15 September 2022
Eastern Africa
Institutes Stress Need for African Countries to Unleash Leather, Leather Products Potential
African countries need to intensify efforts to unleash the continent’s potential with the help of the Africa Leather and Leather Products Institute, the institute’s Advisor Professor Mekonnen said. Read More

Minister Calls for Expansion of Oromia Summer Wheat Farming to Other Regional States
The summer wheat farming widely undertaken in the Oromia Regional State should be expanded to other regions in order to ensure food self-sufficiency of the country, Agriculture Minister Umer Hussein said. Read More

Nation Launches Global Campaign to Mobilize Resources
The Ministries of Foreign Affairs and Finance, in collaboration with the Ethiopian Diaspora Service and Ethiopian missions worldwide, launched a month-long campaign to mobilize resources for national causes. Read More

Consumers Hit by Twin Electricity and Fuel Price Shocks
The energy regulator has made a U-turn and increased electricity prices by 15.7 percent, reversing the January cuts by the former President Uhuru Kenyatta administration, in what has handed consumers a twin blow in the wake of higher fuel prices. Read More

CMA Licenses Kweli Capital’s Housing Umbrella Fund
Kweli Capital has been licensed by the Capital Markets Authority (CMA) for its Amaka Umbrella Fund, which is targeting savers looking to buy homes. Read More

Gender Rule to Cost Extra 700 Million Yearly
Taxpayers will have to spend an extra KES 700 million (approx. USD 6 million) every year in salaries for additional MPs required to meet the controversial two-thirds gender rule if lawmakers approve proposals by President William Ruto. Read More

SGR Revenues Grow 7.8 Percent to KES 7.1 Billion
Cargo and passenger revenues from the Standard Gauge Railway (SGR) rose 7.8 percent to KES 7.1 billion (approx. USD 60 million) in the six months to June, extending recovery from the global Covid-19 disruptions. Read More

Uganda’s Exports to Rwanda Rebound by 98.8 Percent
After losing half of all gorilla infants in the past ten years to insecurity and diseases, the government has embarked on a multi-billion project to expand the National Volcanoes Park to accommodate the growing number of endangered mountain gorillas. Read More

First Lady Jeannette Kagame on Working Visit in Sweden
First Lady Jeannette Kagame is on a three-day visit to Stockholm, Sweden where she is expected to attend various events and activities. Read More

Govt Scraps Tuition Fees for Public Primary Schools
The Ministry of Education has on September 14, announced a new harmonized structure of tuition fees in pre-primary, primary, and secondary levels of education for public, Technical and Vocational Education and Training (TVET), and government-aided schools. Read More

Government Recognises NMB Financing to National Development
The government has lauded NMB Bank for supporting local governments in serving the country and applauded the top lender for its overall contribution in national building efforts. Read More

Zanzibar Fuel Prices Remain Stable
Fuel prices in Zanzibar remained stable for the past three months following measures taken by the government to provide subsidies to cushion Zanzibaris against the impact of the increasing petroleum prices in the world market. Read More

Orca Energy Unveils Sustainability Report
PanAfrican Energy Tanzania’s parent company Orca Energy Group Inc. has unveiled its first sustainability report that seeks to create long-term sustainable and accretive value for all of its stakeholders, whilst contributing to Tanzania’s transition away from more carbon-intensive sources of energy to a lower carbon future. Read More

19 US Firms to Explore Investment Opportunities in Tanzania
Efforts by President Samia Suluhu Hassan to promote Tanzania continue to pay off and witnessed some 19 USA companies readiness to explore investment opportunities in the country. Read More

MTN’s Business Intelligence Manager Advises Youth to Startup Businesses Focused on Niche Markets
Local startups need to focus on niche markets that they can tap into to excel for better survival and longevity of their businesses, according to Mackinon Kabarole, Senior Manager, Business Intelligence at MTN Uganda. Read More

NSSF’s Lubowa Houses up For Sale
Uganda’s pension fund has placed more than 370 housing units for sale at its Lubowa Housing Project on Entebbe Road in Wakiso Dis[1]trict but they are expensive to the average local population. Read More

NSSF Calls for Caution of Mortgage Company
Richard Byarugaba, the managing director of NSSF, has called upon the government to establish a mortgage refinancing company in order to enable a large section of Ugandans acquire houses, which will in turn boost the real estate market. Read More

Domestic Revenue Target Rises to UGX 29.8 Trillion
Government has raised the domestic revenue for the next financial year 2023/24 to UGX 29.784 trillion (approx. USD 7.8 billion) to meet the ever-increasing public expenditure needs in the economy.  Read More
Northern Africa
Abu Dhabi Ports Acquires Majority Stake in Two Egyptian Companies by USD 140 Million
Abu Dhabi Ports Group has completed the acquisition of 70 percent of the stakes of Transmar International Shipping International "Transmar" and Transcargo International "TCI", with a total value of the deal amounting to USD 140 million. Read More

UAE's Tabreed Signs USD 83.4 Million Contract to Implement Works in Medical City in Egypt
Emirati National Central Cooling Company PJSC (Tabreed) Company has signed a partnership agreement with Egyptians for HealthCare Services Company to provide district energy services for the new “Capital Med” medical city project. Read More

Egypt's Economy Volume Increased Threefold Within 6 Years: Finance Mininister
Egypt's economy volume increased threefold within six years, in a way that reflects the government’s success in directing development funds to real investments, feasible projects, and initiatives. Read More

An Egyptian-Gulf Consortium Acquires 89 Percent of Domty’s Shares
The OPR screens revealed that about 97 percent of the target shares responded to an offer from Expedition on Arab Food Industries (Domty) of 93 million shares out of about 96.18 million shares in the last purchase offer sessions, which represent about 32 percent of the company’s total capital shares. Read More

Morocco Establishes Its First Green Hydrogen Production System
Morocco’s Research Institute for Solar Energy and New Energies (IRESEN) announced on Wednesday that it “successfully completed” the installation of its first micro-pilot green hydrogen production system. Read More

Gas Pipeline: Nigeria, Morocco to Seal Agreements with Senegal, Mauritania
Mele Kyari, CEO of the Nigerian National Petroleum Company, visited the headquarters of the Economic Community of Western African States in preparation for Thursday’s signing of Memorandums of Understanding with representatives of the regional bloc and energy companies from Morocco, Senegal, and Mauritania. Read More

Water Desalination: Saudi Arabia’s ACWA Power to Enter Moroccan Market
ACWA Power, a Saudi developer and investor in power generation and desalinated water plants, has expressed interest in expanding its operations into Morocco over the upcoming years. Read More

European Bank Partners with Credit Agricole to Boost Morocco’s Climate Financing
Rabat - The European Investment Bank (EIB) announced today sealing a technical assistance deal with Credit Agricole Maroc to boost climate financing in Morocco. Read More
Southern Africa
US Pledges More Energy Support
The United States (US) government has described as crucial steps taken by the Malawi Government towards establishing the Mpatamanga Hydro Power Project, saying this will provide a reliable source of continuous power, cutting supply deficits in the country. Read More

Agcom Hints at USD 250 Million Project Second Phase
Officials implementing the Agriculture Commercialisation (Agcom) project have said the second phase, to roll out in 2024, will have more beneficiaries as funding will increase from USD 95 million to USD 250 million. Read More

Afreximbank Pumps USD 6 Million in Special Economic Zones
Pan-African multilateral trade finance institution, Africa Export-Import Bank (Afreximbank), has set aside USD 6 million for the Special Economic Zones initiative in the country. Read More

Councils Challenged on ICT Management
Local Authorities in the country have been challenged to embrace new information and communication technologies (ICT) for improved efficiency in service delivery. Read More

South Africa
Oil Creeps Higher as Market Braces for Potential Supply Disruption
Oil prices edged higher on Thursday as the market balanced weak demand with supply disruption amid a looming rail stoppage in the US, the world’s biggest crude consumer. Read More

Business Rescue Practitioner to Apply for State Nod to Mango Deal, MPs Told
An application will be made shortly to the department of public enterprises to evaluate the offer by a potential investor to purchase the state-owned, low-cost airline Mango, which is in business rescue. Read More

Biovac Produces First Batch of Pfizer Covid-19 Vaccines
The Biovac Institute, a partly state-owned vaccine producer, has produced its first batch of Covid-19 vaccines as part of an arrangement under which it aims to fill and package as many as 100-million doses a year of Pfizer and BioNtech’s inoculation. Read More

South African Reserve Bank to Hike Rate 75 bps to 6.25 Percent in September
South Africa's central bank will raise its key interest rate by 75 basis points next week to brake inflation, a Reuters poll found, adding another 25 basis points in each of the following two quarters before pausing for the rest of 2023. Read More

Government Intervenes to Avoid Job Losses at Mopani
The Mineworkers Union of Zambia has disclosed that Reliant Mining Management, one of the major contracted companies at Mopani Copper Mines in Kitwe, has abandoned its intention to offload over 600 miners after intervention from Mines Minister Paul Kabuswe. Read More

Government Partners with Service Providers to Boost Financial Inclusion in Rural Areas
Secretary to the Treasury Felix Nkulukusa has reaffirmed government’s commitment to providing an enabling environment in the financial sector in order for the country to attain the 80 percent formal financial inclusion target. Read More
Western Africa
Cote d'Ivoire
Ivory Coast Cocoa Grind Up 9.2 Percent Year-on-Year in August, Say Exporters
Ivory Coast's cocoa grind was up 9.2 percent year-on-year in August to 59,000 tonnes, data from exporters' association GEPEX showed. Read More

Ghana Ranked 4th in Sub-Saharan Africa with Highest Private Savings
Ghana is ranked 4th in Sub-Saharan Africa with the highest private savings, a report by the International Monetary Fund on “Private Savings and COVID-19 in Sub-Saharan Africa’ by the International Monetary Fund” has disclosed. Read More

GPRTU Increases Transport Fares by 30 Percent Effective 21 September
Users of public transport will from 21 September, pay at least 30 percent more following an upward adjustment in fares. Read More

Ghana: August Inflation Equals 21-Year High of 33.9 Percent
Inflation in Ghana reached a 21-year high in August, increasing to 33.9 percent from 31.7 percent in July 2022. The last time inflation hit 33.9 percent was in August 2001. In that year, Ghana decided to opt for enhanced debt relief to stabilize the economy. Read More

Ghanaian Vegetable Exports Dip; Freezelink, FAGE Plot Revival
Ghana’s vegetable exports to Europe and the Americas have shrunk from 36 different types of variety to only eight. Read More

Plan to Commercialise Gas Flaring at Advanced Stage, Says Minister
Nigeria’s plan to commercialise gas burned from its oil fields was at an advanced stage and would help cut 15 million tons of carbon emissions from the atmosphere, the petroleum minister said after meeting United States’ climate envoy John Kerry. Read More

Buhari to Present 2023 Budget to National Assembly First Week of October
President Muhammadu Buhari is expected to present the 2023 budget estimate to a joint session of the National Assembly in the first week of next month, Speaker of the House of Representatives, Femi Gbajabiamila, said yesterday. Read More

Nigeria, Morocco to Sign 7,000 km Gas Pact
The Nigerian National Petroleum Company will sign a memorandum of understanding with Morocco with supervision from the Economic Community of West African States for a 7,000-kilometre gas pipeline project from Nigeria. Read More

Barclays Eyes USD 2 Trillion Private Banking Wealth in Nigeria, South Africa Expansion  
Barclays, a Uk-based multinational bank, says it is expanding private banking services in Africa to target the continent’s USD 2 trillion high net worth market. Read More
ALN Weekly Snapshots

Artificial Intelligence in the Health Sector: Some Use Cases in Drug Discovery & Disease Identification
The distribution of content in the global media and entertainment industry is rapidly changing. Due to the increasing accessibility of content creation technologies such as high-resolution cameras, content development software, and smartphones, almost anybody can now create, publish, and share written, audio, and video content. Read More

Non-Resident Tax on Mauritius
Non-residents are generally liable to tax in Mauritius in respect of their Mauritius-source income. Section 74(1) of the Income Tax Act (the “Act”) provides examples of streams of income considered to be derived from Mauritius. Read More

Bank Customers Could be Held Liable for Banking Fraud Losses

On 18 July 2022, the Ugandan High Court issued a landmark decision on the liability for loss suffered due to digital bank fraud in the case of Aida Atiku versus Centenary Rural Development Bank Limited, (the defendant/bank) Civil Suit No. 0754 of 2020. Read More

Amendments to the BVI Business Companies Act

There have been certain significant amendments introduced to British Virgin Island (BVI) Business Companies Act. The amendments will come into force on 1 January 2023. Read More
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