14 September 2022
Eastern Africa
Inflation Rate Drops for Three Consecutive Months
The Ethiopian inflation rate has continued to decelerate for the third consecutive months as food prices increase at a relatively slow rate in August. Read More

Tele Knits Strategy to Set Pace as Digital Solutions Provider
Ethio Telecom rolls out a new three year development strategy called LEAD, which is said to enable a thriving competitive market as the firm seeks to be a leader in digital solutions. Read More

New Transmission Lines and Distribution Stations to be Constructed in the 2022/2023 Fiscal Year
Ethiopian Electric Power announced that eight transmission lines and distribution station projects including the 230/33 KV substation in Beqoji and the 230/33/15 KV substation in Debretabor were planned to be constructed in the 2022/2023 fiscal year. Read More

Ethiopian Airlines Opens Five-Star In-Terminal Hotel
Ethiopian Airlines Group, the largest aviation group in Africa, has completed the first phase of its In-Terminal Hotel construction. Read More

Ruto to Drop Fuel Cushion in Policy Shift Against Subsidies
President William Ruto indicated he will imminently drop the fuel subsidy, setting up Kenyans for higher transportation and production costs. Read More

William Ruto Backs Push for the Rich to Pay More to NHIF
President William Ruto has backed the push to have the rich pay higher monthly contributions to the National Hospital Insurance Fund (NHIF), months after a similar proposal was shot down by Parliament. Read More

Pay Review for Oil Firms Seen Triggering Price Jump
The Energy and Petroleum Regulatory Authority is reviewing the compensation formula for oil marketers in what could prompt an increase in fuel prices if new costs are included in the pricing regime. Read More

CRB Reforms Lined Up to Ease Credit Cost for Small Businesses
The new administration has announced plans to reform the credit information sharing system in a bid to lower the cost of loans for micro and small businesses. Read More

Turkish Firm to Build Three Luxury Hotels in Rwanda
A Turkish Company, Doğuş Group, is looking into investing in Rwanda’s hospitality sector by setting up at least three luxury resort hotels. Read More

New Programme to Help Ease Customs Procedures in EAC
Business Operators have been encouraged to participate in the Authorized Economic Operator, a World Customs Organization programme that is being implemented in the East African Community (EAC). Read More

Amazon, Inkblot, Netflix Bosses to Speak at Nextv CEO Africa in Rwanda
Inkblot Productions co-founder, Damola Ademola, has been announced as one of the speakers at the fifth edition of Nextv CEO, the yearly conference focused on debating the future of TV on the continent. Read More

Samia - Cut AfCFTA Barriers
President Samia Suluhu Hassan shared her perspective on how African countries could successfully implement the African Continental Free Trade Area (AfCFTA), stressing on removing Non-Tariff Barriers within the continent, among others. Read More

Bunge Committee Satisfied with Taec Office Construction
Parliamentary committee on Social Services and Community Development has expressed satisfaction over the ongoing construction of the Tanzania Atomic Energy Commission (TAEC) headquarters at Kikombo vicinity in Dodoma. Read More

CRDB Holds Highest Market Share in Mortgage Business
CRDB Bank is dominating the house lending market by over one-third, and an immediate rival is significant far behind. The bank is at the driver's seat of 33 lenders dealing in the country's mortgage business, commanding 38.05 percent compared to the second in line Stanbic Bank with 8.11 percent by mid-June. Read More

Teachers Empowered to Apply Digital Technology in Teaching
AT least 20 public school teachers in Kigamboni district, Dar es Salaam region, have been trained on application of digital technology in teaching, a move aimed at expanding sources of learning materials. Read More

Power Generation, Transmission Projects to be Packaged as One
Upcoming electricity generation projects have to be packaged with transmission lines so that both are completed at about the same time. Read More

Tenants Turn into Informants as URA Boosts Whistleblowers’ Incentives
Uganda Revenue Authority (URA) announced that informants who report non-compliant taxpayers leading to the recovery of tax arrears can earn up to UGX 100 million (approx. USD 26,200), according to the Tax Procedures Code (Amendment) Act, 2022. Read More

NSSF Calls for Caution of Mortgage Company
Richard Byarugaba, the managing director of NSSF, has called upon the government to establish a mortgage refinancing company in order to enable a large section of Ugandans acquire houses, which will in turn boost the real estate market. Read More

Drones Being Considered for Surveillance of Power Infrastructure
Stakeholders in the electricity sector are mulling over the use of unmanned aerial vehicles (drones) to deter vandals from stealing electricity infrastructure. Read More
Northern Africa
Egypt’s Real Estate Performs Well in Times of Crisis: Savills

Egypt’s real estate company Archplan Developments announced that it has sold out the “Il Cuore Verde” project in the New Administrative Capital. Read More

Government Offerings Mainstay for Revitalizing EGX During Next Stage: El-Dokany
The government offering program represents a basic pillar for revitalizing the Egyptian Stock Exchange, according to the Head of the Egyptian Exchange (EGX), Rami El-Dokany. Read More

CBE Renews Warning of Dealing with Cryptocurrencies
The Central Bank of Egypt (CBE) renewed its warning of dealing with all types of cryptocurrencies through regional and international platforms. Read More

Egypt's SCZone Approves Establishment of 4 New Logistic Projects
The Board of Directors of the Suez Canal Economic Zone (SCZone) approved the establishment of four new logistic projects, including an integrated logistic project in East Port Said, which was submitted by the Rosa Grains- Roots Commodities consortium. Read More

Morocco’s Clothing Exports to EU Rise by 33.4 Percent in 2022
A new report shows that Moroccan clothing exports to the European Union (EU) climbed by 33.4 percent in the first half of 2022, reaching EUR 1.5 billion (USD 1.6 billion). Read More

Morocco, World Bank Sign EUR 236.7 Million Loan Agreement for North-East Project
Morocco’s Minister of Economy and Finance Nadia Fettah and World Bank Vice President for the MENA region Ferid Belhaj signed on Monday a EUR 236.7 million loan agreement to finance Morocco’s North-East Economic Development Project. Read More

OCP, African Development Bank to Host Africa Fertilizer Financing Forum
Morocco’s phosphate and fertilizer giant OCP Group and the African Development Bank Group will jointly host Africa Fertilizer Financing Forum in Casablanca from 11 to 13 October. Read More

World Bank Invests Record USD 31.7 Billion in Climate Financing
The World Bank Group has announced that it has mobilized a record USD 31.7 billion in the fiscal year 2022 to help countries reduce their greenhouse gas emissions and adapt to the increasing effects of climate change. Read More
Southern Africa
Firm Moves to Attract Power Sector Investors
Power Market says the compilation of the power industry investment opportunities will serve as a window for potential investors which will help the country to increase power generation to meet its growing demand. Read More

Icam Conference to Discuss Digitisation
The Institute of Chartered Accountants in Malawi (Icam) has said digital transformation will be among thematic areas at this year’s annual conference slated for this weekend in Mangochi. Read More

Digital Financial Services Usage Up in First Half —RBM
The Reserve Bank of Malawi (RBM) says the use of digital financial services went up in the first half of this year as reflected through the improvement of transactions in both volume and value compared to the same period last year. Read More

Consumers Lament Devaluation Impact
Consumers Association of Malawi (Cama) says people are facing a challenging economic environment in the aftermath of the 25 percent devaluation of the kwacha effected on 27 May this year. Read More

Government and Private Sector Analyse Tax Measures Within the PAE Framework – CTA
The Minister of Economy and Finance has met representatives of Mozambique’s private sector to analyse tax measures advanced within the scope of the Economic Acceleration Stimulus Package (PAE) announced by the government. Read More

New Board of Directors for France Mozambique Chamber of Commerce and Industry
The Chamber of Commerce and Industry France Mozambique recently elected its new board of directors. Read More

South Africa
Business Groups Unite in Calling for Slower Rollout of Carbon Tax
Business groups have called for an extension to the implementation of the government’s carbon tax regime to take account of the sluggish economy, the enormous costs involved in the transition to net zero, and the need for energy security. Read More

WBHO Grows Order Book by 43 Percent, Despite Australia Exit
JSE-listed construction and engineering group WBHO grew its order book by 43 percent to ZAR 22.2 billion (approx. USD 1.3 billion) at end-June despite its exit from the Australian market. Read More

Cape Town CBD Attracted ZAR 5.7 Billion in Property Investments in 2021
Cape Town, the star performer of SA’s central business districts (CBDs), attracted property investments valued at ZAR 5.7 billion (approx. USD 327 million) in 2021, proving its resilience amid the pandemic and slow economic growth environment. Read More

ARC Investments to Halve its Management Fees to Fix Discount
African Rainbow Capital (ARC) Investments, the empowered investment company founded by Patrice Motsepe, plans to halve its management fees to narrow the discount between its listed valuation and its intrinsic net asset value. Read More

Zambia Bond Restructuring Losses to be More Than Expected, ‘Super Bond’ Possible – Morgan Stanley
Reuters reports that Investor losses after the restructuring of Zambia’s three defaulted Eurobonds are likely to be greater than expected, Morgan Stanley said, adding that a new combined ‘super bond’ maturing in 2029 was a possibility. Read More

Government to Delay the Payment of the First Eurobond Due This Month
The Zambian government is talking to its bondholders about postponing Eurobond payments due to the ongoing debt restructuring. Read More

Govt Owes Seed Companies ZMW 56 Million
Minister of Agriculture Michael Katambo says his ministry is owing seed companies that supplied the input under the farming input support program- FISP for 2016/17 and 2017/18 farming season about ZMW 56.356 million (approx. USD 3.6 million) due to budgetary constraints the ministry faced in programme implementation. Read More

Enabling Business Environment Key to Reclaiming Lower Middle Income Status
Consumer Unity Trust Society says there is need for government to make the environment more enabling for businesses to thrive in order for the country to increase its Gross National Income per capita and reclaim its lower middle-income status. Read More
Western Africa
Cote d'Ivoire
Ivory Coast Sells 2023/24 Cocoa Contracts with Higher Premium
Ivory Coast has starting selling cocoa contracts for the 2023/24 season with a non-negative premium for the first time in three years, industry sources said, as the regulator seeks to support farmers. Read More

ECOWAS Hydrocarbon Experts Finalized Draft Regional Petroleum Code
Experts from Ministries in charge of Hydrocarbon of some ECOWAS Member States met from 31st August to 2nd September 2022 in Abidjan, Cote d'Ivoire for a final review and alignment of the draft ECOWAS Petroleum Code (ECOPEC). This was done ahead of its upcoming submission for validation by sector ministers. Read More

SIM Card Registration: Over 2,000 Persons to File Suit Against NCA, Communications Ministry
Over 2,000 aggrieved Ghanaians have registered their willingness to sue the National Communications Authority (NCA) and the Ministry of Communications. Read More

Cedi to Find Cushion on Expected Dollar Inflows, but Demand Pressures Persist
The cedi is expected to find a cushion on the back of expected foreign exchange inflows from the USD 1.3 billion cocoa syndicated loan. Read More

Tema Mpekadan Railways Project 95 Percent Complete – Amewu
Contractors working on the over 90 kilometers railway project from the Tema Port to Mpekadan near Akosombo in the Eastern region have disclosed that work is 95 percent complete and on schedule to be handed over to government by the end of the year. Read More

Tullow Engages Government on Urgent Gas Sales Contract
Tullow Oil has begun engagement with the Ghana government on an “urgent” gas sales contract. This is because foundation gas volumes which is free gas issued to Ghana from the inception of the Jubilee contract will expire soon. Read More
SDG: USD 3.7 Trillion Needed to Fill Finance Gap’
A shift of only 3.7percent of the USD 100 trillion of assets held globally by institutional investors towards sustainable activities in developing countries would be sufficient to fill the USD 3.7 trillion yearly global Sustainable Development Goal (SDG) financing gap, African Venture Philanthropy Alliance and the United Nations Development Programme have said. Read More

Fed Government to Prioritise Agro-Processing Development
The Federal Government said it would prioritise increasing agricultural processing capacity in the country through the establishment of several cottage industries for the production of staple food products in a competitive and comparative advantage manner. Read More

US Plans USD 12 Billion for Climate Action in Nigeria
The United States Government signed various agreements with the Federal Ministries of Environment, Petroleum Resources, and Agriculture and Rural Development on measures to mitigate the crisis posed by climate change in Nigeria and globally. Read More

‘Aero Contractors to Resume After NCAA’s Audit’  
The Management of Aero Contractors has said it will resume commercial services as soon as the Nigerian Civil Aviation Authority (NCAA) completes its audit. Read More
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