27 May 2022
Eastern Africa
Ethiopia’s Scholarships to South Sudanese Students to Fix Market Problem
The Ethiopian Ambassador to South Sudan, Nebil Mahdi Abdullahi said that the scholarship offered to local youths by his government will play a key role in fixing the South Sudanese labour market. Read More

Ethiopian Bank Enters Partnership with Service Cops
Awash Bank, an Ethiopian-based financial outfit has entered into a partnership with Service Cops, a Ugandan financial technology and business process outsourcing firm, to support the bank's digital strategy. Read More

Ethio Telecom, Hybrid Designs Agree to Allow RIDE Users to Settle Payment via Telebirr
Ethio telecom and Hybrid Designs a parent company of RIDE, signed a partnership agreement that would enable ride transport service customers to settle payments using the newly emerging Telebirr digital payment system. Read More

Kenya GDP Growth Forecast to Trail East African Peers
Kenya’s real GDP growth will next year trail the performance of its East Africa Community partners except Tanzania and Burundi, new projections by the African Development Bank show, partly hurt by inflationary pressures. Read More

Wealthy Aircraft, Car Owners Get Relief in KRA Seizure Plan
Lawmakers have opened a window for businesses and wealthy individuals to avoid prompt disposal of property such as ships, planes, and cars for tax evasion. Read More

Kenya Targets Malaysia with Avocados in Diversification Plans
Kenya is eying the Malaysian market for the export of avocado as it seeks to expand its reach beyond the traditional buyers. The plant regulator-Kenya Plant Health Inspectorate Service says it has received inquiries from Malaysia, whose officials want to visit the country to assess if Kenya can export the produce to this Asian nation. Read More

ARM Cement Creditors Suffer KES 11 Billion Loss
Lenders and unsecured creditors of the collapsed ARM Cement lost KES 11.5 billion (approx. USD 94 million) during the distribution of proceeds after the liquidation of the listed firm, filings by its administrators PricewaterhouseCoopers show. Read More

Rwanda Launches Centre for Fourth Industrial Revolution, Joins Global Network
The Ministry of Information Communication Technology and Innovation of Rwanda, in partnership with the World Economic Forum, launched the Centre for the Fourth Industrial Revolution in Rwanda. Read More

ATCL Increases Dar es Salaam – Mpanda Flights
Air Tanzania Company has increased flights for Dar es Salam via Tabora to Mpanda route to four from three per week. Read More

TANESCO Seeks TZS 500 Billion to Revamp Infrastructure
Solving challenges posed by run-down infrastructure facing the Tanzania Electricity Supply Co. needs upwards of TZS 500 billion (approx. USD 215 million), managing director Maharage Chande has stated. Read More

China, Tanzania Sign New Implementation Program for Cultural Agreement
The governments of China and Tanzania signed a new implementation program for a cultural agreement that aims to strengthen bilateral cooperation in various fields. Read More

Economy Expected to Grow by 6.0 Percent
Uganda’s economy is projected to grow at six per cent in the next financial year 2022/2023, according to the Minister of State for Finance in charge of General Duties, Henry Musasizi. Read More

UDB, European Union Unveil UGX 62 Billion Facility for Tourism Investors
Investors in the tourism sector have an opportunity to exploit out of the Uganda Development Bank and European Union partnership involving a UGX 62 Billion (approx. USD 17 million) facility, executives said. Read More
Northern Africa
Algeria, Italy Sign New Energy Supply Deal

President Abdelmadjid Tebboune and his host Sergio Mattarella met at the Quirinale Palace in Rome, before a meeting with Prime Minister Mario Draghi. Rome is looking for more energy supply from Algiers as it prepares to cut dependence on Russian gas. Read More

ENI and Sonatrach to Accelerate the Development of Gas Fields in Algeria
Sonatrach´s CEO Toufik Hakkar and Eni CEO Claudio Descalzi signed a MoU in Italy, aimed at accelerating the development of gas fields in Algeria and decarbonisation via green hydrogen. Read More

Timeline of Obligatory Application of e-Tax Bills System to be Announced: Finance Mininister
Finance Minister Mohamed Maait decided to announce the timeline of the obligatory application of the electronic tax bills system for services and goods sold to final consumers. Read More

Bankers laud WB's Decision to Choose CBE Governor to Chair WBG, IMF Annual Meetings in October
The decision issued by the World Bank (WB) to choose Central Bank of Egypt (CBE) Governor Tarek Amer to chair the WBG and the International Monetary Fund's (IMF) annual meetings, which are scheduled to be held in October, shows international confidence in Egypt's overall monetary policy, affirmed a number of local and international bankers in Egypt. Read More

Egypt Plans to Expand Establishment of Seawater Desalination Projects
Egypt’s Prime Minister, Mostafa Madbouli, followed up the plans to expand the establishment of seawater desalination projects, in the presence of Mohamed Shaker, Minister of Electricity and Renewable Energy, Hala El-Said, Minister of Planning and Economic Development, and Assem El-Gazzar, Minister of Housing, Utilities and Urban Communities. Read More

Egypt, Saudi Arabia Sign MoU in Field of Aluminum Industries
Olayan Saudi Holding Company’s subsidiary, Alupco, signed a memorandum of understanding, with the Egyptian OCTA International. Read More

Morocco Launches Tender for Water Desalination Plant Feasibility Study
Morocco has opened a tender for companies to express interest in conducting feasibility studies for a sea-water desalination plant in the country’s Oriental region. Read More

ACWA Power CEO: Morocco Has Led ‘Renewable Energy Revolution
Due to its prominent status as a renewable energy hub in recent years, Paddy Padmanathan, chairman and CEO of ACWA Power Group, has praised Morocco's green energy revolution, at the World Economic Forum in Davos. Read More

Data Firm SAS Appoints Tayfun Topkoc Head of Africa, Asia Operations
SAS, an international data management firm, announced that it is appointing Tayfun Topkoc as General Manager of the Middle East, Africa, Turkey, and Central Asia operations. Read More

UAE Waste-Management Company Secures Funding to Expand in Morocco
UAE-based waste management firm Averda announced that it has secured USD 30 million in investment funds from the International Finance Cooperation to expand in Morocco, Oman, and South Africa. Read More
Southern Africa
Forex Shortages Could Affect Revenue Collection—MRA
Public tax collector Malawi Revenue Authority (MRA) has hinted it could face challenges in some tax lines due to the unavailability of forex in the country. Read More

ECO Bank Posts 12 Billion BTX Profit In 2021
Despite a tough economic landscape, coupled with the Covid-19 pandemic, the depreciation of the Malawi kwacha, weather shocks and fiscal slippage, Eco Banks has posted a MWK 12.0 billion (approx. USD 15 million) profit before tax, representing a 15 percent growth in 2021. Read More

Argentina Wants to Strengthen Business Cooperation with Mozambique
The government of Argentina intends to increase the volume of trade between its own entrepreneurs and Mozambique, Argentine ambassador in Maputo, Juan Jorge Nunes, has said, and is also interested in increasing direct investment in Mozambique. Read More

Mozambique Chamber of Commerce and Rwanda’s Private Sector Federation Sign MoU to Boost Trade, Investment
Rwanda and Mozambique investors have agreed to promote and strengthen investment and trade cooperation in a new move that will ease doing business between the two countries. Read More

Government to Consider Local Content Law Within Weeks
The government is working to create a legal framework that obliges multinationals operating in Mozambique to use local companies in their chain of production and supply of goods and services. Read More

South Africa
African Bank Pursues SME Market with Purchase of Grindrod Bank
African Bank has bought Grindrod Bank to deliver on its strategy of accelerating its entry into SA’s increasingly competitive business banking market. Read More

SA Hurtles Towards Huge Fuel Price Hike with no Reprieve in Sight
The government says it is giving special attention to the fuel price, which is expected to rise sharply in June, as a temporary reduction of the general fuel levy is set to end. Read More

Board of Healthcare Funders Questions Lack of Progress on Low-Cost Benefit Options
SA’s biggest representative body for medical schemes, the Board of Healthcare Funders, has added its voice to criticism of the industry regulator for its lack of progress in developing low-cost benefit options, saying its stance is irrational and depriving millions of people of affordable access to private healthcare services. Read More

Government Told to Heed IMF Advise to Subsidize the Cost of Food and Energy
Financial Economist Bright Chizonde has said that the government should heed to the International Monetary fund (IMF) call for governments to subsidize the cost of food and energy for the poorest members of society. Read More

Southern Province has Great Mineral Wealth-Banda
Ministry of Mines and Mineral Development says Southern Province has potential to significantly contribute to the country’s mining sector if the mineral wealth the region is endowed with is properly harnessed. Read More
Western Africa
Make AfDB Preferred Multilateral Financier of Africa’s Development – Akufo-Addo
President Akufo-Addo has appealed to a select group of the Board of Governors of the African Development Bank (AfDB), to do everything possible to support efforts aimed at transforming the Bank into the preferred multilateral financing institution for Africa’s development. Read More

6th Ghana CEO Summit to Focus on Digital Leadership for Digital Economy
All roads lead to Kempinski Hotel Gold Coast City in Accra on 30 May 2022, for the 6th edition of the Ghana CEO Summit, the foremost business conference for CEOs, heads of state, entrepreneurs, business leaders, board members, investors, directors-general, ambassadors, ministers of state, consultants and policy makers who are committed to unlocking Ghana’s economic potential. Read More

MiDA Hands Over 33kv Ellen Moran Substation to ECG
The Millennium Development Authority (MiDA) has handed over a 33 KiloVolt Primary Substation in Kanda in the Greater Accra region to the Electricity Company of Ghana Read More

Government to Pay 25 Percent Interest for 3-Year Bond
Government will pay a high 25 percent yield or cost for the 3-year bond which was rollover. According to the result made available by the Bank of Ghana, it secured GHS 470.4 million (approx. USD 61 million) for the debt instrument, about 76 percent less than the targeted amount. Read More

Rural Electrification: GEF, UNDP Kick-Start USD 2.9 Million Off-Grid Lighting Project
The Rural Electrification Agency with funding support from the Global Environment Facility and the United Nations Development Programme has kicked off a five-year rural electrification project. Read More

CBN Defends Naira with USD 3.36 Billion in Two Months
The Central Bank of Nigeria injected USD 3.36 billion into the foreign exchange market in two months as part of efforts to ensure the stability of the naira. Read More

Investors Rake in Over NGN 1.1 Trillion Dividend in 12 Months – NGX
The Nigerian Exchange said investors in the Nigerian capital market had earned over NGN 1 trillion (approx. USD 2.4 billion) from dividend payout by companies listed on the NGX in the past year. Read More

FG Eyes Economic Development Through MSMEs
The Federal Government says it will explore the opportunities in the micro, small and medium enterprises to tackle inflation and boost the nation’s economic development. Read More
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