Ethiopia
Ethiopia Attracts 3 Billion USD FDI in Fiscal Year
Foreign Direct Investment (FDI) to Ethiopia has shown improvement after a brief decline due to COVID-19 and security concerns, according to Ethiopian Investment Commission. Read More
Impack Corporation Envisaging to Increase Rose Flower Imports from Ethiopia by Five-Fold
Impack Corporation is envisaging to increasing the volume of its rose flower imports from Ethiopia by five-fold, from its current annual imports of two million stems of rose flowers, According to Ethiopian Embassy in Tokyo. Read More
Fuel Prices Soar in Ethiopia as Subsidies Cut
Fuel prices soared in Ethiopia after the government reduced subsidies, adding to economic hardship for people already struggling with high inflation. Read more
Ethiopia, Most African Nations Offtrack of Achieving SDGS
Ethiopia and most African countries are not on track of attaining any of the 17 Sustainable Development Goals (SDGs), says head of Africa Center for Statistics at the United Nations Economic Commission for Africa. Read More
Kenya
Minimum VAT Set at 12 Percent and Tax Review Done Every Five Years
The Treasury is seeking to set the minimum value-added tax (VAT) rate at 12 percent, setting the stage for an increase in taxes on goods such as fuel and cooking gas if the proposal is adopted. Read More
Kenya Freezes KES 6.2 Billion linked to Nigerian Start-Up Flutterwave
High Court has frozen more than KES 6.2 billion (approx. USD 52.5 million) spread in 62 bank accounts belonging to Nigerian start-up Flutterwave and four Kenyans on fears they are proceeds of card fraud and money laundering. Read More
M-Pesa Launches Interest-Free Loans for Buying Goods
Safaricom has unveiled a zero-interest credit service that will allow millions of its customers to shop for goods up to KES 100,000 (approx. USD 850) and pay later in a move that is set to disrupt the mobile loans market. Read More
Kenya Power says Its Home Internet Here Within a Year
Kenya Power will start offering fixed internet services by June next year in a shift that will put it in competition with telcos and trigger fresh price wars in the battle for the market. Read More
Rwanda
Experts Meet in Rwanda to Discuss Effects of Governance on Peace, Security in Africa
Scholars, policy makers, political analysts, and other highly considered professionals from all walk of life are meeting in Rwanda to discuss ways to foster good governance for peace and Security in Africa. Read More
Congo And Rwanda Agree at Angola Summit to De-Escalate Tensions
Democratic Republic of Congo’s President Felix Tshisekedi and his Rwandan counterpart Paul Kagame have agreed at a summit in Angola to de-escalate tensions from a rebel insurgency, the Congolese presidency said. Read More
Govt, Stakeholders Discuss Investment in Logistics
Experts are optimistic about economic gains Rwanda could get by establishing itself as a regional logistics hub, to improve the supply chain and facilitate trade among African countries. Read More
Latest Trends of Bitcoin Trading in Rwanda
The Rwandan government is encouraging the use of Bitcoin and other cryptocurrencies in the country. This is because they believe that these digital assets can help to boost the economy. Read More
Tanzania
DCB Eyes TZS 11 Billion Profit Yearly with Growth Plan
Godfrey Ndalahwa, the managing director, unveiled this objective in Dar es Salaam at a ceremony to mark 20 years of the bank’s operations. Read More
Zanzibar Scales Up TZS 3.56 Billion Levies by Monitoring Non-Renewables
Levies totaling TZS 3.56 billion (approx. USD 1.5 million) were collected in three months from the sale of non-renewable resources including sand, rubble, rocks, gravel and dust in Zanzibar recently. Read More
Wildlife attacks: Samia approves TZS 1.2 Billion to Build 19 Warden Posts
President Samia Suluhu Hassan has approved the release of TZS 1.2 billion (approx. USD 515,000) to build 19 special wildlife warden outposts near game protected areas and national parks to control incursions of wildlife on farms and homesteads across the country. Read More
Kiswahili Language Day: Plans afoot to start Swahili lessons in Qatar
Ambassador of the United Republic of Tanzania, H E Dr. Mahadhi Juma Maalim, has revealed plans to teach Kiswahili (Swahili) to non-speakers in Qatar as the United Nations Educational, Scientific and Cultural Organization and Swahili-speaking countries mark the first World Kiswahili Language Day. Read More
Uganda
Uganda has Attained Middle Income Status, Ubos Insists
Uganda Bureau of Statistics (Ubos) has insisted that Uganda has attained middle income status. While addressing a media briefing, Dr Chris N. Mukiza, the Ubos executive director, said government data for the 2021/22 financial year indicates that gross domestic product per capita is estimated at USD 1,046, which is within the middle income threshold. Read More
Prices of Used Motor Vehicles Increase
A drop in supply from source countries such as Japan, logistical challenges, taxes and volatility in fuel prices have pushed up the cost of used cars by more than 15 percent, according to dealers. Read More
MTN Uganda Crowned Most Admired African Brand in Uganda
MTN once again got crowned as Uganda’s most admired African brand in Uganda by Brand Africa 100 | Africa’s Best Brands rankings, based on a survey carried out across 29 countries that represent as much as 85 percent of the continent’s GDP and population by GeoPoll, the world’s leading mobile surveying platform, with strategic analysis, insights and ranking conducted by Kantar, the world’s leading data, insights and consulting company. Read More
Uganda Airlines Gets New Boss
Ms Jenifer Bamuturaki has been appointed as the new substantive Chief Executive Officer of Uganda Airlines. Minister of Works and transport, Gen Edward Katumba Wamala in a 5 July 2022 letter said the appointment of Bamuturaki who has been acting in the same position is in line with a presidential directive in a letter dated 24 April 2022. Read More
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Egypt
Egypt's Trade Deficit Declines 53 Percent to USD 1.7 Billion in June
Egypt’s trade deficit declined 53 percent April 2022, recording USD 1.70 billion, compared to USD 3.62 billion in the same month of 2021, according to the state's statistics agency. Read More
Egypt Offers 4.4K industrial Units for Sale Nationwide
Chairman of the General Authority for Industrial Development Mohamed al-Zalat displayed Tuesday in a meeting with Prime Minister Mostafa Madbouli more details on the establishment of 13 industrial complexes nationwide. Read More
Among the most powerful CEOs of 2022 Forbes highlights the CEO of Talaat Moustafa Group
Forbes Middle East has announced its annual list of the 100 Most Powerful CEOs in the Middle East for 2022. The American magazine confirmed the status of businessman Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Holding Group, who ranked 61st, up 6 places from last year's ranking. Read More
Egypt, UAE to Establish Wind Farm with Capacity of 10 GW
Minister of Electricity and Renewable Energy Mohamed Shaker stated Tuesday that the draft agreement between Egypt and the United Arab Emirates to establish a wind farm with a capacity of 10 gigawatts has been finished, and that it would be signed later in July after Eid Al Adha. Read More
Morocco
Morocco Reopens Power Plants
Morocco announced the reactivation of two large power plants thanks to liquefied natural gas transported from Spain via the Maghreb Europe Pipeline, after Algiers' decision to stop supplying the kingdom with gas. Read More
Zineb Sqalli Appointed Managing Director & Partner of Boston Consulting Group
The Boston Consulting Group (BCG), an American global management consulting firm, announced the appointment of Zineb Sqalli this, July 6, as Managing Director & Partner in the office of BCG in Casablanca. Read More
Morocco’s Diaspora Remittances Exceed USD 3.7 Billion in May 2022
Remittances from Moroccans living abroad totaled more than MAD 38.31 billion (USD 3.7 billion) by the end of May 2022, up from MAD 36.47 billion (USD 3.5 billion) the previous year, the Moroccan Foreign Exchange Office reported. Read More
Lack of Irrigation Water Threatens Morocco’s 2022 Agriculture Campaign
The scarcity of water for irrigation purposes is the primary challenge facing the current agriculture campaign, Morocco’s Agriculture Minister Mohammed Sadiki said. Read More
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Malawi
Firms Free Electricity for Domestic Customers
Electricity Supply Corporation of Malawi (Escom) has partnered the private sector, which has freed 23 megawatts of electricity to ease supply challenges to domestic customers during peak periods. Read More
Mixed Fortunes for Listed Firms
Except for telecommunication counters, Malawi Stock Exchange listed firms are poised for a good start in the first half (H1) of the year, published trading statements show. Read More
Airtel Puts Up MWK 10 Million Pump at Chiradzulu District hospital
Chiradzulu District Hospital will now save around MWK 4 million (approx. USD 4,000) in water bills every month, after Airtel Malawi donated a MWK 10 million (approx. USD 10,000) solar-powered water pump to the facility. Read More
Tobacco Earnings Hit USD 141.5 Million
Figures from tobacco market operator, AHL Group, indicate that earnings from the crop remained subdued due to low supply, seen at USD 141.5 million after 14 weeks of sales. The amount was realised after selling 67,662,289 kilogrammes of all types of tobacco at an average price of USD 2.09 per kg. Read More
Mozambique
South32 Aiming to Double Green Aluminium Production by Late 2023
Australian metals miner South32 is well on its way to becoming a global, diversified metals firm thanks to the significant changes the firm has undergone in the past year, noted the company’s chief development officer Simon Collins in a virtual conference held last week. Read More
TotalEnergies Pulls out of Russian Oil Project
French oil and gas firm TotalEnergies said it had pulled out of a Russian oil project. Russian oil firm Zarubezhneft will take over its remaining 20 percent stake in the Kharyaga project in the Arctic pending approval by Russian authorities. Read More
Madal Invests in Reviving Coconut Groves in Zambézia
Over 31,000 hectares (76,602 acres) of coconut plantations in five districts of Zambézia province are being renovated by the Madal Group. Read More
South Africa
Three Big Changes Coming to Spar Stores in South Africa
Retail group Spar has announced several changes planned for its stores in the coming months, including more food options and environmentally-friendly packaging. Read More
Germany-Focused DKR Picks Up Six More Retail Properties for EUR 9.2 Million
JSE-listed Germany-focused property group Deutsche Konsum Reit-AG (DKR) has picked up an additional six, mainly food-anchored, retail properties for EUR 9.2m (approx. USD 9.4 million), with its acquisition pipeline full and another EUR 100 million (approx. USD 102 million) in assets under review. Read More
South Africa Electricity Crisis: No Power for Up to Six Hours
South Africa is gripped by a winter of discontent as the country faces its biggest ever power crisis. People are experiencing rolling blackouts of up to six hours a day and are having to face a bitterly cold winter with an erratic and unreliable power supply. Read More
Zambia
Hasten Implementation of the JPC between Malawi and Zambia – Mulyata
The government has called for the revival of the Joint Permanent Commission (JPC) between Malawi and Zambia for the quick implementation of bilateral agreements between the two neighbouring countries. Read More
Amidst Global Asset Rout, Zambia and Nigerian Fixed Income Securities Outperform Developed Markets
Metamorphosis of the global risk landscape has bred chaos that has sent financial and commodity markets into a worst rout ever in a century. However, amidst this asset sell off quagmire, Zambian Kwacha bonds and equities join the ranks of Nigerian Naira paper in demonstrating resilience and a safer haven asset option against all odds. Read More
Zambeef Takes a Leap of ‘Faith’ as it Eyes Regional Expanse, with Mukutu as CEO
The largest cold chain and agribusiness in Africa’s second largest copper hotspot Zambia, Zambeef has named Faith Mukutu as the first female and second indigenous resource after Carl Irwin, as Chief Executive Officer. Read More
Financing Institutions are Withholding this Country’s Developmental Activities – Mbambiko
The Kitwe Chamber of Commerce Trade and Industry charges that calls for value addition to local products will remain unattainable as long as lending institutions refuse to adjust their financing conditions. Read More
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Cote D'Ivoire
IFC invests USD 1.25 Billion in Senegal, Côte d’Ivoire
The International Finance Corporation (IFC) has invested USD 1.25 billion in the African technology ecosystem in the past six years. Read More
Binance CEO Discusses Crypto, Web3 with Côte d’Ivoire President
Binance CEO Changpeng Zhao met Alassane Ouattara, the president of Ivory Coast, to discuss economic and financial issues related to access to cryptocurrency. Read More
Ghana
Govt’s Commitment to Food Sufficiency is Still on Course – Minister
Dr Owusu Afriyie Akoto, the Minister for Food and Agriculture has stated that food security in the country is rock solid and the government’s commitment toward guaranteeing food sufficiency is still on course. Read More
NPP MP Ask Government to Negotiate Well with the IMF
The Member of Parliament for Akim Swedru, Kennedy Nyarko Osei, has said the government must negotiate with the International Monetary Fund (IMF) in such a way that the conditions that will be given are not extreme. Read More
Ghana Earns USD 3.30 Billion Revenue in NTEs in 2021
Ghana recorded a 17 percent increase in Non-Traditional Exports (NTEs) earnings translating into about USD 3.30 billion of revenue in 2021, the Deputy Minister of Trade and Industry, Mr Seth Krapah, has announced. Read More
Ogilvy Africa launches ‘FEED 2.0’to unlock performance marketing, social commerce
Ogilvy Africa has unveiled ‘FEED 2.0’ for brands and businesses in Africa representing the latest in its stable of innovative digital products designed to provide data insights and tailored solutions to solve real challenges for businesses and consumers. Read More
Nigeria
GSMA Reveals 5G Spectrum Needs for 2030 Across Bands
The Global System for Mobile Telecommunications Association (GSMA) has released a new analysis of the spectrum needs of 5G networks across low, mid and high bands. Read More
NASME Leverages Confab to Address SMEs’ Sustainability Concerns
The Nigerian Association of Small and Medium Enterprise (NASME) has stated that Small and Medium Enterprises (SMEs) lack the capacity, orientation and technical know-how to run sustainable businesses. Read More
FCCPC to Punish Operators for Non-Compliance with NERC Regulations
The Federal Competition and Consumer Protection Commission [FCCPC] has restated its commitment to punish offenders, especially operators that fail to comply with extant rules and regulations in the electricity industry without further delay. Read More
Unity Bank Extends NGN 10 Million Business Grant to Corps Members
Unity Bank flagship Entrepreneurial Development Initiative, Corpreneurship Challenge, is set to return for the eighth edition across 10 locations in Nigeria, including a debut in Delta and Rivers states. Read More
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Kenya
Combating Cybercrime on Critical Infrastructure in East Africa
The global cost of cybercrime is expected to reach an estimated USD 6 trillion by the end of 2022 and USD 10.5 trillion by 2025. These estimates represent a staggering leap in the frequency and scope of cybercrime which reached a record high of approximately USD 1 trillion in 2020, according to The Hidden Costs of Cybercrime report by McAfee. Read More |
The Impact of ESG Conditions on Financial Institutions and Their Lending Decisions
ESG (Environmental, Social and Governance), a concept formerly considered to be a first-world phenomenon, is unquestionably a global one. It refers to a broad range of environmental, social and governance factors that businesses are progressively inculcating into their way of doing business. Read More
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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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SOURCES
Financial Times
Business Daily Africa
Daily Nation, Kenya
Reuters
New York Times
Daily News, Tanzania
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CNBC, South Africa
Independent Uganda
Xhinuanet
Daily News, Egypt
Sudan Commerce News
Sudan News Agency
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