21 July 2022
Eastern Africa
IGAD Emphasizes Need to Rethink Resilience Programing in Region
The current circumstances compel the need for a paradigm shift to accept the impact of multiple shocks, including the war in Ukraine, and rethink resilience programing in the region, IGAD Executive Secretary Workneh Gebeyehu said. Read More

Ethiopia, US Discuss on Boosting Investment in Ethiopia
Ethiopian Investment Commission Commissioner Lelise Neme and Head of Political and Economic Section of the U.S. Embassy in Ethiopia, John Robinson discussed on ways of boosting investments in Ethiopia. Read More

Ethiopia Striving to Become Regional Manufacturing Hub, Attract Foreign Investment: Minister
The Minister of Industry, Melaku Alebel participated in the 17th annual Indian Industries-EXIM Bank Conclave on India-Africa Growth Partnership which kicks-off today in New Delhi, India. Read More

US Provides USD 55 million for Ethiopia’s food-crisis response
The United States, through the U.S. Agency for International Development, announced nearly USD 55 million in additional food-security assistance to Ethiopia. Read More

Expensive Fuel Looms as IMF Drops Support for Subsidy
The International Monetary Fund (IMF) has set a fresh loan condition requiring Kenya to drop the fuel subsidy programme by October, exposing motorists to a sharp rise in pump prices. Read More

Weak Euro Spells Diminished Kenyan Horticulture Returns
Kenya’s horticulture sector is facing fresh threats as the euro, the currency in which it is paid for exports, has lost ground against the shilling over the past six months. Read More

Relief for Milk Consumers as Prices Decline
Consumers have started paying less for milk as the price of the commodity starts to decline in the wake of an increase in supply. The price of fresh milk has now dropped to Sh55 on average from a high of Sh60 last month, coming as a reprieve to consumers who have had to put up with high prices for the last three months. Read More

Kenya Airways, South Africa Carrier Sign Codeshare Deal
South African Airways has inked a codeshare agreement with national carrier Kenya Airways on flights to and from their home countries in a bid to increase their reach. Read More

BRD’s HATANA Fund Empowering Business Recovery Post-COVID-19
The Government of Rwanda launched the second phase of the Economic Recovery Fund,  following finance agreements signed in 2021, between the World Bank and Asian Infrastructure Investment Bank through the Ministry of Finance and Economic Planning to support implementation of the Access to Finance for Recovery and Resilience project to a tune of USD 257.5 million. Read More

Value of Manufactured Goods Grows by 12 Percent
Value of manufactured commodities recorded an annual growth of 11.6 percent in the quarter ending March this year, on account of increased demand in domestic and external markets, especially in the countries from the East African Community and Southern African Development Community. Read More

Petra to Wrap up Share Sale to Caspian before December
Petra Diamonds has said the agreement to reduce its stake at Williamson Diamond is progressing and expected to become effective before the end of this year. Read More

Samia Surprises Watchers with New IMF TZS 2 Trillion Loan
Top level government officials have been working overnight to explain the move by the International Monetary Fund (IMF) to approve a USD 1.04 billion 40-month extended credit facility arrangement, with an immediate disbursement of USD 151.7 million. Read More

600 Women-Led Businesses in Africa get KES 165 Million Grant
Some 600 women-led businesses in Mozambique, Tanzania and Zambia will receive USD 1.4 million in funding from the African Development Bank. Read More

World Bank Tasks Government on Oil and Gas Training Sustainability
A USD 34 million project by the World Bank aimed at skilling a competent oil and gas workforce at the Uganda Petroleum Institute, Kigumba, is due to end in December, with calls for the government to ensure sustainability of what has been achieved. Read More

Partnership to Empower 10,000 African Startups across the Continent
The African Startup League, a partnership built around blockchain technology seeks to empower 10,000 African-owned enterprises, which will compete for a grand prize of USD 1,000,000. Read More

UAP Old Mutual Financial Services Registers 78 Percent Growth, Assets Grow to UGX 615 Billion
Capital markets player, UAP Old Mutual Financial Services has announced a 78 percent growth for the year ended December 2021. The results were revealed during the company’s Annual General Meeting held at the premises at the Nakawa Business Park. Read More
Northern Africa
Sonatrach to Invest USD 4 Billion to Develop Two Onshore Blocks in Algeria

Algeria’s state oil company Sonatrach and its partners have jointly signed a production sharing contract to invest USD 4 billion in onshore blocks 404 and 208, located in the prolific Berkine basin in Eastern Algeria. Read More

Egypt Keen to Continue Developing Economic, Trade Cooperation with German Business Community

Egyptian President Abdel Fattah El Sisi has affirmed that Egypt is keen to continue promoting economic and trade cooperation with Germany’s business community and companies. Read More

Egypt and Serbia Sign Strategic Partnership Deal in Belgrade
The presidents of Serbia and Egypt, Aleksandar Vučić and Abdel Fattah el-Sisi, signed a strategic partnership agreement in Belgrade, with el-Sisi’s visit marking the first visit of an Egyptian president to the Serbian capital in 35 years. Read More

MSMEDA Supports 19,000 Project Owners in Marketing their Products with Value Exceeding EGP 1 Billion
Over the past eight years, the Medium, Small and Micro Enterprise Development Agency (MSMEDA) has assisted more than 19,000 project owners in marketing their products by registering in the suppliers’ register of various government agencies and bodies, where they participated in tenders worth over EGP 1 billion (approx. USD 53 million). Read More

Egypt Approves Qualification of ELWATANYA, SAFI for their Offering on EGX
The Egyptian Cabinet approved the qualification of the army-affiliated companies (ELWATANYA), for the sale and distribution of petroleum products and National Companies for producing natural water, in preparation for their listing on the Egyptian Exchange (EGX). Read More

Holding in Morocco of US-Africa Business Summit, Enshrinement of Kingdom's Natural Role as Gateway to Africa
The organization in Morocco of the 14th edition of the US-Africa Business Summit  whose proceedings began Wednesday in Marrakech, is an enshrinement of the natural role of the Kingdom as a gateway to Africa and a link with its international partners such as Europe, the United States and South America, said Minister of Foreign Affairs, International Cooperation and Moroccans Abroad, Nasser Bourita. Read More

Morocco To Benefit from Germany’s EUR 126 Million Climate Initiative
Germany’s Federal Ministry for Economic Affairs and Climate Action (BMWK) has announced its plans to provide EUR 126 million (USD 128 million) for 14 ongoing decarbonization projects in the Middle East, Africa, Asia, and Latin America through its International Climate Initiative. Read More

Morocco’s Masen, India’s NTPC to Boost Cooperation on Renewable Energies
Morocco’s Moroccan Agency for Sustainable Energy (Masen) and India’s electricity production company NTPC signed a deal, seeking to strengthen renewable energy cooperation between the two companies. Read More

Netflix Loses Almost One Million Subscribers in Second Quarter of 2022
With a loss of 970,000 subscribers in the second quarter of 2022, between April and July, Netflix, the international streaming leader, is facing a hard challenge to maintain its glory, laying off more than 300 of its employees during the three last months. Read More
Southern Africa
Economist says MWK 37 Billion Capital Injection to Boost Businesses
Economist Milward Tobias says the injection of MWK37 billion into the economy through National Economic Empowerment Fund loan disbursements can help to cushion businesses from the harsh economic environment. Read More

Competition Commission Moves to Extend Footprint
Competition and Fair Trading Commission says it will now have the capacity to reach out to many people in the country with its services following the opening of a regional office in Mzuzu City. Read More

IMF Warns of Global Economic Collapse
The International Monetary Fund has warned of economic collapse in many African economies, including Malawi, in the face of rising inflation, public debt as well as foreign exchange shortage. Read More

Ecobank Malawi Rolls Out Upgraded Banking Platform
Ecobank Malawi has rolled out its upgraded mobile banking platform to complement its Ecobank mobile app used by millions of customers across Africa and beyond. Read More

Young Entrepreneurs Want More Favourable Business Climate
The National Association of Young Entrepreneurs of Mozambique on Wednesday advocated the promotion of a favourable climate for business in the country, by removing barriers to business activity, with a view to boosting social and economic development. Read More

South Africa
Triple Blow Hits Businesses in South Africa
As interest rates increase to curb rising inflation, coupled with fuel and load shedding, among other challenges – is putting pressure on the profit margins of small businesses in South Africa, says Andiswa Bata, co-head of SME at FNB. Read More

Inflation Hits 13 Year High in South Africa
Statistics South Africa has published its latest consumer price index, showing that annual consumer price inflation has broken through the upper limit of the Reserve Bank’s target range for the second consecutive month. Read More

South Africa’s State-Owned Rail Company at Advanced Stage of Facelift
The Passenger Rail Agency of South Africa is at an advanced stage of reconstructing and modernizing infrastructure and remedying the maladministration and corruption in the state-owned enterprise, said Minister of Transport Fikile Mbalula Wednesday. Read More

Scatec Reaches Financial Close for Renewable Projects in South Africa
Norwegian renewable energy firm Scatec has achieved financial close for three renewable projects in South Africa’s Northern Cape province. Read More
Kwacha Suffers Minor Setback against Dollar
The Kwacha experienced some headwinds due to increased demand for the United States dollar, but the month-end corporate conversions expected to give some short-term support for the local unit. Read More

Kafue Gorge Project will be Completed by Nov – Kapala
Energy Minister Peter Kapala says the plan to complete the Kafue Gorge project by November 2022 is on schedule, assuring that government will keep its promise. Read More

ZICTA Deactivates 2.1 Million Sim Cards Used for Fraud
Minister of Technology and Science Felix Mutati says the Zambia Information and Communications Technology Authority has deactivated 2.1 million sim cards after it was detected that they were being used as instruments to perpetrate fraud. Read More

Our New BSA with ZESCO Progressive – CEC
Copperbelt Energy Corporation says it has taken a bold step together with ZESCO to firm up power supply arrangements to the mining industry on the Copperbelt, following the 13-year Bulk Supply Agreement signed between the two companies. Read More
Western Africa
Japan Awards USD 4.3 Million Grant to Boost Local SMEs
The Government of Japan has awarded a grant of USD 4.3 million to boost the competitiveness and capacities of micro, small and medium enterprises in the country. Read More

New GNPC CEO Leads Delegation to Appo Energy Conference in Abuja
The Chief Executive Officer of the Ghana National Petroleum Corporation, Opoku Ahweneeh-Danquah, is today leading a high-powered delegation to a two-day petroleum conference of Chief Executive Officers of National Oil Companies of African Petroleum Producers’ Organisation in Abuja, Nigeria. Read More

NPA Sensitises Consumers in Cape Coast to LPG safety
The National Petroleum Authority has cautioned the public against placing LPG cylinders both empty and filled, near any naked fire or inflammable liquids. Read More

Ghana’s Mango Export Grows 28 Percent to Hit USD 64.6 Million in 2021
Ghana’s export of mangoes grew by 28 per cent between 2020 and 2021 putting the country in the 11th position in the order of countries that exported mangoes to the world in 2021. Read More
NEPC Sensitizes MSMEs on Export Finance Options
The Nigerian Export Promotion Council has equipped Micro Small and Medium Enterprises in export businesses with available finance options in its bid to drive the nation’s non-oil export sector. Read More

NRC Dismisses Plans to Hike Fares Amid Rising Diesel Price
Despite the rise in operational expenses driven partly by hike in diesel increase, the Nigerian Railway Corporation has said there are no plans to increase fares on the route it currently operates. Read More

12 Million Subscribers to Benefit from 9mobile’s 9TV
Telecommunications firm, 9mobile, has launched its innovative online entertainment platform, 9TV. Read More

Operators Fear Hike in Interest Rate will Depress Appetite for Stocks
Operators have decried the decision of the Central Bank of Nigeria to increase the interest rate, stating that it would depress investors’ appetite for equities shortly and undermine the bullish outlook of the market. Read More
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