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African Lens on Russia-Ukraine Conflict
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African Development Bank Board Approves USD 1.5 Billion Facility to Avert Food Crisis
The African Development Bank Group's Board of Directors on Friday approved a USD 1.5 billion facility to help African countries avert a looming food crisis. Read More
Looming Food Crisis May be 'Opportunity for Africa'
The world is facing the worst humanitarian crisis since World War II, driven by the compounded effects of COVID-19, climate change, and the Russia-Ukraine conflict that are exacerbating already skyrocketing food and energy prices and causing severe hunger, according to the head of the United Nations World Food Program, which is also known as the WFP. Read More
U.S. and Russia Square Off Over Africa
The U.S. has passed a law to counter Russia in Africa by tracking its military operations, investments, oligarchs and suspected illicit financial flows. Read More
European Countries Keen to Pursue Gas Projects in Africa
Germany is seeking to reduce its heavy reliance on Russia for gas following the Kremlin's invasion of Ukraine. It has initiated talks with the Senegalese authorities about gas extraction and liquified natural gas, Scholz said. Read More
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Ethiopia
As Ethiopia Opens Up Banking Sector to Foreign Players, There is an Important Caveat
One of the newly proposed rules that would guide Ethiopia's banking sector liberalisation is that foreign banks hoping to operate in the Horn of Africa country must do so in partnership with local banks. Read More
Ethiopia's Dr Tedros Re-elected as WHO Head
Ethiopia’s Tedros Adhanom Ghebreyesus has been re-elected as the World Health Organization’s (WHO) head for a second five-year term. Read More
Nigeria, Ethiopia to Hold Joint Commission on Trade, Economy, Political Developments
Nigeria and Ethiopia have concluded arrangements to hold a Joint Ministerial Commission meeting in Addis Ababa next month to discuss various areas of bilateral relationship and exchange perspectives on a range of international issues of mutual interest. Read More
Local Manufacturer Exports Trucks to Sudan
Frankun Automotive Engineering, a private vehicle assembler, has exported trucks semi-produced from its Ethiopian manufacturing plant, according to ministry of industry. Read More
Kenya
Fuel, Fertiliser Subsidy, Polls Security Costs Blow KES 64 Billion Budget Hole
Fuel prices and fertiliser subsidy as well as security-related expenditure in the wake of the August 8 polls have forced the Treasury to spend an additional KES 64 billion (approx. USD 482 million) of taxpayers’ cash in the budget for the financial year ending June. Read More
Manufacturers Seek Duty Waiver to Cut Flour Prices
Manufacturers want the government to waive a 10 percent duty imposed on imported wheat to offset the current high international prices of the grain and offer a reprieve to consumers on skyrocketing cost of flour. Read More
Africinvest Raises KES 47 Billion for Regional Investments
Private equity firm AfricInvest has raised USD 411 million in a new fund for investments in mid-sized companies in African countries including Kenya. Read More
Rail, Power Lines Vandals Now Face KES 20 Million Penalty
The State wants to double the fine for vandalising electricity transmission lines, railway and road furniture to KES 20 million (approx. USD 161, 000), in the latest push to deter the vice that costs the economy billions every year. Read More
Rwanda
Kagame Urges Leaders to Prioritise Africa Before Partnering With The World
President Paul Kagame has issued a rallying call to African leaders to prioritise their continent before partnering with the rest of the world. Read More
Farmers Seek Farm Gate Price Rise Amidst Soaring Costs
The minimum price at which unprocessed rice must be bought from farmers has been dropping, negatively affecting the income that farmers get from their produce. Read More
Tanzania
AngloGold Ashanti Vows to Stay in Tanzania
AngloGold Ashanti has reiterated its long-term commitment to investing in Tanzania, thanks to the country’s improving global position as a destination for mining and exploration. Read More
Petrodel Aims to Reach Tanzanian Gas Production in 2025
Nigeria’s Petrodel Resources has dusted off its Tanzanian licences and announced a plan to return to the East African state. Read More
How Tanzania Used IMF, AfDB Loans to Improve Livelihoods
Tanzanian President Samia Suluhu Hassan has defended her usage of loans from multilateral lenders, telling an audience in Accra that the institutions were her country’s lifeline in the Covid-19 pandemic. Read More
AfDB 2022 Annual Meetings: African Leaders Push for More Financially Powerful African Development Bank
President Nana Akufo-Addo, Filipe Nyusi of Mozambique, President Samia Suluhu Hassan of Tanzania, and Azali Assoumani of Comoros have voiced strong support for the African Development Bank Group to lead in financing the continent’s development. Read More
Uganda
Uganda, DRC Trade
Private Sector Foundation Uganda representing private sector business associations in partnership with Government of Uganda will hold the first ever Uganda- DR Congo Business Summit between 31 May and 8 June in Kinshasa and Goma located in the Democratic Republic of Congo. Read More
Garage48, The Innovation Village Revitalizing the East Africa Start-Up Ecosystem
Garage48 and the Estonia Centre for International Development in partnership with The Innovation Village have organized a two-day workshop in Kampala themed “Empowering the Start-up Community – (ESC)” to discuss ways in which ecosystem builders can revitalize their support to innovators and entrepreneurs’ needs within the East Africa start-up ecosystem. Read More
URA’s Nine-Month Tax Collection Hit UGX 15.4 Trillion
Total tax collections for the nine months of FY2021/22 increased by UGX 1.4 trillion to UGX 15.4 trillion (approx. USD 356 million to 4 billion) compared to the same period last financial year, but fell short of the UGX 16.5 trillion (approx. USD 4.1 billion) target. Read More
Afreximbank Moots Continental Energy Bank
The African Export-Import Bank signed a memorandum of understanding with the African Petroleum Producers Organization in a move that seeks to create a multi-billion dollar energy bank on the continent. Read More
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Algeria
Higher Oil Prices are Giving Algeria’s Regime Breathing Room
Algeria is the largest country in Africa, a former French colony and deeply dependent on natural gas exports to Europe. It will be deeply challenged as climate policies inevitably eliminate the 14.39 percent of its GDP directly dependent on fossil fuels. Read More
Egypt
Financing Portfolio of Contact Holding Jumped to EGP 11.5 Billion in First Quarter 2022
The financing portfolio of Contact Financial Holding jumped to EGP 11.5 billion (approx. USD 579 million) during the first quarter of 2022, compared to first quarter 2021’s EGP 8.73 billion (approx. USD 440 million), a growth rate of about 31 percent. Read More
Partnership between Netherlands, Egypt is strong, Will Grow and Flourish Further in Future: Dutch Ambassador
Han-Maurits Schaapveld, The Netherlands’ Ambassador to Cairo and the EU’s Gender Champion said that Egypt and the Netherlands enjoy a strong partnership, expressing his confidence that relations between the two countries will continue to grow and flourish in the future. Read More
Egypt to Sell State-Owned Firms Amid Economic Crisis
Ten of Egypt's largest state-owned companies will be listed this year on the stock exchange, while others will be sold in the coming years as the government tries to attract foreign investors to relieve economic hardships. Read More
Egypt’s Central Bank Hikes Rates 2 Percent
Egypt’s central bank has hiked interest rates by 2 percent to step efforts to contain inflationary pressures which is consistent with achieving price stability over the medium term. Read More
Morocco
In Morocco, Start-Up Nation conference brings Israelis and Moroccans Together
Thirteen MOUs signed during opening ceremony of the first-of-its-kind conference dedicated to developing innovative solutions to common challenges shared by the two countries. Read More
Smurfit Kappa to build EUR 35 Million Plant in Morocco
Paper and packaging company Smurfit Kappa is to build a new packaging plant in Morocco, its first corrugated plant in the country, in an investment worth more than EUR 35 million. Read More
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Malawi
Improved Road Networks Aid Farmers’ Market Access
Being a farmer, RafiqMuheya from Mbewa Village, Traditional Authority Mabuka in Mulanje District relies on roads to easily access nearby markets. He says due to the geography of the area, business in the rainy season becomes slow as most roads are in bad shape and impassable. Read More
New Mobile Phone Company Coming
A new mobile phone network and telecommunications services company, Nyasa Mobile, has announced its intent to roll out operations in the country by the end of this year. Read More
Cooking Oil for Relief
Ministry of Industry and Trade has started issuing import licenses for cooking oil as a response to reduction in the supply by domestic producers. Read More
Weak Tobacco Exports Worsen Trade Balance
The merchandise trade balance—the difference between exports and imports, has widened to minus USD 204.6 million in March 2022, Reserve Bank of Malawi figures show. During the previous month, the merchandise trade balance was recorded at USD 140.4 million. Read More
Mozambique
Debt Solution Involves More Production, Exports – President
The president of Mozambique, Filipe Nyusi, has said that the best way to combat public debt is through financial discipline, increased production and exports and incentives for the private sector. Read More
South Africa
Reserve Bank’s New Toolkit Will Help Protect Depositors in Failing Banks
The Reserve Bank is putting in place a new approach to troubled banks that will make it easier to resolve bank failures and should help to reassure retail depositors that their money is as safe with small banks as it is with larger banks. Read More
National Minimum Wage - No Major Negative Impact on Employment
Employment and Labour Minister, Thulas Nxesi, says ever since its inception, the National Minimum Wage (NMW) has not, contrary to assertions, had any negative impact on employment. Read More
Proposed Gautrain route extension moves closer to reality
The proposed extension of the Gautrain rapid rail route has moved a step closer to becoming a reality, with the determined route for phase one of the expansion published in the Gauteng Provincial Gazette. Read More
Zambia
Britain Gives Zambia 1 Billion Pounds for SMEs Development
The British government says it has set GBP 1 billion (approx. USD 1.2 billion) aside over the next five years to help boost its investment in Zambia. Read More
KCM Provisional Liquidator Appoints Jason Kazilimani Jr to Act as Her Agent at KCM
The Konkola Copper Mines Provisional Liquidator Celine Meena Nair has appointed Jason Kazilimani Jr to act as her agent at KCM. Read More
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Cote D'Ivoire
Biovea Biomass Power Plant
The Biovea power project is a 46MW biomass power plant under construction in the Aboisso region of the Ivory Coast. It is the largest biomass power plant in West Africa and will be fuelled by agricultural waste. Read More
Signing of Japanese ODA Loan Agreements with Côte d’Ivoire
The Japan International Cooperation Agency signed loan agreements with the Government of Côte d’Ivoire in Abidjan, to provide Japanese ODA loans of up to a total of JPY 37,028 for the following two projects. Read More
Ghana
BoG Testing Online Version of eCedi with Vodafone Cash Customers
The Bank of Ghana (BoG) has granted Vodafone Cash, CalBank and IT Consortium customers the opportunity to try the online version of the central bank’s Digital Currency, eCedi. Read More
Governor Urges Attractive Investment Policies
African Development Finance Institutions have been tasked to implement policies that will enhance their rating to attract global investments with favourable terms. Read More
Kwahu Summit, Africa’s Version of DAVOS Set for Rock City in October
The journey for Africa’s own version of the much-touted DAVOS, - the World Economic Forum which engages global political and corporate leaders, investors, economists and celebrities in the mountainous resort in Switzerland with the goal to shaping the world, - kick-started with the media launch in Accra’s Marriot Hotel. Read More
Mobile Money Agents Find ‘Cash Cow’ in Deposit Transactions
Contrary to fears that implementation of the Electronic Transfer Levy would collapse the business of mobile money agents, there seem to be a new revenue stream for them, namely cash-in transactions, which have become the preference of customers. Read More
Nigeria
Nigeria’s Economic Growth to Average 3.2 Percent Till 2023, Says AfDB
African Economic Outlook 2022, released by the African Development Bank, has projected the average growth rate of Nigeria’s economy this year through to 2023 at 3.2 percent. Read More
Expert Seeks Establishment of National Risk Office to Tackle Rising Debts
A risk management consultant, Joachim Adenusi, has called for the establishment of a Risk Management Desk for the nation and the appointment of a ‘Risk Manager of the Federation’. Read More
Nigeria Adds 2.1 Million New Phone Lines in Quarter 1, Broadband Penetration Hits 42.27 Percent
About 2.1 million new telephone lines were added to the networks in the first quarter of 2022. March statistics for mobile service subscription in the country, released by the Nigerian Communications Commission, showed that in January, there were 197.5 million mobile connections, it increased to 198.1 million in February and by March, the figure rose to 199.6 million. Read More
CIBN, Others Highlight Importance of Tech Skills
The Chartered Institute of Bankers of Nigeria, Redeemer’s College of Technology and Management, and other experts have said that technical and vocational skills are vital for economic and national development. Read More
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Kenya
UBO Compliance: Emerging Issues for Private Equity and Venture Capital Funds in Kenya
The global wave of increased transparency and disclosure requirements of ultimate beneficial owners (UBOs) has finally landed on East Africa’s shores. In 2020 and 2021, Kenya and Tanzania adopted regulations mandating disclosure of UBOs for entities registered in both jurisdictions. Read More
Amendment of the Commercial Code of Ethiopia
Since the coming into power of Prime Minister Abiy Ahmed, Ethiopia has undertaken a number of significant reforms, changes and amendments to existing laws. Read More
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Trends Emerging from Kenya’s Insolvency Regime
The evolution of insolvency laws across the world has been aptly described as the “redefinition of insolvency from sin to risk, from moral failure to economic failure”. In the United Kingdom, for example, the treatment of debtors has significantly improved since medieval times, when failure to co-operate with bankruptcy commissioners would earn convicted bankrupts the death penalty. Kenya is no exception. 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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SOURCES
Financial Times
Business Daily Africa
Daily Nation, Kenya
Reuters
New York Times
Daily News, Tanzania
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CNBC, South Africa
Independent Uganda
Xhinuanet
Daily News, Egypt
Sudan Commerce News
Sudan News Agency
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