6 September 2022
Eastern Africa
Ethiopian National Coffee Association Established
Five coffee associations established Ethiopian National Coffee Association in Addis Ababa after four years of preparation. Read More

Ethiopian Airlines Records Higher Profits, Expands Presence in Middle East
Ethiopian Airlines reported 79 percent revenue growth for its fiscal year that ended on July 30. According to Mamo Mihretu, the CEO of Ethiopian Investment Holdings, in a tweet, the state-owned airline recorded USD 5 billion in revenue this fiscal year, a growth of 79 percent over last year. Read More

Markets Gain KES 42 Billion after Court Upholds William Ruto's Victory
Investors gained KES 42.1 billion (approx. USD 351 million) in paper wealth in the highest daily gain at the Nairobi Securities Exchange in three weeks as markets welcomed the Supreme Court ruling upholding the win by Deputy President William Ruto as the fifth president of the Republic of Kenya. Read More

Eyes on New MPs to Pass Key Expenditure Bills
Focus shifts to Parliament which is expected to consider and approve new money bills and policies that will allow the new administration to implement expensive pledges made on the campaign trail including bringing down inflation, containing soaring debt and creating jobs for the unemployed Kenyans. Read More

Treasury Sets Aside KES 200 Million for Swearing in William Ruto Next Week
The Treasury has provided KES 200 million (approx. USD 1.7 million) for next week's swearing-in ceremony of President-elect William Ruto after the Supreme Court upheld his election victory. Read More

NHIF Cash Surplus Rises 78 Percent on High Premiums
The National Health Insurance Fund (NHIF) nearly doubled its cash surplus in its financial year ended June, helped by a sharp rise in premiums that eclipsed a jump in medical payouts and other costs. Read More

Stakeholders Gather in Kigali to Discuss Africa's Food Security Agenda
The 2022 African Green Revolution Forum Summit started in Kigali, Rwanda, bringing together political leaders, businesses persons, civil society representatives, among others to formulate policies towards the continental food security agenda. Read More

Zimbabwe President in Rwanda for Agriculture Summit
President Mnangagwa arrived for the Africa Green Revolution Forum 2022 that aims to find strategies to build resilient food systems in Africa. Read More

RSSB Reforms ‘Will Close Accountability Loopholes’
The Parliamentary Public Accounts Committee believes there is efficient financial management at Rwanda Social Security Board (RSSB) following the change in its management team and Board of Directors. Read More

KCB’s Stake in Rwanda Unit Rises by 10.8 Percent After Merger
KCB Group raised its stake in its Rwandan subsidiary by an additional 10.8 percent to 87.5 percent after merging KCB Bank Rwanda and Banque Populaire du Rwanda in May, new disclosures show. Read More

Thai Ambassador Explores Investment Opportunity in Zanzibar
Ambassador, met with Mr. Shariff A. Shariff, Executive Director/CEO of the Zanzibar Investment Promotion Authority in Zanzibar, Tanzania. The Executive Director elaborated various strategic sectors which ZIPA wishes to attract more foreign investors. Read More

World Food Programme Welcomes Government of Japan Contribution to Support Refugees in Tanzania
The United Nations World Food Programme welcomed a USD 500,000 contribution from the Government of Japan to help fund its assistance operations in favour of 204 000 refugees from Burundi and the Democratic Republic of Congo in camps in the Kigoma region of Tanzania. Read More

CEOrt Targets Apprentices from Public Sector
The CEO Roundtable of Tanzania (CEOrt) has announced plans to enroll apprentices from the public sector in its third cohort of the CEO Apprenticeship Programme which starts before the end of this year. Read More

EPZA, Cereal Board Agree to Undertake Joint Investments
Export Processing Zones Authority (EPZA) has signed a Memorandum of Understanding (MoU) with the Cereals and other Produce Board of Tanzania in a business partnership aimed at undertaking various investment activities in the country. Read More

Government of Uganda Signs MOU for Geothermal Development

The Government of Uganda has signed an MOU with ASKA Group for the development of a geothermal power project at Katwe-Kikorongo, Kasese District. Read More

Researchers Create Guidelines for Community Engagement
A team of scientists led by TASO, Makerere University College of Health and Sciences, and the Uganda National Council for Science has developed ethical guidelines that will be used when conducting community engagement in research. Read More
Northern Africa
Algeria Boosts Economy by Unleashing Culture of Start-Up Enterprise

To boost its economy, Algeria is creating a culture of start-up business enterprise.  Evermore entrepreneurs are seizing this opportunity and starting businesses, and some with great vision and ambition. Read More

Egypt Considers Benefiting from Tunisian Experience in Solar Energy Production: SEDA

Ayman Heiba, Executive Director of the Energy Development Association (SEDA), stated that the association will meet with a Tunisian delegation of businessmen and investors in the fields of new and renewable energy to discuss cooperation, investment, and exchange of experiences in projects using solar energy. Read More

UAE’s Salik Intends to Offer 20 Percent of its Shares for Public Subscription in September
Dubai’s Dubai road toll operator Salik announced that it will be listed on the stock market and will offer 20 percent of its shares for public subscription before the end of September. Read More

Egypt’s Engineering Exports Surge 27 Percent in 7 Million 2022: EEC
Engineering Export Council of Egypt (EEC) has announced that the sector’s exports increased by 27 percent to USD 2.1 billion from January to July 2022, compared to USD 1.6 billion in the same period in 2021. Read More

Health Minister, WFP Representative in Egypt Discuss Cooperation
Minister of Health and Population Khaled Abdel Ghaffar met with Praveen Agrawal, Resident Representative of the United Nations World Food Programme (WFP) in Egypt, and Deputy Director of the WFP in Egypt Rossella Fanali to discuss cooperation between the two sides. Read More

Euro Hits New 20-Year Low Against US Dollar
Following the announcement of the complete stop of the Nord Stream 1 gas pipeline by the Russian Gazprom last week, the euro continues to decline against the US dollar, falling below USD 0.99. Read More

OCP Group Joins Global Extractive Industries Transparency Initiative
Morocco’s phosphate and fertilizer giant OCP Group joined the Global Extractive Industries Transparency Initiative, a global coalition of governments, as a supporting company. Read More

Morocco, 5th Most Expensive African Country to Rent One-Bedroom Apartment
Morocco has ranked as the fifth most expensive African country to rent a one-bedroom apartment, Business Insider Africa reported. Read More

Morocco’s AMSSNuR, AIEA Partner to Boost Africa’s Nuclear Safety
Morocco’s nuclear safety agency, AMSSNuR is joining forces with the International Atomic Energy Agency to boost Africa’s know-how on nuclear safety. Read More
Southern Africa
Stock Market Bullish in August
The Malawi Stock Exchange was buoyant in August, witnessed by an increase in the Malawi All Share Index and a rise in earnings. Read More

PTC Creditors Seek Government Intervention
A group of companies and individuals calling themselves PTC creditors have written the Ministry of Trade and Industries to intervene in a matter where they seek to be paid MWK 3.7 billion (approx. USD 3.6 million) that PTC owed them. Read More

Governor Challenges Auditors on Prudence
Reserve Bank of Malawi (RBM) Governor Wilson Banda on Friday urged internal auditors, in both the private and public institutions, to be prudent in safeguarding resources from plunder and ensuring efficiency. Read More

Institute Projects Low Food Output
Mwapata Institute, a local agricultural policy think-tank, has projected a shrink in food output in the next season, saying most farmers in the country will not afford fertilizer. Read More

Mozambique to Introduce Express Train to South Africa and Eswatini
The Chairperson of the Board of Directors of Mozambique's publicly owned ports and rail company, Miguel Matabele, has announced the introduction of an express train to South Africa and Eswatini, to facilitate the mobility of people and goods. Read More

South Africa
Petrol Price to Drop by ZAR 2.04 Per Liter
South Africa is in line for significant price cuts in all major fuel types from, according to the Central Energy Fund’s September fuel price adjustment. Read More

Old Mutual Buys Full Stake in Specialist Insurer Genric
A subsidiary of JSE-listed company Old Mutual announced that it has signed a share purchase agreement that will see it acquiring 100 percent of Genric Insurance Company, a non-life insurance company based in Gauteng. Read More

South Africa’s Biggest Airport Closes a Runway After Fire
Johannesburg’s OR Tambo International Airport was forced to close one of its runways after dry grass caught fire and “spilled over from the adjacent community within the airport precinct,” it said via Twitter. Read More

Shoprite Pays Record ZAR 3.5 Billion in Dividends Amid SA Market Share Gains
South Africa's biggest grocer Shoprite is paying out a record ZAR 3.54 billion (approx. USD 207 million) to shareholder for its 2022 year, after a rebound in liquor sales and a strong performance from its core domestic supermarkets business helped lift profits by over a fifth. Read More

Agro Exports to Increase to USD 2 Billion – Govt
As part of efforts to diversify the country’s economic mainstay from mining, Government will devise various measures that will increase agricultural exports to USD 2 billion from the current USD 756 million in the next five years. Read More

JCTR calls on Government to Develop Aggressive Home-Grown Solutions to Economic Growth
The Jesuit Centre for Theological Reflection (JCTR) is asking the Government to develop aggressive home-grown solutions to economic growth besides the International Monetary Fund programme. Read More

Government to Publish Full Details of IMF Deal, Fertilizer Subsidies Intact-Finance Minister
Finance Minister Situmbeko Musokotwane has said that Government will publish the full details of the USD 1.3 billion IMF bailout package this week to ensure Zambians understand what is contained in the deal. Read More
Western Africa
Ghana-IMF USD 3 Billion Deal to be Finalised Before End of Year – IMF Boss
The Managing Director of the International Monetary Fund, Kristalina Georgieva, has stated that a deal between Ghana and the IMF should be reached and finalized before the end of the year. Read More

Interest Rates Hit 30 Percent; Government to Pay More on Borrowed Funds
Interest rates hit the 30 percent mark as Treasury securities sold a little above 30 per in the domestic primary market. Read More

FAEO Launches New Working Groups to Foster Collaboration Among Engineering Industries in Africa
The Federation of African Engineering Organizations (FAEO) has officially launched its Industry Sector Working Groups, a new development, to foster collaboration between the diverse engineering industries in Africa on 1 August, 2022. Read More

Project Achieves 300 Percent COVID-19 Vaccine Sensitization in 90 Days
A project to strengthen community engagement in response to COVID-19 vaccine hesitancy reduction in Ghana has reached out to over 14,000 people in the Ashanti and Greater Accra regions.  Read More
Experts to Examine Cargo, Insurance at Conference
Experts and players in the aviation and allied sector will beam their searchlight on how to unlock opportunities in the industry as they meet in Lagos in the month at the second Chinet Aviation and Cargo Conference. Read More

Minister Meets Shipowners over USD 350 Million Cabotage Fund
The Minister of Transportation, Alhaji Mu’azu Jaji Sambo, is meeting with the indigenous shipowners in Abuja today over the plan to disburse the much-awaited $350 million Cabotage Vessel Financing Fund. Read More

D-8 Pledges to Support Nigeria’s Energy Transition Plan
The Developing Eight Organisation for Economic Cooperation (D-8)-member countries have indicated their readiness to support Nigeria’s Energy Transition Plan. Read More

IFC Grants USD 4.5 Million to Livestock Feeds’ Firm
To support the growth and sustainability of Nigeria’s livestock industry, the International Finance Corporation (IFC) has announced a USD 4.5 million financing package for  the Nigerian subsidiary of Bar Magen, Agro Bar Magen Nigeria, a livestock feed manufacturing company, to increase production of livestock feed and the development of feed storage facilities in the country. 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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