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24 January 2023
Eastern Africa
Ethiopia
Premier Abiy Bids Farewell to Outgoing President, Deputy President of Federal Supreme CourtPrime Minister Abiy Ahmed bid farewell to the outgoing President and Deputy President of the Federal Supreme Court for their service to the nation. Read More

South Sudan Licenses Tele Mobile Which Signed a Partnership Agreement with Ethio Telecom
South Sudan licensed Tele Mobile which would be the fourth telecom service provider in the country after MTN, D.G. TEL, and Zain Telecom. Read More

EIAR, ILRI Launch Land Information Service Project
The Ethiopian Institute of Agricultural Research (EIAR) in collaboration with International Livestock Research Institute (ILRI) has launched the Land, Soil and Crop Information Service Project. Read More

Omo Bank Secures Birr 77 Million Profit Before Tax in Six Months
Omo Bank secured a gross profit of Birr 77 million during the past six months. The bank got approval from the National Bank of Ethiopia to transition from a micro finance institution to a bank in June last year. Read More

Kenya
Ruto Administration to Borrow KES 3.6 Trillion In First Term
President William Ruto’s administration is targeting borrowing KES 3.6 trillion (approx. USD 29 billion) in his first five-year term, upending his plan to go slow on debt. Read More

Treasury Banking on VAT in KES 3.8 Trillion Revenue Growth Plan
The Treasury is eyeing value-added taxes as the segment with the highest potential for growth in its ambitious plan to expand revenue to KES 3.8 trillion (approx. USD 30.6 billion) by 2027. Read More

Central Bank Seen Raising Benchmark Rate to 5-Year High in 2023
The Central Bank of Kenya (CBK) is being tipped to gradually hike benchmark lending rates and close the year at 9.5 percent, complicating the government’s push for cheap credit. Read More

Public Varsities Grapple with KES 38 Billion in Employee Arrears 
The cash flow crisis in public universities has deepened with unpaid salaries, wages, retirement benefits and medical cover climbing to KES 38.46 billion (approx. USD 310 million) in the last financial year ending June 2022. Read More

Rwanda
Rwanda has Made Huge Progress in Achieving SDGs targets - UN Resident Coordinator
While the current pace of progress in Africa, and beyond, might not be fast enough to achieve the Sustainable Development Goals (SDGs) by 2030, several individual countries have embarked on a journey to reverse the tide. Read More

Census Results to be Released in February
The results of Rwanda’s fifth population census will be released at the beginning of February. Read More

Tanzania
Coal Exports Surge at Mtwara Port
Over 55,000 tonnes of coal have been exported through Mtwara Port to European and Asian countries, including Belgium, France and Spain. Read More

Falling Prices at DSE no Cause for Concern
Analysts remain optimistic that the release of financial statements for some listed entities will stimulate trading activities at the Dar es Salaam Stock Exchange (DSE) despite the ongoing negative price movements at a number of counters. Read More

EABC Plans to Reach USD 15 Billion in Intra-EAC Trade in 2023
The East African Business Council (EABC) chairperson, Ms Angelina Ngalula, is optimistic that the intra-regional-trade could hit USD 15 billion in 2023, thanks to the prevailing political goodwill. Read More

EAC Exports to Africa Soar to USD 7.9 Billion in 2021
Exports from the East African Community (EAC) bloc to Africa soared to USD 7.9 billion in 2021 in spite of Covid-19 impact. Read More

Uganda
UNOC Takes Over Management and Operations of Jinja Fuel Storage Terminal
The Finance and Energy Ministries have taken over the management of the Jinja fuel storage terminal. Read More
Northern Africa
Algeria
Eni, Algeria’s Sonatrach Sign Sustainability, Energy Security Agreements

Eni and Sonatrach will explore the reduction of emissions, energy efficiency initiatives, renewable energy developments and other ways to create a sustainable energy transition. Read More

Eni and Sonatrach Sign Strategic Agreements to Accelerate Emissions Reduction and Strengthen Energy Security
The companies will identify opportunities for the reduction of greenhouse gas and methane gas emissions and will define energy efficiency initiatives, renewable energy developments, green hydrogen projects and carbon dioxide capture and storage projects, to support energy security and at the same time a sustainable energy transition. Read More

Egypt
MSE Opens Year on Good Note

The 16-counter Malawi Stock Exchange (MSE) has started the year on a good note as reflected in the jump in return on investment by 8.09 percent, three weeks into the New Year. Read More

Food Price Rise Set to Bite Hard
Malawians in the low-income bracket should brace up for increased food prices this year as the World Bank says this will have a knock-on effect on them, making it hard to survive. Read More

Fertiliser Re-Exports Rising, Figures Show
Malawi’s fertiliser re-exports volumes are steadily rising, moving by 97 percent over a six-year period from 3 600 metric tonnes in 2016 to 7 093MT in 2022, a situation commentators say raises serious concerns. Read More

Standard Bank Pumps MWK 20 Million into Must Fund
Standard Bank has released the 2023 consignment of funding worth MWK 20 million (approx. USD 19,600) to Malawi University of Science and Technolog towards its endowment fund, which seeks to assist needy students and enhance resource mobilisation. Read More

Morocco
Gas Subsidies Reached USD 2.1 Billion in 2022
Morocco’s subsidies for cooking gas reached a staggering MAD 22 billion (approx. USD 1.2 billion) at the end of 2022, Morocco’s Finance and Economy Minister, Nadia Fettah Alaoui, said. Read More

National Budget Deficit Stood at 5 Percent of GDP in 2022
Morocco’s national budget deficit stood at MAD 69.5 billion (USD 6.8 billion) at the end of 2022, almost 5 percent of the country’s Gross Domestic Production (GDP), down by 0.4 percent year-on-year. Read More

Morocco May Soon Overtake Spain as Europe's Biggest Tomatoes Supplier
Morocco almost overtook Spain in tomato exports to the European Union between 2018 and 2022, according to the agriculture-focused website Fresh Plaza. Read More

Morocco-Spain Bilateral Trade Hits MAD 110.582 Million
Spain has reiterated its determination to continue boosting its cooperation with Morocco at all levels, including trade. Read More
Southern Africa
Malawi
MSE Opens Year on Good Note
The 16-counter Malawi Stock Exchange (MSE) has started the year on a good note as reflected in the jump in return on investment by 8.09 percent, three weeks into the New Year. Read More

Food Price Rise Set to Bite Hard
Malawians in the low-income bracket should brace up for increased food prices this year as the World Bank says this will have a knock-on effect on them, making it hard to survive. Read More

Fertiliser Re-Exports Rising, Figures Show
Malawi’s fertiliser re-exports volumes are steadily rising, moving by 97 percent over a six-year period from 3 600 metric tonnes in 2016 to 7 093MT in 2022, a situation commentators say raises serious concerns. Read More

Standard Bank Pumps MWK 20 Million into Must Fund
Standard Bank has released the 2023 consignment of funding worth MWK 20 million (approx. USD 19,600) to Malawi University of Science and Technolog towards its endowment fund, which seeks to assist needy students and enhance resource mobilisation. Read More

South Africa
All Eyes on South Africa as US and Russia Visit
Just before US Treasury Secretary Janet Yellen will visit South Africa as part of a renewed focus on the continent, she got a stark example of the challenges Washington faces in countering influence by its main global rivals Russia and China. Read More

Massive Win for New Gas Project in South Africa
Natural gas producer Renergen has announced that it has produced its first amount of liquid helium at its Virginia Gas Project based in South Africa. Read More

Advertising Industry Body Adds Crypto Rules to Its Ethical Code
The Advertising Regulatory Board has added rules to its code of best practice governing how the cryptocurrency industry markets digital assets in an attempt to protect consumers from misleading information. Read More

Company Liquidations Surge 30 Percent Amid a Tough Operating Environment
South Africa businesses are reeling from the effects of Covid-19 coupled with the current high inflationary environment according to the latest data from Stats South Africa, which revealed that the number of company liquidations surged 30.3 percent year on year in December. Read More

Zambia
Delayed Debt Restructuring Will Affect Our Good Efforts to Reconstruct Economy
President Hakainde Hichilema says all his government’s “good efforts” to reconstruct the economy may be distorted if Zambia’s debt negotiations are not concluded soon. Read More

Government Has Engaged Advisors to Screen Possible Investors for KCM
Presidential Advisor for Economic Affairs Jito Kayumba says government has through ZCCM-IH assembled a team of advisors to screen possible investors to take over KCM. Read More

ZCCM-IH Appoints Joseph Vibetti as its New CEO
ZCCM Investments Holdings has appointed Dr Ndoba Joseph Vibetti as Chief Executive Officer of the company effective 1 February, 2023. Read More

Zambia is Not Ready to Have a Nuclear Energy Plant
United Party for National Development, Chairperson for Energy Charles Kaisala says Zambia has no capacity to maintain a nuclear energy power plant. Read More
Western Africa
Cote d'Ivoire
Ivory Coast 2022/23 Cocoa
Cocoa arrivals at ports in top grower Ivory Coast had reached 1.480 million tonnes by 22 January since the start of the season on 1 October, exporters estimated, up 7.6 percent from the same period last season. Read More

Ghana
Government Reaches Agreement with Banks on New Terms for Debt Exchange Programme
The Government of Ghana and the Ghana Association of Banks (GAB) have made significant progress on the terms of participation of Banks in the Domestic Debt Exchange Programme. Read More

BoG, Banks Agree on Disbursements
The Bank of Ghana (BoG) has agreed with the Ghana Cocoa Board and commercial banks to use COCOBOD’s investments held at the various banks to pay its customers who may not agree with the decision to rollover the Cocoa bills. Read More

First National Bank Reinstates Customer Accounts Impacted by Debit Transaction Issues
First National Bank has reversed all debit transactions passed on to some customer accounts as a result of transactions initiated on binance.com, a cryptocurrency exchange. Read More

Evelyn Duke Appointed Acting MD of SIC Brokerage
SIC Brokerage has appointed Evelyn Duke as the Acting Group Managing Director of the company. Read More

Nigeria
Federal Government Reviews Charcoal Ban, Suspends Wood Export
The Federal Government has reviewed its ban on charcoal export, placed suspension on the exportation of processed wood and other allied products. Read More

Lagos Projects Jobs as Buhari Opens Rice Mill, Seaport
The President, Major General Muhammadu Buhari, has unveiled the USD 1.5 billion Lekki deep seaport, and the Imota Rice Mill in Ikorodu, Lagos. Read More

FG Asks London Court to Cancel USD 11 Billion Damages
Nigeria was the victim of “a campaign of bribery and deception” over a collapsed gas processing project, its lawyers told London’s High Court, as the country’s appeal against an USD 11 billion damages bill got underway. Read More

Aviation Union Strike Stirs Lagos Airport Commotion
Several international passengers were stranded at the Murtala Muhammed International Airport, Lagos, as many airlines were forced to divert flights due to the strike action embarked on by workers of the Nigerian Aviation Handling Company over salary-related issues. 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.
SOURCES

Financial Times
Business Daily Africa
Daily Nation, Kenya
Reuters
New York Times
Daily News, Tanzania


CNBC, South Africa
Independent Uganda
Xhinuanet
Daily News, Egypt
Sudan Commerce News
Sudan News Agency
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