- Tanzania plans to more than double cotton production in five years as farmers increase cultivation, encouraged by higher prices for the fiber. Output for 2020/2021 season is expected to increase to 400,000 metric tons compared to 348,882 tons in 2019/2020. The government’s goal is to boost production of cotton to 1 million metric tons by 2024/2025.
- Uganda fiscal position is expected to deteriorate temporarily but the debt would remain sustainable. Both the government and development partners aggress that the impact of lower growth and tax incentives together with additional health expenditure, social protection and economic stimulus measures is expected to widen the fiscal deficit in 2020/2021.
- The Ugandan Minister of Finance, Matia Kasaija, announced that the county's 45 TR UGX (12 BN USD) budget for 2020/2021 is aimed at stimulating the economy to safeguard livelihoods, jobs, businesses and industrial recovery in the wake of the effects of the coronavirus pandemic.
- The World Bank and the Extractive Industries Transparency Initiative (EITI), the global standard for the promotion of openness in the oil, gas and mineral resources management, have stated that Nigeria has so far recovered about 3 BN USD as a result of more transparency in the sector.
- Nigeria is planning to create 5 million jobs by focusing on increasing land under cultivation with state governments contributing between 20,000 to 100,000 hectares from a combination of aggregated smallholder farms and utilization of abandoned states farm settlements and agricultural projects.
- Rwanda expenditure is expected to increase in 2020/2021 by about 228 BN RWF (240 MM USD). The total expenditure for the year is estimated at around 2 TR RWF (3.36 BN USD). The key sources of capital are taxes, loans and grants.
- Zambia has asked the Paris Club of creditor nations to let it suspend principal and interest payments on debts to all its official creditors from May to the end of December. Zambia, Africa’s second largest copper producer which has struggled with falling demand for the metal, remained committed to servicing debt payments that fell due before May 1.
- Zimbabwean President Emmerson Mnangagwa eased restrictions on movement implemented in March to curb the spread of the coronavirus pandemic, to revive the nation’s struggling economy. The measures include allowing the informal sector, including open markets, to resume operations and churches to reopen. Residents will be allowed to travel throughout the country when necessary.
- Four staffers working at the State House in the Kenyan capital Nairobi have tested positive for Covid-19, while President Uhuru Kenyatta and his family are safe. Kenya Covid-19 cases jumped to 3,727 cases on Monday June 15 after registering 133 new cases. The country currently has 1,286 total recoveries and 104 deaths from the pandemic.
- Rwanda has received over 300,000 pieces of Personal Protective Equipment (PPE) and medical equipment Sunday June 14 from UAE ruling family. Among the products are ventilators, test kits, masks, coveralls, and face shields among others, which will be used to support Rwanda capacity for treatment, prevention and testing the coronavirus pandemic.
- The Nairobi Securities Exchange (NSE), has launched a mobile app aimed at enhancing investors’ participation in Kenya capital market. NSE added that the app features market snapshots, stock prices, market analytics, financial news and is a gateway to stockbroker apps. Further, with the mobile app, users can create personalized watch lists to keep track of chosen securities, eliminating the need to access multiple information sources.
- Nigerian Stock Market (NGSE) decreased by 13% to 25,182.67 points in last Friday’s trading session. Market capitalization consequently dropped to 13.136 TR NGN (33.55 BN USD) as investors lost 16.88 BN NGN (43.5 MM USD). A turnover of 337.1 million shares valued at 3.40 BN NGN (8.76 MM USD) in 3,880 deals was recorded in last Friday’s trading session.
Note: Weekly values are calculated on Friday of each week.
- Five new markets with a capacity to accommodate approximately 9,000 traders are set to be open by the Nairobi County Government by the end of 2020. The markets include Westlands Market, Karandini Market, New Wakulima Market along Kangundo Road, Qware Road Market, and Mwariro Market.
- Huawei has launched IdeaHub, an intelligent collaboration product, to drive enterprises in the in Sub Saharan Africa region. The online product launch themed “Huawei IdeaHub-Intelligence at Your Fingertips” was attended by over 300 African business leaders and ICT experts, who exchanged views on digitization of African enterprises.
- Orange, France largest telecom operator, believes it would benefit from having a wider footprint in Africa and will give itself a few months to make a possible move before the end of 2020 specially in Nigeria and South Africa.
- Duval Great Lakes Ltd, a subsidiary company of a French company “Groupe Duval” is going to construct a multibillion environmental-friendly complex at a building that used to house the ministry of justice. The move is in line with Rwanda vision towards being climate-resilient and low carbon economy by 2050.
- The TPB Bank-TIB Corporate deal brings the total of registered commercial banks in Tanzania down to 37, excluding six community banks, two development banks, and five micro-finance banks. The government of Tanzania is seeking to consolidate the country’s banking industry amid the coronavirus pandemic and appears to prioritize government over private sector control in all spheres of the economy, including finance.
- The Rwandan government will increase funding for the national carrier RwandAir to1 BN RWF (152.7 MM USD) in 2020/2021 compared to the current 121.8 BN RWF (128.2 MM USD). The funds are also meant to facilitate the airline to continue its expansion process, including the acquisition of new planes and new routes.
- Absa Bank Kenya has restructured over 50,000 loan facilities amounting to over 54 BN KES (506.28 MM USD). This is part of its commitment to cushion customers from the adverse economic impact of the Covid-19 pandemic.
- Genghis Capital bank has partnered with EGM Securities to offer clients the ability to trade for themselves in the global space, allowing them to diversify over different asset classes. This partnership will allow the investment bank to extend its services to clients through a wider range of alternative asset classes offered by EGM Securities.