3 March 2023
Eastern Africa
Abiy Launches Year-Long Tax, Customs Laws Compliance National Campaign
Prime Minister Abiy Ahmed launched a tax and customs laws compliance national compliance. Read More

Ethiopian Civil Aviation Authority Calls Investors to Engage in the Drone Industry
Ethiopian Civil Aviation Authority announced that investors could invest in drone technology and services and aerospace manufacturing. Read More

Ethiopian Industrial Input Development Enterprise Gains Birr 6 Billion in Six Months
Ethiopian Industrial Input Development Enterprise earned ETB 6 billion (approx. USD 111 million) in the first half of the current fiscal year from the sale of industrial inputs and services. Read More

Central Bank in the Spotlight as Lenders Run Out of Dollars
The spread between the shilling’s official printed exchange rate against the dollar and the price at which buyers are accessing the hard currency in banks has widened over the past year. Read More

Gap Between CBK Rate and Banks Trading Price Widens
The European Investment Bank will provide EUR 1.8 million to the Kenyan government for onward lending to green hydrogen investors in the country. Read More

Maize Millers Fault House Team for Rejecting KES 2.9 Million Flour Subsidy Bill
Maize millers have faulted the move by a parliamentary committee to reject disbursement of their pending Sh2.9 billion arising from the subsidy programme last year, even as the payment now becomes subject to audit query. Read More

Funding Cuts Hit KES 2.5 Billion LPG Project for Schools
President William Ruto's plan to provide cooking gas for learning institutions will take longer to be realised after the Treasury failed to allocate KES 2.5 billion (approx. USD 20 million) in the financial year starting 1 July. Read More

Rwanda, Los Angeles City Explore Areas of Partnership
Rwanda and the City of Los Angeles are exploring potential areas of partnership after the Rwandan Ambassador to the United States, Mathilde Mukantabana and Commercial Attaché Setti Solomon held discussions with officials of Los Angeles City council this week. Read More

First Lady launches African Women Leaders Network Rwanda Chapter
First Lady Jeannette Kagame has urged members of the Rwanda Women Leaders Network to continue innovating and protecting the progress that has been made, so that future generations can benefit and build on what has been achieved. Read More

Kagame Appoints New Minister for Agriculture
President Paul Kagame on 2 March appointed Ildephonse Musafiri as the new Minister of Agriculture and Animal Resources, replacing Gerardine Mukeshimana. Musafiri previously served as the Minister of State in the same ministry. Read More

Rwanda Targets RWF 2.5 Trillion Investments in Manufacturing Incentives
The government recently announced the second phase of the Manufacture and Build to Recover Programme, aimed at fast-tracking private sector investments in key priority sectors to boost economic recovery from Covid-19 effects. Read More

Tanzania and Switzerland Launch Chamber of Commerce
The official launch of the Switzerland–Tanzania Chamber of Commerce (STCC), which took place on Monday evening, is set to boost trade between the two countries. Read More

Coal Exports Hit USD 195.5 Million
Tanzania registered an export value of coal of 195.5 million US dollars in the year ending January due to rising demand contributed by the global energy crisis. Read More

Milestone as Mega Ship Docks at Tanga Port
The massive renovation and upgrading of the Tanga Port by the Sixth Phase Government has started yielding dividends after a mega ship docked at the newly-constructed berth. Read More

Shilling Depreciates by 0.3 Percent in Four Years
The shilling has barely depreciated by an annual average of 0.3 percent over the last four years. Read More

Kadaga Upbeat as Uganda Prepares to Host 14th East African Procurement, Business Expo

First Deputy Prime Minister Rebeca Alitwala Kadaga has re-emphasised that East African countries must work together to achieve development for all. Read More

African Development Bank Concludes 2023 insurer Roadshow to Mobilize Private Capital for Africa
The Co-Financing, Syndications and Client Solutions department of the African Development Bank Group  has met with London-based insurers to galvanize continued support of the Bank’s balance sheet optimization and mobilization ambitions, in line with its 2023 lending program. Read More

CNOOC Announces Major Oilfield Discovery of Bozhong 26-6 in Bohai
CNOOC announced that it has discovered Bozhong 26-6 oilfield in Bohai Sea, which brings another hundred million tons of reserves. Read More

Airtel Money Opens 450,000 Micro-Enterprises to Digital Financial Inclusion in Just 9 Months
The journey of digital financial inclusion within Uganda’s big informal economy continues to make important milestones. Read More
Northern Africa
Customs Announces Official Launch of Operation

The General Directorate of Customs announced, in a press release, the official launch of the clearance operation of used vehicles under 3 years of age, after the publication of the relevant implementing text. Read More

Cement and Exports: The Industry that Shows its Ambitions
Production capacity has now been increased to more than 40 million tons per year, while national requirements are close to 22 million tons. Read More

EGP 4.4 Billion in Public Investments to Implement 324 Development Projects in Minya Governorate

Public investments directed to Minya Governorate in the 2022-2023 plan amounts to EGP 4.4 billion (approx. USD 143 million), with an annual increase of 29 percent, to implement 324 development projects, according to the Planning Minister, Hala El-Said. Read More

Cooperation Portfolio Between Egypt, EU Hits EUR 1.35 Billion
Current cooperation portfolio between Egypt and the European Union amounts to about EUR 1.35 billion in grants to support several sectors, according to the Minister of International Cooperation, Rania Al-Mashat. Read More

Egypt Ranks 7th Globally for Lower Selling Price of Gasoline
Global Petroleum Price revealed, in its reports, the countries with the cheapest gasoline prices in the world, and Egypt ranked 7th worldwide in terms of the lowest price for selling gasoline. Read More

Al-Sisi Announces Raising Minimum Wage, Pensions
Egypt’s President Abdel Fattah Al-Sisi announced raising the minimum wage for government employees to EGP 3,500 and raising pensions by 15 percent starting 1 April. Read More

Two Moroccan Startups Among Semi-Finalists for 2023 Forbes Aviram Awards
Two Moroccan startups have been selected among the 15 semi-finalists for the 2023 Aviram Awards, a competition that supports young entrepreneurs in the Middle East and North Africa region. Read More

Morocco Responds to Concerns About Russian Energy Imports
Spokesperson of Morocco’s government Mustapha Baitas has responded to concerns over Russian energy imports amid reports of “manipulation” of market prices. Read More

Morocco, EU Sign EUR 500 Million Financial Package to Support Reform Projects
Morocco and the European Union signed five cooperation programs on social protection, green transition, public administration reform, migration management, and financial inclusion. Read More

UM6P Signs Agreement with Attijariwafa Bank for Technological Innovation
Morocco’s Mohammed VI Polytechnic University and the pan-African banking group Attijariwafa have signed an agreement that seeks to boost cooperation in the technological development and innovation sector, among others. Read More
Southern Africa
Hopes High on New Fiscal Plan
Minister of Finance and Economic Affairs Sosten Gwengwe presented the 2023/24 National Budget recently amid high expectations on how the government intends to grow the economy and address the social woes Malawians are facing. Read More

Government Raises MWK 1.2 Trillion in Treasury notes
Government raised MWK 1.2 trillion (approx. USD 1.16 billion) in auctions of Treasury notes in 2022, a jump from the MWK 745.86 billion (approx. USD 726 billion) raised during the previous year, published CDH Investment Bank data shows. Read More

Illovo Eyes MWK 34 Billion Half-Year Profit
Malawi Stock Exchange-listed Illovo Sugar Malawi has said it sees an after-tax profit of between MWK 32 billion and MWK 34.5 billion (approx. USD 31 million and 33.5 million) in the half-year period ended February 28 2023. Read More

Cotton Output Likely to Slump
Earnings from cotton, one of Malawi’s top export crops, are likely to slump this season as the industry continues to face low buyer participation on the market, coupled with a projected low output. Read More

South Africa
Massive ZAR 2.7 Billion Solar Plant Coming to the Eastern Cape
The Nelson Mandela Bay Municipality has announced plans to construct a ZAR 2.7 billion (approx. USD 149 million) solar power plant in the area to help deal with load shedding. Read More

New Rules for Plastics and Packaging in South Africa
The South African Bureau of Standards is introducing new certification regulations for plastics in South Africa, as it moves to clamp down on packaging that makes vague claims of being “environmentally safe”. Read More

Santam Pays Out Record ZAR 29.8 Billion in Claims
On the positive side, Santam reported an increase in new business coming into the group, with gross written premiums jumping 18 percent in the year to December. Read More

Curro to Invest ZAR 800 Million in Capital Projects in 2023
JSE-listed for-profit independent school group Curro says it plans to plough ZAR 800 million (approx. USD 44 million) into capital projects to maintain, replace and expand facilities in the 2023 financial year. Read More

It’s Expected that Inflation will be Under Pressure – PWC
Pricewater Coopers (PwC) Country Senior Partner Andrew Chibuye says it is not unexpected that inflation will be under pressure because Zambia is an import-driven country and the exchange rate is souring. Read More

Mubanga Urges SMEs Affected by Floods to Access Loans at his Ministry
Minister of Small and Medium Enterprises Elias Mubanga has advised SMEs whose businesses have been affected by floods to access loans at his ministry. Read More

ERB Closes Chongwe Filling Station for Selling Fuel Mixed with Water
The Energy Regulation Board (ERB) has announced the suspension of operations at Karan Meanwood Service Station in Chongwe District following the institution of investigations into suspected water contamination of petroleum products. Read More

Chinese Contractors to Borrow from NAPSA, WCFCB for Lusaka-Ndola Road
Finance and National Planning Minister Dr Situmbeko Musokotwane has justified the intention by the Macro Ocean Investment Consortium to borrow from NAPSA, Workers Compensation Fund and other financiers towards the upgrade of the Lusaka-Ndola Dual Carriageway. Read More
Western Africa
AfDB Heightens Efforts to Increase Women Access to Finance in Ghana
The African Development Bank (AfDB) is working towards ensuring that women entrepreneurs in Ghana get more access to finance to grow and sustain businesses. Read More

Access Bank Pledges Support for Creatives
Access Bank Ghana has pledged its support for the creative industry, particularly for those working behind the scenes and lacked the needed funding for their projects. Read More

Japan Motors named INEOS Grenadier Partner in Ghana
Japan Motors Trading Company has signed on as the official retail partner for the INEOS Grenadier under the name ION Motors, in Ghana. Read More

Virtual Infosec, LogRhythm Partnership Good for Businesses
The Director General of the Cyber Security Authority, Dr Albert Antwi-Boasiako, has commended the partnership between Virtual Infosec Africa, an indigenous firm, and LogRhythm, an international company, to protect the data of businesses and organisations against cyber-attacks and interruptions. Read More

Processed Wood Exporters seek Share of USD 152.94 Billion Market as FG Lifts Ban
Exporters of processed woods have intensified efforts to reap from the exportation of the product with market value put at over USD 152.94 billion for the year 2023 following the recent lifting of ban for its exports by the Federal Government. Read More

Nigeria’s Energy Transition Challenges to Gain Traction at Confab
Nigeria’s lingering energy crisis, possible solutions to the bottlenecks and pathways to energy transition in Africa will be on the spotlight as global industry experts gather at the Middle East Energy Conference. Read More

8.7 Percent People in Nigeria, SSA Suffer Phishing in 2022
Cybersecurity solution provider, Kaspersky, has disclosed that its anti-phishing system prevented more than 500 million attempts at accessing fraudulent websites globally in 2022. Read More

Stakeholders Seek Policy Consistency, Economic Reforms from New Administration
As Nigeria prepares for a new administration, stakeholders have charted paths on how the nation will transit economically, ensure policy stability and urgent economic reforms. 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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