30 August 2022
Eastern Africa
Ethiopia, South Korea Sign MOU to Work Together in Water Resources
Ethiopian Ministry of Water and Energy and South Korea Water Corporation have signed a memorandum of Understanding (MOU) to work together in water development sector. Read More

Prime Minister Abiy Visits Saidal pharmaceutical in Algiers
Prime Minister Abiy Ahmed, who is in Algeria for an official working visit, has visited Saidal pharmaceutical company in Algiers. Read More

American Officials Visit US-Funded Projects in Ethiopia
Ambassador Tracey Jacobson, Chargé d’Affaires of the U.S. Embassy in Addis Ababa, and USAID/Ethiopia Mission Director Sean Jones – visit U.S. government-funded projects in Ethiopia’s Dire Dawa and Harar areas. Read More

Les Saveurs d’Ethiopie Paris-Addis Hosts Coffee Roasting Training for Exporters, Producers
Les Saveurs d’Ethiopie Paris-Addis offered a three-day coffee roasting training session for producers and exporters of Ethiopian coffee. The session was aimed at contributing to the efforts of adding value to coffee production, the organisers said. Read More

How Borrowing Rules will Change for New President
The new President will first have to get Parliament to approve borrowing limits for the next financial year before considering the budget, in changes aimed at forcing the government to leave within its means. Read More

Mills Grind to a Halt as Traders Release Flour
Millers have cut down on processing after the flour that had been hoarded by traders resurfaced following an end to a subsidy, making it difficult for factories to compete with the cheap product on the market. Read More

NCBA Crafts New Generous Dividend Payment Policy
NCBA Group plans to pay up to 50 percent of net earnings as dividends going forward, indicating increased returns to shareholders for a bank that previously kept its cash distributions at 20 percent of net income. Read More

Record Drop in Sacco Returns
For the first time in seven years, the savings and credit co-operative societies' (saccos') returns have fallen below two percent of their assets, signalling the struggle to sweat member contributions. Read More

Lack of Bankable Projects 'Could Undermine' Clean Cooking Targets
Even though Rwanda seeks to reduce the percentage of households using wood fuel for cooking, lack of bankable projects by the producers of cleaning cooking technologies could undermine efforts to reach targets, experts have said. Read More

How Off-Grid Cold Storage Systems Are Helping Farmers Reduce Post-Harvest Losses
For Jean Desire Habiyambere, an entrepreneur with a passion for science, technology, engineering and mathematics, helping farmers shrink post-harvest losses is a win-win since it leads to higher income. Read More

Let Us Make the Most of Our Quality Tea - Kagame
Rwanda's tea is known for its high quality and is among the best in the world and it is a record that has been sustained for long, but much can be done to even improve this quality and make the most of it. Read More

Rwanda to Conduct First Digital Census for People with Disability
Preparations are underway for Rwanda's first digital census of people with disability, whose results will be used to establish a national registry. Read More

CEOs Happy with Government’s Pro-Business Policies
The new chairman of the CEO Roundtable of Tanzania, Mr David Tarimo, who assumed the role in June, this year, has called for more consultations before the government comes up with new laws, policies and regulations. Read More

Zanzibar: First Commercial Centre at Fumba Town Set to Open
The first commercial centre at Fumba Town is set for opening tomorrow. Known as ‘The Pavilion’, the commercial centre will provide diverse services such as retail, offices, food and beverage, medical and sports facilities, according to the CEO of CPS, Sebastian Dietzold. Read More

Stanbic Bank, NEEC Sign Deal to Boost SMEs Growth
Stanbic Bank Tanzania and the National Economic Empowerment Council (NEEC) have entered into a long-term partnership that will see them collaborating to develop the entrepreneurial ecosystem in the country. Read More

Zanzibar Calls on Insurers to Back Blue Economy
Zanzibar has invited insurers to support the government’s efforts to improve the economy in the Isles by investing in various development projects implemented by the state. Read More

Uganda Launches her Green Economy Recovery Plan

Uganda’s economy is emerging from the devastating impact of the COVID-19 (coronavirus) pandemic, but prospects for growth have been undermined by increasing pressure on its natural resources. Read More
Northern Africa
France Closing in on Natural Gas Deal with Algeria

France is closing in on an energy deal with Algeria, days after French President Emmanuel Macron concluded his visit to the North African country. Read More

How Egyptian Government Lowered Prices of Barley Rice to Make it Affordable

The Egyptian government issued a decree, per which farmers shall deliver barley rice during the current season and until mid-December, to make it available for the public on the ration cards. Read More

Zohr Gas Field Production Jumps to 2.7 Billion Cubic Meters Per Day
The Ministry of Petroleum and Mineral Resources announced that Zohr gas field achieved a record during Fiscal Year 2021/2022 since the start of production in 2017/2018. Read More

Egypt Seeks to Issue USD 500 Million in Chinese Bonds, USD 1.5-USD 2 Billion in Sovereign Sukuks
Egypt is looking forward to issuing bonds in Chinese yuan - Panda worth more than USD 500 million, Minister of Finance, Mohamed Maait, stated. Read More

Elsewedy Signs Two Contracts to Construct Transformer Stations Worth EGP 1.1 Billion for EETC
Elsewedy Electric for Trade and Distribution, a subsidiary of Elsewedy Electric, signed two contracts to construct transformer stations for the Egyptian Electricity Transmission Company (EETC) at a value of EGP 1.1 billion (approx. USD 57 million). Read More

360,000 Moroccan Artisan Workers Have Social Security Funds
In a bid to counter China’s rising influence in Africa, Japan is now pledging to ramp up investments on the continent. During the eighth Tokyo International Conference on African Development, Japanese Prime Minister, Fumio Kishida, said that his country is pledging USD 30 billion of investment in Africa over the next three years. Read More

Morocco’s Tourism Ministry Has Selected 622,000 Prospective Artisan Workers So Far to Add to the National Social Security Fund
Morocco’s tourism ministry has selected 622,000 prospective Artisan Workers so far to add to the National Social Security Fund. Read More

Morocco’s National Port Operator Sees 14 Percent Rise in Turnover in 2022
Marsa Maroc, the national operator of Moroccan ports, reported a turnover of MAD 1.9 billion (USD 179.5) at the end of the first half of 2022, marking a 14 percent increase from last year’s MAD 1.7 billion (USD 160.6). Read More
Southern Africa
Lawmakers on Blackouts Fact-Finding Mission
Members of the Parliamentary Joint Committe have said they will come up with a report to address perpetual electricity blackouts in the country. Read More

Commodity Prices to Continue Rising—RBM
The Reserve Bank of Malawi says despite global trends showing a slowdown in prices for key commodities in July, there is little hope that the decline in prices will trickle down to the country’s economy. Read More

Nico Shareholders Rue Small Dividends
Minority shareholders of Nico Holdings have lamented small dividends and a share price  drop, accusing the Malawi Stock Exchange-listed firm of being inconsiderate to investors. Read More

Nico Capital to Put Up MWK 40 Billion Hotel
Nico Capital, a subsidiary of Nico Holdings, has said it is investing USD 40 million  into a hotel project in Lilongwe according to Nico Holdings Managing Director Vizenge Kumwenda. Read More

South Africa
South African Rand Drops as Dollar Rises after Powell's Speech
South Africa's rand weakened in early trade, as the dollar continued to rise after U.S. Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation. Read More

YW4ED Spreads Wings to South Africa
The diaspora chapter in South Africa of Zimbabwe’s Young Women for Economic Development (YW4ED) was launched at a colourful ceremony attended by several young entrepreneurs. Read More

Humanitarian Organisations and Feeding Schemes Struggle to Stay Afloat as Costs Escalate
Non-profit organisations providing food relief are battling to keep up with demand as funding shrinks amid competing demands, including Covid-19, the war in Ukraine and the aftermath of the KZN floods and unrest. Read More
Western Africa
Cote D’Ivoire
Rail Innovation Arrives in West Africa
In Abidjan, Sitrail has taken delivery a new tamping-levelling-lining machine worth CFA francs 2 billion (more than EUR 3 million) for maintenance on the railway between Côte d’Ivoire and Burkina Faso. Read More

Ivory Coast 2021/22 Cocoa Arrivals Seen at 2.062 Million Tons by August 28
Cocoa arrivals at ports in top grower Ivory Coast had reached 2.062 million tonnes by August 28 since the start of the season on 1 October, down 4 percent from the same period last season, exporters estimated. Read More

Ghana Signs 25-Years Rail Development Contract with South African Company, Thelo DB
The Ghana government has signed a 25-years contract with South African company, Thelo DB Consortium to develop and operationalize the 299km Western Railway Line, according to a statement from the company. Read More

EPA Worried Over Rampant Oil Spillage at Fuel Stations
Mr Prempeh Adarkwa Yiadom, the Obuasi Area Head of the Environmental Protection Agency (EPA), has bemoaned the rampant spillage of oil on the floors of fuel stations in the Municipality, which could affect groundwater and cause fire outbreaks.  Read More

Penplusbytes Launches Mobile App to Monitor Social Protection Programmes
A short-changed Mobile App that will aid the public to monitor the implementation of the various social protection programmes as well as serve users with information on public services has been launched in Accra by Penplusbytes, a not-for profit organisation. Read More

Credence Micro Credit Wins Technology Innovation of the Year Award
This has been the Credence dream; becoming the best financial partner of choice by advancing the course of human life through tailored financial products and technology is a dream that keeps the Credence team awake within the early watches of the night. Read More
‘Nigeria, Others Minor Players in Gold Market’
Nigeria and the rest of Africa are still minor players in global gold production, reports have shown. The global gold mining market was valued at USD 197.58 billion last year, according to Global Gold Mining report 2022 published by Research and Markets, a research behemoth. Read More

Firm Unveils Banking API
A financial technology firm, Unlimint, has launched of its Banking as a Service product, Unlimint Banking and Cards, a one-stop payment accounts and card issuing and processing solution. Read More

‘Smile Deepens Internet Penetration’
Fourth generation long term evolution service provider, Smile Communication, has been transforming the nation’s economy by deepening access to high quality services, a group, the African Brand Leadership Merit Awards, has said. Read More

Fed Government Optimistic on 95 Percent Digital Literacy
The Federal Government has expressed optimism over the possibility of achieving 95 percent digital literacy in the country. Read More
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