13 June 2022
Eastern Africa
State of the Art Village Inaugurated in Addis Ababa
The Federal Housing Corporation of Ethiopia inaugurated state of the art residential village in the capital around Gerji built with an outlay of over 3 billion Birr. Read More

Scholar Stresses Need for Strengthening Ethiopia, Arab World Economic Ties
Ethiopia and the Arab world should work to further strengthen existing relations for a mutual economic benefit, Addis Ababa University lecturer Mohammed Habib said. Read More

Steel Factory Built with 5.8 Billion Birr Inaugurated
A steel factory built at a cost of 5.8 billion Birr in Dukem town of Oromia State was inaugurated. Upon going operational, the steel mill will produce 600 tons of steel per day and has the capacity to melt 450 tons of iron ore per day. Read More

Ethiopia Bans Digital Currencies, Warns Citizens Against Engaging in Illegal Transactions
Ethiopia’s Central Bank has cracked the whip on digital currencies, releasing a statement terming cryptocurrencies such as bitcoin as illegal and prohibiting the use of any other currency except the Birr for all transactions within the country. Read More

Taxes MPs Approved in Changes to Finance Bill
President Uhuru Kenyatta is expected to sign the Finance Bill 2022 after lawmakers approved tax measures aimed at raising the KES 3.3 trillion budget. Read More

IMF Says Only Flexible Exchange Rate Will Pull Kenya Out of Currency Shock
The International Monetary Fund (IMF) says a flexible exchange rate will help Kenya insulate its economy from the external shocks facing its local currency, at a time it is trading at record lows, choking supply chains. Read More

Kenya Eyes Japan and Italy Tourism Marketing Cash Cut
Kenya plans to cut marketing spending in three traditional tourism source markets to free advertising budget in favour of five new markets like China, the United Arab Emirates, Saudi and South Korea that it says have high potential for visitors and revenues. Read More

Cytonn Loses Bid to Suspend Arbitration with Aggrieved Investor
A real estate investment scheme, Cytonn High Yield Solution, has failed in its bid to suspend a court order that allowed arbitration between it and an aggrieved investor. Read Moree

Umubano to Become Movenpick Hotel After Getting New Owner

Kasada, an independent hospitality investment platform, in agreement with the government of Rwanda, has acquired Umubano Hotel. Read More

CRA Takes Part in World Telecommunications Development Conference
The Communications Regulatory Authority (CRA) is participating in the World Telecommunications Development Conference being organised by the International Telecommunication Union in Kigali, Rwanda. The event will run until June 16. Read More

MPs Want Govt to Fix Funding Gaps for Socio-Economic Development
The Chamber of Deputies has identified 207 most urgent financing gaps that require RWF 348.2 billion (approx. USD 336 million) to fix, equivalent to 7.5 percent of the over RWF 4.6 trillion (approx. USD 4.4 billion) proposed national budget for the next financial year. Read More

TBS: Environmental Standards in Pipeline
Tanzania Bureau of Standards (TBS) has prepared over 200 environmental management standards that will be used for making regulations which are fundamental in environmental protection and management. Read More

Tigo Expands Services to Masasi
TIGO Tanzania has opened a new shop outlet in Masasi town in Mtwara Region to bring closer telecommunication services to the customers in Masasi District. Read More

President Samia’s Expectations from TZS 70 Trillion LNG Project
President Samia Suluhu Hassan has witnessed the signing of the initial agreements for the construction of the Liquefied Natural Gas plant worth TZS 70 trillion (approx. USD 30 billion) and outlined her five expectations from the mega-project. Read More

Tanzania’s Foreign Direct Investments Grow by 35 Percent in 2021
Foreign Direct Investments inflows to Tanzania climbed 34.6 percent to an estimated USD 922 million (approximately 2.2 trillion) in 2021 from USD 685 million recorded in 2020. Read More

First USSD-Enabled Securities Trading Platform Unveiled
ALTX East Africa, a securities exchange platform with operations in Uganda has unveiled a new platform – Zaabu – which it says is the first East African USSD-based trading platform. Read More

Officials from EAC Member States Want Swahili Made Compulsory in Schools
Members of East African Legislative Assembly and leaders of the East African Community (EAC) member states want Kiswahili made compulsory among their education syllabuses to ease communication, promote culture, trade and unity. Read More

Kololo SS to Represent Uganda at World Innovation Challenge
Kololo Senior School has won USD 3,000 in the National Innovation Challenge to represent Uganda and East Africa at World Company Challenge in Nigeria next month after defeating more than 10 schools. Read More

Stagflation Creeps in on Uganda and Neighbors – World Bank
Uganda and some of its neighbours will have a hard time as a new World Bank report warns of a possibility of high global inflation accompanied by tepid growth, reminiscent of the stagflation of the 1970s. Read More
Northern Africa
Egypt's Agricultural Exports Hit 3.5 Million Tonnes Since January 2022: Agriculture Minister
Egypt’s agricultural exports reached 3.5 million tonnes from January till 11 June 2022, the Agriculture Minister El-Sayed El-Quseir announced after receiving a report from the head of the Central Administration of Plant Quarantine. Read More
S.Korean Embassy in Egypt Organizes Forum to Support Korean Companies in Egypt
“The best way to stimulate Korean investments in Egypt is to showcase the success stories of Korean companies and ease their difficulties,” said Ambassador of South Korea to Egypt Hong Jin-wook in a meeting titled “Forum on Egyptian Government’s Business Policies for Korean Companies operating in Egypt,” which was held on June 12, 2022. Read More

First Abu Dhabi Announces Completion of Legal Merger of Assets of Bank Audi - Egypt
First Abu Dhabi Bank announced the completion of the legal merger of the assets of Bank Audi Egypt and the change of its brand to “First Abu Dhabi Bank - Egypt”, and the start of the new identity of the bank in all its branches in Egypt. Read More

Petroleum Ministry Announces Establishment of New Oil Area in Tibbin
Minister of Petroleum and Mineral Resources, Tarek El Molla announced the start of steps to establish an oil area in Tibbin, a Cairo suburb, on 1,000 feddans. Read More

15 Percent of Moroccan Businesses Say Tax Rates are A Major Obstacle
Moroccan businesses identify tax rates, corruption, and tax administration as the biggest obstacles to doing business in Morocco. Read More

Laayoune-Sakia El Hamra Council Seeks Greater US Investment
At the Morocco-US investment summit held this Friday in New York, the Regional Council of Laayoune-Sakia El Hamra emphasized its desire to encourage more US investments in the southern Moroccan region. Read More

Agrifood Company MFF Inaugurates New Industrial Unit in Marrakech
Marrakech Fine Food (MFF), a Moroccan agrifood manufacturer, announced the opening of a new production unit in Morocco’s South Perl. Read More

Morocco Turns to Brazil for Wheat Imports Amid Global Shortage
As the Ukraine war continues to shroud the global wheat market in uncertainty, Morocco has turned to Brazil to maintain its stocks are well supplied. Read More
Southern Africa
RBM Sees Elevated Commodity Prices
The Reserve Bank of Malawi (RBM) says as the Russia-Ukraine war rages on, the price of key commodities such as oil, food and fertilisers remain elevated, thereby putting pressure on the country’s inflation. Read More

Production Estimates Spell Doom for Rural Households
The anticipated decline in the production of essential food and cash crop could likely reduce rural household income generation and limit their households’ financial access to food, the Famine and Early Warning Systems has warned. Read More

South Africa
Domestic Flight Ticket Prices Spike in South Africa
The liquidation of Comair is having a notable impact on South Africa’s domestic travel market in the coming months, says economists at the Bureau for Economic Research. Read More

Rand Touches R16/USD as Investors Digest Hot US Inflation
The JSE looks set to contend with significant market pressure, with the rand touching R16/USD for the first time in almost a month, as the market reacts to US inflation numbers. Read More

South Africa is Testing a New Passport Project in the UK
The Department of Home Affairs has launched a pilot project to ease the passport renewal process for South African nationals living in the United Kingdom. Read More

Trucks are Taking Over South Africa’s Roads, Now Government Wants to Introduce New Rules
Transport minister Fikile Mbalula says his department plans to further regulate road freight in South Africa as large trucks are becoming an increasing feature on the country’s roads. Read More
President Hichilema Challenges Stakeholders in Agric Sector to Make Zambia Food Secure
President Hakainde Hichilema has called for increased investment in the agricultural sector that will make Zambia not only food secure, but also meet the continental and the global food basket. Read More

Rice Production Boost Underway in Mongu
The Ministry of Agriculture is implementing a Market-Oriented Rice Development Projec with technical support from Japan International Cooperation Agency in five agriculture camps in Mongu district, Western province. Read More
Western Africa
World Bank Approves USD 300 Million for Ghana to Improve Primary Health Care, Resource Mobilization, and Accountability for Better Service Delivery
The World Bank approved financing of USD 300 million for Ghana. According to the Bank, the funds would go to support two programmes, USD 150 million for the Public Financial Management for Service Delivery Programme and the other half would support the Primary Health Care Investment Program to help Ghana improve public resource mobilization and accountability for better service delivery and the quality and equity of primary health care. Read More

Works Ongoing on Pokuase/Amasaman-Dedesua Lands for Affordable Houses,  Asenso-Boakye
Preparatory works are ongoing on the 403 acres of land secured at Pokuase/Amasaman in the Greater Accra Region and Dedesua in the Ashanti Region for the implementation of two affordable housing pilot schemes. Read More

MTN Ghana Pays GHS 3.1 Billion in Taxes to Government
MTN Ghana says it has paid a total of GHS 3.1 billion (approx. USD 388 million) of its 2021 revenue of GHS 7.7 billion (approx. USD 969 million) to the government in taxes. Read More

Fairwork and Stakeholders Call for Government Policy on Contracts for Gig Economy Workers
A stakeholder’s workshop organized by the Fairwork Ghana project is asking government to fashion policy on issues relating to contracts, representation, conditions and management. Read More

Nigeria Pays International Oil Companies USD 3.7 Billion, Owes USD 972 million
The Nigerian Export Promotion Council (NEPC) has stated that the Ministry of Industry Trade and Investment, has inaugurated a committee composed of the NEPC and other regulatory agencies to ensure the removal of Nigeria from the European Union’s (EU) restriction list. Read More

FMCG Company in Nigeria Invests in Solar Energy
Fast moving consumer goods company, British American Tobacco (BAT) Nigeria, has reiterated its commitment to becoming carbon neutral by investing into solar energy. Read More

Financial Sector Dominates Trading with 64 Percent Volume
The financial services industry dominated in volume terms on the equities sector of the Nigerian Stock Exchange last week with 1.7 billion shares valued at NGN 12.5 billion (approx. USD 30 million). Read More

Sundry Foods Unveils Two Branches in Ilorin
Food services giant in Nigeria, Sundry Foods has expanded its footprint across the country with the opening of two branches in Ilorin Kwara State. Read More
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