Latest Developments | Africa Business and Economy News

  • The 7th national cooperative union exhibition, bazaar and symposium opened at the Economic Commission for Africa yesterday where more than 200 cooperative unions from all over the country are taking part at the symposium, exhibition and bazaar expected to create market linkage and strengthen relationship between cooperative unions. http://bit.ly/2OGgwoX
  • Qatar Airways is planning to acquire 49 percent stake in RwandAir, Rwanda’s national carrier, and will take delivery of 40 aircraft this year, announced H E Akbar Al Baker, Group Chief Executive, Qatar Airways. http://bit.ly/2Su7bln  
  • Ethiopian Airlines and Sanad Aerotech of the United Arab Emirates have signed today a 15-year “landmark agreement” that paves the way for both to collaborate and maximize on untapped maintenance, repair and overhaul) business opportunities. http://bit.ly/39eV2aC
  • Kenya Power, the electricity distribution monopoly, is on the spot after the procurement watchdog nullified tendering of a KES 4.1 billion (approx. USD 41 million) contract for the construction of substations and power lines under the Last Mile Connectivity Project http://bit.ly/39wmlxx
  • The use of renewable energy has been gaining grip over the years as the demand for electricity soars. Findings from a report by the Uganda Solar Energy Association, released recently, indicated that nearly 313,424 off-grid solar systems were sold in 2018, with about 115,213 products sold in the first half of the year. http://bit.ly/2SwuWt6
  • The public investment programme in Mozambique has had a limited effect on reducing disparities between rural and urban areas during the years of expansion of investments between 2008 and 2015, according to the Mozambique Economic Update Report from the World Bank. http://bit.ly/2ScYbCj
  • Ethiopia, Sudan, and Egypt could be close to reaching solutions over the issues related to the Grand Ethiopian Renaissance Dam after the involvement of the US and the World Bank as observers in the dam negotiations, Ethiopia’s Prime Minister Abiy Ahmed told the country’s parliament, according to Ethiopia’s state news agency ENA. http://bit.ly/31BKLCX
  • Coal producers and market players have outlined risks and opportunities for the year ahead as more short-term contracts have been signed with Eskom, junior miners try to carve out a viable way forward and some of the major coal players disinvest from coal assets. http://bit.ly/378FJ1L
  • South Africa has no fiscal space left and must implement strong budget consolidation and state-owned company reforms to ensure its debt sustainability, the International Monetary Fund said. http://bit.ly/38dvwm6   
  • The Ethiopia Commodity Exchange (ECX) traded 338,253 tonnes of commodities worth ETB 17.52 billion (approx. USD 545 million) in the first six months of this Ethiopian fiscal year. According to a statement sent to FBC, the Exchange exceeded its target by 5 percent. The half-year performance also increased by 28 percent compared to same period the previous year. http://bit.ly/2tGD2Xx
  • Tanzania was the fastest growing business for the East Africa Breweries (EABL) in 2019, confirming that the beer-maker is overcoming perennial challenges in that market. The company’s financial results for the half-year ending 31 December 2019 show that net sales in Tanzania increased by 19 percent compared with 10 percent in Uganda and 8 percent in Kenya. http://bit.ly/39k9uhB