21 December 2022
Eastern Africa
Ethiopia’s Green Legacy Aligns with Belt and Road Initiative
Ethiopia’s Green Legacy Campaign is well aligned with the Belt and Road Initiative that fosters joint ties. Read More

Dire Dawa Dry Port Handling More Than 150 Trucks Daily
The modern dry port built to facilitate the activities of the Dire Dawa Free Trade Zone has already begun handling of more than 150 trucks on daily basis, according to the Ethiopian Shipping and Logistics Service Enterprise. Read More

UNDP Vows to Support Ethiopia in Rehabilitation, Building Lasting Peace
The United Nations Development Program (UNDP) stated that it would support Ethiopia in building lasting peace in addition to the rehabilitation of the conflict-affected areas. Read More

NBE to Allow Loan Access with Movable Assets Collateral
The National Bank of Ethiopia (NBE) says it is preparing to implement the proclamation that enables individuals and entities to get credit access using their movable assets as collateral. Read More

IMF Disburses USD 447 Million Budget Support to Kenya
Approving over USD 447 million budget support disbursement to Kenya, the Executive Board of the International Monetary Fund (IMF) completed the Fourth reviews of the 38-month arrangements under the Extended Credit Facility and the Extended Fund Facility arrangements. Read More

IMF Reveals Special Audit of Spending in Uhuru Last Days
President William Ruto’s administration plans to conduct a special audit into tens of billions of shillings spent in the last days of the previous regime without the approval of lawmakers, the International Monetary Fund (IMF) has revealed. Read More

NBK to Pay Ex-MP KES 2.2 Billion after Failed Supreme Court Bid
The National Bank of Kenya (NBK) has suffered a blow after the Court of Appeal rejected the lender’s bid to overturn a KES 2.2 billion (approx. USD 18 million) compensation to former MP Basil Criticos awarded by the Supreme Court. Read More

Treasury Sets Ruto’s First Budget at KES 3.64 Trillion 
President William Ruto’s first budget has been set at KES 3.64 trillion (approx. USD 30 billion), as Kenya’s fifth Head of State builds his economic legacy that promises to create jobs for millions of the poor. Read More

Rwandan Hotel Voted Among Best in the World
Singita Kwitonda Lodge has been ranked among the world’s top 35 resorts by the US magazine, Conde Nast Traveler. Read More

Services Shine as Economy Registers Double-Digit Growth
Rwanda’s economy grew 10 percent in the third quarter of 2022, thanks in large part to the services sector which contributed 47 percent to the growth. Read More

House of Commons Library Publishes Updated Research Briefing with Rwanda
House of Commons Library publishes updated research briefing on UK’s migration and economic development partnership with Rwanda. Read More

Tighter Policy Pushes Up Bonds Yields, Lower Prices
The 25-year government bond that goes under the hammer today is tipped to increase in yields and subscriptions due to tighter monetary policy and looming inflationary risks. Read More

Govt Streamlines Carbon Trade
The Minister of State in the President’s Office, Ms Jenista Mhagama, has commended the National Bureau of Statistics for successfully organising and coordinating the 2022 National Population and Housing census. Read More

DSE Weekly Turnover Increases by 20 Percent
The Dar es Salaam Stock Exchange (DSE) had a successful week, with a 29 percent increase in turnover, from TZS 1.2 billion (approx. USD 515,000) to TZS 1.5 billion (approx. USD 643,000). Read More

Vodacom Supports Police in Enhancing Security
Vodacom Tanzania has provided 1,504 mobile phone Simcards to the police force in Kilimanjaro Region to supports efforts to strengthen security in the region particularly during this festive season. Read More

Uganda is Now Ebola Free – Museveni
President Museveni has announced that Uganda is free of Ebola three months after the deadly virus hit the country. Read More

NSSF Targets More Members Through its Smart Card
Uganda’s National Social Security Fund (NSSF) in partnership with various companies has unveiled a loyalty programme to enable members to access discounts on selected goods and services through the NSSF smart card. Read More

Construction Companies Discussing with UDB for Cheaper Loans
Uganda National Association of Building and Civil Engineering Contractors has said it is discussing with Uganda Development Bank (UDB) for its members to access cheaper financing. Read More

Bamuturaki Elected President of the Africa Airlines Association
The Chief Executive Officer of Uganda Airlines Jenifer Bamuturaki was elected the President of the Africa Airlines Association (AFRAA) for 2023. Read More
Northern Africa
Gas giant Algeria Criticises EU Gas Price Cap

Africa's top gas exporter Algeria spoke out against a European Union price cap on natural gas, saying it would threaten upstream investments. Read More

UfM Green Economy Workshop
The Union for the Mediterranean Secretariat organised a Workshop on “Green Economy Promotion: how to make green economy work for sustainable development and regional integration?” in Algiers on 15 December in collaboration with the Ministry of Industry of Algeria and with the support of GIZ. Read More

Suez Canal Authority to Acquire South Red Sea Shipyard

The Suez Canal Authority (SCA) is in the process of acquiring South Red Sea Shipyard company, which specialises in building super yachts. Read More

Egypt Acquires 10 Percent of Asus Investments in 2021
Aaron Tsai, Regional Director of the Sales Department in the Middle East for Asus International, said the Egyptian market acquired 10 percent (approx. USD 1.9 billion) of Asus investment in 66 countries around the world, estimated at a total of USD 19 billion in 2021. Read More

White Eagle Development Launches EGP 2 Billion Projects at NAC with Egyptian-Emirati Partnership
White Eagle Development signed a partnership agreement with the Emirate’s Perfect Way with total investments approaching EGP 5 billion (approx. USD 200 million) as part of the company’s plan to expand and maximise its assets in the Egyptian market. Read More

Emirati Chimera to Acquire 45 Percent of a Subsidiary of GB Auto at a Value of EGP 855 Million
GB Capital for Financial Investments, a subsidiary of GB Auto, signed a definitive agreement with Chimera Investments of the UAE to sell an indirect stake representing 45 percent of the shares of GB Leasing for EGP 855 million (approx. USD 35 million). Read More

Morocco Adopts Draft Law on Self-Production of Electrical Energy
Morocco’s House of Representatives adopted Bill No. 82.21 relating to a project for the self-production of electrical energy, the country's Ministry of Energy Transition and Sustainable Development has announced. Read More

Morocco’s Central Bank Hikes Interest Rates to 2.5 Percent to Weather Inflation
In a new bid to curtail haywire inflation, Morocco’s central bank, Bank Al-Maghrib (BAM) has announced raising interest rates by 50 basis points to 2.5 percent. Read More

‘Neo’: Morocco-Made Vehicle Undergoes Successful Testings
Minister of Industry Ryad Mezzour is full of praise for Neo, Morocco's newly made vehicle that is set to be available on the local market in the coming weeks at an average price of USD 16,200. Read More

Moroccan Central Bank's Transparency Earned It Stakeholders’ Trust
Morocco’s central bank, Bank Al-Maghrib (BAM) enjoys a high level of transparency and autonomy that is enabling it to maintain the trust of stakeholders, says a new report from the International Monetary Fund. Read More
Southern Africa
EPM Handover Office Block to Mulanje Police
Eastern Produce Malawi handed over a fully furnished victim support unit office block worth MWK 35 million (approx. USD 34,000) to Mulanje Police Station aimed to end gender-based violence GBV in the district. Read More

Mixed Reactions to Pension Bill
Stakeholders in the pensions sector have expressed mixed views to the Pensions Amendment Bill of 2022 which Parliament passed last. Read More

Puma Energy Invests USD 33 Million in Solar Power
Puma Energy has committed about USD 33 million to solar power generation through which Malawi and other countries, including Botswana, Ghana, Namibia, Tanzania and Zambia, will benefit. Read More

Kenya Airways Threatens to Suspend Operations
Kenya Airways says continued failure to repatriate foreign currency will compel the airline to suspend its operations in Malawi. Read More

Bangladesh Could Import Gas from Mozambique
Bangladesh and Mozambique have the opportunities to increase bilateral trade, such as of agricultural products and fish, alongside tourism, said MA Momen, vice-president of the Federation of Bangladesh Chambers of Commerce and Industry. Read More

FNB Mozambique Launches Graduate´s Program #Talent
FNB Mozambique launched applications for its Graduate Program, with the aim of recruiting young Mozambican graduates for its internal staff. Read More

Yango Meets National Authorities to Discuss Mobility Solutions
Representatives of Yango, an international digital mobility platform, last week met the Ministry of Transport and the President of the Confederation of Economic Associations (CTA), with the aim of demonstrating to the Mozambican authorities how it will revolutionise urban mobility in the country. Read More

South Africa
Cabinet Reshuffle is Coming
President Cyril Ramaphosa will have to reshuffle his cabinet in the coming weeks following the results of the ANC’s 55th elective conference. Read More

Standard Bank Launches Shari’ah Business Current Account
In the face of growing demand, Standard Bank announced the launch of its Shari’ah Business Current Account, an all-new banking solution that caters to South African businesses, institutions, and start-ups by offering benefits tailored according to Shari’ah principles. Read More

Stor-Age’s Solar Power Investments Reach ZAR 170 Million
A further ZAR 8 million (approx. USD 460,000) renewable energy spend planned for newly acquired properties. From its first solar installation in 2015, JSE-listed real estate investment trust Stor-Age has now invested more than ZAR 170 million (approx. USD 9.8 million) in solar systems across its 86-property portfolio. Read More

Transnet, Minerals Council Join Forces to Tackle Port and Rail Bottlenecks
Over ZAR 50 billion (approx. USD 2.8 billion) in bulk export sales were lost this year because Transnet could not handle the volumes. Read More

The Zambia Medical Association Urges Government to Introspect on Drug Shortages
The Zambia Medical Association has implored government to extensively introspect on the reported shortages of drugs in health facilities across the country. Read More

CUTS Demands Government Makes Public Information on Zambia’s Current Debt Situation
Consumer Unity Trust Society (CUTS) has demanded that the Government makes public information on Zambia’s current debt situation. Read More

ERB Approves Increase in ZESCO Connection Fees
The Energy Regulation Board (ERB) has approved ZESCO’s application to increase upwards connection fees, effective 1 January 2023. Read More

Approves Funds for Itezhi –Tezhi Road Upgrade
Government has authorised the use of MWK 2 million (approx. USD 1,900) of the Constituency Development Fund (CDF) 2022 funds in Itezhi-Tezhi for the 40-kilometer-long Itezhi-Tezhi-Mongu junction road rehabilitation. Read More
Western Africa
Cote d'Ivoire
MOWCA, AfDB Explore Common Interests in Maritime Infrastructure Development
The Maritime Organisation of West and Central Africa and the African Development Bank have jointly identified areas of collaboration for maritime infrastructural development and employment creation. Read More

Ivory Coast Set to Commission First Solar Plant
The director of CIE, Ivory Coast’s state-owned utility, said last week that the country is set to inaugurate its first solar plant, but he did not provide details about the launch date. Read More

IMF Board Approval for Ghana Programme Scheduled for January 2023 – Redd Intelligence
The approval of a programme for Ghana by the Board of the International Monetary Fund is expected to come off at the earliest in January 2023, Singapore-based Redd Intelligence has stated. Read More

PURC to Announce New Water, Electricity Tariffs Effective 1 January
The Public Utilities Regulatory Commission (PURC) is in the process of computing the necessary figures to announce approved water and electricity tariffs for the period 1st January to 31st March, 2023. Read More

SANDVIK Records 10 Years Without Loss Time Injuries 
Sandvik Mining and Rock Technology has recorded a remarkable accident-free operations for the past ten (10) years. Read More

Buhari Says Nigeria has Raised USD 547 Million in Auctions 
The Federal Government has generated the sum of USD 547 million through 5G spectrum auctions so far this year. Read More

Lagos Rail Mass Transit Blue Line Phase 1 Ready for Operations – LAMATA
The Lagos Metropolitan Area Transport Authority has announced that the infrastructure for the first phase of the Lagos Rail Mass Transit Blue Line is ready. Read More

Nigerian Exchange Receives SEC’s Approval to List Tech Startups
The Securities and Exchange Commission (SEC) has approved the regulations for listing Tech Startups on the Nigerian Exchange Technology Board. Read More

Passport Offices Work Saturdays to Clear Backlog, Produce 5,000 Booklets
The Nigeria Immigration Service has announced that more than 5,000 passport booklets have been produced and ready for collection from its weekend passport production operation. Read More
Africa This Morning is ALN’s daily newsletter that gives a round-up of the top news making headlines across Africa. It focuses on business news and any other happenings set to impact doing business and investing in the region. The above are updates and do not constitute legal advice.

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