Ethiopia
Financial Institutions, Government Officials to Work Together on Housing Development Financing
Government officials and financial institutions discussed with Chaltu Sani, the Minister of Ministry of Urban and Infrastructure, today on the provision of housing development financing. The discussion focused on the possibility of realizing the aims of the 10-year master development plan on development options. Read More
GERD Can Address Energy Scarcity in Basin, Integrate Region
The Grand Ethiopian Renaissance Dam (GERD) can easily address a certain part of energy scarcity in the Nile basin countries and bring about integration in the region, UNESCO International Water Cooperation Chairperson said. Read More
South Sudan Reaffirms its Firm Support to Ethiopia
Defense Minister of Ethiopia, Abraham Belay, held discussions with Vice President (Chairman of the Infrastructural Cluster), Taban Deng and President Salva Kiir’s Security Affairs Advisor, Tut Gatluak, according to Ethiopian Embassy in Juba. Read More
Ethio Telecom Gains ETB 61 Billion in Revenue
Ethio Telecom’s CEO Frehiwot Tamiru revealed that the telecom company gathered a revenue of Birr ETB 61 billion (approx. USD 1.2 billion) during the 2021/2022 fiscal year. Ethiopian Investment Holdings, on the other hand, stated that Ethio Telecom was showing a steady growth to become the backbone of digitalization. Read More
Kenya
KCB’s Congo Buyout Target Heavy on Commission
KCB Group’s Democratic Republic of Congo acquisition target Trust Merchant Bank made twice as much in fees and commissions compared to net interest income in 2021, pointing to the influence of non-funded income on the performance of Congolese lenders. Read More
Data Revenue for NSE Now Overtakes Bond Commissions
The Nairobi Securities Exchange’s income from vending data surpassed commissions from bonds trading for the first time in the six months to June, backed by the increased sale of market data to institutions. Read More
Helb Loan Defaulters Drop 20 Percent on Recovery of Labour Market
The number of former university students defaulting on the Higher Education Loans Board (Helb) has dropped 20 percent in six months, highlighting an economic recovery for beneficiaries. Read More
Markets Remain Cagey as Presidential Petition Starts
The capital market shed KES 10.5 billion (approx. USD 87.5 million) to close the day’s trading at KES 2.14 trillion (approx. USD 17.8 billion) from Tuesday’s close of KES 2.15 trillion (approx. USD 18 billion) even as the Supreme Court started the hearing of seven petitions challenging the declaration of William Ruto’s victory as the president-elect. Read More
Tanzania
Dar, Singapore Explore Areas of Cooperation
Tanzania and Singapore are looking to strengthen cooperation in various sectors especially in ports development, trade and investment for mutual benefits. Read More
Govt Lures Investors to Pharmaceutical Sector
The government has called upon members of diplomatic corps in Tanzania to encourage investors in their country to invest in the country’s pharmaceutical sector. Read More
Why TZ-Brazil Ties Crucial
Investors are urged to tap into the abounding economic potentials in the Tanzania-Brazil relations to gain maximum benefits from both local and global markets. Read More
NCBA invests TZS 40 billion in its Tanzania Subsidiary
NCBA Group is investing KES 2 billion (TZS 40 billion) (approx. USD 17.7million) in its Tanzanian subsidiary this year to shore up its capital which was eroded by losses and a rise in defaults due to the economic fallout from the Covid-19 pandemic. Read More
Uganda
Uganda Securities Exchange Admits Chipper Technologies Uganda as a New Stockbroker
Uganda Securities Exchange (“the Exchange”/ “USE”) Uganda’s principal stock Exchange, announced the admission of Chipper Technologies Uganda (“Chipper”) as a new Trading Participant / stockbroker on its market and as a USE Securities Central Depository Agent. Read More
BoU Eases Tough Stance on Cryptocurrencies
Local cryptocurrency exchange companies have started remodelling their operations to suit the regulatory sandboxes provided by the Bank of Uganda. This is after the central bank recently called the Blockchain Association of Uganda - a crypto advocacy group - to a roundtable. Read More
Uganda needs UGX 67 Trillion to Reduce Land Ownership Dilemma
Uganda’s ministry of Lands, Housing and Urban Development estimates that its land fund will require about UGX 67 trillion (approx. USD 17.3 billion) to resolve issues regarding ownership, which frustrate its land tenure system, and is often a source of conflict between claimants and vulnerable occupants. Read More
Number of Investors at USE Grows to 130,000
According to Mr Paul Bwiso, the USE chief executive officer, listed companies have registered improved profitability due to growth in the number of investors, which had for years stagnated at 38,000 investors. Read More
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Algeria
Algeria to buy Russian wheat
Algeria’s state grains agency OAIC has bought an unknown volume of milling wheat in an international tender, and was limited to shipment to two Algerian ports, European traders said. Read More
Egypt
Egypt-ICF to Take Place from 7 to 9 September
The second edition of the Egypt - International Cooperation Forum (Egypt - ICF) will be held at the New Administrative Capital from 7 to 9 September. Read More
Egypt, India to See Significant Progress in Political, Economic, and Cultural Ties: Ambassador Gupte
Indian Ambassador in Cairo Ajit Gupte expected that the political, economic and cultural relations between India and Egypt would see significant progress in the near future. Read More
Nile Pioneers Initiative Launches Training Programme to Support Export Capabilities of Emerging Companies in Chemical Industries
The Nile Pioneers Initiative announced the launch of a new training programme that will run for a period of six months to support the export capabilities of emerging, small, and medium-sized companies working in chemical industries. Read More
GlaxoSmithKline Increases Profits by 41-Fold in First Half 2022
The profits of GlaxoSmithKline increased by a 41.21-fold in the first half of 2022, reaching EGP 871.8 million (approx. USD 45 million), compared to 2021’s EGP 20.65 million (approx. USD 1 million). Read More
Morocco
Morocco's Souss Region Launches Support Program to Boost Tourism
The Moroccan government has established a new support program for 150 small-average-sized tourism enterprises in the Souss-Massa region to boost its appeal to tourists. Read More
Tanger Med Port Revenues Climbed by 12 Percent in First Half of 2022
Morocco’s Tanger Med Port has achieved a turnover of more than MAD 1.63 billion (approx. USD 154.3 million) at the end of June 2022, up 12 percent compared to the same period last year. Read More
Sanlam Maroc Boasts 8.3 Percent Annual Rise in Turnover in 2022
Sanlam Maroc, an insurance company that recently rebranded from its original name “Saham,” has indicated that it saw an 8.3% annual increase in turnover at the end of the first half of 2022. Read More
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Malawi
Firm Touts Kangankunde, Set to Start Work in September
Lindian Resources, an Australian Securities Exchange listed bauxite explorer, says the recent site visit for the impending exploration of rare earth elements at Kangankunde in Balaka has provided extensive surface mineralisation, boosting prospects for the mine. Read More
Import Bill Hits MWK 789 Billion-Report
Malawi’s current import bill at USD 762 million as of July due to a surge in global commodity prices could exert more pressure on the current account deficit and the kwacha, experts have warned. Read More
Export Earnings Hit MWK 301 Billion in First Half
Malawi realised MWK 301.8 billion (approx. USD 295 million) from all exports in the six-month period ending June 2022, figures from the National Statistical Office show. Read More
World Food Programme, Government Advocate Crop Diversification
The Ministry of Agriculture and the World Food Programme (WFP) are encouraging farmers to diversify their crop production and consider use of manure in an attempt to attain the food security mark. Read More
South Africa
Massmart Reveals More Detail on Walmart Deal
Retail giant Walmart this week announced that it wants to buy the remaining shares in Massmart for ZAR 62 a share, having initially acquired a 51 percent stake in the South African business in 2010 at ZAR 148 per share, ZAR 16.5 billion (approx. USD 960 million). Read More
Rawson Developers Launches Sensational Sea Point Apartments from ZAR 1,49 Million
In what can only be described as one of the most anticipated development launches of the year, Rawson Developers, are set to bring their very first Atlantic Seaboard development to the market in late September 2022. Read More
HP Launches Industry First Cartridge-Free Laserjet Tank Printer with Focus on SMEs
To navigate an increasingly challenging economy and position themselves for long-term growth, small and medium business owners are seeking increased efficiencies, processes, and technology to boost productivity. Read More
South Africa Companies’ Offshore Deals Reach Record ZAR 222 Billion in Second Quarter
SA companies concluded international M&A valued at about ZAR 222 billion (approx. USD 13 billion) in the second quarter, a record high, as they increasingly look abroad in search of higher growth opportunities, according to a report by PwC. Read More
Zambia
Zambia Finally Gets USD 1.3 Billion IMF Bailout
Zambia has won International Monetary Fund board approval for a USD 1.3 billion support package, an important step toward the nation restructuring its debt and a boost for the global effort to help indebted developing nations. Read More
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Cote D’Ivoire
Orange Ivory Coast Signs IT transformation Agreement with Comarch
The Ivory Coast unit of French telecoms group Orange, the West African nation’s mobile telco industry leader, signed an IT transformation agreement with Comarch, designed to deliver better digital experience to the growing base of mobile and fixed services end-customers in a highly dynamic and challenging market. Read More
Ghana
UNIDO, EU and Government Build Capacity for 1D1F listed Companies in Good Manufacturing Practices
The United Nations Industrial Development Organization (UNIDO), the European Union-funded West African Competitiveness Programme and the Ministry of Trade and Industries has organised a two days training on Food Safety, Quality standards and Good Manufacturing Practices for 30 “One District One Factory “companies. Read More
USD 750 Million Afrexim Loan Facility will Give Government Some Breathing Space – Dr. Said Boakye
Senior Research Fellow of the Institute for Fiscal Studies, Dr. Said Boakye, says whereas the USD 750 million loan facility from the Afrexim Bank is not enough to deal with Ghana’s fiscal problems, it will give the country some breathing space to put things in order. Read More
Fifteen GrEEn SMEs in Ghana to Receive Up to EUR 25,000 Grant to Scale Up
Fifteen Small and Medium Scale Enterprises (SMEs) in the Western and Ashanti regions are being supported by SNV Ghana to expand production and help grow Ghana’s circular economy. Read More
Bank of Ghana Must Monitor Government’s Use of USD 750 Million Afexim Loan Facility – GUTA Vice President
The Vice President of the Ghana Union of Traders Association (GUTA), Clement Boateng, has urged the Bank of Ghana to put in measures to monitor and regulate the flow of money from the Afexim loan facility. Read More
Nigeria
Banks’ Assets Rise 22 Percent to NGN 65 Trillion
Total assets in the Nigerian banking sector rose by NGN 11.8 billion (approx. USD 28 million) in one year to NGN 65.48 trillion (approx. USD 155 billion) as of the end of June 2022, representing 22 percent increase over the period. Read More
Gas Price Rises 122 Percent, Household Incomes Shrink
Amid the Federal Government’s NGN 250 billion (approx. USD 593 million) intervention funds on the National Gas Expansion Plan, which intends to deepen usage across the country, data from the Nigerian Bureau of Statistics said on a year-on-year basis, price of refilling a 12.5kg cylinder of Liquefied Petroleum Gas, also known as cooking gas, increased by 122 percent from NGN 4,422 (approx. USD 10.5) in July 2021. Read More
Osinbajo to Meet Harris for Nigeria’s Energy Plan
Vice President Yemi Osinbajo, departed Abuja for the United States of America to seek global partnerships and support for Nigeria’s recently launched Energy Transition Plan. Read More
USD 265 Million Emirates Makes U-turn, to Resume Flights
There are strong indications that a Middle East carrier, Emirates Airlines, will resume flights in Nigeria within the shortest possible time. Read More
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Nigeria
Artificial Intelligence in the Media and Entertainment Industry: Some Use Cases in Content Personalization & Search Optimization
The distribution of content in the global media and entertainment industry is rapidly changing. Due to the increasing accessibility of content creation technologies such as high-resolution cameras, content development software, and smartphones, almost anybody can now create, publish, and share written, audio, and video content. Read More
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Kenya
Bank Customers Could be Held Liable for Banking Fraud Losses
On 18 July 2022, the Ugandan High Court issued a landmark decision on the liability for loss suffered due to digital bank fraud in the case of Aida Atiku versus Centenary Rural Development Bank Limited, (the defendant/bank) Civil Suit No. 0754 of 2020. 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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