20 December 2022
Eastern Africa
Tourism Sector Recovering Following Peace Agreement
Following the peace agreement signed between the government of Ethiopia and TPLF the tourism sector of the country is showing signs of recovery, the Ministry of Tourism said. Read More

Nation Earns More than USD 41 Million from Meat Export Trade in Five Months
Ethiopian Agriculture Authority disclosed that the country has earned more than USD 41 million from the export trade of meat over the past five months. Read More

Ethiopian Coffee Exhibition Kicks Off in London
Co-organized by the Ethiopian Embassy and Ethio-Coffee importer, an Ethiopian Coffee Exhibition opened in London. Read More

Peace Agreement, Reforms Help Ethiopia Galvanize Foreign Support for Development
Ethiopia’s peace and reform programs will create opportunities to showcase achievements and galvanize foreign support for implementing its diverse and immense economic potentials for development, United Nations Development Program Economic Advisor, Ali Zafar said. Read More

Talks Start to Remove Hurdle for Cheaper Night-Time Electricity Tariffs
Manufacturers have opened talks with the government aimed at dropping the previous administration’s tough conditions on electricity consumption levels for factories to benefit from discounted night-time power tariffs. Read More

State Pushes Banks to Give Farmers Better Forex Deals
Agriculture Cabinet Secretary Mithika Linturi has accused commercial banks of denying farmers the foreign exchange gains associated with the weakened shilling on exported teas, calling for adjustments to reflect the actual amount as quoted by the Central Bank of Kenya. Read More

Kenya’s Import-Export Gap Widens to KES 1.37 Trillion
Kenya’s policies to cut its swelling trade deficit have failed to reverse the trend after the value of the gap between its imports and exports widened to more than KES 1.3 trillion (approx. USD 11 billion). Read More

CMA Issues Four Licenses to Financial Intermediaries 
The Capital Markets Authority (CMA) has issued four licenses to banks and financial intermediaries as investment advisers, authorised depositories and forex trading brokers as it aims to create a secure investment environment and reinforce transparency in all listed companies. Read More

Rwanda Migrant Plan Lawful, UK High Court Rules
The United Kingdom’s plan to send asylum seekers to Rwanda is lawful, the European country’s High Court has ruled. Read More

Rwanda Is Committed to Supporting Advancement of Innovative Public Health Initiatives Across the Continent
The 2nd conference on Public Health in Africa, held in Kigali, Rwanda, the 2nd Conference on Public Health in Africa (CPHIA), held at Kigali Convention Center, was hosted by Rwanda's Ministry of Health in collaboration with African Union, Africa CDC and Rwanda Biomedical Center. Read More

Tanzania, Netherlands to Boost Potato Production
Mbeya Region Commissioner Mr Juma Homera has said that the government will continue to work with the Dutch government to facilitate the increase in potato production in the country. Read More

Govt Streamlines Carbon Trade
The Minister of State in the President’s Office, Ms Jenista Mhagama, has commended the National Bureau of Statistics for successfully organising and coordinating the 2022 National Population and Housing census. Read More

DART Plans Malls, Kiosks on BRT Terminals
Plans are underway to transform Dares Salaam Bus Rapid Transit (BRT) terminals by introducing trade faculties and recreational areas. Read More

Nuru Yetu Increases Women’s Creativity
Nuru Yetu Foundation has trained over 50 women entrepreneurs aiming to strengthen their businesses and create commercial channels. Read More

Germany, EU Provide Uganda UGX 136 Billion for Solar Mini-Grids
The German Government and the European Union (EU) on 13 December launched the ‘GET ACCESS Mini-grid Solar Program, a 35 million euro initiative to support the electrification of Uganda’s rural areas and contribute to the transition towards renewable energy. Read More

KCB Bank Gets Nod to Acquire DRC Bank
Regional lender, KCB Group has received a no objection to acquire Trust Merchant Bank SA (TMB) in the Democratic Republic of Congo. Read More

Regulator Urges Savers to Exercise Restraint on Midterm Access
The pensions sector regulator URBRA insists that the decision to allow savers to withdraw up to 20 percent of their savings to cater for emergency financial distress was wrong and could have been avoided. Read More

Finance Trust Bank Unveils New Corporate Head Offices
Finance Trust Bank is marking its 38th anniversary, and to crown it, the bank has moved its headquarters from the suburb of Katwe to TWED Plaza, Lumumba Avenue, Nakasero. Read More
Northern Africa
FPCCI Sees USD 1 Billion Bilateral Trade with Algeria

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has established a joint business council with Algerian Chamber of Commerce and Industry, with an aim to take the bilateral trade volume to USD 1 billion, a statement said. Read More

Honeywell Agrees to Pay USD 160 Million Over Bribery Schemes in Brazil, Algeria
Honeywell International Inc. agreed to pay more than USD 160 million to settle US claims the company took part in bribery schemes in Brazil and Algeria. Read More

France Puts an End to Visa Dispute with Algeria
The French authorities announced that the country will put an end to the visa dispute with Algeria, which has been linked to migration. Read More

Finance Ministry Getting Ready to Launch Incentive Program

Egyptian Finance Minister Mohamed Maait said that the Ministry of Finance and the Egyptian Tax Authority are getting ready to launch an incentive program under the rubric “your bill, your protection, your prize”. Read More

Gahez App Becomes First Commission Marketing Platform for Wholesale in Ready-To-Wear Sector
Gahez, the leading Egyptian clothing e-commerce company, officially launched its new platform, “Gahez to Win”, for commission marketing for wholesale in the ready-to-wear and shoes sector. Read More

UAE's Agthia Eyes to Accelerate its Businesses in Egypt, Recent Acquisitions Allocate 28 Percent of Profits
“Around 28 percent of the growth of Agthia’s group during the third quarter (Q3) of 2022 is coming from the recent acquisitions,” Chief Executive Officer of the group, Alan Smith said. Read More

Egypt Concludes USD 14 Billion Concessional Development Financing Agreements in 2022
Concessional development financing agreements that were concluded during 2022 with multilateral and bilateral development partners for the state's development sectors and the private sector amounted to about USD 14 billion, Minister of International Cooperation, Rania Al-Mashat. Read More

Morocco, Tech Company AVL Sign USD 8 Million Investment Protocol
Morocco’s industry and trade ministry signed in Rabat a Memorandum of Understanding with AVL Maroc, part of Austria-headquartered technology and mobility giant. Read More

Morocco, UAE Discuss Industrial Cooperation
Morocco’s Foreign Affairs Minister Nasser Bourita hosted the UAE Minister of Industry Sultan Bin Ahmed Al Jaber to discuss the need for deepening bilateral cooperation. Read More

MoroccoAI to Host Annual Conference ‘Towards A Promising National Al Strategy’
The non-governmental organization MoroccoAI will virtually host its second annual conference on 21-22 December, under the theme “Towards A Promising National Al Strategy,” for Moroccan and International experts in the field of artificial intelligence. Read More

Aviva Steinberger Sheds Light on Morocco-Israel Cooperation
It was in November that a delegation from Morocco’s Mohammed VI Polytechnic University visited Start-Up Nation Central in Tel Aviv to strengthen cooperation between the two countries while advancing their startup ecosystems. Read More
Southern Africa
Budget in MWK 13.8 Billion Deficit in October
Central Government budget recorded a narrower deficit of MWK 13.8 billion (approx. USD 13 million) in October this year, thanks to improved revenue collected and a slowdown in expenditure, a Reserve Bank of Malawi Monthly Economic Report for October has shown. Read More

National Bank of Malawi Pumps MWK 100 Million into ECD Initiative
Malawi Stock Exchange-listed National Bank of Malawi signed an agreement with Yamba Malawi to construct community-based childcare centres in the country’s four regions in a project valued at MWK 100 million (approx. USD 97,000). Read More

Manufacturing Sector Gets Least Credit—RBM
The Reserve Bank of Malawi (RBM) figures show that community, social and personal services sector continues to hold the largest share of outstanding private sector credit, a trend market analysts say points to a neglected production sector. Read More

Kenya Airways Threatens to Suspend Operations
Kenya Airways says continued failure to repatriate foreign currency will compel the airline to suspend its operations in Malawi. Read More

South Africa
Good News for Petrol Prices in January
Weekly data from the Central Energy Fund shows that motorists in South Africa will be entering the new year with a much lower petrol price – and an even bigger cut on the cards for diesel. Read More

Minerals Council to Work with Transnet to Improve Performance
The Minerals Council is collaborating with state-owned rail and ports company Transnet in a bid to improve the performance of the rail network whose failures have led to ZAR 85 Billion (approx. USD 5 billion) in lost revenue for the mining industry over the last two years. Read More

Grand Parade Investments Buyout Offer Fair — KPMG
The mandatory buyout offer for investment company Grand Parade Investments has been deemed fair by the independent expert, which could help new anchor shareholder GMB Liquidity Corporation fortify its already dominant position. Read More

Stor-Age Invests More Than ZAR 170 Million in Solar Energy
South Africa’s only specialist self-storage real estate investment trust Stor-Age has invested more than ZAR 170 million (approx. USD 9.8 million) installing solar panels on its buildings in SA and the UK since 2015. Read More

ERB Approves Increase in ZESCO Connection Fees
The Energy Regulation Board (ERB) has approved ZESCO’s application to increase upwards connection fees, effective 1st January 2023. Read More

Government Launches Interim Guidelines on Carbon Market and Trading
The government, through the Ministry of Green Economy and Environment, has developed Interim Guidelines on Carbon Market and Trading, which will enable the country to manage the approval, implementation, and regulation of carbon projects. Read More

Situation at Kasumbalesa Border to be resolved urgently – ZRA Commissioner
The Zambia Revenue Authority, ZRA Commissioner General Dingani Banda says the current situation at the Kasumbalesa Border Post is not conducive for efficient trade facilitation hence the need to resolve it urgently. Read More
Western Africa
Cote d'Ivoire
Ivory Coast Launches Construction of Metro Project
Ivory Coast on Monday commissioned the construction of two major infrastructure projects in the Ivorian economic capital Abidjan- that of a metro and the extension of the international airport. Read More

Fortuna Commences Installation of the SAG Mill at its Séguéla Gold Project in Côte d'Ivoire
Fortuna Silver Mines is pleased to provide an update on construction activities at its Séguéla gold Project located in Côte d’Ivoire. Read More

Ghana Suspends External Debt Payments Pending Orderly Restructuring of Affected Obligations
The government has announced a suspension of all payments of external debts pending an orderly restructuring of the affected obligations. Read More

Parliament approves 2023 GHS 2 Billion Budget Estimates for Local Government Ministry
Parliament approved the sum of GHS 2 billion (approx. USD 223 million) for the Ministry of Local Government, Decentralisation and Rural Development and its Departments and Agencies for the 2023 Fiscal year. Read More

Petrol Prices Will Reduce Further – Napo   
Prices of petroleum products are expected to reduce further in the coming months to help make life comfortable for Ghanaians, Minister of Energy, Dr. Matthew Opoku Prempeh, has assured. Read More

GRA Recovers USD 93 Million from ‘Tax Evading’ Multinational and Local Companies 
The Ghana Revenue Authority has recovered in excess of USD 93 million and an additional GHS 421 million (approx. USD 47 million) from multinational and local companies operating in the country through its informants’ reward scheme. Read More

Nigeria’s interest in Bitcoin Remains High as Lawmakers Plan to Legalise Crypto Assets 
There are indications that the Nigerian government may be looking to legitimise cryptocurrency transactions in the country soon. Read More

FG Says Starlink to Roll Out Service in Nigeria Before End of 2022
The Federal Government said that Elon Musk’s satellite company, Space X, will be rolling out Starlink Internet Service before the end of this year. Read More

FG Releases Proofs of Twitter Negotiation After Suspension
The Federal Government has refuted the allegation by a former Twitter staff that the micro blogging site did not negotiate with the Government in the wake of its suspension. Read More

Dangote Cement Inaugurates CSR Projects
Dangote Cement, Ibese Plant has launched multi-million naira corporate social responsibility projects for its host communities. 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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