11 August 2022
Eastern Africa
Ethiopian Business People Among 1,250 Africans to Take Part in Turkey-Africa Int’l Forum
Some 1,250 traders and business people from Africa, including 100 from Ethiopia, will take part in the World Cooperation Industries Forum (WCI Forum) to be held in Ankara this September. Read More

African Tech Expo to be Held in Ethiopia
Ethiopia will host the African Tech Expo for the first time in September this year. The expo will commence on September 7 and end on September 9, two days before the Ethiopian new year. Read More

Ethiopia: A Free Trade Zone to be Established in Dire Dawa, IPDC
Industrial Parks Development Corporation (IPDC) announced that a free trade zone at the Dire Dawa Industrial Park would be established under the name Dire Dawa Free Trade Zone. Increasing import substitution and export revenue, job creation, and skill transfer are among the goals of the free trade zone. Read More

Stock Market Gains  KES 32 Billion Amid Tight Presidential Race
The stock market reopened Wednesday after the General Election holiday with a gain of KES 31.8 billion (approx. USD 267 million) as preliminary results showed a tight race between opposition leader Raila Odinga and Deputy President William Ruto. Read More

Bank Depositors' Compensation Scheme Grows to KES 155 Billion
Money held by the Kenya Deposit Insurance Corporation rose by 23 percent to KES 155 billion (approx. USD 1.3 billion) in the year ended December 2021, enhancing the institution’s capacity to compensate each customer up to KES 500,000 (approx. USD 4,100) in case of a bank failure. Read More

Falling Global Crude Prices Raise Hopes of Relief at the Pump for Kenyans
Crude prices have dropped by 22.5 percent since mid-June, setting the stage for reduced pressure on local pump prices. Read More

Lawyers Eyeing Windfall as Poll Losers Head to Courts
Lawyers are keenly watching as results trickle in and are ready to receive instructions from parties dissatisfied with the electoral outcome. Read More

Fuel Prices Rise in Rwanda Despite Government Subsidy
Rwanda has increased its fuel prices, reflecting the little impact the bi-monthly government subsidy has had. The latest prices, effective Monday, will see a litre of petrol retail at RWF 1,609 (USD 1.54), up from RWF 1,460 (USD 1.39) two months ago. A litre of diesel will sell at RWF 1,607 (USD 1.53), an increase from RWF 1,503 (USD 1.43). Read More

The United States and Rwanda: Strategic Partners
Secretary of State Antony J. Blinken will visit Rwanda on August 11, where he will meet with senior officials and civil society.  The United States and Rwanda cooperate on global and regional priorities, including ending the acute phase of the COVID-19 pandemic and investing in health systems, addressing the climate crisis including support for clean energy, food security and production, building back to more inclusive global economic growth and development, and strengthening democracy, security, and respect for human rights. Read More

New Chinese Ambassador Pledges to Deepen Cooperation, Friendship with Rwanda
New Chinese Ambassador to Rwanda Wang Xuekun presented the Letter of Credence to Rwandan President Paul Kagame in Kigali, capital of Rwanda. Read More

Liz Truss Vows to Take Rwanda Policy to Other Countries to 'Help Build Their Economies'
British Conservatives leadership candidate Liz Truss has claimed she would expand the Rwanda immigration policy to other countries to help “build their economy”. Read More

SBL Agriculture Programme Transforms Farmers’ Lives
The agriculture programme run by Serengeti Breweries (SBL) has become a fundamental initiative in transforming farmers’ lives and contributing to economic development. Read More

TZS 12 Billion to Implement Water Projects in Arusha
The Arusha Urban Water Supply and Sewerage Authority plans to spend TZS 11.8 billion (approx. USD 5 million) during the 2022/23 financial year, to implement several water projects in a bid to supply clean and safe water in the region by 100 percent. Read More

Shilling Firmness to Cushion Imported Inflation
The shilling continued to hold steady against US dollars, thanks to inflows support from mining and commodities, especially tobacco and pulses. Read More

UDOM VC Calls for Effective Use of Artificial Intelligence
The University of Dodoma (UDOM) Vice Chancellor, Professor Lughano Kusiluka has underscored the need to effectively use Artificial Intelligence and Machine Learning as well as produce more experts to transform public service delivery. Read More

MTN Uganda H1 Net Profit Up 48 Percent to UGX 193.6 Billion
MTN Uganda has reported a 48.1 percent growth in profit after tax to UGX 193.6 Billion (approx. USD 50 million) for the first six months of 2022 amidst a tough economic environment. Wim Vanhelleputte, the company’s outgoing CEO said “MTN Uganda delivered a resilience half year amidst a difficult macroeconomic environment characterized by increased inflationary and currency pressures. Read More

Rising Import Bill to Further Weaken Shilling, Says Citibank
Citibank says that an increase in expenditure on fuel imports will weaken the shilling due to growing demand for dollars to meet import needs. Read More

Djibouti-Based Bank Acquires Top Finance
In a notice, Bank of Uganda noted that Salaam African Bank with headquarters in Djibouti had acquired Top Finance Bank, following conclusion of negotiations as provided under the Financial Institutions Act, 2004. Read More

Health Cover Fastest Growing Class of Insurance, Says IRA
According to Insurance Regulatory Authority, life premiums grew by 35 percent in the 2022 first quarter compared to 6.6 percent for non-life and declines for other segments. Read More
Northern Africa
Algeria Keen to Open New Horizons in Ties with Türkiye

Algerian Prime Minister Ayman Ben Abdul Rahman has told Turkish President Recep Tayyip Erdogan about his country's desire to develop ties between the two countries. Read More

Agreements between Azerbaijan and Algeria Signed
Azerbaijan and Algeria signed two documents, Minister of Foreign Affairs Jeyhun Bayramov said during joint press conference with visiting Minister of Foreign Affairs of Algeria and special envoy of president Ramtane Lamamra, Trend reports. Read More

VEON Completes the Sale of Djezzy Algeria for USD 682 Million
VEON, a global digital operator that provides converged connectivity and services, announced that it has received approximately USD 682 million following the completion of the sale of its stake in Djezzy Algeria. Read More

PayTabs Egypt Partners with Waffarha to Introduce Digital Payment Solutions
PayTabs Egypt, MENA’s award-winning payment processing powerhouse, announced its partnership with digital savings platform Waffarha.  Read More

Environment Minister Heads to Sharm El-Sheikh to Inspect Preparations for COP27
Egypt’s Minister of Environment Yasmine Fouad headed to Sharm El-Sheikh, as part of her field tours to follow up on Egypt’s preparations to host the UN climate conference COP27 in November. Read More

Egypt Seeks to Rationalise Gas Consumption in Power Stations
The Egyptian government launched a plan to rationalize gas consumption in electricity plants to save foreign currency and achieve financial returns from gas export. Read More

PIF Acquires Minority Stakes in Four Large Listed Egyptian Companies
The Saudi Egyptian Investment Company, a newly launched investment firm of the Kingdom’s Public Investment Fund (PIF), has agreed to acquire minority stakes in four large listed Egyptian companies, with a total investment of USD 1.3 billion. Read More

US Attorney General Calls for Suspending Tariffs on Moroccan Fertilizers
Earlier this week, US lawmaker and Iowa Attorney General, Tom Miller, joined farmers’ unions in calling the White House to waive tariffs on Moroccan fertilizers. Read More

Dakhla To Host 6th Edition of International Forum for Very Small Enterprises
On the sidelines of the forty-seventh anniversary of the Green March, Morocco’s Dakhla, the pearl of the southern provinces, will host the sixth edition of the International Forum for Very Small Enterprises (FITPE) from 4 to 6 November. Read More

BCP Launches SWIPE, First Banking Service for Teenagers
Morocco’s Banque Centrale Populaire (BCP) has launched SWIPE, the first banking service of its sort in the country reserved for 12-17-year olds that seeks to reinvent the notion of pocket money through an application and a personalized bank card. Read More

Morocco to Allocate USD 2.9 Billion To Subsidize Staple Commodities in 2023
Morocco’s government to mobilize MAD 30 billion (USD 2.9 billion) in the fiscal year 2023 to subsidize staple food and energy commodities to preserve the national purchasing power. Read More
Southern Africa
Financial Inclusion, an Opportunity for Africa
Mobile money has become an important enabler of financial inclusion in Sub-Saharan Africa, especially for women, as a driver of account ownership and account usage through mobile payments, saving, and borrowing. Read More

MWK 1 Billion Organic Fertiliser Plant Rolls into Action
Rural Development Investment Holdings has rolled out a MWK 1 billion (approx. USD 979,000) organic fertiliser manufacturing plant, raising hope for the country’s agricultural production requirements amid rising fertiliser prices. Read More

TC Admits Hurdles on Tobacco Market
Tobacco Commission (TC) has admitted that the 2022 tobacco marketing season was beset by a number of challenges, including low output despite prices being better than last year. Read More

Malawi Fails to Meet Global Demand for Soya Beans
Agriculture development policy expert Tamani Nkhono-Mvula says for the past two years, Malawi has been failing to supply about 40 000 metric tonnes of soya beans on the global market due to low output. Read More

Nyusi Calls for Mass Access to Digital Communication
Mozambican President Filipe Nyusi has challenged the Ministry of Transport and Communications to ensure mass access to digital communication. Read More

Mozambique Port of Nacala Set to Open Next April after USD 277 Renovation
The renovation of the Port of Nacala in Nampula province, in north Mozambique, will transform it into one of the most modern in southern Africa. Read More

PM Calls for Increased Use of Renewable Energies
Mozambican Prime Minister Adriano Maleiane on Wednesday instructed the National Energy Fund (FUNAE) to continue implementing programmes and projects for the mass use of renewable energies. Read More

Tax Cuts as Part of Economic Stimulus Package
Mozambican President Filipe Nyusi on Tuesday announced a dramatic cut in profit tax (IRPC) as one of a range of measures intended to stimulate the economy. Read More

South Africa
Business Confidence at a Four-Month High
Consumers are increasingly immersing themselves in the digital world and a growing number of brands are listening and entering this space. The result is an abundance of business opportunities. Read More

John Deere Launches Redesigned ADT in South Africa
Equipment manufacturer John Deere recently added to its local portfolio its newly redesigned and improved 460E-II articulated dump truck. Building on the success of the previous generation 460E platform, the new dump truck offers numerous improvements to cater for increased usability and serviceability for South African mining clients. Read More

PAMSA Announces South African Paper Production and Recycling Statistics
South Africa recycled 1.15 million tonnes of paper and paper packaging in 2021, representing a paper recovery rate of 61.4 percent.  Read More

HH’s One Year: Economy Back on Track
Key economic fundamentals have been kept at bay since the country ushered into office the new dawn government of President Hakainde Hichilema a year ago. Mr Hichilema, who became endeared to the public as “Bally”, also rode on the mantra “Bally will fix it” and promising a united and prosperous Zambia. Read More

Orange Côte d’Ivoire to go Public Soon
After giving the green light to sell nearly 10% of its stake in Orange CI, the Ivorian government is giving a boost to Orange’s IPO project. Read More
Western Africa
Fraud Costs Banking Industry USD 67bn Annually ; Two Institutions Commit to Support Country’s Banks
The boom in digital payment platforms and digital banking systems have come with its own risks and cost to the financial industry. Read More

Reform Financial Sector to Support SMEs - Venture Capital GM
The General Manager of the Venture Capital Trust Fund, Hamdiya Ismaila, has called for reforms in the country’s financial sector to enable it to lend more support to Small and Medium Enterprises. Read More

Fitch Ratings Downgrades Ghana to 'CCC'
Ratings agency Fitch on Wednesday, August 10, 2022, downgraded Ghana's Long-Term Foreign-Currency Issuer Default Rating to 'CCC' from 'B-', citing a deterioration in public finances.  Read More

Inflation Rises Further to 31.7 Percent in July 2022; Transport Major Driver
Year-on-year inflation crossed the 30 percent mark to hit 31.7 percent in the month of July 2022, data from the Ghana Statistical Service has revealed. This is the highest inflation rate recorded since late 2003. Read More

Oil Price Falls, OPEC Raises Nigeria’s Production Quota
The Organisation of Petroleum Exporting Countries raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day, as Brent, the global benchmark for crude, dropped in price the same day. Read More

MSME Survival Fund Records over 1,258,183 Beneficiaries in Two Years
The Project Coordinator, MSME Survival Fund and Guaranteed Offtake Scheme, Tola Adekunle, has stated that over 1,258,183 beneficiaries have benefitted from the Federal Government’s Micro Small and Medium Enterprises (MSME) survival fund. Read More

FG Generates NGN 2.5 Billion Daily from TinCan Port – Customs
The TinCan Island Command of the Nigeria Customs Service has said that the command makes an average of NGN 2.5 Billion (approx. USD 6 million) daily. The Customs Area Controller in charge of TinCan Island Command, Adekunle Oloyode, said. Read More

NCAA Confirms Dire Financial Status of Local Airlines
Nigerian Civil Aviation Authority confirmed that the local commercial airlines are in financial dire straits, requiring concerted efforts to avert industry shutdown. Read More
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