1 August 2022
Eastern Africa
Ethiopia’s Coffee Value Chain Good Demonstration of Performance Last Fiscal Year: Prof Lopes
The approach of valuing commodities is a well-established principle and Ethiopia has succeeded in this regard as its coffee value chain is a good demonstration of such a performance, according to the former Executive Secretary of the UN Economic Commission for Africa. Read More

Wegagen Bank Posts ETB 1.4 Billion Gross Profit
Wegagen Bank disclosed that it has posted a gross profit of ETB 1.4 billion (approx. USD 27 million) in 2021/22FY, showing a significant increase from the previous fiscal year, Read More

CBE Sifts High Profits Despite Turbulent Economy
The state financial giant, Commercial Bank of Ethiopia (CBE), continues its astonishing performance stride for the second consecutive year by surpassing targets despite the challenging economic hurdles faced in the past budget year. Read More

Ethio Telecom Eyes Djibouti
Ethio telecom eyes Djibouti’s telecom market, to make its first oversees service to the bordering state owned telecom company. “Based on the re-amendment of the Ethio telecom establishment proclamation, we have been working to figure out priority areas to expand our business outside of Ethiopia and to stay competitive,” said Frehiwot Tamiru, CEO of the telecommunications firm whilst speaking at a press briefing given regarding its annual performance. Read More

UN Aviation Body Ranks Kenya Second Best in Airport Security in Africa
The International Civil Aviation Organization has ranked Kenya the second best in the continent in terms of airport security, the country’s civil aviation authority announced. Read More

Treasury Wants Income Proof of Used Car Dealers, Buyers
Car dealers will be required to reveal the identity of buyers and their sources of income if Treasury proposals seeking to seal loopholes for the money laundering and flow of illicit money are adopted. Read More

CBK: Election, Inflation Won’t Hamper 5.4 Percent Growth Projection
The Central Bank of Kenya sees the economy expanding 5.4 percent this year despite elevated inflationary pressures which have soared to a five-year high. Read More

StanChart, I&M Loans Ranked Most Expensive
I&M Bank and Standard Chartered have the highest cost of credit among tier-one lenders in Kenya, with external or third-party charges proving a key differentiator in the cost of loans among the large banks. Read More

Rwanda will Produce Methane Gas
Rwanda has been exploring the use of gas from Lake Kivu for cooking, industrial use and vehicles.  It is expected that the cooking gas produced from this lake could start being used by the end of 2023.  Read More

TIBA Partners Sign Off Kigali Declaration
Partners making up the Tackling Infections to Benefit Africa (TIBA) initiative, have signed the Kigali Declaration a regional agreement geared to end Neglected Tropical Diseases. Read More

Exciting Times for TZ Tourism
Players in both the tourism and hospitality sector have been taken aback by the unprecedented high occupancy rate witnessed recently at lodging and hotel facilities in the country’s tourism hotspot. Read More

Samia Revokes Appointment of New Mara RC, Mzee Takes Over
President Samia Suluhu Hassan has revoked the appointment of the newly named Mara Regional Commissioner, Dr Raphael Chegeni. Read More

Kilimanjaro Attains 34.9 Percent in COVID 19 Uptake
Kilimanjaro Region has attained 34.9 percent uptake of the targeted population in Covid-19 vaccination campaign. This was revealed by Kilimanjaro region COVID-19 Vaccination Coordinator Mr Peter Kihamia, saying that women were leading the campaign by turning up in large numbers to be vaccinated compared to men. 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 Rumakali power project in Makete District, Njombe Region as part of its strategic plan to diversify the country's electricity mix. Read More

World Bank Report Dooms Merging Electricity Bodies
The World Bank has questioned the government move to bundle and nationalise Uganda Electricity Generation Company, Uganda Electricity Transmission Company, and Uganda Electricity Distribution Company. Read More

Govt Seeks to Balance Exports, Consumption in Free Zones
Government is in the process of amending the Free Zones Act 2014 to introduce a 50/50 balance between production for export and local consumption. Read More

Uganda’s Inflation Rises to 7.9 Percent in July
Uganda’s inflation rate for the year ending July has risen to 7.9 percent from 6.8 percent in the year ending June 2022, the country’s statistics agency said Friday. Uganda Bureau of Statistics attributed the increase to rising food crop prices and transport fare. 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 Aims to Increase Petroleum Production to 790 Billion During New Fiscal Year 22/23

During the new fiscal year 2022/2023, the government aims to increase production for the petroleum and mineral resources sector at current prices from GBP 671.5 billion in the previous year to about GBP 790.9 billion pounds, an increase of 17.8 percent, according to the economic and social development plan submitted by the Minister of Planning, Dr. Hala Al-Saeed, and approved by both houses of Parliament.  Read More

FRA Approves First Future Flow Securitisation Programme of EGP 2 Billion over 3 Years
The Financial Group for Securitization will be the first in Egypt to securitise future flows on behalf of the Cairo for Investment and Real Estate Development (CIRA), following the Financial Regulatory Authority’s (FRA) approval of the multi-issuance programme. Read More

6 Percent Decline in Hydropower in Egypt Last Financial Year
Egypt’s production of hydropower decreased in FY2021/22 by about 6 percent to reach 13,800 GWh, compared to FY2020/21’s 14,700 GWh. Read More

COP27’s Presidency, UN, HLC for Egypt Launch Initiative to Catalyse Investments for Climate Projects
In light of Egypt’s presidency of the UN Conference of Parties on Climate Change (COP27) that will take place in Sharm El-Sheikh this November, the COP27’s Presidency announced the launch of an unprecedented initiative to enhance investments in different climate action sectors. Read More

Minister: UK to Import 8 Percent of Its Electricity Needs from Morocco
The United Kingdom (UK) is set to import 8 percent of its electricity energy needs from Morocco, Morocco’s Trade and Industry Minister, Ryad Mezzour said. Read More

Bank Al-Maghrib: Morocco’s Consumer Debt Rose by 5.3 Percent in 2021
A joint report on financial stability by Morocco’s central bank Bank Al-Maghrib (BAM) and other watchdogs of the Moroccan economy has found that the country’s consumer debt rose by an annual average of 5.3% at the end of 2021. Read More

Central Bank Satisfied With Morocco’s Economy Performance Amid Global Crises
Abdellatif Jouahri, the governor of Bank Al Maghrib (BAM), Morocco’s central bank, has expressed satisfaction with the country’s efforts to mitigate the economic crisis triggered by COVID-19 and the repercussions of the Ukraine-Russia conflict. Read More

Fuel Prices Show Signs of Recovery in Morocco
Fuel prices in Morocco are showing moderate signs of recovery after reaching all-time high records earlier this month amid what many experts have said is an impending global recession. Read More
Southern Africa
Govts Urged to Reform State Owned Enterprises
United Nations Economic Commission for Africa-Southern Africa Region Office (Uneca-Saro) director Eunice Kamwendo has urged governments to reform State owned enterprises (SOEs) to avert current economic challenges. Read More

Govt Queried Over Delayed Insurance Claims Payment
Members of Parliament have pressed the Ministry of Finance and Economic Affairs to address insurance companies’ delays to settle claims within the prescribed 14 days. Read More

RBM Slashes 2022 Growth Forecast
The Reserve Bank of Malawi has revised downwards the 2022 growth projection from 3.9 percent to 1.7 percent. Read More

South Africa
Proposed Wealth Tax Could Push South Africans to Emigrate, Say Economists
A wealth tax could lead to the reduction of the tax base over time as a small group of affluent South Africans try to prevent a higher tax burden, says the Bureau of Economic Research. Read More

South Africa’s Best-Performing Bank Right Now is Going Big on Renewable Energy
Nedbank Group wants to almost double its lending to green energy projects in South Africa over the next two years as it seeks to cement its position as a market leader in funding renewable power projects. Read More

Afristrat has ‘Lost’ ZAR 1.5 Billion Investment in MyBucks
Almost all of the ZAR 1.5 billion (approx. USD 90 million) investment by JSE-listed Afristrat Investment Holdings in Frankfurt-listed MyBucks SA, a microlender in several southern African countries that collapsed and is now in liquidation, has been lost. Read More
The World Bank Group Calls for a Quick Agreement on the Specifics of Deep Debt Relief for Zambia
World Bank Group President David Malpass has however urged the Creditor Committee to reach a quick agreement on the specifics of deep debt relief for Zambia. Read More

President Hichilema Tours Stands at ZACS
President Hakainde Hichilema this morning toured selected stands at this year’s 94 Zambia Agriculture and Commercial show in Lusaka. Read More

Government Welcomes the Official Creditors Committee’s Decision to Consider Zambia’s Request for Debt Restructuring
The government says it has welcomed the Official Creditors Committee’s decision to consider Zambia’s request for debt restructuring, as it will help unlock the IMF programme approval for the country. 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
Saudi Fund for Development Participates in Laying Foundation Stone for Abobo University Hospital Project in Côte d'Ivoire
A delegation from the Saudi Fund for Development participated in laying the foundation stone for the Abobo University Hospital project in the economic capital, Abidjan, Côte d'Ivoire, as the Fund contributes to financing it with a soft development loan with a total value of USD 22.72 million. Read More

MoFA Targets USD 12 billion Revenue from Selected Tree Crops
Government, through the Food and Agriculture Ministry (MoFA) is anticipating to generate an annual revenue of some USD 12 billion from exports of six selected tree crops – rubber, shea, mango, oil palm, cashew and coconut fruits – Sector Minister, Dr. Owusu Afriyie Akoto, has disclosed. Read More

Pay Urgent Attention to Security Situation in Mining Industry or we Withdraw Services to Mining Firms
The Ghana Mine Workers’ Union of the Trades Union Congress has expressed worry over the neglect, inaction and the seeming powerlessness of the state governing structures and regulators in the mining industry. Read More

DTI Signs MoU with KNUST to Produce Industry-Ready Graduates
The Design and Technology Institute (DTI), a world class TVET training institute has signed a Memorandum of Understanding (MoU) with the Kwame Nkrumah University of Science and Technology. Read More

Cedi Performance Begins August Selling at GHS 8.84 to US Dollar
On the Interbank forex rates from the 1 August 2022, the Ghana Cedi is trading against the dollar at a buying price of 7.6082 and a selling price of 7.6158. As compared to trading of a buying price of 7.5582 and a selling price of 7.5658. At a forex bureau in Accra, the dollar is being bought at a rate of 8.67 and sold at a rate of 8.84. Read More
FG Failed to Provide NGN 100 Billion Electricity Subsidy – Discos
Electricity distribution companies reacted officially to the takeover/restructuring of five Discos by the Federal Government through the Bureau of Public, describing the move as a backdoor renationalisation of the power firms. Read More

AfDB, IMF Economists Seek Climate Financing Intervention for Africa
Experts at the African Development Bank and International Monetary Fund (IMF) have called for urgent mobilisation of climate financing for Africa to achieve sustainable growth. Read More

Investors Will Earn Steady Income from LCFE, Says Sanwo-Olu
Governor of Lagos State, Babajide Sanwo-Olu, has expressed optimism that the Lagos Commodities and Futures Exchange (LCFE) 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

eTranzact Leads E-Payment Transition to Holding Structure
eTranzact International, Nigeria’s leading electronic payment system company, posted a profit before tax (PBT) of NGN 536.4 million (approx. USD 1.2 million) for the 2021 financial year. Read More
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