8 June 2022
Eastern Africa
Ethiopia, UAE Business Relation Surpass USD 2.5 Billion in Five Years
The trade relations between Ethiopia and the United Arab Emirates over the past five year have surpassed USD 2.5 billion, according to Ministry of Trade and Regional Integration. Read More

House Refers ETB 786.6 Billion Draft Budget Bill of 2015 Ethiopian Fiscal Year to Standing Committee
The House of People’s Representatives during its 11th session referred the ETB 786.6 billion (approx. USD 15 billion) draft budget bill for the 2015 Ethiopian Fiscal year to the Plan, Budget and Finance Affairs Standing Committee. Read More

Ethiopian Delegation Visits Djibouti’s Doralleh Port
An Ethiopian delegation led by the State Minister for Trade and Regional Integration, Endalew Mekonen, has visited the port operation at Djibouti’s Doralleh Multi-Purpose Port. Read More

World Bank Grants USD 210 Million to Develop Ground Water Resources in Ethiopia
The World Bank has granted 210 million USD to Ethiopia to develop ground water resources in Ethiopia, according to Ministry of Water and Energy. Read More

Kenya Spends KES 7.65 Billion Monthly on Fuel Subsidy
Kenya spends an average of KES 7.65 billion (USD 66 million) every month to subsidise diesel, super and kerosene, highlighting the adverse impact of the fuel stabilisation programme on the country’s revenues. Read More

Value of Insured Bank Deposits Hits KES 819 Billion After Law Changes
The value of insured bank deposits rose by 16.5 percent to KES 819.17 billion (approx. USD 7 billion) last year on the back of an increase in accounts holding more than KES 100,000 (approx. USD 855) and a change in the law that increased compensation for collapsed lenders. Read More

High Court Stops KRA from Taxing Churches
Churches have been handed a big relief after the High Court stopped the Kenya Revenue Authority from demanding tax on tithes, donations and offerings without exemptions. Read More

Centum Sells Sidian Bank for KES 4.3 Billion to Nigerians
Nigeria’s top lender, Access Bank, will acquire majority stake in Sidian Bank from Centum Investments for KES 4.3 billion (approx. USD 37 million), two years after it entered the Kenyan market with the buyout of Transnational Bank. Read More

Africa Soft Power Ends Summit in Kigali, Announces May as ‘Africa Month’
The 2022 Africa Soft Power Project has ended its ‘Africa Month’ summit. The event hosted an all-star cast of industry leaders across the creative, cultural, knowledge and digital industries around the continent and diaspora in Kigali, capital of Rwanda, to three days of impactful conversations. Read More

Govt to Waive off RWF 5 Billion Loaned to Vulnerable Citizens
The Local Administrative Entities Development Agency has announced plans to write off loans amounting to RWF 4.8 billion (approx. USD 4.7 million) which had been given to beneficiaries under VUP financial services. Read More

Renovation Works at Huye Stadium to Cost RWF 10 Billion
The ongoing renovation works at Huye stadium are set to cost about RWF 10 billion (approx. USD 9.8 million) upon completion, the Rwanda Housing Authority has confirmed. Read More

Tanzania to Spend USD 3 Billion to Service Debts: Minister
The Tanzanian government is planning to spend TZS 9.09 trillion (USD 3.9 billion) on debt servicing during the financial year 2022/23, Finance and Planning Minister Mwigulu Nchemba has said. Read More

GGM Commits to Protect Environment  in Concession Areas
Geita Gold Mine has pledged to continue protecting the environment in its concession area and support other stakeholders in ensuring that nature and the host communities are not adversely affected by climate change. Read More

Tanga Entrepreneurs to Observe TBS Standards Procedures
The processors of food, spices and sisal products in Tanga region have been urged to give priorities to training offered by the Tanzania Bureau of Standards to raise goods standards and penetrate wide in regional and global markets.  Read More

The TZS 1.3 Trillion Project To Boost Urban Water Supply
The government and Indian companies signed contracts for implementation of water projects aimed at improving access to clean and safe water in 28 towns in Tanzania Mainland and Zanzibar by eight percent. Read More

Uganda Within Middle Income Status Threshold: Museveni
Uganda has surpassed the middle-income status threshold and is only awaiting a declaration, according to President Yoweri Museveni. In his State of the Nation Address , Museveni said that the economy has now grown to USD 45.7 billion, which is slightly above the population of the country. Read More

Uganda Tourism Board in Drive to Increase Tourist Arrivals from East Africa
In a bid to position Uganda as a preferred tourist destination in the East African source market, Uganda Tourism Board participated in this year’s Karibu KILIFAIR at Magereza Grounds in Arusha Tanzania from 3-5 June. Read More
Northern Africa
Algeria GDP Forecast 3.4 Percent in 2022, Higher Than IMF Outlook

Algeria's finance minister expects the country's gross domestic product to grow 3.4 percent in 2022, he was quoted as saying.The minister, Abderrahmene Raouia, made this statement during his opening remarks at the 33rd conference of Arab insurance federations in Oran in the western part of the country. Read More

Al-Hawij: We Have the Will to Achieve an Economic Partnership with Algeria
The Minister of Economy and Trade in the Government of National Unity, Mohammed Al-Hawij, has stated that the ministry is working to transfer expertise and enhance bilateral trade exchange towards European and African markets with the participation of the private sector. Read More

Algeria’s Port of Djen-Djen Enlargement to Turn it into a Container Hub
The enlargement of the port of Djen-Djen, under the management of South Korean group Daewoo, will turn it into one of the big container transhipment terminals in the Mediterranean Sea. Read More

Egypt Hosts First Africa Health ExCon
The Ministry of Tourism and Antiquities, represented by the Egyptian Tourism Promotion Board, participated in the first Africa Health ExCon, which was inaugurated by the Egyptian president and held on 5-7 June at the Al-Manara Exhibition Center in New Cairo. Read More

Egypt's Exports to America Rise 56.3 Percent in 2021
Egypt’s exports to the United States of America rose 56.3 percent in 2021, to USD 2.5 billion, representing 5.8 percent of Egypt’s exports to the world, compared to USD 1.6 billion in 2020. Read More

Egypt to Establish Fund of Assets for IPO Worth USD 4 Billion
CEO of the Sovereign Fund of Egypt, Ayman Soliman, said hat work is currently underway to establish a fund of assets worth USD 4 billion, with the aim of accelerating subscriptions and fair evaluation of companies. Read More

Gov't Investments in Communications, Information Technology Sector Hit EGP 22.8 Billion
Government investments in the communications and information technology sector will rise in the 2022-2023 fiscal year by 22 percent to about EGP 22.8 billion (approx. USD 1.2 billion), according to Minister of Communications and Information Technology, Amr Talaat. Read More

Mastercard: Digitization Drives Finance, Education Inclusion in Morocco
Digital inclusion in Morocco has provided financial support for the vulnerable populations amid the COVID-19 pandemic and opened doors for better access to health and education services to the general public, says Mastercard’s latest report on Financial Inclusion in the Middle East and Africa. Read More

Five Moroccan Firms Shine in Forbes Middle East ‘Top 100 Listed Companies’
Forbes Middle East has included five Moroccan companies in its “Top 100 Listed Companies” list for 2022, featuring Attijariwafa bank, Maroc Telecom, Banque Centrale Populaire, Bank of Africa, and LafargeHolcim Maroc. Read More
Southern Africa
Banks Hike Lending Rates, Now At 13.8 Percent
Commercial banks have hiked their base lending rates, a development analysts have attributed to the recent 25 percent devaluation of the kwacha and the impending inflation rise. Read More

Resolve Single Buyer Squabbles, Chakwera
President Lazarus Chakwera gave Minister of Energy Ibrahim Matola up to June end to provide clarity on the relationship between Escom and Power Market Limited (PML) on the single buyer function. Read More

Government Gets Kapichira Rehabilitation Boost
President Lazarus Chakwera has assured Malawians that cases of blackouts will be reduced significantly by December this year as government has secured USD 600 million for the rehabilitation of Kapichira hydro dam. Read More

CTA and IFPELAC Guarantee Capacity Building for 40 Cabo Delgado MSMEs

The Confederation of Economic Associations and the Alberto Cassimo Institute for Professional Training and Labour Studies have signed a memorandum of understanding for technical training in the field of labour administration for 40 micro, small and medium-sized enterprises  in Cabo Delgado. Read More

South Africa: Limpopo Business Mission on its Way to Gaza, Mozambique
A business mission from the South African province of Limpopo will soon travel to Mozambique’s Gaza province within the scope of the partnership and economic cooperation framework between the two regions. Read More
South Africa
Sygnia CEO David Hufton on Record Half-Year Performance
Sygnia has delivered a record half-year performance, which it says was due to a strong showing by its exchange-traded funds and retail business. Read More

Oil Prices Steady as Output Perks Up
The oil price were steady below the USD 120 mark, as investors weighed up additional supply from Venezuela and oil cartel Opec amid rising demand from China. Business Day TV discussed this in detail with RMB client strategist John Cairns. Read More

SA’s USD 8.5 Billion Energy Package is Intended Only for Renewables, Donor Says
Any new investment by SA in coal-fired power generation would be inconsistent with the spirit and intent of a USD 8.5 billion funding package proposed by the UK, US, Germany, France and the EU to expedite the country’s transition to green energy, a representative of the US Treasury told a conference in Cape Town. Read More
Zesco Cleared over Zim Poles
Zambia Public Procurement Authority has cleared Zesco over its decision to buy wooden poles from Zimbabwean and South African firms, Minister of Energy Peter Kapala has said. Read More
Western Africa
Cote D’Ivoire
1,000km West African Highway to Give “Better Life For Five Countries”
A new highway planned between Nigeria and Ivory Coast, will boost the economies of the five African countries it will traverse and benefit at least 40 million people in Nigeria alone, Nigeria’s public works minister, Babatunde Fashola, has said. Read More

MCC, Ghana Complete USD 316 Million Power Compact
The U.S. government’s Millennium Challenge Corporation has announced the completion of the five-year, USD 316 million MCC-Ghana Power Compact, celebrating a partnership that created a more "effective, sustainable, and inclusive power sector in Ghana". Read More

Agric Ministry Must Clear GHS 400 Million Debt to Protect Fertiliser Business – Chamber
The Chamber of Fertiliser Ghana says even though the Ministry of Food and Agriculture has assured that it will clear all debts owed the chamber, the timely release of the funds is important to prevent a collapse of their businesses. Read More

Newmont Sells Gold to BoG to Boost Country’s Reserves
Newmont Ghana has announced that it has successfully sold 3,500 ounces of gold to the Bank of Ghana under the central bank’s Domestic Gold Purchasing programme launched in June 2021. Read More

SNV Partners GCYE to Formalize over 600 MSMEs in Ghana
In an aggressive move to support green businesses that make use of waste materials and promote climate resilience, SNV Netherlands Development Organisation has partnered the Ghana Chamber of Young Entrepreneurs to facilitate a series of business support clinics for Micro, Small and Medium-sized Enterprises in the Ashanti, Northern and Western regions. Read More

Nigeria’s Imports from China Rise by 183.91 Percent, Debts Hit USD 3.67 Billion
Nigeria’s import from China rose by 183.91 percent from NGN 530.98 billion (approx. USD 1.3 billion) in the first quarter of 2018 to NGN 1.51 trillion (approx. USD 3.6 trillion) in Q1 2022. According to the National Bureau of Statistics data on foreign trade, China is responsible for most of the imports into Nigeria. Read More

High-Grade Lithium Discovered in Nigeria Attracting Investors – FG
The Director-General, Nigerian Geological Survey Agency, Dr Abdulrazaq Garba, has said that high-grade lithium discovered in Nigeria has been attracting foreign investors. Read More

Citibank Extends NGN 4 Billion Loans to Agric Sector
Citibank Nigeria has extended NGN 4 billion (USD 10 million) financing to Babban Gona Farmer Services Nigeria to support input credit and harvest advances to smallholder farmers in northern Nigeria. Read More

Greenbond Finance Boosts Economy with Loan Services
In a bid to grow the Nigerian economy, the Managing Director and Chief Executive Officer of Greenbond Finance Company, Mr Niyi Adeseun, says the objective of the company is to deepen the nation’s money market and economy by providing permissible financial services to individuals and business entities. Read More
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