29 August 2022
Eastern Africa
Embassy Promotes Ethiopia’s Leather Sector to Chinese Firms
The Ethiopian Embassy in Beijing held a virtual forum to promote the Ethiopian leather sector to Chinese companies. The Embassy collaborated with the Leather Industry Association and Chamber of International Commerce Membership Department of China to organize the forum. Read More

A Kilogram of Ethiopian Coffee Fetches Staggering USD 884.10 in Auction
A kilogram of Ethiopia’s finest coffee has sold for a staggering USD 884.10 US Dollars at auction. The winning coffees of the third Ethiopian Cup of Excellence competition went under the hammer in the Alliance for Coffee Excellence auction this week. Read More

Ethiopia’s Import Bill Surpasses USD 18 Billion
Widening its trade deficit to USD 14 billion, Ethiopia’s import bill has surpassed 18 billion last budget year concluded 7 July 2022 with China and India supplying 33 percent of the merchandizes. Read More

Ethiopia Discovers 7 Trillion Cubic Feet of Natural Gas in Ogaden
An American based petroleum property analysis and consulting firm, Netherland, Swell & Associates, verified the existence of 7 trillion cubic feet of natural gas in the Ogaden area of Ethiopia. Read More

The Treasury’s Private Sector Cash Cows
Seven large firms contributed in excess of KES 300 billion (approx. USD 2.5 billion) to the National Treasury in taxes, duties and licence fees in the past year, underlining their strategic importance to the economy. Read More

Inflation Fuels Push for Pay Rise
The push for higher salaries is the latest driver of operational costs for Kenyan firms in a high inflationary environment which has shrunk staff pay, prompting them to seek a raise. Read More

Training Sharpens Lawyers’ Negotiation Skills in Deals
More than 90 government lawyers have been trained through an East African Development Bank sponsored programme to boost their capacity to negotiate better deals from investors in the extractive sector. Read More

Firms Buy KES 9.5 Billion Safaricom Stake as Small Traders Sell Off
Local institutional investors have acquired shares worth KES 9.5 billion (approx. USD 79 million) in Safaricom following the exit of domestic shareholders and foreigners, reversing the government’s objective of boosting Kenyan retail investors’ stake in the country’s most profitable firm. Read More

Secretary-General of Ministry of Foreign Affairs Meets Ambassador of Rwanda
HE Secretary-General of the Ministry of Foreign Affairs Dr. Ahmed bin Hassan Al Hammadi met with HE Ambassador of the Republic of Rwanda to the State Igor Marara Kayinamura. During the meeting, bilateral cooperation relations between the two countries were reviewed.  Read More

Insurance Companies Urge Government to Fix Minimum Wage
Insurers are up in arms over what they termed delays by the government in fixing minimum wage. Industry players said lack of minimum wage that provides the benchmark for calculating compensation in case of injury or death is affecting insurance companies. Read More

New Art Exhibition Portraying Life Journey Kicks Off in Kigali
Process, a solo art exhibition featuring 40 artworks that portray the journey of different lifestyles kicked off in Kigali. The was organised by visual artist, JMV Munezero at NP_Arts_Center located in Kacyiru, Kigali. Read More

Chinese Investor to Inject TZS 728 Billion in Mkuranga Glass Factory
A Chinese investor, Jack Feng, is set to invest more than USD 311 million in the ultra-modern float glass manufacturing factory in Mkiu Village Mkuranga District, Coast Region, the Tanzania Investment Center Acting Executive Director, John Mnali, disclosed. Read More

Coffee Consortium Seeks to Eliminate Middlemen
Coffee farmers and Traders in Southwestern Uganda have formed a Coffee Investment Consortium to address challenges faced by the sector. The Coffee farmers cite Middlemen and low prices as the major challenges while the traders cite poor post-harvest methods. Read More

London Route Not Viable for Uganda Airlines
Professor Wasswa Balunywa, the former Board Chairman of Uganda Airlines Corporation, says the revived national carrier should focus more on commencing flights to China and not the United Kingdom. Read More
Northern Africa
Algeria, France Agree on Renewed Partnership

Algeria and France signed a joint declaration for a “renewed partnership” at the end of the three-day visit of French President Emmanuel Macron. The document was signed by Algerian President Abdelmadjid Tebboune and Macron during a ceremony at the International Airport of Algiers. Read More

Egypt’s UC Developments Signs Construction, Management Contracts for its Projects in NAC

Egypt's Prime Minister Mostafa Madbouli issued a decree appointing Ramy El-Dokany as head of the Egyptian Stock Exchange board and Hebatallah El-Serafy as his deputy for a one-year term. Read More

CGD Development Launches Glouvre Side NAC with EGP 500 Million Investments
CGD Development announced the launch of its latest project in the New Administrative Capital, Glouvre Side Business Tower, which boasts total investments worth EGP 500 million (approx. 26 million). Read More

Finance Ministry Gives Taxpayers until End-August to Benefit from Tax Concessions
The Ministry of Finance has called on taxpayers to quickly pay their original tax dues, regardless of their due date, before the end of August. Read More

Japan’s JICA Hails Egyptian Economy’s Resilience in the Face of Crises
Director General of Middle East and Europe Department of Japan International Cooperation Agency  Hideki Matsunaga has hailed the resilience of the Egyptian economy in the face of crises. Read More

Japan Pledges to Invest USD 30 Billion in Africa Over Next 3 Years
In a bid to counter China’s rising influence in Africa, Japan is now pledging to ramp up investments on the continent. During the eighth Tokyo International Conference on African Development (TICAD8), Japanese Prime Minister, Fumio Kishida, said that his country is pledging USD 30 billion of investment in Africa over the next three years. Read More

Moroccan Dirham Records 1.19 Percent Appreciation Against Euro
The Moroccan Dirham appreciated by 1.19 percent against Euro while it lost its value by 1.16 percent against the US dollar between 17 and 24 August, according to recent data from Bank Al-Maghrib. Read More

Amid Gas Crisis, Spain Prioritizes Sending Gas to Morocco Over EU
Despite committing to assisting other European countries in the ongoing energy crisis, Spain is reportedly prioritizing delivering gas to Morocco above the EU. Although Spain ceased exporting gas to northern Europe in August, it has maintained a continuous shipment to Morocco, the Spanish news agency Libre Mercado detailed on August 26. Read More

Europe's Fertilizer Crisis Brings New Opportunities for Morocco
Europe’s fertilizer output fell again this week, with less than one-third of its production capacity currently operational. Limited fertilizer production is revealing the interconnectedness of business, as a variety of manufacturers are feeling the effect of the fertilizer crunch. Read More
Southern Africa
Private Sector Credit Demand Rises, Hits MWK 899 Billion
The Reserve Bank of Malawi says annual growth in private sector credit accelerated to 21.8 percent in May 2022 from 13.3 percent in April 2021and 20.5 percent in a corresponding month of 2021. Read More

MCCCI Assesses Blackouts Cost
Malawi Confederation Chambers of Commerce and Industry (MCCCI) says it is yet to assess the cost of electricity on businesses pointing out that it is presently getting feedback from businesses. Read More

Standard Bank Moves to Boost Agriculture Sector
Malawi Stock Exchange- listed Standard Bank last week relaunched its agriculture financing facility through which it seeks to empower commercial farmers and enhance the agriculture sector’s input to the national economy. Read More

Standard Bank Moves to Boost Agriculture Sector
Malawi Stock Exchange- listed Standard Bank last week relaunched its agriculture financing facility through which it seeks to empower commercial farmers and enhance the agriculture sector’s input to the national economy. Read More

South Africa
Qatar Investors to Gain from Free Trade with Africa, Says South African Envoy
The African Continental Free Trade Agreement would further boost economic and trade relations between Qatar and South Africa, as well as other countries in Africa, South African ambassador Ghulam Hoosein Asmal has said. Read More

Folly of Capital Allocation in SA for Energy Security
The announcement by President Cyril Ramaphosa on emergency action on energy contained a laundry list of actions, but the most important was the maintenance of coal-fired plants - a welcome move for South Africa giving it more bang for its bucks. Read More

SA’s Proactive Efforts Pay Off
The South African central bank’s proactive efforts to contain price growth mean the country has a good chance of getting through the worst global inflation shock in a generation “without particularly high inflation or high interest rates,” Deputy Governor Fundi Tshazibana said. Read More

VEEP Applauds Rotary Club International
Vice President Mutale Nalumango has applauded the Rotary International for its efforts in eradicating malaria, which she says has claimed many especially children and expectant mothers. Read More

Low Rate of Payment of Mineral Royalty Tax Due to Instability in the Mining Tax Regime
The Southern African Resource Watch(SARW) has attributed the low rate of payment of mineral royalty tax to the Zambian government, to instability in the country’s mining tax regime. Read More

Livestock Insurance Piloted in Southern Province
Government has reiterated its commitment to unlock the potential of the livestock subsector in the country. Minister of Fisheries and Livestock, Makozo Chikote says Government will achieve this by partnering with the private sector in addressing challenges that hinder the sector’s growth. Read More
Western Africa
Bawumia: Inspite of Challenges, Our Government has Achieved A Lot
The Vice President, Dr. Mahamudu Bawumia, has said that inspite of the ongoing global economic crisis, which has had a devastating effect on the Ghanaian economy in the past two and half years, the NPP government has chalked many remarkable successes in many sectors. Read More

Japan- Ghana Foreign Ministers’ Meeting
Mr. Hayashi Yoshimasa, Minister for Foreign Affairs of Japan, who is visiting Tunisia to attend the 8th Tokyo International Conference on African Development (TICAD 8), held a Foreign Ministers’ meeting with H.E. Mrs. Shirley Ayorkor Botchwey,Minister for Foreign Affairs and Regional Integration of the Republic of Ghana. The two sides shared the view to continue to work together in responding to regional and international issues.  Read More

We’re Ready to Help Stabilise Ghana’s Economy – IMF Boss Says after Meeting with Ken Ofori-Atta
The Chair and Managing Director of the International Monetary Fund (IMF), Kristalina Ivanova Georgieva-Kinova, says her outfit is willing to assist Ghana to put the country’s economy on a better footing. Read More

World Bank Explains Why Cedi Keeps Falling and US Dollar Keeps Winning
The US dollar is on a tear, strengthening around 11 percent since the start of the year and for the first time in two decades reaching parity with the Euro. Read More
Beyond Transition, What Nigerians Should Expect from New NNPCL
President Muhammadu Buhari unveiled a new Nigerian National Petroleum Company which transitioned from the old corporation to a limited liability company, in line with the provisions of the Petroleum Industry Act. Read More

Insurers, Telcos Rouse Equities to NGN 168 Billion GAINS
Nigerian equities regained their rally with net capital gains of NGN 168 billion (approx USD 392 million) at the weekend as investors showed stronger appetite for insurance and telecommunication stocks. Read More

Investors Hedging More with Forex Deals, Derivatives
Investors appear to be hedging against volatility with more foreign exchange contracts and derivatives as trading at the fixed income and currencies market surged to a new high. Read More

C & I Leasing, CitiTrust Holdings to Raise NGN 100 Billion Commercial Papers
C & I Leasing and CitiTrust Holdings plan to raise about NGN 100 billion (approx. USD 237 million) in new short-term debt capital through the issuance of commercial papers. Read More
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