15 June 2022
Eastern Africa
Nation Builds 2,150 Schools over Past Four Years
Prime Minister Abiy Ahmed said more than 2,150 schools have been constructed following the reform measures the country has carried out over the last four years. Read More

Ethiopian Airlines Continues to Grow Despite Challenges: PM
Recent reforms have enabled Ethiopian Airlines to overcome challenges and continue making a stride, according to Prime Minister Abiy Ahmed. Read More

Ethiopia Plans to Conclude Dam Construction, Export Wheat in 2023
The Ethiopian ambassador to Russia, Ethiopia Alemayehu Tegenu, said that 88 percent of the construction work on the Grand Ethiopian Renaissance Dam has already been completed, stressing that his country is looking forward to completing the construction of the dam by the end of 2023 and to export wheat as a result. Read More

Acting Consular and Administrative Affairs Undersecretary Receives Ethiopian Consul General
Acting Undersecretary of the Ministry of Foreign Affairs for Consular and Administrative Affairs, Ambassador Khalil Yaqoub Al-Khayat, received the Consul General of the Federal Democratic Republic of Ethiopia to the Kingdom of Bahrain, Awall Wagris Mohammed, who handed him his consular license to carry out his duties in the Kingdom. Read More

KRA to Exceed Tax Target by Record KES 140 Billion Revenue
The Kenya Revenue Authority expects to beat its initial revenue collection target for the current fiscal year by up to KES 140 billion (approx. USD 1.2 billion), driven by an improved collection of consumption and income taxes as the economy continues its post-Covid recovery. Read More

Pump Costs Surge to Record High with KES 9 Increase in Epra Review
Fuel prices hit a new high despite billions sunk in the stabilisation fund, setting up the country for a new round of increases in the price of basic goods and services. Read More

Central Bank Targets KES 25 Billion from Re-opened Bonds
The government is in the market seeking KES 25 billion (approx. USD 213 million) from the reopening of its April bonds, the three and the 15-year papers, after the securities underperformed in the first auction. Read More

Kenya Airways Sets Up Hub for Training Drone Pilots
Kenya Airways has launched the country's first-ever drone cage to be used for training Unmanned Aerial Vehicle pilots. Through its subsidiary, Fahari Aviation, the airline will use the facility for training and testing of drones and drone equipment. Read More

Tanzania to Reduce Mobile Money Transaction Fees by 43 Percent
Mobile money subscribers in Tanzania will breathe a sigh of relief after the government proposed the reduction of current levy by the levies 43 percent. Read More

High Commodity Prices Widen Current Account Deficit
The Central Bank has said Tanzania's current account recorded a deficit of USD 3,369.2 million in the year ending April compared to USD 1,513.6 dollars owing to high imports following an increase in commodity prices. Read More

Barrick Gold Corporation to Invest Millions in Healthcare Education and Infrastructure in Tanzania
Barrick Gold Corporation recently announced that it would spend USD 6 for every ounce of gold sold by its two mines in Tanzania to improve healthcare, education, infrastructure, and access to potable water in the communities around them. Read More

Wentworth Acquire 25 Percent of Ruvuma Gas Development Project
Wentworth Resources a natural gas production firm announced to have reached an agreement with Scirocco Energy to acquire 25 percent non-operated working interest in the Ruvuma Production Sharing Agreement. Read More

High Fuel Prices Hike Input Cost in May — Stanbic PMI
The persistent high cost of fuel contributed to negative private sector activity in May with the Stanbic Headline Purchasing Managers Index dropping to 51.5 from to 53.9 recorded in April, readings above 50.0 mean improvement in business conditions on the previous month while readings that are below 50.0 show deterioration. Read More

Background to the UGX 48 Trillion Uganda Budget
Parliament last month passed a UGX 48.1 trillion (approx. USD 410 billion) budget for financial year 2022/23 with post COVID-19 economic recovery high on the agenda. Minister of Finance, Planning and Economic Development Matia Kasaija will today give details in the 2022 budget speech at Kololo. Read More

Uganda Bank Profits Rose 27 Percent in 2021 Amid Pandemic Concerns
Uganda bank profits rose 27 percent in 2021 from the previous year as the economy partially recovered, but the industry’s future faces uncertainty due to the ongoing Russia-Ukraine conflict and the surge in commodity prices. Read More
Northern Africa
Egyptian Investors to Provide Investment Banking Through Fintech
A group of local investors joined together to apply for a license from the Financial Regulatory Authority to establish the first company to operate in the field of Investment Banking through the use of fintech, which will be called Read More

Egypt’s Trade Minister, South African and Lebanese Counterparts Discuss Enhancing Inter-Trade, Investments
Minister of Trade and Industry Nevine Gamea met with some ministers participating in the second Ministerial Conference of the World Trade Organisation that is being held in Geneva, including her South African and Lebanese counterparts. Read More

TE Provides Aqua Comms with landing, Crossing Services for EMIC-1 Subsea Cable
Telecom Egypt and Aqua Comms, a leading provider of global subsea connectivity services,  announced the signing of a crossing and landing agreement for the Europe Middle East India Connect 1 subsea cable in Egypt. Read More

E-Receipt System Not a Substitute For E-Invoice: Tax Authority
Reda Abdel Kader, Head of the Egyptian Tax Authority, stressed that the electronic receipt system is a natural extension of the electronic invoice system to cover all types and forms of electronic transactions from all parties. Read More

BCG Digital Ventures Launches Innovation Center in Casablanca
BCG Digital Ventures, the business-building branch of Boston Consulting Group, is set to open an innovation center in Casablanca to support the city’s fast-growing ecosystems, particularly in the technology, artificial intelligence, and startup creation fields. Read More

US Investors Keen to Invest in Morocco’s Dakhla
The Council of Dakhla-Oued Eddahab region signed two memorandum of understanding with US investor groups to promote American and international investments in Morocco’s southern province. Read More
Southern Africa
Livingstonia Uranium Deposits Rising
Lotus Resources has said the inaugural mineral resource estimate for the Livingstonia uranium deposit has increased to 51.1 pounds of uranium oxide. Read More

Malawi’s Intra Africa Trade Slows—Report
Trade and Law Centre figures show that Malawi is importing more than it is exporting within the Common Market for Eastern and Southern Africa and Southern African Development Community trade blocs. Read More

Chartered Institute of Customer Management Awards Firms
Chartered Institute of Customer Management awarded 22 best service providers in the 2022 Malawi Service Excellence Awards. Read More

South Africa
PIC Plans to Ramp Up Its Unlisted Investment Portfolio to 25 Percent
The Public Investment Corporation has embarked on a strategy to significantly increase its unlisted investments. The plan is to ramp up the unlisted asset share of the total portfolio of ZAR 25 trillion from the current 5 percent to 25 percent, which is regarded as the global norm Read More

Nedbank Has Biggest Exposure to Comair Turbulence at ZAR 1.7 Billion
Nedbank stood out as the bank with the biggest exposure to Comair, amassing nearly half of the total of ZAR 4 billion (approx. USD 250 million) the airline owed to creditors when the airline filed a court application last week to wind down its operations and liquidate its assets.  Read More

Standard Bank Confident as Backdrop Darkens
Standard Bank, Africa’s largest lender by assets, has signalled profit growth of at least a fifth for its half-year to end-June, but warned that the global environment and outlook for local interest rates has deteriorated. Read More
Zesco, CEC Deal Welcomed
Stakeholders on the Copperbelt have welcomed the decision by Energy Regulation Board to approve the contents of the Bulk Power Supply Agreement between State power utility Zesco and Copperbelt Energy Corporation. Read More

Kwacha Records Slight Gain
The Kwacha was strong on Friday’s trading session on the back of reduction in United States dollar demand from large corporates and other market players. Read More

Cotton Farmers Welcome New Price
The price of cotton has increased to ZMW 15 per kilogramme from ZMW 10, which it fetched for the same quantity last year. The new price, announced by Mount Meru, one of the biggest off-takers of the cash crop, has elated Cotton Board of Zambia. Read More

IMF Deal Will Not Happen by End of June, Government Still Needs Financing to Fund Staff Recruitment
Finance and National Planning Minister Situmbeko Musokotwane has said that the country will not be able to get on the USD 1.3 Billion International Monetary Fund program by the end of June 2022 as initially anticipated. Read More
Western Africa
Cote D’Ivoire
Ivory Coast: Economic, Political Actors Engage as Africa CEO Forum Kicks Off
More than 1,800 participants, including heads of states, and several hundred leaders of the largest African and international companies, are gathered in Abidjan, the economic capital of Côte d’Ivoire for the Africa CEO Forum 2022. Read More

Liberia: Inadequate Access to Energy a Recipe for Deforestation, SDI Executive Says, Reflecting on the COP15 Abidjan Conference
The executive director of Sustainable Development Institute, Wilfred Johnson, has described access to reliable energy as fundamental in safe-guarding Liberia's forest against deforestation but added that inadequate access to energy is a recipe for continuous deforestation in Liberia. Read More

In Côte D’ivoire, Fairtrade and Farmforce Scale-Up ‘Fairdata’ Partnership for Cocoa Farmers
An innovation-driven partnership launched by Fairtrade International, Fairtrade Africa and digital solutions provider Farmforce will extend the deployment of a smart data management system to more than two dozen cocoa cooperatives in Cote d’Ivoire in a pioneering effort to empower cooperative data ownership, provide cocoa traceability, and strengthen their role as trading partners, the organisations confirmed. Read More

USD 15.6 Billion Abidjan Lagos Highway: Ghana Route Most Profitable
An assessment of the economic viability of the Abidjan Lagos Corridor Highway Development Project has identified Ghana’s section of the planned road infrastructure as the most economically viable route under the project. Read More

Access Bank Opens 54th Branch at Accra Technical University
Access Bank Ghana has opened its 54th nationwide branch at the Accra Technical University campus with an assurance to provide services beyond banking to students as part of its well thought-out “Youth Proposition” initiative. Read More

Fuel Prices to go Up by About 11 Percent from 16 June
Prices of petroleum products are expected to witness one of the biggest jump in recent times, from Thursday, 16 June 2022. Read More

Organisers of Africa CEO Forum to Hold Africa Financial Industry Summit in November
The organisers of the Africa CEO Forum, Jeune Afrique Media will hold the second Africa Financial Industry Summit in November this year in the Togolese capital Lome, under the theme: Green, Borderless and Digital, Transforming Finance in the Age of Disruption. Read More

Nigeria: CBN, Bankers' Committee Hold Maiden Non-Oil Exports Summit
The maiden Summit on Non-Oil Exports under the Race to USD 200 Billion in Foreign Exchange Repatriation programme launched in February 2022 by the Central Bank of Nigeria, in collaboration with the Bankers' Committee, holds in Lagos. Read More

Nigeria Lost NGN 1.25 Trillion Aircraft Maintenance in 2021
The Federal Government has said Nigeria lost USD 2.5 billion of investments in the Maintenance Repair and Overhaul facility in 2021 because of lack of positioning. Read More

Aviation Fuel - We're Yet to Feel Impacts of Govt's Intervention - Airline Operators
The Airline Operators of Nigeria said it is yet to feel the impacts of the federation government's intervention on the aviation fuel crisis. Read More

Nigeria's Oil Production Fell to Record 1.024 Million Bpd Low in May - OPEC
Still struggling with its oil production quota, the Organisation of Petroleum Exporting Countries revealed that Nigeria reported a paltry 1.024 million barrels per day production in May, a multi-year low. Read More
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