1 February 2023
Eastern Africa
Premier Stresses Need for More Small Dams to Intensify Irrigation Development, Electricity
Prime Minister Abiy Ahmed underscored the need for intensifying irrigation development and expanding the option of electricity through small dams. Read More

Art and Culture - the 83rd Agew Equestrian Festival Underway in Injibara, Amhara Region
The colorful celebration marking the 83rd anniversary of the foundation of Agew Equestrian Association is underway in Awi Zone, Injibara city, Awi Zone of the Amhara regional state. Read More

Drivers to Pay Daily Congestion Charge in War Against Pollution
Motorists will pay a traffic congestion charge and companies hit with a new tax for every tonne of carbon emitted from their plants if a government proposal to protect the environment is adopted. Read More

Home Prices See Biggest Fall in 4 Years as Mortgage Rates Rise
House prices dropped by the biggest margin in the quarter to December in over four years amid an oversupply of homes and costly bank loans. Read More

How Delay in Oil Import Deal will Cost Consumers in March
A plan to drop the current fuel import plan through an open tender in favour of a government-to-government deal has exposed consumers to expensive fuel in the coming months after it failed to materialise on time. Read More

Higher Sales Drive Isuzu Market Share Up to 45 Percent 
Isuzu East Africa raised its market share to a new record of 44.7 percent in the year ended December 2022 after growing sales amid an overall slump in the new vehicle industry. Read More

Government Allocates Land to Ibere Rya Bigogwe Tourism Company
The cabinet held on 30 January and chaired by President Paul Kagame allocated the state land in its private domain for investment to “Ibere rya Bigogwe Tourism” owned by Ngabo Karegeya. Read More

Cabinet Set Dates for Umushyikirano
Cabinet has set 27 and 28 February as the dates for the eighteenth National Dialogue Council commonly known as Umushyikirano. Read More

Tanzania Among Top Economies in 2023
Tanzania is among a few African countries whose economies are forecasted to excel this year. The five top performing economies in the continent are expected to grow by over 5.5 percent during 2023/24. Read More

Tanzania Banks Rake in TZS 1.16 Trillion Net Profit in Record Display
Commercial banks’ net profits rose by about TZS 400 billion (approx. USD 171 million) last year to surpass the TZS 1 trillion-mark for the first time in Tanzania’s banking history, thanks to the government’s pro-business policies. Read More

Mwinyi Sees Potential in Horticulture Industry
Zanzibar President Hussein Mwinyi directed the agricultural ministry to collaborate with all stakeholders to boost production of horticultural produce in the country for domestic and export markets. Read More

Mo Dewji Cements Position as East Africa's Top Billionaire
Tanzanian businessman Mohamed Dewji has climbed two places in the latest Forbes billionaire list and has emerged as the only dollar billionaire in East Africa. Read More

Stanchart launches Offshore Mutual Funds
Standard Chartered Bank Uganda has launched an offshore Mutual Funds product for their clients during a press conference held at Kampala Serena Hotel and presided over by the Bank’s CEO, Sanjay Rughani and Keith Kalyegira, the CEO, Capital Markets Authority among other executives. Read More

Uganda Baati unveils 11th showroom in Soroti
Uganda Baati, a member of the Safal Group and Uganda’s leading manufacturer and supplier of quality steel building solutions, has opened its 11th showroom in Soroti. Read More

BAT Certified for 3rd Time as Top Employer 
The Top Employers Institute has named BAT Uganda as a Top Employer in Uganda and Africa for the third time in a row. Read More
Northern Africa
Algerian Gas Flows to Europe Shrink, but Italy Gains as Trade Ties Strengthen

Algerian gas flows to Europe fell by around 6 Bcm in 2022, totaling 44 Bcm last year, according to data from S&P Global Commodity Insights, as lower LNG exports to the Continent and reduced transit to Spain were only partially offset by burgeoning energy ties with Italy. Read More

Ministry of Economy Follows Up Arrangements for Second Session of Made in Algeria Exhibition.
Ministry of Economy and Trade of the Government of National Unity is following up the arrangements for launching the activities of the second session of the “Made in Algeria” exhibition in support of trade and economic exchange between the two countries. Read More

2022 Seen as a Bumper Year for Global Oil & Gas Exploration
Despite the global energy crisis, new global oil and gas discoveries in 2022 have driven exploration to the highest value creation in over a decade, reaching a whopping USD 33 billion at base price. Read More

Egypt's Economic Performance Shows Positive Indicators, as Growth Rate Continues to Rise

As Egypt works hard to mitigate the impact of the global economic crisis as a result of the Ukrainian war, there are positive indicators of the performance of the Egyptian economy. Read More

Egypt's Imports from US Witnesses Remarkable Increase in 2022
Egyptian imports from the United States of America witnessed a remarkable increase during the first 10 months of last year 2022, according to data from the Central Agency for Public Mobilization and Statistics. Read More

EBRD, British International Investment Provide USD 100 Million Subordinated Loan to Banque du Caire
The European Bank for Reconstruction and Development (EBRD) and British International Investment are providing a USD 100 million subordinated loan to Banque du Caire, one of Egypt’s largest banks, strengthening Banque du Caire’s Tier II capital. Read More

Sovereign Fund of Egypt to Acquire 20 Percent of B Healthcare
The Sovereign Fund of Egypt will acquire about 20 percent of B Healthcare Investments, owned by B Investments, after pumping EGP 100 million (approx. USD 3.3 million), according to the agreement signed between the two sides last week. Read More

Morocco Extends Suspension on Red Meat Import Duties
Morocco’s government will continue to maintain red meat imports duties free in an effort to keep the national market well-supplied. Read More

Cyberthreat Calls for ‘Concrete’ Transnational Cooperation
In a world that is on the brink of facing what experts call a “cyber pandemic,” transnational cooperation has never been more critical, according to Director General of Morocco’s cybersecurity unit DGSSI, Brigadier General El Mostafa Rabii. Read More

Air Arabia to Launch Air Route Between Fez, Germany’s Weeze
Low-cost airline Air Arabia will launch a new air route linking Fez to Weeze Airport in Germany’s lower Rhine region. Read More
Southern Africa
IMF Tips on Managing Cost of Living Crisis
The International Monetary Fund (IMF) has urged fiscal authorities to target their support to vulnerable groups most affected by rising food and energy prices. Read More

Macra Rolls Out MWK 362 Million Fund for ICT Research, Innovations
Malawi Communications Regulatory Authority (Macra) has introduced a special fund for information and communications technology (ICT) research and innovation called Muuni Fund  to nurture and incubate local innovations. Read More

Ministry Talking to Sugar Manufacturer on Pricing
Minister of Trade and Industry Mark Katsonga Phiri has decried the rising prices of sugar by Illovo Sugar, which the Competition and Fair Trading Commission claimed rose by 76 percent last year. Read More

UN Sees Mounting Pressure on FDI
The United Nations Conference on Trade and Development says the 2023 outlook for global foreign direct investment (FDI) in Malawi appears weak, with a significant number of economies around the world expected to enter into a recession. Read More

South Africa
South Africa Bonds are Offering Enticing Returns for 2023
The European Central Bank (ECB) has signalled that its rate hike cycle is far from over, after a small rate hike last week. Read More

Here is the Official Petrol Price for February
The Department of Mineral Resources and Energy has published the official fuel price adjustments for February 2023. Read More

Joburg’s Rising Property Prices Signal Hike in Rates and Taxes
The property base of the City of Johannesburg has increased 12 percent to ZAR 1.59 trillion (approx. USD 91 billion) in the past five years, paving the way for possible rate and tax increases for the metro’s 6-million residents. Read More

New Laws Threaten to Shut Down One of the Oldest Businesses in South Africa
The owner of a 230-year-old tobacco shop in South Africa says that new smoking laws making their way through parliament will threaten operations and force many shops just like it to go out of business. Read More

ERB Hikes Fuel, as Govt Assures of Adequate Stock
The Energy Regulation Board has adjusted upward the price of petrol by MWK 2. 73 per litre, while diesel has been hiked by MWK 2. 81 per litre and Kerosene by MWK2. 32. Read More

Government Officially Terminates James Ndambo’s AU Walvis Bay Concession Deal
The government has officially terminated the concession contract between James Ndambo’s African Union Holdings and Zambia’s government for the management of the Dry Port facility at Walvis Bay in Namibia. Read More

IMF Managing Director Says IMF Bailout Package for Zambia will Not Come with Harsh Conditions
International Monetary Fund (IMF) Managing Director Kristalina Georgieva has dispelled fears among Zambians that the institution’s bailout package for the country will come with harsh conditions that will negatively affect the citizens. Read More

Zeepay Granted Approval to Operate in Zambia
Zeepay, a remittance fintech based in Ghana, has been granted approval by the Bank of Zambia to operate in the country. Read More
Western Africa
Cote d'Ivoire
More Than Half of Cocoa from the World’s Largest Producer Cannot Be Traced to Its Origin
Published in IOP Publishing’s journal Environmental Research Letters, a new study investigates the transparency and traceability of cocoa supply chains in Côte d’Ivoire, the world’s largest cocoa producer. Read More

Government Appeals to Airlines to Reduce Fares
The government has prevailed on commercial airlines operating in the country’s air space to reduce their fares to reflect positive trends in the aviation industry, especially with domestic air travel hitting its highest patronage. Read More

Payment of 30 Percent ECG Tariff Hike Takes Effect Today
Ghanaians will from start paying for more electricity bills in accordance with the 16 January announcement by the Public Utilities Regulatory Authority. Read More

2 Institutions Sign MoU to Empower Youth in Agriculture
The University of Energy and Natural Resources has signed a memorandum of understanding (MOU) with Kosmos Innovation Centre to implement the KIC AgriTech Challenge Programme at the regional level by training students in enterprises under the KIC mentorship programme. Read More

Harsh Economic Environment Impacts Banks Profitability
The difficult economic environment has negatively impacted the profitability in the banking sector which recorded a decline last year. Read More

House of Representatives Approves Buhari’s NGN 1 Trillion Loan Request
The House of Representatives approved President Muhammadu Buhari’s additional NGN 1 trillion (approx. USD 2.1 billion) loan request from the Central Bank of Nigeria. Read More

Nigeria’s Automotive Industry Records USD 1 Billion Investment in 2022
The Nigerian Government revealed that Nigeria’s vehicle production industry recorded over USD 1 billion worth of investments in 2022. Read More

President Buhari Says Nigeria’s Broadband Penetration is Now 100 Percent
President Muhammadu Buhari said Nigeria has become one of the first African countries to hit 100 percent broadband penetration. Read More

NNPC Says Phase 2 of Infrastructure Funding Scheme to Cost NGN 1.9 Trillion
The Nigerian National Petroleum Company says it will invest the sum of NGN 1.9 trillion (approx. USD 4.1 billion) in the second phase of the tax credit scheme for infrastructure development. Read More
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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