9 June 2022
Eastern Africa
Ministerial Session of Organization of African, Caribbean, and Pacific States Commences

The 114th Council of Ministers Session of the Organization of the African, Caribbean, and Pacific States has commenced its ordinary session. Read More

Progress Bank Under Formation
Progress Bank started to sell shares after acquiring permission from the National Bank of Ethiopia. The organizing committee of the Bank gave a press conference last week on and revealed that the Bank was officially launched at Friendship Park. Read More

Ethiopian Envoy in Japan Discusses investment with Toyota Tsusho Corporation Officials
Tefera Derbew, Ambassador of Ethiopia to Japan, has met with Toyota Tsusho Corporation officials to discuss investment opportunities in the East African nation. Read More

CBK Set to Regulate Financial Super-Apps

The Central Bank of Kenya says it will start regulating financial super apps such as Safaricom’s M-Pesa and Craft Silicon’s Little, with the regulator saying the platforms have the potential to account for more transactions that have traditionally been handled by banks directly. Read More

Costly Eurobond Worries Kenya Ahead of New Issue
Kenya is reviewing its external borrowing options after its Eurobond yields hit double digits, signaling the high finance cost the country faces if it were to sell a new international bond. Read More

Proportion of Good Roads Rises to 60 Percent
The proportion of roads in good condition increased to 60 percent in the financial year 2020/21 up from 40 percent in the year 2018/19, a report by the Kenya Roads Board has said. Read More

Unique Mobile Phone Subscriptions Rise to 33.5 Million
The number of mobile subscribers in Kenya rose to 33.5 million last year, representing an uptake of 61 percent. Total mobile customers had grown by about 610,000 from 32.94 million in 2020 when the penetration rate also stood at 61 percent of the total population. Read More

Gender Lessons from Rwanda in Political Leadership

Forty-six out of 80 members of Rwanda’s Chamber of Deputies, equivalent to Kenya’s National Assembly, are women. This makes a 57.5 percent representation. Read More

AfCFTA: Why Regional Support is Crucial for Effective Implementation
In order to support the implementation processes of the African Continental Free Trade Area agreement, Regional Economic Communities (RECs) need to make informed choices about how to reap the benefits presented by the agreement, while at the same time managing the challenges that may be encountered in the course of the implementation. Read More

Economic Recovery on Track, Says BoT

The Central Bank will sustain the accommodative monetary policy measures to continue protecting recovery of economic activities, its Monetary Policy Committee has said. Read More

TPA to Restrict Substandard Vehicles
The Tanzania Ports Authority is set to conduct a comprehensive roadworthiness inspection to all vehicles operating within the Dar es Salaam Port, in continued efforts to improve safety and efficiency at the terminal. Read More

Why Infrastructure Matters
President Samia Suluhu Hassan has assured the business community that the sixth-phase government will continue to inject more funds to build key infrastructure as part of efforts to facilitate investment and trade. Read More

Shilling Slides Slightly Against Greenback
The shilling has minutely kept weakening against the US dollar as currencies around the globe are waning, given the political and economic instabilities. Read More

European Union, IFU Becomes New aBi Finance Shareholders
The Danish Investment Fund for Developing Countries (IFU) and the European Union were onboarded as new shareholders of aBi Finance. Read More

Sierra Leone Picks Lessons from Uganda’s Success in South-South Cooperation
The Sierra Leonean government has lauded Uganda and FAO for championing the South- South and Triangular Cooperation framework, through which Uganda has registered milestones in agricultural production. Read More

Uganda says Exploration Results Show it has 31 Million Tons of Gold Ore
Uganda said recent exploration surveys have shown it has gold ore deposits of about 31 million tonnes and it wants to attract big investors to develop the sector hitherto dominated by small wildcat miners. Read More
Northern Africa
Egypt’s Food Industries Investment Records EGP 250 Billion

Mohamed Anwar, a member of the Chamber of Food Industries at Federation of Egyptian Industries, stated that food safety in Egypt is progressing at a good pace, and there is a great demand from factories to register with the Egyptian Food Safety Authority. Read More

Ezz Steel Ranks Top Producer in Africa and Arab Region in 2021
Ezz Steel has topped the steel producers’ list in Africa and the Arab world, for the second consecutive year, as per the Top Steelmakers List in 2021 published by the World Steel Association. Read More

USAID Invests USD 39 Million in Women’s Economic, Social Empowerment Programme in Egypt
The US Agency for International Development launched the Women’s Economic and Social Empowerment Program with the goal of providing 200,000 women in seven Egyptian governorates with increased employment opportunities; leadership roles; access to digital financial, health, and legal services; and psychological support for survivors of violence. Read More

Madbouly Signs MoU to Produce Electric Braids for Cars in Egypt
Prime Minister Mostafa Madbouly witnessed the signing ceremony of a memorandum of understanding between the General Authority for Investment and Free Zones and Japan’s Sumitomo. Read More

Report: Supporting SMEs Is Key to Expanding Morocco’s Middle Class
There is a consensus among politicians in Morocco and elsewhere that Small and Medium-Sized Businesses (SMEs) are the “backbone” of the economy. Read More

Morocco’s Offshore Wind Potential Can Meet 17 Times of Its Power Demand
As Morocco aspires to increase its wind capacity by 4.2 GW by 2030, the country’s offshore wind potential is capable of meeting more than 17.3 of its current power demands. Read More

Canadian Mining Company Elcora Acquires 7 Research Licenses in Morocco
Elcora, a company specializing in mining and refining battery materials, has announced acquiring seven new research licenses for Vanadinite, a rare mineral with a wide range of industrial applications. Read More

STMicroelectronics Opens New Plant for Electric Car Parts in Morocco
STMicroelectronics, a French-Italian company specializing in the manufacturing of electronics and semiconductors, inaugurated today a new production line for electric parts in its plant in Bouskoura, located in the Casablanca-Settat region. Read More
Southern Africa
Matching Grant Excites Tourism Sector Players
Ministry of Tourism, Culture and Wildlife says it hopes to see increased and expanded operations in the tourism sector following the award of matching grants to selected players. Read More

AfDB Dangles MWK 30 Billion for Private Sector
The African Development Bank (AfDB) says it is keen on extending about USD 30 million  worth of trade finance guarantees to the country’s major financial players over the next few months. Read More

Experts, Government Speak on Export Proceeds Law
The Ministry of Finance has gazetted the Exchange Control (Repatriation and Export Proceeds and Operations of Foreign Currency Denominated Accounts) Regulations of 2022 that are expected to bring sanity in the foreign currency market. Read More

Transitex Set to Boost Trade Between Mozambique and India
Transitex recently opened an office in New Delhi, with the aim of boosting trade between Mozambique and India. The company says that coal and pulses are among India’s main interests in Mozambique. Read More

South Africa
Godongwana Rails at Lack of Requests for ZAR 1 Billion Flood Aid Despite Need in KZN
Nearly two months have elapsed since KwaZulu-Natal, the Eastern Cape and the Northwest were hit by devastating floods, but the Treasury has still not received any properly supported requests from provincial or municipal governments for the R1bn immediately available through grants. Read More

South Africa Coal Exports Slump Despite Supply Crunch
South Africa achieved disappointing coal export volumes during the first four months of 2022 even as a global energy crunch and a lack of new coal volumes supported high international coal prices. Read More

Godongwana Eyes Tapping oil Reserves Again to Plug ZAR 4.5 Billion Gap
The Treasury is considering selling more strategic oil reserves or making budget adjustments to fund new measures to curb rising fuel prices, just more than a week after the country outlined plans to extend the reduction in the general fuel levy at an additional cost of R4.5bn. Read More

Fuel Retailers Dismiss Deregulation as the Answer to Record-High Prices
The Fuel Retailers Association has scotched talk that deregulation will help reduce record-high fuel prices, and said the move would compound the problems facing fuel retailers. Read More

KCM unveils USD 17 Million plan
Konkola Copper Mines provisional liquidator Celine Nair has unveiled a plan through which the mining company envisages to spend USD 17 million to conduct an annual maintenance of its Nchanga smelter in Chingola. Read More

Two Short-Listed for Lusaka-Ndola Road
Seven investors have shown interest to work on the Lusaka-Ndola dual carriageway under a public-private partnership model, Parliament heard. Read More

ERB OKs New ZESCO/CEC Power Deal
The Energy Regulation Board has approved the new bulk supply agreement to be entered into between CEC and ZESCO. Read More

The low utilization of Constituency Development Fund Worries Government
The government has expressed concern about the low utilization of the Constituency Development Fund (CDF). Acting Secretary to the Treasury Mukuli Chikuba says that leaders spearheading the CDF need to sensitize citizens on how to acquire funds. Read More
Western Africa
Cote D'Ivoire
Montage Gold to Acquire Mankono JV Project in Côte d’Ivoire from Barrick and Endeavour for CAD 30 Million

Montage Gold announced that it has entered into an agreement with a subsidiary of Barrick Gold and a subsidiary of Endeavour Mining, pursuant to which Montage will acquire a 100 percent interest in the Mankono-Sissédougou JV project in Côte d'Ivoire. Read More

Paris Saint-Germain, SoKlin Unveil West Africa Regional Partnership
Paris Saint-Germain and SoKlin unveiled an exclusive regional three years partnership in West Africa, for Nigeria, Ghana, Senegal, Ivory Coast and Mali. Read More

MCC, Ghana Complete USD 316 Million Power Compact

The U.S. government’s Millennium Challenge Corporation (MCC) has announced the completion of the five-year, $316 million MCC-Ghana Power Compact, celebrating a partnership that created a more "effective, sustainable, and inclusive power sector in Ghana". Read More

AGI, DBG Relations will Support Small and Medium-Size Businesses to Grow Ghana – AGI
The Association of Ghana Industries (AGI) and Development Bank Ghana (DBG) have signed a Memorandum of Understanding in order to cement their relationship and commitment to promoting the growth of the Small and Medium-sized Enterprises sector and ultimately improving their contribution towards the development of Ghana’s economy. Read More

UK Ghana Chamber of Commerce to Hold 1st Royal Ascot Ladies Day in Ghana
The UK-Ghana Chamber of Commerce, a member-based trade association that promotes bilateral trade between the UK and Ghana, will on Saturday, 18th June 2022, host the first Royal Ascot Ladies Day Event in Ghana to celebrate the iconic annual UK cultural event. Read More

Inflation Hits 27.6 Percent in May
Ghana's Consumer Price Inflation accelerated to 27.6 percent year-on-year in May from 23.6 percent in April hitting a new 18-year high, the Statistical Service said. Read More

NEPZA, FIRS Seal Pact On Revenue Collection at Free Trade Zones
The Nigeria Export Processing Zones Authority (NEPZA) and the Federal Inland Revenue Service (FIRS) have signed a Memorandum of Understanding, to boost revenue collection at the nation’s free trade zone areas across the country. Read More

Government, DisCo Seek Solutions to Legacy Debt, Insecurity, Tariff Payment
Niger State Government, management of Abuja Electricity Distribution Company (AEDC) and key stakeholders in the electricity sector yesterday in Minna explored solutions to addressing growing insecurity and its implications on the supply of electricity. Read More

Experts to Discuss Nigeria’s Financial Inclusion Initiative at Confab
Key stakeholders in Nigeria’s financial sector would engage in a round table discussion on the government’s key policy centring on an inclusive financial system that will cover all strata of the society. Read More

Access Bank in Fresh USD 37 Million Kenya Acquisition Deal
Access Bank Holdings has announced that its banking subsidiary has entered into an agreement with Centum Investment Company for the acquisition of its 83.4 percent equity stake holding in Sidian Bank in Kenya. Read More
Upcoming Events
ALN Weekly Snapshots

Employment (Amendment) Act Relieves Job Seekers Extra Cost of Clearance Certificates
On April 4, 2022, the President signed five bills into law including the Employment (Amendment) Act 2022 (the Amendment Act) which amends section 9 (General provisions of a contract of service) of the Employment Act 2007 (the Act). Read More

Employers to Comply with New Requirements Under the Industrial Training Amendment Act
In addition to the Employment Amendment Act, the other bill signed into law by the President on April 4, 2022, is the Industrial Training (Amendment) Act 2022 (the IT Amendment Act). Read More

Data Localisation Requirements under the Data Protection Act

On 23 March 2021, Zambia’s Parliament enacted the Data Protection Act No 3 of 2021 (the “DPA”) to regulate the collection and storage of the “personal data” (i.e. data that can be used to identify an individual, such as a person's name or identification number) of individuals in Zambia. Read More
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