- In August 2020, the Uganda Chamber of Mines and Petroleum partnered with the energy ministry to launch a 90-day oil and mining media campaign themed: "The Journey, Opportunities, Linkages, Challenges and Readiness for Development." The drive was motivated by the ongoing preparations to develop Uganda oil and gas wealth and the revamping of the mineral sector amidst the ongoing Covid-19 pandemic.
- Tanzania and Uganda signed an agreement paving the way for the construction of a crude oil pipeline running from Ugandan oilfields to the Tanzanian port of Tanga. Uganda discovered oil reserves in 2006 and needs the planned 1,445-km (900-mile) East African Crude Oil Pipeline to be in place to start commercial production. The pipeline is estimated to cost 5 BN USD.
- Kenya is one of the fastest-growing economies in Africa. However, nearly half of the 50 million residents live below the poverty line. In fact, about two-thirds of Kenyans do not have access to basic financial services such as bank accounts to be more specific, agriculture acts as a motive for the economic growth in Kenya.
- Kenya economic growth is expected to drop to 6% in 2020 compared to 5.4% in 2019, mainly due to COVID-19. The economy remained resilient in Q1-2020 reaching 4.9% compared to 5.5% in Q1-2019.
- Zambia National Commercial Bank plans to launch microfinance services including loans and savings for poor households in Q4-2020. The services are part of Zanaco’s digital strategy and will rely on digital credit-scoring and collection systems. The loans will be mainly to households, for amounts as small as 50 USD or 100 USD.
- The Reserve Bank of Zimbabwe (RBZ), has extended by a year the deadline for local financial institutions to meet the new minimum capital requirements. The regulator had taken into consideration the impact Covid-19 has had on the financial services sector.
- In Zimbabwe, reserve money has significantly dropped in August registering 11 BN ZWD (146.7 MM USD) compared to 16.66 BN ZWD (201.7 MM USD) in July 2020. The effect has been felt on the parallel market where the exchange rate has maintained at around 1 USD: 100 ZWD in the same period.
- Namibia has approved an additional 342,000 NAD (19,700 USD) as part of the grant to bail out the country's arts sector, which has been grounded by a state of emergency imposed as a result of the COVID-19 pandemic. The country first approved 5 MM NAD (335,786 USD) grant to bail out the country's arts sector.
- President Uhuru Kenyatta has applauded President of South Sudan Salva Kiir and the people of South Sudan for the progress achieved in search of peace and stability in their country and the neighboring Republic of Sudan. He said the milestones made in the South Sudan peace process since the commencement of the transition period in February 2020, were as a result of sacrifices made by parties to the conflict.
- The US, United Kingdom and Uganda have topped the list of arrivals to Kenya since the resumption of international flights on August 1. The US had 2,768 arrivals, UK (2,469), and Uganda (506). The suspension of international flights in March was among several measures taken by the government to curb the spread of the coronavirus.
- In view of the African Exchanges Linkage Project, African stock exchange managers have begun the process of acquiring a software that will link seven stock markets with a combined market capitalization of 25 TR USD electronically. East African countries including Uganda, Tanzania and Rwanda are partnering with the World Bank-funded financial project to connect regional stock markets electronically and enable them to operate as a single market.
- The market capitalization of the Nigerian equities market has grown by 7% or 5.59 TR NGN (14.66 BN USD) from 7.91 TR NGN (20.73 BN USD) to 13.51 TR NGN (35.41 BN USD) in the last nine years under Mr. Oscar Onyema as the Chief Executive Officer (CEO) of the Nigerian Stock Exchange (NSE) amidst challenging economic terrain.
Note: Weekly values are calculated on Friday of each week.
- One of the 3 major shareholders of UAC Nigeria Plc (UACN), Blakeney LLP, has substantially reduced its stakes in the conglomerate with the sale of 80 million additional shares. This came a few days after UAC Nigeria Plc announced a deal to divest 51% of its shares in UACN Petroleum Development Company (UPDC) to Custodian Investment Plc.
- One of Nigeria second-tier commercial banks, Fidelity Bank Plc, has concluded plans to issue up to 50 BN NGN (131.3 MM USD) in local bonds by Q4-2020, in order to refinance existing debts as the yields drop. The Fidelity Bank top executive disclosed that the new issue will be made to redeem the existing 30 BN NGN (77.81 MM USD) bond which was issued at 48%.
- The Nigerian Bottling Company Ltd (NBC) has announced the successful installation of a new high-speed canning line at its Ikeja plant. This is in line with its business optimization and transformation plans.
- Stanbic Bank Zimbabwe jumped from 624 MM USD loss posted in H1-2019 to 2 MM USD adjusted profit after tax for H1-2020. A subsidiary of Standard Bank Group of South Africa, the bank attributed the impressive performance to an improvement in its non-funded income that includes trading revenue, fee and commission income and fair value adjustments on investment properties.
- Japaul Oil and Maritime Services Plc has concluded plans to raise 27 BN NGN (70 MM USD) in a share offer by next November 2020. The money raised will be used to finance its switch to mining, as crude oil exploration and production operations due to the devastating impact of the coronavirus pandemic.
- MTN Group Limited has appointed Ralph Mupita as Chief Executive Officer, to pilot the company’s operations in Africa. This is in line with the company’s policy of appointing internal candidates. Mupita will take over from Rob Shuter on September 1, 2020.