5 August 2022
Eastern Africa
Banking Sector Registers Better Performance in Various Variables: National Bank Governor
The banking sector has registered better performance on various healthy variables during the concluded Ethiopian fiscal year, National Bank Governor Yinager Dessie said. Read More

Achievements in Economic Sectors Contributed to Remarkable Macroeconomic Performance: Officials
Members of the National Macro Economy Committee underscored that the achievements registered in many spheres of the economic sector have hugely contributed to the improvement of Ethiopia’s overall macroeconomic performance. Read More

First Ever National Conference on Internet Governance Organized in Addis Ababa
The Ministry of Innovation and Technology organized the first National Internet Governance Conference in Addis Ababa under the theme ‘Internet for Inclusive Development’. Read More

Ministry of Transport and Logistics and Federal Police Collaborate to Address Traffic and Fuel Problems
The Ministry of Transport and Logistics collaborate with the Ethiopian Federal Police to ensure the safety of road and rail transport. The collaboration also aims to ensure imported fuel will be used for its intended purpose. Read More

Listed Firms Raise Dividend Pay to KES 130 Billion
Dividend payout by all of companies listed on the Nairobi Securities Exchange has risen to a record KES 130.3 billion (approx. USD 1.1 billion) in their latest respective financial years on the back of earnings recovery from the impact of the Covid-19 scourge. Read More

Lapfund Plans to Set Up KES 10 Billion Mall in Nakuru
The Local Authorities Pension Fund (Lapfund) plans to build a KES 10 billion (approx. USD 84 million) mall in Nakuru city as it moves to diversify its revenue streams. The fund has revealed in an environmental and social impact assessment study report that the facility will comprise a five-star hotel, a modern warehouse block, an office block, a petrol station, a kindergarten and residential apartments as well as an amusement park. Read More

Covid-19 ‘Wonder Drug’ Now Available for Free
Covid-19 patients in the country can now breathe a sigh of relief after Tocilizumab, a previously unaffordable and inaccessible drug meant for treating severe and critical coronavirus cases, was made available free of charge. Read More

Investors Now Drink to a Free Tea Sector in Kenya
“We now have many factories that have emerged since the liberalisation of the tea sector in the country, this has not only driven up the quality of tea but also increased production in the country,” said James Marete, a technical advisory officer at the Tea Board of Kenya. Read More

Joe Biden nominates career diplomat Eric Kneedler as US ambassador to Rwanda
US President Joe Biden has nominated Eric Kneedler, the former acting ambassador to Kenya as his top envoy in Rwanda. Read More

Rwanda backing M23 rebels in DRC: UN experts
Rwandan troops attacked soldiers inside DR Congo and aided the M23 rebel group with weapons and support, a United Nations group of experts said, citing “solid evidence” despite reiterated denials by Kigali. Read More

The Gicumbi Restauration Project in Rwanda
A project in Rwanda aims to help farmers adapt to climate change by teaching them how to restore terrains and use different crops. It is already showing results in the rugged hills of the country's Northern Province. Read More

Tourism Share of GDP Set to Hit 20 Percent in 2025
Tourism share in Tanzania’s gross domestic product (GDP) will reach as high as 19.5 percent in 2025/26. The fastest growing sector in the economy has been contributing 17.5 percent and 30 percent of forex earnings. Read More

Wentworth Says has Achieved ESG Commitments in 2021 at Mnazi Bay Field
Wentworth Gas, the leading natural gas producer at Mnazi Bay, southern Tanzania said that has managed to achieve its Environment, Social and Governance (ESG) commitments in 2021 through sustainability strategy. Read More

BMM Testlabs South Africa now licensed to provide compliance testing services in Tanzania
BMM Testlabs, the world’s original gaming test lab and product certification consultancy is pleased to announce that the Gaming Board of Tanzania has authorized BMM to provide compliance testing services. Read More

AD Ports Group and India's Adani Group to Develop Port, Rail and Industrial Zone in Tanzania
The AD Ports Group will jointly develop a port, rail and maritime services and an industrial zone in alliance with India’s Adani Ports and SEZ, part of the Gautam Adani conglomerate. Read More

Uganda Development Bank Prepares Businesses for Access To Finance
Uganda Development Bank (UDB) has launched the Enterprise Development Program aimed at preparing entrepreneurs for financing through enhanced business practices. Read More

Mobile Phone Connections Grow to 35 Million
At least 3.8 million mobile phone connections were added on the network in the 12 months to March, according to data from Uganda Communication Commission. Read More

Government Targets to Earn UGX 380 Billion from Tourism Related Meetings
Government will seek to earn at least USD 100 million from hosting tourism related meetings, conferences and events in four years, according to Uganda Tourism Board. Read More

Govt Seeks Changes in Borrowing Terms to Curb Rising Debt
Government is considering changes to future borrowing in the face of mounting pressure to manage debt and repayment, according to Ministry of Finance. Read More
Northern Africa
Libya, Algeria to reopen border crossing in between soon

The mayor of Ghadames municipality, Qassem Al-Manea, has revealed that work is underway to reopen the Libyan-Algerian border crossing in the near future. Read More

The Role of Algeria, Egypt, and Nigeria in Africa’s Search for European Gas Market Share
The curtailment of Russian natural gas deliveries is a source of anxiety for the European Union, and rightly so, given that the bloc has been far too dependent for far too long on Gazprom, a majority state-owned Russian company that serves as a de facto instrument of policy for the Kremlin. Read More

Petrofac Wins USD 200 Million Contract with Sonatrach
Jersey-based services provider to energy industry, Consortium that Petrofac leads wins engineering, procurement and construction contract in Algeria. Read More

Egypt Expands Hamra Port with Aim to Turn it into Global Center for Oil Trading

The Ministry of Petroleum and Mineral Resources has started the expansion of the Hamra Petroleum Port in El-Alamein region, which is represented in a 120-feddan plot of land on the coastal area. Read More

Egypt, Chinese Haier Sign USD 130 Million MoU to Establish Industrial Complex for Manufacturing Household Appliances
The General Authority for Investment and Free Zones has signed a memorandum of understanding with the Chinese company, Haier Group Corporation, to establish an industrial complex under the investment zones system for the manufacture of household appliances and their feeding industries. Read More

Egypt's Food Exports to Djibouti hit USD 4.5 Billion in 5 Months: FEC
The Food Export Council (FEC) noted that the sector's exports to Dijibouti amounted to USD 4.51 million during the first five months of 2022. Read More

UAE's Chimera Acquires 56 Percent of Egyptian Beltone Shares by EGP 385 Million
The Egyptian Stock Exchange (EGX) announced the implementation of the compulsory purchase offer submitted by the UAE company Chimera Investment, to acquire a majority stake in the shares of Beltone Financial Holding Company. Read More

Morocco’s Automotive Exports Reach 5-Year High of USD 5.1 Billion as of June
Morocco’s automotive exports reached USD 5.13 billion in the first half of 2022, reaching the highest level in five years. Read More

Three Moroccan Banks Among Forbes Middle East ‘Top 30 Banks 2022’
American business magazine Forbes Middle East revealed today its “Top 30 Banks In The Middle East 2022” list, which featured Morocco’s Attijariwafa Bank, Banque Centrale Populaire (BCP), and Bank of Africa. Read More

UN Denounces ‘Grotesque Greed’ of Firms Profiting from Energy Crisis
UN Secretary-General Antonio Guterres has expressed concerns about companies profiting from the Ukraine-Russia conflict and its effect on global energy prices. Read More
Southern Africa
Parliament Discusses Energy Sector Woes
Parliamentarians took turns in discussing ways of bringing sanity in the country’s energy sector in a bid to attract meaningful investment. Read More

Malawi Requires Big Investments
The National Planning Commission has said Malawi needs big investments in livestock, fisheries, fruit canning and textiles sectors to build a niche which can be used as centre of production in the region under the Sadc value-chain agenda. Read More

Tafika Holdings Gets Court Relief on PTC
Tafika Holdings, the new owners of Peoples Trading Center (PTC), have applied for a protection order restraining creditors from any action against them. Read More

Bid Rigging Remains a Thorn, CFTC Says
The Competition and Fair-Trading Commission (CFTC) has said bid rigging remains a challenge in the country, especially in public procurement. This was said in Blantyre on the sidelines of the international trade fair where the commission made a presentation on its mandate and strides made to counter the vice. Read More

New Health Centre for Funhalouro
Mozambique’s First Lady, Isaura Nyusi, inaugurated a new health centre in the locality of Cupo, in Funhalouro district, in the southern province of Inhambane. Read More

Mozambique has Added Responsibilities in Energy Transition Process, Minister
Mozambique’s Minister of Mineral Resources and Energy said this that, as it starts producing liquefied natural gas in the Rovuma basin this year, the country had increased responsibilities in boosting the energy transition. Read More

Minister Sees Conditions in Place for TotalEnergies’ Return by Year-End
Mozambique’s Minister of Mineral Resources and Energy Carlos Zacarias promised today that, by the end of this year, all conditions for the resumption of Total’s natural gas project, suspended due to the war in Cabo Delgado will be in place. Read More

CFM To Rehabilitate Port of Mocímboa Da Praia, Expand Pemba Port
Ports and Railways of Mozambique (CFM) is working on the rehabilitation of port infrastructure in Mocímboa da Praia, Cabo Delgado province. Read More

South Africa
Gold Fields Expects H1 Profit Jump on Higher Prices, Output
South Africa’s Gold Fields on Thursday said it expects its half-year profit to rise by up to 33%, driven by higher metal prices and increased production, but flagged the impact of rising inflation on costs. Read More

Gender Diversity Will Drive Future Agricultural Growth, Says Nedbank
The South African agriculture sector continues to deliver growth and value to the economy, with a growth rate of 13.1 percent recorded in 2020, 8.3 percent in 2021 and a 3.6 percent year-on-year growth rate so far this year. Read More

Science, Innovation Dept Envisions a Solid Hydrogen Economy by 2050
South Africa’s Department of Science and Innovation (DSI) views hydrogen as a key enabler of decarbonisation, particularly in the transport sector – heavy-duty trucking, shipping, aviation, and rail,  and in major polluting industries such as steel, cement and chemicals manufacturing, as well as mining. Read More

Hello Pay Champions SME Growth with Competitive Access to Funding
On the back of two major interest rate hikes in the first half of 2022 alone and rapidly rising costs, business owners across the country are keeping a close eye on budgets and cash flow where every cent counts. Read More
Horticulture College Urges Avocado Farmers to Gain Skills
The Zambia Centre for Horticulture Training in Lufwanyama on the Copperbelt has urged avocado farmers to enrol with the institution and learn how they can grow the Hass avocado that is being grown for export. Read More

StanChart Launches Agency Banking
Standard Chartered Bank Zambia has launched agency banking to reach out to the unbanked and underserved communities through digital platforms, while interest rates on mortgages have been dropped to 16 percent from 24.5 percent effective 15 August for all new loans. Read More

Mopani has New Machinery
Installation of new and advanced equipment at Mopani Copper Mines will see copper production increase from an annual average of 80,000 metric tonnes to 225,000 metric tonnes next year, says ZCCM-Investment Holdings board director Moses Nyirenda. Read More

Tanzanian, Zambian leaders agree to revive TAZARA railway
Tanzania and Zambia have agreed to mobilize resources to revive the TAZARA railway to make it modern and vibrant. Read More
Western Africa
Cote D’Ivoire
Ghana, Côte d'Ivoire Reverse Decision to Sell Cocoa at Origin Differentials Below Zero
Ghana and Ivory Coast, the world's two largest producers of cocoa have reversed the earlier decision to sell cocoa beans at origin differentials below zero. Read More

Fears EU Laws Could Stop African Countries Accessing Markets
Leading cocoa producers Côte d’Ivoire and Ghana have reported significant progress in ending deforestation as they prepare for the potential introduction of strict new EU sustainability laws. Read More

Ghana’s Economy Growing Despite Rising Inflation Rate – Yofi Grant
The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has said the country’s economic growth and outlook continue to be positive, although its year-on-year inflation has shot up. Read More

GIPC signs MOU for deeper collaboration with GSE
The Ghana Investment Promotion Centre (GIPC) and the Ghana Stock Exchange (GSE) have today signed a Memorandum of Understanding to facilitate a deeper collaboration between the two institutions. Read More

Local Airline Ticket Prices Up; Passengers Lament
Prices of local airline tickets have shot up by between 15 and 20 per cent, prompting recession fears among local operators following “a gradual drop” in patronage.  Read More

ACEP calls for Competitive Bidding in Ameri Power Plant Relocation Contract
The Africa Centre for Energy Policy (ACEP) is asking the government to use a competitive bidding process in awarding the contract to relocate the AMERI power plant from Takoradi to Kumasi. Read More
FG to Generate NGN 160 Billion from Call, Data Taxes
The Federal Government will generate about NGN 160.46 Billion (approx. USD 384 million) from excise duty on telecommunication services in 2023. Read More

FG to Capture Schools’ Security in 2023 Budget
The Federal Government has promised to include the security of schools in the 2023 budget. Speaking at the safe-school summit organised by the Emergency Coordination Center in Abuja, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said, “In 2023 budget, we will make sure we make specific budget to support financing of safety of our schools.” Read More

Nigeria Secures USD 1.5 Billion US-Backed Loan for Solar Projects
Nigeria has secured a USD 1.5 Billion loan facility from the US-EXIM Bank to deliver solar power infrastructure in 10 different locations nationwide. Read More

Makinde Inaugurates Cassava Factory
Oyo State Governor, Seyi Makinde, has inaugurated the first cassava-based sorbitol factory in Africa at Ado-Awaye in the Oke-Ogun area of the state. Read More
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