27 June 2022
Eastern Africa
Corporation Earns USD 600,000 from Incense, Natural Resins Exports in ten Months
The Ethiopian Agricultural Works Corporation disclosed that it has generated USD 600,000 from natural resins and incense exports in the past ten months of the current Ethiopian fiscal year. Read More

Green Legacy Excellent, Much Appreciated Initiative: UN OCHA Ethiopia Head 
The Ethiopian Green Legacy is an excellent and much appreciated initiative, United Nations Office for the Coordination of Humanitarian Affairs Ethiopia Head, Michel Saad, said. Read More

Ethio-Indian Relations Strengthen as New Embassy is Inaugurated
External Affairs Minister of India Dr. S. Jaishankar pays a short visit to Ethiopia and inaugurates the new Indian embassy chancery building in Addis Ababa. Read More

EIH Holds First Onboard Summit Spearheading Generational Wealth
The Ethiopian Investment Holding (EIH), a recently formed state owned commercial entity which is a public wealth fund that holds 27 mammoth public enterprises with an estimated asset holding of over BIRR 2 trillion (approx. USD 38.4 billion) within its portfolio, has conducted an onboard summit. Read More

KES 7.5 Billion Mineral Royalties Stuck at Treasury over Rules
The government continues to collect and hold onto mineral royalties that have grown to KES 7.5 billion (approx. USD 64 million) but is unable to distribute the money due to the failure of the Treasury to conclude a legal instrument required to unlock the funds. Read More

Uwezo Taps Chiefs to Recover KES 4.6 Billion
Affirmative action fund, Uwezo, is enlisting the support of chiefs and engaging youth groups across the country, to enhance repayment of KES 4.6 billion (approx. USD 39 million) issued to support enterprises across the country. Read More

Tanzania Hits Traders with Nearly Double Export Fees
Tanzania has doubled the cost of export permits by 93 percent, a move likely to open another round of trade dispute between Nairobi and Dar es Salaam. Read More

Proparco of France Buys KES 3.7 Billion Naivas Supermarket Stake
French sovereign wealth fund Proparco has acquired a USD 31.5 million stake in supermarket chain Naivas as part of a consortium that will take a combined 40 percent ownership in the retailer. Read More

2022/23 Budget: Where Money will Go
Members of Parliament unanimously endorsed the TZS 41.48 Trillion budget for the 2022/23 fiscal year, with transport infrastructures and agriculture taking the lion’s share of the development budget. On the part of recurrent expenditure, servicing national debt and salaries will gobble huge portion of the budget. Read More

State Assures of Continued Construction, Rehabilitation of Water Infrastructure
The Government has reiterated its commitment to continue allocating funds for construction and rehabilitation of water infrastructure in rural and urban areas. Read More

125 Billion Cubic Feet Natural Gas Produced at Mnazi Bay
More than 125 billion cubic feet of natural gas have been extracted from five wells at Mnazi Bay gas production site in Mtwara region in the last 16 years of operation. Read More

Tanzania's Taifa Gas Licensed to Set Up Plant in Kenya
Tanzania’s biggest gas dealer Taifa Gas has been licensed to set up gas plant and storage facilities at a site in Dongo Kundu near the port of Mombasa to supply LPG for domestic, commercial and industrial use. Read More

UDB to Lend UGX 300 Billion in the Next Six Months
Uganda Development Bank is set to lend slightly over UGX 300 Billion (approx. USD 80 million) in the coming six months to support businesses overcome the current economic shocks, characterized by high commodity prices. Read More

UDB Helped Create 41,000 Jobs Despite Inflation
The Uganda Development Bank, the country’s national development finance company, made a record level of loan approvals in 2021, with total lending of UGX 635 billion (approx. USD 169 million). Read More
Northern Africa
The Big 5 Construct Egypt Exhibition Kicks Off
Chief of staff of the Engineering Authority of the Armed Forces, Major General Hesham El Swefy and Engineer Khaled Abbas, Deputy Minister of Housing, Utilities & Urban Communities officially inaugurated The Big 5 Construct Egypt exhibition, visiting exhibitors and The Authority's pavilion. Read More

Investments in Egypt's Construction Sector Hit EGP 600 Billion Annually: Deputy Housing Minister
Volume of investments in the Egyptian construction sector reached EGP 600 billion (approx. USD 32 billion) annually both from the government and the private sector, according to Deputy Minister of Housing, Utilities & Urban Communities, Khaled Abbas. Read More

Planning Ministry Signs 5 Cooperation Protocols to Support Entrepreneurship
Planning Minister Hala el Saeid attended the inking ceremony of five cooperation protocols between her Ministry and a number of bodies concerned with entrepreneurship in Egypt. Read More

GAFI Head Urges Fostering Investment Relations with Saudi Arabia
Chief Executive Director of the General Authority for Investment & Free Zones (GAFI) Mohamed Abdel Wahab called for strengthening investment relations between Egypt and Saudi Arabia, especially in light of the current unprecedented support for the private sector. Read More

Interest Rates for Housing Loans in Morocco at All Times Low in May
Interest rates on housing loans were last month at an all-time low of an average of 4.10 percent before taxes, according to a new report from an online loan simulator. Read More

State-Backed Program Financed 2,531 Small Businesses in Morocco in 2021
The National Agency for the Promotion of Small and Medium-Sized Businesses (Morocco PME) provided financial support for a total of 2,531 businesses in Morocco in 2021. Read More

Morocco’s Tourism Revenues Register Increase of 123 Percent
Tourism revenues in Morocco are continuing to recover from the effects of COVID-19, registering an increase of 123.3 percent over the past year, shows a new report from Morocco’s Directorate of Financial Studies and Previsions. Read More

A Helicopter Airline to Link Algeciras to Tangier, Tetouan Starting September
Starting in September, a regular line of helicopters will connect the Spanish municipality of Algeciras to the northern Moroccan Tangier and Tetouan, reported the Spanish news platform Cadena Ser. Read More
Southern Africa
Teveta Wants Industries to Prioritise Tevet Certificate
Technical, Entrepreneurial and Vocational Education Training Authority has urged employers to start prioritising the Malawi Tevet Certificate. Read More

Experts Offer Tips on Donor-Funded Projects
An expert in project management has urged the government to quickly resolve bottlenecks hampering quicker absorption of donor- funded projects arguing the delay in executing projects has got several knock-on effects on the economy and society at large. Read More

South Africa
Ambassador says Japan Looking to Tap into SA’s Hydrogen Resources
Japan is looking for private investment opportunities in SA, primarily focusing on investing in hydrogen, Japan’s ambassador to SA Norio Maruyama told Business Day recently. Read More

SA’s Non-Farm Payrolls and Producer Inflation Likely to Dominate a Flood of Data
Economists have a busy week ahead with a slew of data releases expected, ranging from SA’s own version of non-farm payrolls to consumer confidence, private sector borrowing and the nation’s trade balance. Read More

Naspers to Narrow Discount by Open-ended Tencent Sales and Stock Buybacks
Africa’s largest listed investment group, Naspers, says it and consumer internet arm Prosus will tackle their share discount through an open-ended share buyback process, fuelled by the steady sale of shares in Chinese media giant Tencent. Read More

Ninety-One Ready to Swoop on Cheaper Shares after Global Rout
The world may be teetering on the brink of a recession that has sparked a slide in stock markets worldwide, but that isn’t deterring SA’s biggest listed asset manager from looking for buying opportunities in the ashes of the market rout. Read More
Government has Secured a Market for Agricultural Equipment to be Manufactured in Choma-Mutati
Technology and Science Minister, Felix Mutati has said that the government has secured a market for agricultural equipment to be manufactured by Saint Mawaggali Trades Training Institute in Choma. Read More

ZCTU calls for Management Shake Up at Zamtel
The Zambia Congress of Trade Unions – ZCTU has called for a management review and shake up at state owned telecoms company Zamtel following the company’s failure to turn around their operations and improve its financial performance in an industry that is highly lucrative. Read More
Western Africa
Cote D’Ivoire
Egypt and Côte d’Ivoire Agree to Develop Varieties of Strategic Crops
Egypt and Côte d’Ivoire agreed to cooperate in the research and development of strategic crop varieties, the most important of which is rice, one of the central crops for the two countries. Read More

Government to Deploy ‘Big Data’ across its Agencies to Fully Digitise Economy
The Vice President, Dr. Mahamudu Bawumia, has launched the first-ever Tier 4 Data centre in Ghana, ONIX Data Centre. Read More

MSMEs Reluctant to Legalise Operations due to Taxation - GEA Study
A recent study by the Ghana Enterprise Agency shows that most Micro, Small and Medium-scale Enterprises (MSMEs) in Ghana are unwilling to formalise their businesses due to taxation. Read More

GhIE President calls for construction of durable road transport systems in Ghana
The President of the Ghana Institution of Engineering (GhIE), Ing. Rev. Prof. Charles Anum Adams, has delivered the 51st Presidential Address in Accra, with a call for a concerted effort, proper collaboration of relevant stakeholders to construct durable road transport systems. Read More

UNESCO Provides Smart Classroom System for University for Health and Allied Sciences
The University for Health and Allied Sciences (UHAS) had received a 200,000-dollar smart classroom system from UNESCO. The system would provide virtual and cloud technology to enhance learning and the University is among four of four countries in Africa benefiting from the support. Read More

‘Credible, Stable Capital Market Essential for Sustainable Economic Growth’
For a country to rank high in the global economy, serious attention must be given to the development of a credible and stable capital market. Read More

Meta Launches Digital Training for NGOs across Anglophone West Africa
Meta has officially launched its non-profit training programme, a digital capacity building programme for 1,500 non-profit personnel across Anglophone West Africa. Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda, stated this at the First Nigeria Employers Summit organised by the Nigeria Employers Consultative Association. Read More

More Youths Access Global Financial Market Amid Unemployment Concerns
An indigenous Fintech Solution provider, Earnipay, has unveiled plans to extend its business activities across sub-Saharan Africa, just as the firm is targeting to offer on-demand salary solutions to one million employees in the next five years. Read More

Interest Hike, Declining Production Raise Fear of Worse Stagflation
Nigeria’s economy risks worse case stagflation as most economists and financial experts have agreed that macroeconomic indicators have continued to spiral. Read More
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