10 May 2022
Eastern Africa
AL Asalah Electromechanical Contracting Company Keen to Invest in Ethiopia
United Arab Emirates -based AL Asalah Electromechanical Contracting Company announced plans to invest in textile, mining, personal hygiene and household cleaning products in Ethiopia.
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ITU Launches Digital Transformation Centers in Ethiopia to Enhance Nation’s Digital Capacity
The International Telecommunication Union has launched today Digital Transformation Centers Initiative in Ethiopia with a view to enhancing the digital capacities of citizens in the country.
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Ethio Telecom Rolls Out Pre-Commercial 5G Service
Ethio Telecom, state-owned mobile network operator, has launched a pre-commercial 5G network in Ethiopia. The telecom firm expanded the 3G and 4G networks throughout the nation, achieving 97 percent telecom services coverage.
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Ethiopian Transported Over 50m Test-Kits from S. Korea To US & Canada
Ethiopian Cargo & Logistics Services has transported more than 50 million covid-19 test kits from South Korea to the United States and Canada in the first quarter of 2022.
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Kenya Resolves Fuel Dispute with Uganda
Kenya has moved to avert a diplomatic spat with Uganda over a decision to localise fuel cargo meant for Kampala. Petroleum Principal Secretary Andrew Kamau told Business Daily that Kenya shared a record of available stocks of diesel and super for Uganda in this month’s allocation quotas, easing fears of a looming fuel shortage in the neighbouring country.
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Kenya’s Agoa Exports Climb to KES 50 Billion
Export of duty-free goods to the US under the African Growth and Opportunity Act has crossed the KES 50 billion (approx. USD 431 million) mark after declining last year.
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Land, City Home Prices Increase Fastest in Years
Home prices in Nairobi and land costs in satellite towns around the capital have risen to new highs on the back of renewed demand from buyers who had slowed down acquisitions at the peak of Covid-19 economic hardships.
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Work Permits Issuance Jump 25 Percent as Expats Return to Nairobi
Work permits issued to foreigners increased by 25.3 percent last year following a rebound in the job market after the relaxation of restrictive Covid-19 measures.
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Senators Assess Service Delivery in Health Sector
The Senatorial Committee on Social Affairs and Human Rights is on a national tour to assess the state of service delivery in the health sector. Particularly, their aim is to establish the state of service delivery in hospitals, and the progress made on the treatment Non-Communicable Diseases in the country.
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COSTECH launches PesaTech Accelerator Programme
The Director General of the Commission for Science and Technology Dr Amos Nungu has launched the PesaTech accelerator programme, aimed at promoting innovative ideas for the financial sector systems in the country.
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Exim Launches Life Insurance Product for Social Groups
Exim Bank Tanzania has launched a new life insurance product dubbed ‘Pamoja Hadi Mwisho’ specifically for formal and informal groups, with the aim of increasing more community participation in accessing insurance services in the country.
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TIC Lures Czech Republic Investors
The Tanzania Investment Centre has invited investors from Czech Republic to come and invest in the country especially in agricultural, fisheries and tourism sectors.
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Vodacom Inspires More Girls into Science, Technology Fields
The level of interest for girls pursuing science and technological studies is rising thanks to Vodacom Tanzania’s five years of encouraging girls in science, technology, engineering, and mathematics fields.
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Uganda’s President to Host Uganda-Turkiye Business Summit
The summit, co-hosted by the Foreign Economic Relations Board of Turkiye, will attract over 600 investors and promote investment, trade and tourism between the two nations. The Uganda-Turkiye Industrial Park and Trade Centre construction project will be launched during the summit. Read More

Business Heads Share Benefits of Digital Transformation
Alex Rukundo from One Acre Fund said that the adaptation to digital systems has among others extended customer support services easily and operational agility to their clients outside Uganda.
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Uganda Says No Subsidies to Cushion Rising Prices
Uganda risks going into a new borrowing spree in the event that the government extends subsidies to essential commodities to cushion the soaring prices, according to Moses Kaggwa, Director Economic Affairs at the Ministry of Finance, Planning and Economic Development.
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Lois Aber Kwikiriza is New Head of Marketing at Multichoice Uganda
Kwikiriza takes on the mantle from Colin Asiimwe who has been at the helm of marketing at MultiChoice Uganda for the last two years.
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Northern Africa
Algeria's Energy Ministry to Devise Hydrogen Development Strategy
Algeria's government has mandated the Ministry of Energy and Mining to map out a national strategy for hydrogen development as the North African country sees potential to become a key player in the region.
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Egypt Largest Buyer of Gold in World
Egypt became the largest buyer of gold among the central banks in the world during the first quarter of 2022, amid economic instability due to the Russian-Ukrainian crisis.
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Egypt Aims to Exceed its Tax Revenue to Surpass LE1T in 2022/23
The Egyptian government aims to raise its revenues during the next fiscal year 2022-2023 by 11 percent, with an estimated value of EGP 152 billion (approx. USD 8 billion), on an annual basis, supported by an increase in its tax revenues.
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Egypt Allocates EGP 5 Billion to Bear The Financial Burdens Resulting From Reduction of Electricity Prices for Industrial Sector
Egypt allocated EGP 5 billion (approx. USD 270 million) during the next fiscal year 2022/2023 to bear the financial burdens resulting from the reduction of electricity prices for the industrial sector, and about EGP 1.5 billion (approx. USD 81 million) to bear the cost of real estate taxes on the industrial sector, according to Minister of Finance Mohamed Maait.
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Egypt Aims to Reduce Budget Debt to 84 Percent of GDP During 2022/23
The Egyptian government aims to reduce the debt ratio of the budget bodies to 84 percent of the gross domestic product during the next fiscal year 2022/2023, compared to expected estimates of about 85 percent by the end of the current fiscal year in June 2022.
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Ministry of Youth, MasterCard, Credit Agricole Team Up to Implement ‘Youth Pass’
Morocco’s Minister of Youth, Culture, and Communication Mehdi Ben said signed a memorandum of understanding with MasterCard and the French company Credit Agricole to support youth-related projects.
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King Mohammed VI Calls for Action Against Climate Change, Desertification
King Mohammed VI sent a speech to the Summit of Heads of State and Government on Drought and Sustainable Land Management in Abidjan. In the speech, Morocco’s King praised Cote d’Ivoire’s efforts to organize the summit, describing the West African country’s hosting of the event as reflecting a “firm determination and concrete mobilization to tackle the problem of drought.”
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Spain Has Invested USD 4 Million in MINURSO Since its Creation
Spain has contributed over USD 4 million in financing the UN peacekeeping operation in Western Sahara, MINURSO, since its creation in 1991.  
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EBRD Supports Climate and Environmental Risk Management in Morocco
The European Bank for Reconstruction and Development signed a Memorandum of Understanding with Bank Al-Maghrib and Groupement Professionnel des Banques du Maroc, to promote green finance and support climate and environmental risk management in Morocco.  
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Southern Africa
Mera Maintains Fuel Pump Prices
Malawi Energy Regulatory Authority has maintained fuel pump prices despite free on-board prices of all fuels increasing in April.
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MITC Dares Local Firms
Malawi Investment and Trade Centre has challenged the private sector to learn from their counterparts from neighboring Zambia on accessing finance for growing business.
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Mobile Money Use up
Mobile money services uptake has been rising steadily in the recent past to average MWK 14 trillion (approx. USD 4.9 billion) worth of transactions per quarter, the Malawi Communications Regulatory Authority has said. Read More

Don’t Panic—Illovo
Illovo Sugar managing director Lekani Katandula says Malawians should not panic as the company is supplying enough sugar on the domestic market. 
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Government to Admit New Airlines – Noticias
The Mozambican government intends to let new airlines explore the national market, and proposals from some foreign companies are currently being analyzed.
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Mozambique Stock Exchange Registers 148 Percent Business Growth in Q1
The Mozambique Stock Exchange saw several stock market indicators grow in the first quarter of 2022, compared to the same period in 2021. Based on several indicators, business volume grew 148 percent from 1.5 billion meticais to 3.7 billion meticais from January to March. 
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LAM is Mobilising Freighters – Notícias
Mozambique’s Linhas Aéreas de Moçambique airline is mobilizing freighters in the international market to respond to business opportunities in the transport of high-end agricultural products. 
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South Africa
South Africa is Heading for a Big Interest Rate Hike
South Africa is likely to see another interest rate hike next week, although the increase could be larger than previously forecast, say economists at the Bureau for Economic Research.
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Rand Bleeds as Dollar Flex Continues
South Africa’s rand remains on the back foot against the dollar which continues to gain strength due to concerns over slowing economic growth globally, rising interest rates, and war risks, leading to increased market volatility.
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Projects to Expand Durban’s Tourism Prospects Revealed at Travel Indaba
Following three consecutive years of financial destruction in South Africa’s tourism sector in the wake of the pandemic, civil unrest, and recent flooding, projects are undertaken by eThekwini Municipality together with the private sector could prove fruitful in the coming years.
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First Quantum Minerals Approves USD 1.25 Billion Mine Expansion in Zambia
Reuters and Financial Times of London report that First Quantum Minerals said on Sunday that its board has approved plans for a USD 1.25 billion expansion of the company’s Kansanshi copper mine in Zambia, first floated in January 2020, a decision the miner said was prompted by “renewed confidence” in Zambia’s investment climate.
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Three Mine Unions to Consult their Members on Vedanta Resources’ Return
The Labour movement on the Copperbelt says they will engage their members in their response to a possible repossession of Konkola Copper Mines by Vedanta Resources. Read More

Western Africa
GIPC Courts Diaspora Investors to Increase FDIs, DDIs Inflow
The Ghana Investment Promotion Centre has engaged the diaspora community to increase Foreign Direct Investments and Diaspora Direct Investments inflows into the country.
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GRA Rakes over GHS 1 Million For One Day Under a Single E-Levy Charging Entity
The revenue arm of the government, the GRA has revealed collections from a single charging entity under the Electronic Transfer Levy amounted to more than GHS 1 million (approx. USD 133,058.50) in one day. 
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Recapitalization of Insurance Sector Key for Economy, Insurance Value Chain – Dr. Justice Ofori
The National Insurance Commission has touted the ongoing recapitalization of the insurance industry as one that is key for the economy and sanitization of the sector. 
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Seafood Imports Hit USD 290 Million in 2021
The total value of seafood and fish products imported into Ghana amounted to USD 290 million last year, a marginal increase of less than 1 percent over the preceding year’s value, the latest report by the United States Department of Agriculture has indicated. 
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Marketers Attribute the High Cost of Fuels to Exploitation
As Nigerians across different sectors feel the impact of the high cost of petroleum products, major marketers under the aegis of the Major Oil Marketers Association of Nigeria have sought the understanding of operators and citizens, attributing the escalating fuel price cycle in domestic prices to the global crisis of and exploitation by international traders.
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Dealers Give Reasons for High Prices
The Amalgamated Union of Foodstuff and Cattle Dealers of Nigeria has attributed the escalating prices of foodstuff, to rising production and transportation costs. 
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Equities Bullish as Investors Gain NGN 521 billion
Despite uncertainty in the global economy, Nigeria’s stock market is currently having a solid start in the month of May, with investors increasing their bets on blue-chip companies in anticipation of continued expansion in profits, as investors gained NGN 521 billion (approx. USD 1.3 million) while the the index hit the 51,000 marks.
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FG, States to Hedge Grid Collapse with Mini, Off-Grid Supplies
Worried by the growing dismal outlook of electricity supply in Nigeria, the Federal Government, through the Rural Electrification Agency and the country’s 36 states is deploying alternatives through mini and off grid solutions.
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