Latest News & Updates in the Business Sector

  • Nigeria and Ethiopia on Wednesday, in Addis Ababa, signed an agreement to wave visas for holders of both countries’ diplomatic and official passports to ease travels by officials of the two countries and foster bilateral relations. The two countries also signed a memorandum of understanding to enhance cooperation in defence.
  • The Government says it will start penalising wholesalers, retailers and consumers that still use single-use plastics with heavy fines following the expiration of a three-month period grace period. The move, which was announced by the Ministry of Environment and Rwanda Environment Management Authority, comes as an enforcement of law N° 17/2019 of 10/08/2019 relating to the prohibition of manufacturing, importation, use and sale of plastic carry bags and single-use plastic items in Rwanda.
  • Uganda will double its trade with South Sudan following completion of the first phase of the Nimule One-Stop Border Post, according to Trade Minister Amelia Kyambadde. The border point, which links Uganda to Juba, is a major entry point for much of Uganda’s exports to South Sudan.
  • Egypt and oil giant Neptune Energy have signed an oil and gas exploration agreement, with a minimum investment of USD 35 million, according to the Egyptian Petroleum Ministry. Under the deal, the international company will dig three wells in Egypt’s Gulf of Suez.
  • Egypt’s Saad Eldin Petroleum Gases Company has begun implementing the first phase of a Government plan to transfer natural gas across the country using tankers instead of pipelines, which it says should give remote areas not on the national pipeline network access to gas.
  • Stock prices of some counters in the banking and real estate sectors have picked up in anticipation of positive year-end earnings, a stockbroking firm has said. An analysis by Cedar Capital Limited shows that four counters—National Bank of Malawi (NBM) plc and NBS Bank plc, Mpico Limited plc and Icon Properties plc—have registered the highest share price gains.
  • The World Bank has advised Treasury to carefully manage increased expenditure pressures ahead of the fresh presidential election this year to avoid incurring a huge deficit. The bank’s country manager Greg Toulmin said this in a written response on Monday ahead of the planned fresh presidential election in 150 days from 3 February  when a five-judge panel of the High Court of Malawi sitting as the Constitutional Court nullified the 21  May 2019 presidential election due to irregularities.
  • President Cyril Ramaphosa is set to deliver his much-anticipated state of the nation address in parliament in Cape Town on Thursday. His speech comes amid ongoing load-shedding, high unemployment, troubled state-owned enterprises and poor economic growth.
  • The Bank of Ghana has sold USD 40 million in its third forward forex auction for 2020. This was contained in the Central Bank’s auction results released after its forward sale done on Tuesday, 11 February 2020. The results showed that about 56 bids came through, totalling USD 51 million, however, the Central Bank decided to just accept 46 bids.