Ethiopia
Development Projects Built with Over BIR 42 Billion in Oromia Region to Become Operational
More than 20,000 various development projects built with a total cost of over BIR 42 billion (approx. USD 805 million) in Oromia Regional State have been completed, Chief Administrator of the region, Shimelis Abdisa disclosed. Read More

China Donates 10 Million Doses of Sinopharm COVID-19 Vaccines, Syringes
The Chinese government has donated 10 million doses of Sinopharm COVID-19 vaccines and syringes to Ethiopia. Read More

Deputy PM Officially Launches Summer Voluntary Service
Deputy Prime Minister and Foreign Affairs Minister Demeke Mekonnen has officially launched this year’s Summer Voluntary Service. Read More

Kenya
Kenya Seals Deal for Cheaper Saudi Fuel
State-owned National Oil Corporation of Kenya will from August start shipping fuel from Saudi Arabia at lower prices than the global rates in the latest push by the government to lower pump prices. Read More

Shilling Tumble Inflates Foreign Debt by KES 69 Billion
The depreciation of the shilling inflated Kenya’s external debt by the equivalent of KES 69 billion in the first four months of this year, negating an actual decline of USD 250 million in the hard currency value of the borrowings in the period. Read More

CMA Probes Unilever Deals in Kenya Tea Firm
The Capital Markets Authority (CMA) has opened investigations against listed Limuru Tea that is under Unilever control for undervaluing its 696.8-acre plantation and suspected cooking books as the multinational prepares to exit the company. Read More

Traders Face KES 1 Million New ETRs Fine after 1 July
Kenyan manufacturers and traders risk a KES 1 million fine or a jail term of three years if they fail to install upgraded electronic tax registers (ETRs) at their premises in the next one month, which will grant the taxman real-time access to invoices. Read More

Tanzania 
Appetite for Long Tenure Govt Bonds Wanes
The appetite for longer-term government papers is diminishing fast if current yields on the cusp are anything to go by. The yields dropping happened during 20-year Treasury bond and the previous 25-year’s auction in mid-May. Read More

MPs Commend CRDB for Investment Awareness Campaign
CRDB Bank has been commended for being at the forefront of opening eyes to various investment opportunities which are available locally and abroad. Read More

Tanzania Researchers Urged to Grab GRC Fund
Tanzanian researchers have been challenged to grab the Global Research Council (GRC) fund to expand their research activities which are fundamental to the development of the country. Read More

NBC Commits to Boost Services for Dar-Joburg Trade Ties
The National Bank of Commerce (NBC) has pledged to continue supporting bilateral trade between Tanzania and South Africa especially through enhancing services in business and agricultural investment areas. Read More

Uganda
CSBAG Urges Govt on 2022/23 Budget
Civil Society Budget Advocacy Group has commended the government for putting together a pro-people 2022/23 budget but has outlined areas that it wants prioritised so as to achieve tangible results. Read More

Govt Resumes Search for New Uganda Airlines CEO
Government has resumed the search for a substantive Uganda Airlines chief executive officer months after the process was abandoned last year. 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

UGX 38.8 Billion to be Reinvested in UDB in Bid to Build Strong Capital Stocks
Government has said it will reinvest the UGX 38.8 billion (approx. USD 10) profits made by Uganda Development Bank (UDB) during the period ended December 2021.  Read More

Algeria
Algeria Announces Discovery of Important Gas Deposit
Algerian state energy firm Sonatrach announced the discovery of an “important” deposit of gas condensate in the Hassi R’mel field in the Sahara Desert. “Sonatrach announced that it has identified a significant potential of hydrocarbons at the level of the Hassi R’mel exploitation perimeter,” a statement by the firm said. Read More

Niger, Algeria and Nigeria Reach Milestone for Trans-Saharan Gas Pipeline Project
The Ministry of Petroleum of the Republic of Niger is proud to announce that the country has reached a new milestone in further opening the domestic and regional gas market through a development in the construction of the multi-billion Trans-Saharan Gas Pipeline alongside Algeria and Nigeria. Read More

Turkey’s Investments in Algeria Reach USD 5 Billion
Turkish investments in Algeria have reached USD 5 billion and continue to increase, the vice president said. Read More

Egypt
Egypt Can No Longer Depend on Hot Money for Budget: Finance Minister
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

Egypt to Buy 180,000 Tonnes of Indian Wheat
Egypt has contracted to buy 180,000 tonnes of wheat from India, less than previously agreed, but is looking at ways to extract more flour from grain and even use potatoes in bread making as it tries to trim imports, the supply minister said. Read More

Gov't Pays Great Attention to Developing Auto Industry
Prime Minister Moustafa Madbouli asserted the government is paying greater attention to developing and strengthening the auto industry in the country. Read More

Egyptian Economy More Resilient to External Shocks: Planning Minister
Thanks to the government's economic reform program, Egypt's economy has become more resilient to internal as well as external shocks, affirmed Planning and Economic Development Minister Hala El Said. Read More

Morocco
OCP Foundation to Support Biodiversity Programs in Dakar
Morocco’s OCP Foundation signed on Monday an agreement with the Senegalese Agency for Reforestation and the Great Green Wall to support biodiversity programs to the tune of 1.4 billion CFA francs (USD 1.46 million). Read More

Morocco’s Trade Deficit to Show Signs of Recovery in 2023
Morocco’s trade deficit is set to shrink slightly next year, going from 4.9 percent of Gross Domestic Production (GDP) in 2023 to 3.8 percent the following year, according to the latest Monetary Policy Document from Bank Al-Maghrib, Morocco’s central bank. Read More

Casablanca Launches Selection Process for Building Desalination Plant
The city of Casablanca launched last week the selection process for the construction of a seawater desalination plant project, Africa’s biggest desalination plant. Read More

Canadian Tenaz Energy to Acquire SDX Energy’s Moroccan Assets
Canadian company Tenaz Energy acquired SDX Energy’s gas exploration permits in Morocco, following a larger deal that will see Tenaz Energy obtain the entirety of the British energy company’s shares. Read More

TNM, Goshen Trust Seal Deal
Malawi Stock Exchange-listed telecommunications firm, TNM, has signed a Memorandum of Understanding with Goshen Trust to provide telecommunication services at entrepreneur-cum-prophet Shepard Bushiri’s Goshen City currently under construction in Monkey Bay, Mangochi. Read More

Remove All Fuel Levies—CAMA
Consumers Association of Malawi has asked the government to temporarily remove all levies on fuel to cushion citizens from economic hardships perpetuated by the recent increase in prices of petroleum products. Read More

Failure to Meet Tobacco Demand Worries Government
Agriculture Minister Lobin Lowe was speaking in Lilongwe recently, at the start of the 34th Tobacco Association of Malawi Farmers Trust Annual Congress held under the theme, ‘Diversification and Value Addition for Climate Change Impact Resilience’. Read More

Consumption Borrowing Increase Worries Experts
Economic and financial market experts have expressed worry over increasing levels of loans among consumers stemming from the rising cost of living. Read More

South Africa
SIU Freezes ZAR 27 Million Mansion Linked to Ex-Lotteries Boss
The Special Investigating Unit has obtained a preservation order to freeze a ZAR 27 million (approx. USD 1.75 million) luxury property linked to the former chairperson of the National Lotteries Commission, Professor Alfred Nevhutanda. Read More

PPC Laments Lack of Cement Sales Growth from SA Infrastructure Programme
JSE-listed cement and building materials producer PPC has lamented the lack of any meaningful uplift in cement sales volumes from the government’s infrastructure programme, other than limited road construction and rehabilitation activity. Read More

Qatar Airways Expands Further in South Africa with Airlink Deal
Middle-Eastern airline Qatar Airways has signed an agreement with South Africa’s Airlink to expand its operations in South Africa. Read More

Invicta Financial Results Reflect ‘Remarkable’ Recovery
JSE-listed investment holding and management company Invicta Holdings reported a 75.5 percent increase in net profit (continuing operations), from ZAR 296.8 million (approx. USD 19million) in 2021 to ZAR 520.8 million (approx. 33 million) for its financial year ended 31 March 2022. Read More
 

The government will, conduct a series of engagements with key sector players in the economy to assess the impact of the economic mitigation measures announced in March this year. Read More

Nigeria
Nigeria’s Inactive Telephone Lines Now 97m as VAS Operators Earn NGN 32 Billion
Out of the about 301.5 million connected telephone lines in Nigeria, some 97 million Subscribers Identification Modules cards have, however, become inactive, meaning that there are only 204.2 million active users in the country. Read More

ICSAN Seeks Expansion of Foreign Reserves to Boost Productivity
Robust foreign reserves will boost national productivity and engender a conducive environment for job creation initiatives to thrive, participants at the 2022 yearly public lecture of the Institute of Chartered Secretaries and Administrators of Nigeria have said. Read More

Stakeholders Hail NLNG’s Interventions, Seek Consensus on Domestic Energy Policy
The Nigeria Liquefied Petroleum Gas Association has argued for consensus over gas policies that will aid domestic consumption and transition to Liquefied Petroleum Gas, otherwise known as cooking gas. Read More

Bargain Hunting Persists as 18 Stocks Lift Indices Higher by NGN 139 Billion
Following sustained bargain hunting in many blue-chip stocks, especially Okomuoil and MTN Nigeria, the Nigerian Exchange Limited  recorded the fifth consecutive session of gain yesterday, as market capitalisation appreciated further by NGN 139 billion (approx. USD 335 million). Read More