Ethiopia
Commercial Bank of Ethiopia Conducts over ETB 1.9 Trillion Digital Transactions in 12 Months
Commercial Bank of Ethiopia disclosed that it has conducted more than ETB 1.9 trillion (approx. USD 35.5 billion) in digital transactions within the past 12 months.  Read More

Safaricom Ethiopia Switches on Its Network in Five More Cities
Safaricom Ethiopia switched on its network and services in Hawassa, Assela, Jigjiga, Sodo, and Dilla cities in December, growing its network footprint across the country to 21 cities.  Read More

Kenya
Safaricom Reduces M-Pesa Pay Bill Charges by Nearly Half
Safaricom customers paying between KES 100 (USD 0.81) and KES 500 (USD 4.05) in pay bill charges will now be charged KES 4 (USD 0.032), down from KES 23 (USD 0.19) in new tariffs applicable from Sunday, the company has announced.  Read More

New Regulations to Allow State Direct Oil Imports
The State has published regulations to support government-to-government deals on fuel importation amid a push for products from Saudi Arabia. Read More

KRA Tax Amnesty Plan Expires this Weekend
Taxpayers have less than a week to enjoy the amnesty that cushions defaulters from penalties and legal suits by up to 50 percent on interest and accrued penalties. Read More

Taxman Eyes Billions Earned by Foreign Traders on Hedging
The Kenya Revenue Authority will from January go after the billions being made by foreign traders profiting from Kenyan-based derivatives, as the taxman casts its net beyond borders.  Read More

Rwanda
RRA Announces Deadline for Tax Payment
Rwanda Revenue Authority has announced December 30 as the deadline for individual businesses and government institutions to pay their due taxes.  Read More

Kigali Flower Vase Vendors Seek Extended Deadline after Relocation Ultimatum
Some flower vase vendors across the City of Kigali are requesting an extended deadline to move after facing a relocation ultimatum. Read More

Tanzania 
Private Sector Credit Grows Four Times to TZS 24 trillion
Commercial banks’ lending to the private sector grew by four times to about TZS 24 trillion (approx. USD 10. 3 billion) in the year ending October compared to TZS 6 trillion (approx. USD 2.6 trillion) offered in the corresponding period last year, thanks to supportive monetary policy conditions. Read More

Cashew Production is Up by 14 Percent
Cashew Nut production has increased by 14 percent in the past two years following various steps taken by the government and other stakeholders to boost crop farming. Read More

Agriculture is Now the Most Attractive Sector to Commercial Lenders
The agriculture sector has become attractive to the country’s commercial lenders, thanks to monetary policy measures aimed at supporting cost-effective credit intermediation to agriculture and agribusiness activities. Read More

TCDC to Introduce Digital Cotton Scaling 
Tanzania Cooperative Development Commission plans to introduce digital scales in cotton purchases in ensuring accuracy in weighing the cotton.  Read More

Uganda
URA Directs Entertainers, Artists to Get TINs
Uganda Revenue Authority has directed all persons earning an income from entertainment activities to get Tax Identification Numbers, failure of which they risk paying fines and imprisonment. Read More

The Banking Sector Remained Resilient Amid Challenges 
During 2022 financial markets stakeholders and the Central Bank have separately described the banking sector as extremely resilient amid serious shocks. Read More

We Will Not Introduce New Taxes Next Financial Year, says Ggoobi 
The government has ruled out the introduction of new taxes or an increase in existing ones during the 2023/2024 financial year.  Read More

Algeria
Algeria’s Liquefied Natural Gas Exports to Spain Reach Record Low
Algeria’s liquefied natural gas exports to Spain have reached the “lowest historical level,” Spanish news outlet El Mundo reported on December 27.  Read More

Egypt
Non-petroleum exports increase to USD 11,575 Billion in 11 months
Minister of Trade Ahmed Samir said that Egypt's non-petroleum exports succeeded in the first 11 months of 2022 to achieve positive indexes and increased to USD 11,575 billion at an 11 percent rise.  Read More

Egypt's Central Bank Issued EGP 43.3 Billion in its last T-bills in 2022
The Central Bank of Egypt, on behalf of the Ministry of Finance, is set to issue EGP 43.3 billion (approx. USD 1.7 million) in its last treasury bills in 2022 on December, 29. Read More

Egypt Increases the Minimum Wage for Workers in the Private Sector to EGP 2,700
The National Wages Council approved, in its meeting, agreed to increase the minimum wage for workers in the Egyptian private sector from EGP 2,400 (approx. USD 96.94) to EGP 2,700 (approx. USD 109.06) as of January 1, 2023.  Read More

Egypt's Central Bank Cancels Letter of the Credit Requirement for Imports
The Central Bank of Egypt announced the cancellation of the letter of the credit system as a requirement for imports. Read More

Morocco
Morocco's Compensation Fund Spending Reaches MAD 38 Billion
Morocco's Compensation Fund is set to reach  USD 3.6 billion of additional spending by the end of 2022, Government Spokesperson Mustapha Baitas said in a press briefing. Read More

Morocco to Invest EUR 50 Million in Plant to Produce Moroccan-Made Cars
Morocco is set to invest EUR 50 million (approx. USD 53.2 million) to establish a plant to produce local car brands. The factory will be made with a 100 percent Moroccan investment, Morocco’s Minister of Trade and Industry Ryad Mezzour said in a recent interview.  Read More

Morocco To Issue E-Visas for 4 New Countries on January 10, 2023
Morocco’s Ministry of Foreign Affairs, African Cooperation, and Moroccans Residing Abroad have announced that nationals from Jordan, India, Guatemala, and Azerbaijan will benefit from the country’s electronic visa starting from January 10, 2023. Read More

China’s XEV To Produce Electric Cars for the Italian Market in Morocco
China’s XEV brand has announced plans to produce in Morocco its electric cars destined for the Italian market.  Read More

Yet Another Tough Year for Malawi’s Economy
Positive prospects for 2022 were dealt a blow during the year by the Russia-Ukraine war, which has affected most countries in the world, including Malawi after disrupting global supply chains for key commodities.  Read More

Mixed Fortunes for Listed Firms
The slowdown in business activity has brought mixed fortunes for firms listed on Malawi Stock Exchange, with the banking sector poised to close the year on a high note unlike other sectors, published trading statements show. Read More

Comesa Calls for Harmonized Agribusiness Policy
The Common Market for East and Southern Africa urged Member States to implement a harmonized regional policy to help facilitate fertilizer agribusiness in Sub-Saharan Africa.  Read More

South Africa
This is how much Load Shedding Costs Retailers Every Day – and What they’re Doing to Leave Eskom in the Dust
Attacq, the owners of Mall of Africa and Glenfair Boulevard, is the latest prominent retail space owner to invest heavily in solar in an attempt to escape Eskom. Read More

Sassa on Track to Pay January Social Grants; warns of scammers
The South African Social Security Agency is on track with arrangements to disburse the January 2023 social grant payments. Read More

Shoprite CEO Pieter Engelbrecht sells ZAR 20 Million in the company’s shares
Shoprite CEO Pieter Engelbrecht sold ZAR 20 million (approx. USD 1.2 million) in the company’s shares in the week before Christmas. According to a statement released by the group, the sale was part of the “annual rebalancing of his investment portfolio”. Read More

Ulundi’s crippling load reduction suspended after talks with Eskom and Cogta
The crippling load reduction process imposed on Ulundi Local Municipality in northern KwaZulu-Natal has been indefinitely stopped.  Read More

Zambia
Government Takes Measures to Mitigate Seasonal Low Water Levels at Kariba Dam with Rehabilitation Project
The Kariba Dam, a crucial source of hydroelectric power for the country, was facing a dire situation. Water levels at the North Bank had fallen to the lowest levels in history due to the negative effects of climate change. This posed a serious threat to the country’s power generation and the overall social and economic well-being of the nation.  Read More

Scrapping off of 25 Percent on Excise Duty May Foster Stability in Fuel Supplies – Kelvin Chisanga
BMD Properties has invested over USD 1.2 million in a new shopping mall in Kabwe, Central Province, which is expected to create about 150 jobs once it opens for business. Read More

Government Recognizes the Importance of Entrepreneurship in Driving Economic Growth and Prosperity in Zambia
The government of Zambia has long recognized the vital role that entrepreneurship plays in driving economic growth and wealth creation within the country. Read More

Zambia’s Ministry of Finance Calls for Inclusion of Natural Resources in Development Planning
The Ministry of Finance in Zambia has made a significant call for the inclusion of natural resources and ecosystems in development planning. This is due to the fact that a significant portion of the country’s wealth, approximately 40 Percent, is made up of natural resources. Read More

Ghana
Petrol ‘likely’ to Sell at Single Digit – Analysts
For the first time in 12 months, petrol is likely to sell at a single-digit rate at the local pumps in the first week of January 2023, some market analysts have projected.  Read More

Cedi projected to depreciate by 22 Percent in 2023 – EIU
The Ghana cedi has been projected to lose about 22 Percent to the dollar in 2023. Read More

National Insurance Commission Urges Importers to Comply With the Local Insurance Act
Charles Ansong Dankyi, Senior Manager in Charge of Marketing and External Relations of the National Insurance Commission has called on shippers to adhere to the Insurance Act and ensure their imports locally. Read More

Nigeria
Lekki Port Begins Talks on Liquid Berth Terminal
The Chief Operating Officer of Lekki Port LFTZ Enterprise Limited, Laurence Smith, has said that has opened talks with potential operators of the Liquid berth terminals. Read More

Nigeria to Benefit from German Companies’ Increased Energy Investments in 2023
Nigeria is one of the Sub-Saharan African countries that will benefit from increased energy investments from German companies in 2023.  Read More

Finance Bill 2022 has Been Passed by Senate
The Nigerian Senate has officially passed into law the Finance Bill 2022 following a third reading on the floor of the Senate. Read More

EFCC Commences Sale of Forfeited Properties
Economic and Financial Crimes Commission has concluded plans to conduct the sale of properties, which are subject to Final Forfeiture Orders. Read More