5 October 2022
Eastern Africa
Ethiopia Eyes Attracting Turkish, Dubai Business to Free Zone
With the aim of attracting Turkish and Dubai businesses to its recently established Dire Dawa Free Trade Zone and getting lessons, Ethiopian official made a visited Turkey and Dubai. Read More

Eastern Industrial Park Creates 22,110 Jobs for Ethiopians
Eastern Industrial Park, one of the biggest industrial parks in Ethiopia built by Chinese companies, is said has created 22,110 jobs for Ethiopians. Read More

Ethiopia, India Agree to Expand Engagement in Defense
The governments of Ethiopia and India have agreed to expand engagement in multiple fields including cooperation in defense. Read More

Workshop Stresses Importance of History as Input for National Dialogue
The importance of history as an input for the National Dialogue was underscored at a workshop organized by the Association of Ethiopian Historians and Friedrich Ebert Stiftung. Read More

World Bank Backs New Push for Loan Restructuring Amid Eurobond Freeze
The World Bank has backed a push for countries like Kenya, which have been unable to borrow from international loan markets due to high-interest rates, to restructure their debts. Read More

World Bank Downgrades Kenya's Growth to 5 Percent
The World Bank has downgraded Kenya’s 2023 growth outlook to 5 percent amid concerns over increased commodity prices including fuel and the effects of an ongoing drought. Read More

Indian Firm, Kenafric Buy Struggling Britania Biscuits for KES 1 Billion
Kenya’s Kenafric Industries has teamed up with an Indian food giant to acquire the distressed Biscuit maker Britania in a deal estimated at KES 1 billion (approx. USD 8.3 million). Read More

State Fully Acquires Telkom Kenya in KES 6.09 Billion Deal
The Treasury has acquired a 60 percent stake in Telkom Kenya from UK-based private equity fund, Helios Investment Partners, for Sh6.09 billion, making the company fully State-owned. Read More

Rwanda Re-Elected Member of ITU Council
Rwanda was re-elected for the fourth time, as Council member of the International Telecommunication Union (ITU). Read More

First Lady in Qatar for World Innovation Summit for Health
First Lady Jeannette Kagame, this morning joined world leaders in Doha, Qatar for the World Innovation Summit for Health. Read More

President Samia Explains Why Tanzania is Capitalising on Innovations
President Samia Suluhu Hassan has said Tanzania will continue to capitalize on innovation to improve health sector as well as boosting development of the East African member state. Read More

Dar es Salaam on Verge of Major Infrastructure Facelift
Dar es Salaam is on the verge of a major infrastructure facelift as the much-awaited construction of a TZS 600 billion (approx. USD 257 million) Jangwani Bridge and development of the Msimbazi valley are scheduled to begin this financial year. Read More

Govt Allocates TZS 8 Billion for Rukwa Water Projects
The government has allocated over TZS 8.11 billion (approx. USD 3.5 million) for water sector development in Rukwa Region through Rukwa Water Supply and Sanitation Agency in efforts to increase water availability in the area. Read More

UBA Sets Aside TZS 13 Billion for SMEs Lending
United Bank for Africa (UBA) Tanzania has set aside TZS 13 billion (approx. USD 5.6 million) for lending Small and Medium Entreprises (SMEs) in order to expand their business and contribution to economic development. Read More

NSSF, Mastercard award UGX 5.9 billion Seed Funding to Ugandan Businesses
The National Social Security Fund (NSSF) in partnership with Mastercard Foundation has awarded UGX 5.9 billion (approx. USD 1.5 million) as seed funding to an additional 78 Ugandan small and growing businesses through their Hi-innovator Program. Read More

UBL Holds Forum to Boost Buy Uganda Build Uganda Policy
Uganda Breweries hosted farmers to a forum to discuss the potential to scale up farming to supplement government efforts to see manufactures embrace full sourcing of raw materials they use in their production processes locally. Read More

Debit Cards Dominating Online Payments, BoU Data Indicates 
Debit cards formed the largest share of digital payments in the three months to June, according to data from Bank of Uganda. Read More

Ashok Leyland Launches New Phoenix 3.5 Tones Light Commercial Vehicle in Uganda
Commercial vehicle manufacturer Ashok Leyland have launched a new light truck to offer Ugandan businesses a versatile product with higher loading span, higher payload and better driving comfort to ensure profitability. Read More
Northern Africa
Global Stock Market Gains Push EGX Up 2.5 Percent

Gains achieved at global stock markets, prompted a rise in the Egyptian Exchange (EGX), to close at an increase of 2.4 percent. Read More

Egyptian Government, Sovereign Fund to Partner with BPI to Launch Green Ammonia Plant
The Chemical Industries Holding Company, the Sovereign Fund of Egypt, and the Ministry of Electricity are expected to sign a partnership agreement with Benchmark Power International (BPI), to launch a green ammonia plant before the end of this month, according to sources. Read More

US Dollar Price Rises to About EGP 19.7
The price of the US currency witnessed a new rise of EGP 0.2 against the Egyptian pound. The dollar exchange saw a total of EGP 0.10 rise within two days. Read More

CIRA Seeks to Complete Future Flow Securitisation Programme
Cairo for Investment and Real Estate Development (CIRA) is expected to complete its future flow securitisation programme of EGP 2 billion (approx. USD 102 million) before the end of this month. Read More

Moroccan Diaspora Remittances Exceeded USD 6.5 Billion in August 2022
Remittances from Morocco’s diaspora reached more than MAD 71.42 billion (approx. USD 7.5 billion) in the first eight months of 2022. Read More

Luxembourg’s Grand Duke to Head Economic Mission to Morocco
Luxembourg’s Foreign Minister Jean Asselborn confirmed on Tuesday the forthcoming visit of a high-level economic mission to Morocco. Read More

Stimulating Innovation Is Key to Resilient Agriculture
ID3, Diana Holding’s think tank, has called for promoting innovation and strengthening regional partnerships to develop sustainable agriculture in Morocco, in a policy paper published. Read More

Binter Launches New Flight Discounts Connecting the Canary Islands, Morocco
Spanish airline Binter has launched new flight discounts allowing its customers to purchase low-cost tickets for flights between the Canary Islands and Marrakech. Read More
Southern Africa
Malawi Warned on FDIs Inflows
Economics professor Ronald Mangani has warned authorities to tread carefully on foreign direct investments (FDIs), saying despite being the preferred mode of investment, some of them fuel illicit financial flows. Read More

Roads Fund Plans Another Tollgate on M1
Roads Fund Administration (RFA) says it plans to construct a tollgate on the M1 at Gwai located between Nkhamenya in Kasungu and Jenda in Mzimba. Read More

USD 14.4 Million Water Project Impresses Minister
The Minister of Water and Sanitation Abida Mia has expressed satisfaction with progress of the USD 14.4 million Southern Region Water Board Khudzi Bay Water Project being implemented in Mangochi District. Read More

CDH Investment Bank Celebrates 10 Years
CDH Investment Bank is celebrating its 10th anniversary with a commitment to support the country achieve its development aspirations by supporting investment drives. Read More

South Africa
Rising Costs Spoil Mining Outlook After Bumper Year
Mining companies performed well during the past year, posting strong results that led to returns to shareholders at many companies reaching record rand levels. Read More

South Africa Doing Well, Says Reserve Bank as it Hails Fiscal Position
The Reserve Bank hailed a prudent fiscal environment as the recipe for sustainable growth in its latest monetary policy review. Read More

New Eskom Board Says It Needs 2 Months to Find its Feet
Eskom’s newly appointed chairperson Mpho Makwana says that the board needs one to two months to conduct an “onboarding programme” before he can confidently comment on any plans to resolve South Africa’s energy crisis. Read More

Tax Compliance Efforts Yield Billions for the Fiscus
Improved efforts with regards to taxpayer compliance by the South African Revenue Service during the 2021/22 financial year, resulted in revenue collections of more than ZAR 215 billion (approx. USD 12 billion), up from ZAR 172 billion (approx. USD 9.8 billion) in the previous financial year. Read More

Government Flags off Farming Inputs Under Food Security Pack
Community Development and Social Services Minister Doreen Mwamba has flagged off the farming inputs for the 2022/2023 farming season to all provinces under the Food Security Pack programme. Read More

Mining Sector is Largest Contributor to Our Revenue at 41.8 Percent this Year- ZRA
The Zambia Revenue Authority (ZRA) says contrary to public perceptions that the mining sector is not contributing to the country’s revenue, the sector was the largest contributor between January and August 2022 at 41.8 percent. Read More

First Quantum Share Price Jumps to 4.9 Percent in Toronto After Government Makes Further Cuts to Mining Royalties
The shares of First Quantum Minerals, which accounts for more than half of Zambia’s copper production, gained as much as 4.9 percent in Toronto after Finance Minister Situmbeko Musokotwane told parliament in his budget speech that the government will make further cuts to copper mining royalties. Read More

Liquid Fertilizer Plant to be Constructed in Ndola
Plans to set up a liquid fertiliser manufacturing plant on the Copperbelt Province by Safer Africa Savings and Credit Cooperative Union and African National Poverty Fund in partnership with Denvas Services of India are progressing. Read More
Western Africa
Ghana Retains Seat on ITU Council
Ghana has been re-elected to the Council of the International Telecommunication Union (ITU) for the 2023 to 2026 term. Read More

Common Fund Starved of Oil Funds — PIAC Worried
The Semi-Annual Report 2022, authored by the Public Interest and Accountability Committee (PIAC), has revealed that no transfer of funds from the Annual Budget Funding Amount was made into the District Assembly Common Fund in the first half of this year. Read More

Osko Lodge Goes Green with Switch to Solar Energy
In its quest to reduce cost of energy and also improve power supply, the management of Osko Lodge Guest House located at Ahodwo in Kumasi has installed a 20Kwh solar system to power the facility. Read More

Agric Receives GHS 24.1 Million Oil Revenue
The agriculture sector received GHS 24.1 million (approx. USD 2.3 million) as its share of the country’s oil revenue in the first half of this year, the Semi-Annual Report, 2022, authored by the Public Interest and Accountability Committee, has indicated. Read More

Motorists Lament as Fuel Queues Resurface in Abuja
Queues for the Premium Motor Spirit, popularly called petrol, resurfaced in Abuja, causing motorists to lament the incessant PMS scarcity that had characterised the Federal Capital Territory since this year. Read More

NNPC Grows Profit to NGN 674 Billion, Assets Hit NGN 16.3 Trillion
The Group Chief Executive Officer, Nigerian National Petroleum Company, Mele Kyari, announced that the NNPC as a corporation grew its profit after tax and assets from NGN 287 billion and NGN 15.86 trillion (approx. USD 664 million and 37 million) in 2020, to NGN 674 billion and NGN 16.3 trillion (approx. USD 1.6 billion and 37.7 billion) in 2021, respectively. Read More

World Bank Projects 102 Percent Debt Service, Revenue for Nigeria
The World Bank has said that public debt in Nigeria is concerning due to the rising debt service-to-revenue ratio. Read More

NSIA Gets New Management
President Muhammadu Buhari has approved the appointment of Aminu Umar-Sadiq, as the new Managing Director/Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA). Read More
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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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