30 May 2022
Eastern Africa
Oromia Region Working to Attract More Investors in Coming Ethiopian Budget Year
Oromia region is working to attract more investors in various fields of investment in the coming budget year, according to the regional Investment and Industry Bureau. Read More

Ethiopia, African Development Bank Discuss on Ways to Further Enhance Bilateral Cooperation
The Ethiopian delegation led by State Minister of Finance Semereta Sewassew, held productive meetings with officials of the African Development Bank on the progress of the Bank’s new initiatives, the Bank’s portfolio performance and how to strengthen cooperation with the Bank. Read More

Ten Green Gigawatt for Ethiopia Initiative to Generate Solar Energy in Ethiopia
Ten Green Gigawatt for Ethiopia Initiative announced an investment plan to start an engineering company funded by Israeli investors to generate solar energy in Ethiopia. Read More

Awash Bank Partners with Ugandan Fintech Firm Service Cops
Awash Bank’s CEO Tsehay Shiferaw and CIO Yohannes Merga signed a partnership agreement with Service Cops, a Ugandan financial technology (fintech) firm, on 25 April 2022 at the headquarters of Awash. Read More

State to Drop EACC Clearance for Job Applicants
The State will drop the requirement for people seeking employment in governments and parastatals to get clearance from the Ethics and Anti-Corruption Commission (EACC) ahead of applying for the jobs if MPs approve changes to the law. Read More

US Looks Beyond Delayed Free Trade Deal in Commercial Ties with Kenya
The US government is looking beyond a delayed trade deal with Kenya to expand commercial ties between the two countries amid Nairobi’s mounting frustration with Washington's slow pace to conclude the deal. Read More

Traders Shun Kenya Tea at Auction, Cite High Reserve Price
Traders at the Mombasa auction are sidelining expensive Kenyan tea because of the reserve price of USD 2.43 per kilogramme set by the government, leading to huge withdrawals of smallholder produce. Read More

Bankers Pressure CBK to Approve Risk-Based Loans
Banks have asked the Central Bank of Kenya (CBK) to approve risk-based lending more broadly, noting the current situation gives little incentive to institutions to expand credit to riskier customers. Read More

Looking Beyond Ukraine, China
Traders affiliated with the Private Sector Federation are seeking alternative markets to curb further increase in prices of essential commodities such as cooking oil and sugar. Read More

RWF 3.2 Billion for Expenditure Not Accounted for, Says Auditor
About Rwf3.2 billion in expenditure for financial year that ended in June 2021 cannot be accounted for, says the auditor general, putting the blame on expenditure that was unsupported, partially supported, wasteful or diverted. Read More

Tanzania Opens New Consulate in China's Richest Province
Businesses linked to Tanzania have been urged to make use of trade and investment opportunities available in China’s Guangdong Province, one of the richest, after the country opened a consulate there. Read More

State Raises Allowances for Public Servants
Public servants discharging their obligations outside their official duty stations may again have every reason to smile following the decision by President Samia Suluhu Hassan to endorse the permit to hike per diem rates for them and extra duty allowances. Read More

Mining Firm Lauded for Investment and Job Creation
Minerals Minister, Dr Dotto Biteko has today May 28, 2022, lauded Busolwa Mining for the creation of employment opportunities for Tanzanians through investing in the mining sector. Read More

Why Uganda-DRC Business Summit, Expo is Place to be
A delegation of 200 Ugandan businessmen and women will descend on Kinshasha, the capital of the Democratic Republic of Congo (DRC), for a 10-day hunting expedition for markets, investment opportunitie. Read More

Ghana and Uganda Ban Grain and Food Exports
Ghana and Uganda are among a slew of African countries banning the export of grains and other farm produce with the latter imposing high taxes to prevent food exports to neighboring countries. Read More

VAT: Supermarkets Fail to Remit Billions to URA
The Uganda Revenue Authority-URA has revealed that Value Added Tax (VAT) of more than sh40 billion has not been remitted by different retail businesses since the electronic fiscal receipt invoicing system -EFRIS system was instituted. Read More
Northern Africa
China and Algeria Ink USD 490 Million Oil Exploration Contract

Chinese oil company Sinopec Overseas Oil and Gas and Algeria's oil giant Sonatrach signed here a 490-million-U.S. dollars contract on oil and gas exploration in Algeria's Zarzaitine field, some 1,500 km southeast of Algiers. Read More

Egypt-Korea High Level Policy Dialogue Tackles More Potentials of Cooperation
South Korean Ambassador to Egypt Hong Jin Wook, attended the Korean Economic Development Cooperation Fund’s Egypt-Korea High-Level Policy dialogue organized at the Ministry of International Cooperation to exchange views on bilateral development cooperation with Minister of International Cooperation Rania Al Mashat and a number of Egyptian ministries. Read More

Egypt Aims to Increase Environmentally Friendly Projects to 50 Percent of Public Investments
Finance Minister Mohamed Maait affirmed that there is a presidential mandate to maximize efforts to transform the green economy in conjunction with the ongoing preparations to host the Climate Summit to be held in Sharm El-Sheikh next November. Read More

Germany Cooperates with Egypt to Build Safe Railways with EUR 12 Billion Investment: Ambassador
German Ambassador to Cairo Frank Hartmann said that building a modern, safe, environmentally friendly and affordable railway system for millions of Egyptians through a German company is a historic milestone in our long-standing bilateral relationship, which celebrates its 70th anniversary this year. Read More

Egypt's Sovereign Fund: Signing 7 Agreements with Investors to Produce Green Hydrogen
The Sovereign Fund of Egypt had concluded about 6-7 agreements during the last period with a number of major investors in the field of green hydrogen production in Egypt, according to the Fund’s investment sector head, Abdallah El-Ebiary. Read More

NIRSAL, Morocco Strengthen Agricultural Investment
Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has signed a memorandum of understanding with the Credit Agricole Du Maroc to promote inclusive growth and sustainable development of the agriculture sectors of both countries. Read More

Ryanair Winter Flights to Connect Clermont-Ferrand to Fez
Due to its prominent status as a renewable energy hub in recent years, Paddy Padmanathan, chairman and CEO of ACWA Power Group, has praised Morocco's green energy revolution, at the World Economic Forum in Davos. Read More

Marguisa Shipping Lines to Open New Agency in Morocco
The Spanish cargo company Marguisa Shipping Lines has announced the launch of operations following the announcement of the purchase of a share in the NAL Maroc agency in Morocco. Read More

Morocco Enacts Tariffs on Turkish Imports
After adding an amendment to its Free Trade Agreement with Turkey in December 2021 Morocco will now officially impose new tariffs on Turkish goods entering its market. Read More
Southern Africa
Farmers Speak on Tobacco Prices
Tobacco farmers have described the current tobacco market as mixed, saying although prices are higher compared to the previous year, high costs of production of the crop this year could affect the gains. Read More

Treasury Closed Financial Year with MWK 556.2 Billion Deficit
Treasury continued to record deficits closing the 2021/22 financial year with a MWK 556.2 billion deficit due to expenditure and revenue imbalances, data compiled by the Reserve Bank of Malawi show. Read More

Zimbabweans to Benefit from Malawi Dual Citizenship
Malawi has introduced dual citizenship and this means that those who are born outside its borders to Malawian parents can now be granted citizenship. Read More

Starlink Satellite Net Gets Approval in Three More Countries
Tech billionaire Elon Musk's Starlink, the satellite Internet division of his rocket company SpaceX, has received the green light in the Philippines, Nigeria and Mozambique. Read More

Afdb: We’re Developing Investment Banks For Youth-Owned Businesses
African Development Bank (AfDB) says it is designing financial institutions that will invest in businesses owned by youths. Akinwumi Adesina, president, AfDB, said this at the end of the bank’s 2022 annual meetings in Accra, Ghana. Read More

South Africa
SA Observes Child Protection Week
As the spate of violence against women and children in South Africa continue to rise, the Western Cape Department of Social Development has renewed its commitment to protecting children after it launched National Child Protection Week. Read More

Inflation Reduction Indicates Economic Growth-ZACCI
The Zambia Chamber of Commerce and Industry (ZACCI) says the reduction in inflation rate for the month of May is a good indicator for economic growth. Read More

Financial Institutions Challenged to Ease Access to Financing
Minister of Commerce, Trade and Industry Chipoka Mulenga has since challenged financial institutions to offer SMEs affordable financing. Read More

Youths Want Vedanta to take Over KCM
Chililabombwe youths have staged a match past demanding the return of Vedanta Resources to take over Konkola Copper Mines (KCM) on the Copperbelt. Read More

Ministry of Lands and Natural Resources Embarks on Smart Centered Land System
Minister of Lands and Natural Resources Elijah Muchima says his ministry has introduced a smart centred Zambia Integrated Land Administration System from the land administration system from the Zambia Integrated Land Management Information System. Read More
Western Africa
Ghana, Others to Benefit from EUR 4 Million AfDB Circular Economy Facility
The African Development Bank (AfDB) has partnered with the Government of Finland to launch a EUR 4 million Africa Circular Economy Facility, which is a climate change intervention designed to promote circular practices among regional members of the bank. Read More

Hollard Ghana and Melcom Extend Partnership Online with E-Commerce
Insurance and commerce partners Hollard Ghana and Melcom have announced the extension of their "Shop and Insure" collaboration beyond the current in-store Hollard on-the-go booths in select Melcom stores, to e-commerce on Read More

Interest Rates Surpass 20 Percent Mark to Reflect Monetary Policy Increase
Interest rates have surpassed 20 percent mark to reflect the recent increase in the Monetary Policy Rate by the Bank of Ghana. Read More

Construction Industry Growth to Slow Down to 4.1 Percent in 2022 – Fitch Solutions
Ghana’s construction industry is expected to slowdown in expansion this year, growing by 4.1 percent year-on-year, from 5.7 percent recorded in 2021, Fitch Solutions latest report on Ghana dubbed “Lower Public Investment to Slow down Ghana’s Construction Industry Growth” has revealed. Read More

FirstBank on Sustainable Growth Path as Assets Hit NGN 8.5 Trillion
FBN Holdings may have returned to a sustainable growth path as its 2021 financial points to a more-than-expected resilient near-term outlook with the commercial banking operations leading growth across key parameters. Read More

Wema Bank, Bulb Africa Unveils Innovation Challenge
Wema Bank has unveiled a kids’ innovation challenge aimed at encouraging children to ideate and develop solutions in learning, health, games, and agriculture. Read More

Hyundai, NSML to Build Temile’s LPG Carrier Vessel
An indigenous firm, Temile Development, has signed a contract with Hyundai Mipo Dockyard and the Nigerian Shipping Management (NSML) for the construction and supervision of its second 23,000 cubic meters LPG/NH3/VCM carrier vessel. Read More

Banks Tighten Forex Access as Reserves Hit Seven-Month Low
The country’s external reserves hit a seven-month low after falling to USD 38.57 billion as of 25 May 2022, figures obtained from the Central Bank of Nigeria have revealed. Read More
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