Latest Updates and Highlights | Economy & Business – Africa.

  • Rwanda’s exportation through Alibaba platforms increased by 124 percent in 2019 according to information from Alibaba. The Chinese e-commerce giant opened its doors to Rwanda products in 2018 when the electronic world Trade platform deal was signed between the two parties.
  • The Moroccan businesses interested in adopting green technologies will benefit from a EUR 21.1 million funding, part of a program sponsored by the European Bank for Reconstruction & Development. The financial support will help the beneficiaries reduce their costs by implementing climate adaptation measures, energy-efficient and renewable-energy technologies, which will improve their overall competitiveness, says a press release issued by the European Bank.
  • South Africa’s rand firmed against a weaker dollar on Wednesday, shaking off data revealing the economy was already in contraction before the coronavirus lockdown as investors looked to pocket the rand’s high yield. The currency hit a three-session low on Tuesday after economic data showed gross domestic product had contracted for a third consecutive quarter in the first three months of the year. On Thursday, the rand was at ZAR 17.03 to the dollar, ZAR 21.27 to the pound and ZAR 19.18 to the euro.
  • Ethiopia has drafted a bill to create a stock market authority that will come into effect before the end of the year, according to the Ministry of Finance. Ethiopia is among the biggest five economies in sub-Saharan Africa and the second-largest by population, but doesn’t have a stock market. Since Prime Minister Abiy Ahmed came to power in 2018, the country has pursued economic reforms, including opening up formerly closed-off sectors such as telecommunications.
  • The Kenya Airports Authority (KAA) has suspended some of its capital expenditure projects that had been slated for this financial year as the agency seeks to cut costs in the wake of Covid-19 that has impacted negatively on its income. KAA managing director Alex Gitari said the agency is now working on cutting costs in the wake of reduced operations that have significantly eaten into their revenues.
  • Jubilee Holdings Limited has purchased a further 9.44 percent stake in Uganda based Energy firm Bujagali from its technical partner SN Power for USD 40 million (Sh4.2 billion). This transaction increases Jubilee Holding’s shareholding in Bujagali Energy Limited to 18 percent from an initial 8.8 percent.
  • The City of Kigali budget for the 2020-2021 fiscal year has decreased by 19 per cent due to the effects of the novel coronavirus. Antoine Mutsinzi, who heads the Commission in charge of Economic Planning told the advisory council that the budget has decreased due to the fact that some funds were not covered by contributing players in the previous fiscal year. It was in addition to Covid-19 pandemic that affected the tax base.
  • EU countries took 66 percent of Morocco’s foreign trade with Spain topping the list with USD 15 billion followed by France with USD 13 billion, the foreign exchange agency said. Spain and France accounted for 58 percent of overall trade with the EU as Morocco has been steadily diversifying trade partners over the last few years, the agency said in its 2019 annual report.
  • Kenya has marked the e-commerce segment as a key growth area and a priority in the negotiations for a proposed free trade agreement with the United States. In the negotiation objectives unveiled last week, the government eyes support from the superpower to help strengthen e-commerce and digital platforms for trade to enhance growth. Kenya plans to gradually relax its regulations of the digital market to ease entry of US firms and products.