22 August 2022
Eastern Africa
UNESCO International Water Chair Stresses Need for Political Will to Mutually Benefit from Nile Basin
A political will is what is needed if the Nile basin countries are to mutually benefit from the river; but that is what has been missing, UNESCO International Water Cooperation Chairperson, Professor Ashok Swain, said. Read More

Ethiopia, Uganda Call for Expedited Ratification of Nile River Cooperative Framework Agreement
Ethiopia and Uganda have called on Nile Basin countries to expedite the ratification of Nile River Basin Cooperative Framework Agreement. Read More

Car Assembly Plant Inaugurated in Dire Dawa Free Trade Zone
The first car assembly plant in Dire Dawa Free Trade Zone was inaugurated on Saturday, according to the Industrial Park Development Corporation. Read More

New Program Launches to Power Agriculture through Solar
A solar appliance manufacturing program has been launched to accelerate an energy source for irrigation based agricultural development and household services. Read More

KRA Seeks to Certify Export Packing Zones
The Kenya Revenue Authority (KRA) will certify business premises to pack and clear cargo for export to ease congestion at government-owned facilities which are currently being exclusively used for this task. Read More

Tea Volumes Offered for Sale Down, Price Up Marginally
The volumes of tea offered for sale at the Mombasa auction declined in the latest sale as the price of the commodity edged marginally. Read More

Taxes Spoil the Party for Miraa Exporters
Miraa traders may appear to be making a fortune based on the overall export earnings since the opening of the Somalia market. However, numerous taxes and commission that they pay have dampened their earnings. Read More

Techie Wins KES 1.6 Billion against State in Cancelled IT Tender
Businessman and co-founder of the IT firm SevenSeas Technology Limited, Michael Macharia, has won a KES 1.6 billion (approx. USD 13 million) award against the government following a cancelled contract to wire 98 State hospitals. Read More

Rwanda Eyes More Chinese Investors in Green Projects: Official
Rwanda is looking forward to attracting more Chinese investments in green projects to support the country's efforts to achieve a green economy, said an official with Rwanda Environment Management Authority. Read More

Tanzania Invites Bids for Uvinza-Gitega SGR Line
The Tanzania-Zambia Railway Authority (TAZARA) said that its passenger train services between Dar es Salaam in Tanzania and New Kapiri Mposhi in Zambia will reopen in September. Read More

Phase II Mbagala-Gerezani BRT Project 66 Percent Complete
Construction work on Phase II of the Dar es Salaam Bus Rapid Transit (BRT II) from Mbagala to Gerezani is now 66.6 percent complete and is expected be fully completed by February 2023. Read More

Apollo Hospitals, Eclipse Group Africa Build Diagnostic,Cancer Center
India’s Apollo Hospitals and Dar es Salaam based Eclipse Group Africa have signed a Memorandum of Understanding to construct a state of-the-art diagnostic and cancer centre in the country. Read More

Exemptions Make Tax Administration Difficult, Says IMF

According to Ms Izabela Karpowicz, the IMF resident country representative, there is no empirical evidence to suggest that tax incentives have a sizable impact on investment in the long term. Read More
Northern Africa
Jordan, Algeria to Boost Commerce
Business representatives from Jordan and Algeria called for efforts to overcome obstacles facing bilateral trade. Read More

Egypt’s Real Estate Projects Need Official Unified Platform to be Exported: Federation of Chambers of Commerce

Daker Abdellah, Member of the Real Estate Investment Division of the Federation of Egyptian Chambers of Commerce and Member of the Construction Committee of the Egyptian Businessmen Association said that there are great opportunities to export Egyptian real estate in light of the USD’s appreciation against the EGP. Read More

Inertia Launches New 353,000sqm Phase in Jefaira North Coast Project
Inertia announced the launch of a new phase named ‘Ayla’ in its Jefaira Project in the North Coast. Read More

Urbnlanes Developments Invests EGP 11 Billion in Egypt’s Real Estate Market
Urbnlanes Developments, a real estate development company under the Kuwaiti Emeel Abdallah Investments, intends to expand in the Egyptian market by directing investments of EGP 11 billion (approx. USD 574 million) into three real estate projects less than six months after entering the Egyptian market. Read More

GV Developments, Amarenco Solarize Sign Agreement to Invest USD 255 Million in Tarboul City’s Infrastructure
GV Developments, the master developer of Tarboul City, announced that it signed an agreement with Amarenco Solarize Egypt, whereby the French giant will invest an initial amount of USD 255 million in infrastructure, clean energy, and green hydrogen in the first phase of the city’s construction. Read More

UN Says Russian Food, Fertilizers Should Reach International Market
The United Nations is currently collaborating with the United States and European Union to ease restrictions on Russian food and fertilizer exports to the international market, according to a statement from UN Secretary-General Antonio Guterres. Read More

Morocco Was 7th Largest Arab Country to Invest in Egypt in 2021
Morocco came in seventh place over the past year among other Arab countries in investing in Egypt. According to data from Egypt’s central bank, Morocco invested USD 17 million in the Egyptian economy at the end of the third quarter of the fiscal year 2021-2022, news reports indicate. Read More

Morocco’s Abdellatif Jouahri Again Among World’s Best Central Bankers
The latest Central Banker Report Cards by the Global Finance Magazine has again listed Abdellatif Jouahri, the governor of Morocco’s central bank, Bank Al-Maghrib,  among the world’s best central bankers.  Read More

Morocco’s Real Estate Market Needs to Reach Underserved Populations
Morocco’s real estate market is stagnating and needs a new line of product offerings aimed at the country’s non-served or underserved populations, the latest figures indicate. Read More
Southern Africa
Traders Want Duty-Free Status Threshold Revised
Cross-border traders have called for a review of some policy measures meant to boost the growth of small scale businesses in the country to reflect the current economic environment. Read More

Rising Prices Push Up Cost of Living
Rising food and non-food prices have pushed up the survival minimum expenditure basket, with the largest change in household expenditure observed in urban areas, a new World Food Programme report shows. Read More

Energy Minister Seals Zambia and Mozambique Power Import Deals
Energy and Power Development Minister, Soda Zhemu has announced Zimbabwe has sealed a new power import deal with Zambia while it has retained others with Mozambique and South Africa. Read More

Mozambique Relaxes Entry Visa Policies to Boost Investment and Tourism
Short-term tourism and business visa’s validity extended to 90 days; five-year temporary residence visa granted for investments over USD 50 million. Read More

Mozambique to Export First LNG Cargo
Mozambique is poised to ship its first cargo of liquefied natural gas overseas, joining the ranks of the world’s exporters as a global energy crunch pushes prices of the fuel to record highs. Read More

South Africa
Emerging Markets Rush to Join BRICS Alliance as High Energy Prices Persist
As emerging markets recover from the Covid-19 pandemic and face financial headwinds due to interest rate hikes in the US, the BRICS group – Brazil, Russia, India, China, and South Africa – is looking to expand its membership to tackle shared challenges. Read More

South African Central Bank Releases Crypto Risk-Assessment Note
The South African Reserve Bank has released guidelines for local banks to do business with cryptocurrencies and cryptocurrency companies. Read More
Government to Setup Ethanol Plants in Provincial Centres
The Government will next year start constructing ethanol plants in provincial centres for blending fuel, as a measure to reduce the cost of petroleum in the country. Read More

Liquid Zambia Expands Operations to Central Province
Liquid Intelligent Technologies, a business of Cassava Technologies in Zambia, is expanding its operations to Central Province by launching its first office in Mkushi. Read More
Western Africa
BoG funded 78 Percent of GHS 28 Billion Government Financing Need; Economic Challenges Largely Fiscal – US Based Economist
About 78 percent of the GHS 28 billion (approx. USD 2.8 billion) financing need by government in the first half of 2022 came from the Bank of Ghana, US based Assistant Professor of Economics at Niagara University, Dr. Dennis Nsafoah has revealed. Read More

Ghana’s Interest Cost to Exceed 45 Percent of Revenue till 2024 – Fitch
Rating agency, Fitch, is projecting an interest cost of more than 45 percent of revenue for Ghana from now till 2024. It says government interest costs reached 47.5 percent of revenue in 2021, considerably above the current ‘B’ median of 10.7 Percent. Read More

Ato Arthur Hails New Manual for Local Governance
The Head of the Local Government Service, Dr Nana Ato Arthur, has hailed the service’s new records management manual saying it will help transform local governance in the country. Read More

Operationalising Ghana Agricultural Commodities Services
Dedicated transport services for the transport of agricultural products from the farmgate to the markets and consuming centres are needed. Read More
Adesina, Makinde, Others for Ogbomoso Economic Summit
A statement from the organisers of the summit Ogbomoso Business Roundtable, said the President Africa Development Bank, Dr. Akinwumi Adesina, and Governor of Oyo State, Seyi Makinde, are some of the dignitaries expected at the summit. Read More

Interswitch Unveils Platform for Developers, Other Incentives
Interswitch, Africa’s leading integrated payments and digital commerce company, has unveiled its easy-to-integrate Application Programmable Interfaces platform for developers creating digital products and solutions for Africans. Read More

Quality, Affordable Real Estate Services Possible, Despite Inflation – Expert
A construction and real estate expert Mrs. Oluwadamilola Ajiboye has said the country’s high inflation rate is no barrier to affordable, quality real estate services. Read More

5G: New Operator to Miss August Rollout Date
Mafab Communications is set to miss the Nigerian Communications Commission 5G rollout commencement date of 24 August 2022. Read More
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