10 November 2022
Eastern Africa
Ethiopia, Saudi Arabia Agree to Strengthen Business & Investment Partnerships
Ethiopian Investment Commission Commissioner, Lelise Neme held discussion with the Ambassador of Saudi Arabia to Ethiopia, Dr. Fahad Alhumaydani. Read More

Ethiopia’s Mega Projects Inspiration for Africa
The mega projects Ethiopia is doing and has completed are demonstrating resource abundance that could facilitate an industrial renaissance and inspire Africa, American University in Moscow Senior Fellow Matthew Ehret said. Read More

International Conference on Pulses, Oil Seeds Will Take Place in Addis Ababa Next Week
The 11th International Conference on Pulses and Oil seeds will take place on 15th and 16th November 2022 in Addis Ababa, according to the Ethiopian Pulses, Oilseeds and Spices Processors-Exporters Association. Read More

Ethiopian, Kazakh Businesses Discuss Trade, Investment
Members of the Addis Ababa Chamber of Commerce and Sectoral Association held a virtual meeting with their counterparts in Kazakhstan to discuss ways to cooperate in business and investment. Read More

KDF Troops in DRC to Cost Taxpayer KES 4.5 Billion in Six Months
Kenya will spend KES 4.45 billion (approx. USD 36.4 million) to keep its troops in the mineral-rich Democratic Republic of Congo in the next six months, Parliament heard. Read More

IMF Doubles Kenya’s Quarterly Loan Programme to KES 52 Billion
Kenya has reached a staff-level agreement with the International Monetary Fund to access an additional KES 25.51 billion (approx. USD 209.49 million), following a top-up in the latest review to battle biting drought and cushion the country from foreign funding shocks for essential imports like petroleum products under the current budgetary support programme. Read More

Kenya Defers KES 90 Billion Debt Payments on Eurobond Miss
The Treasury deferred debt payments amounting to nearly KES 90 billion (approx. USD 737 million) to this financial year after it cancelled plans to float a USD 1.1 billion Eurobond last June because of high-interest costs, the International Monetary Fund has revealed. Read More

Avocado Exports to China Earn Kenya KES 7 Billion in Three Months
Kenya’s exports of avocado to China hit KES 7 billion (approx. USD 57 million) in three months to October exceeding the earnings that were realised in the first seven months of the year, highlighting the importance of the Asian market, which started importing the commodity in August. Read More

Policy Leaders Forum Africa: A New Dawn for Digital Policy in Africa
Mobile connectivity and digital transformation present a unique opportunity for Sub-Saharan Africa to leapfrog its development. Read More

LG Boss Sees Growth in East Africa Market
The Chief Executive of South Korean consumer electronics giant LG Electronics, Mr William Cho, said the firm will continue to strengthen its business operations in East Africa as part of its drive to grow sales and revenues in emerging markets. Read More

President Samia, El-Sisi Allay Fear on Tanzania’s 2,115MW Hydropower Project
Tanzanian President and her Egyptian counterpart Abdel Fattah El-Sisi have jointly reaffirmed that the quality of construction of the 2,115-megawatt Julius Nyerere Hydropower Plant Project would not be compromised. Read More

Govt Commits to Attain 8 Million Jobs Target
The government is taking various steps to ensure that it attains its target of creating 8 million jobs come 2025, including, ensuring smooth coordination of overseas jobs. Read More

Uganda seeks to strengthen trade ties with China
Uganda said it intends to strengthen its ties with long-time trade partner, China as officials from the East African nation sought to explore more channels to pursue economic and trade cooperation on a “win-win basis” between the two. Read More

Telecoms Harmonise Cross Network Mobile Money Charges
Uganda Communications Commission has said MTN and Airtel have successfully completed the harmonisation of cross network money remittance charges during the second quarter ended June.  Read More

Cipla’s Profits Rises Fivefold to UGX 13.9 Billion
Cipla Qaulity Chemicals, the East African nation’s drug manufacturer, has said net profits surged nearly five times to UGX 13.9 billion (approx. USD 3.7 million) for the six months ending September driven by recovery of part of its debt from the government of Zambia. Read More

Decline in Gold Receipts Force Drop in Export Earnings 
A decline in gold receipts forced a 55 percent drop in export earnings, according to data from Bank of Uganda. Read More
Northern Africa
Eni Starts Up Production from Oil Field Onshore Algeria

Italian oil company Eni announces the start-up of the HDLE/HDLS oil field, in Zemlet el Arbi concession in the Berkine North Basin, onshore Algeria, only six months after its discovery in March. Read More

Slovenia Hopes to Sign Gas Import Deal with Algeria in November – PM
Slovenia hopes to sign an agreement for the purchase of natural gas from Algeria later this month, prime minister Robert Golob said. Read More

Algeria Willing to Explore Opportunities in Ghana – Ambassador
Algeria has said that it is willing to explore all opportunities to give its relations with Ghana, a substantial economic content, especially in terms of trade and investment. Read More

QNB Al-Ahli Presents Green and Sustainable Finance Case Studies in COP27
QNB Al-Ahli is taking part in the ongoing UN Conference of Parties on Climate Change (COP27) being held in Sharm El Sheikh till 18 November, which is witnessing broad participation of international institutions. Read More

CI Capital Successfully Concludes First Securitized Bond Issuance Worth EGP 202 Million
CI Capital, the leading diversified financial services group, announced the successful conclusion of its first securitised bond issuance worth EGP 202 million for Blnk Consumer Finance as part of a three-year programme with a total value of EGP 2 billion. Read More

Asian Tour Series to Launch in Egypt
The Asian Tour Series, the first and largest international championship for golf professionals to be held in Egypt, is set to kick-off at Madinaty Golf Club. Read More

IRSC Complement Sharm El-Sheikh Airport with World-Class Solar-Power Solutions
Integrated Renewable and Sustainable Communities (IRSC) was meticulously selected to properly equip Sharm El-Sheikh International Airport for the ground-breaking 2022 UN Conference of Parties on Climate Change being held in Sharm El-Sheikh till 18 November. Read More

Chile’s Agroberries Invests EUR 40 Million in Blueberry Farming in Morocco
Chile’s vertically integrated producer, marketer, and distributor of berries Agroberries is investing EUR 40 million in the first phase of its expansion strategy in Morocco. Read More

UM6P Inaugurates New Research Facility ‘Dome of Artificial Intelligence’
Mohammed VI Polytechnic University (UM6P) inaugurated a state-of-the-art facility for AI-related research, named the “Dome of Artificial Intelligence” in Rabat. Read More

Gaia Energy, H2Pro Launch Green Hydrogen Demo Project in Morocco
Morocco’s renewable energy developer Gaia Energy and Israel’s hydrogen-focused startup H2Pro have partnered to develop a demonstration (demo) green hydrogen project in Morocco. Read More

Morocco’s Railway Office Sign EUR 192.4 Million Loan Deal with European Investment Bank
Morocco’s National Railways Office signed a MAD 2.1 billion (approx. USD 18 million) agreement. Read More
Southern Africa
Malawi Stock Exchange Maintains Positive Trajectory in October
The Malawi Stock Exchange continued its positive run in the month of October following a 1.21 percent month-on-month return on index. Read More

Maize Prices Rising, Consumers Hit Hard
Local maize prices continue to rise on the market, averaging MWK 500 per kg or MWK 25,000 per 50 kg bag which is way out of reach of most consumers, it has been established. Read More

Outlook Remains Murky, Firm Says
Economic risks facing Malawi have exacerbated following a mess surrounding the government’s Affordable Input Programme coupled with prolonged droughts and flooding in some African countries, a financial advisory firm, Bridgepath Capital, has said. Read More

South Africa
Government Takes a Second Shot at Efficient Cadastral System
The department of mineral resources & energy has started a fresh procurement process to replace the antiquated SA Mineral Resources Administration System. Read More

South Africa Waives Visas for Kenyans
Kenyan citizens will be able to enter South Africa visa-free from the start of next year after an agreement between President Cyril Ramaphosa and his newly elected Kenyan counterpart, William Ruto. Read More

Ethos Private Equity Spins Out Black-Owned Investment Firm
Ethos Private Equity is spinning out a new black-owned private-equity fund manager called Infinite Partners, which comprises key members of its mid-market investment team. Read More

FNB Commits ZAR 200 Million to Small Business Fund
FNB has committed ZAR 200 million (approx. USD 11 million) to its fourth Vumela Enterprise Development Fund, which aims to provide low-cost funding for about 150 small-to-medium-sized enterprises with the potential to create more than 1,000 jobs. Read More

Govt Says it Has Spent USD 369 Million on Fertilizer Procurement
Agriculture Minister Mtolo Phiri says government has spent over USD 369 million on fertilizer procurement for the 2022/2023 farming season. Read More

Govt Disburses Over ZMK 1 Billion for CDF
Government says it has disbursed over ZMK 1 billion (approx. USD 61,000) to local authorities for the Constituency Development Fund (CDF) targeted at all 156 constituencies countrywide. Read More

SMEs Contribute 70 Percent to GDP-Mubanga
Small and Medium Enterprise Development Minister, Elias Mubanga, says the government has prioritised the development of small and medium enterprises (SMEs) because they drive the economic growth of the country. Read More

Distribution of Farming Inputs Under FISP to Begin Tomorrow-Agric Minister
The government has announced that the collection of inputs under the Farmers Input Support Programme (FISP) will commence across the country. Read More
Western Africa
Cote d'Ivoire
Building Economic Resilience through Sustainable Investments
To fast-track economic development and prosperity of Africa, economists and public policy experts are calling for increased sustainable investment. Read More

Sendy Receives Funding to Grow Business in Four African Countries
Sendy says it has received funding of an undisclosed amount to help scale its logistics and fulfillment services in Kenya, Uganda, Nigeria, and Cote d'Ivoire. Read More

Orange and Vanu link up Côte d’Ivoire, Burkina Faso and Liberia
The Orange Côte d’Ivoire Group and Vanu are to develop infrastructure and services for rural areas in Côte d’Ivoire, Burkina Faso and Liberia. Read More

17 Times Too Many, What Ghana Needs to Stop Going to IMF - Dr Priscilla Twumasi Baffour
Dr Priscilla Twumasi Baffour who chaired the meeting shares her thoughts on what needs to be done for Ghana to stop going to the International Monetary Fund after doing so for 17 times. Read More

Over 80 Ghanaian Women Graduate from US Government Funded Project 
Over 80 Ghanaian women have graduated from the Academy for Women Entrepreneurs, a project funded by the U.S. government, and designed to enhance the skills of women entrepreneurs.  Read More

Diesel, Petrol Prices to Drop to GHS 21, GHS 17 Respectively Per Litre Next Week - COPEC
The Chamber of Petroleum Consumers (COPEC) has hinted that the prices of fuel are likely to go down slightly by 14 November 2022. Read More

Inflation Hits 40.4 Percent in October
Ghana's year-on-year inflation rose to 40.4 percent in October from 37.2 percent in September, the Ghana Statistical Service has announced. Read More

FG May Spend Big to Tackle Climate Change – Minister
The Federal Government is spending nine per cent of the country’s Gross Domestic Product to address climate change in Nigeria, the Minister of Environment, Mohammed Abdulahi, said. Read More

FG Eyes Over 6 Percent Unemployment Rate, Economic Growth
The Federal Government is targeting 6.3 percent rate, 7 percent economic growth and 0.3 percent poverty rate by 2050. Read More

FRC, UNGC, Others Launch SME Governance Standards Project
The Financial Reporting Council has partnered with the Integrity Organisation/Convention on Business Integrity and the United Nations Global Compact Network Nigeria to launch a Small Medium Enterprise anti-corruption and corporate governance standards project funded by the MacArthur Foundation. Read More

AMCON Recovers NGN 307 Billion Debt in Two Years
The Asset Management Corporation of Nigeria recovered a total of NGN 307 billion (approx. USD 698 million) debts between 2020 and 2021. Read More
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