10 June 2022
Eastern Africa
CBE Eyes to Massive Expansion Whilst Siinqee & Abyssinia Banks to Open Branches in Djibouti
Commercial Bank of Ethiopia has opened its eyes for massive expansion whilst Siinqee and Abyssinia Banks are about to open new branches in Djibouti, according to Ministry of Foreign Affairs. Read More

Treasury Cancels KES 115 Billion Eurobond, Eyes Bank Loans
Kenya has cancelled the issuance of a KES 115 billion (USD 1 billion) Eurobond and will instead borrow from a syndicate of banks after the Treasury received bids priced at 12 percent. Read More

40 Percent Taxpayers File Returns Ahead of June 30 Deadline
About 41 percent of Kenyans targeted by the taxman have filed returns ahead of the June 30 deadline, data from the Kenya Revenue Authority says. Read More

24 Global Hotel Brands Eye Kenya as Covid-19 Subsides
Twenty-four global hotel brands are considering opening new facilities in Kenya this year, as the industry recovers from the effects of the Covid-19 crisis, a new report shows. Read More

Kenya FDI Declines KES 31.5 Billion Amid Rebound in the EAC
Kenya’s foreign direct investment (FDI) inflows went against a regional recovery trend in 2021 after falling USD 269 million, a United Nations survey showed Read More

Rwanda to Outgrow Nigeria, South Africa, Others in 2022 – World Bank

The World Bank has said Rwanda will outgrow Nigeria, South Africa and all other African countries in 2022 despite the projected slow pace of growth when compared to 2021. Read More

Senators Call for Cheaper Loans, Better Financial Services
Senators have called for strategies to ensure Rwandans have access to affordable financial services such low-interest loans to help them invest in income generating activities to better their lives and uplift the economy. Read More

TBS Stresses on Consumers Right to Food Safety
Tanzania Bureau of Standards (TBS) has said consumers have the first obligation to determine and check the quality and safety of food to avoid consuming contaminated food. Read More

Economic Recovery on Track, says BoT
The Central Bank will sustain the accommodative monetary policy measures to continue protecting recovery of economic activities, its Monetary Policy Committee has said. Read More

NSSF Midterm Payments Hit UGX 421 Billion in 3 Months
The National Social Security Fund (NSSF) has paid out a total of UGX 421 billion (approx USD 1 billion) worth of midterm benefits to over 21,600 eligible members in less than 3 months, following commencement of payments in March this year. Read More
Northern Africa
Egypt's Annual Core Inflation Records 13.3 Percent in May: CBE
The annual core inflation rate recorded 13.3 percent in May 2022, compared to 11.9 percent in April 2022, the Central Bank of Egypt (CBE) said in a statement. Read More

Egypt Repays USD 24 Billion In Foreign Debts, Funds
Egypt has paid about USD 24 billion since the beginning of 2022, of which USD 10 billion is external debt, and USD 14 billion is for foreign funds, the Central Bank of Egypt revealed. Read More

Egypt's Annual Inflation Records 15.3 Percent in May, Urban Inflation Reaches 13.5 Percent
Egypt’s annual consumer price inflation rose for the sixth month in a row to hit 15.3 percent during May, compared to 14.9 percent in April 2022, and 4.9 percent in the same month of 2021, state-statistics body said. Read More

Aggressor Adventures Announces the Launch of Its First Aggressor Floating Resort Hotel in The Red Sea Resort Town of Hurghada
After successfully establishing a fleet of four Luxury Liveaboard Yachts in the Red Sea and Nile River in Egypt over the last 8 years, Aggressor Adventures announces the launch of its first Aggressor Floating Resort Hotel in the Red Sea Resort town of Hurghada in March 2023. Read More

Morocco Ranks 160th in Environmental Performance Index, Ties with China
Morocco ranks 160th out of 180 in the global Environmental Performance Index with a similar overall score as China, earning 28.6 out of 100 points. Read More

Chariot Raises USD 4 Million for Morocco Offshore Gas Project
Chariot Transitional Energy, the Africa-focused energy group in charge of the Anchois offshore gas project in Morocco, announced that it raised USD 4 million to finance the project. Read More

Report: OCP Foundation Committed to Agricultural, Social Development
As “sustainability” became a key approach for businesses to reduce their carbon footprint and preserve natural resources, the OCP Foundation continues its commitment to create a truly sustainable future through adopting the “sustainable innovation” approach into its work, which aligns with the country’s 2035 New Development Model. Read More

Fouad Laroui “Optimistic” About Morocco’s Scientific, Digital Transformation
While artificial intelligence and transhumanism are becoming an emerging movement that seeks to rapidly develop humans’ life, there are still many debates whether this technologically-advanced movement is a threat or opportunity for humanity. Read More
Southern Africa
World Bank Cuts Malawi’s 2022 GDP to 2.1 Percent
Ministry of Tourism, Culture and Wildlife says it hopes to see increased and expanded operations in the tourism sector following the award of matching grants to selected players. Read More

Miner in USD 287 Million Coal-Fired Project
Mchenga Coal Mine, a subsidiary of Coal Products, has disclosed an ambitious plan to construct a coal-fired power plant at its mining site in Rumphi District using a USD 287 million loan from the Export Development Bank. Read More

Tourism Board to Close 500 Firms
The Malawi Tourism Board says it will close and fine over 500 tourism enterprises across the country over non-renewal of licences. The board, under the Ministry of Tourism, Wildlife and Culture, said this in Blantyre when it closed Sogecoa Golden Peacock Hotel and Gerato Carnival. Read More

Mozambique May Receive USD 4 Billion From World Bank for Development Projects – OpEd

The World Bank, one of the five international organizations that make leveraged loans to developing countries, has began this June the process of public consultations with a view to adopting a new Country Partnership Framework with Mozambique for the period 2023 to 2027. Read More
South Africa
South African Rand Firmer Ahead of Current Account Data
South Africa's rand strengthened in early trade ahead of the release of current account, mining output and industrial production data. Read More

Japan-South Africa Business Forum a Boost for SA Economy
Minister in the Presidency, Mondli Gungubele, says strengthening ties with Japan can present increased economic opportunities for South Africa. The Minister was briefing media on Cabinet decisions. Read More

Government to Invest in Climate-Proof Infrastructure
Deputy President David Mabuza says government will invest in climate-resilient infrastructure following the recent devastating floods that caused loss of life and devastated roads and drainage systems. Read More

Rogers Appointed as Constitutional Court Judge
President Cyril Ramaphosa has appointed Judge Owen Lloyd Rogers as a Judge of the Constitutional Court of South Africa. In a statement, the President described Rogers as a highly experienced judge, who has served as a judge of the Western Cape Division of the High Court. Read More
Zambian Women Build Sustainable Businesses
Zambian women lead sustainable businesses, from solar energy to honey production, while training peers to follow suit. In Africa, women operate more than 40 percent of the small and medium-sized businesses, but often lack sufficient funding or expertise to expand. Read More

Government Should Look at the Business Aspect of KCM when Resolving the Disputed Ownership
Caritas Zambia Chingola Coordinator Eugene Mulenga has said the New Dawn Government should look at the business aspect of Konkola Copper Mines (KCM) when resolving the disputed ownership. Read More
Western Africa
Cote D’Ivoire
Montage Gold to Acquire Mankono JV Project in Côte d’Ivoire for USD 24 Million
Montage has signed an agreement with Stifel GMP on behalf of a syndicate of underwriters to raise nearly CAD 20 million (USD 16 million) in financing to fund the cash portion of the transaction. Read More

U.S.-Ghana Business Forum Comes Off on 16 June 2022
The U.S Chamber of Commerce and the American Chamber of Commerce Ghana will organise the 3rd high-level meeting between US and Ghanaian Government Officials as well as Businesses on the official visit of the Deputy Secretary of Commerce, Don Graves. Read More

16th Edition of Water Africa & West Africa Building & Construction Opened
After two years break, ACE Event Management has commenced its annual programme, the Water Africa and West Africa Building and Construction Exhibition and Seminar at the Accra International Conference Center. Read More

We are Suffering from E-levy–E-Commerce Association
The E-Commerce Association of Ghana wants government to consider the negative impact of the 1.5 percent Electronic Transaction Levy on their activities. Read More

FG Intensifies Efforts to Remove Nigerian Exports from EU’s Restriction List
The Nigerian Export Promotion Council (NEPC) has stated that the Ministry of Industry Trade and Investment, has inaugurated a committee composed of the NEPC and other regulatory agencies to ensure the removal of Nigeria from the European Union’s (EU) restriction list. Read More

Four Nigerian Firms among Africa’s Top 11 with USD 1 Billion Valuation in Six Years
In the last six years, Africa has seen the emergence of eleven USD 1 billion valuation companies with five of them coming from Nigeria. Read More

NNPC Makes NGN 1.7 Trillion from Crude Sales in 12 Months
Revenue made by the Nigerian National Petroleum Corporation from crude oil sales in one year has been put at NGN 1.7 trillion (approx. USD 4.1 billion). Read More

‘Nigeria Must Address Inflation, FX Challenges to Drive Renewable Energy’
Nigeria’s target of upscaling renewable energy adoption to address the huge electricity deficit and mitigate climate challenges may become realistic if the country tackles growing inflation and foreign exchange disparities. Read More
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