15 August 2022
Eastern Africa
Free Trade Zone Vital for Integrating the Nation into Rapidly Changing World: PM Abiy
Prime Minister Abiy Ahmed said on Sunday that the Free Trade Zone which the nation is building is one of the ways to integrate into a rapidly changing world. Read More

PM Abiy Says Somali Region Cluster Farming Output is Remarkable
Prime Minister Abiy Ahmed said Somali region cluster farming output is remarkable. Prime Minister Abiy  pointed out that the Fafen Zone wheat belt has been reviewed. Read More

PM Abiy Inaugurates Dire Dawa Free Trade Zone
Prime Minister Abiy Ahmed has today inaugurated the Dire Dawa Free Trade Zone, which is believed to improve Ethiopia’s entire economy by boosting the import and export trade of the country. Read More

Bancassurance Firms Fall 70 Percent on Strict Rules Oil Dealers to get KES 24.5 Billion as Fuel Prices are Retained
The State will pay oil marketers an estimated KES 24 billion (approx. USD 200 million) in the largest monthly fuel subsidy to keep pump prices unchanged and ease public anger over the rising cost of living. Read More

US Seeks Public Views on New Trade Deal with Kenya
President Joe Biden’s administration is seeking views from American and Kenyan firms on the proposed fresh free trade window as it lays grounds for a new pact. Read More

Horticulture Exports Fall KES 35 Billion on Poor Avocado Fruit, Lower Volumes
Horticulture earnings dropped by KES 32 billion in the first half of the year on the back of reduced returns from flowers, vegetables and fruits. Read More

Taxman Clears 105 Betting Companies to get Permits
The Kenya Revenue Authority has cleared 105 betting firms paving the way for the issuance of their operating licences in the financial year ending June 2023. Read More

City of Kigali to Build More Roads
At least 70 kilometres of roads will have been constructed by the end of this fiscal year, the City of Kigali has announced. Read More

Central Bank Drops Growth Projections
The Central Bank has lowered Uganda’s economic growth, projecting it in the range of 2.5 to 3.0 percent for 2022 to reflect the high cost of production. Read More
Northern Africa
Algeria’s Bid to Join Economic Powerhouse
Africa is blessed with an abundance of natural resources. If its mineral resources are managed effectively, Africa has the answers to not only its electricity crisis, but also continental food security and rising fuel costs. Read More

50 Indian Companies Invest Total USD 3.15 Billion in Egypt: Ambassador Gupte

Around 50 Indian companies have invested in various sectors in Egypt with a combined investment exceeding USD 3.15 billion, according to Indian ambassador in Cairo, Ajit Gupte. Read More

Saudi-Based Purity Invests in Rising Online Grocery Startup Appetito
Based in Cairo and operating across Egypt, Tunisia, and Morocco, online grocery store Appetito has announced inking a MoU with the leading Riyadh-based information technology firm Purity. Read More

Infinity Phoenix to Organise ‘The Icon Show’ Exhibition in Dammam in November
Infinity Phoenix will organise the first edition of “The Icon Show” exhibition in Dammam, Saudi Arabia, from 9 to 12 November 2022. The company targets achieving EGP 500m in sales during the exhibition. Read More

Nasser Social Bank Injects EGP 371 Million to More Than 21,000 Beneficiaries of the Mastoura Programme
Mohamed Ashmawy, Vice Chairperson and Managing Director of Nasser Social Bank, announced that the bank pumped about EGP 371m to more than 21,000 beneficiaries of the Mastoura Programme. Read More

British Company Emmerson to Launch Potash Factory in Morocco
After completing the feasibility studies, British potash manufacturer Emmerson is set to open a factory in Khemisset, a town 100 kilometers off of Rabat. Read More

Morocco’s Custom Revenues Increase by Nearly 25 percent in 2022
Morocco’s customs revenues reached MAD 49 billion (USD4.7 billion) at the end of the first half of 2022, increasing by almost 25 percet compared to the previous year. Read More

New Slight Decrease in Fuel Prices Expected in Morocco
Fuel prices are expected to experience another slight price drop across Morocco, but there remains concerns over whether the much-anticipated decrease in prices will meet citizens’ recent call for prices to go as low as MAD 8 and MAD 7 for diesel and gasoline. Read More

Morocco, Jordan to Open Joint Hospitality Vocational Training Center
Morocco and Jordan are collaborating to open a joint tourism training center in Jordan. The center is a statement about the strategic partnership joining the two Arab nations, converging news reports have quoted Moroccan Ambassador Sidi Muhammad Khaled Al-Nasiri as saying at an event. Read More
Southern Africa
Dealers Tip Government on Forex Supply
Financial Market Dealers Association has urged fiscal authorities to stop acquiring more non-productive foreign loans, control appetite for programmes that consume more forex and ensure that all forex generated is accounted for. Read More

Minister Hails Bank for Agro Transformation
Minister of Agriculture Lobin Lowe has commended Standard Bank plc for its commitment and financial assistance towards the promotion of the country’s agriculture transformation. Read More

Electricity Tariff Proposal to Face Scrutiny—Mera
Malawi Energy Regulatory Authority (Mera) says electricity tariff proposal by Electricity Supply Corporation of Malawi (Escom) will have to face the public and other stakeholders’ scrutiny before the authority approves the same. Read More

Plantations, Legumes Rank Highly in Mega-Farm Project
Stakeholders in the agriculture sector urged the government to swiftly implement the Mega Farm Agriculture initiative to beat the presidential six months’ timeframe given in June this year. Read More

State Stimulus Measures for Economy Renew Confidence – Businesses
The CTA-Confederation of Economic Associations of Mozambique, the country’s largest business organisation, said that the measures announced on Tuesday by the government, “renewed confidence in the economy,” highlighting the positive impact that the stimuli will have on agriculture. Read More

South Africa
Discovery Announces Long-Deferred Medical Aid Increases
Discovery Health has announced its finalised contribution increases for the Discovery Health Medical Scheme for 2022. These will only be in effect from October to December. The changes were to take effect from May, but Discovery said it would defer them to October. Read More
President HH and Speaker Mutti Attend Madam Mary Chirwa’s Press Conference
The leadership of President Hichilema in fighting corruption has registered another huge victory–the long awaited DNA results proved. Read More

Review of the National Policy on Environment Very Important
The Muchinga Province administration says the region is experiencing an increase in environmental challenges which are imposing a complexity of impacts due to inter-linkages with social and economic factors. Read More
Western Africa
BoG Gives Assurance Cedi’s Stability will be Restored
The Bank of Ghana has given strong indication that the recently approved USD 750 million Afriexim loan facility by Parliament once disbursed, among other measures, will boost the foreign exchange position of the country and help restore confidence in the cedi. Read More

Agricultural Development Bank records GHS 81.6 million profit last year
Agricultural Development Bank in spite of the difficult economic challenges last year, posted an impressive performance with a profit after tax of GHS 81.6 million (approx. USD 9 million).  Read More

E-cedi will not Affect MoMo Business – Bank of Ghana
The Bank of Ghana has assured that its quest to implement the digital currency, also known as the e-cedi, will not disrupt or collapse the mobile money (MoMo) system. Read More

Government Making Arrangements to Help Reduce Cost of Food Prices – Akufo-Addo
President Akufo-Addo says government is taking measures to help curb the rising food prices in the country. He said government is working at providing market women with trucks to transport food items from the rural areas to the urban cities. Read More
Capital Hotel, FBNH, Others Lead NGX’s 13.5b Turnover
Transactions in the shares of Capital Hotel, FBN Holdings and Jaiz Bank, last week, lifted the volume of shares traded as a turnover of 1.5 billion shares worth NGN 13.5 billion (approx. USD 32 million) was recorded in 20,074 deals by investors in the capital market. Read More

FG to Begin Products’ Certification before Export
The Federal Government received the International Organisation for Standardisation accreditation certificate on behalf of the Nigerian Stored Products Research Institute, an agency under the Federal Ministry of Agriculture and Rural Development. Read More

CIBN hosts African bankers, financial experts in Abuja
The Chartered Institute of Bankers of Nigeria (CIBN), through a Consultative Committee, chaired by the Managing Director/Chief Executive Officer, Sterling Bank, Abubakar Suleiman, is set to host the largest gathering of banking and finance professionals in Africa this will be at its 15th yearly Banking and Finance Conference scheduled for 13 – 14 September, 2022 in Abuja. Read More

Underwriter Declares NGN 44.97 Billion GWP, Reassures Shareholders of Returns
AXA Mansard Insurance has recorded a Gross Written Premium of NGN 44.97 billion (approx. USD 107 million) in its business half-year ending on 30 June 2022, promising shareholders more returns on investment in the years to come. 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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