13 March 2023
Eastern Africa
Agricultural Businesses Corporation Working to Distribute 253,000 Quintals of Seeds
Ethiopian Agricultural Businesses Corporation (EABC) said it will distribute 253,000 quintals of the seeds for agrarians this upcoming Ethiopian agricultural season.  Read More

France Desires to Expand Cooperations with Ethiopia in Various Areas
The French government is keen to elevate its longstanding diplomatic relations with Ethiopia, moving from assistance to investment, France Ambassador to Ethiopia, Rémi Maréchaux said. Read More

An ETB 350 Million Cold Storage Facility Take Root in Modjo
A private company commanding the lion’s share of the market in the horticulture logistics sector is making headway to establish a cold storage facility in Modjo town, Oromia, with an investment capital of ETB 350 million (approx. USD 6.5 million). Read More

Afro Tsion Construction’s Properties Up for Auction
Two commercial banks have put Afro Tsion Construction’s residential properties and hospitality business up for foreclosure. Read More

World Bank Expands Kenya Loan Kitty to KES 129 Billion
The World Bank Group has enhanced Kenya's loan kitty by KES 32.3 billion (approx. USD 250 million) bringing the expected disbursement from its Development Policy Operations facility to KES 129 billion (approx. USD 1 billion). Read More

160 Parastatals Fail to Remit KES 20 Billion from Pensioners
Parliament has raised an alarm over more than KES 21 billion (approx. USD 162 million) that State entities owe pensioners in unremitted deductions. Read More

MPs Train Guns on Top Treasury Officials in KES 6 Billion Telkom Buyout
The National Assembly has begun an inquiry into the KES 6.14 billion (approx. USD 47 million) withdrawn four days before last year’s general elections to buy out private equity firm Helios from Telkom Kenya. Read More

Tech-Preneneurs' App Helps Users Build Healthy Money Relationships
Two tech-preneneurs have launched a payment platform that helps users make better financial decisions by tracking and analysing their expenses. Read More

Musanze's Old Buildings to Get Major Face-Lift
Musanze District has agreed with investors to close old buildings for renovation. Also in plan is the construction of new multi-storey structures. Read More

Vodacom’s 5G Network Towers’ Numbers Reach 227 in Tanzania
To implement its mission to connect Tanzanians with communication technologies and impact lives through innovative digital services, Vodacom Tanzania revealed that it has built 227 5G network towers across the country. Read More

ATCL Earns Praise for Transforming Country’s National Flag Carrier
Zanzibar government has expressed its satisfaction with the performance of the management of Air Tanzania Company where the major reforms made have enabled the national airline to get into global commercial competition. Read More

EA Economies Grapple with Dollar Shortage as Forex Reserves Dip
This week, Tanzania President Samia Suluhu broached a subject that has been uncomfortable for East African state economists and government officials, shortage of dollars. Read More
Northern Africa
Tourist Urban Development Areas

Speaking at a study day on mechanisms for financing tourism and hotel projects organized at the École supérieure de l’hôtellerie in Algiers, the Minister of Tourism, Mr. Yacine Hammadi, assured that no less than 171 tourist urban development areas are identified in Algeria. Read More

Tourism Investment: DA 428 Billion Injected
Minister of Tourism and Handicrafts, Yacine Hamadi, stated that “investors in the tourism sector benefit from all the advantages and facilities in terms of bank credits, allowing the financing of their projects”. Read More

“An Opportunity to Drastically Reduce the Import Bill”, Say Experts
Determined to become self-sufficient in table oil and to export to neighbouring countries and to Africa, Algeria decided to start growing sunflowers, after the success of the rapeseed crop. Read More

Egypt to Start Procedures for Offering NPC, SAFI on EGX

The Egyptian government will start the procedures for offering the National Service Projects Organization and the National Company for Natural Water in Siwa (SAFI) on the Egyptian Stock Exchange (EGX), through the offering advisor, who will communicate with investors and make available the data of the two companies. Read More

Goods at Egyptian Ports Valued at USD 3.9 Billion
The Cabinet estimated the value of goods currently in Egyptian ports at about USD 3.9 billion, according to the cabinet spokesman, Ambassador Nader Saad. Read More

Egypt, Germany Discuss Investment in Energy Sector
Electricity and Renewable Energy Minister Mohamed Shaker underlined the depth of ties binding Egypt and Germany in the various domains. Read More

No Negative Repercussions on Egyptian Banking Sector Due to Bankruptcy of Silicon Valley Bank
The Central Bank of Egypt confirmed that there are no negative repercussions on the Egyptian banking sector affected by the financial conditions of the American “Silicon Valley” Bank, which is specialized in financing technology and emerging companies. Read More

Morocco’s Corn Imports Drop as Drought Grips Argentina
Morocco’s annual corn imports from Argentina are set to drop in 2023 as yield reaches a three-year low. Read More

Economy Minister: Morocco ‘Must’ Adapt to Growing Climate Risk
Morocco “must” adapt its economy to the rising climate threat, as it is triggering more severe and frequent droughts, the country’s Economy and Finance Minister, Nadia Fettah Alaoui, said in a statement reported by Financial Times. Read More

Royal Air Maroc Cancels More Flights to France Amid Worker's Strike
Morocco’s national carrier, Royal Air Maroc, has again announced cancelling a number of incoming and outgoing flights to Paris on 11 and 12 March. Read More
Southern Africa
Agro Output on Downward Spiral
The agriculture, forestry and fishing sector, which is considered the backbone of the Malawi economy, has registered subdued growth in the past four years, a government report has shown. Read More

Slow Women Reforms Worry World Bank
The World Bank says the global pace of reforms toward equal treatment of women under the law has slumped to a 20-year low, constituting a potential impediment to economic growth. Read More

Bank of Mozambique Concerned at Proliferation of Pyramid Schemes
The Bank of Mozambique has warned of the proliferation on the domestic market of entities aimed at attracting deposits from individuals without being licensed for this purpose. Read More

EU Allocates 50 Million Euros in Humanitarian Aid
The European Union announced new funding of 50 million euros (about 53 million US dollars) in humanitarian aid for the southern African region. Read More

Tax Authority Seizes More Than 2,300 Boxes of Drinks
The Tax Authority of Mozambique announced the seizure of over 2,300 boxes of various alcoholic drinks, at Zona Verde, on the outskirts of Maputo. Read More

New Deputy Minister of Science and Technology Sworn In
Mozambican President Filipe Nyusi urged the new Deputy Minister for Science, Technology and Higher Education, Edson Macuacua, to encourage Mozambicans to work to build a society of scientific solutions. Read More

South Africa
Climate Change Almost Doubles the Risk of Wildfires in Cape Town
A study has found that climate change played a role in the “UCT fire” of 2021 and has significantly increased the chances of such devastating fires occurring in Cape Town. Read More

South Africa’s Not Ready to Recycle Solar Panels
With more than ZAR 2.2 billion (approx. USD 120 million) worth of solar panels imported into South Africa during the first half of 2022, and the pace of imports set to increase dramatically as the country’s energy crisis mounts, the overlooked problem of recycling these panels could result in an environmental hazard in 30 years’ time. Read More

Food Security at Risk While Agricultural Debt Balloons and Land Bank Gets Back on Its Feet
Agricultural debt has grown exponentially in South Africa over the past few years with no end it sight due to the country’s weak economy, Willem Lombard, acting executive manager for strategy and communications at the Land Bank, said in an interview last week. Read More

Matabeleland South Plays Development Catch-Up
Despite having a strategically important geographical location linking it to South Africa and Botswana which are two regional neighbours of economic, political and social significance, Matabeleland South had for a very long time existed as one of the poor provinces of Zimbabwe in terms of development in almost all facets. Read More

ZAFFICO Justifies Its Sharp Increase of the Price of its Products
Zambia Forestry and Forest Industrial Corporation (ZAFFICO) has justified its recent controversial move to hike the price of timber in 2023. Read More

Diesel Will Start Coming via Pipeline in a Week’s Time – Kapala
Energy Minister Peter Kapala has disclosed that the conversion of the TAZAMA pipeline will be completed in about a week’s time. Read More

Some Businesses Have Been Owing Us Since 2009 – CEEC
The Citizens Economic Empowerment Commission (CEEC) has lamented that some businesses have been owing it since its inception in 2009. Read More
Western Africa
Cote d'Ivoire
Iran to Build 50 Passenger Ships for Ivory Coast
The MOU was signed on the sidelines of the Scientific and Economic Cooperation Conference of Iran and West African Countries. Read More

We Stand by Our Tax Assessment of Multinationals Operating in Ghana – GRA
The Commissioner-General of the Ghana Revenue Authority (GRA), Reverend. Dr. Ammishaddai Owusu-Amoah, has maintained that the authority stands by the tax assessment exercises conducted on businesses and multinational companies operating in the country. Read More

GhIE Holds 53rd AGM and Conference in Takoradi
The Ghana Institution of Engineering has scheduled 27 March 2023 to 1 April 2023 for its 53rd Annual General Meeting and Conference at the Best Western Plus Atlantic Hotel in Takoradi. Read More

Saudi State-Owned Oil Giant Aramco Sees Record Profit of USD 161 Billion
Saudi oil giant Aramco has announced a record profit of USD 161.1 billion for 2022, helped by soaring energy prices and bigger volumes. Read More

Govt Raises GHS 4.5 Billion in Lowest Rate Since June
The government has raised more than GHS 4.5 billion (approx. USD 366,000) from the sale of short-dated securities at the lowest rate since June 2022. Read More

PAPSS will Boost Capital Market Diversification – SEC
The Securities and Exchange Commission (SEC) has said the implementation of its agreement with the Pan-African Payment Settlement System will encourage intra-African trade and aid diversification within the capital market. Read More

Association Tasks Charcoal Producers on Afforestation
The National Charcoal Producers, Dealers and Exporters Association of Nigeria is set for a consultative meeting with government agencies to sensitise charcoal stakeholders on the importance of afforestation. Read More

Naira Gains Further at Investors, Exporters’ Window
The naira gained further as it exchanged at NGN 461 to the dollar at the Investors and Exporters’ window. Read More

Abia to Sanction Traders Rejecting Old Naira Notes
The Abia State Government has said it will sanction any person, group or business entity that rejects the old 500 and 1,000 naira notes for business transactions. Read More
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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