16 February 2023
Eastern Africa
Ireland Urges Africa to Accelerate Economic Integration, Keen to Strengthen Relations with Ethiopia
The Irish Ambassador to Ethiopia, Nicola Brennan, has urged Africa to accelerate economic integration and said her country is hugely committed to strengthening bilateral relationship with Ethiopia. Read More

Ethiopia Seeks African Support on National Peace Effort, Says DPM, FM Demeke
Ethiopia seeks African support for ongoing national peace efforts, Deputy Prime Minister and Minister of Foreign Affairs, Demeke Mekonnen said. Read More

ECA Act. Executive Secretary Says AfCFTA Can Stimulate Recovery, Build Resilience into Economy
The African Continental Free Trade Area (AfCFTA) can be a catalyst to stimulate recovery, accelerate trade and industrialization, and build resilience into the African economy, Economic Commission for Africa Acting Executive Secretary Antonio Pedro said. Read More

Ethiopia Welcomes, Invites Fellow Africans to Invest in Land of Origins & Opportunity: CEO
Ethiopia, which is the home of the African Union, invites fellow African brothers and sisters to invest in the their second home, Land Bank and Development Corporation CEO Lensa Mekonnen said. Read More

Nairobi Plans New Zoning Policy as Exclusivity Wanes
Nairobi is considering a new zoning policy, which will reclassify some estates as residential or mixed-use neighbourhoods at a time some suburbs are coming under pressure from a previous reclassification that has hurt their exclusivity. Read More

Oil Marketers Get Reduced Margins for Diesel Supply
The National Treasury says the government will need upto 2026 to dispense with huge debt repayments and calibrate Kenya’s economy back to a sustainable path. Read More

Early Winnings for KRA as Betting Taxes Double
Levies paid by punters more than doubled last December, a month after the Kenya Revenue Authority (KRA) integrated its system into that of betting firms and started collecting taxes on a daily basis. Read More

Mauritian Company IBL Purchases Kenyan Drugs Distributor Harley’s
Mauritian conglomerate IBL Group has bought an undisclosed stake in Nairobi-based pharmaceuticals distributor Harley’s as part of a consortium that has taken control of the company. Read More

EU Military Chief Visits Rwanda Security Forces in Mozambique
The European Union director of military planning and concept capability, General admiral Herve Blejean, visited the Rwanda Security Forces’ headquarters in Mozambique’s northernmost Province of Cabo Delgado. Read More

Senate Tasks Govt to Address Inflation, Franc Devaluation
The Senate has tasked the government to urgently address the depreciation of the Rwandan franc and high inflation, citing both issues as critical to the country’s economy. Read More

Align Plans with Government, Development Partners Urged
Tanzania has urged development partners to align their efforts with the government to avoid duplication of efforts in the county’s development and priorities. Read More

Zanzibar, Sweden to Collaborate in Power Generation
Zanzibar and Swedish governments have agreed to collaborate in power generation to facilitate investments in the islands. Read More

Uniform EAC Laws will Fight Tax Evasion Crimes
Kenyan new vehicle dealers doubled their exports to the regional market last year, underlining their capacity to supply the neighbouring countries. Read More

Harmonised Policy Issues to Dominate Grain Summit
Grain value chain players will convene in Kampala for the 10th East African Grain Council Summit – the second one in Uganda since 2011, in October this year. Read More

New Car Dealers Double Exports to East Africa
Kenyan new vehicle dealers doubled their exports to the regional market last year, underlining their capacity to supply the neighbouring countries. Read More

East African Community Inches Towards Financial Integration
The East African Legislative Assembly in December last year passed a bill establishing the East African Financial Services Commission, one of the key steps on the road to achieving regional monetary union. Read More
Northern Africa
Increase of more than 1,100 investment projects
The number of investment projects registered at the Algerian Agency for the Promotion of Investment (AAPI) amounted to 1,106 projects, with a total value exceeding DZD 375 billion (approx. USD 2.7 billion), according to the latest report of the agency presented in Algiers. Read More

U.S. Ambassador Paves the Way for U.S. Investors
U.S. Ambassador to Algiers Elizabeth Moore Aubin has been meeting with industry, energy and agriculture leaders in recent days to prepare the ground for potential U.S. investors to enter the Algerian market. Read More

ACS Launches Call for Expressions of Interest for Partnership
The Holding ACS (Algeria chemical specialities-Spa) launched on Tuesday a call for an open national and international expression of interest to realize a partnership project for the recovery and development of the glass industry, in its subsidiary Sovest in Tebessa. Read More

Egypt Signs 16 MoU During EGYPS 2023's Final Day
Egypt’s Petroleum and Mineral Resources Minister Tarek el Molla witnessed the signing of 16 memoranda of understanding and cooperation agreements between the petroleum sector and a number of international companies. Read More

Egypt to Launch 1st-Ever Bid for Obsolete Energy Fields
Egypt will launch the first-ever bid for obsolete energy fields, according to the Minister of Petroleum, Tarek el-Molla. Read More

Egyptian-Emirati Partnership to Develop Data Center with USD 2.1 Billion Investments
Elsewedy Data Centers signed a Memorandum of Understanding (MoU) with the Emirati Gulf Data Hub to develop Africa's largest data center complex in Egypt. Read More

Unemployment Rate in Egypt Decreases to 7.2 Percent During Q4 of 2022
Egypt’s unemployment rate dipped 0.2 percent during the fourth quarter of 2022, to record 7.2 percent of the total labor force, compared to 7.4 percent in the third quarter of the same year. Read More

Moroccan Venture Capital Firm Seeks to Invest in Israeli Deep-Tech Startups
Morocco’s venture capital, UM6P Ventures, is seeking to invest more in Israeli deep tech startups and scale the solutions throughout Africa. Read More

Emmerson To Secure USD 310 Million for Potash Mine in Northern Morocco
The British mining company Emmerson has appointed a syndicate of international and Moroccan banks to fund its mining operations in Khemisset, a town in northern Morocco. Read More

Fuel Cost Drops Slightly in Morocco as Commodity Prices Continue to Soar
The prices of fuel in Moroccan gas stations have slightly dropped, giving small relief to citizens amid the ongoing inflation and soaring commodity prices that are weighing down on Moroccans’ purchasing power. Read More

Morocco Makes the Most of Tourism Growth With 35 New Flight Paths
As Morocco’s tourism revenues continue to show strong signs of recovery from the repercussions of the COVID-19 pandemic, the Moroccan National Tourist Office announced plans to increase travel routes and the number of seats available to and from Morocco with national and international carriers. Read More
Southern Africa
MCCCI Urges Setting Up of Industrial Development Fund
Malawi Confederation of Chambers of Commerce and Industry (MCCCI) has asked Treasury to come up with an industrial development fund in the 2023/24 budget to provide capital for investments in the manufacturing sector. Read More

Banks’ Credit Weight Swings to Government
Credit to the public sector (Central Government and State-owned enterprises) remained wide in December 2022, reaching MWK 1.5 trillion (approx. USD 1.5 billion), figures from the Reserve Bank of Malawi show. Read More

Fresh Call for Energy Sector Diversification
The Renewable Energy Industries Association of Malawi has said diversifying energy generation remains top on the list of remedies to addressing the problem of power outages the country is grappling with. Read More

Trade Deficit Seen at USD 161.8 Million in the Last Quarter
Recent figures from the Reserve Bank of Malawi show that Malawi’s trade deficit widened in the last quarter of 2022 to USD 161.8 million compared to a surplus of USD 18.7 million recorded during the preceding quarter. Read More
USD 10 Million Dollars for Immediate Post Flood Measures
Mozambican President Filipe Nyusi announced the immediate disbursement of USD 10 million for post-flood reconstruction activities. Read More

South Africa
Vodafone mulls selling off Vodacom stake or merging it with other operators: sources
Vodafone Group is exploring options for its African business as investors ramp up pressure on the UK telecom company to boost performance, people familiar with the matter said. Read More

Red-Hot Coal Prices Light Up Glencore’s Profit
Glencore enjoyed earnings growth of 60 percent in 2022, making a big chunk of the money from higher international coal prices and allowing it to shower investors with more than R120bn in cash dividend payouts and share buybacks. Read More

Daniel Mminele to Pursue His Green Interests at Nedbank
Daniel Mminele has resigned as chair and independent non-executive director of financial services group Alexforbes to take up the same roles at Nedbank. Read More

Bread and Cereal Prices Up 22 Percent Despite Slowing Inflation
Consumer inflation slowed for the third consecutive month in January, reaching its lowest level since May, but analysts warn that rising food inflation and rand weakness, mainly as a result of dollar strength,  will remain upside risks to the Reserve Bank’s local inflation outlook. Read More
AfCFTA Game Changer to African Countries – UNECA
ECONOMIC recovery efforts by African countries must be pro-poor and inclusive, with a view to fostering a new social contract that offers equal opportunity for all, says United Nations Economic Commission for Africa (UNECA) acting Executive Secretary Antonio Pedro. Read More
Western Africa
Inflation Falls Marginally to 53.6 Percent in January 2023
Inflation fell marginally to 53.6 percent in January 2023, from 54.1 percent recorded in December 2022, latest data from the Ghana Statistical Service has revealed. Read More

The Greens Ghana to Provide Affordable Housing
Real estate agency, the Greens Ghana, says it is committed to providing the most efficient eco-friendly residential accommodations for Ghanaians. Read More

Loose Financial Conditions Pose Conundrum for Central Banks
Central banks aggressively hiked interest rates last year as inflation in many countries rose to the highest levels in decades. Now, falling energy prices are reducing headline inflation and fuelling optimism that monetary policy may be eased later this year. Read More

Newmont Pays GHS 184.6 Million Dividend
Newmont Golden Ridge Ltd (Akyem Mine) has presented a cheque for GH¢184.6 million to the Government of Ghana, as dividend for the year 2022. Read More

NNPCL, Nasarawa Government To Sign MoU On Oil Drilling
Nasarawa state governor, Abdullahi Sule, has disclosed that a Memorandum of Understanding (MoU) with the Nigerian National Petroleum Corporation (NNPCL), heralding the commencement of crude oil drilling and production in Keana would happen. Read More

Old NGN 500, N1000 Notes no Longer Legal Tender –Buhari
The President, Major General Muhammadu Buhari, has said that the old NGN 500 and NGN 1,000 banknotes are no longer legal tender in the country. Read More

African Fintech Firms Attracted USD 1.5 Billion Funding in 2022 – Report
The African fintech sector secured USD 1.45 billion in funding for 2022, a 39.3 percent increase from the previous year, according to the latest African Tech Startups Funding Report. Read More

NGX Lists TAJBank’s NGN 10 Billion Sukuk Mudarabah on its Platform
The Nigerian Exchange (NGX) has admitted TajBank Limited’s NGN 10 billion (approx. USD 22 million) Sukuk Mudarabah on its platform. Read More
ALN Snapshot
High Court Issues Judgment on the Excise Duty of Gaming and Lotteries

The High Court delivered this judgment recently in relation to a petition brought by key representatives of the Association of Gaming Operators of Kenya (AGOK). Read More
Zambis’s Tax Reforms: The Property Transfer Tax Act

The Property Transfer Tax Act Chapter 340 of the Laws of Zambia (the PTT Act) is an Act that provides for, among others, the levying of property transfer tax (PTT) in Zambia. Read More
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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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