4 August 2022
Eastern Africa
PM Says Ethiopia Achieved Better Performance in Macroeconomic Indicators
Ethiopia has registered better performance in most of the macroeconomic indicators of the just-ended Ethiopian fiscal year, Prime Minister Abiy Ahmed said. Read More

Wegagan Bank Grosses ETB 1.4 Billion Profit For 2022/2021 Budget
Wegegan Bank is back on track as it registers a ETB 1.4 billion (approx. USD 27 million) gross profit in the just-ended fiscal year.  A strong rebound in the performance of the 25-year old bank boosted the profit of the bank by a staggering ETB 1.3 billion (approx. USD 25 million). Read More

Uhuru Sets Stage for KES 6 billion US Firm’s Investment in Kisumu Solar Plant
An American firm will set up a KES 6.4 billion (approx. USD 54 million) solar plant in Kisumu, President Uhuru Kenyatta has said. Ergon Solair Africa, a solar developer and an affiliate of Ergon Solair PBC USA will establish the 40-megawatt plant on a 249-acre land in Kibos. Read More

Traders Face Fines as E-Customs Clearance System Law Kicks In
Traders risk up to KES 500,000 (approx. USD 4,000) in fine or a year in jail if they fail to register online for clearance of all imports and exports as the State moves to plug loopholes manipulated to ship in or export products. Read More

1.18 Million Terminate Sacco Savings Despite Jobs Recovery
More than 1.18 million Kenyans stopped making monthly contributions to savings and credit cooperative societies, suggesting a difficult recovery of the jobs market following the Covid-19 economic hardships. Read More

Deloitte Fined for KES 2.1 Billion Hidden Hole in Chase Bank
The capital markets regulator fined Deloitte after the audit firm failed to detect a non-existent KES 2.1 billion (approx. USD 17.6 million) Chase Bank account at the central bank that enticed bond investors to offer the collapsed lender billions. Read More

Oil Marketer Gives Kudos to TZS 100 Billion Fuel Subsidy
One of the country’s leading oil marketing companies, Oryx Energies Tanzania, has applauded the government for the disbursement of a TZS 100 billion (approx. USD 43 million) monthly subsidy for stabilizing prices of petroleum products in the local market. Read More

LATRA Comes out with ‘Nauli App’
Land Transport Regulatory Authority (LATRA) is developing a public transport fare app to enable passengers to access correct fares at their fingertips. Read More

Southern Highlands Farmers Told to Capitalise on CPB Deal
The Southern Highlands farmers are set to benefit from crop purchase agreements through the Cereals and Other Produce Board (CPB), which will be processed for value addition before being exported to the regional markets. Read More

NBC Urges Dodoma Entrepreneurs Capitalise on Financial Services
The National Bank of Commerce (NBC) has counselled Dodoma entrepreneurs to take advantage of the opportunities offered by financial services to expand their businesses and contribute to national development. Read More

House to Debate State of the Nation Address
Buyanja East County Member of Parliament, Hon. Emely Kugonza has said that the socio-economic transformation championed by President Yoweri Museveni has awakened Ugandans to meaningfully participate in the wealth and job creation initiative. Read More

UEGCL Commissions New Facilities in Nwoya, Kiryandongo Districts
Uganda Electricity Generation Company has commissioned the newly constructed school facilities at Purongo Primary School and Diima Primary school in Nwoya and Kiryandongo Districts respectively. Read More
Northern Africa
Strengthening Resilience to Better Address Future Shocks

Nonhydrocarbon sectors in Algeria are expected to recover to pre-pandemic levels in 2022 and trade and budget balances will also show a marked improvement this year, according to the latest edition of the World Bank’s Algeria Economic Update.  Read More

Int'l cooperation min., EBRD official probe joint action for COP27
Minister of International Cooperation Rania al-Mashat discussed with Managing Director for the Southern and Eastern Mediterranean region at the European Bank for Reconstruction and Development (EBRD) Heike Harmgart boosting bilateral cooperation regarding joint initiatives and projects figuring high on the agenda of the 27th Conference of the Parties of the UNFCCC (COP 27), to open in the Red Sea resort city of Sharm el-Sheikh in November.  Read More

Egypt's PMI Records 46.4 in July
Egypt Purchasing Managers’ Index (PMI) recorded 46.4 in July, up from 45.2 in June, marking its highest performance in over a year. The results of the index revealed that the Egyptian non-oil businesses continued to register a decline in new order intakes at the start of the third quarter. Read More

OPEC+ to Slightly Raise Oil Output in September
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, announced a slight production boost in September despite calls for speedier increases to rein in high crude prices. Read More

Orascom Construction Adds USD 1.8 Billion Contracts to its 2Q 2022 Project Backlog
Orascom Construction has added USD 1.8 billion worth contracts to the projects in progress in the second quarter of 2022. Read More

Attijariwafa Bank Finances EMEA Solar Energy Plant in Morocco’s Tangier
AMEA Power, a Dubai-based clean power producer, that its most recent green energy venture in Morocco is financed by Attijariwafa bank, the country’s largest banking group. Read More

Nigeria-Morocco Pipeline: Morocco in Talks with European Partners for Financing
Amina Benkhadra, the general manager of Morocco’s National Office of Hydrocarbons and Minerals, has said that Morocco is in talks with European partners to guarantee the financing of the Nigeria-Morocco gas pipeline. Read More

NGOs Decry African Leaders' Plan To Push For Fossil Fuel Use in COP 27
A coalition of African NGOs has spoken out against the “shameful” and “unacceptable” decision by leaders of the African Union to push for the continuous use of fossil fuels to guarantee access to electricity amid the climate crisis. Read More

Automotive Sector: Car Sales in Morocco Drops By 11.03 Percent
Compared to the same period last year, the sales of new cars in Morocco experienced a decrease of 11.03 percent, standing at 95,544 units at the end of July this year. Read More
Southern Africa
Malawi Stock Exchange Picks Up in July
The Malawi Stock Exchange was bullish in July 2022, having transacted over 270.1 million shares at a total consideration of MWK 4.6 billion (USD 4.5 million) in 360 trades. Read More

National Budget Under Pressure
The 2022-23 National Budget faces a higher risk of going off track in the wake of recent adjustments made to almost all assumptions anchoring the financial plan coupled with prevailing mismatches between revenue and expenditure, economic experts have said. Read More

‘Maize Prices Hike to Hurt Consumers’
Consumer rights watchdog, the Consumers Association of Malawi (Cama) has warned that the recent upward adjustment in maize farm gate prices would exert further pressure on local consumers who are already grappling to make ends meet. Read More

Standard Bank Agrees with Regulator’s Finding
Standard Bank Mozambique said on Tuesday it does not disagree with the local financial regulator on the extension of the sanction imposed on the bank but noted that “there are reforms that go beyond the bank and that could better serve customers. Read More

Mozambique Tax Authority Launches Countrywide VAT Inspection
The Mozambican Tax Authority launches a nationwide campaign to regulate Value Added Tax invoicing. The campaign aims to verify, through door-to-door inspection, compliance with Article 27 of the VAT Code (relating to the obligation to issue invoices or equivalent documents for each transmission of goods or provision of services) and to alert economic agents about the need for invoicing as an essential basis for the settlement of VAT obligations, a statement from the AT explains. Read More

South Africa
Growth of South Africa's Most Valuable Brands Outpaces the Economy, Increasing 21 Percent in Value to USD 34.9 Billion
The combined value of the Kantar BrandZ Top 30 Most Valuable South African Brands 2022 is USD 34.9 billion, representing a 21 percent increase over last year. This USD 6 billion rise in overall brand value now makes the Top 30 brands roughly equivalent in value to the entire GDP of Cameroon. Read More

Business Confidence Hits Three-Month High
S&P Global Ratings said yesterday that around 38 percent of firms expressed a positive outlook for the next 12 months on hopes of improving demand and a moderation of price pressures. Read More

IDC launches Domestic Tourism Campaign to Stimulate Economy
The Industrial Development Corporation (IDC) in partnership with South African Tourism and the Tourism Business Council of South Africa, have brought together select establishments, airlines, and tour operators to launch a travel campaign aimed at stimulating economic recovery and activity in the tourism sector. Read More

South Africa’s Airlink to Ease Access into Mozambique
Airlink has announced that it will soon service direct flights from Cape Town to Mozambique in an effort to boost economic activity and tourism. Read More

Some Light at the End of the Tunnel in Zambia’s Debt Restructuring Process -CSO Debt Alliance
The Civil Society Organizations (CSO) Debt Alliance is elated at the announcements by the International Monetary Fund Managing Director, Kristalina Georgieva, and the World Bank Group President, David Malpass, that the Official Creditor Committee for Zambia has provided the financial assurances necessary for the IMF Executive Board’s approval of a Fund supported program. Read More

Reduced Fuel Prices Elates Motorists
The Energy Regulation Board’s move to adjust the pump price has elated most motorists in Zimba Town, Southern Province. Read More

World Bank Group Launches the Women Entrepreneurs Finance Initiative for Women Led SMEs in Zambia
The World Bank Group announced the launch of the Women Entrepreneurs Finance Initiative Pipeline Development Program aimed at assisting Women Small and Medium Enterprises (WSMEs) to overcome financial constraints, stimulate growth and inspire more women to participate in the Zambian economy as entrepreneurs. Read More

Government to Engage Cement Producers on Prices
The Ministry of Industry and Commerce is set to engage local cement producers on pricing with a view of reducing the cost to make it affordable for most people without compromising on quality. Read More
Western Africa
Cote D’Ivoire
Funding Secured for New Dry Bulk Port Set to Boost West African Trade
A trio of commercial banks has agreed to lend €90mn towards a new dry bulk port in Côte d’Ivoire, as the West African country works to modernise its ageing trade infrastructure and grow export volumes. Read More

Fed Govt Raises Committee to Boost Revenue from Cocoa
The Federal Government has constituted a National Cocoa Management Committee to increase the productivity of the commodity and generate more revenue for farmers and the government. Read More

Cedi Expected to Stabilise by Quarter 4, 2022
The cedi is expected to stabilise by the 4th quarter of this year, some currency analysts have told Joy Business. Read More

Telecel to Re-Engage Government over Takeover of Vodafone Ghana
African Focus Telecom Company, Telecel has indicated that it will re-engage the Government of Ghana over its takeover bid for Vodafone Ghana’s operations. Read More

Africa at Risk of Following EU’s Dangerous Fossil Gas Push
Campaigners have warned that Africa is in danger of locking the continent into fossil fuels for decades to come with leaders considering a new position that would prioritize fossil gas and nuclear over cleaner, cheaper, renewables.  Read More

Ban on Construction of LPG Outlets Lifted – NPA
Cabinet has lifted the ban on construction of LPG outlets throughout the country. This is contained in a letter addressed to the Chairman of the LPG Marketers Association of Ghana by the National Petroleum Authority (NPA). Read More

Oil Price Falls, OPEC Raises Nigeria’s Production Quota
The Organisation of Petroleum Exporting Countries raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day, as Brent, the global benchmark for crude, dropped in price the same day. Read More

MSME Survival Fund Records over 1,258,183 Beneficiaries in Two Years
The Project Coordinator, MSME Survival Fund and Guaranteed Offtake Scheme, Tola Adekunle, has stated that over 1,258,183 beneficiaries have benefitted from the Federal Government’s Micro Small and Medium Enterprises (MSME) survival fund. Read More

FG Generates NGN 2.5 Billion Daily from TinCan Port – Customs
The TinCan Island Command of the Nigeria Customs Service has said that the command makes an average of NGN 2.5 Billion (approx. USD 6 million) daily. The Customs Area Controller in charge of TinCan Island Command, Adekunle Oloyode, said. Read More

NCAA Confirms Dire Financial Status of Local Airlines
Nigerian Civil Aviation Authority confirmed that the local commercial airlines are in financial dire straits, requiring concerted efforts to avert industry shutdown. Read More
ALN Weekly Snapshots
The Nigerian National Petroleum Company Limited – “Privatising” the NNPC
On 19 July 2022, the President unveiled the Nigerian National Petroleum Company Limited (NNPC Ltd); the new limited liability company which has replaced the former Nigeria National Petroleum Corporation (NNPC), the national oil corporation of the Federal Republic of Nigeria. Read More
Major Changes in Respect of Registration of Human Resource Management Practitioners
The Zambia Institute of Human Resource Management Act No. 3 of 2022 (the “HR Act”) was enacted by the Zambian Parliament on 12 April 2022.  Read More
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