Business and Economy News and Highlights | Africa

  • Rwanda private sector federation has decried reasons behind Kenya and Tanzania’s intention to slap a heavy fine on Rwanda-bound containers which are currently lying at the Mombasa and Dar-es-Salaam port as a result of coronavirus restrictions. https://bit.ly/3dDdVG1
  • The government of Tanzania has reiterated its appeal to lenders for cancellation of debts of developing countries to enable them to fight the Covid-19 pandemic. Palamagamba Kabudi, the Minister for Foreign Affairs and East African Cooperation, on Wednesday said cancellation of the debts will enable developing countries, including Tanzania, to use the money earmarked for repaying debts for mitigating the impacts caused by Covid-19. https://bit.ly/2Nz3bOo
  • Ugandan traders have crossed into Tanzania at Mutukula border to set up businesses even as local leaders raised the red flag over the a looming health crisis due to the Covid-19 pandemic. https://bit.ly/31kaJg6
  • Minister of Cooperative Governance and Traditional Affairs Nkosazana Clarice Dlamini-Zuma has published a new directive outlining the businesses that can reopen under the country’s advanced level 3 lockdown. The directive, published on Thursday evening, comes more than a week after president Cyril Ramaphosa announced that more businesses will be allowed to reopen. https://bit.ly/2VrY6Me
  • Equity Bank Group  has called of its plan to acquire four regional banking subsidiaries from London-listed Atlas Mara Limited in a move aimed at preserving its capital in the wake of the Covid-19 pandemic. The parties had initiated talks in April last year, but the negotiations targeting Atlas Mara’s units in Rwanda, Zambia, Tanzania and Mozambique dragged on until the pandemic hit. https://bit.ly/3ih388f
  • Equity Bank Group  has called of its plan to acquire four regional banking subsidiaries from London-listed Atlas Mara Limited in a move aimed at preserving its capital in the wake of the Covid-19 pandemic. The parties had initiated talks in April last year, but the negotiations targeting Atlas Mara’s units in Rwanda, Zambia, Tanzania and Mozambique dragged on until the pandemic hit. https://bit.ly/3ih388f
  • The high liquidity in the local money market is likely to push the Central Bank of Kenya (CBK) to retain the base lending rate at seven percent, analysts say. The Monetary Policy Committee of the CBK meets Thursday to take stock of the developments in the pandemic-hit economy since the meeting on 27 May 2020 and chart a way forward, against the backdrop of stable inflation and exchange rate. https://bit.ly/3g6PVwJ
  • Quickmart Supermarkets is opening its 32nd store in the suburbs of Kilimani, as the retailer eyes to ramp up its customer base. The retailer appears to be bucking the trend in a country where its competitors are facing economic shocks arising from coronavirus and are struggling to remain operational on the back of heavy debts and reduction in consumer spending in the wake of the economic slowdown caused by the pandemic. https://bit.ly/31o470f
  • Macadamia farmers are accusing nut processors of exploiting the coronavirus pandemic to collude with brokers who are mopping up the commodity at throw away prices. The processors suspended buying of the commodity in April, citing uncertainty brought about by shutting down of industries in various parts of the world to stop spread of the Covid-19 pandemic. https://bit.ly/31kaEsO
  • In Just 30 days between March and April, Uganda’s exports receipts dropped by UGX 400 billion (approx. USD 108 million) as the effects of the Covid-19 continue to bite economies. According to the latest recurrent report by Bank of Uganda released this month, capturing statistics for April, the country’s receipts were USD 207.1 million down from March’s USD 315 million. https://bit.ly/31t06Yj