Ethiopia
IOM Hails Ethiopia’s Effort to Address Challenges of Labor Migration, Human Trafficking
IOM Deputy Chief of Mission in Ethiopia, Jian Zhao has lauded the Government of Ethiopia's encouraging efforts to address irregular migration, human trafficking, and smuggling issues. Read More

Ethiopia Committed to Supporting Stability, Peace in South Sudan: PM Abiy
Prime Minister Abiy Ahmed expressed Ethiopia's commitment to supporting stability and peace in South Sudan. Read More

Customs Operations Impede Incoming Ethiopian Cargo From Djibouti
The difficulties that have arisen in recent months regarding customs operations that impede incoming Ethiopian cargo from Djibouti to the center have been discussed during the most recent visit of an Ethiopian delegation led by Alemu Simie, Minister of Transport and Logistics, to Djibouti, a major sea outlet for Ethiopian cargo. Read More

Grain Supply Shortage Ignites High Food Costs
Scarcity of basic grain including that of wheat and teff in the market pushes food costs beyond the reach of many. Read More

Kenya
Athi River EPZA Railway Link to Cost KES 3.7 Billion
It will cost taxpayers KES 3.7 billion (approx. USD 28.5 million) to build a 3.5-kilometre Standard Gauge Railway line link to the Export Processing Zone Authority in Athi River to remove the last-mile connectivity challenges for exporters in the protected zones. Read More

Europe’s Inflation Cuts KES 12 Billion Horticulture Income
Kenya’s earnings from horticultural exports reduced by 9.7 percent in 2022 on the back of elevated inflation in main markets amid weaker currencies, data shows. Read More

Kenya Sets Sights on Special Maize Imports Deal with Zambia Farmers
Nairobi will next month sign contracts with farmers in Zambia to grow maize exclusively for export to the Kenyan market as the government seeks to lower the cost of the staple, with the first consignment under the agreements expected in August. Read More

Indian Tech Firm Zoho Eyeing Kenya
Indian tech firm Zoho will soon open an office in Nairobi as it seeks to grow its market share in the business software sector that is dominated by American firms including Microsoft and Google. Read More

Rwanda
Athi River EPZA Railway Link to Cost KES 3.7 Billion
It will cost taxpayers KES 3.7 billion (approx. USD 28.5 million) to build a 3.5-kilometre Standard Gauge Railway line link to the Export Processing Zone Authority in Athi River to remove the last-mile connectivity challenges for exporters in the protected zones. Read More

Europe’s Inflation Cuts KES 12 Billion Horticulture Income
Kenya’s earnings from horticultural exports reduced by 9.7 percent in 2022 on the back of elevated inflation in main markets amid weaker currencies, data shows. Read More

Kenya Sets Sights on Special Maize Imports Deal with Zambia Farmers
Nairobi will next month sign contracts with farmers in Zambia to grow maize exclusively for export to the Kenyan market as the government seeks to lower the cost of the staple, with the first consignment under the agreements expected in August. Read More

Indian Tech Firm Zoho Eyeing Kenya
Indian tech firm Zoho will soon open an office in Nairobi as it seeks to grow its market share in the business software sector that is dominated by American firms including Microsoft and Google. Read More

Tanzania
TZ Trashes Claims Over Poor Handling of Dangerous Chemicals
Tanzania has vehemently dismissed claims making rounds in social media that it improperly handles hazardous chemicals while transporting them from the Dar es Salaam Port to neighbouring countries. Read More

RC Hails Bank’s Effort in Stimulating Economic Growth
Arusha Regional Commissioner Mr John Mongella has hailed Exim Bank Tanzania for its contribution to stimulating the economic transformation of the region through its products and services to various customers including investors in the tourism sector, business and industry sectors. Read More

Investors Await Dividends Announcement to Make Bold Move
Dar es Salaam Stock Exchange is anticipated to enter into equities price volatility as investors are at crossroads on the next move ahead of dividend annunciation. Read More

Imports of Goods, Services Up by 40 Percent
Imports of goods and services recorded an annual increase of 40.4 percent to USD 16,830.8 million in the year ending January largely due to price increases attributable to the disruption of the global supply chain. Read More

Uganda
Accountancy Act 2013 to Eliminate Quack Accountants from the Industry, Says Government
The Ministry of Finance, Planning and Economic Development has underscored the importance of the Accountancy Act 2013, saying it is increasingly helping the sector players to streamline the industry by eliminating quack accountants. Read More

Uganda to Deport Foreign Students Lacking Legal Papers
Foreign students studying in Uganda without the required legal papers may face deportation according to government authorities. Read More

HSBC Acquires Collapsed Silicon Valley Bank’s UK Subsidiary
HSBC, the largest bank in Europe, said it had bought the United Kingdom (UK) operations of the failed U.S. lender Silicon Valley Bank for a single symbolic pound (USD 1.21). Read More

Algeria
International Industry and Export Trade Fair
Around 150 exhibitors will take part in the fifth Oran Invest Expo in Oran from Monday onwards, the event’s official, Ahmed Hanniche, announced. Read More

Petrochemical Investments: American Rush in Algeria
Real opportunities for capacity building and support for energy transition programs and green solutions. Read More

Recommendation for the Creation of a Milk Sector Development Centre
The creation of a center for the development of the dairy sector is one of the main recommendations made by participants in the second International Cheese Festival of Tizi-Ouzou. Read More

MADAR Launches into Sugar Production
MADAR Group announced the creation of a new subsidiary that will specialize in the refining, production and marketing of sugar. Read More

Egypt
Gold Prices Rise Locally, 21-Carat Gram Records EGP 1,890: iSagha
Gold prices rose in the local markets during Monday’s trading in light of the rise of the ounce on the global stock market by 1 percent, to record its highest level in more than five weeks, due to the decline of the dollar, as fears of the collapse of the “Silicon Valley Bank” prompted investors to gold as a safe haven, according to “iSagha” platform for trading gold and jewelry via the Internet. Read More

Egypt's Central Bank Issues EGP 2.5 Billion in T-Bonds
The Central Bank of Egypt, on behalf of the Ministry of Finance, is set to issue EGP 2.5 billion (approx. USD 80 million) in treasury bonds. Read More

PM Reviews Main Features of Draft Budget of FY 2023-2024
Prime Minister Moustafa Madbouli headed a meeting to review the main features of the public budget of the state for fiscal year 2023-2024 in the presence of Finance Minister Mohamed Maait, Deputy Minister of Financial Policies Ahmed Kouchouk and Head of the budget sector in the Ministry of Finance, Ali el Sisi. Read More

Reason Behind Egypt’s Withdrawal from UN Grain Trade Agreement
Egypt officially submitted a withdrawal request to the United Nations Grains Trade Convention Secretary-General, according to the official website of the treaty. Read More

Morocco
OCP, UM6P Implement 171 Research Projects for Sustainable Development
Morocco’s phosphate and fertilizer giant OCP implemented 171 research and innovation projects in partnership with the Mohammed VI Polytechnic University in 2021. Read More

Moroccan Pharmacists Deny High-Profit Margins in Court of Audit’s Report
Moroccan pharmacists are pushing back against a recent critical report from the country’s Court of Audits suggesting that the high-profit margins of pharmacies are contributing to the elevated prices of medication. Read More

Forbes Features Three Moroccans Among MENA’s Top 100 Healthcare Leaders 2023
Forbes Middle East has unveiled its annual list of the Middle East and North Africa (MENA) region’s “Top 100 Healthcare Leaders 2023,” celebrating the region’s “most influential healthcare heads” across several areas. Read More

Some Licensed IPPs Fail to Roll Out
Ministry of Energy says only four out of 28 independent power producers (IPPs) that were licensed in 2017 are operational, a development that has affected the country’s energy needs. Read More

Lack of Funding Hinders Mining Company Roll Out
Minister of Finance and Economic Affairs Sosten Gwengwe says government is exploring other options to raise money for the establishment of the National Mining Investment and Development Corporation. Read More

Industry Cautious on New Pension Act
Players in the pensions industry have expressed fear that the new Pension Act, which came into force on March 1 this year, could hinder investments in the country and exert pressure on the companies. Read More

Ministry Promotes Banana Production, to Curb Imports
Ministry of Agriculture has reaffirmed its commitment to promote banana farming to improve availability at a time the country is flooded with banana imports from neighbouring Mozambique and Tanzania. Read More

Mozambique
Mozambique about to join ‘Africa50’
Mozambique is in the process of joining the Africa50 platform, to facilitate access to funding for infrastructure projects. Read More

South Africa
Big Step to Cut Load Shedding in Cape Town Coming this Month
The City of Cape Town says it is on track with its plan to shift away from load shedding and Eskom, with a new tender for the most significant power procurement phase being published in the coming weeks. Read More

New Payment System Launches in South Africa, with No Need for Cash
BankservAfrica has launched PayShap in collaboration with the South African Reserve Bank, a new rapid payment system expected to revolutionise small-sum transactions in South Africa. Read More

JT International South Africa (JTI) Welcomes Reasonable Tobacco Excise Tax Increase
At JTI we support the need for predictable and stable tobacco excise increases. We are furthermore conscious of our products being subjected to excise taxation on an annual basis by government. Read More

Absa Confident Strong Balance Sheet will Offset Impairments Jump
Absa says its balance sheet is robust enough to handle rising impairment charges and support its growth ambitions in Africa even as accelerating inflation and higher interest rates weigh on the disposable income of its customers. Read More

Zambia
Treasury Markets Overcrowded
The treasury bills auction held last week was oversubscribed, attracting bids worth over ZMK3.2 billion (approx. USD 158 million) against an offer of ZMK 2 billion (approx. USD 100 million). Read More

Zambia Airways Still Facing Headwinds
Zambia Airways says it is facing challenges in securing foreign operator permits in certain countries because the hosts want to protect their national carriers from competition. Read More

What Happened to Local Gemstone Auction?
Small-Scale miners have called on Government to compel mining houses to auction gemstones within the country. Read More

Cote d'Ivoire
Cote D’Ivoire
Masdar to Develop 70MW PV Project in Ivory Coast
UAE-based renewables provider Masdar has signed an agreement to develop a 70MW PV plant in the Republic of Côte d’Ivoire. Read More

Ivory Coast to host World Environment Day on 5 June
Ivory Coast announced Monday that it will host this year's World Environment Day on June 5 on the theme of "solutions to plastic pollution". Read More

Ghana
Issue Gender Bonds — GSE Boss
The Ghana Stock Exchange has called on issuers to start issuing gender bonds on the Ghana Fixed Income Market. Read More

Big Offshore Firms Exit Ghana’s Oil Industry, Petroleum Chamber
Ghana is losing its shine as the best investment destination for oil exploration and petroleum companies, the Chief Executive Officer of the Ghana Upstream Petroleum Chamber, David Ampofo, has said. Read More

BECE Won’t be Scrapped in New Education Curriculum - Education Minister Assures
The Minister for Education, Dr Osei Yaw Adutwum has debunked claims that his outfit will scrap the Basic Education Certificate Examinations BECE written by final-year Junior High School students. Read More

T-Bills Auction: Interest Rates Fall to 19 Percent; Government Gets GHS 4.20 Billion
Interest rates remarkably fell significantly within just a week, following the government’s decision to reject bids with higher yields. Read More


Nigeria
NCC Approves Implementation of Harmonised Short Codes
The Nigerian Communications Commission (NCC) has directed Mobile Network Operators to commence implementation of approved Harmonised Short Codes for providing certain services to telecoms consumers in Nigeria. Read More

AfDB, IsDB, BoI Back Funding Scheme for Nigeria’s Digital, Creative Sectors
Nigeria’s Vice President, Prof. Yemi Osinbajo; the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina and other partners will unveil the Investment in Digital and Creative Enterprises  Programme in Abuja. Read More

FG Moves to Tackle Brain Drain in Health Sector
The Federal Government, yesterday, said it had begun work to address brain drain in the health sector. It said that exodus of health professionals was not new or peculiar to Nigeria. Read More

CBN Restores Old 500, 1000 Naira Notes as Legal Tender
The Central Bank of Nigeria (CBN) has restored the old 200, 500 and 1000 naira notes to remain as legal tender until December 31, 2023. Read More