- A recycling plant in Tanzania port city of Dar es Salaam has traded paper for plastic bottles and started making anti-coronavirus face shields that are being snatched up by hospitals and health centers nationwide.
- Zambia agriculture sector might be the country’s only economic sector to grow in 2020 after maize production expanded by about 70% after good rains followed a historic drought in the previous season. Ironically, neighboring Zimbabwe is facing starvation after a poor farming season that was affected by the El Nino induced drought and about two decades of poor agriculture policies.
- Zambia annual inflation rate in May 2020 increased reaching 6% compared to 15.7% in April 2020. The increase is attributed to price increases in both food and non-food items. Food inflation increased to 17.5% in May 2020 compared to 17.0% in April while non-food inflation increased to 15.5% in May compared to 14.2% in April 2020.
- The European Union is giving Uganda 178 MM EUR (198 MM USD) in credit and grants to fund its coronavirus response, including extending credit to small businesses hit by the economic crisis induced by the outbreak.
- Nigeria is still considering reopening schools and places of worship despite the spike in Covid-19 cases. The country recorded 307 new cases yesterday bringing the total number of confirmed cases to 10,162. The country also reported a total of 287 deaths so far.
- Nigeria’s external reserves expanded by 656 MM USD or 2.1% in the one-week period between 21st to 28th May 2020, according to the Central Bank of Nigeria (CBN). In between the periods, the international reserves increased from 35.765 BN USD to 36.499 BN USD, marking the fourth straight week it would rise in a row.
- The Information and Communications Technology sector (ICT) contributed 07% to the Gross Domestic Product (GDP) of Nigeria. The country’s GDP grew by 1.87% y-o-y in real terms in Q1-2020. The non-oil sector contributed 90.5% to the nation’s GDP in Q1 as opposed to the 9.5% contributed to total real GDP by the oil sector.
- The Central Bank of Kenya (CBK) has maintained its benchmark lending rate at 7%, noting the policy measures adopted in March and April to tackle the effects of the coronavirus were having the intended effect on the economy, and are still being transmitted.
- Rwanda revenue collection is projected to decrease reaching 4 TR RWF (1.5 BN USD) in 2020/2021 compared to 1.6 TR RWF (1.6 BN USD) in 2019/2020 revised budget, as a result of the Covid-19 pandemic which has halted the economy since March.
- According to the Central Bank of Kenya (CBK), about 75% of Kenya small and medium-sized businesses face collapse if they fail to get fresh funds from banks or equity partners by end of June 2020.
- The Government of the Democratic Republic of the Congo announced that a new outbreak of Ebola virus disease is occurring in Wangata health zone, Mbandaka, in Équateur province. The announcement comes as a long, difficult and complex Ebola outbreak in eastern Democratic Republic of the Congo is in its final phase, while the country also battles COVID-19 and the world’s largest measles outbreak.
- The Tanzanian Ministry of Health announced yesterday 1st of June that the number of Covid-19 patients’ cases has drastically reduced to just four active cases in the commercial capital.
- The Nigerian Stock Exchange (NSGE) opened the week on a positive trajectory, with market indicators posting positive at the end of Monday’s trading session. The All Share Index closed at 25,316.15 points after a 19% appreciation. Equities investors on Nigeria’s bourse gained 25.1 BN NGN (64.77 MM USD) as market capitalization appreciated by the same margin to close at 12.48 TR NGN (32.2 BN USD).
- South Africa low-cost healthcare service provider firm RH Bophelo is set to cross-list on the Rwanda Stock Exchange (RSE) in June, and leverage on IT to enter East Africa. RSE will be the first stock market outside the Johannesburg Stock Exchange (JSE) where the company will be listed.
Note: Weekly values are calculated on Friday of each week.
- Kenya Post Office Savings Bank (Postbank) has appointed Raphael Lekolool as the new management director effective June 1, 2020. This follows the retirement of Ann Karanja, a seasoned banker who has been at the helm of the state-owned lender for the past six years.
- In Kenya, SBM Bank Limited has reported 66 MM KES (617,961 USD) profit before tax in Q1-2020 amid a 7% increase in operating income y-o-y. The growth in business has largely been achieved through growth in loans and advances and customer deposits.
- The Association of Telecommunications Companies of Nigeria (ATCON) has charged the Federal Government to commence the digitization of the nation’s economy. It stressed the need for the Federal Government to map out fresh plans that would assist the country to cope with economic challenges post-Covid-19 pandemic.
- Local hotel chain, PrideInn has started preparations in readiness to reopen their hotels in Nairobi and Mombasa to the local guests. This comes as the government outlined an economic stimulus program to help in fixing the unfolding economic crisis brought by the Covid-19 pandemic.
- Marketing firm QNET has partnered with Red Cross to donate foodstuffs to families left vulnerable by the Covid-19 crisis. The partnership is part of the company’s annual global Ramadhan charity to improve the lives of poor families.
- 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.
- Kenya Airways will resume passenger flights on June 8. On the other hand, the Kenya Airports Authority is putting in place the necessary operation manual ahead of the opening of the country's airports for passengers.
- Supply chain software company MACmobile has launched a new platform that can support "live" streaming of formal market retail "sales out" data as well as map the relevant stock holding in-store simultaneously in the Kenyan Market. This follows a partnership with Cognizance Processing who built the platform and will be available for Kenyan wholesalers and retailers.