Ethiopia
Ethiopia Opens Banking Industry to Foreign Investors
The Council of Ministers has passed decision to open up the banking sector to foreign investors, the Office of the Prime Minister said. Read More

Duty-Free Shop Inaugurated at Bole Int’l Airport to Promote Export of Leather Products
Deputy Prime Minister and Foreign Minister Demeke Mekonnen and State Minister Ambassador Tesfaye Yilma briefed Addis Ababa-based diplomats and representatives of international organizations about current developments in Ethiopia. Read More

Ethiopia, Saudi Fund Agree on Debt Service Suspension
Ethiopia and Saudi Fund for Development signed a memorandum of understanding on debt service suspension initiative. Read More

CBE Signals Optimism as Government Projects Approach Final Phase
The coming to conclusion of ongoing mega projects has loosened the shoulders of public owned financial giant, Commercial Bank of Ethiopia (CBE) which is now optimistic of the future as it continues in stride to capitalize on its maximum potential. Read More

Kenya
KRA Locks 540 Firms Out of Tax Amnesty Programme
The Kenya Revenue Authority (KRA) has rejected applications from at least 540 firms seeking waivers under the amnesty programme that has so far recovered KES 8.54 billion (approx. USD 70 million) from defaulters and tax cheats. Read More

EU Double-Edged Sword for Kenya’s Horticulture
In the last couple of years, Kenya’s exports of major crops have come under threat over increased cases of chemical residues on horticulture produce that has seen Europe impose stricter checks, posing a threat to the country’s foreign earnings. Read More

Financial Markets Gain KES 10 Billion Ahead of Poll Case Verdict
Investors remained cagey ahead of the Supreme Court verdict, with foreigners appearing to have put on hold their activities on the financial markets. Read More

Kenyan Firms Earn KES 6.9 Billion from Kwale Titanium Miner
Kenyan companies earned nearly three-quarters of the payments by Base Titanium to suppliers contracted to the mining operations in Kwale County in the year ended June, latest disclosures show. Read More

Rwanda
Competition as Turkish Fashion Chain to Open Shop in Rwanda
Turkish fashion retailer LC Waikiki will open its first store in Rwanda after it signed an agreement to lease space o the recently auctioned Kigali Business Centre shopping complex. Read More

Tanzania
TIC Eyes Investors at AGRF Summit
The Tanzania Investment Centre (TIC) is looking forward to using this year’s African Green Revolution Forum (AGRF) to lure big investors in edible oil production, horticulture, dairy industry and Blue Economy. Read More

PIC Tasks NHC to Speed Up Debts Collection
The Public Investment Committee (PIC) has directed the National Housing Corporation (NHC) to speed up debt collection from defaulting debtors so that it can smoothly implement large scale projects. Read More

Private Sector Calls for Harmonisation of Standards in EAC
EAST African Business Council has urged EAC member states to fast-track harmonisation of East African Standards to boost intra-regional trade. Read More

‘Leverage Artisanal, Large Scale Mining Integration’
Mining stakeholders, including academicians have called on Large Scale Mining companies to rethink their Corporate Social Responsibilities by engaging Artisanal and Small-scale Mining operators, with the view to equipping sub sector. Read More

Uganda
Uganda, South Korea Unveil USD 7 million Project to Boost Vocational Institutions
Six technical and vocational institutions are scheduled to benefit from a capacity building project funded by the government of South Korea to a tune of over UGX 26 billion (approx. USD 7million). Read More

Somalia Bids to Join East African Community
Just eleven days after the Democratic Republic of Congo ratified the East African Community Treaty on 11 July, the bloc’s leaders agreed to fast-track the verification of Somalia’s application to join the community. Read More

Chinese Smartphone Brands Dominate African Market in Second Quarter
Transsion Holdings, a China-based smartphone manufacturer, led the African smartphone market in the second quarter of 2022, with a combined unit share of 48 percent, according to a new study by a global research firm. Read More

Imani Technologies Unveils New Smart Business Cards to Ease Information Sharing and Connection
Imani Technologies has launched a new and exciting digital product dubbed “Imani Smart Card”, a
virtual business card to help businesses, corporates, and individuals easily share information, manage their social and professional connections, and enable their data-sharing experience. Read More

Algeria
Second Cosmetic Dermatology Conference Held in Tripoli
The Second Conference of the Libyan Society of Cosmetic Dermatology, in joint with the First Conference of the African Union League of Dermatology, was launched in Tripoli, in the presence of representatives from the Ministry of Health, Culture and Civil Society, consultants, dermatologists and professors from Tunisia, Egypt, and Algeria. Read More

Egypt
Environment Ministry, Academy of Scientific Research Sign Cooperation Protocol
Minister of Environment Yasmine Fouad witnessed on Sunday the signing of a protocol between the Egyptian Environmental Affairs Agency and the Academy of Scientific Research for cooperation in the fields of environmental preservation and climate change.  Read More

NGage, DCarbon Announce Strategic Integration Accelerating Climate Action, Sustainability in Egypt, MENA
NGage and D-Carbon announced an integration partnership to help companies and organisations in Egypt and MENA transform their climate and sustainability pledges to on-the-ground progress. Read More

BUE, Hayah Karima Signs Joint Cooperation Protocol
The British University in Egypt (BUE) and Hayah Karima Foundation signed a joint cooperation protocol. The cooperation aims to cooperate on the presidential initiative, Hayah Karima.  Read More

15 Percent of Domty’s Shareholders Respond to Expedition’s Offer
The OPR screens revealed the responses of the shareholders of 43.46 million shares of Arab Food Industries (Domty) to a compulsory purchase offer submitted by Expedition Investments. Read More

Morocco
Russia’s Exports to Morocco Double in First Half of 2022
Russia’s exports to Morocco doubled in the first six months of 2022, according to a statement from Artyom Tsingamzgvrishvili, Russia’s Trade Representative to Morocco. Read More

Mckinsey: Morocco Is Among Key African Markets for Fintech Growth
Morocco is on a list of 11 African countries with significant potential to become future fintech hubs, according to the American consultancy group Mckinsey & Company. Read More

Morocco’s Royal Air Maroc Among World’s Top 200 Airlines
With nearly 7 million passengers carried in the past year, Morocco’s Royal Air Maroc is ranked 106th in Cirium’s “World Airline Passenger Ranking 2021” out of the top 200 airlines by passenger traffic, up two places from 2019. Read More

Belgian MPs Impressed by Remarkable Development in Morocco’s Southern Provinces
A delegation of Belgian parliamentarians said that they were impressed by the remarkable development in the Laayoune Sakia El Hamra region in southern Morocco. Read More

Survival Expenditure Basket Up 4 Percent
The minimum amount required to maintain existence and cover lifesaving needs of households increased by an average of four percent in between end July and mid- August amid rising prices, published World Food Programme figures show. Read More


South Africa
JSE Sustainability Head Highlights Private Sector as Vital to Climate Change Finance
Government action is essential to tackle climate change financing, but public sector funding is insufficient to address the country’s climate challenge and climate agenda. Read More

SA’s Buy-Now-Pay-Later Market Expected to Hit ZAR 2 Billion by Year-End
South Africans are set to spend about ZAR 2 billion (approx. USD 115 million) through buy-now-pay-later services by end-2022, data from payments provider PayFlex shows.  Read More

Truworths and Primark Settle Trademark Dispute
Truworths and UK clothing retailer Primark have settled a long-running dispute about the ownership of the brand name “Primark” in a confidential agreement that will see Truworths rebrand its 11 Primark stores. Read More

Premium Logistics Assets Boost Income Earnings for Fortress
Fortress Reit, the specialist developer and owner of premium logistics properties, reported record low vacancy rates for its South Africa portfolio, while its Central and Eastern Europe assets, the best performers for the 2022 financial year, saw value increase for the period ended 30 June. Read More

Zambia
Zambia Positions Itself a Net Exporter of Power in the Region
Ministry of Energy Permanent Secretary Francesca Zyambo says Government’s focus in the energy sector was changing towards the promotion of increased investment in renewable energy. Read More

Zambia’s Kwacha is the Worlds Best Performer Against the US Dollar
When he first came into office, almost a year ago, Zambia’s new president was ridiculed by skeptics who called him, “the calculator boy,” for his strong focus on the economy and his background as an accountant. Read More

Nigeria
FG Urged to Prepare Nigerians for Subsidy Removal
The Federal Government has been urged to prepare Nigerians for higher fuel prices that will follow the removal of the petrol subsidy in 2023. Read More

NNPC Defends 68 Million-Litre Daily Consumption, Backs Forensic Audit
The Nigerian National Petroleum Company insisted that daily supply of Premium Motor Spirit, popularly called petrol, across the country was 68 million and offered to submit itself for forensic audit of PMS supply and subsidy management. Read More

Guinea Insurance Posts NGN 1.34 Billion Gross Premium Income
Guinea Insurance recorded a gross premium income of NGN 1.34 billion (approx. USD 3 million) last year. But the previous year, it made NGN 1.05 billion (approx. USD 2.5), which represents a 27.4 per increase. Read More

Afreximbank, Others Plan to Establish Caribbean Exim Bank
African Export-Import Bank (Afreximbank) has announced that it would work with governments of the Caribbean community to set up a Caribbean Exim Bank with a commitment to invest about USD 700 million in the Caribbean. Read More