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23 November 2022
Eastern Africa
Ethiopia
Moroccan Investors Keen to Invest in Ethiopia: Ambassador M’hammdi
The Ambassador of Morocco to Ethiopia, Nezha Alaoui M’hammdi said the Moroccan investors are keen to invest in Ethiopia in the manufacturing and agriculture sector. Read More

Ethiopia, Cuba to Enhance Cooperation in Agriculture
Ethiopia and Cuba exchanged views on ways of enhancing bilateral cooperation in the agriculture sector, according to Ministry of Foreign Affairs. Read More

Nation Sets to Export 230,000 Metric Tons of Sesame to International Market : Exporters Association
Ethiopia is set to export 230,000 Metric tons of sesame to the International Market this year, the Ethiopian Pulses, Oilseed and Spices Processors-Exporters Association said. Read More

African entrepreneurs shortlisted for Africa Prize for engineering
Sixteen talented entrepreneurs shortlisted from Angola, Cameroon, Ethiopia, Ghana, Nigeria, Sierra Leone, South Africa, Tanzania, Uganda and Zimbabwe for Africa Prize for engineering solutions. Read More

Kenya
NMG to Host First BD National Investor Education Conference
The Nation Media Group (NMG) through the Business Daily newspaper will next week hold its first conference on “BD National Investor Education” as the group continues to cement its position as the leading source of business information. Read More

Equity Eyes Hustler Loan Graduates with KES 250 Billy Kitty
Equity Group has set sights on creditworthy small traders under the government-backed Hustlers Fund with a planned KES 250 billion (approx. USD 2 billion) revolving fund. Read More

Bad Loans See Biggest Fall in 15 Years on Assets Auctions
The size of defaulted loans in September dropped by the largest monthly margin in 15 years on increased property auctions, repayment of non-performing debt and bad credit write-offs. Read More

M-Pesa Hardens Africa Grip with KES 43.3 Trillion Deals in 12 Months
Mobile money platform M-Pesa has entrenched its dominance in Africa, processing deals worth KES 43.3 trillion (approx. USD 354 billion) in the 12 months that ended September. Read More

Rwanda
Rwanda’s Exports to Turkey Increase to Over USD 10 Million
Rwanda’s exports to Turkey have increased to over USD 10 million on an annual basis. Robert Bafakulera, The Rwanda Private Sector Federation chairperson, revealed this during the Rwanda-Turkey Economic and Business Forum which kicked off in Istanbul where a number of Rwanda business operators are attending. Read More

Digital Transformation Opening Investment in Africa
MTN in Rwanda offers popular mobile money services, but reports hold that traders are not satisfied with the commission charges on payments affecting digital transformation. Read More

Tanzania
United States (U.S.) Africa Command Special Operations Forces Train Alongside Tanzanian Partners
Special Operations Command Africa forces concluded a Civil Affairs Joint Combined Exchange Training alongside the Tanzania Marine Special Forces in Dar es Salaam, Tanzania. Read More

Panasonic-MeTL Deal:  Makeover for India-Tanzania Stronger Tech Ties
brand Panasonic Life Solutions entered into a second phase agreement with MeTL to distribute its electrical products through its scattered dealers across the country, paving the way for a makeover in India-Tanzania partnership to stronger tech ties. Read More

Mwanza Hosts Financial Week Fair
The National Financial Week Services kicked off with public education and awareness being the top priority during the celebrations. Read More

Elon Musk to Offer Satellite Internet to Tanzania from January
Elon Musk’s internet service Starlink is set to be available in the country in the first quarter of 2023, with analysts cautiously saying the new development will boost the digital economy. Read More

Uganda
Invest to Benefit from China’s New Tariff Line, Government Tells Ugandans
Trade Minister Francis Mwebesa has said for Ugandans to benefit from China’s new tariff structure, exporters must invest in producing relevant goods. Read More

UGX 300 Billion Remains Unutilised Due to Delays in World Bank Funded Projects
Nearly UGX 300 billion (approx. USD 80 million) remains unutilised under the World Bank-funded Uganda Support to Municipal Infrastructure Development Programme due to delays in project implementation. Read More

Uganda Telecommunications Corporation Unveiled
Uganda telecom ceased to exist officially as the old administration handed over the assets and businesses to the newly formed Uganda Telecommunications Corporation in the presence of Evelyn Anite, the state minister of finance for investment and privatization. Read More

United Bank of Africa Chief Executive Visits Uganda
The United Bank of Africa Group Chief Executive Officer Oliver Alawuba has described Uganda as one of the most dynamic and transformative market that the lender continues to support. Read More
Northern Africa
Algeria
Algeria Seeks Firms for Multi-Billion Dollar Rail Building Plan

Higher energy prices have "materially improved" the Algerian economy's near-term outlook, the International Monetary Fund said, adding that fiscal rebalancing is still needed to put public finances on a sound footing. Read More

Algerian Ambassador Presents Credentials to the President
The Ambassador of the Democratic Republic of Algeria to the Republic of Maldives, Abderrahmane Benguerrah, has presented credentials to President Ibrahim Mohamed Solih. Read More

Sonatrach, Eni to Build More Solar Farms to Decarbonise Oil Production in Algeria
Italian oil and gas major Eni has broken the ground on a second 10-MW solar park in south-eastern Algeria that will be built as part of an alliance with government-owned sector company Sonatrach to support the decarbonisation of oil production. Read More

Egypt
Egypt, Greece to Launch Electrical Wiring Interconnection System with EUR 3.56 Billion Investment

Egypt has agreed to launch an electrical wiring interconnection system between Egypt and Europe via Greece with EUR 3.56 billion (approx. USD 3.7 billion) investment. Read More

Spain Delivers Training on Green Business to Young Egyptian Entrepreneurs
The Africa Investment Forum 2022 concluded, collectively mobilizing about USD 31 billion of investment interests in projects. Read More

CAPMAS Releases Report on Trade Between Egypt, Nile Basin Countries in 2021
The Central Agency for Public Mobilization and Statistics released a report on trade between Egypt and fellow Nile Basin Countries in 2021. Read More

valU Partners with TMG to Offer Convenient Payment Solutions in Rehab, Madinaty’s Malls
valU announced that partnered with Talaat Moustafa Group to offer convenient payment solutions to customers of TMG’s flagship Open Air Mall in Madinaty and Gateway Mall in Al-Rehab, two of the largest full-fledged retail outlets in Egypt’s fast growing East Cairo area. Read More

Morocco
King Mohammed VI Urges Govt. to Accelerate Renewable Energies Development
King Mohammed VI chaired at the royal palace in Rabat a working meeting on Morocco's renewable energies sector. Read More

Air Cote d’Ivoire to Launch 4 Weekly Flights Connecting Abidjan, Casablanca
Air Cote d’Ivoire announced that it will soon launch four weekly flights from Abidjan to Casablanca. Read More

Morocco's Annual CPI Up 8.1 Percent in October
Morocco's consumer price index rose by 8.1 percent year-on-year in October, driven mainly by a surge in foodstuff prices, the high commission for planning said. Read More

Huawei Calls for Harnessing ICT to Reach Climate Targets
Information and Communication Technology (ICT) has immense potential to digitize industries, catalyze innovation, and support the global economy to reach its green manufacturing targets, Huawei’s Vice President for the North Africa Region, Philippe Wang said last week. Read More
Southern Africa
Malawi
Government Firm Seeks Capital Injection
Public Private Partnership Commission says a strategic partner can help Plant and Vehicle Hire and Engineering Services to boost its capital and help it upgrade its mandate and machinery. Read More

IMF’s Temporary Relief for Malawi
The International Monetary Fund (IMF) Board approved the disbursement of USD 88.3 million, an equivalent of about 64 percent of Malawi’s USD 250 million monthly import bill, under the Rapid Credit Facility. Read More

Minister for Tourism Department’s Audit
Minister of Tourism, Wildlife and Culture Michael Usi has ordered that there should be forensic audits in government agencies and departments under his ministry. Read More

South Africa
Agri SA Calls for Pay Rises Below Inflation as Sector Battles to Remain Viable
Agricultural industry body Agri SA has warned that an above-inflation increase in the national minimum wage in a difficult economic climate will threaten the financial viability of many farmers as input costs rise. Read More

Rise in Private Investment and Household Spending Will Boost SA Growth — OECD
The Paris-based Organisation for Economic Co-operation and Development (OECD) says it remains “more optimistic” about SA’s growth prospects as it expects private investment to rise as companies replace increasingly obsolete capital stock. Read More

SARB Indicator Shows Improved Economic Activity in September
Economic activity in September increased for the first time in three months, and by the most since May 2021, data from the SA Reserve Bank shows. Read More

Tourism Data Good News for Third-Quarter GDP
Tourism data for September suggests stronger third-quarter GDP as the number of tourists across the globe and SA increases. Read More

Zambia
FISP Suppliers Given Letters of Credit – Can Redeem Payment Upon Delivery
The Ministry of Agriculture has confirmed that Government have issued letters of credit to all the suppliers contracted for the 2022/2023 Farmer Input Support program, which they can claim full payments once they meet the set minimum delivery conditions. Read More

Gold Reserves Reach USD 83 Million
Zambia’s cumulative refined gold reserves as at end of October 2022, stands at 46,200 ounces (about 1,438 kilograms) with a total purchase value of USD 83 million. Read More

3 Million Tourist Arrivals ‘Target’ by 2024 is an Aspiration – ZTA
The Zambia Tourism Agency, has clarified that the 3 million tourist arrivals ‘target’ by 2024 announced by Tourism Minister Rodney Sikumba is an aspiration. Read More

Zoona Sold
Zambian agency Fintech, Zoona is in line to be acquired by Chipper Cash. Read More
Western Africa
Cote d'Ivoire
Endeavour Makes Major Greenfield Discovery in Côte d’Ivoire
Endeavour Mining is pleased to announce that a major discovery has been made at its 100 percent-owned Tanda-Iguela greenfield exploration property in Côte d’Ivoire. Read More

Ivory Coast and Ghana Cocoa Initiative Creates Working Group to Improve Market Prices
The Ivory Coast and Ghana Cocoa Initiative (CIGCI), have established a working group of member countries and sector stakeholders, aiming to drive improved cocoa pricing mechanisms and deliver a sustainable sector for key farming communities facing major tests, writes Neill Barston. Read More

Ghana
Government Spends USD 500 Million Annually to Settle Energy Debt – Ofori-Atta
Finance Minister, Ken Ofori-Atta has indicated that the government spends USD 500 million annually to settle energy sector debt created by the previous government. Read More

Energy Transition is Good for Africa, but Should Be Gradual – Minister
Dr Matthew Opoku Prempeh, the Minister for Energy says the desire for countries to transition into other alternative sources of energy usage was particularly good for Africa and its women and children. Read More

Twitter Staff in Ghana are Rejecting Elon Musk's Lay-Off Package 
About a dozen Twitter staff based in Ghana, which was the firm's only office in Africa, have rejected a severance package offered to them and are now considering taking legal action. Read More

SIGA Begins 2023 Performance Contract Process for Specified Entities  
The State Interests and Governance Authority (SIGA) in November commenced the 2023 Performance Contract Processes with Specified Entities. Read More

Nigeria
Rise and Rise of Fertiliser Industry
The agric sector has recorded an upbeat outlook for fertiliser sector, with a number of ongoing and planned projects expected to increase production capacity, especially for nitrogen fertiliser. Read More

Fuel Scarcity Bites Harder in Lagos
More filling stations closed to motorists across Lagos metropolis and its environs yesterday while the few that sold had long queues of vehicles. The petrol stations hiked prices of petrol between NGN 205 and NGN 220 per litre. Read More

Nigeria Needs USD 9 Trillion Economy by 2050 to Attain Shared Prosperity
The immediate past Chairman of the Nigerian Economic Summit Group, Mr. Asue Ighodalo, has tasked those entrusted with drafting the Nigeria Agenda 2050 to bequeath the country with an economy whose size would be between USD 4.5 trillion and USD 9 trillion in the next 25 years in order for the country to have shared prosperity. Read More

Shareholders Fume Over AMCON’s ‘Excessive Levies’ on Commercial Banks
Apparently irked by the levies imposed on commercial banks to sustain the Asset Management Corporation of Nigeria (AMCON) and the dwindling returns on investments, shareholders have urged the Federal Government to tighten the noose on debtors and urgently free the banks from AMCON operational burden. Read More
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.
SOURCES

Financial Times
Business Daily Africa
Daily Nation, Kenya
Reuters
New York Times
Daily News, Tanzania


CNBC, South Africa
Independent Uganda
Xhinuanet
Daily News, Egypt
Sudan Commerce News
Sudan News Agency
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