- Africa Day is observed annually on 25 May, to celebrate the founding of the Organisation of African Unity (OAU) which was created on 25 May 1963 in Addis Ababa, Ethiopia. The day provides an opportunity to deliver the political and socio-economic achievements of African governments and African citizens. This year’s theme for Africa Day was “Silencing the Guns in the context of the COVID19” and it took place through a virtual conference focusing in particular, on addressing the underlying root-causes of conflict and facilitating socio-economic development.
- The National Bank of Ethiopia (NBE) has temporarily suspended commercial banks from foreclosing on the properties of defaulted borrowers. The suspension will remain active for three months.
- Uganda received 48 MM USD loan from the World Bank to help strengthen the country’s efforts towards fighting against desert locusts. Similar loans have been extended to other East African countries like Kenya (43 MM USD), Djibouti (6 MM USD), Ethiopia (31.5 MM USD) and all countries that have been affected by locust invasion.
- South Africa will ease the Covid-19 lockdown from level four to level three beginning from June 1 according to the President Cyril Ramaphosa. Level three will allow the opening of the economy and the removal of a number of restrictions on the movement of people, while significantly expanding and intensifying the public health interventions.
- Despite border closures and rows over testing of cargo truck drivers, East Africa Community governments have agreed to include imported motor vehicles as essential goods. They have adopted protocols that will make it easier for drivers to deliver the vehicles to their destinations from the port of Mombasa.
- President Uhuru Kenyatta has announced plans and measures worth 7 BN KES (503 MM USD) to help businesses and Kenyans survive the economic storm caused by the coronavirus pandemic. Kenya is following countries around the world in pledging stimulus packages as the global economy stares at recession.
- Kenya has received 188 MM EUR (22 BN KES) from African Development Bank (AFDB) to support the government’s efforts to respond to the Covid-19 pandemic and mitigate the related economic, health and social impacts.
- Kenyans living abroad sent home 3 BN KES (208.43 MM USD) in April 2020, a 9% decrease compared to 24.5 BN KES (228.99 MM USD) in March 2020. However, the cumulative inflows in the 12 months to April were higher 299 BN KES (2.79 BN USD) compared to 294 BN KES (2.74 BN USD) over a similar period last year.
- The Bank of Zambia cut its key interest rate for the first time in more than two years from 11.5% to 9.25% in order to counter the impact of the coronavirus on the economy, even as inflation surged to a 43-month high in April.
- In Q1-2020, Nigeria’s Gross Domestic Product (GDP) increased by 87% y-o-y in real terms. The oil sector recorded a real growth rate of 5.06% y-o-y in Q1-2020 indicating an increase of 6.51% points compared to Q1-2019.
- Burundi has shut down popular social media platforms, as the presidential election got underway last Wednesday morning. WhatsApp, Facebook, Instagram and Yahoo Mail are all inaccessible, as Burundians head to polling stations to elect a new president and parliamentary representatives.
- Nigeria has charged a UK airline 3,300 USD for illegally running a passenger service into the country during the Covid-19 travel ban. The Flairjet plane was impounded by Nigeria on May 17, 2020 and the crew interrogated.
- Nigerian stock market (NGSE) registered a total turnover of 718 billion shares worth 18.849 BN NGN (48.26 MM USD) in 26,367 deals were traded this week by investors on the floor of the Exchange compared to a total of 926.418 million shares valued at 9.768 BN NGN (25 MM USD) that exchanged hands last week in 20,910 deals.
- Tanzanian equities market turnover of Dar es Salaam Stock Exchange (DSE), continued to decrease last week to register 13.93 MM TZS (6,019 USD) a new low amid global markets uncertainty due to coronavirus compared to last week's 16.37 MM TZS (7,073 USD. DSE indexes closed last week in mixed reaction as DSE all share index (DSEI), climbed up while Tanzania Share Index (TSI), slight went down.
Note: Weekly values are calculated on Friday of each week.
- Vivo smartphone made its debut to the Kenyan market a year ago and through them leveraging on innovation and quality of products to offer to customer satisfaction. Vivo unveiled its latest device called Vivo 17 pro with a total of six cameras. It is competing with the likes of Oppo Reno 2Z, Xiaomi Redmi K20 Pro and One Plus.
- Kenya’s listed telco Safaricom topped the East African region as the largest company by market capitalization and net earnings yet again this year, even as the Covid-19 pandemic hit listed firms, wiping out shareholder earnings and pushing away foreign investors. A survey on Africa’s top 250 companies by South Africa’s African Business Magazine had 17 East African companies valued at 2 BN USD (3.4% of total market capitalization of the companies surveyed).
- Rwandan brewers are feeling the effects of the Covid-19 pandemic as sales continue to drop since the country went into lockdown in March. As a result of the shutdown shocks, Bralirwa Plc, the only brewery listed on the Rwandan stock exchange, has proposed to its shareholders to suspend dividend payouts in 2020. This will enable the company to reserve its cash flow and keep operations running as the ongoing pandemic takes hits its revenue streams.
- KMRC has been active in mobilizing concessional financing to support the Kenya Affordable Housing Finance Project (KAHFP). KMRC seeks to address the shortage of long-term funding by mobilizing long-term capital and making it available, at affordable rates, to mortgage lenders for onward lending to their customers.
- The Co-operative Bank of Kenya and Simba Corporation customers can now purchase commercial vehicles at affordable rates and access working capital following a partnership signed between the two institutions. Customers will get asset finance facilities from Co-op Bank which will enable them to acquire Fuso trucks from Simba Corporation in a deal that will see the Bank fund up to 95% of the value of the truck and top it up with 500,000 KES (4,673 USD) working capital.
- Tanzania Zambia Mafuta (Tazama) Pipeline is seeking 400 MM USD loan to upgrading the entire pipe diameter to 12 inches. The current pipeline pumping capacity at the moment is 60%, equals to 2 million litres a day, after upgrading the amount will shoot to 95%.
- 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.
- Plane loads of tourists aboard Ethiopian, KLM and Turkish airlines are expected to land in Tanzania next week, marking a critical milestone in the on-going re-opening of the country's economy following nearly two months of lockdown.