Economy News This Week| Africa

  • Kenya’s economy remained in the doldrums in the third quarter of 2020 despite the progressive easing of lockdowns imposed to curb the spread of COVID-19, new data shows.
  • Borrowers defaulted on KES 73.05 billion (approx. USD 663 million) bank loans in 10 months to December alone, highlighting the gravity of the COVID-19 induced economic hardship that triggered massive layoffs and pay cuts.
  • The Government of Rwanda is engaging partners and the private sector to promote e-mobility that could see phased adoption of electric buses, private cars, and motorcycles with a goal to reduce conventional vehicle sales, transport fuel imports which are associated with gas emissions.
  • Ghana’s total expenditure for last year rose by 31.5 percent to hit a record GHS 92.2 billion (approx. USD 15.8 million) due to the impact of COVID-19 but comes with a greater cost to the economy.
  • Morocco’s ministry of industry launched on Tuesday a program to support the emergence of new green industrial sectors and reduce industrial pollution. The Tatwir Green Growth program, as the scheme is called, is part of Morocco’s 2021-2023 industrial recovery plan.
  • A grant agreement worth EUR 4.4 million (approx. USD 5.4 million) was signed on Sunday to support the Intergovernmental Authority on Development for a Trans-boundary South Sudan-Ethiopia conservation project of biodiversity in the Boma-Gambella landscape.
  • Sugar exports have dropped by UGX 108 billion (approx. USD 29.3 million), representing a 35 percent decline in earnings in the last three years, according to data from the Bank of Uganda.
  • Egyptian Prime Minister Mostafa Madbouly has revealed the progress Egypt achieved in its comprehensive development vision, saying that the country is currently implementing 21,000 projects that are set to be finalized within the coming three years.