2 June 2022
Eastern Africa
New flight Via Togo Lome to Washington DC Will Strengthen Regional Ties: Ethiopian CEO

The new flight operation of Ethiopia Airlines from Addis Ababa to Togo Lome and Washington DC will further strengthen regional ties between Africa and North America, Ethiopian Airlines CEO said. Read More

Ethiopia: Coca-Cola Launches its Fifth Factory in Sebeta
Coca-Cola launched its fifth factory which was constructed with USD 100 million in Sebeta town, 19 kilometres from Addis Ababa. The factory has a capacity of producing 100 million bottles of beverage per year. Read More

Ethiopian Embassy in China Hosted First-Ever Pharmaceutical Trade Investment Forum
The Ethiopian Embassy in China hosted the first-ever virtual trade and investment forum on the development of the pharmaceutical sector in collaboration with Beijing Bei Mao Jing Yuan Health Consulting Company. More than 45 companies and 100 participants attended the forum. Read More

A Proclamation to Support Novice Inventors is Drafted
A Proclamation which encourages and supports novice inventors has been drafted by the Ministry of Innovation and Technology. Selamyihun Adefrs, Director of Innovation and Research at the Ministry, stated that discussions on the proclamation were being held with stakeholders. Read More

Kenya Power Gets KES 7 Billion Subsidy to Slash Bills By 15 Percent

The Treasury has offered Kenya Power a KES 7.05 billion (approx. USD 60 million) subsidy to allow the utility cut consumer electricity bills by a further 15 percent without hurting its cash flows. Read More

Lagos-Based Financier Lines Up Investments for Kenyan Energy, Banking Sectors
Lagos-based Africa Finance Corporation (AFC) is lining up potential investments in Kenyan banking and energy sectors, it said this week. The AFC, which started as part of a growing phenomenon of Africans investing in the continent, did not reveal the identity of the Kenyan firms it is negotiating with but said it is looking to conclude the potential deals soon. Read More

Developers Criticise Nema for Reinstating Construction Fee
Property developers have protested the move by the State to reintroduce construction levies paid to National Environment Management Authority (Nema) effective this month, saying it will lead to higher construction costs and hurt the affordable housing drive. Read More

Banks CRB Requests Up 9.7m on Loan Default Risks
Inquiries for borrowers’ profiles from credit reference bureaus hit a record 39.8 million last year as lenders intensified scrutiny to reduce the mounting loan defaults. Read More

CHOGM: 40 Heads of State Confirm Attendance

At least 40 Heads of State have confirmed to attend the forthcoming Commonwealth Heads of Government Meeting (CHOGM), slated for late this month. Read More

Govt Explores Options to Pay off BPR Shareholders
Former shareholders of Banque Populaire du Rwanda (BPR) do not have information about their shares, and have not yet received dividends for years, and Members of Parliament are calling for action to address the issue. Read More

TZ, Oman Ink Historic Postal Agreement

The Tanzania Postal Corporation and the Oman Postal Corporation signed a historic business agreement that will strengthen and facilitate the digital business in both countries, particularly online business. Read More

TBL, Vodacom Partner to Launch Blockchain for Farmers
Johari Rotana, a five-star hotel in Dar es Salaam has reopened its doors after a two-year closure following the outbreak of the Covid-19 pandemic in 2020. The hotel reopened, 1 June 2022 with new hope after the international tourist arrivals in Tanzania have gradually been increasing thus positively influencing the hospitality sector. Read More

DSE Witnesses Boom Cycle for Local Shares
The Dar es Salaam Stock Exchange (DSE) is witnessing a boom cycle in domestic equities, thanks to increasing earnings and dividends. The boom cycle is also signifying that the market and listed firms are walking out of the Covid-19 woods thus posting encouraging performance. Read More

TADB Drives Gender, Youth Economic Empowerment
Tanzania Agricultural Development Bank (TADB) has devised a strategic plan to economically empower women and youth in collaboration with Investment Climate Reform Facility. Read More

Oil And Gas Land Acquisitions Near Completion
Land acquisition a head of oil and gas developments in the Albertine region stands at 99 percent, according to the oil companies. Read More

MTN to Pay Dividends Despite Poor Show of Stock Market and Global Inflation
MTN Uganda shareholders are due to get their first dividends since the company listed on the Uganda Securities Exchange, with the register for those eligible closing 1 June. The shareholders will have their dividends paid on June 24, with each share earning the holder 4.706 shillings, according to Enid Edroma, the company secretary. Read More
Northern Africa
Finance Minister: We are Moving Forward Towards Realizing Egyptians' Dream in UHIS for All Family Members

Finance Minister Mohamed Maait said Wednesday Egypt is moving forward towards realizing the long-awaited dream of Egyptians in Universal Health Insurance System (UHIS) for all family members, benefiting from the Japanese experiment in this regard. Read More

Egyptian Investments in Africa Record USD 13 Billion
Foreign direct investments in the African countries amounted to about USD 46 billion in 2021, and the Egyptian investments in the countries of the continent amounted to USD 13 billion, according to Minister Plenipotentiary Trade Yahya Al Wathiq Billah, Head of the Commercial Representation Authority. Read More

SCZone Signs USD 4B MoU with German Company to Establish 1st Plant to Convert Waste into Hydrogen
The Suez Canal Economic Zone has signed a memorandum of understanding (MoU) with the German company H2 Industries, which specializes in energy storage, to establish the first plant for converting waste into green hydrogen in the economic zone, with investments amounting to about USD 4 billion. Read More

Egypt Announces Winning of 4 Companies in Bidding for Gold Exploration in Eastern Desert
The Egyptian General Authority for Mineral Resources announced the results of the global bid for gold and minerals in the Eastern Desert for the year 2020, in its second round. Read More

Ambassador: Kuwait Has Invested Over USD 1.2 Billion in Morocco
Kuwait is the third Arab country to invest more than 1.2 billion in the North African country by the end of 2019, Morocco’s Ambassador to Kuwait Ali Ibn Issa said in an interview on Tuesday, stressing that trade exchange has not yet reached the desired level. Read More

Report: Morocco Leads Africa in Renewable Energy Sector
Morocco leads the African continent in terms of clean energy power plants, along with Egypt and South Africa, according to TAQA Net, a platform specialized in energy markets. Read More

Morocco’s Budget System Is Second Most Transparent in Arab World
Morocco’s budget system was the second most transparent among Arab countries in the past year, following Jordan, according to a recent report by the non-profit International Budget Partnership. Read More

Skoda Partially Relocates Cable Production to Morocco Amid Ukraine War
Czechian car manufacturer Skoda Auto announced its plans to increase cable harness production in the Moroccan cities of Kenitra and Tangier to fill the production gap caused by the war in Ukraine.  Read More
Southern Africa
Government Secures Power Restoration Funds
Ministry of Finance has secured a $60 million funding commitment from the World Bank which will be used for the restoration of power into the national grid by different players in the power sector. Read More

Tobacco Rakes in USD 49 Million
Malawi has realised USD 49 million from sales of tobacco within the first nine weeks of trading, figures released by market operator AHL Group show. The country has sold 23.8 million kilogrammes of all types of tobacco at an average price of USD 2.60. Read More

Malawi Uses USD 1 Million Fuel/Day
Reserve Bank of Malawi (RBM) Governor Wilson Banda has lamented rising import bill in the country, saying the situation continues to pile pressure on the forex situation. Read More

Malawi Unveils Plan for 8 Secondary Cities
Malawi launched the Secondary Cities Plan, which seeks to transform eight rural areas into secondary cities as one way of easing pressure on the current cities. The eight rural areas earmarked for development into secondary cities are Karonga, Nkhata Bay, Chipoka in Salima, Liwonde in Machinga, Monkey Bay in Mangochi, Kasungu, Luchenza in Mulanje and Bangula in Nsanje. Read More

Mozambique Needs a New Growth Model for Sustained, Inclusive Growth
Mozambique has experienced rapid economic growth over two decades, from 1993 to 2015. During that period, the country's growth, which was mainly driven by the extractive industry and public investment, averaged 7.9 percent annually and was among the highest in Sub-Saharan Africa. Read More

South Africa
South Africa is Looking at Building New Airports, with a ‘Gautrain’ Connection in Major Cities
The Department of Transport will give increased attention to the country’s airports in the coming years, and how they fit into the broader economy. Read More

Talk360 Raises USD 4 Million Seed Round to Expand its Calling Business, Build African payment Platform
International calling app Talk360, which enables people around the world to make reliable and affordable calls to any landline or mobile phone worldwide, has secured USD 4 million in funding as it prepares to launch a new pan-African payment platform in mid-2022. Read More

Modern Equipment for Best Health Service Delivery
The healthcare policy of the government of Eritrea is to serve the Eritrean people through full utilization of modern medicine by both building infrastructure, equipped with modern machines, as well as developing human resources. Read More

Zambia, Israel Holds Economic Conference
Minister of Commerce, Trade and Industry, Chipoka Mulenga says Zambia has the potential to increase its exports to Israel to at least USD 1 billion. Read More

Sunbird Bioenergy Zambia in Kawambwa is set to start Ethanol processing in August
Conservation group World Wide Fund (WWF) Zambia has disbursed EUR 180,000 (approx. USD 193,400) to Kaleya smallholder farmers of Mazabuka to help them adapt to climate change. About 160 farmers are set to benefit from the funds. Read More

Congo and Zambia to Build Up Battery Supply Chain
As the world’s largest producer of cobalt, the Democratic Republic of Congo no longer wants to settle for the role of a raw material supplier. Instead, it wants to build its own battery supply chain in the country. Read More

Saasa Joins Zanaco Board
Professor Oliver Saasa, who has just been appointed to the board of Zanaco, says his greatest expectation is to see the bank enhance its focus on supporting key sectors such as mining and agriculture to drive the growth of the Zambian economy. Read More
Western Africa
Cote D'Ivoire
Surge in Trade between Ghana, South Africa Compels Air Côte D’Ivoire to Start Johannesburg Flights

Air Côte d’Ivoire is to provide more travelling options for passengers travelling between Accra and Johannesburg with the launch of a new service between the two cities in June. Read More

Import: Ivory Coast Suspends Duties on Wheat
To counter the rise in the prices of basic necessities, the Ivorian government has adopted an exemption from customs duties on wheat imports. This was announced by the government spokesman, Amadou Coulibaly, after the meeting of the council of ministers in Abidjan-Plateau. Ice reports today from the Accra office. Read More

British High Commissioner Visits Trail-blazing British-Ghanaian Businesses as High Commission Recruits for New Diaspora Team

British High Commissioner to Ghana, Harriet Thompson, and Head of Strategic Partnerships and Diaspora, Jasmine Griffiths, have spent the first six months of 2022 visiting some British-Ghanaian across the country’s business community. Read More

GRA’s Failure to Collect Taxes Cost Ghana GHS 9.1 Billion, IMANI
A new report by Policy Think Tank, IMANI Center for Policy and Education has showed that the Ghana Revenue Authority’s (GRA’s) failure to collect taxes resulted in the country directly losing GHS 9.1 billion (approx. USD 1.2 billion) from 2015 to 2020. Read More

GhanaCares Programme to Spur Growth -Africa Economic Outlook Report
Ghana’s economic outlook for the year remains positive in spite of the challenges facing the country. The country’s projected Gross Domestic Product (GDP) growth at 5.3 percent for the year and 5.1 percent in 2023, which are both higher than the Africa average of 4.1 percent. Read More

Costs and Rewards of BoG’s Policy Hike
The Monetary Policy Committee of the Bank of Ghana has raised the benchmark Monetary Policy Rate to 19 percent, its highest level since 2017, but even this does not tell the whole story; five years ago, the rate was coming down rapidly, whereas this time it is rising just as sharply. Read More

FIRS Begins Recovery of Unremitted Tax Deductions From States, LGAs
The Federal Inland Revenue Service (FIRS) has stated that it will commence the process of enforcement and recovery of unremitted tax deductions owed by some states and local governments in the country. Read More

NCC, Stakeholders Chart New Path to Effective Telecoms Regulation, Industry Growth
The Nigerian Communications Commission (NCC), alongside industry stakeholders, has charted a new path to effective telecoms regulation and industry growth in Nigeria. Read More

NIN Registration Hits 82.7 Million as Telcos Woo Affected Subscribers With Promo
National Identification Number (NIN) issued by the National Identity Management Commission rose from 80 million in April to 82.7 million in May. Read More

Fresh Worries Over Power Sector’s Inefficiencies, Ageing Infrastructure
Eight years after the privatisation of Nigeria’s electricity sector, system inefficiencies, particularly high Aggregate, Technical and Commercial losses, ageing infrastructure, poor customer relationship management and a history of lower cost-reflective tariffs continue to mar the sector’s growth. Read More
Upcoming Events
ALN Weekly Snapshots

Issuance of the Directive on the Conversion and Migration of Land Registers
The Ministry of Lands and Physical Planning (MOLPP) has been undertaking the process of conversion and migration of land titles issued under the following repealed statutes namely the Indian Transfer of Property Act, the Government Lands Act, the Registration of Titles Act, the Land Titles Act and the Registered Land Act. Read More
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