16 June 2022
Eastern Africa
Nigeria, Ethiopia Working to Increase Investment: Ambassador Adeleke

Nigeria and Ethiopia are working to strengthen their relationship in investment in a win-win situation, Nigeria’s Ambassador to Ethiopia Victor Adekunle Adeleke said. Read More

Draft Budget Bill Prioritizes Macro-Economic Stability; Planning & Development Minister
The draft budget bill for the upcoming 2015 Ethiopian year, which is well aligned with the 10-year development plan goals and targets, prioritizes macro-economic stability, Planning and Development Minister Fitsum Assefa said. Read More

Ethiopia Borrows from Italy to Boost Integrated Agro-Industrial Parks
Ethiopia borrowed Eur 22 million (approx. USD 23 million) from Italy to support the development of its Integrated Agro-Industrial Parks and Rural Transformation Centers. Read More

KRA Takes KES 62 in Tax for Every Litre of Petrol Sold

The taxman is collecting KES 62.89 on every litre of petrol, a 39 percent jump in tax collections over the past two years that has made the Kenya Revenue Authority (KRA) a key beneficiary of the surge in pump prices. Read More

Kenya Faces Tough Tea Export Future in Pakistani Cuts
Kenya’s tea trade is staring at an uncertain future after Pakistan, the largest buyer of Kenyan tea, asked its citizens to cut the consumption of the beverage to reduce its import bills in an economic crisis. Read More

HF Secures KES 475 Million from Mortgage Refinance Company for Lending
Kenya Mortgage Refinance Company (KMRC) has lent KES 474.9 million (approx. USD 4 million) to mortgage financier HF for onward lending to home buyers, according to disclosures in the latter’s 2021 annual report. Read More

NSE Hits 19-Year Low as US Rates Batter Stocks
The Nairobi Securities Exchange (NSE) has fallen to lows last seen at peak of the Covid-19 pandemic in 2020, wiping out KES 627.5 billion (approx. USD 5.3 billion) of investor wealth since the beginning of this year. Read More
Budget: Tanzania's New Tax Targets Google, Facebook

Tanzania will introduce a digital tax this year, the country's finance minister said, in a move targeting global internet giants offering services in the country. Read More

Push for More Women Political Participation Gains Momentum
The inclusion of women in political processes is a key element in achieving a truly inclusive democracy, and women must have a chance to exercise their political rights and participate fully in all political decision making, a senior Tanzanian lawmaker said. Read More

Xiplomacy: Xi's Reply Inspires African Youths to Promote China-Africa Cooperation
A prompt reply by Xi Jinping, general secretary of the Communist Party of China Central Committee, to a letter from all participants of the Former Liberation Movements of Southern Africa Leading Cadres Workshop 2022 is an inspiration to southern African youth cadres. Read More

Tanzania to Host the 44th CAF Ordinary General Assembly
The Confédération Africaine de Football has announced that Tanzania will host the 44th CAF Ordinary General Assembly on Wednesday, 10 August 2022. Read More

Card Pesa Keeping Start-Ups Afloat with Instant Collateral-Free Loans
Regardless of how persuasive loan advertisements are, getting credit in Uganda is one complicated hustle; more so for those in the informal sector – who happen to be the huge majority. Read More
Northern Africa
Technology, Population are Crucial to Digital Payments Growing Without a Ceiling

The coronavirus pandemic has accelerated the growth of the digital payments market — especially in Egypt and emerging markets — doubling the size of the market locally, especially since Egypt has more promising opportunities in the sector and is still at the beginning of its journey. Read More

Egypt’s Tax Authority Demands Taxpayers Quickly Pay Original Dues Before End of June
Reda Abdel Kader, head of the Egyptian Tax Authority, called on financiers and taxpayers to quickly pay the original tax dues they owe to the state, regardless of their due date, before the end of June. Read More

NBE Raises Stake in Afrexim Bank by USD 326.6 Million
The National Bank of Egypt (NBE) subscribed to increase the capital of the African Export and Import Bank with a value of USD 326.6 million, paying the required 40 percent at a value of USD 130.6 million. Read More

Egypt’s Tanmeyah Acquires Tech-Driven B2B Platform Fatura
Tanmeyah for microfinance services, owned by EFG Hermes, announced its acquisition of Fatura Netherlands BV. Read More

Morocco Invested ‘Equivalent of Togo’s GDP’ in Renewables in 2021
Morocco invested USD 5.8 billion in renewables in 2021, the equivalent of Togo’s GDP for 2020, said REN21 in its latest report on the Renewables 2022 Global Status. Read More

King Mohammed VI Calls to Set Up ‘African Institute for Lifelong Learning’
King Mohammed VI called for the creation of the “African Institute for Lifelong Learning” during the 7th UNESCO International Conference on Adult Education in Marrakech. Read More

Fuel Prices in Morocco Reach New Heights
Less than two months after recording unprecedented increases, fuel prices in Morocco are again expected to reach new heights starting today, June 15. Read More

Defense Minister Robles: Support for Autonomy Plan is Best Decision for Spain
Spanish Minister of Defense Margarita Robles has qualified her country’s support of Morocco’s Autonomy Plan as the “best decision for Spain.” Read More
Southern Africa
Malawi’s Tourism Sector Recovers, Earns MWK 580 Billion
The local tourism industry slightly improved in 2021 after being worst hit by the Covid-19 pandemic, published figures from the World Travel and Tourism Council show. Read More

Government, IMF Engage on Sticky Issues
Minister of Finance and Economic Affairs Sosten Gwengwe says government has resumed talks with the International Monetary Fund (IMF) on sticky issues standing in the path of securing a new Extended Credit Facility. Read More

Malawi FDI Jumps 11 Percent in 2021 - Report
Malawi attracted USD 50 million worth of Foreign Direct Investment (FDI) in 2021, an 11 percent increase from the previous year’s USD 45 million, according to a United Nations report. Read More

Imports Appetite Threat to Forex
Pressure emanating from existing imbalances of forex supply and demand has persisted in the country in recent years, straining other key macroeconomic fundamentals. Read More

33 Organisations Awarded by Tempus Global Group for Excellence in Employee Value Proposition
Tempus Global Group recently distinguished 33 organisations in Mozambique for their excellence in the Employee Value Proposition. The award ceremony took place in May during a Gala held at the Polana Serena Hotel and was attended by the HR directors and general directors/CEOs of the companies and organisations. Read More

South Africa
Retail Sales Top ZAR 519 Billion in the Year to 1 May: NielsenIQ
Retail sales in the 12 months to 1 May rose 13 percent year on year to ZAR 519 billion (approx. USD 33 billion), but they exclude the latest fuel price hikes and their effect will probably make consumers more tight-fisted in the months ahead. Read More

Huge Fuel Price Hike in Store for Drivers in July
SA motorists could be facing another hefty fuel hike price in July. The latest unaudited data released by the Central Energy Fund shows an under-recovery that would see the price of 95 unleaded rise about ZAR 2 per litre and 93 unleaded about ZAR 1.85 per litre.  Read More

This JSE-Listed Property Group's Buildings are Going Solar – Already Saving ZAR 17 Million A Year
Growthpoint Properties is installing solar panels on its office, retail, and industrial buildings across South Africa, already saving more than ZAR 17 million (approx. USD 1 million) in energy costs, with an aim to double its generation capacity over the next year. Read More

Fed Hikes Rates 75 Basis Points, Intensifying Inflation Fight
Federal Reserve officials raised their main interest rate by three-quarters of a percentage point, the biggest increase since 1994, and signaled they will keep hiking aggressively this year, resorting to drastic measures to restrain the rampant inflation they failed to forecast. Read More

Okonjo-Iweala Calls for Trade Reforms
World Trade Organisation Director-General Ngozi Okonjo-Iweala has called on trade ministers to reform and modernise trade rules and show the world that the multilateral trade system is a global public good. Read More

Zambia Gets Seat
In a significant move towards debt restructuring, Zambia has officially been invited to be part of the international committee of official creditors’ meeting that begins tomorrow in France, with Minister of Finance and National Planning Situmbeko Musokotwane confident of a positive outcome. Read More

They Are Back! ZCCM-IH Engages Rothschild & Co to Review Mopani Operations
ZCCM-IH has engaged Rothschild & Co., South Africa to assist with the strategic review of Mopani Copper Mines. Read More
Western Africa
Cote D'Ivoire
Fairtrade and Farmforce Combine for Major Ivory Coast Cocoa Data Management Venture

Fairtrade International, Fairtrade Africa, and digital solutions provider Farmforce are set to extend a potentially game-changing scheme focused on delivering smart data management system to more than two dozen cocoa co-operatives in Ivory Coast, writes Neill Barston. Read More

Orange Cote d'Ivoire to Shut Down Copper Network Next Year
Orange Cote d’Ivoire has announced that it will close its copper networks next year, migrating customers to fibre and fixed 4G services instead. Read More

Lenders Pledge USD 26.1 Billion to Ivory Coast 2021-25 Plan
Multilateral and bilateral lenders made a series of pledges to support Ivory Coast's 2021-25 Development Plan totalling USD 26.1 billion, Prime Minister Patrick Achi said. Read More

Remarks by Deputy Secretary of Commerce Don Graves at the Women's Business Roundtable in Cote d’Ivoire.
According to a 2019 World Bank report, Sub-Saharan Africa had the highest rate of entrepreneurship in the world, with women constituting 58 percent of this total. Read More

Government to Rehabilitate 1,077 Kilometers of Roads in Two Years – Dr Bawumia

Vice-President Dr Mahamudu Bawumia has announced that the government, under the Transport Sector Improvement Project (TSIP), will rehabilitate 1,077 kilometres of roads within the next two years to support infrastructure development. Read More

Ghana Launches USD 750 Million Development Bank
President Nana Addo Dankwa Akufo-Addo formally unveiled the Development Bank Ghana to meet the demand for credit for the growth of Small and Medium Enterprises. Read More

Boost for SMEs as Development Bank Ghana Takes Off
Apart from the government’s initial investment, the bank has also enjoyed some investment from the European Investment Bank, which has provided EUR 170 million (approx. USD 177 million); the World Bank, which has given the DBG USD 225 million, and the African Development Bank, which has given a grant of USD 40-million to the DBG. Read More

Bawumia Launches Bank-Wide Mobile Money Service, GhanaPay
The Vice President Dr. Mahamudu Bawumia has, launched the GhanaPay Mobile Money Service in Accra. The GhanaPay is the first bank-wide mobile money service by universal banks, rural banks as well as savings and loans companies to individuals and businesses. Read More

Dangote Restates Commitment to 1.5 MT Year Sugar Production
Dangote Sugar Refinery Plc has assured that the company was poised to achieve 1.5 million Metric Tonnes yearly from locally-grown sugarcane to increase shareholders’ value and in support of the quest for sugar sufficiency in the country by the federal government. Read More

Lagos Technology Startup Ecosystem Valued at USD 9 Billion, Ahead of Four Others
Though the average global technology startup ecosystem is valued at USD 28.6 billion, Lagos, which represents Nigeria, is valued at USD 9 billion and far ahead of cities including Cape Town (South Africa) USD 2.8 billion, Nairobi (Kenya) USD 2 billion; Johannesburg (South Africa) USD 962 million and Accra (Ghana) USD 259 million. Read More

Food Price Volatility Pushes Headline Inflation to 17.7 Percent
Extreme food price volatility has resumed in earnest, pushing Nigeria’s headline inflation to 17.7 percent, last month’s consumer price index has shown. Read More

NERC to Commence NMMP Phase 1 by August, Commits to Improved Electricity
The Nigeria Electric Regulatory Commission (NERC) has stated it plans to ensure power supply hits 5000 megawatts in July, just as the first phase of the National Mass Metering Programme is set to commence by the end of August 2022. Read More
Upcoming Events
ALN Weekly Snapshots

Court Suspends NHIF Burden for Employers under the NHIF (Amendment) Act 2022
The Employment and Labour Relations Court at Nairobi (the Court) on 22 April 2022 temporarily suspended the enforcement of the amendments to the National Health Insurance Fund Act, 1998 (the Principal Act) in a petition, by the Federation of Kenya Employers v National Health Insurance Fund Management Board & Cabinet Secretary Ministry of Health and 3 others, challenging the constitutionality of the amendments (the Petition). Read More
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