30 January 2023
Eastern Africa
Nordic Countries Keen on Strengthening Economic, Development Cooperation with Ethiopia
Nordic countries show desire to further reinforce their economic and development cooperation with Ethiopia, Ethiopian Ambassador to the Nordic countries, Mehreteab Mulugeta said. Read More

Diaspora Continuing Support to Ongoing Development Endeavors
Ethiopian diaspora in Qatar has continued to intensively engage in supporting the wide range of national development endeavors, Ambassador Feisel Aliyi Abrahim said. Read More

Ethiopian Capital Market Will be Launched in Two Years, Authority
The Ethiopia Capital Market Authority which was established in June 2022 is working to launch the Ethiopian Capital Market in two years. Read More

IPDC Signs MoUs with Companies and Banks that Enter Dire Dawa Free Trade Zone
The Industrial Parks Development Corporation inked memorandums of understanding with 8 manufacturing companies and four finance institutions which were ready to enter the Dire Dawa Free Trade Zone. Read More

Forex Reserves at 88-Month Low as Debt Repayments Fall Due
Kenya’s foreign-exchange reserves have dropped to the lowest level in 88 months as the nation makes multi-billion shillings debt repayments, marking the second time in less than three months it is breaching the critical level of four months’ import cover. Read More

MPs on the Spot for Failing to Wind Up 8 Dormant Funds
The Auditor-General Nancy Gathungu has questioned delays in the winding up of eight dormant funds, including those created in the colonial era, whose closure the Cabinet sanctioned two years ago. Read More

Manufacturers Cry Foul on Insurance Premiums Spike
Manufacturers have cried foul over a spike in insurance premiums, warning that some firms will forego coverage due to the hard economic times they’re facing. Read More

Kenya’s Demand for Electricity Hits New Record in New Year 
The demand for electricity in Kenya hit a new record of 2132.29 megawatts in January, putting pressure on the country to step up its generation capacity. Read More

Global Rating Body Revises Rwanda’s Growth Prospects to Stable
Standard & Poor Global Ratings, an international financial services company, has revised Rwanda’s growth to stable from negative, citing the country’s ease of fiscal pressures and low debt servicing costs. Read More

Rwanda Changes Tack on Fall Armyworms Response
Rwanda is considering using biological control agents that are insect-predators, to effectively contain the Fall Armyworms that are ravaging maize crops across the country. Read More

KCB Names Rwandan Unit Boss National Bank MD
The KCB Group has picked the managing director of its subsidiary Banque Populaire du Rwanda, George Odhiambo, as the new MD for the National Bank of Kenya. Read More

India Targets USD 6 Billion Trade Volume with Tanzania
India is targeting to increase the volume of trade with Tanzania to USD 6 billion this year by scaling up investment and increasing duty-free goods. Read More

Egg Prices to Rise on Expensive Imports from Uganda
Kenyan consumers are paying more for eggs as the price of the commodity shoots to a high of KES 450 a tray from KES 380 in November, amid scarcity and expensive imports from Uganda. Read More

Stop Delays in Releasing Funds, World Bank to Government
World Bank Group has asked the central government to stop delays in releasing funds to local for development programmes saying delays affect project implementation and the money gets returned to treasury without being used. Read More

Uganda Makes Big Strides Towards First Oil
Uganda’s oil industry registered another key milestone with the launch of the spudding the Kingfisher oil field. Read More
Northern Africa
CIB Completes Its Acquisition of Kenyan Mayfair for USD 40 Million

The Commercial International Bank completed its acquisition of Mayfair Bank after obtaining the necessary approvals from the Central Bank of Egypt and the Central Bank of Kenya. Read More

Egypt Announces Release of Goods from Ports Worth USD 794.7 Million
The Egyptian Cabinet announced the release of goods worth about USD 794.7 million from the country's ports between January 24 and 28. Read More

Banque Misr, NBE Announces Suspension of 25 Percent Saving Certificates
Chairman of Banque Misr, Mohamed El-Etreby, announced the suspension of Talaat Harb’s certificate, which has an annual return of 25 percent, next Tuesday, 31 Jan. Read More

Egypt's Ongoing Development Cooperation Portfolio with World Bank Reach USD 17 Billion
Egypt’s ongoing development cooperation portfolio with the World Bank Group comprises 14 projects worth approximately USD 7 billion, according to the Ministry of International Cooperation. Read More

Europe Eyes Morocco, Africa as ‘Future Source of Cheap, Sustainable’ Energy
Europe is eyeing Africa as a future “source of cheap and sustainable energy,” as studies increasingly point out Morocco, as “the nearest,” and “cheapest” source of green hydrogen, a green fuel that has the potential to replace oil. Read More

Morocco Ranks Third Most Visited Country in Arab Region
Figures released recently by the UN World Tourism Organization have placed Morocco as the third most visited Arab country in 2022, with 11 million tourists coming to the north African country. Read More

Morocco’s Dirham Edges Higher Against US Dollar
Morocco’s national currency, the Moroccan Dirham consolidated by 0.20 percent against the US dollar (USD) between 19, and 25 January, according to data from Morocco’s Central Bank, Bank Al-Maghrib. Read More

Two Moroccan Women Win Awa Entrepreneurship Prize in Brussels
Rim Machhour and Safae Bennouna made headlines in Morocco and Europe for winning the prestigious Awa Entrepreneurship Prize for women entrepreneurs. Read More
Southern Africa
Mera Upbeat on Malawi Fuel’s Steady Supply
At a time the forex is becoming scarce bringing fears that fuel supply might be interrupted again, Malawi Energy Regulatory Authority (Mera) has assured of security of supply of the commodity on the market. Read More

UN Calls for Stronger Fiscal Measures
The United Nations World Economic Situation and Prospects has called for the re-allocation and reprioritisation of public expenditures through direct policy interventions that will create jobs and reinvigorate growth for developing economies, including Malawi. Read More

South Africa
South Africa’s Funding Partners Want to See Rapid Action on Just Transition
South Africa’s just energy transition plans have received strong support from global leaders over the past two weeks, accompanied by calls for the plans to be translated into action without delay. Read More

Emboldened Investors Boost Value of Naspers Stable by ZAR 197 Billion
Naspers came away unscathed in the stock market last week after announcing it will be slashing its workforce almost a third. Read More

Pandor Steps Up for MTN over Ghana Tax Assessment
International relations & co-operation minister Naledi Pandor has come out in support of MTN, which is facing an investigation by authorities in Ghana for allegedly avoiding its tax obligations. Read More

Only Three of Eskom’s Coal Plants are Consistently Producing Over 2 000 MW
So far this year, only three of Eskom’s coal power stations are consistently generating more than 2 000 megawatts of power, on average. Read More

Zambia and JICA Partner to Develop Comprehensive Regional Development Plan for Lusaka City
The Government of the Republic of Zambia and the Japan International Cooperation Agency (JICA) have entered into a significant agreement to develop a Comprehensive Regional Development Plan for Greater Lusaka City. Read More

Yellen’s Visit to Zambia Reveals US Interest in Critical Minerals, Amid Complex Lending Landscape
US Treasury Secretary Janet Yellen concluded her visit to Zambia and other African countries, sparking speculation about the purpose of her trip. Read More

Large Firms Coping with Load Shedding
Zambia Association of Manufacturers vice president Chipego Zulu says medium to large firms have shown a better capability to respond to the current load shedding than the smaller players. Read More
Western Africa
Cote d'Ivoire
Fairtrade Creates Human Rights and Environmental Risk Map Revealing Cocoa Sector’s Key Issues
Fairtrade is set to enhance its sustainability work with plans for a new online mapping system in a bid to identify human rights and environmental risks in some of its core supply chains, including the cocoa sector, in a bid to combat ongoing major industry issues, reports Neill Barston. Read More

Fuel Prices to Increase by 7 Percent -13 Percent
The Institute for Energy Security is predicting between 7percent and 13percent jump in the prices of petrol, diesel and Liquefied Petroleum Gas, from 1 February 2023, for the next two weeks. Read More

COCOBOD’s Plan to Raise USD 3 Billion a ‘Pipe-Dream’
A Vice President of IMANI Africa, Bright Simons has described as a ‘pipe-dream’ Ghana Cocoa Board (COCOBOD) plans to raise USD 3.0 billion to refinance cocoa bills. Read More

NCCE Chairperson Pays Courtesy Call on Governor of Bank of Ghana
A five-member delegation, led by the Chairperson of the National Commission for Civic Education (NCCE), Ms. Kathleen Addy, has paid a courtesy call on Governor Ernest Addison and Management of Bank of Ghana to seek mutually-beneficial relationships between the two institutions. Read More

Cedi Depreciated by 19.1 Percent to Dollar in January 2023 – BoG
The Ghana cedi depreciated by a substantial 19.1 percent to the US dollar in the first month of 2023. Read More

Nigeria To Woo Investors at London Energy Conference
Minister of State for Petroleum Resources, Timpre Sylva, would be leading investment-focused dialogue during the Invest in African Energy Reception set to take place in London on January 26.  Read More

Lagos Governor Signs NGN 1.76 Trillion Budget, Approves Funding for Second Phase of Blue Line
The Governor of Lagos State, Babajide Sanwo-Olu revealed he signed the NGN 1.768 trillion (approx. USD 3.8 billion) 2023 Budget of Continuity into law, which he says will focus on completing ongoing infrastructure projects. Read More

Moody’s Downgrades Nigeria’s Currency and Debts Ratings to Caa1, Cites Ways and Means
Moody’s Investors Service (“Moody’s”) downgraded the Government of Nigeria’s long-term foreign-currency and local-currency issuer ratings as well as its foreign currency senior unsecured debt ratings to Caa1, from B3 and changed the outlook to stable. Read More

Price of Beef Rose by 28.75 Percent in One Year
The price of beef in Nigeria rose by 28.75 percent in one year as the average price stood at NGN 2,377.29 (approx. USD 5) in December 2022 compared to NGN 1,846.39 (approx. USD 4) recorded in December 2021. 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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