Economy & Business | News Highlights – Africa.

  • Tanzania Bankers Association in collaboration with VISA Tanzania launched a campaign dubbed to be smart go cashless to promote the use of self-service channels which include electronic payment.
  • Tanzania has banned three more Kenyan airlines from its airspace as the standoff over the management of COVID-19 escalates.
  • Algeria is one week away from activating an EU Free Trade Agreement that many Algerians fear could hurt the country‚Äôs fledgling economy. The trade deal, agreed-upon 15 years ago, is facing renewed scrutiny from Algerian businesses and politicians as its September 1 activation date approaches.
  • The Moroccan government held a series of meetings over two days to deliberate future projects and develop a roadmap to overcome the economic and social challenges of the COVID-19 pandemic.
  • Ghana is expected to witness a USD 10 billion boost in her economy with government’s plan of exploiting bauxite and aluminium reserves into the Integrated Aluminium Industry.
  • Supermarket operator Tuskys is set to raise KES 2 billion (approx. USD 20 million) short-term debt from an unnamed private equity firm based in Mauritius, with the funds aimed at stabilizing operations to make it more attractive to strategic investors it is courting.
  • Cooperative Bank of Kenya has ousted the entire board of Jamii Bora Bank and named a new CEO for the lender after completing the purchase of a majority stake in smaller rivals for KES 1 billion (approx. USD 9.2 million).
  • Simba Corporation is set to assemble Malaysian car brand Proton in Kenya starting November, aiming to attract price-sensitive middle-class buyers with prices as low as KES 1 million (approx. USD 9,252.43) inclusive of taxes.
  • Egypt Minister of Trade and Industry Niveen Gamea’ said that an agreement was reached with the Sudanese side to outline a work plan to overcome the hindrances facing the flow of trade between Egypt and Sudan via facilitating logistic transport and increasing joint investments especially in the fields of mutual interests in addition to boosting cooperation in the field of technical and vocational training to meet the needs of the Sudanese industry for qualified laborers.