27 July 2022
Eastern Africa
Ethiopian Airlines Launches Flights to Switzerland’s Zürich
Ethiopian Airlines is set to bolster its global network by adding flights to Switzerland’s largest city Zürich from its hub at Addis Ababa. Read More

Dealers Run Out of KRA Tax Registers Ahead of Deadline
Kenya has run out of the new Internet-enabled electronic tax registers that relay real-time data on daily sales to the Kenya Revenue Authority (KRA), a hitch that could ground operations of some traders in five days. Read More

East Africa Stock Markets Feel Pinch as Foreign Investors Exit
East Africa’s growing competition for foreign capital inflows has opened regional stock markets to more international investors risking their day-to-day operations. Read More

Centum Re Raises KES 3.8 Billion from Land Sale
Centum Real Estate has sold land worth KES 3.8 billion (approx. USD 32 billion) to other parties to undertake specific developments within its project plans. The company, a subsidiary of Centum Investment Company, sees the sale of its land holdings as a means of raising funds while also taking profits. Read More

Rivatex Launches New Plan to End Shortage of Cotton Supply
Eldoret-based textile manufacturer Rivatex has launched a programme to sustain a steady supply of raw materials as it restructures its operations to attain international standards. Read More

Virtual Pay Extends East African Footprint to Tanzania
Payments service provider Virtual Pay has launched in Tanzania, extending its regional footprint after entry in Kenya in 2020. The Bank of Tanzania granted the global payment solutions provider a licence to operate in East Africa’s second-largest economy. Read More

CRDB Bank Targets Bigger Pie of the Blue Economy Proceeds in the Spice Islands
CRDB Bank opened a branch in Wete, Pemba as it seeks to play a role in supporting Zanzibar’s economic growth aspirations, particularly, through the government’s blue economy model. Read More

WIPO Recognised for Boosting Innovation
Business Registration and Licensing Agency has hailed the World Intellectual Property Organisation (WIPO) for its efforts to develop creative works for the development of country members. Read More

Earnings from Fish Catch Improves by 23 Percent
Earnings from fish improved by 23 percent to TZS 126.16 billion (approx. USD 54 million) in the quarter ending March this year compared to TZS 102.56 billion (approx. USD 44 million), largely driven by an increase in both volume and price. Read More

Profit, People, Planet Set to Govern Bank Business – BoU
The bank has made significant milestones in pushing for regional economic integration initiatives particularly the EAC. We have been trying to harmonise the rules and guidelines because as a Central Bank, we are trying to move into a Monetary Union. Read More

Vehicles From Uganda to South Sudan to Pay KES 230,000 Per Border Entry
All vehicles from Uganda transiting to South Sudan will be required to pay USD 60 per border entry effective 1 August 2022. All vehicles from Uganda transiting to South Sudan will be required to pay USD 60 per border entry effective 1 August 2022. Read More
Northern Africa
Egypt’s Wheat Problem: A Matter of Fiscal Management Rather than Global Circumstance

The continued disruption to wheat markets from the Russian invasion of Ukraine predictably draws global attention to Egypt’s own “wheat problem.” The absurdly high quantities of international wheat procured, and money spent consistently place Egypt as the world’s largest importer by a significant margin. Read More

Indian Companies Aim to Inject Nearly USD 700 Million investment in Egypt over next Few Years: Ambassador Gupte
Egypt is one of the most important investment destinations for India in the region, with a total USD 3.15 billion investment. Indian companies aim to inject more USD 700 million investment in Egypt over the next few years, according to Indian Ambassador to Egypt Ajit Gupte. Read More

Egypt Starts New Phase of Digital Services Based on Electronic Signature: MCIT
Amr Talaat, Minister of Communications and Information Technology, has said that Egypt is taking steady steps towards achieving comprehensive development and building a digital state. Read More

Tamweely Obtains First Licence for Green Microfinance
Tamweely Microfinance has obtained the first licence for green microfinance and has designed a package of green financing products that target projects compatible with the environment, especially in the agricultural field, as well as workshops and small factories that depend on electricity. Read More

Morocco’s UM6P Ventures Invests in US Startup Akorn Technology
Morocco's UM6P Ventures, a venture capital firm affiliated with Mohammed VI Polytechnic University, has invested in Akorn Technology, an innovator in edible food coatings, to create a positive impact on global food production, security, and sustainability. Read More

Morocco Signs Agreement to Start Mohammed VI Tangier Tech City Project
Chinese companies and representatives from Morocco’s public and private sectors signed in Rabat an agreement to launch the construction of the Mohammed VI Tangier Tech City project, a smart city ambitious project that King Mohammed VI launched in 2017. Read More

Morocco’s OCP To Supply Gambia with 13,000 Tonnes of Fertilizers
Morocco’s fertilizer giant OCP will supply the Gambia with 13,000 tonnes of fertilizers at a “special price,” Gambian news outlet Voice Gambia reported. Read More

US-Africa Leaders’ Summit to Focus on Economic Engagement, Democracy
This year’s US-Africa Business Summit, scheduled to be held in Washington DC on 13-15 December, will build on the economic cooperation between the US and Africa, according to a statement by US President Joe Biden. Read More
Southern Africa
Fuel Retailers Speak on Supply
Fuel Retailers Association of Malawi says it is facing supply disruptions which are beyond its control, resulting in pockets of fuel shortages in some service stations. Read More

UN Speaks on Impact of Kwacha Devaluation
The Food and Agriculture Organisation (FAO) of the United Nations says the recent 25 percent devaluation of the kwacha poses a detrimental impact on households’ economic access to food. Read More

World Bank’s Miga Supports Solar Plant
The Multilateral Investment Guarantee Agency of the World Bank has issued guarantees of USD 24 million to JCM Golomoti UK. Read More

Verify Engineering Eyes Export Market
Technology development agency Verify Engineering, whose medical oxygen plant was opened less than a year ago by President Mnangagwa, is not just supplying Zimbabwean hospitals but has already won contracts in Mozambique, is in advanced negotiations in Botswana and is targeting Zambia and Malawi. Read More

South Africa
IMF Sees Light in Darkness for SA as it Raises GDP Forecast
The IMF raised its 2022 growth forecast for the SA economy on Tuesday, citing elevated commodity prices and putting it on a small list of countries that are expected to fare better in a darkening global outlook. Read More

Microsoft Quarterly Sales Slow on Lower Demand and Stronger Dollar
Microsoft reported quarterly sales and profit that fell short of analysts’ projections, held back by the stronger dollar and weaker demand for cloud-computing services, personal-computer software and advertising on its online properties. Read More

SARB Sends Warning to South Africa’s Biggest Banks
The South African Reserve Bank’s (SARB) Prudential Authority has warned the country’s biggest banks that they are at high risk of being used for money laundering and terrorism funding. Read More

SA’s Largest Grocers Try to Shield Consumers from Rising Food Prices
South Africa’s major JSE-listed food retailers are continuing to play a part in trying to shield already compromised consumers from spiking food costs by keeping internal food inflation levels low. Read More
Borders to Remain Open for Maize Exports
Minister of Agriculture Reuben Mutolo says Zambia will keep its borders open for maize export and other agriculture commodities. And Government will this marketing season buy a minimum of 170,000 metric tonnes of maize from the farmers. Read More

ZICA Urges Government to Review Fuel Price Mode
Zambia Institute of Chartered Accountants (ZICA) has called on Government to consider reviewing the monthly fuel pump price adjustments because if it continues, it may result in high inflation rate and an increase in job losses in the manufacturing sector. Read More

WB Approves USD 665 Million
The World Bank has approved USD 665 million finance to fund projects in Zambia to accelerate economic growth and help reduce the debt burden. Read More

India, COMESA Trade Stands at USD 15 Billion
The value of trade between India and the Common Market for Eastern and Southern Africa (COMESA) member states stood at USD 15 billion in 2021. Read More
Western Africa
Ofori-Atta Backs off on Supplementary Budget
Finance Minister Ken Ofori-Atta has indicated that government will keep to its programmed appropriation for the remaining part of the year, as he didn’t present any supplementary budget to Parliament for approval. Read More

Govt Outlines Measures to Ensure Food Security
The government has outlined immediate measures to enable households and farmers cope and support stable food supply in the country. Read More

Majority Debunks GHS 22 Billion Printing Notes Report
Dr John Kumah, a Deputy Minister for Finance, has debunked allegations by the Minority in Parliament that the Bank of Ghana has printed GHS 22 billion (approx. USD 2.7 million) notes for the country without approval from Parliament. Read More

Network International & Infobip to Offer WhatsApp for Business Banking Services to Financial Institution Clients Across Africa
Leading digital payment solutions provider Network International has announced it will bring WhatsApp for Business banking services to financial institutions across Africa through a landmark collaboration with Infobip. Read More
FAAC Shares NGN 802.407 Billion June 2022 Revenue to FG, States, LGCs
The Federation Account Allocation Committee (FAAC) has shared a total sum of NGN 802.407 billion (approx. USD 2 billion) June 2022 Federation Account Revenue with the Federal Government, States and Local Government Councils. Read More

Emefiele: Represents to Bar CBN Chiefs from Politics
The House of Representatives has begun the process of disqualifying politicians and persons with political affiliations from taking leadership positions in the Central Bank of Nigeria. Read More

FG Shuts Oil Firm over Illegal Offshore Operations
The Federal Government has shut down Scorpion Oil Services for carrying out offshore operations without approval and also violating the provisions of the Factories (Diving at Work) Regulations, 2018. Read More

Export Warehouses will Facilitate CBN’s USD 200 Billion Target – NEPC
The Nigerian Export Promotion Council, NEPC, says that the recently established Domestic Export Warehouses will facilitate the Central Bank of Nigeria’s RT200 Programme. Read More
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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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