8 September 2022
Eastern Africa
With Active Private Participation, Ethiopia’s Economy Will Grow More: Senior PM Advisor
The Ethiopian economy, which managed to overcome challenges and grow over the course of the concluded Ethiopian fiscal year, will even grow more with the participation of domestic and foreign private sectors, Senior Policy Advisor to the Prime Minister and Ethiopian Investment Holdings CEO said. Read More

Nile Basin Countries Reinstate Equitable, Reasonable Use of Nile Resources
The Nile basin countries have numerous areas of possible cooperation, including the equitable and reasonable utilization of the Nile water resources, the participant of the Nile basin countries’ cooperation conference underscored.  Read More

Ethiopian Coffee Cupping and Promotion Event Held in China
Ethiopian Embassy in Beijing held Ethiopian Coffee Cupping and Promotion Event with a view to creating a better awareness of the unique quality and taste of Ethiopian coffee. Read More

Alibaba Group to Give Training to Entrepreneurs
Alibaba Group signed a memorandum of understanding with the Ministry of Innovation and Technology that enables it to provide training to entrepreneurs in the technology field in Ethiopia.  Read More

Energy Ministry Risks KES 11 Billion Claims Over Illegal Diesel Taxes
The Ministry of Energy risks a KES 11 billion (approx. USD 91.5 million) refund claim from motorists after the taxman continued to collect higher levies on diesel, 11 months after a law raising the fees was quashed. Read More

Cash Handled by Mobile Agents Surpasses KES 700 Billion
Cash handled by mobile money agents crossed the KES 700 billion (approx. USD 5.8 million) mark for the first time in July, reflecting the full interoperability of mobile money merchant payment platforms and increasing reliance by businesses on digital payments. Read More

Three Sectors Account for 54 Percent of Kenyan Banks' Bad Loans
Three sectors — trade, real estate, and manufacturing — account for more than half (54 percent) of the KES 514 billion (approx. USD 4.3 million) bad loans held by Kenyan banks. Read More

Senators Eye Law to Speed Up the Release of County Funds
Newly elected senators plan to make changes in the law to impose sanctions on Treasury officials who fail to remit county resources within the set timelines in a bid to curb the accumulation of pending bills. Read More

Rwanda Needs More RWF 600 Billion to Achieve Universal Access to Electricity
There is still a need for USD 600 million to ensure 100 percent access to electricity for the entire country’s population by 2024, according to Ron Weiss, Chief Executive Officer of Rwanda Energy Group. Read More

Water And Sanitation Corporation Warned On Human Resources, Project Management
The Office of the Auditor General has said the long-standing problems within the Water and Sanitation Corporation will only end if the issue of human resources is managed properly. Read More

New Maize Shock as Tanzania Freezes Exports Permits for Kenyan Traders
Tanzania has frozen the issuance of new maize export permits for Kenyan traders in what could worsen the shortage of the product, which has driven prices of flour to historic highs. Read More

Cards are no Longer Needed to Withdraw Money From Absa
Absa Bank Tanzania customers can now withdraw cash safely at any Absa Automated Teller Machine without the need for a physical card, thanks to a new initiative that was launched in Dar es Salaam. Read More

Tanzania, Mozambique to up cooperation in communications
Tanzania Communications Regulatory Authority has committed to scaling up communication cooperation with its Mozambican counterpart through the Communications Regulators’ Association of Southern Africa. Read More

Vodacom Records TZS 103 Billion Loss in Revenue Due to Levies
Vodacom Tanzania’s revenues were short of the target by TZS 103.8 billion (approx. USD 44.5 million) during the year ending March 2022 due to the impact of mobile money transaction levies, the company has revealed. Read More

Stanbic Reports Improvement in Business Output, New Orders 
Respondents, among them business chief executives and purchasing managers reported a slight improvement in business conditions in August, according to a survey conducted by Stanbic Bank. Read More

Startup Financing to Top Agenda at Innovation Week
Startup financing will top the agenda as entrepreneurs gather to discuss strategies through which they can create strong linkages to finance and develop innovations into viable and market enterprises. Read More

Assess the Impact of Tax Exemptions, Development Partners Tell Government
Uganda’s development partners have asked the government to assess the impact and efficiency of tax exemptions to guide future tax concessions.  Read More

Uganda’s Exports to China Post Record Volumes 
Uganda’s exports to China rose by 73.3 percent, according to a report by the Bank of Uganda.  Read More
Northern Africa
Egypt and Algeria Vow to Strengthen Ties, Step up Coordination
Egyptian President Abdel-Fattah al-Sisi held talks on Tuesday with visiting Algerian Foreign Minister Ramtane Lamamra in Cairo, where they vowed to strengthen bilateral ties and step up coordination on regional issues, the Egyptian presidency said in a statement.  Read More

Algeria to Send ‘Special Envoy’ to Invite Morocco to Arab League Summit
Algeria is set to send “a special envoy” to deliver an invitation to King Mohammed VI for the Arab League Summit that will take place in Algiers in November, an Algerian news outlet has reported.  Read More

Eni Acquires BP’s Business in Algeria, Operating Two Major Gas Fields
Eni announces that it has agreed to acquire BP business in Algeria, including the two gas-producing concessions “In Amenas” and “In Salah” (45.89 percent and 33.15 percent working interest respectively). Read More

EBRD invests USD 10 Billion in Egypt in 10 years
The European Bank for Reconstruction and Development only started working in Egypt 10 years ago, President of the EBRD, Odile Renaud-Basso stated. Read More

US Climate Envoy John Kerry Underlines Blended, Concessional, and Private Finance as Crucial for Climate Action During Egypt-ICF
US Special Envoy on Climate Change John Kerry expressed his pleasure in participating in the Egypt- International Cooperation Forum 2022 in its second edition, which kicked off on Wednesday at the New Administrative Capital. Read More

British International Investment Reveals Intention to Inject USD 100 Million into Egyptian Startups
British International Investment, the UK’s development finance institution, formerly known as, announced its plan to invest USD 100 million in Egyptian startups over its current strategy period and highlighted its ‘Innovation for Impact’ Venture Capital summit. Read More

Egypt Post to Acquire SMART for Smart Cards for EGP 1 Billion
The Egyptian Post Authority intends to acquire SMART for smart card applications as part of supporting the company’s plan for digital transformation during the coming period. Read More

British Chariot to Transport Larache Gas Using Maghreb-Europe Pipeline
The British Africa-focused energy group Chariot has announced signing a “Tie-in” agreement with Morocco’s National Hydrocarbons and Mines Office to secure access to the Maghreb-Europe Gas Pipeline. Read More

Egypt Overtakes Morocco as Africa’s Largest Receiver of Foreign Investments
After holding the continental title for receiving Foreign Direct Investments in 2019 and 2020, Morocco lost its leading position to Egypt in 2021.  Read More

Moroccans Residing Abroad Invested USD 65.6 Million in Morocco in 2021
The Moroccan community abroad invested more than USD 65.6 Million in the Moroccan economy by the end of 2021.  Read More

Israel To Open Trade Mission in Morocco in 2023
Orna Barbivai, Israel’s Minister of Economy, has announced her country’s plans to open a trade mission in Morocco next year.  Read More
Southern Africa
USD 1 Billion Mpatamanga Power Deals Signed
The government has signed a USD 1 billion agreement with partners for the 350 megawatts Mpatamanga Hydropower Plant. Read More

Banks Adjust Reference Rate
Commercial banks have adjusted upward s reference rate—the benchmark for other rates—to 13.9 percent for September 2022, from 13.8 in the preceding month. Read More

Gross Loans Up by 19.5 Percent
The total principal amount of all loan facilities extended by commercial banks in 2021 including interests increased by 19.5 percent to MWK 871.6 billion, figures from the Reserve Bank of Malawi (RBM) show. Read More

Banks’ Lending Rate Revision Stirs Panic
Commercial banks have revised upwards the reference rate for September in a move that has stirred panic among consumers and businesses who fear that this could put pressure on them and drive up default rates. Read More

South Africa
Delayed Payment of Vat Refunds Continues to Frustrate Taxpayers
Taxpayers continue to experience pain, frustration and delays in their efforts to receive legitimate value-added tax (Vat) refunds, mainly because of the time it takes for the verification process to be completed. Read More

Government Documents Outline New Social Grant Plans 
In discussion documents which have not been widely circulated, the Presidency and the National Treasury have suggested options for new grants to replace the Social Relief of Distress (SRD) grant. Read More

SA’s Business Confidence Dips in Third Quarter
South Africa’s business confidence slipped in the third quarter as sentiment among building contractors deteriorated due to shortages of some materials, load-shedding and planning delays, a survey showed on Wednesday. Read More

Rand Weakens as Dollar Gains on Aggressive Fed Rate Hike Bets
The rand weakened in early trade on Wednesday after the dollar jumped on economic data in the United States that reinforced the view that the Federal Reserve will continue with aggressive interest rate hikes. Read More

Fuel Price to go up as Government Reinstates Tax on Petroleum Products
The Petroleum Transporters Association of Zambia (PTAZ) says consumers should expect an increase in fuel prices following government’s decision to reintroduce Value Added Tax (VAT) on fuel. Read More

Businesses Advised to Invest as the Economy Stabilises
Economist Bright Chizonde has advised Zambians in the business world to invest and not save because the recently approved USD 1.3 billion International Monetary Fund (IMF) bailout package will provide space for the country to grow in the next three years. Read More

We’ll Skip Eurobond Payment this Month as we Work on Restructuring it
Ministry of Finance permanent secretary for budget Mukuli Chikuba says government won’t repay the Eurobond which is due this month because it intends to restructure it. Read More

ZACA urges Businesses to Reduce Prices in View of Kwacha Gains
Zambia Consumer Association (ZACA) Executive Secretary Juba Sakala has challenged local distributors and manufacturers to emulate Shoprite by effecting a reduction in prices following the gains recorded in the kwacha. Read More
Western Africa
SNV Ghana launches EUR 25,000 Green Business Innovation Challenge
The Netherlands Development Organisation (SNV) Ghana, has unveiled a EUR 25,000.00 grant per green business challenge project, to support small and medium enterprises in the Ashanti and Western regions this year. Read More

DAMAC Group Eyes Ghana’s Technology, Construction and Mining Industries
A leading real estate company in the United Arab Emirates (UAE), DAMAC Group, has expressed interest in investing in the country’s technology, hospitality, construction and mining industries. Read More

Hospitality Industry Urged to Provide Quality Service
The Minister of Tourism, Arts and Culture, (MOTAC), Dr Ibrahim Mohammed Awal, has underscored the need for industry players in the Tourism sector to provide quality customer service delivery. Read More

ECG Recovers GHS 3 Million Debt from Customers in Sekondi-Takoradi 
The Electricity Company of Ghana (ECG) in the Western Region on Monday recovered GHS 3 million owed by customers in the Sekondi-Takoradi Metropolis, in the Western Region. Read More

FG seeks NNPC’s Support to Establish National Shipping Line
The Minister of Transportation, Mu’azu Sambo, said having 100 percent support of the Nigerian National Petroleum Corporation Limited (NNPC) would secure the establishment of a strong and sustainable national fleet in two months. Read More

Monetising 60 Percent of Flared Gas Pushes Nigeria towards Net-Zero Goals
By monetising over 60 percent of flared gas through its different trains, Nigeria LNG Limited, yesterday, said Nigeria was already on the path to achieving its energy transition goals. Read More

NGX admits LFZ NGN 25 Billion Infrastructure Bond on Platform
The Nigerian Exchange Limited (NGX) has admitted the listing of Lagos Free Zone, (LFZ)’ NGN 25 billion 20-year, 13.25 percent infrastructure bond on its platform. Read More

Banks Attract USD 15.8 Billion Foreign Capital Flow in Five Years
From 2017 till the end of last year, Nigeria’s banking sector received a total of USD 15.83 billion in foreign capital, a telling reflection of the sector’s attraction to the international market. Read More
ALN Weekly Snapshots

Artificial Intelligence in the Health Sector: Some Use Cases in Drug Discovery & Disease Identification
There has been a surge of interest in the use of artificial intelligence (AI) in healthcare in recent years. Artificial intelligence (AI) has the potential to transform the field of medicine. Read More

Demystifying FinTech

The global Nigerian law firm, Aluko & Oyebode, share a new podcast series ‘Chat Legal with A & O‘ where the attorneys across the practice share insights, trends, and outlook on pressing issues and development in key jurisdictions in Nigeria and around the globe. Read More

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