15 February 2023
Eastern Africa
Ethiopia to Host Made in Germany-Africa Tradeshow
Made in Germany-Africa tradeshow is set to open its doors in Addis Ababa, Ethiopia from 2nd to 4th March, 2023, providing a platform for key African industries to enhance multilateral trade relationships, the organizers said. Read More

Ethiopian Adds Xiamen and Shenzhen to Its Cargo Destinations in China
Ethiopian Cargo & Logistics Services, Africa’s largest network operator, has started two weekly freighter flights today connecting Xiamen with São Paulo and Santiago via Addis Ababa. Read More

The Sixth Africa Business Forum to be Held on 20 February
The sixth Africa Business Forum will be held in Addis Ababa on February 20, 2023, under the theme “Making Carbon Markets Work for Africa”. Read More

Ethiopia to Sign USD 200 Million Wheat Export Agreements
Ethiopia is prepared to ink agreements which total USD 200 million to supply wheat to non-governmental organizations including the World Food Program. Read More

US Issues Kenya a Default Notice for KES 57 Billion KQ Debt
A US-backed financier has slapped the Treasury with a default notice for delayed payment of a KES 57.8 billion (approx. USD 461 million) loan that the government guaranteed Kenya Airways. Read More

Kenya to Earn Up to KES 110 Billion From Sale of State Companies
The office that advises MPs on budget planning estimates that Kenya could earn between KES 60 billion (approx. USD 478.5 million) and KES 110 billion (approx. USD 877.5 million) by selling stakes in public firms to help in debt retirement or development funding. Read More

Inter-Sacco Lending Starts in Six Months
The government says it will implement a framework allowing savings and cooperative societies to lend to one another in six months, allowing them a platform similar to the inter-bank market run by commercial banks. Read More

Banks Fixed Deposit Rate Rises to a Three-Year High of 7.16 Percent
Banks have raised the average rate for fixed deposits to a three-and-a-half-year high of 7.16 percent, reacting to the hiking of the base lending rate by the Central Bank of Kenya and increased appetite by depositors for government securities. Read More

East Africa Floats Its Largest Freshwater Vessel
Tanzania has floated East Africa's largest-ever domestically manufactured fresh water passenger and cargo ship, the MV Mwanza Hapa Kazi Tu, on Lake Victoria, according to the Daily Nation. Read More

BDO BDO Global Boss Visits Rwanda, Talks Business Support
The BDO Global CEO Partner, Pat Kramer, visited Rwanda on 8 February, to strengthen the company’s work and relations with clients in the country as businesses continue to recover from the pandemic. Read More

Rwanda, UAE Eye Deeper Ties in New Cooperation Deal
Rwanda and the United Arab Emirates are set to deepen bilateral cooperation as both countries look to share expertise and successful experiences in promoting institutional excellence, work quality, government innovation, as well as service development. Read More

African Union Summit to Start Wednesday
The African Union will hold its annual ordinary meetings from February 15 to 27, in Addis Ababa, Ethiopia. Read More

President Samia: Electrify All Hamlets
After registering significant strides in rural electrification, the government has now set focus on hamlets, targeting to ensure more people have access to electricity than ever before. Read More

Government in Fresh Move to Plug Loopholes for Revenue Loss
The National Electronic Procurement System of Tanzania is set to become operational before the end of next month as the government seeks to fill loopholes for revenue leakages. Read More

DCB Contribution to Financial Sector Growth Recognised
DCB Commercial Bank has pledged to come up with innovative banking products and solutions that aim at boosting financial inclusion by reaching the financially underserved population in the country. Read More

TCDC Meeting to Discuss Cooperative Development
Tanzania Cooperative Development Commission (TCDC) has organised a one-day stakeholders’ meeting to deliberate on strategies to strengthen the cooperative sector in the country. Read More

Uniform EAC Laws Will Fight Tax Evasion Crimes
Tax Investigation Commissioners are calling for seamless regional laws through which tax investigation can be conducted in the region. Read More

Uganda’s Labour Market is Fragmented, Says Report
Uganda’s current labour market is fragmented in terms of information supply and demand for labour, the 2021 poverty status report by the Finance Ministry shows. Read More

Google Reassures on Artificial Intelligence
Google is searching for ways to reassure people that it is still out in front in the race for the best artificial intelligence technology. And so far, the internet giant seems to be coming up with the wrong answer. An advert designed to show off its new AI bot, showed it answering a query incorrectly. Read More

NSSF Has Not Purchased Nakigalala Land Yet, Clarifies on UGX 400 Billion Budget Claims
The National Social Security Fund (NSSF) Ag. Managing Director Patrick Ayota has clarified that the purported purchase of Nakigalala land has not yet taken place, and UGX 400 billion (approx. USD 109 million) was budgeted for 2 pieces of land, one at Nakigalala and another at Nakawa following a proposed partnership with Uganda Police. Read More
Northern Africa
The Dinar is on the Right Track

The value of the dinar has increased in recent months, gradually breaking the cycle of successive devaluations in previous years as oil prices fluctuate and the central bank makes exchange rate adjustments. Read More

MPs Against Bureaucracy in Public Banks
The Finance and Budget Committee continued its work, in the context of the study of the bill on money and credit, by hearing Ali Kadri, director general of the Crédit Populaire Algérien and Tamrabet Samir, director general of the Caisse Nationale d’Epargne et de proviance (Cnep), the National People’s Assembly said in a statement. Read More

Algerian Tourism Conquering Italy
To boost its tourism sector, one of the driving forces of the country's economic recovery to finally get out of its dependence on hydrocarbons, Algeria misses no opportunity to showcase its tourism assets through the international exhibition. Read More

Algeria Once Again Becomes Spain’s Main Gas Supplier
Enagas reported that in January, Algeria supplied a quarter of Spain’s monthly demand for natural gas. Read More

TaQa Arabia Intends to Float its Shares on EGX During 2023

TaQa Arabia Company intends to float its shares on the Egyptian Stock Exchange (EGX) during 2023, according to the company’s Chairman, Khaled Abu Bakr. Read More

Offering Government Companies on EGX ‘Positive Step’
The Director of the International Monetary Fund, Kristalina Georgieva, expressed her "strong" welcome to the Egyptian government's decision to proceed "firmly" with the privatization program, considering that the fruits of this step are "more investments and job creation." Read More

Egypt's External Debt Declines to USD 154.980 Billion by End of 1st Quarter of 2022/2023
Egypt's external debt declined to USD 154.980 billion, by the end of the first quarter of the fiscal year 2022/2023, compared to USD 155.708 billion during the last quarter of the fiscal year 2021/2022. Read More

Egypt Signs 5 Agreements to Search for Oil, Gas with USD 40 Million Investments
Egypt’s Minister of Petroleum and Mineral Resources, Tarek El-Molla, signed five agreements with national and international companies to search for oil and gas and produce them in four regions in the Western Desert and North Sinai offshore in the Mediterranean, with minimum investments of USD 40 million and the drilling of 11 new wells. Read More

Cyber Threats Businesses Must Look Out for in 2023
While large enterprises have often been the target of cyber-attacks, small and medium-sized enterprises (SMEs) have been experiencing these digital threats at a growing rate. Read More

Moroccan Distribution Platform Startup Raises USD 1.5 Million in Funding
Terraa, a Moroccan Brand-to-Brand distribution platform, has raised USD 1.5 million in pre-seed funding from European Venture Capital, FoodLabs. Read More

 Moroccans Overwhelmed by Rising Inflation, Outraged by Unresponsive Government
Moroccans across the country, particularly people with low and average incomes, have been overwhelmed by the price increases affecting almost all food commodities and basic goods. Read More
Southern Africa
Huawei Wins Top African Employer Award
Huawei Technologies has received the Top African Employer prize, which is provided by Top Employers Institute in recognition of its employment rate in Africa. Read More

Kangankunde Mine CEO Touts Its Mineral Resource
Lindian Resources, an Australian Stock Exchange-listed mining firm, says the Kangankunde Rare Earth Mine in Balaka is one of the most unique rare earth mines in the world because it is non-radioactive. Read More

Treasury Closes Q3 with MWK 192 Billion Deficit
Reserve Bank of Malawi (RBM) figures show that Treasury closed the third quarter (October to December) of the 2022/23 financial year with a K192.1 billion deficit. Read More

Firms Urged to Adopt New Energy Technologies
Electricity Supply Corporation of MalawiI has urged industrial and commercial customers to adapt to new technology to help reduce load shedding. Read More

South Africa
New Land Expropriation Laws for South Africa are Coming
The public comment period for controversial new land expropriation laws is drawing to a close, with South Africans having until 6 March 2023 to submit their views. Read More

Former Absa CEO Daniel Mminele Heads to Nedbank
Former Absa chief executive officer Daniel Mminele has been appointed as an independent non-executive director and chairman-designate at Nedbank. Read More

Competition Commission Launches Inquiry into Food Prices in South Africa
The Department of Trade and Industry and Competition has gazetted the terms of reference for a wide-reaching market inquiry related to the fresh produce market in South Africa, including prices. Read More

Jobs to be Sacrificed in Telkom’s Scramble for Cash
Telkom launched a frenzied scramble for cash on Tuesday, unveiling plans to slash as many as 1,770 jobs and to sell its device credit book for ZAR 1 billion (approx. USD 55.5 million) as rolling power cuts and heavy spending on the mobile network jacked up costs and eroded its profitability. Read More

Steady Supply of Maize by the Food Reserve Agency will HELP to End Mealie Meal Shortages
Millers in the Copperbelt Province have said a steady supply of maize by the Food Reserve Agency (FRA) will help to end mealie meal shortages and to stabilise prices of the commodity. Read More

New DRC Mines Congest Kasumbalesa Border
Southern African Development Community Drivers Association president Eugene Ndhlovu has attributed the ever-increasing volumes of traffic leading to Kasumbalesa border to the business opportunities in Democratic Republic of Congo. Read More

Zesco Goes Solar Farming
To accelerate its solar energy revolution, Zesco has embarked on an investment drive that will see all provinces have at least one solar photovoltaics farm. Read More

Yango Reveals Plans to Expand
Yango has unveiled plans to expand its business, buoyed by what the company describes as a good business environment and good reception from customers. Read More
Western Africa
Cote d'Ivoire
MoU Signed with Ivory Coast to Boost Ties
National Assembly Speaker Raja Pervaiz Ashraf and Speaker of the Ivory Coast's National Assembly Adama Bictogo signed a Memorandum of Understanding to expand and promote inter-parliamentary collaboration. Read More

Dekel Agri-Vision Sees Record Month for Palm Oil Extraction and Prices
Dekel Agri-Vision said January was a record month for crude palm oil extraction and prices at its Ayenouan palm oil project in the Ivory Coast. Read More

Loose Financial Conditions Pose Conundrum for Central Banks
Central banks aggressively hiked interest rates last year as inflation in many countries rose to the highest levels in decades. Read More

IMF Assigns Resident Adviser to Bank of Ghana
The International Monetary Fund (IMF) has appointed a Resident Advisor to the Bank of Ghana to oversee financial sector supervision in the country. Read More

Abstainers Hold on to GHS 14.76 Billion of Old Bonds
Some investors, including pensioners that declined Ghana’s domestic debt exchange programme hold about GHS 14.76 billion (approx. USD 1.2 billion) of the now old sovereign paper, a statement from the Ministry of Finance has indicated. Read More

Debt Exchange: GHS 83 Billion of Old Bonds Swapped
The government has successfully swapped GHS 83 billion (approx. USD 6.7 billion) of its old cedi bonds for new ones under a domestic debt exchange programme  that ended on February 10, sources working on the programme have said. Read More

Lagos Commences Free Test-Run of Blue Rail Line for 2 Months
The Lagos State Government says that it had commenced the test running of the 13-kilometre Lagos Blue Line train service. Read More

FGN Bond Over Subscribed by 100 Percent as DMO Raises NGN 724.9 Billion in February 2023 Auction
The Debt Management Office has announced the results of the February 2023 FGN bond auction. Read More

Tech Startup Wins 2023 NCC Innovative Competition
A tech mobility startup, Nairaxi, has coasted to victory after emerging as the winner out of the selected startups that participated in the third Annual Nigerian Communications Commission’s Information and Communications Technology Innovation Competition and Exhibition in Nigeria. Read More

FG Begins National Food Programme to Tackle Malnutrition
The Federal Government, in partnership with HarvestPlus, a global agricultural firm, unveiled the first National Biofortification Recipe document, put together to help mitigate malnutrition across the country. 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.

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