7 November 2022
Eastern Africa
PM Abiy Arrives in Egypt to Attend the United Nations Conference on Climate Change
Prime Minister Abiy Ahmed and his delegation arrived in Sharm el-Sheikh, Egypt, to attend the United Nations Conference on Climate Change. Read More

Deputy Prime Minister and Foreign Minister of Ethiopia, Demeke Mekonnen, Held Talks with Turkish Foreign Minister
Deputy Prime Minister and Foreign Minister of Ethiopia, Demeke Mekonnen, held talks with Turkiye Foreign Minister Mevlut Cavusoglu on bilateral issues in Abu Dhabi, United Arab Emirates. Read More

Global Exhibitors Flock in Addis for the Africa Sourcing and Fashion Week
The 8th edition of the Africa Sourcing and Fashion Week, Africa’s largest meeting for fashion, sustainability, and innovation, opens its doors from 4 – 7 November 2022 at the Skylight Hotel. Read More

FSD Eying Investment Potentials in Ethiopia, Peace Agreement Will Put Economic Growth Back on Track: CEO
Fonds Souverain de Djibouti (FSD), Djibouti Sovereign Fund is exploring investment potentials in industry, real estate, agribusiness, and tourism, committing 20 percent of the fund to Ethiopia. Read More

Kenya Scores Big in Bid to Raise Taxes on Global Firms
Kenya has reported a major breakthrough in ongoing talks to secure a favourable revenue-sharing deal with a club of rich countries over the contentious global minimum tax rate on multinationals ahead of the 1 January 2024 enforcement. Read More

Farmers Cash in On High Maize Price, Surpassing Warehouse Storage
The prevailing high prices of maize have seen farmers sell their harvest directly to consumers, surpassing the warehouses storage where they could store their produce as they wait for prices to stabilise. Read More

Kenya Breweries Wins Suit Against KRA in Cider Tax Dispute
Kenya Breweries has won a battle against the Kenya Revenue Authority over the taxman’s bid to classify fermented apple fruit concentrate, a raw material used in the manufacture of cider as an alcoholic beverage. Read More

SMEs to Access Capital Through Stock Market
Small firms listing on the Nairobi Securities Exchange Growth and Enterprise Markets segment will finally be able to raise funds through the capital markets under updated listing rules by the sector regulator that will see the creation of two new segments tailored specifically for SMEs. Read More

Foreign Ministers Agree on Accelerating Luanda Roadmap
Foreign Affairs ministers of DR Congo, Angola and Rwanda agreed to accelerate efforts towards implementing the ‘roadmap on the pacification process in the eastern region of DR Congo’ that was agreed on by the Presidents of Angola, DR Congo, and Rwanda in July. Read More

Rwanda Issues Special Freight Tariff for AfCFTA Traders
The National carrier, RwandAir, has put in place a preferential freight tariff for Rwanda exporters under the African Continental Free Trade Area (AfCFTA). Read More

Rwandans in Kenya Elect New Leaders
The Rwandan community in Kenya, 5 November elected a new leadership committee that will serve for the next two years. Read More

Businesses Wary Over Unclear Directive on Noise Pollution
The current directive on noise pollution is likely to affect doing business in Kigali, and harm revenues generated from entertainment activities, business owners have claimed. Read More

Isles Economy on Speedy Recovery- Mwinyi
Zanzibar economy is on a speedy recovery, with the country registering 181 projects worth over 3 billion US dollars in two years, President Hussein Mwinyi said here. Read More

Africa Court Session Gets Underway
The African Court on Human and Peoples' Rights will begin its 67th Ordinary Session here in Arusha. Read More

Tanzania: Uganda-Tanzania Oil Pipeline Project a 'Carbon Bomb', Analysis Shows
The multibillion euro East African crude oil pipeline project, being financed by France's TotalEnergies and the China National offshore Company, will produce far more carbon emissions than claimed, new data shows. Read More

Zanzibar Eyes Competitive Seaweed Business
Zanzibar President Dr Hussein Mwinyi has expressed his government commitment to strengthening seaweed farming and called upon the US government to support the efforts, especially by boosting production and value addition of the commercial crop. Read More

URA Seeks to Collect UGX 5 Billion from VAT on Non-Resident Tech Giants 
Uganda Revenue Authority has said it expects to collect at least UGX 5 billion (approx. USD 1.3 million) from the new Value Added Tax instituted on non-resident providers of electronic services such as social media, streaming sites and other internet-based tech giants. Read More

Bill to Protect Consumers from Predatory Pricing in Offing   
The Committee on Trade, Tourism and Industry has said that it will move the protection law aimed at protecting consumers from false advertisement, predatory pricing and substandard products. Read More

UNDP Praises Uganda for Kiira Motors and Drive to E-Mobility        
The United Nations Development Programme, (UNDP) has described as ‘promising’ Uganda’s speedy transition towards electric mobility as a lasting solution to the supply shocks of fossil fuel and its hazards. Read More
Northern Africa
FRA Okays Issuance of Egypt’s First Future Flow Securitisation
The Financial Regulatory Authority (FRA) gave the green light for the first issue of Egypt’s first future flow securitization multi-issuance program. Read More

Industry Leaders Discuss Sustainability Road Map for Real Estate in Egypt
Sustainability and green Energy experts discussed sustainability road Map for real estate in Egypt. Read More

Egypt to Establish Carbon Certificates Trading Company
The Egyptian Exchange Holding Company for Capital Markets Development, the Agricultural Bank of Egypt and Libra Capital Group signed Sunday a framework to establish a Carbon Certificates Trading Company. Read More

EGX Starts Week in Mixed Note, Market Capital Loses EGP 5.03 Billion
The Egyptian Exchange (EGX) showed mixed performance during the first trading session of the week, losing around EGP 5.03 billion (approx. USD 207.4 million) of the market capitalization, amid Egyptian individuals selling. Read More

King Mohammed VI: Morocco Is Investing USD 7.1 Billion to Develop Southern Regions
Morocco is currently funding massive developmental projects in its southern provinces with a budget cover of more than MAD 77 billion (USD 7.1 billion), Morocco’s King Mohammed VI said. Read More

Morocco’s Touria Sbiri Wins Women Entrepreneur Award
Morocco’s Touria Sbiri won an award dedicated to businesswomen at the 69th World Congress of Women Entrepreneurs held in Marrakech between 2 and 4 November. Read More

Finance Ministry Denies Imposing New Fees on Gifts Entering Morocco
Morocco’s Ministry of Economy and Finance issued a statement dismissing claims suggesting that the country’s customs authorities are imposing a new set of duties on gifts entering Morocco. Read More

European Bank Launches Program to Support Moroccan Businesswomen
The European Bank for Reconstruction and Development (and the European Union launched in Marrakech the Women in Business program aiming to support women-led small and medium-sized enterprises in Morocco. Read More
Southern Africa
Malawi Still Trading Less with US Under Agoa
Malawi continues to trade less with the US under the African Growth and Opportunity Act compared to its peers, with the country’s exports remaining consistently lower in value over the past years, figures show. Read More

Minority Shareholders, Bridge to Capital Market—Minister
Minister of Finance and Economic Affairs Sosten Gwengwe says minority shareholders can bridge the gap between ordinary citizens and the capital market to enhance renewed confidence in the Malawi Stock Exchange. Read More

Economists Offer Tips on MW2063 Implementation
Economist Winford Masanjala has underscored the need for the country to critically look into the implementation of development plans from investments in order to achieve the aspirations set up in the national development plans. Read More

South Africa
Power Crisis Likely to Worsen Over Next Five Years, Eskom Report Shows
Eskom, which imposed rolling power cuts again until further notice, will be unable to meet the electricity needs of the country over the next five years, its latest statutory assessment of the power system showed. Read More

Raubex Ups Dividend as it Benefits from Road Projects
Construction and materials group Raubex upped its interim dividend more than one-tenth as its revenue was propped up by increased activity on the Sanral projects in KwaZulu-Natal, the Beitbridge Border Post project and the chrome producer Bauba Resources it recently acquired. Read More

Counteroffer for Yamana Leaves Gold Fields’ Bid in the Balance
Gold Fields’ proposal to acquire Yamana Gold in a ZAR 120 billion (approx. USD 6.7 billion) deal hangs in the balance after two rival companies tabled a joint counteroffer, setting the scene for what could be a bidding war for the Canadian company. Read More

Big Jump in Petrol and Diesel Prices Expected in December
The Department of Mineral Resources and Energy has published its latest weekly fuel price forecast, showing a big hike in petrol and diesel prices expected to hit in December. Read More

President Hakainde Hichilema Heading to Egypt for Convention on Climate Change
The Ministry of Foreign Affairs and International Cooperation has said that that President Hakainde Hichilema will travel to Sharm, El-Sheikh, Egypt to attend the United Nations Framework Convention on Climate Change High Level Segment for Heads of State and Government scheduled for 7th to 8th November 2022. 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

Govt Desires Competent and Technically Qualified Equity Partners for KCM and Mopani
Government says it wants to hand over Mopani and Konkola Copper Mines to competent and technically qualified equity partners who will be able to increase production at the two mines. Read More

Demand Outstrips Supply at BoZ Treasury Auction
The Bank of Zambia treasury bill auction last week was oversubscribed after receiving bids amounting to over ZWK 2.44 billion (approx. USD 150,000) against an offer of ZMK 2 billion (approx. USD 123,000). Read More
Western Africa
Cote d'Ivoire
President Impressed with Lines of Credit
President Mnangagwa said his recent trip to Cote d’Ivoire yielded a lot of positive economic results with lines of credit and expression of interest to invest in the country from the United States and Britain having been secured successfully. Read More

Peasant Farmers Association of Ghana Urges Action to Save Agriculture from Climate Change
The Peasant Farmers Association of Ghana has made a six-point proposal for immediate action by the Government given the impact of climate change on food security worldwide. 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

Three Sign Pact to Develop Integrated Financial Ecosystem to Support Growth of Asia-Africa SME Trade Corridor
The Monetary Authority of Singapore, Bank of Ghana and Development Bank Ghana has signed a Memorandum of Understanding to develop the Ghana Integrated Financial Ecosystem. Read More

DStv Ghana to Arrest Public Showing of FIFA World Cup Qatar 2022 
MultiChoice Ghana, operators of DStv and GOtv has set out rules to regulate the 2022 FIFA World Cup, which has been mandated by SuperSport International Holdings. Read More

PoS Use to Rise Despite Transaction Failures
Point of Sale (PoS) machines deployment will continue to rise in the coming months to serve new entrants into the digital banking space. Read More

CBN, Dealers Vote for Higher Liquidity, Better Transaction Settlement
The Central Bank of Nigeria (CBN) and financial market dealers have itemised key steps they need to take to deepen market liquidity and ensure easy settlement of transactions. Read More

Reviving Palm Oil Production to Boost Exports
The agro-commodities sector, especially palm oil, is widely credited with having the capacity to lead Nigeria’s rapid economic recovery. Read More

Companies Commit to Economic Growth, Food Security
Dangote Group, Sundry Food, Access Bank Corporation and United Bank for Africa have vowed to continue to grow the nation’s economy through their various initiatives, while creating jobs in the process. Read More
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