- Uganda export receipts have amounted to 47 MM USD in September 2020, representing 29.5% increase compared to 321.41 MM USD recorded in August 2019. The performance of the economy indicates that sentiments about doing business in Uganda turned out positive for the first time since February 2020.
- The number of mobile phone users decreased to 5 million in Q2-2020 compared to 28.4 million in Q1-2020, according the Uganda Communications Commission (UCC). The 11% contraction is the first in the last two years.
- The East African Community could become a mass producer of medical cannabis for export to fast-growing markets in the West. This is after Rwanda on October 12 became the latest EAC partner state to approve medical cannabis production for export, following closely in the footsteps of Uganda. Tanzania and Kenya, which produce the largest amounts of cannabis in the region, are yet to legalize the commodity and so it is exported illegally.
- Nigeria month-on-month inflation increased to 7% in September 2020 as officials admitted Africa's largest economy was facing troubles in the pandemic season. This is the highest increase since March 2018 when it was 13.34%.
- Rating agency Fitch expectes Zambia to default on its government debt in the coming months, having become locked in a row with its creditors over delaying some of its bond payments. Zambia finance ministry issued a statement repeating a request for a number of its debt payments to be deferred until April 2021.
- The vice-President Samia Suluhu Hassan has assured the importance of the private sector in driving Tanzania’s economy forward. The government recognizes and values the role of the private sector in building a strong national economy, which is competitive and industrial based.
- Kenya has developed a one-year marketing strategy for its horticulture products with a 10% exports growth target in 2020/2021. Export markets include the European Union, UK, Australia, UAE, Russia, China and the US.
- President Museveni has appointed the former Internal Security boss Col Frank Kaka Bagyenda as Uganda ambassador to Angola. According to security sources, Kaka’s appointment letter has been sent to the Speaker of Parliament Rebecca Kadaga for approval to serve as the first Ugandan ambassador to Angola.
- Zambia Ambassador Extraordinary and Plenipotentiary to the Swiss Confederation Martha Mwitumwa presented Letters of Credence to President Simonetta Sommaruga at a ceremony held in Bern on October 13, 2020. During the ceremony, President Sommaruga congratulated the Ambassador on her appointment and expressed confidence that the friendly relations between Switzerland and Zambia will continue to grow during her tenure.
- A report released at the fourth edition of Absa Africa Financial Markets Index 2020, shows a significant drop in Kenya’s capacity to attract local and foreign investment, placing it at the seventh position from last year’s third.
- In spite of headwinds, the Nigerian Stock Market (NGSE) ended positively at its last trading session for the week. The All Share Index gained by 11% to close at 28,344.04 points, as against a neutral position recorded on Thursday. Its Year-to-Date (YTD) returns currently stands at +6.77%.
Note: Weekly values are calculated on Friday of each week.
- Despite the economic headwinds of the last 12 months, FoodCo Nigeria Limited, has doubled its branch network in two years making it the fastest growing company in the category. The company just opened its latest store in Ajah Lagos, Nigeria commercial hub.
- Facebook has partnered with Roke Telkom, Ugandan public service provider for voice and data communications service to expand its Express Wi-Fi service to offer high-speed internet connections to millions of Ugandans at a lower cost. Facebook also expanded across many African countries including Tanzania, Kenya and most recently Uganda.
- Crown Paints is set to raise 8 MM KES (6.55 MM USD) through a rights issue, bringing back a form of funding companies that has been absent among Nairobi Securities Exchange-listed firms in recent years. The company plans to sell a total of 71.1 million shares to existing shareholders, pricing the offer at 10 KES per share. This represents a 76.4% discount to its share price of 42.5 KES on the Nairobi bourse as of Thursday.
- Zamtel has been awarded the Best Data Service Provider in Zambia at the 2020 Zambia Ecommerce Awards held on Saturday. Zamtel beat off competition to emerge as the country’s most preferred data service producer for individual, retail and wholesale customers.
- The pharmaceutical giant, Cipla, posted 33% y-o-y decrease in its consolidated net profit in Q1-2020 as the firm’s operational performance was hit by the covid-19 disruption and high base for sales last year.
- SAIF Partners, which has close to 2 BN USD in assets under management, has been renamed as Elevation Capital. Along with the change in brand identity, Elevation Capital also announced that it has raised 400 MM USD as a part of its India-focussed ‘Fund VII’, through which it looks to make 25-30 investments, over the next 2-3 years.
- 4G Capital Group Limited, a market leader in technology-driven financial inclusion, Citi, U.S. International Development Finance Corporation (DFC) and the Ford Foundation have collaborated to expand financial inclusion through the provision of working capital to support the growth of micro-enterprises in Kenya.