25 August 2022
Eastern Africa
Morocco’s OCP Africa Donates 50,000 MT Fertilizer to Wheat Development Program in Ethiopia
Morocco’s OCP Group Africa has donated 50,000 metric tons of fertilizer for Ethiopia’s summer irrigated wheat development program. Read More

Ethio-Djibouti Railway Enabled Ethiopia to Save ETB 2.4 Billion Logistics Expenditure in Past Year: CEO
Ethio-Djibouti Railway disclosed that its cargo transport service enabled Ethiopia to save a ETB 2.4 billion (approx. USD 46 million) logistics expenditure during the concluded fiscal year. Read More

Ethiopia to Export Fruits, Meat to Chinese Market
Ethiopia has begun negotiations with its Chinese counterpart to export fruits and meat productions to China market, Ethiopian Ambassador to China, Teshome Toga disclosed. Read More

Bank Loan Defaults Cross Half a Trillion for the First Time
Bank loan defaults have crossed the half a trillion shilling mark for the first time, setting up thousands of borrowers for property seizures in an economy hit with reduced cash flows and inflation that has squeezed household budgets and demand for goods. Read More

NSE Shares Dive despite Higher Corporate Half-Year Earnings
Stock prices continued to retreat on Wednesday despite higher earnings reported by key bank stocks for the half-year to June period, reflecting the effects of foreign investors selling on large counters. Read More

SMEs, Households Bear the Brunt of Risk-Based Loan Pricing
Small businesses are being charged between 0.2 and 0.8 percentage points more in interest on bank loans compared to individual borrowers and large corporate firms, paying the price for a higher risk perception tied to the high attrition rate among new businesses. Read More

Firm’s Platform Eases SGR, Bus, Air Ticket Bookings
Planning for a trip can be a tedious and costly affair. Growing up in rural Kenya, Wyclife Omondi had to visit physical bus and train stations to book travel tickets. Read More

Govt Regains Control of Upper Airspace After 30 Years
Rwanda will now have full control over her upper aerial space, after more than three decades in the hands of the government of Tanzania. Read More

Tanzania, Uganda Insurance Players Ink Deal for Oil Pipeline Premiums
Insurers from Tanzania and Uganda have agreed to form a consortium that will ensure that five percent of premiums are retained locally under local content in the East Africa Crude Oil Pipeline. Read More

Iran's FM Urges Boosting Relations with Tanzania
Iranian Foreign Minister Hossein Amirabdollahian said on Thursday that in a meeting with the Foreign Minister of Tanzania, they are going to draw up a roadmap for developing bilateral relations in different dimensions. Read More

Government to Collect UGX 145 Billion from Rental Income Tax
Government has indicated it expects to collect at least UGX 145 billion (approx. USD 38 million) from Rental Income Tax within Kampala Metropolitan Area during the 2022/23 financial year. Read More

TICAD 8 offers Japan a Chance to Rebuild Influence in Africa
Japan’s relations with the African continent are again in the spotlight as the eighth Tokyo International Conference on African Development (TICAD 8) in Tunisia nears. Read More

Uganda’s Insurance Premiums up 18.5 Percent to UGX 711.6 Billion
Insurers in Uganda have recorded an 18.5 percent growth in gross written premiums for the six-month period ending 30 June to UGX 711.6 billion (approx. USD 187 million). Read More

MTN Uganda to Connect Network Sites to Hydro-Electric Grid 
MTN Uganda is embracing renewable energy with the connection of all its network sites to the hydroelectric grid. The company has partnered with Ubuntu Towers Uganda and American Tower Company (ATC) to connect 250 network sites countrywide to the hydroelectric grid this year in a bid to minimize the use of fossil fuel in its operations and help achieve net zero emissions by 2040. Read More
Northern Africa
Zimbabwe Angles for Algerian Fertiliser, Petroleum Products
Zimbabwe has made “a lot of headway” in ongoing discussions with Algeria to import two critical raw materials, urea and ammonia, used in the manufacture of fertilisers to boost the agriculture sector, especially at a time when the Russia-Ukraine conflict has disrupted supplies onto the world market, Zimbabwe’s Ambassador to Algeria, Vusumuzi Ntonga, has said. Read More

High Oil Price Volatility Not Driven by Market Fundamentals, Algeria Says
Algerian energy minister Mohamed Arkab believes that elevated oil price volatility in recent weeks is driven by fears of an economic slowdown rather than oil market fundamentals, he said in a statement seen by Reuters. Read More

Macron’s Visit to Algeria Seen as a ‘Veiled’ Gas Trip
French President Emmanuel Macron’s trip to Algeria will hope to smooth out rocky relations between the two countries, but there is no doubt that it is also an opportunity to secure additional gas supplies amid the ongoing crisis. Read More

Egypt Signs USD 656 Million Agreement to Manufacture, Supply 320 Subway Vehicles
The National Authority for Tunnels signed a contract with a consortium of companies including South Korean Hyundai Rotem and the National Egyptian Railway Industries Company to manufacture and supply 40 new trains, including 320 vehicles, for the second and third lines of the metro, with a localization rate of no less than 30 percent. Read More

Acting CBE Governor Appoints Hisham Ezz Al-Arab and Mohamed Naguib as Advisors
Central Bank of Egypt Acting Governor Hassan Abdalla has appointed Hisham Ezz Al-Arab, the former president of the Commercial International Bank, and Mohamed Naguib, the former head of the saib Bank, as his advisors. Read More

MSMEDA, e-Commerce Platforms to Market the Products of Youths
The Micro, Small, and Medium Enterprise Development Agency (MSMEDA), in cooperation with Amazon Egypt and Jumia, is offering exceptional advantages to owners of small projects to display and market their products through these platforms. Read More

Non-Banking Financial Sector in Shock Due to High Interest Rates
The non-banking financial sector has been dealing with great pressure recently after the multiple increases in interest rates throughout the year, with the Central Bank of Egypt raised them by a combined 3 percent to keep pace with the rise in inflation. Read More

Outsized: Digital, Data Skills Are the Most In-Demand in MENA Region
Rabat - Outsized, a London-based talent-on-demand platform, recently reported an increase in market demand for payments and cards skills, digital transformation and data skills, as well as change management experts in the Middle East and North African region. Read More

Moroccan Imports Increased Sharply in First Half of 2022
Morocco imported nearly 32 million tons of products worth MAD 365 billion (USD 34.6 billion) during the first six months of 2022, representing an increase of 44 percent compared to June 2021, according to recent data published by the country’s Foreign Exchange Office. Read More

Stellar: ‘Drilling Progresses Well’ in Morocco’s Tichka-Est Gold Project
As part of its exploration operations in Morocco’s Tichka-Est gold project, Canada-based precious metal exploration company Stellar AfricaGold announced yesterday that the first phase of the drilling program at the B structure is “progressing well.” Read More

New Shipping Lines Boost Saudi-Morocco Commercial Traffic by 117 Percent
Casablanca - The Saudi Press Agency (SPA) announced today, Wednesday, that Jeddah Islamic Port has made significant efforts to promote trade with Morocco and boost Saudi exports by establishing six shipping lines and important services. Read More
Southern Africa
Economic Gender Gap Narrows, Says Report
Women’s economic participation in Malawi has improved over the past year with data showing that the country has moved 16 places up the ladder, according to the World Economic Forum report. Read More

NBS First Half Profit Up 16 Percent
Half year profit after tax for Malawi Stock Exchange-listed NBS Bank has increased by 16 percent to MWK 5.1 billion (approx. USD 5 million) from MWK 4.4 billion (approx. USD 4.3 million) recorded during the same period last year. Read More

Ecobank Malawi First Half Profit Before Tax Hits MWK 11.6 Billion
Ecobank Malawi profit before tax jumped to MWK 11.6 billion (approx. USD 11 million) in the half-year ended June 30 2022, representing a 95 percent growth over last year’s results. Read More

Afreximbank Pledges to Support Cotton Production
The African Export and Import bank (Afreximbank) has pledged up to USD 300,000 grant-matching funds to support cotton value chain development in Africa. Read More

AfDB Disburses a Million Dollars for Small and Medium Enterprises – AIM
The African Development Bank (AfDB) has disbursed one million US dollars to improve the competitive capacity of Mozambican small and medium enterprises run by young people and women, in the initial stage of business. Read More

Over 4,000 “Chapas” will Have Electronic Ticketing
Just over 4,000 minibuses, colloquially known as chapas, have been identified for the installation of electronic ticketing in the Greater Maputo Metropolitan Region. Read More

South Africa
South African Rand Firms as Inflation Accelerates
South Africa's rand firmed after data showed consumer inflation accelerated in July, signalling the likelihood of domestic interest rates hikes. Read More

Syrian-South African Talks on Developing Economic Relations
Syria and South Africa discussed means of enhancing bilateral relations and issues of common interests. This came during a meeting between Minister of Economy and Foreign Trade, Dr. Muhammad Samer al-Khalil and South African Deputy Minister of International Relations and Cooperation Candith Mashego-Dlamini. Read More

Traders Start Betting on South African Rates Stabilizing in 2023
Traders are paring back their expectations for South African interest rate hikes after the latest reading on inflation matched economist expectations. Read More

We’re Engaging Dangote to Set Up Fertiliser Plant in Zambia – Government
Minister of Commerce, Trade and Industry Chipoka Mulenga has revealed that the government is engaging Dangote group of companies about setting up a fertilizer plant in Zambia. Read More

Mwami Gets New Kit: Goods Clearance to be Expeditiously Done at Border
Clearing of goods at Mwami border post will now be done expeditiously with installation of advanced software equipment and furniture valued at EUR 240,203.8. Read More
Western Africa
Cote D’Ivoire
Founder and CEO of AMA Academy, Eloïne Barry to Speak at 2022 AFSIC Event
Founder and CEO of African Media Agency and Academy, Eloïne Barry has been selected to join a panel of renowned global business leaders to speak at the upcoming AFSIC, Investing in Africa Conference and Expo 2022. Read More

Côte d’Ivoire Terminal Receives Electric Cranes, Readies for November Opening
Abidjan’s second container terminal and APM Terminal’s joint venture facility has received its final equipment before the terminal goes live in November 2022. Read More

First Smartphone Made in Ivory Coast Caters to Local Users
An entrepreneur in Ivory Coast has created the country's first locally made smartphone, which aims to improve accessibility with voice commands in local languages for users who can't read and write. Read More

Bui Power Authority to Develop Solar Power Plant in Yendi
Plans are far advanced for the development of a 50 megawatt solar plant, in Yendi, in the Northern Region, by the Bui Power Authority. Contract for the project has been signed for the project to commence soon. Read More

Mining Industry Cooperating with Govt to Address Challenges - Ghana Chamber of Mines CEO
The Chief Executive Officer of the Ghana Chamber of Mines, Suleman Koney, says the mining industry is ready and willing to support the government tackle the current economic crisis as best as they can in a manner that does not injure to their operations. Read More

Nigerian-Born Prof. Atinuke Adebanji Emerges Vice Chancellor, Kwame Nkrumah University, Ghana
Professor Mrs. Atinuke Olusola Adebanji has been elected as the Pro-Vice Chancellor of Ghana’s second biggest university, the Kwame Nkrumah University of Science and Technology in Kumasi. Read More

FBN Bank Ghana Puts Stakeholders First - Managing Director
FBN Bank Ghana, a leading commercial bank in the country, has pledged to its commitment to positively impact the society in which the bank operates and put its stakeholders first. Read More

Lifting Non-Oil Sector, Sustaining Market Leadership
The non-oil sector is a key segment of the economy. Its ability to create jobs, earn foreign exchange and sustain economic development is not in doubts. Read More

DisCos Collect NGN 777 Billion Revenue in Quarter One
The 11 electricity Distribution Companies (DisCos) collected NGN 777 billion (approx. USD 1.8 billion) in the First Quarter (Quarter One) of 2022, according to a statement by the Association of Nigerian Energy Distributors. Read More

MTN Begins 5G Pilot in Nigeria
MTN Nigeria kicked off an open fifth generation (5G) pilot in the lead-up to its anticipated commercial launch. Read More

Global internet exchange operator, AMS-IX and MainData Nigeria (MDXi), an Equinix company, have signed a Memorandum of Understanding (MoU) to operate and grow internet exchange services in Africa. Read More
ALN Weekly Snapshots

Court of Appeal Rules on a
Borrower’s Ability to Recover
Amounts Charged on Interest Over
and Above the Prescribed Limit Set
by Statute

In the years between 1991 and 1997 and more recently between September 2016 and November 2019, Kenya implemented interest rate caps to respond to concerns raised by the public regarding the high cost of credit. Read More


The Settlement Framework – An
Overview of its Application in

At an awareness session on the Settlement Procedure conducted by the Financial Services Commission (the “Commission”) on the 12 April 2022, the Chief Executive of the Commission stressed that the Settlement Committee is not a ‘whitewashing’ instance and that settlement discussions might take place in parallel with any investigation, inquiry or referral to the Enforcement Committee which have already started. Read More


Key Highlights from the 9th
Meeting of the AfCFTA Council of

On 25th and 26th July 2022, the AfCFTA Council of Ministers met in Accra, Ghana for the 9th Meeting of the AfCFTA Council of Ministers responsible for trade. During this meeting, the AfCFTA Secretariat reported major strides towards making trade under the AfCFTA fully operational. Read More
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