Business News Highlights | Africa

  • The economic and energy benefits of green hydrogen are some of the many prospects discussed during the recent South African Wind Energy Association’s webinar, which focused the role of wind power in South Africa’s economic recovery post-COVID-19. https://bit.ly/2Zj6Kiu
  • Morocco’s investments in its ports and rail infrastructure will help the country become a dominant maritime hub in the region and create a corridor between Europe and West Africa, said the Austrian Institute for European and Security Studies (AIES). In a detailed analysis signed by senior fellow Michaël Tanchum, the AIES sheds lights on Morocco’s achievements under the leadership of a “visionary monarch” and points to the North African Kingdom’s attractiveness to investments. https://bit.ly/2ZiLXvg
  • Commercial banks are likely to lower their cost of funds and increasingly retreat to government securities in coming months in a bid to cushion their profitability, analysts at KCB Capital say. In practice it means that lenders will push down deposit and savings rates, which were last recorded in April by the Central Bank of Kenya at an average of 7.01 and 4.21 percent respectively, to protect net interest margins. https://bit.ly/2DrZTdU
  • The Prime Minister, Mr Kassim Majaliwa, has reiterated the fifth-phase government’s determination to open up the Lake Tanganyika Zone as an economic hub, by expanding and building four ports in Rukwa and Katavi regions. The premier stressed that the expansion and construction of new posts in the Lake Tanganyika Zone will stimulate movement of goods, services and people between Tanzania and three neighbouring countries. https://bit.ly/2CrwGiY
  • The Malawi Stock Exchange drifted into a positive territory in the second quarter of 2020, registering a positive return on index of 2.09 percent compared to negative 3.56 percent in the previous quarter. This is reflected in the upward movement of the Malawi All Share Index—the measure of local shares market performance—to 29 784.70  points at the end of June  from 28 857.39 points in April this year, according to the market performance report for May to June 2020. https://bit.ly/2Okdh6d
  • Economic growth contracted to 1.8 percent in the third quarter of the 2019/20 financial year compared to 7.3 percent in the same period in the 2018/19 financial year. The decline, which covers the period from January to March 2020, according to Uganda Bureau of Statistics, was mainly as a result of Covid-19, which had around the time caused a shutdown in a number of Uganda’s key trading partners. https://bit.ly/304BqD8
  • The economic and energy benefits of green hydrogen are some of the many prospects discussed during the recent South African Wind Energy Association’s webinar, which focused the role of wind power in South Africa’s economic recovery post-COVID-19. https://bit.ly/2Zj6Kiu
  • Safaricom lost the bid to cap the free M-Pesa transactions to five per user after subscribers split high-value transfers to avoid paying transfer fees, costing it billions of shillings in revenues. The telecoms operator petitioned the Central Bank of Kenya to cap the number of multiple transactions between two numbers. https://bit.ly/3eqwWvD