Ethiopia
PM Abiy Says Efforts will Continue to Take Ethiopia to Next Chapter Building Development Projects
Prime Minister Abiy Ahmed said efforts will be intensified to continue the work the nation has begun to take Ethiopia to the next chapter by building development projects that connect the current and next generation. Read More

PM Abiy Inaugurates State of the Art Parking Lot Built in Addis Ababa
Prime Minister Abiy Ahmed inaugurated a state-of-the-art parking lot built in the centre of the capital Addis Ababa. Read More

Activities Underway to Make Fuel Stations in Conflict-Affected Areas Operational
Petroleum and Energy Authority announced that activities which make fuel stations operational in areas affected by the conflict within a short period are underway in accordance with the peace agreement signed by the Government of Ethiopia and TPLF. Read More

Ethiopian Dev’t Response Project that Supports Refugees, Host Communities Launched
The Government of Ethiopia has launched the second phase Ethiopian Development Response Project that benefits refugees and the community. Read More

Kenya
Counties to Access KES 39 Billion Stuck at Treasury After MPs Endorse Bill
The devolved units are set to receive KES 39 billion (approx. USD 318 billion) to finance projects after Parliament approved a Bill that will allow counties to draw donor cash from the Treasury. Read More

PhD, Master’s Enrolment Jumps 20 Percent as Firms Resume Hiring
Inflation has slowed down for the first time in nine months on the back of a drop in food and fuel prices and rate hikes to contain the cost of living measure. Read More

Kenyans’ Average Income of KES 20,123 Hits Six-Year High
The average monthly income for Kenyans rose at the fastest pace in six years to KES 20,123 (approx. USD 165) following recovery from Covid-19 economic hardships in changes that reflect the growing pay inequality. Read More

Farmers to Get Cheaper Fertiliser Via E-Wallets
Farmers will receive fertiliser subsidies for the main season through e-wallets as the government moves to curb theft and misappropriation by middlemen of the crucial planting material through the use of technology. Read More

Rwanda
PM Lays Out Plan for Export Trade
The government is set to establish an electronic commerce policy and its implementation strategies to boost technology use in business. Read More

RNP Decentralises Driving Test Services
People seeking driver's licenses will no longer have to wait for a long time to do paper-based provisional and definitive tests after Rwanda National Police decentralised its driving test services to 16 sites in different parts of the country. Read More

Fuel, Diesel Prices Remain Unchanged
Rwanda Utility Regulatory Authority has announced that prices of fuel and diesel will remain unchanged for the next two months. Read More

Rwanda to Increase Milk Production by 34 Percent to Satisfy Market Demand
Rwanda will be producing 1,250,000 tonnes of milk every year by 2024, so as to satisfy milk demand, Solange Uwituze, Deputy Director General in charge of Animal Resources Research and Technology Transfer at Rwanda Agriculture and Animal Resources Development Board. Read More

Tanzania
Tool Kit to be Developed to Enhance SADC Engagement
The Sustainable Development Goals Centre for Africa is developing a tool kit that will guide non-state actors in Member States in creating awareness over the Southern African Development Community and its opportunities. Read More

PPP Spearheads Economic Recovery
Tanzania private sector is counting blessings, thanks to the President Dr Samia Suluhu Hassan’s reciprocal partnership policy that fosters overall economic recovery in the aftermath of Covid-19 pandemic. Read More

Coal Handling Goes Next Level at Mtwara Port 
The Tanzania Ports Authority is set to install belt conveyor machine for handling coal at the Mtwara Port, Works and Transport Minister Professor Makame Mbarawa, has said. Read More

Zanzibar Trade Forum Enhances Business, Partnership Deals
The Zanzibar Trade and Investment Forum has strengthened business and investment partnerships, the isles’ minister for Trade and Industrial Development of the Revolutionary Government of Zanzibar, Omar Said Shaaban, has said. Read More

Uganda
Small African Economies Industrialising Fastest
A new report shows that value-add factories and public-private partnership are helping small African countries industrialize much faster than their larger peers. Read More

Grim Economic Outlook Forces Government to Lower Bar
A top policy wonk in the Finance ministry has warned that the government of Uganda’s failure to bind itself to strict borrowing limits designed to protect the public finances will have grave unintended consequences. Read More

Minister Bahati Roots for Saccos in Villages
The State Minister for Trade, Industry and Cooperatives, Mr David Bahati, is pushing for the formation of savings and credit cooperative society organisations at the village level to improve livelihoods. Read More

Algeria
Twinning Agreement between Algiers and Moscow
Wali of Algiers, Mohamed Abdennour Rabehi, assured that the capitals of Algeria and Russia would soon sign a twinning agreement, to strengthen cooperation at the municipal level. Read More

King Abdullah II Visits Algeria
King Abdullah II of Jordan is visiting three countries, Egypt, Algeria and Italy. Read More

Rome-MED Forum
Minister of Foreign Affairs and National Community abroad, Ramtane Lamamra, said in Rome on Friday that Algeria was playing a “central role” with the objective of making the Mediterranean “ one of the poles for the reconstruction of the world of tomorrow”. Read More

Insurance Market: Significant Growth
The insurance sector is gaining momentum and is growing significantly from year to year. This is reflected in the performance of the 25 companies that share the domestic market. Read More

Egypt
FRA Reshapes Solvency Standards for Non-Bank Finance Companies
The Financial Regulatory Authority (FRA) has issued a resolution regarding the development of financial solvency standards for authorized companies to practice the activities of mortgage finance, finance lease, factoring, and consumer finance, according to a statement published. Read More

Egypt, EU Conclude 2nd Round of EUR 117 Million TVET Program
The second round of the EUR 117 million Technical and Vocational Education and Training program, co-financed by the Egyptian Ministry of International Cooperation and the European Union (EU), have been concluded, according to an official statement published. Read More

World Bank’s Active Portfolio in Egypt Amounts to USD 6.8 Billion
The World Bank Group's active portfolio in Egypt covers 14 projects at a total value of USD 6.8 billion, according to a statement by the Egyptian Ministry of International Cooperation. Read More

High Inflation, EGP Devaluation Weigh on Egypt’s Non-Oil Private Sector in November  
Egyptian non-oil private sector businesses signalled a downturn in operating conditions in November, with inflationary pressures and devaluation of the Egyptian pound weighing on both business activity and demand, according to the S&P Global Egypt PMI™ release issued. Read More

Morocco
Morocco is ‘Punching Above its Weight’ on Green Energy Transition
Morocco ranked among the top three countries “punching above their weight” in terms of developing green energy capacity, according to a report. Read More

Morocco Launches Mega Project to Boost Green, Low-Carbon Economy
Morocco’s fertilizer giant OCP Group presented their new green investment plan to King Mohammed VI in a ceremony held in the Royal Palace in Rabat. Read More

Morocco’s Trade Deficit Surges to 56 Percent Amid Ongoing Price Shocks
The upward trend in Morocco’s trade deficit is showing no signs of slowing down, reaching 56 percent at the end of October, continuing to weigh down on the country’s foreign currency reserves. Read More

Govt Sticks to Flexible Exchange Rate Regime
Government has said it will stick to a flexible exchange rate regime that allows the kwacha to automatically adjust to domestic and international currency developments. Read More

Banks Hike Reference Rate
The government says it has withdrawn offers it made to independent power producers (IPP) who failed to roll out their operations as of October 30 2022. Read More

Tech Hubs Yield Fruits
The Public Private Partnership Commission has said it is impressed with the impact of technology hubs which were created under the Digital Malawi project, and are being implemented with funding from the World Bank. Read More

21MW Serengeti Energy Expected after Christmas
Serengeti Energy has disclosed that phase one of the Nkhotakota Solar Power Plant project is expected to end by 22 December this year, which will see the company adding 21 megawatts to the national grid. Read More

South Africa
Blended Finance Helps Alleviate Africa’s Infrastructure Shortfall
Development finance institutions are turning to blended finance, which has been identified as key to bridging Sub-Saharan Africa’s infrastructure gap. Read More

Focus on Quarterly GDP and Current Account Data
Third-quarter GDP and SA’s current account will be the focus of economic data due this week. SA’s GDP shrank by 0.7 percent quarter on quarter in the three months to end-June compared with market forecasts of a 0.8 percent contraction, as devastating floods in KwaZulu-Natal and intense power rationing. Read More

Germany Eyes a Piece of South Africa’s New Energy ‘Gold Rush’
German Economy Minister Robert Habeck began a five-day trip to Namibia and South Africa, part of a push to secure new energy resources for Europe’s biggest economy to compensate for the cut-off from Russian gas supplies. Read More

African Central Bank Challenge at a Time of High Inflation, Low Growth
African countries’ central banks have over the past year been forced to front-load interest rates in an attempt to curb rising inflation and protect weakening exchange rates, while having to deal with deteriorating economic growth prospects. Read More

Zambia
Government Working on New Local Content Policy – Mines Minister
Mines Minister, Paul Kabuswe says government is working on the new local content policy which will enable local mine suppliers and contractors to get quality jobs from the mines. Read More

Zambia is Destined for Massive Development, Diplomats
Several diplomats accredited to Zambia have indicated that the country is poised for massive economic transformation. Read More

Border Upgrade Project Bears Fruit
“IT’S our conviction that borders are not parking yards… seamless flow of traffic is what we aim for,” says Zambia Revenue Authority acting commissioner general Moses Shuko. Read More

Buya Bamba Wants More Potatoes
Zambia Potato Company managing director Anthony Barker has urged farmers to venture into growing of potatoes and supply the company’s factory that requires 90 tonnes of potatoes daily to process frozen chips for exports into the region. Read More

Ghana
Agriculture Sector Moves from 7.4 Percent to 8.4 Percent – Minister
Mr Owusu Afriyie Akoto, Minister for Food and Agriculture, says the agriculture sector grew by 4.7 percent in 2019, followed by 7.4 percent in 2020 and 8.4 percent in 2021. Read More

Banking Industry Defies Economic Downturn as Total Assets Hit 42 Percent of GDP in October
The nation’s banking industry has performed admirably in the first 10 months of the year, particularly over the third quarter, despite significant shocks in the broader economy recently-released information by the has shown. Read More

Ghana, UAE Non-Oil Bilateral Trade Said to Reach USD 2.7 Billion 
Non-oil trade transactions between Ghana and the United Arab Emirates (UAE) in 2022 hits USD 2.7 billion. Read More

Bono East Produces More Than 4,942 Metric Tons of Coconut Annually – Minister   
The Bono East Region, with the support of the Ghana Tree Crop Development Authority now produces coconuts in large quantities under government’s Planting for Export and Rural Development programme. Read More

Nigeria
‘CBN, NDIC Prioritise Depositors Funds’ Security’
The Nigeria Deposit Insurance Corporation (NDIC) has assured bank depositors of the safety of their monies in banks in unlikely event of bank failure. Read More

Insurance Industry Size Hits N2.3 Trillion in Half Year
The insurance industry pushed back on economic recessions and the effects of the global COVID-19 pandemic recording market expansion in 2020 during the pandemic when the real GDP contracted by -1.9 per cent as was the case with most economies around the world. Read More

Groups Seek Court Order Over JTB’s Power on Haulage Taxes
Seven groups have asked the Federal High Court sitting in Ikoyi, Lagos, to declare that the Joint Tax Board (JTB) has no power under the Taxes and Levies Act, 2004 or any other law, to arrogate the powers of the Federal Inland Revenue Service. Read More

Unitrust Pays NGN 1.39 Billion Claims
Unitrust Insurance has continued to demonstrate unwavering commitment and capacity to obligate claims as and when due with settlement of NGN 1.39 billion (approx. USD 3 million) claims in Third Quarter  2022, the Chief Marketing Officer Mr. Dele Oyetunji has said. Read More