23 January 2023
Eastern Africa
Liquidity Shortage Returns, New Loan Applications Halt
Banks have been compelled to halt considering new loan applications due to a liquidity crunch affecting the banking sector. Read More

Fixing Addis Light Rail May Cost At Least USD 60 Million
A lack of spare components has idled 23 trains and about USD 60 million is required to repair these trains which belong to the Addis Ababa Light Rail, officials said. Read More

Central Bank Sevenfold’s Microfinance Capital Threshold
The National Bank of Ethiopia has introduced a new directive that compels microfinance institutions to meet a minimum paid-up capital requirement 75 million birr (approx. USD 1.4 million), an increase from 10 million birr (approx. USD 190,000). Read More

Bill Proposes Liberalising Domestic Airline Industry
The federal government has planned to end protection over the domestic aviation sector and allow foreign investors to participate, according to the draft document of the second Homegrown Economic Reform. Read More

State Sets Sights On KES 2.8 Trillion Taxes From Small Businesses
The government is eying a record KES 2.8 trillion (approx. USD 22.5 billion) from the Micro, Small and Medium Enterprises, raising fears that President William Ruto might deviate from his pro-small business campaign promise. Read More

US Funds KES 3.7 Billion Data Hub To Speed Up Internet Access
The US government has funded the expansion of a KES 3.7 billion (approx. USD 30 million) data centre in Nairobi, boosting Kenya's profile as a regional technology hub. Read More

Digital Lenders Protest CBK Nod Delay Amid Google Ban
Digital lenders are protesting delays in getting operational licences from the Central Bank of Kenya amid their blockade from the Google Play store and apathy from funders that provide cash for onward lending. Read More

CAK Punishes Unilever for Unfair Trade Deals 
CAK accuses the Fast-Moving Consumer Goods (FMCG) firm for influencing prices as well as number of products sold. Read More

Consumers Poised For 10% In New VAT Tax Incentive
The Rwanda Revenue Authority says it will refund consumers a 10 percent share of the 18 percent value-added tax levied on taxable goods and services, as part of the efforts to encourage the use of technology in tax administration. Read More

India's Investments in Tanzania Hit USD 3.7 Billion
Tanzania received USD 3.68 billion in Indian investment during the previous fiscal year, according to Prime Minister Kassim Majaliwa. Read More

Tanzania Reaps Big from World Economic Forum
Tanzania’s participation in the 53rd annual World Economic Forum (WEF) has attracted a number of companies that have shown interest to invest in various sectors of production. Read More

Tanzania Starts Construction of Phase 4 of SGR Connecting Tabora and Isaka
The Vice President of Tanzania Hon. Dr. Philip Isdor Mpango has laid the foundation stone for the construction of the Tabora-Isaka section of the Standard Gauge Railway (SGR). Located in the Shinyanga region, the section stretches for 165 km (130 km + 35 km of intersections. Read More

TFRA Cautions Framers Against Selling Subsidized Fertilizers
The Tanzania Fertilizer Control Authority has warned farmers who are beneficiaries of subsidized fertilizer against selling the product because doing so means violating the guidelines governing the distribution of the fertilizers. Read More

UNOC Takes Over Management and Operations of Jinja Fuel Storage Terminal
The Finance and Energy Ministries have taken over the management of the Jinja fuel storage terminal. The terminal that has been managed under a Joint Venture Partnership between OPL consortium and Uganda National Oil Company Limited (UNOC) will now fully be under management and operatorship by UNOC. Read More

Uganda Ditches China on SGR
Big infrastructure projects such as the Standard Gauge Railway in Uganda, have critics saying such investments have led to high inflation and increased cost of living for ordinary citizens and limited growth. Read More

FID on Uganda Refinery Due by June
The Final Investment Decision for Uganda’s Oil and Gas refinery project is set for June, this is according to the Ministry of Energy and Mineral Development. The refinery was one of the three projects mooted more than a decade ago, but little has been said about it since the East African Crude Oil Pipeline project route was decided on in 2016. Read More

URA Launches Crackdown on Roadside Fuel Dealers in West Nile
The Uganda Revenue Authority-URA is to start joint enforcement operations targeting the illegal sale of fuel in the West Nile region. Read More
Northern Africa
Egypt's Exports of Engineering Industries Rise to USD 3.8 Billion in 2022

The Engineering Export Council of Egypt has reported a 10 percent increase in the exports of engineering industries in 2022 to reach USD 3.836 billion against USD 3.497 billion  in 2021. Read More

EIB Provides Egypt's Private Sector with EUR 515 Million in 2022
The European Investment Bank directed EUR 515 million to the private sector in 2022, according to the Minister of International Cooperation, Rania Al-Mashat. Read More

Russia Studies Providing Egypt with Wheat in Exchange for Rubles
Russia is considering selling wheat to Egypt, in exchange for Russian rubles, instead of US dollars, as is the case with Turkey, according to the Russian Deputy Prime Minister Viktoria Abramchenko. Read More

Egyptian Commercial Service, CIT Discuss Promoting Software Exports in Africa
Chairperson of the Egyptian Commercial Service Yahya Elwathik Bellah discussed with Head of Chamber of Information Technology and Telecommunication Khaled Ibrahim an ambitious plan to overcome obstacles that impede the development and promotion of Egyptian exports of software and information technology to African countries. Read More

Morocco’s OCP to Supply India with 1.7 Million Tonnes of Fertilizer
Morocco’s phosphate giant OCP Group announced on Saturday signing a deal with India to supply the Asian country with 1.7 million metric tonnes of phosphate-based fertilizer over the coming 12 months. Read More

Morocco Has Highest Quality of Life in Africa in 2023
A recent report by American magazine US News indicated that Morocco is the leading African country in the quality of life index for the year 2023. Read More

AFDB Projects North Africa’s Economic Growth To Stabilize at 4.3% in 2023
A recent report by the African Development Bank has forecasted that economic growth in North Africa is set to stabilize at 4.3% in 2023, with Morocco and Libya showing their recovery from last year’s economic challenges. Read More

Morocco, Brazil Trade Volume Hits Over USD 3 Billion in 2022
Trade between Morocco and Brazil reached a new record estimated at over $3 billion last year, new data has shown. Read More
Southern Africa
Bankers Justify Raise in Banking Charges
Bankers Association of Malawi, a grouping of the country’s eight commercial banks, has justified the raise in banking tariffs, saying banks have a right to raise charges for their services. Read More

Personal Loans on Upward Spiral
Community, social and personal loans are fast rising, accounting for the largest stock of outstanding private sector credit at 34.3 percent, a development economists say is undesirable for the country’s economy. Read More

Treasury Fails to Meet Debt Target
Government says it failed to meet the target it sought to borrow from the domestic market in the 2021/22 fiscal plan due to liquidity challenges faced by market players. Read More

South Africa
Eskom Clarifies Permanent Load Shedding for South Africa
Power utility Eskom says that it has not announced permanent stage 2 and 3 load shedding in South Africa. Read More

Nersa Says Its Chair Does Not ‘Benefit’ From Higher Electricity Tariffs
The National Energy Regulator of South Africa felt it necessary to respond to a social media post claiming its chair, Thembani Bukula, holds interests in private companies that would benefit greatly if he uses his position at Nersa to push through increases in the price of electricity. Read More

Mercedes-Benz SA Expects Surge in Electric Vehicle Sales
Mercedes-Benz South Africa is anticipating a surge in electric vehicle sales in 2023.This is despite the hefty price tag of most EV and new energy vehicle models, in addition to the country’s power supply and load-shedding challenges. Read More

Metrorail Resumes Partial Service to Eerste River after Three Years
On Monday, Metrorail resumed a limited service between Eerste River and Bellville. The service had been suspended since the first COVID-19 lockdown in 2020. Read More

ZCCM-IH Appoints Joseph Vibetti as its New CEO
ZCCM Investments Holdings PLC has appointed Dr Ndoba Joseph Vibetti as Chief Executive Officer of the company effective February 1, 2023. Read More

Civic Leader Heaps Blame On Companies With Heavy-Duty Trucks For Damaged Roads
A civic leader from BwanaMkubwa Constituency has blamed companies established in the area for damaging road infrastructure. Read More

Government Urged to Intervene and Address The Rising Cost of Mealie Meal
Zambia’s opposition Leadership Movement is urging the government to intervene and address the rising cost of mealie meal, a staple food in the country. Read More

National Energy Sector and Allied Workers Union Welcomes The Reduction of Load Shedding
The National Energy Sector and Allied Workers Union has said it is delighted with the New Dawn government’s efforts aimed at reducing the current national power deficit that has resulted in prolonged hours of load shedding. Read More
Western Africa
Persistent Corruption in Maritime Sector Hindering Trade, Development
The Deputy Director-General of Finance & Administration at the Ghana Maritime Authority, Yaw Akosa Antwi, has said corruption in the maritime industry will persist due to the nature of the shipping industry. Read More

Asante Gold on Course to Meet 400,000-Ounce Gold Production Target
Asante Gold Corporation is on course to meet its 400,000 ounces’ gold production target after recording a 20.7 percent increase in average monthly gold production for November and December 2022, as compared with the prior two months. Read More

Bank of Ghana attribute Cedi depreciation to pressures 
Governor of the Bank of Ghana, Dr Ernest Addison has attributed the depreciation of the Cedi against the main foreign currencies to “day to day pressures of the Ghanaian economy”. Read More

Customs Rejigs Top Management Team
Following the statutory retirement of some officers of the Nigeria Customs Service, the Comptroller-General of Customs, Hameed Ali has approved the appointment and redeployment of the agency’s management members to enhance strategic and effective service delivery. Read More

IHRC Hails NAFDAC Boss on Quality Drugs, Foods, Others
The Africa Region of International Human Rights Commission has commended the Director General, National Agency for Food and Drugs Administration and Control, Prof. Mojisola Adeyeye, for ensuring quality drugs, foods, and other consumables for a healthy Nigerian population. Read More

LIRS Reaffirms Deadline For Filing Annual Tax Returns
The Lagos State Internal Revenue Service has said January 31, 2023, remains the deadline for filing the annual tax returns by employers of labour. Read More

Petrol May Hit NGN 800/Litre on Subsidy Removal – Marketers
As the scarcity of the Premium of Motor Spirit, popularly called petrol, continued on Sunday, oil marketers have stated that the cost of the commodity would cross NGN 800/litre once the subsidy on PMS is removed. 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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