23 June 2022
Eastern Africa
Nation Earns Close to USD 514 Million from Gold Exports in 11 Months

Ethiopia has generated USD 513.9 million from the export of gold in the past 11 months of the current Ethiopian fiscal year, according to Ministry of Mines. Read More

NBE Announces 35 Percent Increase of Gold Buying Price from Artisan Suppliers
The National Bank of Ethiopia announced it has increased the price of gold buying rate from artisan suppliers to 35 percent over the global gold price with a view to boosting foreign currency earnings. Read More

Organizations Venture to Mobilize Finance for Africa’s Infrastructure
The African Development Bank, Africa50, and the newly launched Africa Sovereign Investors Forum have signed a letter of intent to collaborate on developing green and climate resilient infrastructure projects across Africa. Read More

World Bank Shields Kenya from Costly Foreign Debt

Kenya has relied heavily on the World Bank Group for foreign funding since January on the back of a relatively high-interest international market that saw the Treasury shun expensively-priced commercial loans. Read More

Kenyan Tea Exports Hit KES 41 Billion on Good Prices
Kenya’s tea export grew by 20 percent in the first quarter of the year backed by good prices, which helped to offset a significant decline in volumes. Read More

Kilifi Firm Inks Pakistan Syringe Export Contract
The Pakistani government has imported three consignments of five million syringes from Revital Healthcare Limited, a pharmaceutical company in Kilifi. Read More

Nairobi's Green Park Test Runs to Last Until Sunday
Nairobi turned into a walking city with commuters being forced to walk to work following the rollout of the final trial run at Green Park terminus ahead of its launch. Read More

Kadaga Attends Commonwealth Business Summit in Rwanda
The First Deputy Prime Minister and Minister of East African Community Affairs, Rebecca Alitwala Kadaga, attended the Commonwealth business summit ahead of the 26th Commonwealth Heads of Government Meeting in Rwanda. Read More
Private Sector Pay Rise in Offing

Workers in the private sector may soon heave a sigh of relief after the government said it will unveil new minimum wages any time from now. Read More

Constitution Reform:CCM Sets Ball Rolling
The ruling CCM party’s National Executive Committee has directed the gov- ernment to revise the process of writing a new constitution since the country needs reforms that would meet the current needs. Read More

High Tech Water Project for MUWASA Begin
Musoma Urban Water Supply and Sanitation Authority (MUWASA) has been lucky to be the first water authority in Tanzania to start implementation of a high-tech project worth TZS 1.4 billion (approx. USD 600,000) which uses smart meters to curb water leakages. Read More

ATCL Resumes Direct Flights to China
AIR Tanzania Company (ATCL) is set to resume direct flights to China after the Asian country relaxed Covid-19 control measures. Read More

URA Remains Optimistic of Achieving Revenue Targets
The Uganda Revenue Authority (URA) has said, it remains optimistic that by the end of June, which closes the 2021/22 financial year, it would have collected at least UGX 2 trillion (approx. USD 536 million) to achieve the set target. Read More

Financial Sector Depending Uganda Gets New CEO
Financial Sector Deepening Uganda has filled its open position on the leadership team with Patrick Oketa as the new Chief Executive Officer.  Read More
Northern Africa
Qatari, Algerian Traders Call for Robust Ties to Boost Trade
Algerian and Qatari businessmen have stressed the need to strengthen partnerships between companies in Algeria and Qatar, especially in strategic areas, and to boost the volume of trade exchange. Read More

DRC Discusses Cooperation with Egypt’s Arab Organisation for Industrialisation

Congolese Secretary-General for Defence Isidore Kaumbu Yankole met with Chairperson of the Arab Organisation for Industrialisation Abdel Moneim Al-Terras in Cairo. Read More

Saudi Fund Chief says Keen on Working in Egypt Especially in Generating Renewable Energy Field
CEO of the Saudi Fund for Development Sultan Al-Marshad asserted that the fund is keen on working in Egypt especially in the projects of generating renewable and clean energy as well as food security. Read More

Tangible Rise in Egypt's Exports to International Blocs in 2021 - IDSC
The cabinet's Information and Decision Support Center (IDSC) said the value of Egypt's exports to international blocs, of which the country is a member, hit USD 35 billion in 2021 with a 22 percent increase, compared to the volume of imports which reached USD 38 billion. Read More

Triple M Plans to Acquire 1.5 GW of Solar, Wind Energy Projects in Egypt
Triple M plans to take over the work of projects producing electricity from renewable energy with a capacity of 1.5 GW inside and outside of Egypt. Read More

Morocco has 100 Percent Electricity Penetration Rate, Highest in Africa
Morocco is among a short list of three African countries with an electricity penetration of 100% as of 2022, according to a new report. Read More

Spanish Investors Share Plans for Infrastructure Projects in Dakhla
Spanish investors announced their plans to construct an international clinic and two hotel units in Dakhla during the Morocco-Spain Investment Forum. Read More

Lekjaa: Electronic Platform Transactions’ Exclusion from Customs Exemptions Is for ‘Tax Justice’
The exclusion of customs exemption transactions done via electronic platforms aims to promote “tax justice,” said Fouzi Lekjaa, Minister Delegate in charge of the Budget. Read More

German Car Parts Manufacturer Debuts in Morocco’s Tangier
German car part manufacturer, Stahlschmidt International Holdings, officially launched its first manufacturing units in one of Morocco’s biggest industrial zones in Tangier, the Automotive City Area. Read More
Southern Africa
Revitalise Oil Industry to Promote Industrialisation
It is said that there is an opportunity in adversity. The unfortunate war between Russia and Ukraine can provide an opportunity for local oil farmers and manufacturers to capitalise on the shortage of vegetable oil in the international market. Read More

Fuel Levy Revenue Rises to MWK 74 Billion, Figures Show
Fuel levies collected by Malawi Energy Regulatory Authority have increased by MWK 5 billion (approx. USD 5 million) in the 2021/22 financial year to MWK 74 billion (approx. USD 73 million), published figures have shown. Read More

IFC Outlines Firms’ Growth Support
The International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, has expressed willingness to support the growth of small and medium enterprises to graduate them into large corporates. Read More

Cabo Delgado and MozParks sign an Agreement
The Government of Cabo Delgado Province and MozParks Holding signed a Memorandum Of Understanding to promote the sustainable industrialisation and local content in Cabo Delgado province. Read More

Mozambique’s Cooking Oil Imports Cost USD 74 Million in Quarter One
Mozambique Imported cooking oil worth USD 74.4 million during the first quarter of this year, at a time when the government has as one of its stated priorities the replacement of imports through local production. Read More

Private Sector Calls for Lower Interest Rates
The Confederation of Mozambican Economic Associations and the African Development Bank are seeking solutions to mitigate the impact of rising interest rates, which makes it difficult for companies to honor their commitments to the banks. Read More

South Africa
South Africa ends Covid Curbs Including Mask Wearing
South Africa has put an end to Covid curbs including the wearing of face masks. Health minister Joe Phaahla published a notice in the Government Gazette repealing the country’s Covid–19 regulations. Read More

Kenyan Carrier in Cargo Deal with South African Airways
Kenya Airways (KQ) has started ferrying cargo on behalf of South African Airways with which it signed a pact last year to establish an African airline by 2023. Read More

Beleaguered Tourism Industry Begs State to Remove Red Tape
The tourism industry says the government needs to resolve a “bureaucratic disaster”, as accredited tour guides are unable to acquire licences to operate tour vehicles. That is despite the industry having spent five years trying to resolve the impasse with the department of transport. Read More

Markets Price in More Rate Hikes After CPI Exceeds Forecasts
SA’s annual consumer inflation for May accelerated well above market expectations, amid relentless increases in food and petrol prices further strengthening the case for another 50 basis points hike in the repo rate by the SA Reserve Bank in July.  Read More

Copper Prices Boom
Copper prices have jumped to their highest in nearly a decade as top metals consumer China returned from a week-long Lunar New Year holiday, with brightening demand prospects and supply concerns underpinning the market. Read More

The CDF Act of 2018 Should be Immediately Amended as it Hinders Decentralization
The Zambia National Men’s Network for Gender and Development is calling for the urgent amendment of the Constituency Development Fund (CDF) Act No 11 of 2018. Read More

Zambia Should Take Full Reign of The Mines or Increase its Ownership-Sichinga
Former Commerce and Trade Minister Bob Sichinga has urged Zambia to take full reign of the mines or increase its ownership in the industry to reduce poverty and create jobs. Read More
Western Africa
Cote D'Ivoire
Côte d'Ivoire Interested in Buying Belarusian Mining Equipment

Ambassador Extraordinary and Plenipotentiary of the Republic of Belarus to Nigeria with concurrent accreditation to Côte d'Ivoire Vyacheslav Bril has met with Minister of Mines, Petroleum and Energy of Côte d'Ivoire Mamadou Coulibaly, BelTA learned from the press service of the Belarusian Ministry of Foreign Affairs. Read More

Ghana Secures USD 450 Million ATI-Backed Insurance for Trade and Investment

Ghana has secured USD 450 million African Trade Insurance Agency backed insurance cover for projects and trade-related transactions in various sectors as at the end of May 2022. Read More

Ghana Economic Growth Slows to 3.3 Percent in First Quarter of 2022
Ghana’s economy grew 3.3 percent in the first three months to March 2022 compared with 3.6 percent in the same period of 2021, the Ghana Statistical Service said. Read More

No Need to Panic Over Fuel Shortage – Senyo Hosi
There is no need to panic about fuel shortage in the country, Mr Senyo Hosi, the Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, has said. Read More

Government Prepares Response Team to Fix Roads and Bridges Destroyed by Floods – Minister
The Government through the Ministry of Roads and Highways had put together a special response team and a programme to quickly reconstruct all devastated roads and bridges. Read More

MOMAN Seeks Review of Single Supplier Strategy for Petrol
To check the perennial scarcity of petroleum products, especially premium motor spirit, otherwise known as petrol, the Major Oil Marketers Association of Nigeria has called for a review of the present arrangement that leaves the nation dependent on a single supplier for petrol supply. Read More

Prospects of Hydrocarbons in Enugu as FG, Caritas Discuss Environmental Concerns
Few weeks after gas deposits sparked a fire at the Caritas University in Enugu, the Federal Government and stakeholders, met seeking leeway to environmental issues and possibilities of hydrocarbons in the state. Read More

RAAMP Eyes 53,730 Kilometer Rural Roads to Boost Food Production
The Federal Government has consummated a tripartite agreement with the World Bank and the French Development Agency to commit USD 575 million for the construction of rural roads across 13 states in the country. Read More

Odu’a Investment Targets NGN 40 Billion Profit by 2035
To reposition its company to become a world-class conglomerate, Odu’a Investment Company has said it’s targeting up to NGN 40 billion (approx. USD 96 million) Profit After Tax by the year 2035. Read More
ALN Weekly Snapshots

Amendments to the Value Added Tax (Digital Marketplace Supply) Regulations, 2020
The Cabinet Secretary for the National Treasury and Planning issued the Value Added Tax (Digital Marketplace Supply) (Amendment) Regulations, 2022 (the DMS Amendment Regulations), through a Legal Notice dated 4 April 2022 which was published in the Kenya Gazette on 27 May 2022. Read More

Why A Diverse Board is Important for Your Business
In the age of Environmental, Social and Governance (ESG) issues, boards of directors are steering companies toward an ESG-compliant future. 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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