- The World Bank has approved 300 MM USD budget to aid Uganda in fighting the Covid-19. The money will be used to boost the government's capacity to prevent, detect and treat Coronavirus, protect the poor and vulnerable population and support economic recovery.
- In Uganda, the high cost of transport has significantly driven up headline inflation in June, according to Uganda Bureau of Statistics (UBOS). The cost, which almost doubled in June, has spiked inflation increasing to 1% compared to 2.8% in May.
- Renewable energy was the focus of a virtual trade mission recently organized by the Department for International Trade (DIT) at the British High Commission in Uganda, in collaboration with Innovate UK and the London Chamber of Commerce and Industry (LCCI) for the Energy Catalyst Round 8 (ECRP) program. ECRP is a competition that aims to support highly innovative and market-oriented energy solutions in any technology or sector in sub-Saharan Africa, South Asia or South-East Asia.
- Nigeria has been urged to diversify its revenue base to protect its fiscal policies from external shocks. The country’s fiscal sustainability is expected to play a huge role in the new dispensation, given the current economic challenges brought about by the outbreak of the global Covid-19 pandemic.
- The unreliable power supply in Nigeria is causing huge economic losses, estimated at 1 TR NGN (26.21 BN USD) yearly according to the World Bank. The sector is under severe stress, adding that the causes for the stress were interlinked and the result of key stakeholders falling short of their expected contributions for achieving sector turnaround.
- Namibia registered a deficit on the current account during Q1-2020, mainly due to deterioration in the merchandise trade balance. The current account deficit reached 432 MM NAD (25.3 MM USD) in Q1-2020 compared to a surplus of 312 MM NAD (18.27 MM USD) in Q1-2019, according to the Bank of Namibia's (BoN).
- In Namibia, the Ministry of Mines and Energy is informing the public that it will recommence to accept/receive new applications for licenses issued under the Diamond Act with effect from the date of the notice which is 6th of July.
- Rwanda Development Board (RDB) has announced that commercial flights will once again be welcomed back into the country starting August 1, 2020, following what the RDB announced by June 17 concerning reopening domestic tourism and international charter flights.
- In Kenya, Tourism and Wildlife Cabinet Secretary Najib Balala announced 50% reduction in park entry fees for both domestic and foreign tourists as part of an elaborate recovery plan to revive the tourism sector in the wake of the hard economic meltdown triggered by the Covid-19 pandemic.
- The President of France, Emmanuel Macron, has promised to strengthen development cooperation between Rwanda and his country through bringing all genocide fugitives to justice, jointly tackling Covid-19 pandemic and reestablishment of a Francophone cultural centre in Kigali.
- The number of presidential aspirants for Uganda 2021 election continues to grow despite concerns about the Electoral Commission’s plan for virtual campaigns. The latest entrant, former army commander Maj-Gen Mugisha Muntu, got the ticket to represent a party he recently founded after leaving the Forum for Democratic Change (FDC). According to Jotham Taremwa, spokesperson of the electoral commission, around 43 individuals have so far communicated their intensions for Uganda’s Presidency.
- Kenya Airways (KQ) shares have been suspended from trading at the Nairobi Securities Exchange (NSE) following the commencement of plans to privatize the carrier. The Government has 9% stake in the carrier while another 38.1% is owned by the banks through the KQ Lenders Company 2017 Ltd. Air France-KLM has a 7.8% shareholding. NSE stated following the tabling of the bill, KQ had requested its shares be suspended from trading.
- The Nigerian Stock Exchange (NGSE) has upgraded its Issuers’ Portal (X-Issuer) to enable investors, analysts and other stakeholders evaluate data more accurately and timely. X-Issuer, which was first launched in 2013, is a secure web-based portal designed to enable issuers conveniently file information in an electronic format to the exchange.
Note: Weekly values are calculated on Friday of each week.
- Danube Home, part of Dubai-based diversified business conglomerate Danube Group, has launched the first-ever franchise store in Rwanda. The store is spread across 15,000 square feet and is located in Kigali, Rwanda. The store will offer a touch and feel experience of enormous range of home interior products. Danube home is a one-stop retail destination for complete home solutions.
- The Namibian investment company Alpha Namibia Industries Renewable Energy Power (ANIREP) has recently completed the acquisition of stakes in two solar energy companies in Namibia which are the Independent Power Producer (IPP) and the EPC company. ANIREP will now have a seat on the boards of two companies in Namibia.
- The Namibia Wildlife Resorts (NWR) has grown its NamLeisure offering by introducing a NamLeisure Corporate card. It is aimed at giving companies a discount on their meetings, incentives, conferences and events at any of its establishments that are spread across the country.
- Tongaat Hulett, sugar manufacturer in South Africa, has announced that all conditions related to the sale of its entire sugar packaging and distribution business in Namibia have been fulfilled. The company sold these assets, effective July 1, to breakfast cereal company Bokomo Namibia for 220 MM ZAR (12.8 MM USD).
- Jamii Bora Bank investors have unanimously accepted Co-operative Bank’s offer to acquire 90% for 1 BN KES (9.3 MM USD). This will be through the subscription of 224,153,154 new class of Ordinary Shares that would also see Co-op Bank appoint a board to run the business.
- The Coca-Cola Foundation and its bottling partners, Coca-Cola System has committed a total of over 530 MM KES (4.9 MM USD) to support governments, communities and local economies in their urgent efforts to contain the spread and impact of the Coronavirus.
- In Zambia, ZCCM Investments Holdings (ZCCM-IH) has prioritized investments in the mining sector particularly in other minerals such as gold and manganese. As mandated by Government to harness the gold potential in the country, ZCCM-IH strategy is to forge partnerships with any industry player within the gold value chain.
- The Equity Bank announced a decrease in Q1-2020 profits on provision for high loan loss. Aggressive provisions saw the cost of risk rising to 3.24% up from 0.37%. However, the group’s total income grew by 13% to 19.7 BN KES (184.45 MM USD) in Q1-2020 compared to 17.5 BN KES (163.85 MM USD) in Q1-2019.