Ethiopia
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

Kenya
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

Egypt
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
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

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

Mozambique
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

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