Ethiopia
UK Business Delegation Briefed about Investment Opportunities in Ethiopia
Ministry of Foreign Affairs of Ethiopia held a fruitful discussion today with a UK business delegation led by Thato Mosadl, Senior Economist and Strategist of Jeffries International. Read More

FAO Expresses Commitment to Further Strengthen Support to Ethiopia
The United Nations Food and Agriculture Organization (FAO) reaffirmed commitment to further strengthen its support to Ethiopia with a view to expedite the agricultural development activities in the country. Read More

State Minister of Finance Confers with Head of French Government’s Treasury
State Minister of Finance Eyob Tekalign discussed with Head of the French Government Treasury, Emmanuel Moulin to elevate the economic cooperation between the two countries. Read More

Ethiopia Plans to Replace Imported Transformers and Electric Cables with Domestic Products
The Ministry of Industry announced that it was working to replace imported electric cables and transformers with locally produced products during a discussion forum with Ethiopian Electric Power, Ethiopian Electric Utility, and other stakeholders. Read More

Kenya
Ruto Allocates Uhuru Hefty KES 678.5 Million Retirement Perks
The Treasury has allocated former President Uhuru Kenyatta KES 678.57 million (approx. USD 5.4 million) for his pension and retirement perks for the year to June, including a fully furnished office, limousines and salaries for scores of aides. Read More

Kenya's Mobile Money Agent Transactions Hit KES 7.9 Trillion
Transactions worth KES 7.9 trillion (USD 63 billion) were conducted via phone agents last year, indicating the entrenchment of mobile money in Kenyans’ daily lives. Read More

Employers to Take the Biggest Hit as NSSF Implements Act
Kenyan employers have called on the government to clarify whether the new National Social Security Fund (NSSF) deductions would be effected on basic pay or total emoluments as they prepare to take a major hit after the court ended a seven-year impasse. Read More

Manufacturers Oppose Plan to Raise Power Tariffs
The Kenya Association of Manufacturers has protested the proposed increment of electricity tariffs terming it as an erosion of gains made in positioning the country’s business competitiveness. Read More

Rwanda
Rwanda’s Exports Up by 40 Percent
The value of Rwandan exports increased by 39.4 percent in 2022, according to figures presented to parliament by the Minister of Finance and Economic Planning, Uzziel Ndagijimana. Read More

Ending Internet Monopoly Will Expedite 4G Uptake – ICT Minister
Ending the internet monopoly that has been enjoyed by Korea Telecom Rwanda Networks will scale up the use of the fourth generation of mobile technologies (4G) internet, and other latest technologies, the Minister of ICT and Innovation has said. Read More

University of Kigali appoints Prof David Karungu Wangombe as Vice Chancellor
The Board of Directors of the University of Kigali (UoK) has appointed Prof David Karungu Wangombe, PhD, MBA, CPA(K) as Vice Chancellor of the university, following the resignation of the former VC, Professor Robert O. Rugimbana for health-related reasons. Read More

Tanzania
Mtwara Port Edges to Mega Trans-Shipment Hub
With massive infrastructures’ improvements made at the Mtwara Port, the Tanzania Ports Authority is now gearing up to transform the facility into a mega trans-shipment hub. Read More

Samia’s Land Rent Exemption Boosts Revenue
The Ministry of Land, Housing and Human Settlement Development has collected 75 per cent of its land rent target in a period between July and December last year. Read More

Activists file Complaint Over US Insurance Broker's Role in Eacop
At least 10 human rights and environmental groups in Uganda and Tanzania, with support from international backers, filed a formal complaint against US insurance giant Marsh for allegedly violating guidelines for responsible business conduct. Read More

Uganda
United States (U.S.) Mission Releases Report to the Ugandan People 60th Anniversary Edition  
The U.S. Mission in Uganda released the sixth edition of the Report to the Ugandan People, which tells the story of the United States’ enduring partnership with the Ugandan people, focusing on the impact of our work to promote economic growth, improve health and education, strengthen security, and foster democratic values. Read More

Central Bank Keeps Lending Rate at 10 Percent
The Bank of Uganda left the Central Bank Rate at 10 percent for the second time, saying it is still effective enough to control the rise in inflation, bring stability to the lending rate, and exchange rate, and drive economic growth. Read More

UETCL Commissions USD 24 Million Luzira Industrial Park Substation 
The Uganda Electricity Transmission Company has commissioned the 120MVA, 132/33kV Luzira Industrial Park Substation which is expected to boost the supply of reliable power to consumers, especially industrialists. Read More

Nile Breweries Gets New Country Director
Nile Breweries unveiled a new country director for Uganda Adu Rando succeeding David Valencia, who had served in the same position for two years. Read More

Algeria
Europe’s Enthusiasm for Algerian Hydrogen
Galsi Project is a key challenge for European countries seeking not only to diversify their energy supply in the short term, but also to prepare for the new era of new energy and its hydrogen needs, which according to data from the European Union’s Energy Committee will be around 10 million tons per year. Read More

Double Taxation Treaty Signed in Algiers
Algeria and Japan signed a tax treaty on non-double taxation in Algiers to contribute to the development of economic relations between the two countries. Read More

Egypt
32 Egyptian State Companies to be Floated on EGX Over a Year
A total of 32 companies will be floated on the Egyptian Exchange (EGX) over a year, said Prime Minister Mostafa Madbouli in a press conference following a Cabinet meeting. Read More

EIB Keen on Promoting Cooperation with Egyptian Government
Director of the Lending Operations in European Union Neighboring Countries at the European Investment Bank (EIB) Lionel Rapaille said the bank's delegation is deeply interested in promoting cooperation with Egypt in various domains and is planning to hold meetings with several ministers to review enhancing collaboration in financing top-priority projects for Egypt. Read More

Egypt to Become Regional Hub for Electronics
The cabinet's Information and Decision Support Centre published an infographic about the industry of electronics in Egypt. Read More

World Bank Launches Report on Achieving Demographic Dividend in Egypt
The World Bank Group launched a report entitled “Achieving the Demographic Dividend in the Arab Republic of Egypt: Choice, Not Destiny”. Read More

Morocco
Attajariwafa Bank Plans to Purchase BMCI
Morocco’s Attijariwafa Bank is considering purchasing BMCI, a subsidiary of the French group BNP Paribas. Read More

Huawei Certified as a ‘Top Employer’ in Africa in 2023
The Top Employers Institute has certified Chinese technology giant Huawei as a “Top Employer” in the African continent for the year 2023, a recognition of the company’s working environment and people-focused HR practices. Read More

Morocco’s Government Vows to Tackle Price Increases Ahead of Ramadan
The Moroccan government is vowing to tackle the continuous increase in food prices ahead of the holy month of Ramadan. Read More

Malawi, Others Tipped on Special Economic Zones
Durban University of Technology assistant professor of economics Gift Mugano says governments should always strive to bring quality partners and game-changers for the successful implementation of special economic zones (SEZs). Read More

AfDB Sees Booming Local Tourism Sector
The African Development Bank (AfDB) has said it expects an increase in the tourism sector’s input to the economy, thanks to its USD 11 million Promotion of Investment and Competitiveness in the Tourism Sector project. Read More

BP Makes Record Profit in 2022, Boosts Oil Spending
Energy giant BP has reported record annual profits as it scaled back plans to reduce the amount of oil and gas it produces by 2030. Read More
 

Society Plays Key Role in Addressing Economic Challenges
The Congress of South African Trade Unions Parliamentary coordinator, Matthew Parks says society also has a crucial role to play in addressing some of the economic challenges the country is facing. Read More

Power Woes Push PnP to Review Capital Allocation
Pick n Pay’s share price fell 8.5 percent, after it said it is spending around ZAR 60 million (approx. USD 3.4 million) a month on diesel and may have to reprioritise its capital investments as load shedding cost pressures mount. Read More

British Airways and Airlink Partner to Boost Flight Connectivity in South Africa
Domestic airline Airlink has announced a new codeshare agreement with British Airways, improving air travel between the UK, Europe, North America and more than 15 destinations in Southern Africa. Read More

Capitec Says This Skill Will Be the Future of Work in South Africa
Capitec says that poor data literacy continues to roadblock South African companies, and the ability to deal with data will be the most in-demand skill by 2030. Read More
 

Cote d'Ivoire
Former German Chancellor Receives Unesco Peace Prize
Germany's former chancellor Angela Merkel received a prestigious UN award on Wednesday for opening her country to refugees during her time in office. Read More

Ghana
Cedi Extends Volatile Run
The cedi extended its gains against major trading currencies last week raising hopes that the local currency is beginning to steady ahead of a deal with the International Monetary Fund (IMF) later this quarter. Read More

Cost of Fuel Biggest Headache to Businesses — UKGCC Survey
Fuel remains the most expensive item facing businesses in the country, a survey has revealed. Read More

Government Extends Date for Tendering of Bonds by Bondholders
The government has extended the deadline for some bondholders who are facing difficulties on online portals tendering in their bonds to do so by the extended time. Read More

Stop Proposed 20 Percent Tax on Sweetened Fruit Drinks, Spirits And Water — FABAG Appeals
Food and Beverage Association of Ghana (FABAG) has appealed to government to stop the proposed 20 per cent excise tax on sweetened fruit juice, spirits and water. Read More

Nigeria
Obasanjo Hosts ADC Leaders, Says Global Attention on Nigeria
Barely two weeks to the presidential election, former President Olusegun Obasanjo hosted a closed-door meeting with the national leadership of the African Democratic Congress who came to seek his advice on the forthcoming election. Read More

Nigeria’s Capital Importation Decreases to USD 4.89 Billion Between January and November 2022
Nigeria attracted a sum of USD 4.89 billion as capital importation between January and November 2022, representing a 12.3 percent decline when compared to USD 5.89 billion recorded in the corresponding period of 2021. Read More

Lagos Allocates NGN 482.86 Billion from 2023 Budget to Transport, Other Infrastructure Projects
The Lagos State Government said that 27.3 percent of its NGN 1.76 trillion (approx. USD 3.8 billion) 2023 budget amounting to NGN 482.86 billion (approx. USD 1 billion) will be spent on providing modern infrastructure for Lagosians. Read More

Lagos Announces 50 Percent Transport Fare Reduction on BRT Buses, LAGRIDE, Others, Sets Up Food Bank
The Lagos State Governor, Babajide Sanwo-Olu, has announced a 50 percent transport fare reduction on all Lagos State Public Transport System for the next week through the Cowry Card system. Read More