Ethiopia
UK Business Delegation Visits Ethiopia
A United Kingdom (UK) business delegation led by Mrs. Thato Mosadl, Senior Economist and Strategist of Jeffries International held discussions with Ambassador Eshete Tilahun, Director General of Europe and American Affairs at the Ministry of Foreign Affairs of Ethiopia. Read More

Industrial Parks Development Corporation Enters Agreement to Recycle Waste Products
Industrial Parks Development Corporation signed a memorandum of understanding with Tanabe and Suntechno, Japanese companies, to recycle industrial park waste products. Read More

African Airlines Traffic Up 124 Percent
African airline traffic increased by 124 percent in January 2023 compared with January 2022, says the International Air Transport Association indicating that  the recovery in air travel demand is continuing in 2023. Read More

Ethiopian Electric Utility Sees Nationwide Coverage of Electricity Supply by 2030
Ethiopian Electric Utility announced its plans to increase its customers to 7.5 million in 2030. The company’s Chief Executive Officer, Shiferaw Telila, stated that EEU was also working to expand its supply coverage and provide electric supply across entire country by 2030. Read More

Kenya
State to Sell Cheap Goods in Shops Via KES 24 Billion KCB Deal
The State has received KES 24 billion (approx. USD 187 million) backing from KCB Group for the importation of cheap foods to be distributed through 120,000 shops in efforts to lower the cost of living. Read More

State, Counties Set to Run Joint Projects in New Law
The National Treasury has moved to amend the Public Finance Management Act to formalise collaboration between the national and county governments. Read More

Kenya will fund KES 256 Billion Eurobond Settlement Next Year
Treasury will tap concessional external loans to fund the KES 256 billion (approx. USD 2 billion) bullet repayment of its debut Eurobond due in the next financial year starting July, Parliament heard. Read More

Inter-Bank Lending Rate at 18-Month High on Tight Liquidity
The daily average borrowings by banks from their peers jumped 23.5 percent in February compared to a month earlier, pushing their lending rates to an 18-month high. Read More

Rwanda
President Kagame to Women: We are With You in Gender Equality Struggle
President Paul Kagame has saluted women the world over, on the International Women's Day, a global day celebrating the social, economic, cultural, and political achievements of women. Read More

Rwanda Scales Up Efforts to Promote Agri-Tech Inclusion
As the world celebrates International Women’s Day, it is worth reflecting on the crucial role that women play in agriculture and the critical need for technology inclusion to promote gender equality in the sector. Read More

Kigali Special Economic Zone to be Doubled in Size
Government says it plans to expand, by more than double, the size of Kigali Special Economic Zone in a move aimed at further addressing some of the domestic private sector constraints including the availability of industrial and commercial land, limited transport linkages as well as availability and the cost of energy. Read More

Tanzania
Chart out Strategic Climate Change Interventions
The Vice- President Dr Philip Mpango has made an appeal to nations to ensure climate change adaptation and mitigation issues are adequately mainstreamed in their development plans, especially those targeting sectors most vulnerable to the problem, such as agriculture, water and energy. Read More

TPSF Hypes Role of Technology to Boost Gender Parity
AS the world celebrates an International Women’s Day, Tanzania Private Sector Foundation (TPSF) stresses on the role of innovation and technology in advancing gender equality and empowering women entrepreneurs to grow their businesses and alleviate poverty in the communities. Read More

Uganda
AI is Helping Us to Register More Taxpayers, Says URA
Uganda Revenue Authority has said it is deploying technology driven initiatives, including Artificial Intelligence (AI), to register more taxpayers. Read More

Data, Mobile Money Shore Up MTN Profits to UGX 406 Billion
MTN has posted UGX 406 billion (approx. USD 109 million) in profits due to growth in revenues from internet data and financial technology services such as mobile money. Read More

Cost of Business Eats into BATU’s Profitability
Despite a 6 percent growth in its revenue which translates to UGX 99.5 billion (approx. USD 27 million) BATUs profit after tax dipped to UGX 9.8 billion (approx. USD 2.7 million) for the full year ended December 2022 down from UGX 10.2 billion (approx. USD 2.8 million) registered in the same period last year. Read More

KCCA Resolves to Halt Issuance of Contracts to Casual Workers
Kampala Capital City Authority, KCCA Council has unanimously resolved to halt the issuance of contracts to casual workers for cleaning the city. Read More

Algeria
Berlin International Tourism Market: Algeria presents
Following its recent participation in similar events in Italy and Bulgaria, Algeria is taking part in the 54 ITB Berlin International Tourism market in Germany from 7 to 9 March. Read More

Digital Farmer’s Card: 1 840 Beneficiaries in Constantine
The digital farmer's card, which is being generalized, has several advantages, including the facilitation of certain administrative procedures. Read More

The First Vehicles from 1 December 2023
The automotive market in Algeria is soon recovering, particularly since the signing in October 2022 of the framework agreement between the Ministry of Industry and the Italian automotive manufacturing group FIAT, for the launch of a car manufacturing project in the industrial zone of Tafraoui, in the wilaya of Oran. Read More

Egypt
No Withdrawal Commissions When Using Bank ATM Machines
The Federation of Egyptian Banks confirmed that some of the false news being circulated regarding withdrawal commissions from banks' automated teller machines (ATMs) is completely baseless information. Read More

Egyptian Banks Approve Withdrawal Fees, Commissions on Credit Cards
A number of banks operating in Egypt approved commissions when withdrawing cash from the purchases card, at a rate ranging from 2 to 5 percent percent of the value of the money withdrawn. Read More

CBE Ratifies Regulations of Contactless Payment
The Central Bank of Egypt (CBE) has endorsed regulations to govern coding services during contactless payment through smartphone applications. Read More

Egypt, UAE Seal Deal to Establish Factory to Produce RUP Syringes
In the presence of Prime Minister Moustafa Madbouli, an agreement was signed between the Holding Company for Biological Products and Vaccines and the UAE-based Exeed Industries and Scope Investment to establish, manage and operate a factory to manufacture Re-Use Prevention syringes. Read More

Morocco
Morocco’s Tourism Office Partners with German Group to Boost Arrivals
Morocco’s National Tourism Office announced signing a partnership with international tourism and travel TUI Group on Tuesday, noting the deal aims to boost tourism activities in Morocco. Read More

Big Moroccan Companies Evade Taxes Using Fake Addresses in Southern Provinces
Morocco’s General Directorate of Taxes has discovered a new tax evasion trick that several big companies have opted for, revealing that many firms have been using fictitious addresses in the country’s southern provinces while carrying out their business activities outside of the regions. Read More

Energy Company TAQA to Invest USD 1.6 Billion Into Morocco’s Green Future
As Morocco continues its journey to shift to using greener energy, a subsidiary of Abu Dhabi National Energy Company TAQA has announced it will invest USD 1.6 billion in the country’s green energy projects by 2030, converging reports have detailed. Read More

Morocco Grants Canada’s Elcora Manganese Exploitation License
The Moroccan government has granted Elcora Advanced Materials, a Canada-based vertically integrated graphite and graphene company,  a Manganese exploitation license. Read More

A Glimpse at the New Pension Act
The new Pension Act came into force replacing the old Pension Act, which was passed just some 12 years ago. Read More

Malawi Trade Balance Improves by 68 Percent Forex Shortage Affects Imports
Malawi’s trade balance improved by 68 percent in 2022 as compared to 2021, thanks to forex shortage which dampened imports and no thanks to improved exports, the Ministry of Finance and Economic Planning has said. Read More

Bad Loans Haunt Microfinance Sector, Impacts Credit Supply
The Reserve Bank of Malawi says high levels of non-performing loans fuelled by high inflation and interest rates are threatening the country’s lenders in the microfinance sector. Read More

Polymed Sacco Posts MWK 133 Million Surplus
Polymed Savings and Credit Cooperative (Sacco) has more than doubled its surplus to MWK 133 million (approx. USD 130,000) in the year ended December 31 2022 from MWK 62 million (approx. USD 60,000) the previous year. Read More
 

Government in Talks on Two-Tier Pricing to Boost Internal Tourism
In reviewing tourism policies, the government will address aspects such as special pricing for South Africans to encourage them to travel locally. Read More

Cash-Flush JSE Distributes ZAR 668 Million to Shareholders
The JSE, the listed company that operates Africa’s largest bourse, has announced a ZAR 668 million (approx. USD 36 million) distribution to shareholders as the business remained profitable and cash generative despite a raft of delistings in recent years. Read More

Ngodwana Energy Takes on Contractors for Biomass Plant Defects
Ngodwana Energy, for which Sappi and Patrice Motsepe’s African Rainbow Energy and Power are major shareholders, is demanding that it be paid ZAR 222 million (approx. USD 12 million) by South Korean group KC Cottrell over shoddy work done at the 25MW biomass energy unit in Mpumalanga that has resulted in significant defects that require rectification. Read More

Business Confidence in South Africa Continues to Circle the Drain
Load shedding and failing rail, road, and port infrastructure has hit South Africa’s business confidence hard, with optimism nosediving in the manufacturing and consumer-facing retail sectors. Read More
 

Cote d'Ivoire
Attorney-General Meets Special Adviser of Cote d'Ivoire President
H.E. Attorney-General Dr Issa bin Saad al-Jafali al-Nuaimi met with the visiting Minister and Special Adviser to the Cote d'Ivoire President, Ally Coulibaly. Read More

First Israeli Offshore Patrol Vessel for Cote d’Ivoire Arrives Home
Cote d’Ivoire has ordered two OPV-45 offshore patrol vessels from Israel and the first of these has been completed and has just arrived home. Read More

Ghana
T-Bills Auction: Government Gets GHS 6.15 Billion at 24 Percent Interest
The government beat the cost of its Treasury bills down significantly, securing GHS 6.15 billion (approx. USD 500 million) from the latest auction, about 121.6 percent oversubscription. Read More

Government Raises GHS 4.5 Billion in Lowest Rate Since June
The government has raised more than GHS 4.5 billion (approx. USD 366 million) from the sale of short-dated securities at the lowest rate since June 2022. Read More

IMF Staff on Course to Present Ghana Programme to Board
The International Monetary Fund (IMF) announced December 12, 2022 the staff level agreement it reached with Ghana for a USD 3 billion extended credit facility for the country. Read More

Tullow Oil Recovers from Loss Position to Record USD 49 Million Profit in 2022
Tullow Oil recovered from its loss position in 2021 to record a profit of USD 49 million in 2022. Read More

Nigeria
Ekiti State to Launch Wealth Fund, the First Sub-Sovereign Wealth Fund in Nigeria
Ekiti State to launch Wealth Fund, the first sub-sovereign wealth fund in Nigeria. The Ekiti State Government announced the Ekiti State Wealth Fund Bill was approved by the State Executive Council.  Read More

Nigeria’s VAT Revenue Increases by 21 Percent to NGN 2.5 Trillion in 2022
Nigeria generated a sum of NGN 2.51 trillion (approx. USD 5.5 billion) as Value Added Tax (VAT) in 2022, marking a 21.2 percent increase compared to NGN 2.07 trillion (approx. USD 4.5 billion) recorded in the previous year. Read More

FG Should Eliminate Forex Subsidy to Unlock NGN 3 Trillion Revenue Annually
Nigerian economic think-tank, the Center for the Promotion of Private Enterprise, has proposed an economic agenda for the incoming administration of Bola Ahmed Tinubu. Read More

Global Food Prices Dropped in February
The Food and Agriculture Organisation of the United Nations said global food prices fell in February for the 11th consecutive month. Read More