6 July 2022
Eastern Africa
PM Abiy Arrives in Nairobi to Participate in 39th Extraordinary Meeting of IGAD
Prime Minister Abiy Ahmed and his delegation arrived in Nairobi, Kenya to participate in the 39th Extraordinary Assembly of the IGAD Heads of State and Government. Read More

Ethiopia to Open First Free Trade Zone Next Month
Ethiopia has finalized preparations to open its first Free Trade Zone in Dire Dawa next month, Ministry of Transport and Logistics disclosed. Read More

Kenya Stares at Expensive Debt as Eurobond Yields Hit 17 Percent
The Treasury faces a headache raising KES 240 billion (approx. USD 2 billion) from external lenders in the current fiscal year for budget deficit financing after interest rates on the country’s sovereign debt rose to new highs of nearly 17 percent. Read More

African Airlines Staring at KES 480 Billion Loss on Costly Fuel
African airlines are expected to record USD 4.1 billion loss this year on the back of expensive fuel that is eroding the gains made by a recovering business. Read More

UN: Kenya Tops Africa's Share of Crypto Clients
Kenya has the largest share of its population with cryptocurrencies in Africa, says the United Nations, pointing to the country’s exposure to the ongoing meltdown in the crypto market. Read More

CMA Forces US Fund to Buy Out Tycoon Wanjui
The Capital Markets Authority (CMA) has forced a US-based private equity to make a takeover offer to minority owners of Limuru Tea, including tycoon Joe Wanjui, in the wake of shareholder fights at the firm. Read More

GGML Launches Campaign to Improve Town Road Safety
GEITA Gold Mining Company (GGML) in collaboration with the Geita District Police Force Road Safety Office has launched a special road safety campaign to fight against road accidents in the district. Read More

BRELA Commits to Provide Quality Services to Investors
Business Registrations and Licensing Agency (BRELA) is committed to providing quality and swift online services to attract more businesses and investors into the country. Read More

Over 1000 Youths Benefit from TZS 354 Million Loans
About 1,040 youth groups from Iringa, Njombe and Morogoro regions have benefited from loans worth TZS 354 million to start joint ventures businesses in various sectors including livestock, trade and agribusiness that are fundamental to uplifting their living standards. Read More

TanRoads: Kigongo–Busisi Bridge Project Almost Halfway
Construction of the JP Magufuli Bridge popularly known as the Kigongo-Busisi Bridge (3200m) that is set to provide an important link between Mwanza Region and Rwanda, Burundi and Uganda is almost halfway done. Read More

Afreximbank Approves USD 1 Billion to Operationalise AfCFTA Adjustment Funds
Africa’s multi-lateral lender, African Export-Import Bank has renewed its approval of a USD 1 billion facility to operationalise the African Continental Free Trade Agreement Adjustment Funds. Read More

BOU Raises CBR to 8.5 Percent
Bank of Uganda has decided to raise the Central Bank Rate by a percentage point to 8.5 percent as part of emergency measures against the spiraling inflation. Read More

Kiswahili Becomes Compulsory in Schools in Uganda
The Government in Uganda has said that the teaching of Kiswahili in primary and secondary schools has been made compulsory. Read More
Northern Africa
Algeria Highlights Investment Opportunities in Agriculture

National US-Arab Chamber of Commerce president David Hamod and Algeria’s Industry Ministry secretary-general Belabrik Salah Eddine met during a special session in the Economic Forum Brazil & Arab Countries. Read More

Egypt Launches Gosoor E-Catalogue for Exportable Products, Six Branches Abroad
Egypt’s state-owned Gosoor announced the inauguration of its first six branches abroad and the launch of its electronic catalogue for Egyptian exportable products that aim to promote the presence of Egyptian products abroad, especially in African countries. Read More

Egyptians Presented Business Opportunities To Brazilians
The Arab Brazilian Chamber of Commerce held the Brazil & Egypt Business Meeting at its headquarters in the capital of São Paulo. Read More

Banque Misr Obtains License to Operate in Somalia
The Board of Directors of the Central Bank of Somalia agreed to issue a license to Banque Misr to operate within the country. Read More

Egypt's Businesses are Hit with Falling Demand and Devalued Pound, as June PMI Drops to 45.2
Egypt’s businesses are facing a tough summer with weakened consumer demand brought on rising prices as well as a highly devalued pound. Making it worse are the supply shortages that continue to dog the private sector. Read More

Morocco’s Anchois Discovery
A consistent exploration strategy and the recent developments in European energy strategy have turned Anchois, the first ever gas discovery offshore Morocco, into a great success for Chariot Energy and a major asset for the local and regional energy security. Read More

Maghreb-Europe Pipeline: Tahaddart, Ain Beni Mathar Power Plants Resume Service
Following Algeria’s closure of the Maghreb-Europe pipeline after 25 years of operation, Morocco announced the re-commissioning of its combined cycle power plants at Tahaddart and Ain Beni Mathar using imported Liquefied Natural Gas to generate power. Read More

Morocco’s Tourism Revenues Reach Nearly USD 2 Billion in May
New data reveals that Morocco’s tourism revenues in foreign currency reached MAD 20 billion (approx. USD 1.99 billion) in the first five months of 2022.  Read More
Southern Africa
Imports 92 Percent More Expensive—Report
Malawi’s terms of trade have deteriorated, with imported commodities now 92 percent more expensive and exports only appreciating by four percent in 2021, published World Bank data shows. Read More

Regional Income to Grow to USD 571 Billion
World Bank and the African Continental Free Trade Area (AfCFTA) say the intra-regional trade under the AfCFTA has potential to bring significant economic and social gains, leading to higher incomes, lower poverty and faster economic growth. Read More

Employers Hail Workers Fund Operationalisation
The Employers Consultative Association of Malawi has hailed operationalising of the workers compensation fund which it says will cushion workers from financial burdens. Read More

India, Mozambique Review Ties, Exchange Views on Global Developments
India and Mozambique reviewed the multi-faceted bilateral relationship including political exchanges, development partnership projects, defence and security cooperation during the second round of Foreign Office Consultations held here. Read More

Mozambique: HCB Power Plant to Undergo First Rehabilitation in 47 Years – Notícias Report
Hidroeléctrica de Cahora Bassa (HCB) has just begun rehabilitation of the power plant’s five generators and substation, vital components of the hydroelectric facility. Read More

Mozambique Cooperation with Eni Important – Mattarella in Maputo
It is important that Mozambique oil and gas companies are set to step up their cooperation with Italian fuels giant Eni, President Sergio Mattarella said on a visit to Maputo. Read More

China, Mozambique Vow to Advance Belt and Road Cooperation
China stands ready to actively participate in cooperation with Mozambique under the Belt and Road Initiative, senior Chinese diplomat Yang Jiechi said. Read More

South Africa
South Africa Business Activity Improves to a 13-Month High in June
SA business activity jumped to a 13-month high in June, pointing to the fastest expansion in the country’s private sector activity since May 2021. Read More

Nampak Shares Leap after Firm Gets Extra Six Months to Pay Down ZAR 1 Billion in Debt
Shares of indebted packaging company Nampak were on track for their best day in three months on Tuesday after it said lenders have pushed back repayment of ZAR 1 billion (approx. USD 60.4 million) in debt by about six months to April 2023, buying it additional time to avoid a rights issue. Read More

Oil Steadies Near USD 100 after Big Drop on Recession Concerns
Oil has opened the third quarter on a volatile footing as concerns about a potential recession rattled financial markets. Read More

Big Changes for Game Stores in South Africa – with Plans to Take on the Online Giants
Massmart-owned Game says it is seeing significant successes through its turnaround strategy, with the group fundamentally changing its store layout, target markets and even what it sells. Read More
Italian President Expected in Zambia for 3-Day State Visit
Minister of Foreign Affairs and International Cooperation, Stanley Kakubo says the President of Republic of Italy, Sergio Mattarella is expected to be in Zambia from tomorrow 6th to the 8th of July 2022 for an official State visit. Read More

Minigrids Expanding Energy Access in Burkina Faso, Liberia and Zambia
The Beyond the Grid Fund for Africa (BGFA) programme has signed four further agreements with off-grid energy service companies in Burkina Faso, Liberia and Zambia to support the expansion and scale-up of minigrid connections and sales of high-quality solar home systems. Read More

Kwacha Records Marginal Gain
The Kwacha strengthened last week against the United States dollar owing to the central bank intervention, coupled with month-end conversions from various corporates. Read More

Revise Annual Plans, Procurement Entities Urged
Government has directed procuring entities to revise their annual plans in line with the revised approval authority and threshold in the 2022 Public Procurement Regulations. Read More
Western Africa
GNPC Foundation Undertakes 341 Activities from 2017 to 2020 – Deputy Minister
The Ghana National Petroleum Corporation (GNPC) Foundation undertook 341 infrastructure projects between 2017 and 2020. Read More

Ghana Receives Additional 1.24 Million Pfizer Vaccines from UK
Ghana has taken delivery of an additional 1.24 million doses of Pfizer vaccines from the United Kingdom as cases of COVID-19 increase steadily. Read More

Domestic Shipping Regulations Passed
The Domestic Shipping Regulations, popularly known as the Cabotage Law, meant to reserve jobs in the country’s maritime jurisdiction for Ghanaian seafarers, has been passed by Parliament. Read More

AMERI Power Plant relocation contract to be brought to Parliament – Minister
The AMERI Power Plant relocation from Takoradi to Kumasi contract agreement will be brought to Parliament for approval after Cabinet has given its endorsement, Dr Matthew Opoku Prempeh, the Minister of Energy, has said. Read More
Telcos Risk NGN 250, 000 Fine over Abandoned Tower Under New Guidelines
Going by the new guidelines on technical specifications for the deployment of infrastructure in the communications sector in Nigeria, telecommunications operators risk NGN 250,000 (approx. USD 600) fines over any abandoned tower. Read More

CBN’s Rate Hike, Rising Energy Cost May Hamper Third Quarter Growth, says LCCI
The Lagos State Chamber of Commerce and Industry has predicted that the interest rate hike by the Central Bank of Nigeria (CBN) and rising energy costs will constrain the growth of the country’s economy in the third quarter of this year. Read More

Nigeria Needs an Overhauled System of Governance, says IoD
The Institute of Directors (IoD) Nigeria has said that the country needs an overhauled system of governance that is built on the foundation laid by the nationalist political leaders. Read More

NSIA signs USD 50 Million Carbon Reduction Deal with Vitol
The Nigeria Sovereign Investment Authority (NSIA) has entered into an agreement with Vitol to establish a joint venture that will enable both firms to invest in a range of carbon avoidance and removal projects. Read More
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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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