Ethiopia
Expediting implementation of AfCTA Powerful Lever for Poverty Reduction Crucial: ECA Acting Executive Secretary
It is time to expedite the implementation of the African Continental Free Trade Agreement (AfCTA) as a powerful lever for poverty reduction, Economic Commission for Africa (ECA) Acting Executive Secretary, Antonio Pedro, said. Read More

55th Session of ECA Committee of Experts Kicks off in Addis Ababa
The 55th session of the Economic Commission for Africa Committee of Experts kicks off in Addis Ababa today with both online and in-person participation. Read More

Ethiopian Commences Weekly Freighter Service from Copenhagen to Addis Ababa
Ethiopian Airlines has commenced a weekly freighter service from Copenhagen to Addis Ababa effective 12 March 2023 with its B767-300F aircraft which has a capacity of 45 tonnes of cargo per flight. Read More

Kenya
Investors Flock to T-bills Eyeing Higher Returns
Kenyan investors have put KES 312 billion (approx. USD 2.4 billion) in short-term government securities this year, pointing to an expectation that interest rates will rise amid high State demand for loans to fill in its budget deficit. Read More

Dollar Breaks Above KES 145 as Market Ignores CBK Rate
The price of buying dollars in banking halls and forex bureaus has crossed a record KES 145 per unit, widening the spread between the official and open market rates, and creating a black market for the US currency due to a shortage. Read More

Currency Headache Pounds Kenyans Studying Abroad
Kenyans studying in foreign universities are reviewing their education budgets after the weakening shilling inflated fees and other costs by more than 10 percent. Read More

Absa Spends KES 1 Billion on Litigation
Absa Bank Kenya has disclosed spending KES 1 billion (approx. USD 7.7) on court settlements in the financial year that ended on 31 December 2022. Read More

Rwanda
MTN Awards Five Women-Led Savings Groups
MTN Rwanda has awarded five women-led lending and saving groups involved in different income generating activities including agriculture, livestock farming, handcrafts, innovative and technology projects. Read More

New Physiotherapy, Occupational Therapy Lab Unveiled at UR-Remera Campus
The University of Rwanda-College of Medicine and Health Sciences has inaugurated a new physiotherapy and occupational therapy laboratory. Read More

Tanzania
UDSM’s New Curriculum to be Used Next Academic Year
The University of Dar es Salaam is set to start using the new curriculum in the next academic year (2024/2025). Read More

Device Innovative Digital Solutions to Curb Accidents
Public and private sectors have been challenged to join forces on ensuring the use of innovative technology to curb road accidents across the country. Read More

Sahara Group Urges Collaboration, Investments to Drive Sustainable Energy in Africa
Africa requires enabling energy policies, effective regulatory frameworks, investments, and collaboration to meet soaring energy needs across the continent, Wale Ajibade, Executive Director, Sahara Group has said. Read More

NMB Unveils Low-Cost Education Loans Service
NMB Bank has started providing low-interest education loans targeting salaried workers with ambitions to pursue further studies and those seeking funds for educating their dependants. Read More

Uganda
Europe Eyes Africa as ‘Future Source of Cheap Green Hydrogen’
After Russia’s invasion of Ukraine in March 2022 set off a rush for gas resources worldwide, Europe picked Africa as an alternative supply market for natural gas, European energy ministers and other political leaders toured North African countries and gas initiatives in both East and West Africa received renewed support. Read More

Government Allocates Indian Investors Part of Hoima Industrial Park
State Minister for Finance in charge of Investments Evelyne Anite, has said government has allocated part of the 500-acre Hoima Industrial Park to Indian investors.  Read More

Kenya Lifts Suspension on Import of Dairy Products from Uganda
A proposed ban on importation of powdered milk from Uganda has been suspended by the Kenyan government. Read More

Mauritius Firm Seeks to Acquire Majority Stake in Cipla Quality Chemicals
Africa Capitalworks is seeking approval from Capital Markets Authority to acquire a controlling stake in Cipla Quality Chemicals. Read More

Algeria
Releasing Imports of Spare Parts
Imports of car spare parts have been blocked for months, car repair specialists and motorists have found what they were looking for. Read More

Russian Businessmen Want to Invest in Algeria
Russian businessmen expressed their interest in investing in the automotive sector in Algeria. Read More

Polish Operators Show Interest in the Algerian Market
At a bilateral business forum in Algiers a dozen Polish entrepreneurs expressed their willingness to invest in Algeria, particularly in the agricultural sector. Read More

1.4 Million Tons of Liquefied Gas ‘cLPG’ Marketed in 2022
The National Company for Marketing and Distribution of Petroleum Products "Naftal" has managed to exceed its objectives set in the field of marketing of liquefied gas "LPGc" in the service stations throughout the country, according to the head of the service of management of the conversion centers to LPGc in Naftal. Read More

Egypt
EGX Ready for Government’s IPOs Programme: Chairperson
Egypt’s Prime Minister revealed that 32 state-run companies will be offered to the private sector through public offering or direct sale to strategic investors or both until March 2024. Read More

NUCA Approves EGP 145.5 Billion Budget for FY 2024
The New Urban Communities Authority (NUCA), affiliated to the Ministry of Housing, Utilities and Urban Communities, has approved its budget for fiscal year 2023/24, with a total of EGP 145.5 billion (approx. USD 1.1 billion). Read More

British International Investment Invests USD 4.5 Billion in 700 Businesses Across Africa: Sherine Shohdy
The British International Investment, the development finance institution of the UK government, aims to enhance its investments in Egypt during the coming period within the framework of the strategy to expand in African countries. Read More

Valeo Has Invested Around EUR 0.5 Billion in Egypt Over the Past 10 Years: CEO
The rapidly growing number of vehicles globally is a major contributor to air pollution and climate change. For this reason, the world began to gradually shift towards the use of electric cars. Read More

Morocco
Morocco’s Economy Has Shown Resilience Amid Global Headwinds
The Wali of the Moroccan Central Bank, Abdellatif Jouahri, has emphasized Morocco's economy's resilience in the face of global crises, saying that the country’s political stability and important reform program largely contributed to the Financial Action Task Force's decision to remove it from its “Grey List.” Read More

CDG Invest Funds Moroccan Artificial Intelligence Startup Palm
Through its 212Founders program, Morocco’s state-owned investment fund, CDG Invest, has invested MAD 6.3 million (approx. USD 607,000) in Moroccan startup Palm, which specializes in managing talents within companies using Artificial Intelligence and deep learning. Read More

Despite Growth, Islamic Finance in Morocco Still Faces Big Challenges
While hailing the considerable growth witnessed of late in Morocco’s “nascent” Islamic finance industry, a new report by Fitch Ratings has concluded that the sector's “growth potential” could face some major challenges in the future.  Read More

Sound Energy, Morocco’s Attijariwafa Bank Extend Negotiation for Gas Drilling Financing
Sound Energy, a London-listed company, announced extending the negotiation period for the financing of the gas production under the Tendrara license in North East Morocco. Read More

Storm Puts Malawi Economy on Edge
While Malawi was still nursing bruises of last year’s Tropical Storm Ana, coupled with exogenous shocks emanating from Covid pandemic and the Russo-Ukrainian War, Cyclone Freddy, which landed into the country at the weekend, has hit the economy hard. Read More

PCL Group Commits MWK 180 Million to Tropical Cyclone Freddy Survivors
Conglomerate Press Corporation plc and its subsidiary companies has committed MWK 180 million (approx. USD 172,000) to assist the survivors of Tropical Cyclone Freddy which has killed more than 200 people in the Southern Region. Read More
 

Agribusiness Confidence Smashed Back to Early Covid Era
The agribusiness confidence index fell to its lowest level since the early days of the Covid-19 pandemic in the first quarter, indicating the extent to which farmers and other role players in the value chain are feeling the squeeze of the power crisis and a host of other factors. Read More

Eskom Eases Load Shedding to Stage 3 Until Further Notice
Power utility Eskom says that load shedding will be eased further, now sticking to stage 3 until further notice. Read More

Petrol Price to Rise and Diesel to Drop in April
Another petrol price increase awaits motorists next month, but the price of diesel is expected to drop. Read More

South Africa Manufacturing Output Dips 3.7 Percent in January
SA manufacturing production declined by 3.7 percent in January compared with same period a year earlier, Stats SA said. Read More
 

Cote d'Ivoire
Cocoa Industry Stakeholders Call for Better Pricing to Improve Farmers Livelihood
Ghana Cocoa Initiative has disclosed that it is working assiduously to ensure better pricing of cocoa for farmers. Read More

IMF Staff Concludes Mission to Côte d’Ivoire
An International Monetary Fund (IMF) mission, led by Mr. Olaf Unteroberdoerster, visited Abidjan during March 1-14 to discuss potential IMF financial support for the authorities’ program of economic policies and reforms. Read More

Ghana
Business Schools Urged to Run Environmental, Social and Governance Courses as Core
Mrs Alice Osei Okrah, Head of Strategy and Transaction, Ernst and Young Ghana, has urged business schools to integrate the Environmental, Social, and Governance framework into their curriculum to help address some critical challenges in the country. Read More

Expect Coupon, Principal Payments on Bonds in 48hrs – Finance Ministry Assures Bondholders
The Ministry of Finance has assured that bondholders whose coupon and principal payments matured on 6 February 2023 and 13 February 2023 will receive their funds within the next 48 hours. Read More

ADB Launches New Strategy to Strengthen Agribusiness Financing
The Agricultural Development Bank has launched a new corporate strategy with a commitment to strengthen agribusiness financing. Read More

PURC Recovers GHS 24.9 Million for NEDCo
The Public Utilities Regulatory Commission (PURC) in the Bono, Bono East and Ahafo regions recovered GHS 24.9 million (approx. USD 2 million) from consumers to the Northern Electricity Distribution Company (NEDCo) in 2022. Read More

Nigeria
Fuel Consumption Hits 80 Million Litres Daily, Subsidy Skyrockets
The consumption of Premium Motor Spirit, popularly called petrol, has risen to about 80 million litres daily, pushing up subsidy on the commodity to an estimated NGN 484 billion (approx. USD 1 billion) monthly, going by latest figures from the Nigerian National Petroleum Company. Read More

Firm Raises USD 400 Million for Nigeria, Others’ Clean Energy
Aprivate equity firm, Inspired Evolution Managers, has raised USD 400 million in capital commitments to invest renewable energy infrastructure-type generation projects and multiple growth equity investments in Nigeria and other parts of sub-Saharan Africa. Read More

KPMG Appoints Former NBS Boss as Chief Economist
KPMG Nigeria has appointed a former Nigerian Statistician-General, Dr Oyeyemi Kale, as its chief economist. Read More

Inflation Rises to 21.9 Percent, Private Sector Blames Naira Crisis
Headline inflation rose to 21.91 percent in February amid a naira redesign policy that was meant to mop up cash and curb excess currency in circulation. Read More