29 June 2022
Eastern Africa
Addis Ababa Chamber Celebrates 75th Anniversary
The Addis Ababa Chamber of Commerce and Sectoral Association, one of the oldest chambers of commerce in Africa, celebrates its 75th anniversary. Read More

Algerian Businesses Invited to Invest in Ethiopia’s Agro-Processing, Pharmaceutical Sectors
Ethiopia’s Ambassador in Algeria, Nebiat Getachew, paid a working visit to Algeria’s port city of Wilaya of Annaba, where he invited Algerian investors to tap Ethiopia’s Agro-Processing and pharmaceutical sectors. Read More

African Union Deploys Election Expert Mission to Kenya
The African Union announced that it deployed an international election expert mission to Kenya to observe the upcoming General Elections scheduled for 9 August 2022. Read More

Ethiopia’s RIDE to Expand its Taxi-Hailing Service to Djibouti
Ethiopia’s taxi-hailing and Booking Service prover, RIDE, is set to enter Djibouti after its parent company, Hybrid Designs, finalized preparation to launch the service in the neighboring nation. Read More

Stock Market Gains KES 16 Billion to Halt Decline
The Nairobi Securities Exchange halted a 10-day slide with a KES 16 billion (approx. USD 135 million) jump in investor wealth, backed mainly by gains on the EABL and Safaricom stocks. Read More

Airlines Raise Fares After Jet Fuel Prices Increase by 48 Percent
Budget carriers have kept their prices up on the back of the high cost of jet fuel which has gone up 48 percent in the last five months, hurting the middle class who normally prefer air transport to the road. Read More

Regulator Probing Kakuzi on Finances and Governance
The Capital Markets Authority has launched investigations into Kakuzi over allegations of shifting profits abroad and corporate governance issues perpetrated by its majority shareholder Camellia. Read More

Weak Shilling Hands Expatriates 9 Percent Pay Rise
Expatriates and multinational firms’ workers who are paid in dollars are the biggest winners from the weakening of the shilling against the US currency, enjoying significant gains when converting their earnings to buy goods and services in the local market. Read More

African Development Fund to Debut on Capital Markets
The African Development Fund is expected to list on capital markets to raise more money for its 16th replenishment. Read More

BioNTech Holds Ceremony for First African Modular mNRA Facility in Rwanda
The event was the groundbreaking ceremony for BioNTech’s first African modular mRNA manufacturing facility in Rwanda, and the location was inside the Kigali Special Economic Zone in Gasabo district in Kigali. Read More

Tanzania Commits to  Sustainable  Ocean Use
Tanzania has reiterated its global commitment to effectively conserve and sustainably use the ocean and its resources for sustainable development. Vice-President Dr Philip Mpango issued the commitment when addressing the ongoing United Nations Ocean Conference held in Lisbon, Portugal. Read More

Dar Sees Investment Boom
President Samia Suluhu Hassan’s recent foreign visits has attracted significant investments in the country, with registered a record USD 9.2 billion investment projects in just three months. Read More

Samia Names New TSN Managing Editor, Six to Chair Boards
President Samia Suluhu Hassan has appointed Ms Tuma Abdallah as a new Managing Editor of government owned Tanzania Standard Newspapers (TSN) and six others to chair boards of various public institutions. Read More

Russia Vows to Boost Trade Relations with Tanzania
The Russian Federation has expressed its commitment and plans to bolster bilateral relations and expand trade with Tanzania for mutual benefits of people of the two countries. Read More

90 Percent of NSSF Contracts Executed by Local Companies – Byarugaba
At least 90 percent of National Social Security Fund (NSSF) contracts are executed by local suppliers, according to managing director Richard Byarugaba. Read More

Old Mining Law Still Valid – Minister Nankabirwa
Ruth Nankabirwa, the minister for Energy and Mineral Development, has said that as parliament waits for President Museveni to assent to the new Mining and Minerals Bill 2021, it won’t stop them from developing the rare earth metal mining project in Busoga region using the old bill.  Read More

Jubilee Allianz Appoints Four Directors
Jubilee Allianz General Insurance has appointed Mr Timothy Masembe as the new chairman. Mr Masembe, whose appointment takes effect on 22 October, is among other key directors appointed to drive the company to meet its growth and business strategies. Read More

BoU to Start Regulating Saccos
Bank of Uganda (BoU) has said it is developing guidelines that will formalise its regulatory mandate among selected Savings and Credit Cooperatives (Saccos). Read More
Northern Africa
Chinese-Built Highway in Algeria Praised for High Quality, Local Contribution
An Algerian official praised a Chinese-built highway project for its high quality and contribution to local social and economic development. Read More

Egypt Achieved Real GDP Growth in Recent Years; More Private Sector Participation Needed: EBRD Report
Although Egypt achieved significant real GDP growth thanks to its economic reform programme, the private sector’s potential to push development needs to be unblocked, according to a recent report released by the European Bank for Reconstruction and Development (EBRD). Read More

Egypt Keen on Developing Cooperation with Omani Businessmen, Companies
President Abdel Fattah El Sisi asserted Egypt's keenness on developing its economic and trade relations with the Omani business community and companies to bolster joint investments and contribute to achieving economic growth for both countries. Read More

TBHF Empowers More Than 500 Women through its Readymade Factory and Vocational Centre in Egypt
The Big Heart Foundation (TBHF), a UAE-based global humanitarian organization dedicated to helping people in need worldwide, has delivered better socio-economic outcomes and improved the quality of life of more than 500 women while also indirectly benefitting more than 2,300 individuals through a women-empowerment project it established in 2019 in rural Upper Egypt. Read More

Egypt’s PaySky Launches Services for UAE Residents
PaySky has partnered with Visa to launch Yalla Card and Super App in the UAE to provide UAE residents with digital solutions for financial and non-financial services. Read More

Morocco to Begin Talks With IMF, World Bank on Regulating Crypto
Morocco is building out a regulatory framework for crypto with the help of established industry players. The central bank announced yesterday that it had begun talks with the International Monetary Fund and the World Bank on specific benchmarks for its new legislation. Read More

Morocco’s First RWM Forum Opens Up New Possibility of Sustainability
Marking Morocco’s first-ever Recycling and Waste Management (RWM) salon, the city of Tangier hosted on 22-24 June Moroccan and international sustainability enthusiasts to reward innovative ideas and discuss emerging trends, challenges, and opportunities in sustainable development. Read More

Morocco Has Third Largest Solar and Wind Capacity in Arab World
With a 1.9 GW of solar and wind capacity, Morocco has the third-largest renewables capacity among Arabic-speaking countries, said the latest Global Energy Monitor report. Read More

Spirit AeroSystems Celebrates Launch of New Manufacturing Program in Morocco
Spirit AeroSystems hosted a celebratory event to officially launch the production of fuselage sections at its North Africa site. Spirit’s Morocco facility recently started producing the aft and forward fuselage sections as well as the keel-beams for the Airbus A220 aircraft. Read More
Southern Africa
Tobacco Firm Pushes for Legislation Review
JTI Leaf says it is pushing for the review of 2019 Tobacco Industry Act to remove sections that block buyers from granting loans to farmers to grow alternative crops. Read More

Mkango Completes Exploration Works
Lancaster Exploration, a subsidiary of Canadi-based Mkango Resources, has indicated that it has completed exploration works and a feasibility study for mining of metals such as neodymium, praseodymium, dysprosium and terbium at Songwe hill in Phalombe District. Read More

Stakeholders Demand Clear Economic Recovery Trail
Economic stakeholders have asked Parliament to deliberate on clear pathways to attain economic recovery during the upcoming meeting slated for next month. Communication from the Clerk of Parliament Fiona Kalemba, we have seen, indicates that the 6th meeting in the 49th session of Parliament will run from 18 July up to 12 August this year. Read More

MALDECO Takes Recovery Mode
Press Corporation plc subsidiary, Foods Company also known as Maldeco Fisheries, plans to invest USD 17 million to revamp its loss-making business. Read More

Dubai Chambers Welcomes Over 1,600 New African Companies Since October 2021
Over 1,600 new African member companies have registered with Dubai Chambers since October 2021, growing 6.5 percent to reach 26,420. Read More

South Africa
How South Africa’s New NHI will be Introduced: Health Minister
South Africa’s new National Health Insurance (NHI) scheme is set to be introduced in several stages and not all at once, says health minister Joe Phaahla. Read More

Implats Wage Deal Puts Mineworkers on the Path to Economic Mobility, says AMCU's Mathunjwa
The recent five-year wage agreement with mineworkers at Impala Platinum operations will set the workers on the path to economic mobility, according to Joseph Mathunjwa, the leader of the Association of Mineworkers and Construction Union (AMCU) which negotiated the deal. Read More

Comair’s Demise a Hard Lesson for Country’s Aviation Industry
Tourism Business Council South Africa CEO Tshifhiwa Tshivhengwa says Comair’s grounding will wipe out 40 percent of domestic air capacity. Tourism minister Lindiwe Sisulu has described the airline’s demise as unfortunate and says Comair’s closure will have a negative impact on tourism in the country. Read More

Scotch no Longer on the Rocks as Experimentation Shakes Up Ancient Industry, Boosts Sales
After years in which tequila, Cognac, gin and other spirits pulled ahead in the quest for new customers, Scotch whisky is enjoying a comeback as producers take their cues from makers of those more fashionable drinks. Read More
Zambia on Course to Attain 70 Percent Covid-19 Vaccination Target – Masebo
Minister of Health, Sylvia Masebo has expressed optimism of Zambia’s quest to reach 70 percent of the Covid-19 vaccination target by July this year. Read More

World Bank Pledges Continued Support to Emerging Farmers
The World Bank Group has pledged continued support to Zambia’s enhanced food security by helping Small and Medium scale farmers improve their farming activities. Read More

Miners Appeal for Lower Taxes for Locals
The Association of Zambian Women in Mining-AZWIM has appealed to government to consider a reduction in tax collections from small-scale miners. Read More

The Government is Not Against Online Car-Hailing Service, Transport Minister Tells Parliament
Government through the Ministry of Transport and Logistics has said that it has no intentions to stifle youth innovations of the growtthe h of small and medium business. Read More
Western Africa
Cote D’Ivoire
Air Côte d’Ivoire’s Abidjan-Johannesburg Service Launches Tomorrow
Besides shaving hours off travel times between Côte d’Ivoire and South Africa, Air Côte d’Ivoire’s new service to OR Tambo fills acritical gap in connectivity between the two destinations. Air Côte d’Ivoire’s long-awaited service between Abidjan and OR Tambo Johannesburg finally launches, filling a void created by SAA’s exit from the route in 2020. Read More

Royal Gold Ghana Refinery to be Commissioned in August
All is set for President Nana Addo Dankwa Akufo-Addo to commission the Royal Gold Ghana Refinery by August, this year. The gold refinery is located at the Diamond House on the premises of the Precious Minerals Marketing Company, which is a joint partnership between the Government and Rosy Royal, an Indian company, to refine gold produced in Ghana. Read More

Zeepay, UNCDF Introduce Microinsurance for MoneyGram Customers
Zeepay, United Nations Capital Development Fund (UNCDF) and MoneyGram to announce a new additional service offered by Zeepay and UNCDF exclusively for MoneyGram’s customers to compliment the life of the remitter and their friends and families back home. Read More

Ecobank, Mastercard Partner to Digitize Agricultural Value Chains in Africa
Mastercard and Ecobank Group have partnered to connect millions of smallholder farmers in Sub-Saharan Africa to Mastercard’s Farm Pass – a digital platform that makes it safer and easier for farmers to sell their produce at a fair price. Read More

Tullow, Petroleum Commission Hold Safety Workshop for 80 Personnel
About 80 contractors in the oil and gas industry have received training to enhance their capacity and commitment in occupational safety to prevent injury, and protect assets as well as the environment. Read More
Ardova, 160 Other Local Oil Firms Secure Licenses to Develop Oilfields, Shell, Chevron Snubbed
The Federal Government has handed 57 oilfields to 161 local oil companies, ending a process that began since 2020. The firms were selected out of 665 entities that indicated interest in the oil project. Read More

EU to Deepen Ties with Nigeria, Others on Energy Transition
The European Union (EU) has stated that it would be prioritising Nigeria, Mozambique, Angola and Senegal in its bid to fast-tracking energy transition into renewables on the continent. Read More

BIC Reiterates Commitment to Nigerian Market
Reiterating its dedication to supporting the country and communities through job creation, education, capacity building and community initiatives; makers of stationeries, lighters and shavers, BIC, has said it is totally committed to the Nigerian market and communities in which it operates. Read More

Cooperatives Generate USD 2.98 Trillion Yearly
Chairperson, Nigeria Economic Society, Ummu Jalingo said cooperatives around the world generate USD 2.98 trillion yearly. Read More
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