- Kenyans will pay more for fuel after the Energy and Petroleum Regulatory Authority (EPRA) announced higher prices. The price of a liter of super petrol and diesel increased by 47 KES and 2.76 KES respectively. Meanwhile, the price of kerosene increased by 18.20 KES, which was the highest. The new prices will remain in force until September 14.
- Tanzania recorded the lowest annual headline inflation rate compared to Kenya and Uganda in July 2020, according to the National Bureau of Statistics (NBS). However, Tanzania inflation rate increased to 3% in July 2020 compared to 3.2% in June 2020.
- Among the sectors that are already picking up are trade, manufacturing, and the financial sector. The Rwandan economy is showing signs of picking up in H2-2020 and towards recovery, according to the National Bank of Rwanda (BNR). The optimism is partly based on the Composite Index of Economic Activity (CIEA) which is a measure used by the BNR to measure the direction of economic activity. The CIEA shows increased activity in local economy.
- The Rwandan community in Zimbabwe has celebrated Umuganura with the State Minister in the Ministry of Youth and Culture Edouard Bamporiki urging them to play an active role in the socio-economic development of Rwanda.
- Somalia cabinet has approved the Africa Continental Free Trade Area (AfCFTA) treaty for ratification to help spur trade with other African countries. The mission of AfCFTA is to create a single market for free trade in goods and services, to achieve free movement of traders and investors across the continent, and to expand trade within Africa through better integration.
- About 72% of businesses in Zambia are not able to raise funds for expansion due to the effect of the COVID-19 pandemic. The Small and Medium-sized Enterprises (SMEs) in Zambia critically needs working capital because three-quarters of them were unable to raise capital.
- 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.
- Planning and Development Commission of Ethiopia launched a digital monitoring and evaluation system today. The system will have significant importance in modernizing and creating a healthy and competitive economy noting that he digital monitoring and evaluation system is part of the national reform.
- Ethiopia generated 4 MM USD during 2019/2020 thanks to the export of part of its electricity to Sudan and Djibouti. The performance, which represents 16% of the initial annual objectives, was made possible thanks to the good rainfall recorded over the period.
- The Government of Rwanda announced that the center for nuclear science and technology could be established by 2024 if all the technical and economic work goes as planned. Last month, the parliament approved the law ratifying the agreement between Rwanda and Russia on cooperation in the construction of the center for nuclear science and technology on the Rwandan territory.
- Namibian President Hage Geingob has firmly rejected Germany offer to compensate the southern African nation for colonial-era mass killings. Geingob stated that Berlin 10 MM EUR offer was “not acceptable and needs to be revised.” Namibia president is also unhappy over Berlin’s continued use of the phrase “healing of wounds” instead of “reparations,” adding that the terminology will be debated further.
- In Nigeria, the stock market investors increased by 84.5 BN NGN (219.29 MM USD) following sustained positive The market capitalization increased from 13.063 TR NGN (33.88 BN USD) to 13.146 TR NGN (34.10 BN USD), translating to a growth of 0.31%. Also, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) increased by same margin to close higher at 25,199.84.
- African budget operator Fastjet Group expects to re-register as a private company by mid-September after shareholders overwhelmingly approved a delisting from the stock exchange. The company will “proceed with the cancellation of trading” of its ordinary shares on the London AIM exchange on 24 August. Shareholders voted on 12 August to undertake a share re-organization, reducing the stock’s nominal value, and ultimately delist the company.
Note: Weekly values are calculated on Friday of each week.
- The Development Bank of Rwanda (BRD), the World Bank, and the Swedish International Development Agency (SIDA) have announced a strategic fund-raising and collaboration to raise capital for Ignite Power to provide solar solutions at the most affordable price possible to rural customers. Ignite Power is a Rwandan renewable energy firm with investment in solar energy.
- Unilever Overseas Holdings B.V, the majority shareholder of Unilever Nigeria Plc, has increased its stake at its Nigerian subsidiary with the purchase of over 17 million additional shares on August 10, 2020. The acquisition of the additional shares adds substantially to Unilever Overseas’ investment in the company. Prior to this time, it is already the single largest investor with over 70% shareholding in the company.
- Standard Chartered Bank (StanChart) and Airtel Africa have announced a collaboration to drive financial inclusion across key markets in Africa. The firms will co-create products aimed at enhancing accessibility of financial services and better serve people across Africa. Airtel Money customers will be able to make real-time online deposits and withdrawals from Standard Chartered bank accounts, receive international money transfers directly to their wallets, and access savings products, among other services.
- Co-operative Bank has reported6% decrease in profit after tax in H1-2020. The lender posted 7.2 BN KES (66.48 MM USD) in profit as increased loan loss provisions into operating income, pointing to tough times occasioned by the global outbreak of Covid-19.
- In Nigeria, Green Eagles Agribusiness Solutions Limited has launched the Green Wealth Project, an agricultural initiative aimed at ensuring food security, export prominence, economic diversification and sustainable wealth for all stakeholders. The project was designed to enhance profitability for stakeholders across agricultural value chains, as well as facilitate easy and profitable entry for small-holders into agriculture.
- The Management of the United Bank for Africa (UBA) has described the alleged 41 BN NGN (108.6 MM USD) fraud levied against its Chairman, Mr. Tony Elumelu, as untrue, misleading, malicious, and libelous, and said that it should be disregarded in its entirety.
- With a loan of 7 MM USD, Proparco is supporting Kenya Nut Company, a family business that has diversified and has been active for more than 40 years in the nut sector, macadamia and cashew, in Kenya. The company sources its supplies from more than 30,000 small nut producers. The boom in nut production is generating convincing results for the Kenyan agricultural sector.
- Republic Bank Ghana Limited, a subsidiary of Republic Financial Holdings Limited has advocated for issuance of a Green Bond in Ghana to raise long term financing for Green Building construction by developers and Green Mortgage financing.