2 August 2022
Eastern Africa
Ethiopia to Grow its Global Coffee Market Share to 1.26 Million Metric Tons by 2033: Ambassador
Ethiopia has been working to raise its coffee global share to 1.26 million Metric Tons by 2033. In its press release, the Ministry of Foreign Affairs said that Ethiopia participated in the Coffee Tasting Program organized by the International Trade Centre in Geneva, Switzerland. Read More

Commercial Bank of Ethiopia Successful During the 2021/2022 Fiscal Year
The President of the Commercial Bank of Ethiopia, Abe Sano, announced that the bank’s profit reached ETB 27.5 billion (approx. USD ) during the 2021/2022 fiscal year. The news was heard during the bank’s general assembly. Read More

Credit and Savings Institute Able to Loan ETB 372 Million
Dire Credit and Savings Institute’s Public Relations Manager Mulugeta Abebe announced that the institute was able to provide loans totaling ETB 372 million (approx. USD 7 million) during the last fiscal year targeting business startups. Read More

East Africa Braced for Ports Battle
The new Lamu and Bagamoyo ports in Tanzania have the potential to challenge Mombasa’s dominance in the coming years, a new report says. Read More

MPs Reject 25 Legal Instruments on Public Participation Glitches
Lawmakers annulled more than 25 legal instruments aimed at giving effect to various laws after they failed to satisfy the requirement of public participation, delaying the full implementation of Acts of Parliament. Read More

Kenyan Car Buyers Shift to Hybrid Models in Droves
Kenyan car buyers are opting for hybrid models following the rising fuel prices alongside the high cost of living due to the Covid-19 pandemic. Dealers in second-hand vehicles say they have experienced a spike in smaller vehicles and hybrid sales since the onset of the pandemic. Read More

India Eyes Tullow Oil Stake in Turkana for KES 356.5 Billion
Two Indian state-backed companies are in talks to acquire Tullow Oil’s stake in Turkana oil projects in a deal estimated to breach KES 356.5 billion (USD 3 billion). Read More

Rwanda and Mauritius Data Protection Authorities Discuss Cooperation, Share Experiences in Financial Sector
the Data Protection Commissioner of Mauritius, Mrs. Drudeisha Madhub visited Rwanda for discussions on collaboration between the respective Data Protection Authorities.  Read More

Zimbabwean Minister Decries Low Level of Trade with Rwanda
Zimbabwe's Minister of Foreign Affairs and International Trade, Fredrick Shava, has bemoaned the low levels of trade and economic cooperation with Rwanda saying this does not match the levels of friendship the two countries enjoy. Read More

RWF 3 Billion Dyke on Lake Muhazi to Enhance Tourism, Agriculture
Works to construct dykes worth RWF 3 billion for conserving Lake Muhazi and protecting its downstream area from devastating floods are complete, according to the Rwanda Water Resources Board. Read More

Regional Business to Rise by 11 Percent in 2023
A new index capturing how business stakeholders perceive the business environment in the East African Community points to an 11 percent upswing in business during 2022 and 2023. Read More

Executing TZS 1.4 Trillion Power Project Crucial, Makamba
Minister for Energy, Mr January Makamba has said the government is executing a TZS 1.4 trillion (approx. USD 600 million) Rumakali power project in Makete District, Njombe Region as part of its strategic plan to diversify the country's electricity mix. Read More

Govt Wants IFM to Embrace Creativity
The government has instructed the Institute of Finance Management (IFM) to embrace creativity and scientific standards in offering knowledge to nurture skilled manpower to bring positive changes in country's economic development. Read More

BOA Urges Mwanza SMEs to Capitalise on Financial Lenders Services
Bank of Africa Tanzania (BOA) has encouraged entrepreneurs and businessmen in the country to take an opportunity of the financial services provided by the bank to increase productivity. Read More

NBC Unveils US Dollar Visa Card
NBC Bank has unveiled a US Dollar Visa Debit Card that will allow swift online payments as a part of continuing to offer innovative services and become a digitally led bank to meet the customers’ future demand. Read More

Housing Finance Bank Targets Ugandans in Diaspora
Housing Finance Bank has outlined several initiatives aimed at encouraging foreign direct investment from Ugandans living abroad, while still improving the livelihoods of the people at home. Read More

Oil Rigs for Kingfisher Oilfield
Key parts of a modern drilling rig customized by CNOOC International for Uganda’s Kingfisher oilfield, has left the port of Yantai in China for East Africa. Read More

DR Congo Auctions 30 Oil and Gas Blocks
Initially, Kinshasa had planned to give away 16 oil blocks but it appears that with the war in Ukraine sharpening Western demands, it has decided to act quickly to cash in on the increased global interest in fossil fuels. It is now selling 240,000 square kilometres of oil refinery; which is an area about the size of Uganda. Read More
Northern Africa
King of Morocco Expresses Readiness to Restore Ties with Algeria

Morocco's King Mohammed VI delivered a speech reaffirming his willingness to re-establish ties with Algeria, which cut diplomatic ties with Rabat last year. Read More

Egypt Ranks 3rd Among Arab Countries in FDI Inflows in 2021

The Cabinet's Information and Decision Support Center released an infograph showcasing that Egypt ranked third among Arab countries in foreign direct investment inflows in 2021 with USD 5.4 billion.  Read More

Egypt Acquires Toyota's Stake in Offshore Drilling Company
The Ministry of Petroleum and Mineral Resources announced that the petroleum sector has acquired the 50 percent owned by the Japanese Toyota Company in the Egyptian Offshore Drilling Company. Read More

UAE's Aldar Properties Plans to Expand Land Portfolio in Egypt Within USD 1.5 Billion Investment
Aldar Properties plans to invest an additional USD 1.5 billion in Egypt and the United Arab Emirates in the coming months, according to the company CEO, Talal Al Dhiyebi. Read More

Foreign Investments in New Energy Projects in Egypt Double to USD 3.5 Billion in 2022/2021
Volume of foreign investments in new energy projects in Egypt doubled to USD 3.5 billion during 2021/2022 on an annual basis, according to data from the New and Renewable Energy Authority. Read More

Aimee Cutrona Replaces David Green as US Embassy Charge d’Affaires in Morocco
Aimee Cutrona, a career diplomat of the US Senior Foreign Service, has replaced David Green as the Charge d’affaires at the US embassy in Morocco. Read More

Private Healthcare Company Issues Morocco’s First Health Bonds
ODM Group, a French healthcare company specialized in cancer treatment, has announced issuing the first bond dedicated to raising funds for Morocco’s private health sector. Read More

German, African Automotive Manufacturers Lead Study Tour To Morocco
African and German automotive manufacturers recently paid a visit to Morocco to gain insights into the local ecosystem and explore potential areas of cooperation in the leading African auto hub. Read More

Huawei Appoints Nabil Ouchagour Chief Brand Officer in Morocco
The Huawei Group has appointed Nabil Ouchagour as Chief Brand Officer of Huawei Morocco. Read More
Southern Africa
Cisanet Takes Seed Act to Law Enforcers
The Civil Society Agriculture Network (Cisanet) has emphasized the need to involve law enforcement agencies such as the police in ensuring effective adherence to provisions of the Seed Act. Read More

Malawi Seeks Mining Taxes of Over USD 300 Billion from Columbia Gem House
Malawi is seeking more than USD 300 billion in unpaid mining taxes from US-based company Columbia Gem House on minerals extracted and exported to the US, reported Agence France Presse citing Malawi’s attorney general. Read More

China’s AVIC Delivers Two MA600 Aircraft to Malawi
Chinese aircraft-maker Xian Aircraft has delivered two MA600 turboprop aircraft to the air force in Malawi, a further sign that Chinese aircraft-makers are continuing to gain traction in developing countries. Read More

Machipanda Border Post to Operate 24/7 from December
The Machipanda border post in Manica province, the main crossing point between Mozambique and Zimbabwe, will start operating 24 hours a day from December this year. Read More

Zim Industrialisation Stirs Regional Interest
The creation of industries as technology is harnessed through the heritage-based Education 5.0 model has attracted interest from the Sadc region with countries like Mozambique now relying on Zimbabwe’s industrial products. Read More

South Africa
Botswana and South Africa Celebrate 28 Years of Bilateral Trade Relations
In celebration and commemoration of 28 years of bilateral economic relations, the Ministry of Trade and Industry of the Republic of Botswana together with the Department of Trade, Industry and Competition (the dtic) of the Republic of South Africa are convening a High Level Business Forum and Roundtable on the 03rd and 04th of August 2022, in Gaborone, Botswana. Read More

Godongwana Says Central Bank Mandate Enough to Foster Job Growth
South African Finance Minister Enoch Godongwana said the central bank’s constitutional mandate to maintain price stability is sufficient to foster job creation, suggesting there’s no need for that directive to be expanded. Read More

S South Africa Suspends Chicken Tariffs to Ease Price Pressures
South Africa has halted tariffs on poultry for 12 months as part of measures to ease food inflation. The government suspended duties on imports of the protein from Brazil, Denmark, Ireland, Poland and Spain because of the impact they may have on the price, according to a gazette published. Read More

Anti-Dumping Duties Could Save Local Tyre Industry and Livelihoods – SATMC
The South African Tyre Manufacturers Conference (SATMC) says its application to investigate the unfair trade caused by dumped imports of passenger, truck and bus tyres imported from China, is part of a sustained effort to rescue the local tyre industry and the livelihoods dependent upon it. Read More
President Hichilema on a Two Day State Visit to Tanzania
President Hakainde Hichilema is tomorrow scheduled to undertake a two day State Visit to the United Republic of Tanzania, following an invitation from the country’s President Samia Hassan. Read More

Reduced Fuel Prices Elates Motorists
The Energy Regulation Board’s move to adjust the pump price has elated most motorists in Zimba Town, Southern Province. Read More

North-Western Farmers Urged to Grow More Fruits
Agriculture Minister Reuben Mtolo has urged farmers in North-Western Province to increase the production of fruits to meet the capacity of the newly commissioned fruit processing factory in Mwinilunga District. Read More

IMF Could Unlock a USD 1.3 Billion Fund for Zambia
Zambia should soon access a 1.3 billion dollars IMF-support fund. The bailout was validated just after the southern African nation's creditors agreed to provide him debt relief. Read More
Western Africa
Cote D’Ivoire
Dangote Cement Deploys Grinding Plants in Ghana and Cote d’Ivoire
In a bid to ensure that Cement becomes available in all African countries, Chief Executive Officer of Dangote Cement, Michel Puchercos, has revealed that his company is ramping up production in its Okpella plant, Nigeria and progressing well to deploy grinding plants in Ghana and Cote d’Ivoire. Read More

West Africa CSOs, Farmers Demand Reforms in International Cocoa Pricing
A joint platform of Ghanaian and Ivorian Civil Society Organisations (CSOs) and cocoa farmers have made a strong call for reforms in the international pricing mechanism for cocoa to guarantee a living income for farmers. Read More

Ghana Card Saving SSNIT USD 30 Million in Card-Printing Annually – Bawumia
As a result of the integration of the Social Security and National Insurance Trust (SSNIT) card into the Ghana card, the state pension body no longer has to spend money on printing pension cards for beneficiary members, Vice-President Mahamudu Bawumia has noted. Read More

Ghana’s Return to the IMF will Restore Investor Confidence – Republic Bank MD
Managing Director of Republic Bank (Ghana), Benjamin Dzoboku has stated that Government’s decision to go to the International Monetary Fund (IMF) to seek for economic assistance will go a long way to help increase the ability of banks to increase lending to priority sectors of the economy. Read More

Ghana Improves Marginally on Budget Transparency – OBS Survey
The country improved marginally on budget transparency, scoring 56 out of 100, indicating public access to information on how the central government raises and spends public resources, the Open Budget Survey has revealed.  Read More

Work on Boankra Inland Port begins this month – Bawumia
Vice President Dr. Mahamudu Bawumia has said work on the Boankra Inland Port project in the Ashanti region will commence this month. He said the contractor is currently on site and he is expected to start work soon. President Akufo-Addo cut sod for the construction of the USD 330 million project on 5 November 2020. Read More
Pantami Rejects New Tax on Calls, Data
The Minister of Communications and Digital Economy, Isa Pantami, has said he is against attempts by the Federal Government to introduce a five per cent excise duty on telecommunication services. Read More

Pension Assets Rise by NGN 842.73 Billion in Six Months
Assets under the Contributory Pension Scheme rose by NGN 842.73 billion (approx. USD 2 billion) in the first half of 2022 to hit NGN 14.27 trillion (approx. USD 2 trillion) as of the end of June. Read More

Mass Android Phones Production to Begin Soon – ITF
The Director General of the Industrial Training Fund, Joseph Ari,  has said that the agency is currently putting finishing touches to the processes and modalities that will enable it to begin mass production of Android phones for Nigerians. Read More

Buhari Mandates NASENI to Drive Food Revolution
Governor of Lagos State, Babajide Sanwo-Olu, has expressed optimism that the Lagos Commodities and Futures Exchange would create limitless opportunities for investors to earn a steady income from electronic trading of receipts of their commodities in a transparent and well-regulated market. Read More
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