4 October 2022
Eastern Africa
Green Legacy Initiative, GERD Demonstrate Ethiopia’s Commitment to Building Green Economy
The Green legacy initiative and the Grand Ethiopian Renaissance Dam (GERD) have demonstrated the commitment of Ethiopia to build green economy, Deputy Prime Minister & Foreign Minister Demeke Mekonen said. Read More

Peaceful Completion of Festivals Show Ethiopians Resolve To Maintain Peace
The peaceful completion of the public and religious holidays celebrated last week demonstrate the fact that Ethiopians are the guardians of peace to their country. Read More

African Sub-Sovereign Govts urged to Take Ownership of AfCFTA
African sub-sovereign governments called on to play their full role in facilitating the implementation of the African Continental Free Trade Area (AfCFTA). Read More

Court Saves Motorists from Fresh Fuel Tax Increase
A court has spared motorists a fresh round of fuel price hikes, even as the taxman imposed the 6.3 percent inflation adjustment tax on more than 30 excisable products. Read More

Ruto Unlocks GMO Billions as Kenya Okays Biotech Foods
The Cabinet has unlocked billions for firms involved in the genetically modified organisms (GMO) industry after it approved the farming and importation of biotechnology crops in a major policy shift that seeks to make Kenya food-secure and contain runaway prices. Read More

State Announces KES 3,000 Low-Cost Mortgages in Drive
City residents will pay between KES 3,000 to KES 10,000 (approx. USD 25 to 83) monthly to own one of the 15,000 affordable houses under construction, as the government steps up its housing agenda. Read More

Fresh Produce Exporters Lose Customs Levy War
Fresh produce exporters have lost a petition to stop the implementation of a 0.25 percent levy on the customs value of consignments introduced two years ago. Read More

Government: Guidelines on CSR in the pipeline
The government is preparing guidelines that will make all investors to implement community social responsibility (CSR) projects to the full expectation of the government and benefit the communities around the mining areas. Read More

Block Trading Ups DSE Performance
Performance of the equity market improved at the Dar es Salaam Stock Exchange (DSE) last week as block trading deals made a comeback to the banking sector. Read More

TADB revive coffee production in three regions
The Tanzania Agricultural Development Bank (TADB) has spent over TZS 56 billion (approx. USD 24 million) to facilitate purchase of coffee in three regions in the country to guarantee farmers reliable markets. Read More

Tobacco Turns Into ‘Green Gold’
Tobacco growing in Tanzania is set for a major boost during the next farming season with buyers of the cash crop outlining demand for 140 million kilogrammes of the leaves up from just 60 million kgs during the current season. Read More

NSSF, Ideawake to Support Ugandan Innovators and Entrepreneurs
The National Social Security Fund (NSSF) has announced a partnership with Ideawake, a global innovation software company, to expand access to the NSSF Hi-Innovator programme to more entrepreneurs across the country. Read More

East Africa: Uganda in Fresh Bid to Ease the Doing of Business in the Region
Uganda is lobbying for increased efforts to make doing business within the East African Community region easier. Read More

OPEC Tipped to Make Big Cut in Oil Output
Major oil-producing nations led by Saudi Arabia and Russia are expected to make this week their biggest output cut since the start of the Covid pandemic in efforts to buttress prices. Read More
Northern Africa
Algeria's Renewable Energy Potential: Solar Power is the Way to Go

Algeria is full of renewable energy promise.  Host to significant hydrocarbon resources, the country also wants to play a role in the energy transition in Africa, mainly thanks to its photovoltaic potential. Read More

Libyan File on Table Ahead of Algerian-French Summit
Algerian and French foreign ministries talked over the Libyan file ahead of the 8th political consultations session between the two countries scheduled for next week. Read More

Egypt’s PM Issues Decision to Amend Provisions of Executive Regulations of Capital Market Law

Prime Minister Mostafa Madbouly issued a decision to amend the provisions of the executive regulations of Capital Market Law No. 95 of 1992, which included the articles regulating the work of investment funds and the development of new articles to regulate the issuance of sustainable development bonds. Read More

PM Madbouly Asks Kuwaiti Investors to Contact Him Directly on Any Obstacles Hindering their Projects in Egypt
Egyptian Prime Minister Mostafa Madbouly met a Kuwaiti delegation of about 45 businessmen, economists, and representatives of trade institutions and banks, representing the majority of Kuwaiti economic sectors, at the headquarters of the Kuwait Investment Authority in Cairo. Read More

Bostagy Launches First Digital Platform for Logistical Services
Essam Al-Saghir, Founder and CEO of eGate Egypt for logistical services automation, announced on the launch of the services of the Bostagy application in Egypt. Read More

World Bank Offers Egypt USD 400 Million to Decarbonize Logistics, Transportation Sectors
The World Bank’s Board of Executive Directors approved a USD 400 million development financing agreement to enhance the performance of the logistics and transportation sectors in Egypt and to support the shift towards low-carbon transportation along the Alexandria–the 6th of October–Greater Cairo Area railway corridor. Read More

Spanish Lenium to Launch Green Water Capture Project in Morocco
Lenium, a Spanish renewable energy company, is partnering with a consortium of four Moroccan institutes to develop a solution for the production of water by capturing moisture from the air. Read More

Morocco’s Cluster ENR Wins Emirates Energy Award
Morocco’s renewable energy and climate innovation center Cluster ENR has won the first prize of the Emirates Energy Award in the Education and Capacity Building category. Read More

OPEC to Consider Cutting Oil Production to Increase Prices
The Organization of Petroleum Exporting Countries (OPEC) is reportedly set to consider decreasing production to stop oil prices from dropping further. Read More

Morocco Purchases Modern Chinese Military Drones
Morocco has purchased sophisticated military drones from China, as part of its ambition to diversify drone supply sources. Read More
Southern Africa
Economist Cautions RBM on Digital Currency Threat
Economist Betchani Tchereni has asked the Reserve Bank of Malawi (RBM) to look into the possibilities of introducing digital currency, warning that failure to do that could lead to tax revenue losses and render the central bank irrelevant. Read More

RBM Governor Says Kwacha Now Stable
Reserve Bank of Malawi (RBM) Governor Wilson Banda says the 25 percent devaluation of the kwacha effected this year has helped to stabilise the local unit. Read More

TC Extends Tobacco Growers Registration, Licensing Period
Tobacco Commission (TC) has extended the tobacco registration and licence period for the 2022/23 growing season to the end of this month amid a low response from growers. Read More

Reserve Bank of Malawi Says Forex for Fertiliser Available
The Reserve Bank of Malawi (RBM) has downplayed fears over interruption of fertiliser supplies due to forex scarcity, saying foreign exchange will be made available for the cause. Read More

Impact of the VAT Exemption on Sugar, Oils and Soaps– CTA
CTA considers that the current costs of raw materials for the production of Sugar, Cooking Oil and Soaps are not being fully passed on to market prices, although prices to the final consumer are increasing. Read More

Fidelidade Impar Acquires Tranquilidade Moçambique Portfolio of Policies
The insurance company Fidelidade Impar announced the acquisition of a portfolio of policies from Tranquilidade Moçambique, with effect from Saturday, October 1st . Read More

South Africa
South Africa’s USD 8.5 Billion Deal to Move Away from Coal at Risk of Falling Through
A landmark USD 8.5 billion deal to help wean South Africa off its dependence on coal is hanging in the balance amid fraught negotiations with rich donor countries over how the funds should be spent. Read More

Good News for South Africa’s Motor Industry
The National Association of Automobile Manufacturers of South Africa’s (Naamsa) New Vehicle Sales stats for September 2022 show a year-on-year increase of 10.8 percent amid the despondency about load shedding and other weakening economic indicators. Read More

Pick n Pay Soars on Sales Boost as it Looks to Upgraded Supermarkets for Future Growth
Shares in retailer Pick n Pay surged nearly 7 percent in trade after the group said it expects to report strong earnings growth. Read More

Move On State Owned Enterprises Should Embrace OECD Guidelines to The Hilt
Zambia Chambers of Commerce and Industry has called on local investors, independently or as consortiums, with interest in the infrastructure business space to capitalize on the proposed reforms targeted for the State-Owned Enterprises in Zambia. Read More

Recruitment of Agriculture Extension Staff in 2023 Budget Hailed
Zambezi District Agriculture Coordinator, Anos Luvuwa has hailed government pronouncements to recruit more agriculture extension officers in 2023 to improve agriculture productivity. Read More

First Quantum Share Price Jumps to 4.9 Percent in Toronto After Government Makes Further Cuts to Mining Royalties
The shares of First Quantum Minerals, which accounts for more than half of Zambia’s copper production, gained as much as 4.9 percent in Toronto after Finance Minister Situmbeko Musokotwane told parliament in his budget speech that the government will make further cuts to copper mining royalties. Read More

AU Lauds Graft Fight
The African Union (AU) is impressed with Zambia’s fight against corruption which the new dawn administration has been undertaking since assuming office last year. Read More
Western Africa
Cote d'Ivoire
Mangrove Conservation in Côte d'Ivoire
In Côte d'Ivoire, the International Day for the Conservation of the Mangrove Ecosystem was celebrated in Niega in the department of Sassandra by the Food and Agriculture Organization of the United Nations through the Coastal Fisheries Initiative in West Africa. Read More

Our Galamsey Activity is Affecting Côte d’Ivoire – Water Resources Commission
According to a former Executive Secretary at the Water Resources Commission, Ben Yaw Amponsah, citizens of Côte d’Ivoire are facing similar problems. Read More

Cote d'Ivoire Wants to Capture Greater Share of Cocoa Value Chain
The transformation of Cote d’Ivoire’s cocoa industry was the focus of the 8th edition of the National Cocoa and Chocolate Day which took place in Abidjan this weekend under the theme, ‘Local cocoa processing: opportunities for chocolate artisans’. Read More

Hershey Backs National Chocolate & Cocoa Day Celebrations in Ivory Coast
The Hershey Company has backed National Chocolate & Cocoa Day celebrations in Abidjan, marking the contributions of the country’s cocoa farmers to the nation’s economy, reports Neill Barston. Read More

SIGA Directed to Submit Report of Infractions in 2021 Auditor General’s Report
Nana Addo Dankwa Akufo-Addo has directed the Director-General of State Interests and Governance Authority (SIGA) to work with the Auditor-General into the causes of the infractions cited in the latest report, identify persons responsible and make the necessary recommendations as prescribed by law. Read More

Crude Oil Production on a 3-Year Downward Spiral
The country recorded 25.8 million of crude oil in the first half-year of 2022 from its three offshore producing fields – Jubilee, Tweneboa Enyera and Ntomme and Sankofa Gye Nyame, a reduction of about 1.9 million barrels from the previous year’s production. Read More

Tourism Development Fund Aims at GHS 19.6 Million Revenue in 2023
Mr Prince Yaw Essah, Fund Administrator, Tourism Development Fund, says the fund is targeting GHS 19.6 million (approx. USD 2 million) in revenue for 2023. Read More

431 Cybersecurity Incidents Recorded in Third Quarter of 2022 - CSA
Ghana has at the end of third-quarter this year recorded a total 9,769 contacts of which 431 were actual cybersecurity incidents, the acting Director General of the Cyber Security Authority (CSA), Dr. Albert Antwi-Boasiako, has revealed. Read More

Oil Falls to USD 88/Barrel, OPEC Considers 1mbpd Cut
Brent, the global benchmark for crude, appreciated in price. This is as the Organisation of Petroleum Exporting Countries and its allies consider an oil output cut of more than a million barrels per day when they meet on 5 October 2022. Read More

Federal Government to Re-Open 180,000bpd Pipeline Shut in April
The Federal Government is set to re-open the Trans Niger Pipeline that transports about 180,000 barrels of crude oil daily. Read More

ASBON Urges Governments Partnership with SMEs
The National President, Association of Small Business Owners of Nigeria Nigeria (ASBON), Dr Femi Egbesola, has said Micro, Small and Medium Enterprises (MSMEs) are the worst hit by the prevailing economic crisis. Read More

Rotary Club Plans School in Lagos Community
The Rotary Club of Lagos is set to build a world-class model primary school in Ilara Kingdom in Epe Local Government Area of Lagos State. Read More
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