14 June 2022
Eastern Africa
Somali Region of Ethiopia Plan to Harvest Over 20 Mil Quintals Agricultural Products Next Financial Year
Somali Regional State of Ethiopia has planned to harvest over 20 million quintals of various agricultural products during the new Ethiopian fiscal year, according to Agriculture Bureau of the region. Read More

Ethiopia, Italy Sign EUR 22 Million Concessional Loan Agreement
Ethiopia and Italy have signed a concessional loan agreement amounting EUR 22 million to support Argo industries in Ethiopia. Read More

Ethiopia, Equatorial Guinea Ink MoU to Collaborate on Mining, Petroleum Sector
Ethiopia and Equatorial Guinea have signed a Memorandum of Understanding to collaborate on the mining and petroleum sector. Read More

Cost of Bank Loans Reach 27-Month High on Treasury Bills
Bank lending rates hit a 27-month high in April as costs of wholesale deposits increased following competition for funds between lenders and the government, setting up costly credit for homes and businesses in a recovering economy. Read More

Budget Controller Seeks Real-Time Access to State Accounts
The Controller of Budget will have real-time access to bank accounts of all public institutions under new regulations aimed at curbing overdraws from the public purses. Read More

JSC Picks First Tax Tribunal Team after Treasury Mandate Expiry
The Judicial Service Commission has picked a 10-member team for the Tax Appeals Tribunal, two months after the Treasury Cabinet secretary lost the mandate of making the appointments. Read More

KCB Says English Point Directors Diverted Funds in KES 5.2 Billion Dispute
KCB Group has accused directors of troubled English Point Marina of diverting funds earned from the sale of apartments at the luxurious hotel instead of offsetting the Sh5.2 billion loan they had accumulated. Read More

CHOGM Delegates to Enjoy RwandAir Discounts

RwandAir has offered a 15 percent saving off flights for passengers across its extensive network, in line with the forthcoming Heads of Government Meeting (CHOGM). Read More

CRA Takes Part in World Telecommunications Development Conference
The Communications Regulatory Authority (CRA) is participating in the World Telecommunications Development Conference being organised by the International Telecommunication Union in Kigali, Rwanda. The event will run until June 16. Read More

DCO Delegation Ends Rwanda Visit, Launching Global Roundtable Series
A delegation from the Digital Cooperation Organization (DCO) concluded the organization’s inaugural visit to Rwanda by announcing the DCO Global Roundtable Series, an initiative that will bring together global digital economy leaders to develop an action plan for digital prosperity for all. Read More

Cost of Goods, Services Increased by 14.8 Percent in May This Year - Report
Rwanda's Consumer Price Index, the main gauge of inflation, increased by 14.8 percent (on an annual basis) in May this year, compared to the same month last year, according to data released by the National Institute of Statics of Rwanda. Read More

DCB Bank Takes Pride in Provision of TZS 1 Trillion Loans
The DCB Commercial Bank said that it has disbursed a total of TZS 1 trillion (approx. USD 430 million) during the past two decades of its existence. Read More

TPA Handles  90 Percent of  Rwanda’s Consignments
Improvement of services and strategic marketing by the Tanzania Ports Authority (TPA) has enabled the authority to handle 90 percent of Rwanda’s consignments through Dar es Salaam and Tanga ports. Read More

Oman Opens Doors for Dar Investors
Chairman of Oman Chamber of Commerce and Industry Chairman, Redha bin Jumah Al Saleh, has encouraged investors from Tanzania to explore investment opportunities in the Gulf nation. Read More

Letshego Appoints Monyatsi as Group CEO
The Board of Letshego Holdings has affirmed the appointment of Aobakwe “Aupa” Monyatsi as Group Chief Executive with immediate effect, subject to regulatory approvals. Read More

MTN Uganda Breaks Tax Payment Record with UGX 800 Billion in 2021
South African Telecomunications giant, MTN Uganda has announced a record payment of UGX 839 billion  as its annual  contribution to the achievement of national fiscal and economic development goals of the government of Uganda through taxes in 2021. Read More

License Fees for Banks Increased
Bank of Uganda has increased license fees for supervised financial institutions in a bid to harmonise the licensing regime with other East African Community member states. Read More

Uganda Baati, NFA Partner to Plant 40 Hectares of Trees
This week, Uganda Baati management hosted National Forestry Authority at their head office in Kampala. The purpose of the visit was for both the UBL and National Forestry Authority (NFA) to have joint efforts to restore forests around the country to conserve the environment under UBL Corporate restoration program. Read More
Northern Africa
EU Proposes Deal to Import Natural Gas from Egypt and Israel
The European Commission has proposed an agreement to import natural gas from Egypt, and Israel Reuters reported on Friday. This comes as part of EU bid to reduce energy reliance on Russia following the Russian-Ukraine war. Read More

Siemens To Introduce Roadmap for Emerging Energy Technologies in Egypt This Year
German company Siemens is working on a roadmap for emerging energy technologies, electric vehicles, and energy storage in Egypt. Read More

Egypt Aims to Attract USD 10 Billion in FDI: Minister
The Egyptian government aims to attract USD 10 billion in foreign direct investment (FDI) annually, Minister of Finance Mohamed Maait stated. Read More

CBE Likely to Keep Interest Rates on Hold at Next Meeting
Beltone Financial Holding projected that the Monetary Policy Committee of the Central Bank of Egypt will keep interest rates unchanged in its coming meeting in light of the slowing pace at which the inflation rate is rising as shown in May's figures. Read More

Moroccan Startups Raise USD 2 Million in Funding in May
Morocco’s startups attracted USD 2 million in funding last month, ranking fourth in terms of funding appeal among the Middle East and North African countries. Read More

Morocco’s Budget Deficit at MAD 14.6 Billion
Morocco’s General Treasury registered a budget deficit of MAD 14.6 billion (USD 1.4 billion) at the end of May 2022. Read More

Vaccine Manufacturing: Morocco Receives Equipment for Industrial Unit
Morocco has received different parts and equipment for the vaccine manufacturing unit that is scheduled to be established in Benslimane, a province in the Casablanca region. Read More

Nigerian Products Have ‘Big Market’ Appeal in Morocco
Made in Nigeria products “are massively in demand” in Morocco, said Ahmed Gombe, CEO of the African Network Center. Read More
Southern Africa
Malawi’s President Inaugurates Hybrid Solar Battery Power Plant
The Reserve Bank of Malawi (RBM) says as the Russia-Ukraine war rages on, the price of key commodities such as oil, food and fertilisers remain elevated, thereby putting pressure on the country’s inflation. Read More

World Bank Sees Elevated Inflation
The World Bank says the country’s inflation rate would remain elevated this year on account of rising global commodity prices due to Russian invasion of Ukraine which has magnified the slowdown in the global economy. Read More

IMF Cautions Countries over Rising Food Prices
The International Monetary Fund (IMF) has advised Malawi and other countries to prioritise the most vulnerable sections of the society in responding to high food and energy prices. Read More

Consumers Pen OPC on Austerity Measures
The Consumers Association of Malawi has written Secretary to the President and Cabinet Colleen Zamba demanding a breakdown of the savings that each of the austerity measures announced by government will bring. Read More

Volume of Cargo Handled in Port of Beira Decreases 5 Percent Due to Ukraine War
The volume of cargo handled at the Port of Beira fell 5 percent from March to the beginning of June, compared to the same period in the last two years. Read More
Transport and Logistics Sector Fuels Economic Growth in Mozambique
During the recently held FNB Mozambique Business Breakfast, in Maputo, Daniel Kavishe – senior economist of Rand Merchant Bank, commented on the impact of Russia-Ukraine war, which continues to reverberate throughout Africa’s economies. Despite these challenges, Mozambique is widely expected to notch up growth above 4 percent over the next few years as a major liquified natural gas project comes online and as government spending in key areas remains strong. Read More

South Africa
South Africa's Telkom Lowers Revenue and Profit Guidance
South Africa's Telkom TKGJ.J lowered its revenue and profit guidance for the medium term due to a slowdown in growth in its mobile business and a decline in its legacy unit, it said on Tuesday, as it reported a 2.5 percent rise in full-year earnings. Read More

Launch Africa, the VC Firm That Has Backed over 100 startups, Closes First Fund at USD 36.3 Million
Pan-African venture capital fund Launch Africa Ventures is announcing the close of its USD 36.3 million fund, which it has primarily used to invest in B2B and B2B2C startups across Africa.  Read More

Sibanye Signs Multi-Term Pay Hike Deal and Lifts Lockout at Gold Operations
Sibanye-Stillwater, the world’s largest producer of platinum group metals (PGMs), which has been the scene of a nearly three-month wage strike, said on Monday it had signed a three-year pay hike deal with unions and lifted the lockout at its gold operations. Read More

Telkom Revenue Drops but Profit Increases as Mobile Base Grows
Telkom’s revenue declined but profit increased in its 2022 year amid changes in the global market, an intense competitive landscape, the lingering effects of the Covid-19 pandemic and a weak macro-environment. Read More
IMF Deputy MD visits Zambia for talks
International Monetary Fund -IMF- Deputy Managing Director Antoinette Sayeh is today expected in the country for a two day visit. Read More

Zambia, DRC revive plans to build a power plant on Luapula River
Zambia and the DRC on Monday signed fresh Memoranda of Understanding to revive ambitious plans to construct over 1,000-MW power stations on the Luapula River Basin as well as building new power interconnector. Read More

Specialised Ground Handling Equipment for Ndola’s Simon Mwansa Kapwepwe Airport Finally Procured
Zambia Airports Corporation Limited has finally procured specialised ground handling equipment for Ndola’s Simon Mwansa Kapwepwe Airport which was commissioned last August. Read More

President Hichilema Challenges Stakeholders in Agric Sector to Make Zambia Food Secure
President Hakainde Hichilema has called for increased investment in the agricultural sector that will make Zambia not only food secure, but also meet the continental and the global food basket. Read More
Western Africa
Cote D’Ivoire
Queen Máxima Begins Financial Trip to Africa
Queen Máxima has landed in Ivory Coast’s capital Abidjan as part of a four-day visit that will also take her to Senegal as UN Special Advocate for Inclusive Finance for Development. Read More

Air Côte d’Ivoire Opens a New Route to South Africa
Air Côte d’Ivoire will be launching the quickest route between Johannesburg and Abidjan, in Côte d’Ivoire, in June. Read More

Akufo-Addo Urges Africa to Trade More with Itself as AfCFTA is a Game-Changer
African countries trade least among themselves, and trade more with countries on other continents, and President Nana Akufo-Addo says it is therefore not an accident that Africa being the continent that trades least with itself is the poorest. Read More

Bank of Ghana Oversees GHS 7.9 Million Refund, Compensation Payments
Preparatory works are ongoing on the 403 acres of land secured at Pokuase/Amasaman in the Greater Accra Region and Dedesua in the Ashanti Region for the implementation of two affordable housing pilot schemes. Read More

Autochek Partners Fidelity Bank to Offer Auto Financing
Ghana is one of the fastest-growing automobile markets in Africa with a projected value expected to reach USD 11 billion by 2026. Read More

Fiaseman Rural Bank Posts GHS 11 Million Profit
The Fiaseman Rural Bank at Bogoso in the Prestea Huni-Valley District of the Western Region posted an impressive growth in all financial indicators in the 2021 year under review, recording 142.8 percent growth in profit. Read More

Nigeria’s Transportation Sector: Using Digital, Automated Technology to Drive Greater Efficiency Broadband: Nigeria targets 70 Percent Penetration, Affordable Rates by 2025
The Minister of Communications and Digital Economy, Prof. Isa Pantami, said this while delivering a keynote address at a conference and exhibition of Association of Telecommunications Companies of Nigeria, in Abuja. Read More

NCDMB, NAICOM Launch Joint Insurance Guidelines for Oil Sector
The Nigerian Content Development and Monitoring Board (NCDMB) and National Insurance Commission (NAICOM) have signed joint insurance regulations that oblige the oil and gas companies to patronise local insurance firms. Read More

Parlous Infrastructure Hiking Operational Cost, Undermining Tax Compliance
The challenging operational environment has continued to assail businesses in Nigeria, especially, listed firms, as investors at the weekend renewed calls for government at all levels to pay more attention to infrastructure development and other impeding factors and boost tax compliance. Read More

Sundry Foods Unveils Two Branches in IlorinHavenhill, Others Get USD 2.3 Million Grant to Power 245 Public Facilities
Clean-tech utility and energy access company, Havenhill Synergy, has been awarded grant funding from Power Africa through the United States Agency for International Development for the electrification of 50 primary healthcare facilities in Oyo State, Nigeria. Read More
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