29 December 2022
Eastern Africa
Ethiopian Airlines Resumes Regular Flights to Mekelle
Ethiopian Airlines has resumed its regular flights to Mekelle, Tigray region’s capital. Read More

Telecom Services Resume in Mekele City
Ethio Telecom Chief Executive Officer, Frehiwot Tamiru has said that telecom services have resumed in Mekelle City as promised by the government. Read More

Forex buffer Hits Above 4 months Cover on IMF Loan
Kenya’s foreign exchange reserves have risen to USD 7.537 billion after the International Monetary Fund disbursed KES 81.7 billion (approx. USD 662 million) last week, improving the country’s forex buffer amid increasing pressure on the local currency.  Read More

Tourism Ministry to Scale up Western Kenya Sites Marketing
The Ministry of Tourism Wildlife and Heritage plans to scale up marketing activities for tourism attraction sites around Lake Victoria to make them known to foreign visitors touring the country. Read More

Family Bank Boosts Form 1 Scholarship Fund to KES 60 Million
The Family Group Foundation has scaled up its scholarships fund to KES 60 million (approx. USD 486,223.66) for needy students joining Form One in the new year. Read More

Kenya Airways Resumes Daily Flights to New York
Kenya Airways has resumed daily flights to New York as it moves to cash in on growing demand for air travel on the route. Read More

Loans Disbursed to Teachers up by 40 Percent After Salary Rise
Teachers have requested adjustments to credit terms in Umwalimu Savings and Credit Cooperative and consider extending the repayment period from three years to five years so that the increased salary advance loan benefits many of them.  Read More

Samia's Role as Investments Triple to USD 3.16 Billion in 5 months
President Samia Suluhu Hassan’s pro-business approach is having a profound impact on the government’s efforts to stimulate economic growth, with the latest data showing that the value of investment projects has almost tripled during the past five months.  Read More

Private Equity Firms Develop Appetite for Retailers as Global Brands Exit Markets
Kenya’s retail sector is becoming a fertile ground for private equity firms if the recent appetite for the takeover of family-owned supermarket chains is anything to go by.  Read More

NMB is the 2022 DSE Top Performer
NMB Bank has been one of the top performers at the Dar es Salaam Stock Exchange after its stock appreciated by 51 percent year-to-last Friday. Read More

Goods, Services Imports Up
Imports of goods and services were valued at USD 16,196 million in the year ending October this year compared with 10,763.9 million US dollars in the year ending October last year.  Read More

Uganda Coffee Exports in November Dropped by 15 Percent, Hurt by Drought
Uganda's coffee exports declined 15 percent in November from the same period a year ago, as drought reduced yields in some regions, the state-run sector regulator Uganda Coffee Development Authority said in a report. Read More

Ugandan Banks’ Mixed Fortunes on Low Economic Growth, Inflation
Twelve months since Uganda emerged from a restrictive COVID-19 control regime, the results for the country’s lenders remain mixed.  Read More
Northern Africa
Algeria Proposes Exporting Electricity to Libya
The Algerian electricity company Sonelgaz unveiled a proposal to provide services in various fields of energy to Libya through bilateral cooperation between the two countries, especially in the field of exporting electricity. Read More

Egypt's Natural, Liquefied Gas Exports Increase to USD 7.8 Billion in 2022
Egypt's natural and liquefied gas exports have seen an increase reached, USD 7.8 billion, which is equivalent to 160 billion pounds, during the period (January-October 2022), ranking Egypt the first in the Arab world. Read More

Egypt's Production of Gas Doubles in 8 years
A report submitted by Minister of Petroleum and Mineral Resources Tarek al-Molla to the House of Representatives Energy and Environment Committee indicated that Egypt's production of natural gas doubled between 2014 and 2022. Read More

Release of Production Requirements in Egyptian Ports at End of the Week: Importers Division
Large quantities of goods, merchandise, and production requirements that were withheld in Egyptian ports due to the lack of dollars were released, the Head of the Internal Trade Committee of the General Division of Importers, Matta Bishai, said. Read More

Egypt's Central Bank Issues New Instructions to Protect Confidentiality of Customer Statements
The Central Bank of Egypt issued new instructions to protect the rights of customers and to work on establishing the appropriate mechanism for sending their account statements.  Read More

Bank of Africa Acquires 43.65 Percent Additional Shares in BTI Islamic Banking Group
Bahraini investment firm Al Baraka Group is leaving Morocco’s capital market. The firm is selling its stakes in the Moroccan Islamic banking group Bank Al-Tamweel Wa Al-Inma S.A. Read More

Morocco’s National Highway Company Expects Over USD 300 Million Turnover in 2023
Morocco’s state-owned National Highway Company expects its annual turnover to reach USD 333 million at the end of 2023, a 3.7 percent year-on-year rise.  Read More

Moroccan-Saudi Eyewa on Forbes List of Most Funded MENA Startups
The UAE and Saudi-Arabia headquartered startup Eyewa has featured in Forbes’s ranking of the 50 most funded startups in the MENA region. Eyewa raised a total of USD 30 million so in 2022, landing 35th place on the Forbes ranking. Read More
Southern Africa
Government Set to Roll out Mining Firm
Minister of Finance and Economic Affairs Sosten Gwengwe says Treasury plans to roll out a State-owned national mining firm next year, which needs about MWK 5 billion (approx. USD 4.9 million) in seed capital to commence. Read More

TNM Sees Annual Profit Dropping by 90 percent
TNM has projected a 90 percent decline in after-tax profit in the year ended December 31, 2022, according to a trading update issued by the Malawi Stock Exchange-listed firm. Read More
South Africa
Massive Hiring Freeze Trend in South Africa
Hiring freezes and layoffs have become more common domestically and abroad in 2022 with US businesses and South African CEOs looking to slash costs ahead of a possible recession, says Nedgroup. Read More

More Blackouts, Less Revenue for the Government
It is shocking that the South African government seems not to regard the now regular power blackouts lasting four hours at a time as the single biggest risk to South Africa’s economic growth and to its relatively stable young democracy.  Read More
Zambia Raises Minimum Wages for Vulnerable Workers
The Zambian government has announced an upward adjustment for the minimum wages of vulnerable employees in the country. Read More

President Hichilema Receives a Salute from Soldiers
Zambia Army Deputy Commander Major General, Geoffrey Zyeele has implored his troops to remain steady fast in ensuring that there is no breach of peace and security in the country.  Read More
Western Africa
Cote d'Ivore
Tullow Signs Production-Sharing Deal for New Offshore Exploration Licence in Côte d’Ivoire
Tullow Oil has signed a production-sharing contract for offshore exploration license CI-803 in Cote d’Ivoire. Read More 

Sunyani Residents Plead with Government for Price Control of Goods and Services
Many residents of Sunyani and its environs have pleaded with the government to introduce controlled pricing of goods and services to regulate commodities prices as a measure of relief for consumers in the country. Read More

Ghana to Rake in USD 56 Million from Cannabis Deal
Ghana was projected to make about USD 56 million in five years from both the cultivation and exploration of industrial hemp if it is approved by parliament. Read More

Ghana Records a 15 to 17 Percent Drop in Cargo Volumes in First Nine Months of 2022
Ghana’s ports recorded between a 15 and 17 percent drop in cargo between January and September 2022, Mr. Michael Luguje, the Director of the Ghana Ports and Harbours Authority has said. Read More

Oyo Government Rallies Behind Concession of Ibadan Airport
The Oyo State government has endorsed the Federal Government’s plan to concession airports in the country as part of measures to deepen efficiency.  Read More

Subscribers to Sue FG over the Imposition of Excise Tax on Telecoms Services
Telecom subscribers have expressed dissatisfaction at the insistence of the Federal Government to impose excise duty on telecommunications services.  Read More

Hope Dims as NGN 15.9 billion Nigeria Air Lands in Court
Any hope of a new national carrier taking off in the lifespan of President Muhammadu Buhari’s administration is fast dimming. Besides missing a sixth take-off date this month, the proposed airline, already christened ‘Nigeria Air’, now has its fate stuck in a law court, with barely five months to fly or sink. Read More

Senate Proposes 376 New agencies, Shuns Oronsaye Report
The Senate has proposed the establishment of 376 new agencies and institutions despite moves by the Federal Government to restructure the public service in line with the Steve Oronsaye Committee Report on Restructuring and Rationalisation of Federal Government Parastatals, Agencies, and Commission. Read More
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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