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29 July 2022
Eastern Africa
Ethiopia
Ethio Telecom Generates over ETB 61 Billion in Revenue
Ethio telecom announced that it had earned ETB 61.3 billion (approx. USD 1.2 million) in revenue during the just concluded Ethiopian fiscal year. Read More

CBE Secures ETB 27.5 Billion Profit During Concluded Fiscal Year
The Commercial Bank of Ethiopia has announced that it has secured ETB 27.5 Billion (approx. USD 526 million) profit during the just concluded fiscal year. Read More

Ethiopia Launches Catalytic Actions on Governance of Labor Migration for Development, Integration in Africa
The Catalytic Actions of the Joint AU-ILO-IOM-ECA Program on the Governance of Labor Migration for Development and Integration in Africa project has been launched in Ethiopia. Read More

Kenya
KRA, Dealers Hold Crisis Talks on ETR Shortage
Traders will be required to show proof of order and payment for the new Internet-enabled electronic tax registers ahead of the Sunday deadline, as the taxman seeks a way around the supply hitches. Read More

I&M Bank eases cross-border deals for customers with new product
I&M Bank customers are now able to transact seamlessly in three countries through a single account allowing easy movement of cash for its clients doing business across the East African region. Read More

House Prices Rise at Fastest Rate in 11 years
Home prices in Nairobi have increased at the fastest pace in 11 years on the back of renewed demand from buyers who had slowed down acquisitions at the peak of COVID-19 economic hardships. Read More

EABL stock gains 6.8pc on higher earnings, dividend
East African Breweries' stock price jumped 6.8 percent Thursday after the firm more than doubled its profit for the year ended June and declared a final dividend of KES 7.25 (approx. USD 0.061) per share. Read More

Tanzania
TotalEnergies profits double on soaring oil prices
French energy giant TotalEnergies said Thursday its profits more than doubled in the second quarter on the surge in global oil and gas prices as a result of the war in Ukraine Read More

Business Friendly Environment Keeps NMB Profit High 
Government efforts to put a friendly environment for financial institutions to thrive and remain resilient amidst the global challenges are yielding positive results with commercial lenders posting outstanding performances. Read More

Push Financial Services Through Takaful 
Islamic Banking and Islamic Insurance stakeholders have urged the public to take advantage of the financial services provided by the Islamic Bank in the country to all people, regardless of their faith to boost them economically.  Read More

Afreximbank- EABC Launch Trade and Investment Council 
African Export-Import Bank and the East Africa Business Council have launched the EABC-Africa Trade and Investment Council.  Read More

Uganda
Profit, People, Planet Set to Govern Bank Business – BoU
Only 0.1 percent, out of the more than 22 adults working-age Ugandans save through buying financial securities, according to Bank of Uganda Deputy Governor Michael Atingi-Ego.  Read More

Experts Record Growing Appetite for Mergers, Acquisitions
There is an increasing appetite for mergers and acquisition of properties in Uganda due to in part expansion of the economy, and market and an increase in business prospects, a merger, and acquisition expert has said.  Read More
Northern Africa
Egypt
Egypt's ICT "highest" growing sector in 2020/2021 by 16 Percent

The Information and Communications Technology sector in Egypt is very robust and it’s the highest growing sector with a growth rate of 16 percent in 2020/2021, compared to 15.2 percent in 2019/2020, CEO of Egypt’s Information Technology Industry Development Agency, Amr Mahfouz told the Polish-English business magazine, Focus on Business. Read More

Bank of England, Central Bank of Egypt Team up to Fight the Climate Crisis
The Bank of England and the Central Bank of Egypt are meeting to discuss climate risks and their potential impact on global economies. This step comes 100 days before COP27 later this year. Read More

ADNOC Distribution Acquires 50 Percent of Total Energies in Egypt
The UAE's ADNOC Distribution Company, listed on the Abu Dhabi Securities Exchange, announced, that it has entered into an agreement to acquire a 50 percent stake in Total Energy Egypt. Read More

3 Reasons Why to Invest in Egypt, ITIDA’s CEO Explains
Working on becoming an attractive hub for foreign investments, Egypt offers a variety of incentives and advantages for investors; the CEO of Egypt’s Information Technology Industry Development Agency, Amr Mahfouz, reviews three reasons why investors would prefer Egypt to invest.  Read More

Morocco
Morocco’s Tourism Revenue Reaches USD 1.96 Billion in May
Revenue from tourism in Morocco reached USD 1.96 billion at the end of May, new data from the Department of Studies and Financial Forecasts shows.  Read More

EBRD Invest EUR 19.2 Million in Morocco’s First Green Infrastructure Bond
The European Bank for Reconstruction and Development is investing MAD 200 million (approx. USD 19.6 million) in a certified green bond issued to finance Morocco’s national high-speed rail network.  Read More

Morocco’s Economic Growth Expected to Reach 4.5 Percent in 2023
Despite the unstable international situation, Morocco’s economic growth is expected to reach 4.5 percent in 2023, up from 1.5 percent this year.  Read More

Morocco’s Unemployment Rate Declined in June 2022
After a sharp increase due to the COVID-19 pandemic, the unemployment rate in Morocco fell by 0.4 points at the national level by the end of June.  Read More
Southern Africa
Malawi
World’s largest Kasiya Rutile Mine to start 2025
The Ministry of Mining has said Malawians should expect real mining activities at the multimillion-dollar rutile mine at Kasiya in Lilongwe to commence during the 2025-26 financial year. Read More

Malawi Bureau of Standards satisfied with Compliance Rate
The Malawi Bureau of Standards has observed a 10 percent decrease in the use of illegal weighing scales by traders. Read More

‘Debt Sustainability at Risk’
The continued negative economic impact frothe m the COVID pandemic and the Russo- Ukrainian War is expected to push least developed countries including Malawi into deeper wells of debt, jeopardising the dream of debt sustainability. Read More

Youths Encouraged to Venture into Manufacturing of Detergents
With rising cases of unemployment in Malawi, an entrepreneur has encouraged Malawian youths to venture into a business of manufacturing of cleaning detergents, saying it is a possible solution to the challenge. Read More

South Africa
Govt Set to Take Over Part of Eskom’s ZAR 396 Billion Debt
Treasury is finalising a plan to take over a portion of Eskom's ZAR 396 billion (approx. USD 24 billion) debt as part of a process to place the struggling electricity company on a sustainable footing, a top official said. Read More

Sigfox South Africa Boosts Local Economy with Massive Internet of Things 
Sigfox South Africa has officially launched its operations – the next step in enabling the transformational power of Massive Internet of Things technologies across the African continent to drive innovation and foster inclusive economic growth and job opportunities. Read More

South Africa to Open Up Power Generation to Tackle Energy Crisis
Islamic State affiliates are getting financial backing from supporters in South Africa, according to a UN Security Council report. Read More

Motorists in South Africa Can Expect more Good News about the Petrol Price
Chief economist Investec, Annabel Bishop says that South Africa is in line for a cut in the petrol price of nearly ZAR 2.00 per litre in August given the drop in the international gasoline price. Read More
 
Zambia
Electricity cost of Service Study Findings Remain Secret
The Energy Regulation Board-ERB says it is still waiting for further guidance from the Ministry of Energy concerning the way forward on the implementation of the Cost of Service study findings. Read More

EIZ Restoration Committee Challenges Suspension of Entire Ethics and Integrity Committee
The Engineering Institution of Zambia (EIZ) Ad-hoc Committee on Restoration and Maintenance of Constitutional Order in the institution has challenged the suspension of the entire Ethics and Integrity Committee by the 61st EIZ council. Read More

Supplementary Budget will be Financed by Debt Service Savings, Donor Aid, ZRA Surplus Revenue – Musokotwane
Minister of Finance and National Planning Dr Situmbeko Musokotwane says the reason why government is proposing a supplementary budget is because creditors, out of their own goodwill, have asked that the external debt service be suspended for now. Read More

Zesco Promises to Satisfy Domestic Demand as it Exports Power
ZESCO Limited Board Chairperson Vickson Ncube says the utility company is being cautious not to suffocate domestic demand as it exports electricity. Read More
Western Africa
Ghana
1D1F to Create 282,792 Jobs in 2023—Minister
Mr John Alan Kyerematen, the Minister of Trade and Industry (MoTI), has said a total of 282,792 direct and indirect jobs would be created under the government's One-District, One-Factory (1D1F) industrialization programme by 2023. Read More

MTN Ghana Ramps Up SIM Registration Efforts ahead of July 31 Deadline
MTN Ghana is enhancing its strategies to ensure that millions of unregistered subscribers are registered before the July 31, 2022, deadline. Read More

National Petroleum Authority Chief Executive to Drive AEW Dialogue Around Downstream Optimization
The African Energy Chamber, the voice of the African energy sector, is proud to announce the attendance and participation of Dr. Mustapha Abdul-Hamid, Chief Executive at Ghana’s National Petroleum Authority, at the African Energy Week conference and exhibition, which will take place from 18 – 21 October 2022, in Cape Town. Read More

Code Management Group, CEIBS Africa Train Entrepreneurs to Build Investable Start-Ups
Code Management Group has wrapped its newly launched four-month business incubator with a pitch day titled, ‘Code Pitch Day’. The incubator equipped young entrepreneurs in Africa with skills required to create investable businesses. Read More
 
Nigeria
FG Woos Investors to Developing 42 Billion Barrels Bitumen Reserves
With a global market estimated at USD 110 billion, the Federal Government has called on investors to explore the development of the nation’s 42 billion barrels of bitumen reserves. Read More

Concerns as more Nigerians Face Phishing Scams via Digital Payments
There have been huge concerns as more Nigerians, who are embracing the various digital platforms for payments and other services are facing scams and getting hugely exposed to fraudsters. Read More

SPE Tasks Government on Adaptive Strategies against Net Zero Impact
As Nigeria struggles with the challenges of energy crisis, alongside oil theft and global transition agenda, the Society of Petroleum Engineers, Nigeria Council, has urged the government to deploy adaptive strategies that protect Nigerians from the socio-economic impact. Read More

Nigeria, Mexico Renew Ties Three Years after Hibiscus Flower Export Ban
The Federal Government yesterday disclosed that it was renewing economic ties with Mexico, three years after it banned Nigeria from exporting Hibiscus flowers. 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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