14 July 2022
Eastern Africa
Ministry carries Out “Symbolic Tree Seedlings Planting” Campaign
The Ministry of Foreign Affairs carried out a “symbolic tree seedlings planting” in its compound as part of the ongoing Green Legacy Initiative this rainy season and the plan to expand the activity in neighboring countries. Read More

Ethiopia’s Coffee Export Revenue hits Record USD 1.4 Billion Over Past Fiscal Year
Ethiopia has obtained a record-hit 1.4 billion USD from coffee export during the country’s 2021/22 fiscal year that was concluded on the 7th of July. Read More

Nation secures USD 500 Million from Export of Manufactured Goods
Ethiopia has secured 500 million USD from manufactured goods exported during the just concluded Ethiopian fiscal year. Read More

Ethiopia, Djibouti Ink MoU to Utilize Livestock Terminal Located in Djibouti
Ethiopia and Djibouti have signed a Memorandum of Understanding on the utilization of the livestock terminal at Djibouti’s Doraleh Multi-Purpose Port. Read More

Sanctions Block KES 13 Billion Russia Exports to Kenya
The Russia-Ukraine conflict knocked off KES 13.3 billion (approx. USD 112 million) in imports from Moscow in the three months to March, forcing Kenya to turn to expensive sources of wheat, fertiliser and steel that helped drive inflation to a 58-month high. Read More

East African GDP jumps to KES 29 Trillion after DRC Joins Bloc
The Democratic Republic of Congo completed the last and most important step of joining the East African Community. At a function held at the EAC headquarters in Arusha, Tanzania, the DRC officially became a member of the EAC after depositing instruments of ratification on the accession of the EAC Treaty with the bloc’s secretariat. Read More

Safaricom extends Repayment of KES 47 Billion Credit Facilities
Safaricom has restructured USD 400 million worth of short-term credit facilities into medium-term loans in a process that saw part of the debt converted into local currency to ease pressure on cash flows and reduce foreign exchange risks. Read More

Property Fund Fahari awaits Approval for Restructuring
Listed property fund ILAM Fahari I-Reit is still waiting for approval of its restructuring by the Capital Markets Authority, according to the manager of the Nairobi Securities Exchange-listed trust. Read More

Rwanda eyes More Trade with ECCAS Bloc
Rwanda plans to put more efforts in its trade with the Economic Community of the Central African States (ECCAS), a bloc where the country is exporting far more than it imports and has more economic opportunities, the Minister of Trade and Industry has said. Read More

Coventry University Working with Government Organisations in Bid to Support Development of Rwandan Economy
Coventry University has signed agreements with four Rwandan public and private sector organisations with the intention of jointly developing key areas of the country’s economy. Read More

Tanzania signs TZS 6.9 Trillion Deal for Southern Africa's Largest Industrial Park Project
Vice President Dr Philip Mpango has witnessed the signing of Memorandum of Understanding for the execution of Sino Industrial Park project worth USD 3 billion. Read More

Over 15 Firms Eye to Invest in EPZ
More than 15 foreign investment companies have expressed interest in investing in export processing zones (EPZ) in the agriculture sector to produce goods for export, thanks to the government's continued efforts to improve the investment environment. Read More

CRDB, IFC Partner to Rescue SMEs from Covid-19 Effects
World Bank's IFC and CRDB Bank signed an agreement geared at boosting access to finance for small businesses in Tanzania and Burundi. Read More

SELF to Open Branch Network Countrywide by 2025
The SELF Microfinance is eyeing to have branches in all regions by 2025 to reach and provide loans to more entrepreneurs countrywide. Read More

Uganda, South Africa agree to Deepen Cooperation
Uganda and South Africa have agreed to strengthen cooperation in agriculture, energy, trade, health, finance, tourism and investment. Read More

KACITA calls for Reduction of Central Bank Rate
Kampala City Trader’s Association-KACITA has called for the reduction of the Central Bank Rate-CBR, saying it has made borrowing from commercial banks very expensive. Read More

Banks Target Selected Sectors Amidst Growing Economic Crisis
The banking industry is worried over the rate at which the cost of living in Uganda is rising threatening the recovery of the economy. Read More

Supplies of Aviation Fuel at Entebbe Airport Are Coming in Normally, UCAA says
The Uganda Civil Aviation Authority (UCAA) has rubbished claims that the country's aviation has been hit with a fuel shortage. Reports on social media had earlier indicated that the fuel crisis that Uganda is grappling with had also hit aviation, affecting several flights, and causing delays. Read More
Northern Africa
Online Conference Promotes Vietnam-Algeria Trade
The Vietnam Trade Promotion Agency under the Ministry of Industry and Trade held a virtual conference to promote Vietnam-Algeria trade and business cooperation. Read More

Fuel Prices in Egypt Rise by 50 Piasters, EGP 1
Fuel prices in Egypt witnessed an increase ranging from 50 piasters to EGP 1 per liter in the local markets, as per a decision issued by the Fuel Automatic Pricing Committee, the Ministry of Petroleum said in a statement. Read More

Business Combination of VAALCO and TransGlobe
Minister of Finance Mohamed Maait assured that the government has allocated EGP 1.1 billion (approx. USD 58 million) in the new budget to establish utilities for 13 industrial complexes in several governorates with the aim of providing a stimulating infrastructure for the owners of small, medium, and micro enterprises. Read More

Morocco’s Al-Amana secures USD 8 Million Loan to Back Female Entrepreneurs
The International Finance Corporation and Morocco’s largest microlender, Al Amana Microfinance, have launched a new program to increase finance for small businesses, particularly women-led businesses, throughout the country. Read More

HCP: Morocco’s Foreign Trade Indices Increased in First Quarter of 2022
During the first quarter of this year, Morocco’s import and export unit value indices climbed by 26.7 percent and 25.2 percent respectively, year on year, according to a new report on foreign trade indices by the Moroccan High Commission for Planning Read More

AfDB approves EUR 87 million Loan to Expand Social Coverage in Morocco
The Board of Directors of the African Development Bank (AfDB) has approved an EUR 87 million loan that is set to support the consolidation of an integrated and inclusive social protection program in Morocco. Read More
Southern Africa
Cooking Oil Prices Remain High Ministry
Ministry of Trade and Industry says rising commodity prices have undermined the anticipated gains from the issuance of cooking oil import permits. Read More

MyBucks Malawi closes in on Potential Shareholder
MyBucks Banking Corporation Malawi says it has identified a potential shareholder who has since started conducting due diligence of the bank. Read More

Ministry opts for NFRA in Maize Deal
Ministry of Agriculture has opted to work with National Food Reserve Agency (NFRA) in buying maize this year instead of the State produce trader Agricultural Development and Marketing Corporation. Read More

Another Policy Rate Hike looms
Reserve Bank of Malawi has hinted at another hike in the policy rate, the rate at which commercial banks borrow from the central bank as lender of last resort, an option likely to make cost of borrowing further high. Read More

South Africa
SA Commission wants Google to Reposition its Adverts in Searches
The Competition Commission wants Google to better identify adverts that come up in searches and place them lower down the page from organic search results, while also recommending that Google not be the built-in search option on SA mobile phones. Read More

Copper Supply Crunch May Derail Energy Transition
A looming copper supply gap may prove a serious hurdle to achieving energy transition and carbon emission goals that have been set by countries as part of global efforts to limit global warming to within 1.5 °C and 2 °C by 2050, according to a report by analytics firm S&P Global. Read More

Reserve Bank to Declare Crypto a Financial Product and Create a Regulatory Framework
The SA Reserve Bank is planning to put in force the rule for crypto assets in the next 18-24 months, deputy governor Kuben Naidoo said, joining central banks across the world mulling the regulation of the sector, which has been susceptible to advanced money laundering and other cyber-related crimes.  Read More

Steinhoff’s Pepco books Double-Digit Sales Growth Amid Rapid Expansion
Pepco, the owner of the discount Pepco and Dealz brands in mainland Europe and Poundland in the UK, has reported double-digit revenue growth for its third quarter to end-June, citing rapid expansion of its store base and a general growth of customer numbers within its target market. Read More

Finance Minister confers with World Bank Vice President for Eastern and Southern Africa
Finance and National Planning Minister, Situmbeko Musokotwane has advised that the much anticipated second meeting with International Creditors will be held on Monday 18th July and expressed hope that good policies will be generated from the meeting. Read More

COMESA launches the Africa Cloud Ecosystem
Common Market for Eastern and Southern Africa (COMESA) has signed the letter of agreement for the market analysis(pre-investment) for the COMESA Africa Cloud Ecosystem project. Read More

Continued Food Insecurity Worry AU Despite Having Abundant Land and Water
The African Union has expressed concern that African countries have continued to be threatened with food insecurity despite having abundant land and water resources compared to other regions in the world. Read More
Western Africa
Cote D’Ivoire
Wave, a Stripe-backed African Fintech Valued at USD 1.7 Billion, cut 15 Percent of its Staff in June
Wave, an African fintech that offers mobile money services in Senegal and Ivory Coast, laid off about 15 percent of its workforce last month. TechCrunch first got a whiff of the layoff news on LinkedIn, where Jessica Chervin, a former Andela executive who joined Wave as an expansion lead in March, wrote that she was leaving the company. Read More

IMF Team concludes Visit to Ghana
The International Monetary Fund (IMF) has concluded its initial mission to Ghana as part of an invitation for the fund to assist the country stabilise and revitalise the economy. Read More

Fidelity Money Market Trust Outdoored - aims to Meet Investors Recurrent Needs
Fidelity Security, the asset management subsidiary of Fidelity Bank Ghana, has introduced the Fidelity Money Market Trust Fund to meet the short-term recurrent needs of investors. Read More

Tullow expects USD 200 Million Cash Flow at USD 95 a Barrel Oil Price in 2022
Oil giant Tullow Oil is expecting to rake in USD 200 million in free cash flow at an average oil price of USD 95 a barrel in 2022. It however sees no cash flow in the first half of 2022 after an arbitration payment and an acquisition. Read More

GRA Must Chase OMCs Withholding Taxes Collected from Consumers – Dr Kwabena Donkor
Former Power Minister Dr Kwabena Donkor has advise the Ghana Revenue Authority (GRA) to pursue Oil Marketing Companies (OMCs) that have allegedly failed to pay taxes on petroleum prices collected from consumers. Read More

JTB, FIRS go After Tax Defaulters
The Joint Tax Board (JTB) in collaboration with the Federal Inland Revenue Service (FIRS) is set to begin what they described as a “full-scale enforcement exercise” on defaulting taxpayers who failed to take advantage of the amnesty provided by the Voluntary Assets and Income Declaration Scheme of the federal government. Read More

Air Peace begins Direct Flight Services to China, India, Israel
Nigerian flag carrier, Air Peace airline, launched direct flight operations from Lagos to Guangzhou in China. Similar international operations will commence en route Mumbai, India, and Israel, the airline has said. The Asian routes are among a number of routes the Federal Government ceded to the airline before the outbreak of the COVID-19 pandemic. Read More

90 Percent of Technologies Powering Nigerian Economy Imported, says NOTAP
The National Office for Technology Acquisition and Promotion (NOTAP) has said that 90 per cent of technologies currently powering the Nigerian economy are imported. Read More

Solar Firms seek Expansion Fund as Fuel Prices kiss Sky
Solar providers are seeking to raise more funds to expand as a surge in diesel prices to run generators pushes companies to explore renewable power sources. Read More
Upcoming Events 
ALN Weekly Snapshots

Deepening African Economic Integration
The African Union (AU) is commemorating African Integration Day in a two-day event in Lusaka, Zambia between 6 and 8 July 2022 exploring the e-commerce potential of the Single African Market. On 8 July 2022 the Boma of Africa will make its third return since 2019.  Read More

Data Protection Registration Law Comes into Force on 14 July 2022
From 14 July 2022, the provisions of the Data Protection (Registration of Data Controllers and Data Processors) Regulations, 2021 (the Regulations) will come into force and the process of registration with the Office of the Data Protection Commissioner (the ODPC) will also begin for data controllers and data processors. Read More



Agriculture under the African Continental Free Trade Area (AfCFTA)
The most important sector of the African Economy is Agriculture. It contributes 15 percent to the Gross Domestic Product (GDP) in sub-Saharan Africa and employs more than 60 pecent of the labour force continent-wide. Agriculture accounts for 75 percent of Africa’s domestic trade.  Read More
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