30 September 2022
Eastern Africa
Opening Banking Sector to Foreign Investors Lures FDI
The decision to open up the banking sector to foreign investors will help to attract Foreign Direct Investment (FDI), advance financial inclusion, and create service competitiveness, Finance Minister Ahmed Shide said. Read More

President Receives Credentials, Ambassadors
President Sahle Work Zewde received today credentials of 11 ambassadors and the newly appointed ambassadors have expressed their commitment to strengthen bilateral cooperation with Ethiopia. Read More

Oromo Research Association Established
The establishment of the Oromo Research Association plays an important role in raising a generation that thinks better than us, Oromia Regional Government Chief Administrator Shimelis Abdisa said. Read More

JINSA, Intel Corporation Sign MoU to Work Together
The Information Network Security Administration (INSA) and Intel Corporation have signed a Memorandum of Understanding (MoU) to work together. Read More

Ruto Pledges Wealth Tax on Tycoons to Fix Budget
President William Ruto has revived a proposal to impose higher taxes on Kenya’s super-rich and high-income earners, endorsing the introduction of a wealth tax that failed to sail through Parliament over the past four years. Read More

USAID to Reward Innovators in Fight on Plastic Pollution
The United States Agency for International Development (USAID) has launched a programme to reward entrepreneurs who come up with the most innovative ways of curbing plastic pollution at the Kenyan Coast. Read More

KES 300 Billion Budget Cuts Await Cabinet Sectretaries
Travel, entertainment, training and publicity budgets will be the first targets of the KES 300 billion (approx. USD 2.5 billion) budget cuts announced by President William Ruto in the push to reduce public borrowing to meet the costs of the day-to-day running of the government. Read More

Ruto Allows Investors to Supply Piped Water
Private firms will be allowed to invest in water and sell to the national government in a deal similar to that of electricity producers, as the government moves to attract new capital to bridge the KES 500 billion (approx. USD 4.1 billion) funding deficit to ensure universal access to clean water. Read More

EAC Partner States Urged to Reinforce Ebola Preparedness, Response
The East African Community Secretariat has urged partner states to enhance emergency preparedness and response activities following an outbreak of Ebola in Uganda. Read More

Private Sector Urged to Expand Market Under AfCFTA Trading
Players in the private sector have been encouraged to expand their market across the continent by leveraging the ongoing pilot phase of trading under the African Continental Free Trade Area (AfCFTA). Read More

New Land Law will Reduce Court Cases – Justice Minister
The new land law published on 10 June is expected to curb the number of court cases related to land issues among other many other advantages, according to Emmanuel Ugirashebuja, the Minister of Justice and Attorney General. Read More

Dr Chana Roots for Business Reforms on NCAA
Minister of Natural Resources and Tourism, Dr Pindi Chana on Wednesday challenged the Ngorongoro Conservation Area Authority (NCAA) Board of Directors to introduce reforms that will see the conservation agency bolster its revenue collection. Read More

Tanzania Eyes Technological Advancement in New Vision
The government has started preparations for drafting the new National Development Vision 2025-2050, which prioritises, among others, technological development, particularly in the financial sector. Read More

DC Hypes Diversification to Boost Employments
Temeke District Commissioner (DC) Jokate Mwegelo has asked local investors to diversify their products range for more women and men to employ themselves in the food industry. Read More

Mwanza Company Eyes to Become Leather Hub
Mwanza based Magare Essentials Company Limited eyes to become a hub for leather product that will lead to creation of more jobs and incorporate them with required technology to manufacture high quality products. Read More

Kenya Tourism Stakeholders Eye Partnerships in Business
A team from Kenya that includes tourism trade operators and media are seeking business support and partnership with their counterparts in Uganda. This follows their 10-day visit of various tourism sites in Uganda. Read More

Tech Company, Kyosk Digital is Building the Future of Informal Retailers
Kyosk, a tech-led company that connects informal retailers and other similar outlets directly to fast-moving consumer goods companies is transforming Uganda’s retail system and is expected to positively impact the economy. Read More

Uganda Breweries Hosts Farmers in Forum to Boost Bubu Through Increased Agriculture Output
Uganda Breweries hosted farmers on Wednesday to a forum to discuss the potential to scale up farming to supplement government efforts to see manufactures embrace full local sourcing of raw materials they use in their production processes. Read More

Absa Bank Uganda on Board for 2022 Uganda Golf Open
Absa Bank Uganda has announced a sponsorship of over UGX 200 million (approx. USD 52,000) towards the Uganda Open Golf Championship 2022. Read More
Northern Africa
Russia expects to increase wheat exports to Algeria - AgMin

Russia expects to increase wheat exports to Algeria, the Agriculture Ministry said after a meeting of the Russian-Algerian intergovernmental commission for trade, economic, scientific and technical cooperation chaired by Agriculture Minister Dmitry Patrushev and Algerian Agriculture and Rural Development Minister Mohamed Abdelhafid Henni. Read More

Algeria: Gas Production will Increase by 10bn Cubic Metres Next Year
Algeria's state-owned Sonatrach oil company announced that its gas production is expected to increase by 10 billion cubic metres in 2023. Read More

Algeria to Get Higher Gas Price in New Deals with Italy, Spain
Algeria will benefit from higher natural gas prices as it locks in deals with two European Union nations anxious to secure enough natural gas supplies for the coming winter. Read More

Egypt Plans to Expand Car Tire Industry

The Minister of Public Business Sector, Mahmoud Esmat, revealed the ministry's tendency to expand the manufacture and production of car tires locally, in cooperation with one of the major Italian companies specialized in the field. Read More

Egypt, South Korea Explore Regional Development Cooperation Opportunities
Ambassador of South Korea to Egypt, Hong Jin-wook, paid a visit to Upper Egypt governorates of Minya, Assiut, and Sohag from 25 to 28 September to explore possible cooperation opportunities in the region. Read More

Egypt's Central Bank Issues EGP 26.5 Billion in T-bills
The Central Bank of Egypt, on behalf of the Ministry of Finance, is set to issue EGP 26.5 billion (approx. USD 1.4 million) in treasury bills (T-bills). Read More

Egyptian Organization Purchases Push EGX to Green Zone
The Egyptian Exchange (EGX) ended Thursday’s session in the green zone, adding around EGP 5.6 billion (approx. USD 287 million) to the market capitalization, amid Egyptian organization purchases. Read More

Predatory Practices ‘Could’ be Driving Fuel Prices Up in Morocco
At the height of the COVID-19 crisis, the profit margins of fuel companies reached a four-year high, as they continued to sell fuel at a premium price despite the price drop in oil. Read More

Turkey’s Exports to Morocco Increase Despite Imposed Tariffs
While Morocco imposed tariffs on Turkish imports in response to a “commercial invasion,” Turkish textile and raw materials exports increased by 30.4 percent between January and August 2022 to reach 44,000 tonnes. Read More

Morocco’s Intelcia Expands to Jamaica, Eyes American Market
Morocco’s outsourcing expert, Intelcia, launched its operations in Jamaica earlier this month in an effort to build more partnerships with US-based companies. Read More

Automotive: Japan’s Yazaki Opens 4th Factory in Morocco
Strengthening its industrial presence in Morocco, Japan’s automotive supplier Yazaki on Wednesday inaugurated its fourth factory in the North African country. Read More

African Union Inaugural Workshop for Stakeholders of the Continental Operational Centre in Sudan begins
The African Union Commission Department of Health, Humanitarian Affairs and Social Development Labour, Employment and Migration Division is organizing a 3-day “Inaugural Workshop for Stakeholders of the Continental Operational Centre in Sudan” from 28-30 September 2022 in Victoria Falls, Zimbabwe. Read More

Sudan Profiting from Telecom Companies in S. Sudan: Report
Sudan still collects taxes from two major telecom companies operating in South Sudan, a parliamentary report shows. Read More
Southern Africa
Trade Balance Worsens in Second Quarter
Malawi’s merchandise trade balance worsened in the second quarter of this year to USD 593.5 million from USD 388.2 million recorded in the previous quarter, Reserve Bank of Malawi figures show. Read More

Global Commodity Prices Drop Offers Relief—RBM
The Reserve Bank of Malawi (RBM) says the continued price declines observed in some key commodities such as oil on the global market could offer some relief regarding the trajectory of inflation in the short-term. Read More

Treasury Records MWK 345 Billion Budget Deficit in 4 Months
The Economics Association of Malawi (Ecama) has urged Treasury to control budget deficit as figures show that the fiscal plan has recorded a MWK 345.6 billion defict in the first four months. Read More

Budget Deficit Widens in Second Quarter
Government budgetary operations resulted in a deficit of 2.4 percent of the country’s gross domestic product (GDP) between April and June 2022, figures in the second quarter Financial and Economic Review of the Reserve Bank of Malawi (RBM) show. Read More

South Africa
Health Minister Drops no Butt in Tobacco Bill
Health minister Joe Phaahla has stood firm against industry pressure to take a softer stance on new generation tobacco products and tabled a bill in parliament that not only proposes tough new antismoking rules but grants virtually no concessions to manufacturers of devices such as e-cigarettes and nicotine pouches. Read More

Another ZAR 33 Billion Needed to Complete Medupi and Kusile, Says Ramaphosa
It will cost another ZAR 33 billion (approx. USD 1.8 billion) to fully complete the Medupi and Kusile power stations, President Cyril Ramaphosa said in parliament. Read More

Capitec Slumps Most in Two Years as Dividend Disappoints
Capitec’s share price tumbled the most in more than two years after the market took a dim view of its interim dividend and the CEO flagged concern about global and domestic economic uncertainty. Read More

Bain Considers its Next Move after SA Government Ban
Bain & Company, the global management consultancy implicated in state capture in South Africa, says it is weighing its options on the government’s decision to ban it from tendering for public sector contracts for the next 10 years. Read More

President Hichilema’s Daunting Challenge of Balancing the lopsided Zambia – China Trade Partnership.
There were many policy statements made at the first Zambia, China trade and investment forum this week. Read More

KCM Provisional Liquidator Announces Selection of Financial Advisor to Search for Equity Partner
Konkola Copper Mines (KCM) Provisional Liquidator Ms. Celine Nair has announced the appointment of Rand Merchant Bank as financial advisor to the Company in the Government’s ongoing efforts to bring it back into full operation. Read More

Youths Get 70 Tankers: Nkandu Says Government Plans to Give Each Constituency One Truck
Government has handed over 70 fuel tanker trucks to youth cooperatives with a call on them to be innovative and creative, and initiate viable business ideas. Read More
Western Africa
Cote d'Ivoire
Growth of Digital Finance in Côte d’Ivoire is Not Without Risks
For the first time, thanks to our recent CGAP study, we have an accurate picture of the nature and scale of digital financial services consumer risks in Côte d’Ivoire. Read More

KGL Group Hosts Director-General of Loterie Nationale de Cote d’Ivoire
The Director General of the Cote d’Ivoire Lottery Regulatory Commission, Dramane Coulibaly, has paid an official courtesy call to the KGL Group as part of his familiarization visit to the National Lottery Authority of Ghana.  Read More

Magnum Launches Fashion Brand ‘AWA’ to Support Cocoa Farming Communities in Côte d’Ivoire
Magnum ice cream unveils AWA by Magnum with a campaign by LOLA MullenLowe to celebrate upscaling Magnum's female empowerment programme throughout their cocoa farming communities in Cote d’Ivoire. Read More

Ghana Elected Chair of Commonwealth ITU Group
The Republic of Ghana has been elected Chair of the Commonwealth ITU Group for a four-year term in Bucharest, Romania. Read More

Ghana to Start Using Renewable Energy by 2070 – Dr. Bawumia
The Vice-President, Dr Mahamudu Bawumia, has announced plans by the government to transition from the use of fossil fuel to renewable energy by 2070. Read More

Ghana Looks to Fast-Track its Negotiations with the International Monetary Fund
The country has solicited the IMF’s aid in rescuing its economy from the current crises it has been experiencing. Recently, the IMF team visited Ghana for further discussions on the country's USD 3 billion loan request. Read More

Oil Giant Shell Has Acquired African Solar Provider Daystar Power for an Undisclosed Amount
Daystar Power, a West African provider of hybrid solar power solutions to commercial and industrial businesses, announced its acquisition by Shell. Read More

Power Sector Loses NGN 420 Billion Annual Revenue – Gencos
The monthly shortfall in revenue remittances to the power sector stands at NGN 35 Billion (approx. USD 81 million), the Executive Secretary of the Association of Power Generation Companies, Joy Ogaji, said. Read More

Abuja-Kaduna Train Remains Shut, Says Federal Government
The Federal Government has said that the Abuja-Kaduna rail lines will remain shut until those held captive by bandits are released. Read More

Import Dependence Worsening Food Crisis in Nigeria — IMF
The International Monetary Fund has said that the food crisis currently ravaging Nigeria and other sub-Saharan countries has been exacerbated by over-reliance on imported foods. Read More

65 Percent Inbound Containers Stop in Onitsha, Aba – Federal Government
The Nigerian Ports Authority has cried out over the closure of the two major roads leading to Apapa and Tin-Can ports in Lagos because it is affecting port operations. Read More
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