14 February 2023
Eastern Africa
Ethiopia Aims to Raise USD 675 Million in Ethio Telecom Share Sale
Ethiopian Cargo and Logistics Services, Africa’s largest network operator, has started two weekly freighter flights connecting Xiamen with São Paulo and Santiago via Addis Ababa. Read More

Ethiopian Construction Works Corporation Collects ETB 3.1 Billion in Revenue
Ethiopian Construction Works Corporation gained ETB 3.1 billion (approx. USD 58 million) in revenue in the first six months of the 2022/2023 fiscal year from building, road and bridge, and water resource development projects. Read More

AU Joint Committee to Monitor Ethiopia Peace Implementation Held Inaugural Meeting, Urges Parties to Start Political Dialogue
AU’s Joint Committee for monitoring and implementation of the Agreement for Lasting Peace in Ethiopia through a Permanent Cessation of Hostilities signed between the federal government and Tigrayan authorities on 02 November last year, has held its inaugural meeting at the AU headquarters in Addis Abeba. Read More

Multan’s Business Community Keen to Become Part of Trade Delegation to Ethiopia
The business community of Multan evinced keen interest in becoming the part of a trade delegation flying to the Federal Democratic Republic of Ethiopia for exploring business, trade and investment opportunities. Read More

Ruto Adopts Uhuru’s Draft Trade Deal with America
The Ruto administration has adopted the key areas of cooperation agreed upon by the previous regime in the proposed trade deal with the US, setting the stage for the negotiations to progress ahead of 2025 deadline. Read More

CBK Licensing Unlocks Funding Nightmare for Digital Lenders
The licensing of digital credit providers by the Central Bank of Kenya (CBK) has opened the floodgates of new funding to the non-deposit taking entities. Read More

Banking Shares Gain from Foreign Investors’ KES 300 Million NSE Injection
Foreign investors pumped in a net of KES 301 million (approx. USD 2.4 million) into the Nairobi Securities Exchange (NSE) last week, eyeing stakes in banking stocks ahead of full-year results announcements that are expected to reveal higher profits. Read More

EABL Stock Price Hits 52-Week High on Diageo Purchase Plan
EABL share price soared to close at a 52-week high of KES 181.25 on the back of plans by Diageo to purchase additional shares in the Nairobi Securities Exchange-listed firm. Read More

Elon Musk’s Starlink to Enter Rwandan Market
Billionaire Elon Musk's high-speed satellite internet venture, Starlink, is set to enter the Rwandan internet market next week after it secured regulatory approval from the country. Read More

Technology, Innovation, a Must to Rwanda’s Development
For nearly three decades, innovation and technology have been at the heart of Rwanda’s development journey and, according to Prime Minister Edouard Ngirente, this was more than a choice but a must, given the “Rwandan context”. Read More

Launch of New Machinery for the Kigali Infrastructure Project
ConsTruck, a subsidiary of NPD, launched new machinery that will boost capacity in implementing the Kigali Infrastructure Project that covers 215KMs. Read More

UAE Firms Troop into Tanzania After President Samia’s Visit
Two more United Arab Emirates companies have made in-roads into Tanzania, following President Samia Suluhu’s trip to the Gulf country last year to seek business. Read More

Engen, Vivo Energy to Form Africa’s Largest Energy Firm
Engen and Vivo Energy have combined their African businesses to create one of the continent’s largest energy distribution companies. Read More

January Revenue Surplus Gives URA Hope of Meeting Year’s Target
Uganda Revenue Authority reports a surplus collection for the month of January 2023, giving hope of meeting the year’s target of UGX 25 trillion Shillings (approx. USD 6.8 billion). Read More

Uganda Keeps Oil Dream Alive Amid Rising Criticism
Uganda says its oil dream is alive despite intensified criticism from several groups, which this week lodged a complaint in the US against insurer Marsh that is brokering underwriting services for the USD 5 billion East African Crude Oil Pipeline. Read More

Diversify Financial Assets for Investors, Says Absa’s Wandera
The Absa Africa Financial Markets Index 2022 has revealed that Uganda has risen two places upwards to fourth in Africa out of the 26 countries surveyed by the Official Monetary and Financial Institutions Forum. Read More

Africa’s Share of Global Gas Supply to Double by 2050
Africa’s gas share in the global market will increase to over 11 percent of all gas supplies by 2050, according to a report by Gas Exporting Countries Forum, from 6 percent in 2021. Read More
Northern Africa
Algeria is a Key Player on the World Stage

Algeria has distinguished itself in recent months by its pioneering role in relieving European energy demand in a climate of tension between the European Union and Russia. Read More

MPs Call for the Elimination of the Parallel Market
The Finance Committee of the National People’s Assembly heard from directors of the Bank of Agriculture and Rural Development, Mohand Bourai, and Al Baraka Bank, Hafid Mohamed Seddik, about the draft currency and credit law, the NPA said in a statement. Read More

Targeting Growth Markets Beforehand
Algerian companies, both public and private, will have to work harder to successfully integrate into the markets of the African continent. Read More

Oilseed Trituration Plant: Cevital project reached 87 Percent
The project for the construction of an oilseed trituration plant by Cevital Group within of the port of Bejaia, will be delivered at the end of April. Read More

Upgrade Plan of Spinning, Weaving Company Aims to Up Production Sixfold

Prime Minister Mostafa Madbouli asserted that the government seeks to develop the Holding Company for Spinning & Weaving in order to increase production rates sixfold to meet needs of the domestic market, the state-run factories and the private sector and to up exports as well. Read More

Egypt Keen on Strengthening Cooperation Among Arab Economies to Avoid Severe Shocks
Finance Minister Mohamed Maait asserted Egypt's keenness on strengthening cooperation among Arab economies to avoid severe shocks. Read More

Egypt Has Capabilities to Secure Part of Europe's Gas Needs
Egypt has solutions and capabilities to secure part of Europe's gas needs, according to the Minister of Petroleum, Tarek el-Molla. Read More

EU Commissioner to Visit Egypt to Discuss Global Energy Security
EU Commissioner for Energy Kadri Simson will visit Egypt on Monday to discuss the global energy security situation with partners, and advance work on the trilateral Memorandum of Understanding signed between the EU, Egypt and Israel to support our REPowerEU Plan to reduce Europe’s imports of Russian gas. Read More

Morocco’s OCP Foundation, APNI Join Forces to Boost Uganda’s Coffee Production
The African Plant Nutrition Institute, affiliated with Morocco’s science innovation hub Mohammed VI Polytechnic University  and the OCP Foundation, have launched an initiative to support green-financed agronomy projects in Uganda. Read More

Forbes Features Five Moroccans Among MENA’s ‘100 Most Powerful Businesswomen 2023’
Forbes Middle East has unveiled its annual list of the Middle East and North Africa (MENA) region’s “100 Most Powerful Businesswomen” for the year 2023, celebrating the region’s leading “business titans.” Read More

Women in Morocco Still 3 Times Less Likely to Enter Labor Force
While Morocco already has a high rate of unemployment, the trend is particularly dire among women who are more likely to opt out of the labor market than their male counterparts. Read More
Southern Africa
Speed Admarc Restructuring, Government Told
There is a fresh call on the government to speed the restructuring of the Agricultural Development and Marketing Corporation. Read More

Firms, Roads Fund Sign MWK 34.5 Billion Deal
Two Malawi Stock Exchange-listed firms, Standard Bank and Old Mutual, and asset management firm Continental Asset Management have signed a MWK 34.5 billion (approx. USD 34 million) infrastructure financing agreement with the Roads Fund Administration for the construction of six-lane Kenyatta Drive and Mzimba Street. Read More

US Ambassador for Skills Development
United States Ambassador to Malawi David Young has said young Malawians have potential to substantially contribute towards national economic development if they are equipped with technical skills. Read More

Mozambique Showcases Country’s Business and Investment Opportunities in Spain
The Ministry of Industry and Commerce and the Mozambican Embassy in the Kingdom of Spain participated from 6th to 10th February in the 21st edition of ‘IMEX-Madrid Internationalisation Week 2023’, where it had a stand to showcase the country’s potential. Read More

iColo Announces Opening of MPM1 Data Centre in Maputo
A Digital Realty Company, Kenya’s first carrier-neutral data center provider, announced the opening of its first data center in Maputo, Mozambique. Read More

South Africa
Battery Storage Market Ripe for a Boom in SA, Says World Bank
The development of a battery market and value chain in SA could create a lucrative industry capable of generating up to $2bn in revenue a year by 2032 and tens of thousands of jobs. Read More

There is Already a Blueprint for Funding SOEs, Says Future Growth
Futuregrowth Asset Management, which manages about ZAR 193 billion (approx. USD 2 billion) in assets and is one of SA’s biggest institutional bond investors, says the successful Renewable Energy Independent Power Producer Procurement programme can be used as a template to ensure sustainable funding for state-owned entities. Read More

SA Likely to Suffer Technical Recession in 2023, Says Absa
Absa Bank, one of SA’s biggest financial institutions, is forecasting two quarters of negative growth, or a technical recession, citing heightened power cuts that it says will affect the country’s near-term growth prospects and place pressure on future tax revenue collection. Read More

South Africa on the Cusp of an ZAR 18 billion Energy Boom
South Africa may be poised to be a global hotspot for both the mobile and stationary battery storage markets, reports the World Bank Group. Read More

African Mining Indaba Was Success
Minister of Finance and National Planning Situmbeko Musokotwane has described the just-ended Investing in African Mining Indaba in South Africa as a success, with great opportunities for Zambia to be one of the top investment destinations. Read More

TBZ Steps Up Tobacco Regulation Via e-Register
Tobacco Board of Zambia has so far captured over 40,000 farmers on its electronic registration and monitoring system introduced two years ago to regulate the sector. Read More

BuyZed Campaigner Happy with Public Response
Buyzambia brand ambassador Evans Ng’oma says the response to the promotion of local goods and services has been overwhelming, with many people realising the importance of supporting local innovations. Read More

CEC Projects Increased Power Demand in Zambia, DRC
Copperbelt Energy Corporation has projected increased power demand both from Zambia and Congo DR due to the mines’ plans to implement new and expand existing projects. Speaking in an interview after the just ended mining Indaba, CEC Managing Director Owen Silavwe said the anticipated increased power demand was good for business. Read More
Western Africa
Cote d'Ivoire
Taiwan Names Envoy to Ivory Coast as Office Set to Reopen Soon
The Ministry of Foreign Affairs has named Shin Chi-chih as its new envoy to the Republic of Côte d'Ivoire, also known as Ivory Coast, as the ministry is preparing to reopen its representative office in the West African country soon, an MOFA official said. Read More

Government Invests USD 1 Billion In Water, Sanitation
The Minister of Sanitation and Water Resources, Mrs Cecilia Abena Dapaah, says the government has so far invested close to USD 1 billion to facilitate the provision of sustain­able water and sanitation needs across the country. Read More

Talks on Fuel for Ambulances Ongoing – Health Minister
The Minister for Health, Kwaku Agyeman Manu says discussions are still ongoing with Cabinet about charges to be imposed on some services rendered by the National Ambulance Service. Read More

ECG, NEDCo Owe GRIDCo GHS 2.7 Billion in Legacy Debts
The Electricity Company of Ghana (ECG) and Northern Electricity Distribution Company (NEDCo), the two major power distribution companies in Ghana, are currently owing the Ghana Grid Company (GRIDCo) to the tune of GHS 2.7 billion (approx. USD 221 million). Read More

MTN Ghana Foundation Opens Entries for 2023 Bright Scholarship Programme
MTN Ghana Foundation has opened entries for 2023 Bright Scholarship programme for interested learners who need support to further their education. Read More

FG Plans Carbon Tax, Budgetary System
The Federal Government has said it has plans to introduce taxes and a budgetary system to the management of greenhouse gas emissions in the country, in line with the recently approved Energy Transition Plan, as part of the Climate Change Act. Read More

FG Acquires 10,000 Units of Tractors for Mechanised Farming
The federal government has purchased 10,000 units of tractors and 50,000 units of assorted equipment to drive mechanised farming in Nigeria. Read More

Tax Tribunal Orders NDDC To Pay FIRS NGN 20.3 Billion Tax Liability
South South Zone of the Tax Appeal Tribunal has ordered Niger Delta Development Commission (NDDC) to pay the Federal Inland Revenue Service the Sum of NGN 20.3 billion (approx. USD 44.4 million) liquidated tax liability. Read More

Shareholders Kick Against Buyout Price of Ardova’s Minority Stakes
Irked by the proposed acquisition of shares held by the minority shareholders of Ardova by Ignite Investment and Commodities, stakeholders have urged the Securities and Exchange Commission to give priority to investor protection to prevent further loss of investment. 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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