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Africa this Morning

ETHIOPIA

  • Ministry of Finance and Economic Cooperation will conduct a study in collaboration with Ethiopian Revenue and Customs Authority to amend the Turn Over Tax, Value Added Tax and Excise Tax. (Read full article here)
  • Ethiopia’s government has issued a public bid to privatise Assela Malt Factory, one of the public enterprises it owns and administers. (Read full article here)
  • National bank of Ethiopia has disclosed that micro-finance institutions across the country disbursed USD 976 million loan in the last fiscal year. (Read full article)
  • As labour, raw material and tax costs rise in China, the world’s dominant textiles producer, Ethiopia is scrambling to offer a cheaper alternative and go up against established low-cost garment makers like Bangladesh and Vietnam. (Read full article)
  • Ethiopia has launched a research to assess the possibility of having a gold refinery plant with the aim of reversing the current trend of refining gold in Switzerland. (Read full article)
KENYA

  • The International Monetary Fund has cautioned that Kenya’s rising debt levels need to be contained to cushion the economy from unplanned shocks. (Read full article here)
  • Central Bank of Kenya Governor, Patrick Njoroge, has said guidelines for banks to float green bonds are being finalised and will create a ‘patient’ funds pool for farmers. (Read full article here)
  • Increased use of Central Bank overdraft by the government in recent weeks has pushed Kenya’s domestic debt above the USD 21.3 billion mark. (Read full article here)
  • Kenya’s biggest bank, KCB Group, reckons that limits on interest-rate charges that have weighed on profit will be around for at least another year. (Read full article here)
  • Mumias Sugar Company will resume supplying electricity to Kenya Power after a three-year hiatus triggered by a dispute over the power purchase agreement. (Read full article here)
  • Safaricom’s e-commerce platform, Masoko, is set to start signing international vendors on its online portal in the first quarter of 2018, enabling local customers to purchase items directly from abroad. (Read full article here)
  • The High Court has allowed the opening of bids by currency printing firms, paving the way for the printing of new-look notes and minting of new coins in compliance with the 2010 Constitution. (Read full article here)

RWANDA

  • The Mo Ibrahim governance report has placed Rwanda on ninth position in good governance achievement. (Read full article here)
  • Rwanda has re-branded its tea package that redefines the tea industry identity, uniqueness and values at global level. (Read full article here)
  • Rwanda’s business community should take advantage of the recently installed modern infrastructure at  Kenya’s Mombasa port to increase trade, Catherine Mturi-Wairi, the Kenya Ports Authority Managing Director, has said. (Read full article here)

TANZANIA

  • Zanzibar goods account deficit has widened to USD 103.4 million in the year ending September from USD 70.4 million of the corresponding period 2016 on account of fall of exports particularly cloves. (Read full article here)
  • The East African Community partner states have been urged to explore alternative energy generating sources, including solar, rather than opting for nuclear power plants, which may pose a serious threat to the environment and the economy. (Read full article here)
  • Former Prime Minister, Mizengo Pinda, has lauded the Southern Agricultural Growth Corridor of Tanzania for its efforts aimed at introducing smart farming practices among smallholder farmers that will help improve productivity. (Read full article here)
  • Tanzania has registered an overall improvement in governance over the last decade, ranking higher than the African average (50.8) and higher than the average for East Africa (45.2), scoring 57.5 (out of 100) in overall governance, and ranking 17th (out of 54) in Africa. (Read full article here)

UGANDA

  • Soft policy actions by Uganda’s Central Bank in recent months have yielded little mileage towards credit growth in an environment plagued by increased default rates despite loan campaigns targeted at consumers. (Read full article here)
  • The Uganda Securities Exchange has registered progress over the last three months with its market capitalisation increasing by 2.62 percent. (Read full article here)
  • The National Social Security Fund has unveiled a turnaround strategy that seeks to transform the pension Fund’s fortunes. (Read full article here)
  • President Yoweri Museveni has described the trade balance between Uganda and India as unfair, urging the south Asian country in the world to open up her market for more products from Uganda. (Read full article here)

ALGERIA

  • Italian utility, Enel’s long-term gas supply import deals with Algeria have started expiring this year and it is in talks to replace them with new contracts not linked to the price of oil. (Read full article here)
  • Algeria is trying to cope with falling revenue from oil and gas by cutting imports, which deplete its shrinking supply of the hard currency needed to pay for products made abroad. (Read full article here)
  • Algeria’s trade deficit shrank by 34 percent year-on-year in the first ten months of 2017 to USD 9.5 billion. (Read full article here)

EGYPT

  • Egypt has agreed with Cyprus to begin talks for the construction of a pipeline to transport natural gas from Cypriot fields to Cairo next month. (Read full article here)
  • The FocusEconomics Consensus Forecast expects inflation in Egypt to average 15.7 percent in the year 2018, which is down 1.1 percent from last month’s estimate. (Read full article here)
  • EgyptAir will swing to a profit this year, buoyed by an increase in passengers and cost cutting, the Chairman of the state-owned airline’s holding company has said. (Read full article here)

MOROCCO

  • Morocco and 18 other nations have recently committed to increase the use of wood and other plant matter from sustainable sources to generate energy as part of efforts to limit climate change. (Read full article here)
  • A few days after the digital services company, MTDS, announced that it would accept Bitcoin as payment for the first time in the kingdom, Morocco’s Foreign Exchange Office and the Central Bank have issued a public statement stating that transactions made via cryptocurrencies are banned and will be punishable by fines. (Read full article here)

SUDAN

  • Sudanese security forces launched a crackdown on black market currency trading on Tuesday to curb a parallel market that has undermined its banking system, with some importers halting activity amid a dwindling supply of dollars. (Read full article here)
  • Grown on over 22.2 million hectares worldwide, groundnut has been used for decades as an important protein-rich source for people in developing countries, while its oil seed, cake and haulms are used traditionally as animal feed(Read full article here)

BOTSWANA

  • Coal-bed methane project developer, Tlou Energy, has secured the support of new investors and plans to list on the Botswana Stock Exchange by mid-December. (Read full article here)
  • The future of Botswana’s mining sector hangs in the balance as eight mines were closed since 2010 and shed more than 7000 jobs in the process, according to a report compiled by the Ministry of Mineral Resources. (Read full article here)
  • The Government, through the Ministry of Infrastructure and Housing Development, is currently conducting a housing assessment needs research to determine the gap between supply and demand for affordable housing in the country. (Read full article here)

MALAWI

  • Brazilian firm, Vale Logistics, has said that over nine million tonnes of coal has been ferried through the Nacala Corridor, representing 82 percent of their budget for this year. (Read full article here)
  • Malawi government plans to narrow the trade deficit in the next five years, according to the Malawi Growth and Development Strategy. (Read full article here)
  • Electricity Supply Corporation of Malawi has said that it expects the power generation capacity to reduce further to below the current 147 megawatts as the water levels in Lake Malawi keep on dropping. (Read full article here)

MOZAMBIQUE

  • Vale Moçambique, from January to October of this year, has extracted about 10 million tonnes of coal from its mine in Moatize, in Mozambique’s Tete province, almost doubling the amount of 5.9 million tonnes extracted in the same period of 2016. (Read full article here)
  • Mozambique’s economy registered growth of 2.9 percent in the third quarter and accumulated growth in the first three quarters of the year of 3.0 percent. (Read full article here)
  • Mozambique will no longer import seeds for major crops starting in this agricultural season, 2017/2018. (Read full article here)
  • The United Arab Emirates want to make large investments in Mozambique in various areas, such as agriculture, mineral resources and transport and communications. (Read full article here)

SOUTH AFRICA

  • South Africa will confront the threat of a USD 7 billion debt selloff this week as it awaits two concurrent judgments on its credit status. (Read full article here)
  • South Africa wants the national oil companies of its BRICS partners to help build a new 400,000 barrel per day refinery that will be structured by senior debt and equity. (Read full article here)
  • Even with a government injection of USD 709 million, the struggling South African Airways will remain under-capitalised with a negative equity position of over USD 643.6 million, a presentation to parliament showed. (Read full article here)
  • South Africa and its neighbours in sub-Saharan Africa might struggle to borrow just as most of the region’s international debt matured in the next decade, international ratings agency Moody’s Investors Service cautioned in a report on Tuesday. (Read full article here)
  • Gold and platinum group metals miner, Sibanye-Stillwater, will take a 38 percent stake in DRDGold worth USD 93 million, by vending a number of its surface assets into the tailings retreatment specialist. (Read full article here)
  • South African firms, All Power Systems and Synthesis, have launched the country’s first commercial solar savings insurance to protect companies from risks associated with adverse weather and system failure. (Read full article here)

ZAMBIA

  • China Railway Seventh Group has signed a USD 393 million agriculture infrastructure development deal with the Zambia. (Read full article here)
  • AB Bank has signed a memorandum of understanding with the Zambia Development Agency to provide working capital to 500 micro-small and medium enterprises registered with the agency. (Read full article here)
  • The International Fund for Agricultural Development has said that there is need to allocate investment in sectors that need funds the most, as it is critical for Zambia to achieve economic growth. (Read full article here)
  • The government is still in talks with Ethiopian Airlines to come up with a joint venture that will see the establishment of a national airline in Zambia. (Read full article here)

NIGERIA

  • Nigeria raised USD 3 billion in a two-part international bond sale as it seeks to fund a fiscal deficit and reduce its local-currency debt burden. (Read full article here)
  • Nigeria’s Central Bank left its key interest rate at a record high to fight inflation after the economy expanded in the third quarter. (Read full article here)
  • Shell Petroleum Development Company of Nigeria has said that the Nigerian Electricity Regulatory Commission has renewed the power generation licence for the Afam VI Power Plant. (Read full article here)
  • The Nigerian National Petroleum Corporation has said that it has so far completed 500 kilometres of gas pipelines between 2010 to date as part of measures to expand gas pipeline infrastructure across the country. (Read full article here)
  • The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said about three or four deepwater projects with capacity to add 750,000 barrels to one million barrels to Nigeria’s daily production need funding. (Read full article here)

GHANA

  • The Bank of Ghana has said that it is currently working to promote sustainability principles across the banking industry, with a draft guidelines and principles almost ready to be deployed. (Read full article here)
  • The government is hopeful of earning some USD 669.4 million from the petroleum sector in 2018, the 2018 Budget and Policy Statement to Parliament, has said. (Read full article here)
  • Even though government has given approval for the establishment of a national airline, the Aviation Ministry, says it does not want to rush into any deal that is likely to restage the experiences of the defunct Ghana Airways. (Read full article here)
  • Several Small and Medium-scale Enterprises in Ghana are expected to benefit from special loan facilities to be advanced by commercial banks in the country under the green financing projects for businesses. (Read full article here)
  • Addis Fortune
  • 2Merkato.com
  • Business Daily Africa
  • Daily Nation, Kenya
  • The EastAfrican
  • New Times, Rwanda
  • KT Press
  • Daily News, Tanzania
  • Citizen, Tanzania
  • Corporate Digest, Tanzania
  • Daily Monitor, Uganda
  • Brazil-Arab News Agency
  • Daily News, Egypt
  • Sudan Commerce News
  • Morocco World News
  • North Africa Post
  • Mining Weekly
  • Journal du Cameroun.com
  • Lusaka Times
  • Mmegi Online
  • Macau Hub
  • Nation, Malawi
  • Times, Malawi
  • Daily Mail, Zambia
  • The Punch
  • The Guardian, Nigeria
  • Ghana Web
  • Independent Online
  • Times Live
  • Business Day
  • Bloomberg
  • Reuters
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