7 September 2022
Eastern Africa
Redawa Motors to form Redawa Industrial Park
Redawa Motors signed a Memorandum of Understanding with Ethiopian Investment Commission to form Redawa Industrial Park. The industrial park has a total investment capital of ETB 5 billion (approx. USD 94 million) and is located in Dire Dawa. Read More

YTO-CAMAC to Begin Construction of a Tractor Manufacturing Company
China’s leading tractor manufacturer, YTO-CAMAC, laid a foundation stone in Mojo town to construct a factory which is capable of producing 10,000 tractors annually. Read More

A Chinese Company Joins Ethiopian Entertainment Industry
Five Star Elevator Manufacturing joined Ethiopian entertainment industry through its subsidiary Five Star Entertainment Company. Read More

Stock Market Gains KES 102 Billion, Records Highest Single-Day Jump in Four Years
The stock market gained KES 102.6 billion (approx. USD 853 million) on Tuesday in investor wealth, the biggest single-day jump in four-and-a-half years as it signalled continued recovery following Monday’s Supreme Court ruling that affirmed Deputy resident William Ruto as the fifth president of Kenya. Read More

Costly Fuel Imports Increase Half Year Trade Deficit to KES 814 Billion
Kenya’s trade deficit for the first six months of the year widened by nearly a quarter on elevated expenditure on fuel and factory supplies from abroad, exerting pressure on the shilling and hurting job opportunities. Read More

How Windows will Soon be Turned into Power Sources
In the coming days, every window in your house could generate electricity. This is after energy experts made a significant breakthrough that will allow homeowners, property developers and companies to replace their windows with solar panels. Read More

Kenya SMEs Among Seven to Get KES 120 Million Food Security Award
Five Kenyan start-ups are among seven to receive a total of USD 1 million in efforts aimed at revolutionising the availability and affordability of food in low-income countries. Read More

MainOne Wants Local Traffic Retained in Africa
West Africa’s provider of Connectivity and Data Center solutions, MainOne, an Equinix company, made new strides towards interconnecting and transforming sub-Sahara Africa at the just-concluded African Peering and Interconnection Forum (AfPIF 2022) in Kigali, Rwanda. Read More

Indian Firm Wins Against REG, in Paris Court, to Pocket RWF 32 Billion
Taxpayers lose billions of francs in disputes arising from violation of contracts and unfair treatment of employees by government agencies. Read More

Kigali City Gets a New Transport Payment Card
Commuters in Kigali will now have options when paying for transport fare after a new player joined the market in what is seen a major boost to the country’s cashless movement. Read More

Ecobank’s New Product to Ease Regional Trade
Ecobank Rwanda has expanded its work with an additional service which is expected to make East African regional import payment instant and easy. Read More

Relief for Motorists as Fuel Prices Drop
The Energy and Water Utilities Regulatory Authority has published Capi prices for petroleum products, applicable in Tanzania Mainland showing significant drop compared to August. Read More

TBS Urges Entrepreneurs to Abide to Country’s Standards
Tanzania Bureau of Standards (TBS) has urged entrepreneurs to abide to country’s standards to produce quality goods for easy access to domestic and regional markets. Read More

No Fertiliser Scarcity Expected-Minister
The government has assured farmers that there will be no scarcity of fertiliser in the country and urged them to procure quantities according to their needs. Read More

Malaysia Stages Biggest Book Sale in Dar es Salaam
Sale Tanzania 2022' is set to open at the Diamond Jubilee Hall in Dar es Salaam, offering books with discounts of up to 80 percent. Read More

UN Seeks Uniform Standards for Food and Agricultural Products in Africa

Delegates attending the opening of the Africa Regional Food Safety conference in Kampala are pushing for formulation of uniform standards for food and agricultural products meant for export in the region and globally. Read More

Govt Secures Funds, to Review Free Electricity Connection Policy
Deputy Speaker of Parliament Thomas Tayebwa says that whereas service providers have been calling upon government to subsidise electricity connections under the Free Connections Policy, government will have to look at the policy “to see how best we can support distribution companies to connect people across the country”.  Read More

Dfcu, DTB Deliver Solid H1 Profits, But Uncertainty Remains
Dfcu and DTB have recorded a surprise profit for the first six months of the year but the uncertainty remains ahead due to the prevailing tough economic times. Read More

Uganda Clays H1 Profit Drop to UGX 2.7 Billion
Uganda Clays net profit has dropped by more than half to UGX 2.7 billion (approx. USD 700,000) for the first six months ending 30 June but management insists there are no worries at least for now. Read More
Northern Africa
Algeria a 'Reliable' Gas Supplier: European Union Chief Michel

Algeria is a "reliable" energy supplier, European Council President Charles Michel said during a visit to the North African country as Europe scrambles to replace Russian supplies. Read More

Algeria Calls for 'Direct Negotiations' between Morocco, Polisario
Algeria has called for the resumption of "direct negotiations" between Morocco and the Polisario Front to resolve the conflict in the Western Sahara, the Ministry of Foreign Affairs has said. Read More

Information Affairs Minister Receives Algerian Ambassador
Information Affairs Minister Dr. Ramzan bin Abdulla Alnoaimi received today Algerian Ambassador to the Kingdom of Bahrain Abdulhamid Ahmed Khoja and discussed bilateral relations and ways of developing joint ties in all fields, in addition to issues of common interest. Read More

Egypt Infrastructure and Water Expo to Take Place in June 2023 with USD 169 Billion Planned Investment

In line with Egypt Vision 2030 and with USD 169 billion investment in infrastructure projects planned, the Egypt Infrastructure and Water Expo is set to debut in Cairo, unlocking new business opportunities in the country.  Read More

Flat6Labs, SANAD Launch Agritech Accelerator Program to Support Agri-Digital Start-Ups Across Egypt
Flat6labs in collaboration with SANAD Entrepreneurship Academy launched an agritech accelerator program to assist 10 to 12 startups in each cycle to improve their business models, product development, customer relationships, marketing plans, and financial management. Read More

Americana Group to Launch New Production Lines in Egypt: GAFI Chairman
Americana Group, one of the largest food companies and operators of restaurant chains in the Middle East, plans to invest USD 26 million through launching new production lines, announced Chairman of the General Authority for Free Zones and Investment Mohamed Abdel Wahab. Read More

First-Ever Forbes Middle East Under 30 Summit to Be Held In El Gouna, Egypt, in November
Forbes Middle East is partnering with El Gouna, one of Orascom Development Holding’s fully integrated towns by the Red Sea in Egypt, to host its inaugural Under 30 Summit 2022 in El Gouna.

UNFPA Approves Cooperation Program with Morocco
The executive board of the United Nations Population Fund (UNFPA) has approved a new cooperation program with Morocco for the period between 2023 and 2027, UNFPA Morocco announced. Read More

OCP Africa Signs Memorandum of Understanding to Improve Food Security
OCP Africa, a subsidiary of the Moroccan phosphates giant, signed a memorandum of understanding with Fertilizer Canada and the African Plant Nutrition Institute, to better support African smallholder farmers. Read More

OCP Records Turnover of USD 5.29 Billion in First Half of 2022
Morocco’s OCP Group, the world’s largest phosphate mining and leading fertilizer company, has reported that it had a turnover of nearly MAD 56.02 billion (approx. USD 5.29 billion) at the end of June 2022. Read More

Morocco’s Digital Development Agency, Minsait Launch Data Sharing Platform
Morocco’s Agency for Digital Development is joining forces with the Spanish company Minsait, a leading firm in digital transformation consultancy and information technologies, to establish a data sharing platform. Read More
Southern Africa
Comesa Tips Members on Lowering ICT Cost
Common Market for East and Southern Africa (Comesa) has tipped member States on how they can reduce the cost of information and communications technology (ICT) services in their respective countries. Read More

Export Earnings Hit MWK 301 Billion in First Half
Malawi realised MWK 301.8 billion (approx. USD 295 million) from all exports in the six-month period ending June 2022, figures from the National Statistical Office show. Read More

Coca-Cola Africa Rolls Out in Malawi
Coca-Cola Beverages Africa has rolled out its operations in Malawi with an assurance of improved and continued supply of soft drinks as well as a diversified product portfolio. Read More

Reunion Insurance Gives MWK 5 Million for Mips Lakeshore Conference
Reunion Insurance Company Limited has given MWK 5 million (approx. USD 4,800) to the Malawi Institute of Procurement and Supply (Mips) to enable it hold this year’s annual lakeshore conference in Mangochi. 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
Warning over South Africa’s Shrinking Tax Base
South Africa’s tax base is shrinking, and the South Africa Revenue Service (SARS) is going after those who are taxpayers harder, says Keith Engel, the chief executive officer at the South African Institute for Tax Professionals. Read More

DoT Set to Increase Driving Licence Validity Period
The Department of Transport (DoT) has proposed to cabinet that the validity period of driving licences be extended from the current five years to between eight and 10 years. Read More

Oil Hits Lowest Since January as Dollar, Demand Concerns Flare
Oil sank to the lowest since January as the dollar surged to a record and global demand concerns escalated, including in lockdown-hit China. Read More

UIF and Compensation Fund Halt New Investments in Unlisted Assets
The clients of the Public Investment Corporation, the Unemployment Insurance Fund (UIF) and the Compensation Fund have said no to ramping up investments in unlisted entities. Read More

COMESA, EU Project to Cut Cross-Border Bottlenecks
Common Market for Eastern and Southern Africa (COMESA) estimates that Africa’s intra-trade has the potential to grow to USD 100 billion from the current USD 9.7 billion. Read More

Zambia Seeks USD 8.4 Billion in Debt Relief Under IMF Bailout
Zambia’s government has asked its external creditors to provide debt relief amounting to USD 8.4 billion for the period 2022-25, the International Monetary Fund said. Read More

Government is Creating More Jobs-Tambatamba
The Minister of Labour and Social Security, Brenda Tambatamba has said her tour of the Northern Circuit which started from Chinsali, Kasama, Mansa and Samfya was meant to appreciate the investments the Workers Compensation Fund Control Board is putting up in the circuit. 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
Western Africa
IMF New Mission Chief Arrives in Ghana, Meets Ofori-Atta, 1st Deputy Governor
The new International Monetary Fund (IMF) Mission Chief for Ghana, Stephane Roudet, has arrived in the country. Read More

17 Million Mobile Phone Subscribers Register SIM Cards – NCA
Data from the National Communications Authority (NCA) indicate that about 17 million mobile phone subscribers have so far registered their SIM cards since the registration begun in September 2021. Read More

ActionAid Ghana Signs Partnership Agreement with University of Environment and Sustainable Development
Fifteen Small and Medium Scale Enterprises (SMEs) in the Western and Ashanti regions are being supported by SNV Ghana to expand production and help grow Ghana’s circular economy. Read More

YEA, GRNMA Reach Consensus on Community Health Worker Programme
The Youth Employment Agency (YEA) has reached a consensus with Ghana Registered Nurses and Midwives Association (GRNMA) on its new community health worker programme. Read More
‘Education on Sustainable Finance Helps Protect Investors’
The International Organisation of Securities Commissions has underscored the importance of investors education in protecting them from possible risks in sustainable finance investments. Read More

African, Caribbean Businesses to form Strategic Partnerships
African and Caribbean businesses have agreed to implement an action plan that will lead to strategic partnerships between the two business communities. Read More

Firm Raises NGN 2.28 Billion Bond to Fund Payment Terminals
Global Accelerex, through its special purpose vehicle, Accelerex SPV, floated its NGN 2.28 billion (approx. USD 5.3 million) Series 1 Fixed Rate Bond. Read More

USD 4 Million Funding: Nigerian IT Firms Top Google’s 60 Shortlist  
Twenty-three startups out of the 60 shortlisted in Africa for USD 4 million funding by Google are Nigerian firms. Read More
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