shifted. USB charging port for every passenger. Wi-Fi on board. Door operated by the driver. That is how a ride in the new electric buses has been as the trial phase comes to an end. Read More

COP27: MDBs to Boost Adaptation Finance in Low-Income Countries
Multilateral development banks (MDBs), which together provided record levels of dedicated finance in 2021 to support the green transition, have affirmed their commitment to expand their support to countries seeking finance to mitigate climate change and adapt to a warming planet. Read More

Rwanda Issues Special Freight Tariff for AfCFTA Traders
President Paul Kagame and his Kenyan counterpart William Ruto, 6 November met in Sharm el-Sheikh, Egypt, ahead of the UN climate conference. Read More

WFP, Korea Ink TZS 13.8 Billion Deal for Kigoma Farmers
Within the framework of the humanitarian-development nexus, World Food Programme and the Korean International Cooperation Agency recently signed a four-year agreement valued at USD 6 million to ensure food and nutrition security to smallholder farmers. Read More

Vodacom M-Kulima Platform to Register 6 Million Farmers
Vodacom Tanzania is projecting to register more than six million farmers by next year from 1.3 million currently through its M-Kulima digital platform to provide market linkages with buyers, processors and mechanisation. Read More

Palm Oil Value Addition Project Benefits Buhigwe Women
Women in Kigoma Region are benefitting from a special project designed to add value to palm crop products with an objective to boost their social economic wellbeing. Read More

1.3 Billion Water Project Brings Relief to Villagers
Residents of Namigati and Mitumbati villages in Nanyumbu District, Mtwara Region have breathed a sigh of relief as the government completed construction of a TZS 1.3 billion (approx. USD 558,000) water supply project to serve the villages. Read More

East African Business Body Calls for Enhanced Exports of Fresh Produce 
The East African Business Council has called for setting up of fresh produce consolidation centers across East African Community countries and improve transport interconnectivity to boost export volumes and competitiveness. Read More

MFS Africa Granted 3 Payment Licences by the Central Bank of Uganda   
MFS Africa has been granted three licences by the Central Bank of Uganda to allow the fintech company to extend and deepen its offering in the country. Read More
Northern Africa
Algeria Officially Submits Application to Join the BRICS

Algeria submitted an official application to join the BRICS economic bloc, which consists of Brazil, Russia, India, China and South Africa according to reports quoting citing the Algerian Foreign Ministry special envoy for international partnership. Read More

We are Waiting for Commercial Details of LNG Import Agreement from Egypt
Sharm El-Sheikh, Energy Minister of Bulgaria Rossen Hristov said that his country waits for the final details from the Egypt side on the LNG import agreement from Egypt. Read More

International Support Must be Provided to Launch Carbon Markets in Africa
Ghada Waly, Executive Director of the United Nations Office on Drugs and Crime, said that African countries can benefit from the issuance of carbon certificates to major countries. Read More

SCZONE Will Announce the First Green Fuel Production
Within the framework of the effective steps taken by the Suez Canal Economic Zone (SCZONE) to accelerate the pace of work on green fuel production projects. Read More

IFC Could Finance 500MW Wind Farm in Egypt by USD 83 Million
The International Finance Corporation could provide USD 83 million to an Emirati Japanese consortium to part-fund their planned 500-megawatt wind farm in the Egyptian Ras Ghareb. Read More

Moroccan Tomato Producers Want to Double Their Exports
The Moroccan Association of Fruit and Vegetable Exporting Producers has announced its plans to double tomato exports amid the ongoing water scarcity crisis. Read More

Morocco, AfDB Sign Loan Deals to Boost Agriculture and Social Protection
The African Development Bank (AfDB) and Morocco’s government signed two loan agreements to support cereal production and social protection in the North African country. Read More

FutureRoc’s CEO: Moroccan Companies Should Join the ‘Cloud Revolution’
From startups to Fortune 500 companies, adopting a successful digital transformation strategy is of critical importance to remain competitive, provide quality services, and increase profit margin while protecting the company’s data. Read More

World Bank: Morocco Could Become Major Hydrogen Exporter
Morocco could become a major exporter of green hydrogen with the right state policies to boost investments in the sector. Read More
Southern Africa
Gambia Needs 96,000 Metric Tonnes of Malawi Rice Per Year
Expectations are high that Malawi will maximise export earnings from rice following the discovery of a market for the commodity in the Gambia. Read More

AU Member-States Commit to Implementation of Africa’s Asset Recovery Agenda
An extended Common African Position on Asset Recovery Working Group, with more African Union (AU) member-states including Nigeria, Democratic Republic of Congo (DRC), Malawi and Senegal has joined pan-African institutions mandated by the AU Assembly to actively further the implementation of CAPAR. Read More

Treasury Tipped on Raising Resources
Former Reserve Bank of Malawi governor Elias Ngalande has urged Treasury to strengthen and create fiscal space by using taxpayers’ money efficiently to support the country’s economic growth and development. Read More

RBM Admits Pressure to Manage Forex
Reserve Bank of Malawi (RBM) Governor Wilson Banda has admitted facing pressure to manage foreign exchange as supply and demand imbalances continue to escalate. Read More

South Africa
Gauteng Government Says Joburg and Ekurhuleni ZAR 2 Billion in the Red
The Gauteng government on Monday gave a clearer picture of the sad state of finances of two leading metros in the province, saying they were in the red by more than R2bn by September. Read More

Growth Prospects Make JPMorgan Bullish on Sub-Saharan Deal-Making
US investment bank JPMorgan says merger & acquisition activity in Sub-Saharan Africa is likely to top USD 100 billion in both 2022 and 2023, despite the bleak global economic backdrop at present. Read More

Murray & Roberts to Sell Stake in Subsidiary Clough
Engineering group Murray & Roberts is set to sell its full stake in its Australian subsidiary Clough to multinational Italian industrial group Webuild as Clough’s working capital needs has “become increasingly urgent”. Read More

Win for Shareholders after Gold Fields Rules out Bidding War
In a victory for shareholders who have been calling for tighter capital discipline, Gold Fields resisted the temptation to sweeten its ZAR 120 billion (approx. USD 6.8 million) all-share offer for Yamana Gold. Read More

COP27: WWF tips African Countries to Push for Green Agriculture
African governments at the COP27 should negotiate for sustainable financing to enable farmers to adapt to climate change and use technologies like drip irrigation to produce food, Worldwide Fund for Nature Zambia (WWF) chief conservation officer Moses Nyirenda has said. Read More

Musokotwane Defends PPP Approach: Government Funding for Infrastructure is Limited
Finance and National Planning Minister Dr Situmbeko Musokotwane says the country is still bankrupt and has limited money for infrastructure, hence the need for Public-Private Partnerships. Read More

Demand Outstrips Supply at BoZ Treasury Auction
The Bank of Zambia (BoZ) treasury bill auction last week was oversubscribed after receiving bids amounting to over ZMK 2.44 billion (approx. USD 150,000) against an offer of ZMK 2 billion (approx. USD 123,000). Read More

Miles Sampa Advocates for Quick Revival of Konkola Copper Mines and Mopani Copper Mines
Lusaka’s Patriotic Front Matero Member of Parliament Miles Sampa has advocated quick revival of dormant operations at Konkola Copper Mines and Mopani Copper Mines in the Copperbelt Province. Read More
Western Africa
Cote d'Ivoire
All-Electric Côte d’Ivoire Terminal Goes Live
The first vessel to be officially operated on at the terminal was a 267 metre-long CMA CGM Rossini, with a total capacity of 5770 TEU. Read More

Raxio Breaks Ground on Data Center in Abidjan, Côte d’Ivoire
The Raxio Group has broken ground on the construction of its fifth data center, and Côte d’Ivoire’s first Tier III-standard carrier-neutral colocation data center. Read More

VP Jewel Howard-Taylor Represents Liberia at AfDB Africa Investment Forum in Abidjan, Holds High-Level Talks with Partners
Vice President Jewel Howard-Taylor represented H.E. President George Manneh Weah and Liberia last week in Abidjan, Côte d'Ivoire at the just-ended Africa Investment Forum organized by the African Development Bank. Read More

Actual Number of Ghana Government Staff to COP27 is 150 – Minister
The actual government staff attending the COP27 is about 150, a Minister has said. Read More

AGI Pledges Support to Turn Economy Around 
The Association of Ghana Industries (AGI) has assured the government of its utmost support to navigate the current economic challenges and return the economy to the path of stability and sustained growth. Read More

Decentralise Post-Graduate Medical Education to Address Doctor Maldistribution – GMA
The Ghana Medical Association (GMA) has advocated the decentralisation of post-graduate medical education as a long-term measure to resolving poor and inequitable distribution of medical doctors and other critical staff across the country. Read More

Mponua Rural Bank Posts GHS 1.2 Million Profit 
Mponua Rural Bank posted a net profit of GHS 1.2 million (approx. USD 85,000) in the 2021 financial year. This is a decline of 19.27 percent as against a significant growth of 81.56 percent recorded in 2020. Read More

Minister, Chinese Envoy Visit GAC Assembly Plant
Chinese Ambassador to Nigeria, Cui Jianchun, has reaffirmed China’s willingness to provide support to innovations such as the newly built GAC auto assembly plant in Ogba, Lagos. Read More

AFAWA initiative Enablers to Support Africa’s Women-Led Businesses
The African Development Bank Group’s Affirmative Finance Action for Women in Africa (AFAWA) initiative has launched its second call for proposals for the Women Entrepreneurship Enablers programme. Read More

G7 Nations Meet on Export Credit
The leaders of official export credit agencies from the G7 nations, Canada, France, Germany, Italy, Japan, United Kingdom and the United States of America, were hosted by Export Development Canada in Toronto, Canada. Read More

Benteler Creates Autonomous Mobility Brand – Holon
German parts supplier Benteler is establishing a new brand – Holon – which will focus on fully electric, autonomous movers. Read More
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