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18 August 2022
Eastern Africa
Ethiopia
Ethiopia, Algeria Agree to Strengthen Cooperation in the Pharmaceuticals Industry
Discussion on strengthening bilateral cooperation in the field of pharmaceuticals was held between Ethiopia and Algeria. The discussion was led by Ambassador Extraordinary and Plenipotentiary of Ethiopia to Algeria Nebiat Getachew and Dr. Abderrahmane Benbahmed, Algeria’s Minister of Pharmaceutical Industry. Read More

Gov’t, Partners Minimize Drought Damage in Ethiopia: Agriculture State Minister
The coordinated actions of the government and partners have minimized the degree of damage from drought in some parts of Ethiopia, Agriculture State Minister Fikru Regassa said. Read More

Fisheries Coordination Platform Workshop Underway in Addis Ababa
A workshop aimed at facilitating the reviewing of performance of the Eco-fish programs and activities at national and IGAD levels as well as assess cooperation among IGAD members, southern Africa and the Indian Ocean is underway in Addis Ababa. Read More

Kenya
Uganda to Buy Electricity from Kenya after Isimba Dam Damage
Uganda plans to buy 60 megawatts from Kenya to plug a power shortfall gap caused by flooding at the 183MW Isimba dam that was temporarily shut down. Read More

Eyeing the Best Avocado Price? Call the Chinese
China is offering the best price for Kenya’s avocado shipped into its giant market surpassing offers from the traditional European market. Read More

Brace for Higher Spending on Education, Says Survey
Kenyan households should prepare to spend almost two times their monthly incomes on school requirements such as uniforms, stationeries and bags, worsening the biting cost of living. Read More

Old Mutual to Cover Critical Illness for Zamara Clients
Old Mutual is set to offer critical illness cover to clients of fund administrator Zamara under a deal that will see beneficiaries receive cash pay-out of up to KES 750,000 (approx. USD 6,200). Read More

Rwanda
Rwandan and Tanzanian Stockmarkets Ranked Among Africa’s Top Six Performers
Rwanda and Tanzanian stockmarkets rank among the six top bourses in sub-Saharan Africa that have weathered economic storms to post positive returns to shareholders. Read More

Enumerators Begin Door-to-Door Exercise as National Census Begins
Different enumerators deployed by the National Institute of Statistics of Rwanda are collecting information from Rwandans across the country as part of the ongoing national population and housing census. Read More

Tanzania
Tanzania Offers Internet on Mount Kilimanjaro
State-run Tanzania Telecommunications installed high-speed internet connectivity on Africa’s highest mountain, Mt Kilimanjaro, through a national broadband project. Read More

Mbarawa Wants Msalato International Airport to be Completed in Time
Works and Transport Minister Prof Makame Mbarawa has directed the contractor constructing Msalato International Airport in Dodoma to make sure they complete the project in time and with high quality standards. Read More

Pesapal Secures BoT Licence to Operate in Tanzania
The central bank has granted Pesapal Tanzania a licence to operate in the local digital financial services space as a payment systems provider, the company said. Read More

Uganda
Central Bank Records Dollar Outflows Worth USD 274 Million
At least USD 52 million was drawn out of Uganda in the second half of the 2021/22 financial years, completing a combined draw out of USD 274 million in the full year ended June  Read More

Inaugural Financial Inclusion forum
BoU Deputy Governor urges financial sector players to leverage digitization to kindle demand for financial services. Read More

NSSF Retains UGX 14 Billion UTL Former Employees’ Contribution
Uganda’s Court of Appeal overturned the High Court decision directing the National Social Security Fund to refund Uganda Telecom UGX 14 Billion (approx. USD 3.6 million) contribution belonging to former employees. Read More

Govt to Start Regulating School Fees
The Minister of State for Education, Joyce Moriku has reassured Members of Parliament that government has developed a statutory instrument to regulate school fees and other school related matters. Read More
Northern Africa
Algeria
Algeria Repositions Itself in the Wake of Europe’s Energy Crisis
A seismic shift in the geopolitics of energy has been triggered by the Russian invasion of Ukraine last February, and Algeria has become a particularly attractive option to several Western European nations seeking alternatives to Russian natural gas. Read More

Egypt
EGX Flags in Green, Market Cap. Gains EGP 9.3 Billion Amid Local, Arab Purchases
The Egyptian Exchange ended Wednesday’s session in the green zone, adding around EGP 9.3 billion (approx. USD 486 million) to the market capitalization, amid local and Arab purchases. Read More

Egypt Keen on Legislative, Executive Authorities' Integration to Realize Sustainable Development: Minister
Minister of Trade and Industry Ahmed Samir asserted the importance of realizing integration between the legislative and the executive authorities to achieve all-out and sustainable economic development. Read More

SCZone, Toyota Tsusho Corporation Sign MoU
Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) Walid Gamal el-Din has signed a memorandum of understanding with Toyota Tsusho Corporation. Read More

EFG Hermes Announces Completion of 2nd Issue of Valeo Securitization Bonds at EGP 532.6 Million
The Egyptian Financial Group Hermes Holding Company (EFG Hermes) announced the completion of the second issuance of securitization bonds for its subsidiary Valeo, at a value of EGP 532.6 million (approx. USD 28 million), as part of a program to issue securitized bonds worth EGP 2 billion (approx. USD 105 million). Read More

Morocco
Predator Oil & Gas Looks to Raise Funds to Scale Operations in Morocco
Predator Oil & Gas, a Jersey-based oil and gas company, announced today increasing its shares by 60 million to raise GBP 3,300,000 (approx. USD 4 million) in investment to scale operations in Morocco. Read More

Radisson Hotel Group Opens Saidia Garden in Northeastern Morocco
The International Radisson Blu Hotel Group is further expanding into Morocco, opening its fifth branch in Saidia, northeastern Morocco, the group announced in a press release. Read More

World Bank: Morocco’s Food Inflation Is Second Lowest in North Africa
Morocco's food consumer price index inflation is the second lowest in North Africa, according to the World Bank's latest report. Read More
Southern Africa
Malawi
Government, IMF Resume Talks in September
Discussions between the International Monetary Fund (IMF) and the government on a fresh Extended Credit Facility programme are expected to resume next month, both parties have confirmed. Read More

National Planning Commission Laments Sluggish Implementation of MW2063 Programmes
Board Chairperson of the state-funded National Planning Commission, Professor Richard Mkandawire has lamented the sluggish implementation of programmes lined up for the attainment of the Malawi 2063 goals. Read More

Maize Demand Drives Up Prices, Say Traders
Maize prices continue to rise on the local market, a development grain market traders and analysts have attributed to the growing demand for the staple grain amid dwindling supply. Read More

Malawi, UK Trade Slows
Trade between Malawi and the United Kingdom has declined over a three-year period as data shows  that exports from UK to Malawi have dropped by 32 percent. Read More

Mozambique
92 Percent of Fisheries Production Comes from Artisanal Fishers
Mozambique’s Minister of the Sea, Inland Waters and Fisheries, Lídia Cardoso, has announced that 92 percent of national fisheries production results from artisanal fishing. The minister then called on industrial operators to regain the space they once occupied in the field of exports. Read More

South Africa
Currencies Deepen Losses after Fed Minutes
South Africa's rand deepened losses hit by falling retail sales, while Latin American currencies fell heavily as the dollar inched up after the U.S. Federal Reserve's last policy meeting minutes showed more interest rate hikes to come. Read More

BankservAfrica Data Points to Weak Economic Start for Third Quarter
The decline of BankservAfrica Economic Transactions Index declined for the second consecutive month in July 2022, signalled the strain in the broader South African economy, according to the payments clearing house. Read More

Samsung Continues Investing in South Africa to Support Economic Transformation
Digital technology and equipment multinational Samsung continues to invest in South Africa, which aligns with its investment goals to remain an active contributor to the future of the South African economy. Read More

Zambia
Zambia Leaves Policy Rate on Hold, Trims 2022 Forecasts
Zambia’s central bank kept its monetary policy rate unchanged at 9.0 percent and lowered its inflation and economic growth forecasts for this year. Read More

Zambia Central Bank Holds Rates with Price Pressures Seen Waning
Zambia’s central bank left its benchmark interest rate unchanged for a third successive meeting as it sees inflation in single digits over the next two years. Read More

LCC Calls on Businesses to Acquire Health Permits
The Lusaka City Council is calling on all business entities in the city to acquire Health Permits for 2023 during this year’s licensing period which is from August to December, 2022. Read More

SADC Honours Founding Fathers
SADC founding fathers have been honoured for the role they played in the formation of the regional bloc that is home to 340 million people, offering vast opportunities in trade and commerce for the advancement of the region. Read More
Western Africa
Cote D’Ivoire
Fortuna Announces Changes in Management Team
Announces the voluntary resignation of Paul Criddle from the position of Chief Operating Officer - West Africa effective September 30, 2022. Paul presented his resignation due to personal reasons and will remain as a senior advisor to the Company until the completion of the construction of the Séguéla Mine in Cote d´Ivoire. Read More

Ghana
Ghana Planning to Exploit Lithium Deposits
Ghana is planning to exploit its lithium deposits with the advent of clean technology, Deputy Minister of Lands and Natural Resources, Mr George Mireku Duker, has said. Read More

BoG Increases Policy Rate to 22 Percent Cost of Borrowing to Shoot Up Significantly
The Bank of Ghana has increased the policy rate by 300 basis points to 22 percent, after an Emergency Monetary Policy Committee meeting. Read More

Dollar Shortage Hits Forex Market, Cedi Depreciation Nears GHS 10 Mark
Dollar shortage has hit the forex market as the rate of depreciation of the Ghana cedi nears GHS 10 to one US dollar. Checks with some banks and forex bureau by Joy Business indicate that whilst some banks are quoting GHS 9.95 to the dollar, others are selling a dollar for GHS 9.90. Read More

Structural Economic Reforms to Deliver Two-Fold Benefit – Economist
Visible commitment to robust structural reforms will have the two-fold effect of bringing about an actual transformation of the local economy and added benefit of providing much-needed sovereign credibility in the long run. Read More

Nigeria
Telecoms Group Opens Shop in Lagos
TTSWG’s main vision is for Nigeria to be an inspiration to other developing countries in adopting sustainability best practices. Read More

Nigeria to Ban Agric Products’ Purchase at Farm Gates
The Federal Government has concluded plans to enforce a ban on foreigners purchasing agricultural commodities at the farm gates. Read More

MTN seeks Collaboration with Fed Govt on 70 Percent Broadband Target
MTN Nigeria has stressed the need for collaboration between it and the Federal Government to achieve the 70 percent broadband internet penetration in urban and rural areas by 2025 in accordance with the National Broadband Plan. Read More

Heifer International Spends USD 1 Billion to Support Agriculture in Africa
An agribusiness giant, Heifer International, has spent USD 1 billion to increase investments in agricultural capacity and resilience across Africa, its Country Manager, Yusuf Idris has said. 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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