10 February 2023
Eastern Africa
Ethiopia’s Green Legacy Model for Other African Countries
Ethiopia’s Green Legacy is exemplary for other African countries and a foundation for development, according to the Ethiopian Forest Development. Read More

East African Standby Force Developing Tangible Documents to Respond to Regional Security Demand
The East African Standby Force said that tangible policy and legal documents that effectively respond to the Horn of Africa regional peace and security demand are being developed. Read More

Global Ethiopian Diaspora Action Group Donates ETB 442 Million Worth Medical Equipment
The Global Ethiopian Diaspora Action Group handed over medical equipment worth ETB 442 million (approx. USD 8.2 million) to the Ministry of Health. Read More

Addis Ababa University to Establish Center for Sustainable Development Goals
The Addis Ababa University College of Social Science announced plan to establish a center for Sustainable Development Goals. Read More

19 Mega Projects Hit as KES 66.8 Billion China, Foreign Loans Cut
At least 19 major projects have taken a hit from tweaks in government spending after foreign lenders cut funding for the year ending June by at least KES 66.8 billion (approx. USD 532 million). Read More

Kenya, TZ Court Cases Block Tonnes of GMO Maize Seeds
Four court cases have blocked the release of 11 tonnes of genetically modified maize seeds that were to be made available to farmers this planting season. Read More

KRA Set to Tax Hedging Profits Under New Rules
Kenyans engaging in transactions with foreigners to cushion them from volatility in financial markets will now be required to account for any profit realised by non-resident parties and remit tax on the same to the Kenya Revenue Authority (KRA). Read More

Flutterwave CEO in Nairobi for Seized Billions, CBK Permit
The CEO and co-founder of Nigerian payments company Flutterwave, Olugbenga Agboola, flew into Kenya this week amid efforts to unfreeze his KES 6.6 billion (approx. USD 53 million) and lift a Central Bank of Kenya (CBK) embargo on the firm. Read More

Karisimbi Hotel Auctioned at Over RWF 500 Million
Karisimbi Hotel was sold to Sajea Investment under auction following five years of liquidation. Read More

TRA Urges Accountants to Comply with Changes in Systems
The Tanzania Revenue Authority (TRA) in Geita Region has urged accountants of companies to comply with improvements made in the authority’s digital system when submitting taxpayer returns. Read More

TSI Crosses 4000 Points, Reflecting Eco-Growth
Tanzania Share Index (TSI) breaks past 4000 points almost five years since the segment was introduced at the Dar es Salaam Stock Exchange. Read More

Tigo Achieves Fastest 5G Speed of 1 Gbps
Tigo Tanzania announced that it has managed to achieve a 5G download speed of 1 Gigabits per second in Dar es Salaam, making it one of the fastest in Tanzania. Read More

Airtel to Disburse TZS 1.6 Billion Dividends to its Customers
Airtel Tanzania is set to disburse TZS 1.6 billion (approx. USD 685,000) to its mobile money customers and agents across the country, the telecoms firm said. Read More

Fintech Firms Grow to 24
By the end of 2022, fintechs in Uganda had grown to 24, according to Bank of Uganda. Read More

New Insurance Standard Will Change Accounting Model 
Insurance companies must transition to the new International Financial Reporting Standard this year. Read More

NSSF Provision of Loans is Illegal
Officials from the Uganda Retirement Benefits Regulatory Authority have told Parliament that it is illegal for the National Social Security Fund (NSSF) to give out loans to different entities. Read More
Northern Africa
Egypt's Annual Core Inflation Records 31.2 Percent in January

Egypt’s annual core inflation rate recorded 31.2 percent in January 2023, compared to 24.4 percent in December 2022, the Central Bank of Egypt said in a statement. Read More

Egypt Adopts Plan to Increase Oil Domestic Production as Imports Hit 97 Percent
Egypt imports about 97 percent of plant-based oils to meet the needs of the local market, which necessitated the development of a plan to reduce the imported amount, according to the Minister of Supply and Internal Trade, Ali Al-Moselhi. Read More

Egypt 3rd in World in Gold Strategic Reserves
Egypt has become the third in the world in terms of increasing the strategic reserves of gold, exceeding 125 tons, up from 75 tons, according to the advisor to the Minister of Supply for gold industry affairs, Nagy Farag. Read More

Egypt's Urban Inflation Reaches its Highest Rate in 5-Years at 25.8 Percent
Egypt’s annual urban inflation rate rose to the highest level in more than five years during January 2023, driven by a series of currency devaluations since March 2022, a prolonged shortage of foreign currency and persistent delays in bringing imports into the country. Read More

Tanger Chamber of Commerce Warns of Price Increases Due to Monopoly
The Chamber of Commerce, Industry and Services of Tangiers-Tetouan-Al Hoceima warned of the spread of monopolies and price gouging, specifying that they could lead to price increases of basic goods. Read More

Binter Announces Sale for Marrakech-Canary Islands Flight Tickets
Spanish air carrier Binter announced a new sale, allowing its passengers to purchase low-cost tickets for flights connecting Marrakech and the Canary Islands. Read More

Aziz Akhannouch Pledges to Lower Food Prices Ahead of Ramadan
Morocco’s Head of Government Aziz Akhannouch assured Moroccans that food prices in the country will start decreasing, in light of good domestic production and tighter regulations. Read More

France Touts Trade Partnership with Morocco Amid Tensions
The French government has touted trade cooperation with Morocco amid diplomatic tension affecting the Rabat-Paris bilateral ties. Read More
Southern Africa
MyBucks Malawi Unveils New Payment Solution
MyBucks Banking Corporation Malawi has rolled out a new mobile payment system that has simplify the way of doing business. Read More

Macra Eyes Internet Pacts with Neighbouring Countries
Regulatory Authority (Macra) Director General, Daud Suleman says the organisation has engaged neighbouring countries on the possibility of carrying internet traffic for Malawi at lower costs. Read More

Sunbird Eyes Futuristic Projects, Responding to Market Needs
Sunbird Tourism says it has embarked on a series of futuristic projects aimed at improving its infrastructure to respond to changing market needs. Read More

Illovo to Resume Sugar Exports April
Sugar producer, Illovo Sugar Malawi, has said it is set to resume commodity exports in April, months after it temporarily suspended the sales last year to address supply challenges on the domestic market. Read More

High Tax Burden Threatens Firms’ Profits, Viability – Business Association
A study by the Mozambique’s Confederation of Economic Associations, the country’s largest business organisation, argues that a high tax burden threatens to wipe out company profits, undermining business viability and competitiveness. Read More

South Africa
Ramaphosa Ramps Up Investment Ambitions
President Cyril Ramaphosa has set a new investment target of mobilising ZAR 2 trillion (approx. USD 113 billion) by 2028. Read More

Work on Basic Income Grant is Under Way, Ramaphosa Says
Work is under way to develop a mechanism for a targeted basic income grant to support the vulnerable within budget constraints, President Cyril Ramaphosa said in his state of the nation address. Read More

Africa Gears Up to Keep More of the Lithium Boom Profits
Lithium-rich African countries, including Zimbabwe and Namibia, are trying to develop processing and refining industries to capture more of the profits of global demand for the battery material. Read More

Engen Fills Up Its Tank with Vivo Merger
Engen is set to become a much larger regional energy player as it announced plans to merge its African operations with those of UK-based Vivo Energy to create one of the continent’s largest energy distribution companies. Read More

TAZAMA Pipeline Conversion to Refined Diesel on Track, Says Minister of Energy
Hon. Eng. Peter Chibwe Kapala, the Minister of Energy, stated that the conversion of the TAZAMA Pipeline from crude feedstock to refined diesel is progressing well. Read More

REA Abandons Wind Project
The Rural Electrification Authority (REA) has discontinued pursuing wind projects in Lunga district due to the undesirable wind speed to generate power, says chief executive officer Linus Chanda. Read More

EV to Drive Copper Output – Stanbic
Stanbic Bank says the memorandum of understanding signed last year between Zambia and the Democratic Republic of Congo (DRC) will see a rise in copper production and the emergence of other green metals required in the production of electric batteries for vehicles. Read More

ZACL Doubles Efforts to Promote Domestic Tourism
Zambia Airports Corporation has intensified engagements with key stakeholders, including airlines and other service providers, aimed at promoting domestic tourism by ensuring that it is accessible and affordable to locals, says company acting managing director Maggie Kaunda. Read More
Western Africa
Cote d'Ivoire
Cocoa-Tracing Tech Handed to Farmers Ahead of EU Deforestation Rules
The country’s Coffee-Cocoa Council began distributing the “coffee-cocoa producer card” as part of a traceability programme launched in response to EU plans to ban imports of commodities linked to deforestation and rights abuses by 2024. Read More

Ghana Hosts World Trade Centres Association General Assembly in April
More than 500 delegates from 100 countries will converge on Accra in April this year for the 53rd World Trade Centres Association General Assembly. Read More

Governor Defends Central Bank’s Decision to Finance Government Expenditure
The Governor of the Bank of Ghana, Dr Ernest Addison, has defended the central bank’s decision to finance government expenditure last year. Read More

Businesses Need Direct Policy Interventions
Businesses want the government to focus on crafting policies that will have a direct impact on their activities. Read More

Engen, Vivo Energy Merge their Africa Businesses
Engen and Vivo Energy have merged their respective African businesses in a bid to create one of Africa’s largest energy distribution companies. Read More

Nigeria Signs EUR 2.5 Million Grant Agreement with France to Tackle Climate Change
The Bank of Industry in partnership with the French Development Agency has signed a EUR 2.5 million grant agreement to tackle climate change issues in Nigeria. Read More

Nigeria’s Capital Importation Decreases to USD 4.89 Billion Between January and November 2022
The International Monetary Fund (IMF) has underscored near-term downside risks arising from Nigeria’s elevated inflation, high debt-servicing costs, external sector pressures, and oil sector volatility. Read More

Buhari Approves Presidential Transition Council, Signs Executive Order No. 14
President Muhammadu Buhari has approved the establishment of a Presidential Transition Council for facilitating and managing the 2023 transition programme. Read More

Flutterwave Welcomes Kenya’s ARA Clearance of Wrongdoing
Flutterwave welcomes the withdrawal of claims against the company by the Asset Recovery Agency (ARA) in July 2022 and looks forward to market expansion in Kenya. 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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