12 October 2022
Eastern Africa
Germany Supports Ethiopia’s Peace Endeavors, Wants Country to be Anchor of Stability in Horn of Africa
Germany supports Ethiopia’s openness to peace talks without preconditions to end the war in the northern part of the country, and needs to be an anchor of regional stability, Ambassador Stephan Auer said. Read More

Ethiopia To Deploy Youths To Expand Green Initiative, Strengthen Fraternity in Africa : MoFA
Ethiopian youths should expand Green Legacy Initiative to African continent with a view to strengthening African unity and brotherhood., according to Deputy Prime Minister and Foreign Minister, Demeke Mekonnen. Read More

Alibaba Kicks Off 2022 Netpreneur Training Program in Ethiopia
Alibaba Global Initiatives (AGI), a training arm of Alibaba Group, enrolled the third class of 80 Ethiopian entrepreneurs for its Netpreneur Training program. Read More

USD 13 Million Obtained from Power Export to Sudan, Djibouti in two Months
Electric power export to Sudan and Djibouti has generated 13.04 million US dollars in two months, says Ethiopian Electric Power. Read More

Ruto Seeks to Surpass Kibaki with 10 Nairobi Bourse IPOs
President William Ruto has set a target surpassing the number of State-owned firms that the Mwai Kibaki administration sold through the Nairobi Securities Exchange. Read More

Oil Marketers Deny Customers Price Relief, Pocket Gas Tax Cuts
Oil marketers have declined to lower cooking gas prices four months after halving Value Added Tax (VAT) to eight percent, denying consumers accruing benefits. Read More

Kenya’s Dollar Import Cover Shrinks to a Seven-Year Low
Kenya’s import cover has dropped to the lowest levels in seven years, reflecting lower foreign funding amid a faster growth in imports than exports and a slowdown in remittances from Kenyans abroad. Read More

NCBA Plans New M-Shwari Company from Banking Unit
NCBA Group will spin out its financial technology (fintech) business which includes M-Shwari into a standalone company in the race to create more personalised and feature-rich digital banking services for its customers. Read More

Bloomberg to Set Up Regional Studio in Rwanda
Kigali is set to host a permanent studio of Bloomberg in 2023, following the latter's decision to expand its television presence on the African continent. Read More

RSwitch Appoints New Board, Increases Financial Services Capacity
RSwitch, the company which operates Rwanda’s electronic payment switch, recently appointed a new Board of Directors. Read More

ZSTC Pays TZS 38 Billion to Clove Farmers in Zanzibar 
Zanzibar State Trading Corporation (ZSTC) has paid over TZS 38 billion (approx. USD 16.3 million) to clove farmers in Unguja and Pemba in procurement of about 3,000 tonnes of the cash crop. Read More

Dar es Salaam Inflation Goes Five-Year High, Still Lowest in EAC
The country’s monthly inflation has climbed up to a five-year high but remains the lowest in the East African region. Read More

TBL Keen to Lift Up Barley Farmers
The Tanzania Breweries has expressed its desire to support small breweries and farmers growing grains for beer making. Read More

Tugende Closes Pre-Series B Funding Raising a Total USD 10 Million in Equity and Debt Transactions
Tugende, the innovative fintech platform for MSME credit and asset-financing in East Africa, closed in Q2 pre-Series B equity funding from existing shareholders led by Partech and two new investors, including Women’s World Banking. Read More

Opportunities in Carbon Trade 
In Uganda, carbon markets are growing. But they must do so quickly, if Uganda is to meet the global targets of cutting back man-made greenhouse gas emissions over the coming decade. Read More

Cheque Payments Drop Amid Growth in Digital Transactions 
Cheque payments dropped by 6.7 percent in the period ended June, according to Bank of Uganda. The drop came amid growth in electronic payments, which has seen a number of Ugandans move away from cheque and cash-based payments. Read More

Businesses Record Rebound in New Orders, Output 
The Stanbic Bank Purchasing Managers’ Index has indicated a rebound in new orders and output, signaling recovery from more than five months of dampened growth. Read More
Northern Africa
EU Looks to Algeria for Extra Gas — and Possibly Solar

The European Union wants to expand gas trade with Algeria, as part of its wider efforts to diversify supplies away from Russia. Read More

Egypt's Trade Balance Deficit Falls by 28.7 Percent in July Year-on-Year with Export Increase of 2.2 Percent, Import Decrease of 14.8 Percent

Egypt’s trade balance deficit fell by 28.7 percent in July year-on-year, recording USD 2.7 billion compared to USD 3.8 billion in the same month of 2021, according to an official report. Read More

IMF Raises Forecast for Growth of Egyptian Economy to 6.6 Percent in 2021/2022, Lowers Projection of Next Fiscal Year to 4.4 Percent
The International Monetary Fund (IMF) raised its forecast for the growth of the Egyptian economy to 6.6 percent in the current fiscal year, according to its World Economic Outlook released. Read More

US Dollar Exchange Rate Up at Major Banks in Egypt
The US dollar exchange rate rose at the end of Tuesday's transactions at Egypt's major banks. At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate registered EGP 19.63 for buying and EGP 19.69 for selling. Read More

Finance Minister to Take Part in IMF/WB Group Annual Meetings
Finance Minister Mohamed Ma'ait will be taking part in annual meetings of the International Monetary Fund (IMF) and World Bank Group, which will kick start in Washington later. Read More

IMF Projects Morocco’s Economic Growth to Drop to 0.8 Percent in 2022
After bouncing back to 7.9 percent in 2021, Morocco’s economic growth could drop to 0.8 percent this year, before recovering to 3.1 percent in 2023, according to the latest outlook from the International Monetary Fund. Read More

Morocco, Luxembourg Vow To Boost Business Partnerships
Morocco’s Head of Government Aziz Akhannouch, received the Crown Grand Duke of Luxembourg Prince Guillaume in Rabat on Tuesday, paving the way for improved economic relations between the two countries. Read More

Defense Industry: Avnon Group Capitalizes on Morocco-Israel Relations
French shipping company CMA CGM will launch a new maritime shipping service linking Morocco, France, and Spain. Read More

Defense Industry: Avnon Group Capitalizes on Morocco-Israel Relations
Avnon Group, an Israeli firm specializing in security, is looking to expand into the Moroccan market as relations between Rabat and Tel Aviv continue to warm. Read More
Southern Africa
Climate-Smart Initiative Key to Development—Minister
Minister of Finance and Economic Affairs Sosten Gwengwe says investing in climate-smart initiative is crucial to the country’s socio-economic and empowerment of ultra-poor households. Read More

Banks Ready for Basel III Rollout
The Reserve Bank of Malawi says the country’s eight commercial banks are ready for the rollout of Basel III, it says will further strengthen banking system resilience and improve market confidence. Read More

Muscco Pledges to Support Women Sacco Members
Malawi Union of Savings and Credit Cooperatives (Muscco) has pledged to support women in savings and credit cooperatives (Saccos) to grow their businesses. Read More

High Interest Rates Slow Loans Uptake
Commercial banks have cited high interest rates as a strain on their businesses, saying this has deteriorated their business due to slow uptake of loans. Read More

CTA Presents its Position on the PAE to the World Bank
The Confederation of Mozambican Business Associations (CTA) held a working meeting with the World Bank Manager for Macroeconomics, Trade and Investment, Marco António Hernandez Ore, and his team of economists. Read More

Tropigalia Shares to be Sold on Stock Market, in a First for a Private Mozambican Company – Photos
Tropigalia is to sell more than three million shares, equivalent to 10 percent of its shareholder structure. The company officially launched its Public Subscription Offer, an operation to be carried out through the Mozambique Stock Exchange. Read More

South Africa
RMH Shareholders to Get a Large Dividend
The nearly 70 percent drop from ZAR 1.96 to 60 cents last happened because it was the last day to trade in the special dividend of nearly ZAR 1.17 per share following the sale of the company’s Atterbury Europe property portfolio and the distribution of other money. Read More

South Africa Assets Are Safe, Kganyago Tells Investors in New York
SA’s investment environment will continue to improve because its monetary and fiscal authorities have moved firmly back into a trajectory focused on sustainable fiscal policy, and a monetary policy that is capable and willing to reduce inflation, SA Reserve Bank governor Lesetja Kganyago says. Read More

Google Expands Cloud to More Regions, Adds New AI
Google announced a broad swath of updates to its cloud offerings, aiming to capitalize on its strength in artificial intelligence to gain market share from rivals. Read More

Musokotwane Attends the 2022 IMF/World Bank Group Annual Meeting
Minister of Finance and National Planning Situmbeko Musokotwane is leading a Zambian delegation to attend the 2022 IMF/World Bank Group Annual meetings in the United States of America. Read More

Veep Happy with Progress Made to Reduce Poverty
Vice President Mutale Nalumango says government has made significant progress towards achieving food security and nutrition for the Country in line with the United Nations Sustainable Development Goal number two. Read More

Scientists Trained in Biotechnology-Mutati
Government has put technology and science at the centre of national development as espoused in the Eighth National Development Plan. Read More

Hichilema Ready to Construct a Health Facility on His Gifted Land
President Hakainde Hichilema has signaled the ground-breaking for the construction of a health facility in Sin’anda village in Mabumbu area of Mongu district. Read More
Western Africa
Cote d'Ivoire
MSC Enhances African Express service with New Call
MSC announces a new direct call to the port of Abidjan on its African Express service aiming to offer better transit times in the market between Asia and Ivory Coast.  Read More

Saipem Awarded New Contracts in Ivory Coast Worth EUR 1 Billion
The contracts have been assigned by the ENI Cote d’Ivoire-Petroci consortium for the Baleine Phase 1 Project, for the development of the relative oil and gas field offshore Ivory Coast located at a 1200 m water depth. Read More

Two Institutions Train Financial Institutions on Agriculture Financing
The Development Bank Ghana has partnered with the Ghana Incentive-Based Risk Sharing System for Agricultural Lending to train staff of some financial institutions in the country on agriculture financing. Read More

Financial Sector Policy: How illiquid Open-End Funds Can Amplify Shocks, Destabilise Asset Prices
Mutual funds that allow investors to buy or sell their shares daily are an important component of the financial system, offering investment opportunities to investors and providing financing to companies and governments. Read More

IMF Cuts Global Growth Forecast for 2023, Warns ‘Worst is Yet to Come’
The International Monetary Fund predicts global growth will slow to 2.7 percent next year, 0.2 percentage point lower than its July forecast, and anticipates 2023 will feel like a recession for millions around the world. Read More

More Investment Needed for Resilience — New IFAD Head
The current global food crisis could become a regular occurrence, if measures are not taken to boost the resilience of small farms, the new head of the International Fund for Agricultural Development (IFAD), Alvaro Lario, has warned. Read More

Fed Govt to Mulls Door-to-Door Port Service Delivery
The Federal Government yesterday assured importers, exporters and other stakeholders in the maritime and transport industry that it will soon embark on a door-to-door port service delivery across the country. Read More

Aviation Round Table lauds Lagos on Lekki Airport
Aviation Safety Round Table Initiative (ASRTI) has commended the Lagos State Government for its decision to build an airport in the Lekki axis of the metropolis. Read More

Geregu Power Company Records NGN 71 Billion Revenue
Geregu Power, a newly listed power generating company, said its revenue stood at N70.957 billion in the 2021 financial year. Read More

UNCDF: 2.4 Billion People Live Without Access to Clean Cooking
No fewer than 2.4 billion people live without access to clean cooking, which costs the world more than USD 2.4 trillion in damage to the climate and local economies and contributes to 3.2 million premature deaths yearly, UN Capital Development Fund (UNCDF) and Clean Clean Cooking Alliance (CCA) have said. Read More
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