26 January 2023
Eastern Africa
Investment Forum Organized by Land Bank and Development Corporation to Launch on 26 January
An investment forum called Invest Origins which is organized by Land Bank and Development Corporation will be held in Addis Ababa between 26 and 27 January  at the Ethiopian Science Museum. Read More

Norfund and a Consortium of Private Investors to Invest in SAMANU
Ethiopia’s largest Fast Moving Consumer Goods platform, SAMANU, will receive a USD 21 million growth capital investment from Norfund, the Norwegian Investment Fund for Developing Countries, and a consortium of private investors managed by 54 Capital. Read More

Ethiopian to Start Passenger Service to Copenhagen
Ethiopian Airlines, Africa’s leading carrier, announced in a press release sent to that it would launch a new passenger flight to Copenhagen, Denmark as of 22 May 2023. Read More

Shipping, Logistics Service Enterprise Earns ETB 19.5 Billion in Six Months
The Ethiopian Shipping and Logistics Service Enterprise disclosed that it has earned ETB 19.5 billion (approx. USD 365 million) in the last six months. Read More

Parliament Stops Banks from Asking Clients Sources of Cash Deposits
Customers will no longer be required to disclose the source, use and beneficiaries before getting clearance from banks to withdraw or deposit at least USD 10,000 in cash after Parliament struck out the controversial rules on a technicality. Read More

Kenya Power Seeks Increase of Electricity Prices by Up to 78 Percent
Electricity prices will from April increase by up to 78 percent if the energy sector regulator approves new tariffs from Kenya Power that seek to withdraw the monthly subsidy that cushions poor households. Read More

Taxpayers Left with KES 10 Billion Fines for Road Tender Breaches
Roads agencies have left taxpayers with bills of nearly KES 10 billion (approx. USD 80 million) following breaches of contracts with international firms, raising questions about the thoroughness of procurement officials in the sector that gulps the lion’s share of Kenya’s development budget. Read More

StanChart Online Money Market Fund Hits KES 1 Billion 
Standard Chartered Bank Kenya's online money market fund has hit KES 1.25 billion (approx. USD 9.7 million) in under a year, highlighting the growing popularity of savings products for customers seeking investments of as low as KES 100. Read More

Rwanda and Singapore Launch Annual Global Inclusive FinTech Forum
Kigali International Financial Centre, Rwanda’s financial centre facilitating international investment and cross-border transactions in Africa, and Elevandi, a company set up by the Monetary Authority of Singapore to advance FinTech in the digital economy, announced the launch of the first annual Inclusive FinTech Forum, to be held from 20 to 22 June in Kigali, Rwanda. Read More

IMF Boss in Kigali to Discuss Climate Change Financing for EA
International Monetary Fund Managing Director Kristalina Georgieva will join a roundtable discussion on climate change financing with East African finance ministers and governors of central banks in Kigali, Rwanda. Read More

Rwanda Courts Tanzania to Join East African Single Tourist Visa
Rwanda's envoy to Tanzania, Major General Charles Karamba, held discussions with Tanzanian Minister of Natural Resources and Tourism, Pindi Hazara Chana, about the importance of the East Africa Single Tourist Visa programme. Read More

NMB Pledges More Investment in Tech to Drive Financial Inclusion
NMB Bank has pledged to continue investing in research to come up with technologically driven banking solutions as part of its commitment to enhancing financial inclusion and bridging the unbanked gap in Tanzania. Read More

TIC Registers 20 Projects Worth TZS 300 Billion in Lake Zone
Tanzania Investment Centre (TIC) Lake Zone has encouraged citizens to tap employment opportunities in the area as it records 20 investment projects worth TZS 300 billion (approx. USD 118 million) during the 2022/23 fiscal year. Read More

Pesapal Debuts Automation Solution for Fuel Retailers
Connected payment services provider Pesapal has introduced a novel retail automation solution to help lower operational costs in the retail fuel business segment and enhance the efficiency of forecourts in the sub-sector. Read More

Business People Counselled on AfCFTA
The Minister for Investment, Industry and Trade, Dr Ashatu Kijaji has urged business people to make efficient use of the African Continental Free Trade Area (AfCFTA) by exporting processed goods that will ultimately help in creating more jobs for Tanzanians. Read More

Government Lists Three New Cash Crops
As government diversifies the economy from the traditional tea and coffee, it has added cashew nuts, Mac-ada-mia and Hass Avocado to its priority cash crops. Read More

Government Misses Its Revenue Target by UGX 180 Billion
Government has missed its revenue surplus target UGX 180.51 billion (approx. USD 50 million) due to shortfalls and under performance of revenue sources in terms of tax and grants. Read More

Your Money is Safe - NSSF Tells Savers
Targeted investment style and diversification has helped the National Social Security Fund (NSSF) to remain liquid despite the outflow of money in form of midterm access, investments in different instruments  and operational costs. Read More

Britam Uganda Won’t Exit the Market
Britam Insurance Company and Britam Asset Managers Company executives have said, the company does not have any plans to exit the Ugandan market. Read More
Northern Africa
Sasol and Algeria’s Sonatrach Team Up for Green Energy Project in Sicily
Algerian state-owned energy company Sonatrach is teaming up with petrochemical group Sasol on a project in Sicily to produce “low-carbon” hydrogen and synthetic natural gas, as well as to capture and reuse carbon dioxide. Read More

Misr Italia Properties Partners with “Startups Without Borders” to Host the 4th Edition of Their Annual Summit
Misr Italia Properties and Startups Without Borders announce a strategic partnership that will see Cairo Business Park as the official sponsor and host of the fourth edition of Startups Without Borders Summit on the 10th and 11th of February. Read More

NBE, Banque Misr Collect EGP 400 Billion from Their 25 Percent Certificates
The National Bank of Egypt (NBE) and Banque Misr have attracted an estimated EGP 400 billion (approx. USD 13.4 billion) from the 25 percent certificate since its launch earlier this month. Read More

EGX Flags in Green, Reaching Highest Level Since 2018
The Egyptian Exchange (EGX) ended Wednesday’s session in the green zone, reaching the highest level since May 2018, amid Arab and foreign purchases. Read More

Palm Hills Developments to Establish “GEMS British International School of Badya” in Partnership with EEP
Palm Hills Developments, a leading real estate developer in Egypt, and Egypt Education Platform, the fastest growing, and largest Kindergarten to Grade 12 Education Management Company in Egypt. Read More

33 Percent of Moroccans Perceive Economy as Country’s Biggest Challenge
Moroccans view the economy as the top challenge facing their country, with 33 percent of respondents of a recent survey saying that they are worried about the economy. Read More

UK EdTech Exhibition Promotes Use of Technology in Moroccan Schools
Amid the ongoing digital transformation, using innovative technology solutions in education has become a widespread trend, especially in first-world countries such as the United Kingdom. Read More

IMF Commends Morocco’s Strong Response to Recent Global Shocks
The International Monetary Fund (IMF) has commended Morocco for implementing a “very strong policy response” that has cushioned the social and economic impact of consecutive global crises over the past two years. Read More

Tichka Tunnel Infrastructure Project Requires Investment of MAD 10 Billion
Morocco’s Minister of Equipment Nizar Baraka wants the Tichka tunnel infrastructure project to benefit from the Mohammed VI Fund for Investment. Read More
Southern Africa
Malawi to Get KM 259 Billion for ASWAP II Successor
The World Bank says Malawi stands a chance to access up to USD 250 million for the successor project of Agriculture Sector Wide Approach Support Project II. Read More

Malawi to Host National Development Conference
The Government of Malawi, through the National Planning Commission, will host the third annual National Development Conference where the main focus will be to review progress the country has made in the implementation of the Malawi 2063 national vision. Read More

AfDB Forecasts 3 Percent GDP Growth for Malawi
The African Development Bank has said it expects the local economy to grow by at least three percent in 2023 from a 2.8 percent Gross Domestic Product (GDP) growth estimate last year. Read More

Debt Securities Value Up 63 Percent
Total nominal value for government listed securities, including Treasury bills and Treasury notes, increased by 63 percent in 2022 to MWK 2.67 trillion from MWK 1.64 trillion (approx. USD 2.6 billion from 1.6 billion) in the preceding year. Read More
South Africa
Financial Services Top of the List in Planning for ‘Unlikely’ Total Blackout
Senior members of the banking and financial services sector agree the likelihood of SA experiencing a total collapse of the power grid is small, though they warned that businesses should prepare for such a scenario. Read More

Mantashe Doubles Down on his Quick Fix for Energy Crisis
Mineral Resources & Energy Minister Gwede Mantashe has doubled down on claims he made earlier this month that SA’s crippling power crisis can be fixed in under a year. Read More

ZAR 6 Billion Whetstone Business Park Takes Off Near King Shaka International
Gavin Strydom, co-developer and partner of the 815 000 square metre commercial and industrial property project, says the new park forms a key part of the broader Dube aerotropolis development precinct, which he believes ‘is the future of Durban’. Read More

Workers are Getting Poorer as Pay Packages Shrink
South Africa’s average take-home pay shrunk in December, even without taking into account the effect of inflation on purchasing power. Read More
Mineworkers’ Union of Zambia and Egyptian General Trade Union Sign MOU to Invest in Exploration and Mining
The Mineworkers’ Union of Zambia is set to sign a Memorandum of Understanding with the Egyptian General Trade Union of Miners, Quarries and Salinas Workers to invest in exploration and mining in Zambia. Read More

IMF Managing Director Praises Zambia’s Economic Progress
International Monetary Fund (IMF) Managing Director Kristalina Georgieva concluded her 22-24 January visit to Zambia with a statement on the country’s economic situation, praising the nation’s “enormous potential” given its natural resources and young population. Read More

REA Launches Electricity Service Access Project Credit Line Funded by the World Bank
The Rural Electrification Authority, REA in collaboration with the Development Bank of Zambia, DBZ has launched an off-grid loan facility aimed at increasing electricity access in targeted rural areas in Zambia and enhancing private sector participation in rural electrification programs. Read More

ZRA to Engage Local Govt in Collecting Presumptive Tax from Bus Stations
Zambia Revenue Authority (ZRA) acting Commissioner General Joseph Nonde says the authority plans to engage the local government to help it collect Presumptive tax in bus stations. Read More
Western Africa
Cote d'Ivoire
Fairtrade Creates Human Rights and Environmental Risk Map Revealing Cocoa Sector’s Key Issues
Fairtrade is set to enhance its sustainability work with plans for a new online mapping system in a bid to identify human rights and environmental risks in some of its core supply chains, including the cocoa sector, in a bid to combat ongoing major industry issues, reports Neill Barston. Read More

Finance Ministry Prepares Guidelines for Emergency Expenditure
The Ministry of Finance is preparing an Emergency Expenditure Management Guideline that will provide government with administrative protocols in times of emergency such as the COVID-19 pandemic. Read More

Govt to Develop Special Package for Companies Who Seek to Take Advantage of AfCFTA
The Ministry of Trade and Industry is currently collecting data that will enable it develop a special package for companies who seek to take advantage of the Africa Continental Free Trade Area (AfCFTA), Deputy Minister in charge of International Trade, Herbert Krapa has stated. Read More

BOST Begins Selling of First Consignment of Fuel
Bulk Oil Storage and Transportation Company (BOST) has started selling petroleum products procured under the gold for oil barter arrangement. Read More

SES HD PLUS Ghana Appoints New CEO
The Board of Directors of Ghana’s premium high-definition satellite broadcast service provider SES HD PLUS has appointed Adelaide Ahovy Abbiw-Williams as Chief Executive Officer effective from 1 January 2023. Read More

Nigeria To Woo Investors at London Energy Conference
Minister of State for Petroleum Resources, Timpre Sylva, would be leading investment-focused dialogue during the Invest in African Energy Reception set to take place in London on January 26.  Read More

State Assemblies Reject LGs’ Autonomy, Eight Other Bills
State houses of assemblies across Nigeria have rejected nine constitutional amendment bills including the proposed legislation for financial and administrative autonomy for local government councils. Read More

NIMASA Gives Banks 72-Hour Ultimatum to Release Modalities
The Nigerian Government has given Primary Lending Institutions a 72-hour ultimatum to release modalities for the disbursement of the USD 350 million Cabotage Vessels Finance Fund. Read More

DMO Auctions NGN 360 Billion Bonds
The Debt Management Office has offered four Federal Government of Nigeria bonds valued at NGN 360 billion (approx. USD 717 million) for a subscription via auction at NGN 1,000 (approx. USD 2) per unit. Read More
ALN Weekly Snapshots
Country by Country Reporting Standards in Kenya: What’s in Store for Multinational Enterprises
The integration of national economies and markets has increased substantially in recent years, putting a strain on international tax rules that were designed more than a century ago. Weaknesses in the international tax rules created opportunities for base erosion and profit shifting thereby resulting in tax leakages for many governments. 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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