Ethiopia
PM Abiy Calls on Sudan, Egypt to Continue Dialogue with Ethiopia on GERD
Prime Minister Abiy Ahmed has called on Sudan and Egypt to continue dialogue on the Grand Ethiopian Renaissance Dam. Read More

GERD Project Performance Successful amid Various Hindrances: Project Manager
The construction of the Grand Ethiopian Renaissance Dam (GERD) has reached its current stage, overcoming various hindrances and pressures over the years, Manager of the Project, Engineer Kifle Horo said. Read More

Chinese WODA Steel Company Signs MOU with EIC to Upgrade Itself to Industrial Park Level
Chinese WODA Steels Company and Ethiopian Investment Commission have signed a memorandum of understanding (MOU) to upgrade the company to an industrial park level. Read More

GERD Second Turbine Starts Generating Power
The second turbine of the Grand Ethiopian Renaissance Dam (GERD) has started early power generation today in the presence of Prime Minister Abiy Ahmed, President Sahle-Work Zewdie and other senior government officials. Read More

Kenya
Bancassurance Firms Fall 70 Percent on Strict Rules
The number of banks selling insurance products has declined 70 percent to eight lenders following regulatory reforms in the sector. Read More

Saccos Top on Savings Returns
Savings and credit cooperatives (saccos) widened their edge over banks by offering more competitive interest rates to members compared to the banks, a new report shows. Read More

Cost of Flour Set to Shoot Up as Subsidy Ends Next Week
Consumers are staring at expensive flour as the subsidy programme is expected to come to an end next week.The government, in an agreement with millers, had in July agreed that the subsidy programme was to end after a month. Read More

EABL’s Kisumu and Nairobi Biomass Plants Almost Ready
East African Breweries (EABL) is set to complete the setting up of its biomass-fired energy plants as it accelerates its shift to renewable energy. Read More

Tanzania
Aviation Recovery Pace Sees Increased Air Travellers in Tanzania
The number of passengers who used airports that are owned and managed by Tanzania Airports Authority during the 2021/22 financial year increased by 55 percent compared to the preceding year. Read More

Boeing Delivers First 787 in a Year
Boeing has delivered a 787 Dreamliner to American Airlines, the first of that aircraft to be sent to a customer in over a year due to defects discovered in the plane. Read More

NMB Pledges Support to Investors in Energy Sector
NMB Bank has re-affirmed its commitment to continue financing investors in Tanzania's energy sector value chain as part of its commitment to complement Government efforts and support the growth of the sector. Read More

Lubricants Dealers Told to Observe Standards
Lubricants dealers have been ordered to observe the country's quality standards as a way to protect motor vehicle engines from damage and avoid incurring losses. Read More

Uganda
BATU’s Net Profits Up 14 Percent to UGX 3.9 Billion
British American Tobacco Uganda has recorded a 14 percent increase in net profit to UGX 3.9 billion (approx. USD 1 million) for the half year period ended 30 June driven largely by increase in sales revenues. Read More

Insurance Gross Written Premiums Grow by 17 Percent
Data indicates that gross written premiums increased to UGX 412.4 billion from UGX 351.1 billion (approx. USD 107 million from 92 million), representing a percentage increase of 17.47 percent Read More

EAC States Should not Compete Against Each Other, Says Museveni
President Museveni says instead of competing against each other, EAC partner states should diversify in areas where they have competitive advantage. Read More

Egypt
Egypt's PM Attends Signing of Preliminary Agreements to Build Container Terminals at Ain Sokhna, Dekheila ports
The General Authority for the Suez Canal Economic Zone and the coalition encompassing CK Hutchison-CMA and COSCO Shipping signed a preliminary agreement to build the superstructure, operate, and maintain a container terminal at Ain Sokhna Port on the Red Sea.  Read More

Suez Canal Revenues Record EGP 12.3 Billion in June: CAPMAS
Suez Canal revenues recorded about EGP 12.3 billion (approx. USD 640 million) during June 2022, up from EGP 12 billion (approx. USD 630 million) in May 2021, marking an increase of EGP 300 million (approx. USD 16 million), according to the data from the Central Agency for Public Mobilization and Statistic. Read More

Foreign Investments in T-bills Reach EGP 150.54 Billion at End of May
The outstanding balances of foreign clients’ investments in treasury bills amounted to EGP 150.537 billion (approx. USD 7.8 billion) at the end of May 2022, compared to EGP 180.538 billion (approx. USD 9.4 billion) at the end of April 2022, the Central Bank of Egypt revealed. Read More

Fitch Solutions Lauds Gov't Efforts to Advance Private Sector Participation: IDSC
The US credit ratings giant Fitch Solutions hailed the Egyptian government's efforts to promote the role of the private sector, said the Information and Decision Support Center (IDSC) in its latest report. Read More

Morocco
USAID, OCP Group Discuss Impacts of High Energy Costs
Given the current global energy crisis, USAID Administrator Samantha Power met with Mostafa Terrab, Chairman and CEO of Morocco’s phosphate and fertilizer giant OCP Group to examine the impacts of rising energy costs on the fertilizer sector, as a result of Russia’s war against Ukraine. Read More

US Think Tank: Morocco Positions Itself As Africa’s ‘Business Hub’
Given its gigantic infrastructure projects and well-defined strategy, Morocco is positioning itself as a “business hub” in Africa, according to a recent article by the Global Policy Institute, a Washington-based US think tank. Read More

2023 State Budget: Morocco to Continue Funding Business Creation Programs
In the lead-up to the drafting of this year’s draft budget law, Morocco’s Head of Government, Aziz Akhanouch, announced that Morocco will continue to fund business creation programs such as the Intelaka and the Forsa programs. Read More

Morocco’s Exports Rebound in First Half of 2022
With an increase of MAD 62.7 billion (USD 6.1 billion), the value of Moroccan exports climbed significantly in the first half of 2022, compared to the same period the previous year, when MAD 215 billion (USD 20.9 billion) of goods were delivered to the international market. Read More

Dealers Tip Government on Forex Supply
Financial Market Dealers Association has urged fiscal authorities to stop acquiring more non-productive foreign loans, control appetite for programmes that consume more forex and ensure that all forex generated is accounted for. Read More

Universities Move to Popularise MW2063
University of Malawi vice-chancellor Professor Samson Sajidu says local universities have the mandate to popularise Malawi 2063 (MW2063) enablers to enable the country to achieve sustainable development. Read More

Malawi Bureau of Standards equips Small and Medium Enterprises on certification
Malawi Bureau of Standards has reiterated the need for support towards development and growth of Small and Medium Enterprises, saying they play a critical role in job creation and national economic development. Read More

Mega Farms Delay Irks Stakeholders
Stakeholders in the agriculture sector urged the government to swiftly implement the Mega Farm Agriculture initiative to beat the presidential six months’ timeframe given in June this year. Read More

Mozambique
Tender Launched for Boane-Namaacha Road Works
Work on the 39 kilometre-long Boane-Namaacha stretch of National Highway Number Two (EN2) are due to start soon, following the launch earlier this week of a public tender for the selection of the contractor. Read More

Business Association Advocates Changes on Hiring Foreign Labour
The Commerce, Industry and Services Association (ACIS) of Mozambique on Wednesday advocated changes in the legislation on hiring foreign labour to make the regime more flexible, and that Mozambique’s diplomatic missions enjoy more autonomy in granting work visas. Read More

Open Call for Aspiring Mozambican Fashion Designers, Models
Every year, Mozambique Fashion Week seeks to expand, to leverage national production in the industry and offer its many followers a quality event with a variety of designers and models that add value to the event, to the fashion sector and to Mozambican arts and culture.  Read More

South Africa
USD/ZAR Forecast as the South African Rand Makes a Comeback
The USD/ZAR price dropped to the lowest point since 29 June as the market focused on the relatively weak US consumer inflation data. Read More

Oil Heads for Biggest Weekly Gain in Four Months
Oil headed for the biggest weekly gain in four months on interruptions to supply and speculation fuel switching will buoy demand. Read More

Higher Electricity Connection Fees in South Africa
There’s been outrage from some quarters in South Africa about reports that the power utility Eskom and some municipalities intend to increase the connection fee for electricity users who also generate their own power. Read More

Rain Courts Telkom with Merger Talk – MyBroadband
Rain has formally requested to present the Telkom board with a proposal to merge the two companies, MyBroadband reports. Read More
 

Nigeria
Nigeria Loses NGN 101 Billion Worth of Oil, Says OPEC
Nigeria’s crude oil production plunged by 2.3 million barrels in July 2022 when compared to what the country produced in the preceding month of June, data from the Organisation of Petroleum Exporting Countries showed. Read More

FG to Begin Products’ Certification before Export
The Federal Government received the International Organisation for Standardisation accreditation certificate on behalf of the Nigerian Stored Products Research Institute, an agency under the Federal Ministry of Agriculture and Rural Development. Read More

Emefiele, FIRS Boss Shun Subsidy Hearing, Reps Kick
The House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2022 has slammed Governor of the Central Bank of Nigeria, Godwin Emefiele and the Chairman, Federal Inland Revenue Service, Muhammad Nami, for failing to show up at its investigative hearing. Read More

NPC Develops Birth, Death Registration App
The Chairman, National Population Commission, Nasir Isa-kwarra, has disclosed that the commission has developed an application to ensure digital registration of births and deaths in the country. Read More