Ethiopia
Abiy Inaugurates School Built with Proceeds from Book in Jimma Zone
Prime Minister Abiy Ahmed has inaugurated a school built by the Office of the First Lady in Ako town in Jimma zone. Read More

Addis Chamber to Host International Manufacturing & Trade Fair Next Month
Addis Chamber is set to host the fifth edition of its International Manufacturing and Trade Fair at the Addis Ababa Exhibition Center next month. Read More

Development of a Seed Reserve System in the Pipeline
The formation of a seed reserve system has been included on the seed proclamation that was tabled for amendment from the former law. Read More

Amendment Revisions Underway to Welcome Foreign Fintech Firms
The national payment system proclamation amendment which will allow foreign investors to play as a payment system operator or instrument issuer has been filed to the relevant standing committee of parliament for further revisit. Read More

Kenya
China Loans to Kenya Fall for First Time in 20 Years
Chinese loans to Kenya have dropped for the first time in 15 years as Beijing adopts more cautious lending in Africa where some nations have reached the limit of their borrowing capacity and the prospect of default looms. Read More

Water Harvesting Authority Deficit Doubles to KES 1.2 Billion
The budget deficit at the National Water Harvesting and Storage Authority more than doubled to KES 1.23 billion (approx. USD 10 million) for the year to June 2021, underlining the cash flow problems at the parastatal that is now running a negative capital position. Read More

Agriculture CS Nominee Mithika Linturi Eyes Idle Government Land in Food Plan
Prisons, universities and parastatals will be forced to hand over idle land to private investors as government moves to jumpstart agriculture. Read More

Insurers Cut Stocks Investment to 2.8 Percent of Total Assets
Insurance firms have cut their holdings of listed shares to a new low of 2.8 percent of their portfolio, following sustained sales of the underperforming assets whose valuation has been eroded by a prolonged bear run at the stock exchange. Read More

Rwanda
Kigali City Mulls Master Plan for Non-Motorised Transport
A master plan for non-motorised transport in the City of Kigali is being developed and will be complete by June next year. Read More

Govt Downplays Calls for Subsidies to Bring Down Cost of Living
The government has downplayed calls for more subsidies to control inflationary pressures, saying it will instead maintain the existing fuel and agricultural inputs subsidies. Read More

Miners See Gem in Boosting Revenue from Mineral Exports
Mining sector is betting on the momentum that is building around gemstone demand and value addition to stop reliance on cassiterite, coltan and wolfram. Read More

Burundi Reopens its Borders with Rwanda
Authorities in Burundi announced that the country’s land borders with Rwanda had been reopened more than five years after they were closed. Read More

Tanzania
PM Majaliwa Off to Korea for Three-Day Visit
Prime Minister, Mr Kassim Majaliwa left the country for a working trip to Seoul, South Korea as part of government’s efforts to further strengthen its economic diplomacy. Read More

Tshisekedi Visit to Open More Economic Opportunities
AS President of the Democratic Republic of Congo Felix Tshisekedi arrived in the country for two-day work visit, some academicians described his visit as opportunity for opening up more economic prospects between the two countries. Read More

How NFRA Guarantees Food Security
The National Food Reserve Agency (NFRA) has outlined various measures it is instituting to guarantee food security in the country, including increasing its storage capacity from the current 341,000 tonnes to 700,000 come 2025/26. Read More

CWP Meeting Makes Resolutions on Increasing Women MPs 
Members of the Commonwealth Women Parliamentarians (CWP) from African countries who met in Dar es Salaam last week have made over ten resolutions, targeting to increase the number of women in member parliaments. Read More

Uganda
NSSF and Mastercard Invest USD 10 Million in Ugandan ‘Silicon Valley’     
The National Social Security Fund (NSSF) Hi-Innovator initiative that is supporting small and growing businesses, could help create up to 132,000 new Ugandan jobs by 2028. Read More

Uganda’s HiPipo Ranked Among World’s Top 20 Companies Escalating Innovation
The Global Business Leaders Magazine has named Uganda’s HiPipo among this year’s world’s Top 20 companies escalating innovation in the digital financial services market. Read More

Algeria
Algeria Businesses Hope Government Will Stay the Course on Reforms
Algerian businesses say they are starting to benefit from new rules to encourage investment and exports in one of the world’s most closed economies, but they fear a petrodollar windfall could push the government back to its state-heavy model. Read More

Egypt
Real Estate Stakeholders Discuss Sector’s Challenges at Egyptian Economic Conference 2022
The Egyptian Economic Conference kicked off to discuss the conditions and future of the Egyptian economy with wide participation of senior economists, thinkers, and specialised experts. Read More

Dahab Development Sells 70 Percent of First Two Phases of ITC New Capital
Dahab Development has sold 70 percent of the first and second phases of Iconic Trinity Complex (ITC) in New Administrative Capital, within five months. Read More

People and Places Launches ‘The Med’ Project with EGP 16 Billion Investment
People and Places, the next generation community maker, announces its collaboration with Campbell Gray Hotels to create a uniquely luxurious and authentic experience in its iconic property The Med, the company’s project located in the North Coast with a total investment of EGP 16 billion (approx. USD 813 million). Read More

CIB Hosts Workshop for Egypt’s Textile Leaders
Commercial International Bank (CIB), Egypt’s leading private sector bank, hosted over 50 leading corporates in the textile sector as part of the third edition of its flagship programme “Sustaining Sectors”. Read More

Morocco
Number of Bank Accounts in Morocco Rose by 10 Percent in 2021
The number of bank accounts in Morocco rose significantly between 2020 and 2021, going from 26.5 million to over 29 million. Read More

World Bank Projects Morocco’s Economic Growth to Average 1.2 Percent in 2022
Echoing previous forecasts, the World Bank is expecting a sharp annual drop in Morocco’s economic growth, which is likely to average 1.2 percent at the end of 2022. Read More

State Program ‘Intelaka’ Issued Over USD 750 Million In Loans for SMEs in 2022
Intelaka program, a state program aiming to finance and support Moroccan Small and Medium-Sized Businesses (SMEs) issued MAD 8 billion (USD 752.7 million) in loans at the end of August 2022. Read More

Egyptian Billionaire Expresses Interest in Investing USD 100 Million in Morocco
Naguib Sawiris, CEO of Egypt-based Orascom Investment Holding, expressed his interest in investing USD 100 million in Morocco should the opportunity arise. Read More

Sudan
Sudan will Sell Its Special Drawing Rights at IMF, Says Finance Minister
Finance Minister Gibril Ibrahim announced that his government plans to sell Sudan’s Special Drawing Rights to the International Monetary Fund (IMF) as the country has no sufficient resources to fund its programmes. Read More

New Telco to Invest USD 280 Million
New entrant in the telecommunications industry, Malcel, has said it will invest over USD 280 million in the next five years in putting up infrastructure for its services. Read More

Government Challenges SMEs on Exports
The Ministry of Trade and Industry has challenged private sector players, especially Small and Medium Enterprises (SMEs) to be aggressive in seizing export opportunities. Read More

IMF Demands Credible Debt Restructuring
The International Monetary Fund (IMF) has said Malawi must put in place a credible debt restructuring process before its executive board considers the country’s USD 88.3 million Rapid Credit Facility programme. Read More

Women Farmers Bemoan Financing Challenges
Women farmers in the country have complained that they continue to face challenges to access credit from banks and other financial institutions. Read More

South Africa
Massive Overhaul Planned for Neighbourhoods in South Africa – Including More ‘Backyard Rentals’
The Department of Public Works and Infrastructure has gazetted the phase 2 documentation of its National Infrastructure Plan 2050, which details the path the government will follow in realising its major infrastructure projects over the next 30 years. Read More

Ramaphosa Announces Sweeping Changes to Tackle State Capture and Corruption in South Africa
President Cyril Ramaphosa has announced the processes and changes underway to address the recommendations made by the State Capture Commission of Enquiry, including changes to the country’s laws and setting up new agencies to focus on corruption. Read More

South Africa’s USD 8.5 Billion Climate Pact is 97 Percent Loans, CHN Says
Less than 3 percent of an USD 8.5 billion climate finance deal being offered to South Africa by some of the world’s richest countries will come in the form of grants, Climate Home News reported, citing a copy of the financing provisions. Read More

Gold Fields Mine Emulates Toyota to Boost Profit
Gold Fields was burning cash almost every year at their only facility in South Africa, until the continent’s third-largest miner of the metal started looking at Toyota Motor Corp for inspiration. Read More

Zambia
Lusaka Water Company Commended for Extending Services to Rufunsa
Rufunsa District Commissioner, Richard Mabena has commended the Lusaka water supply and sanitation company for extending its services to rural districts to compliment government’s efforts in the provision of clean and safe water in communities. Read More

Marketeer Booster Loans Games Changer-Mubanga
Minister of Small and Medium Enterprise Development, Elias Mubanga has challenged Shiwang’andu Constituency residents to take advantage of several empowerment programmes that the government has initiated. Read More

Cumbersome Payment Processes Hinder Tax Compliance, E-Tax will Help – Fundanga
Zambia Revenue Authority (ZRA) Board Chairperson Dr Caleb Fundanga says it’s his dream to see a 100 percent tax compliance in the country. Read More

Ghana
IFDC, USAID Presents Findings on Fertiliser Cost Build Up
The International FertiliserDevelopment Centre (IFDC) in collaboration with the United States Agency for International Development (USAID) presented findings from the West Africa Fertiliser Cost Build-Up Study in a webinar session with stakeholders. Read More

Ghana Should Not Underestimate Impact of Climate Change on Tourism – Asafohene 
A former Diplomat and Manager for Mitigation and Transparency Support sub-Programme of the United Nations (UN) Climate Change Secretariat has cautioned Ghana to institute climate-resilient measures for the sustainable management of its tourist sites. Read More

State Institutions Urged to Invest in Cybersecurity
Madam Gertrude Araba Essaba Torkornoo, Justice of the Superior Court, has urged state institutions to invest in the building of robust digital platforms to prevent cyber criminals from hacking into sensitive state information. Read More

What Speakers at 5th MTN Pulse ‘Just Be Series’ said About Promoting Entrepreneurship Among Young People
The fifth edition of the MTN Pulse Ghana ‘Just Be Series’ hosted by MTN Pulse in partnership with Ahaspora Professionals Network and MTN Ayoba was held in Accra on Saturday under the theme - Navigating New Market Trends. Read More

Nigeria
CBN Okays Dollar Sales by Payment Service Banks
The Central of Nigeria (CBN) has released supervisory framework for Payment Service Banks. The framework among other things empowered the PSB operators to sell foreign currencies, especially dollars, to authorised foreign exchange dealers. Read More

Why We Should Encourage West African Market Integration, by SEC DG
The Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda, has said the West African capital markets integration programme is aimed at creating an enabling environment for cross-border transactions in the sub-region. Yuguda stated this at a meeting with the Director General of SEC Ghana, Daniel Tetteh, in Accra. Read More

Our Infrastructure Projects will Drive Economic Growth — Makinde
The Oyo State Governor, Seyi Makinde, has said the various infrastructure projects being executed by his administration are targeted at not only development of the state but also economic growth. Read More

Polaris Bank Gets New CEO, Retains Chairman
Polaris Bank has announced new board members after its acquisition by Strategic Capital Investment. Read More