The Week That Was, 16th October

Oct 19, 2020 | Country

The Week That Was is a weekly recap of all major events that took place in Africa last week.

ABiQ presents a weekly recap of major activities that took place in Africa in the last 7 days. You can watch the video here

Central Africa

  • The president of Angola inaugurated two new assembly plants for tractors and mobile phones in the Viana municipality of Luanda.

Eastern Africa

  • The Ethiopian government decided to suspend a plan to partially privatise Ethiopian Airlines.
  • The United States (US) International Development Finance Corporation (DFC) has agreed to commit $1.55 million worth of technical development for the 50 MW Tulu Moye geothermal power plant.
  • Mozambique published its model for setting up a sovereign wealth fund to capitalise on large investments in its LNG sector.  Mozambique will generate up to $96 billion, six times its current GDP, from LNG projects being developed by Total, ENI, and Exxon.
  • Tanzania’s settlement with Barrick Gold and clampdown on smuggling is paying dividends for its gold-mining sector earning millions in foreign revenue.
  • A copper processing plant in Zambia owned by Rongxin Investments Limited was ordered shut after an effluent dam collapsed polluting a tributary of a river that feeds into the Zambezi river.

Northern Africa

  • After more fields were brought online, Libya’s oil output crossed 500 thousand barrels per day.
  • GE and the government of Sudan signed a preliminary agreement for the addition of 470 MW of power through the commissioning of mobile turbines and the rehabilitation of three existing power plants.
  • Sudan will price domestic fuel based on international rates.  The World Bank has approved a loan of $400 million to clear arrears and support economic reforms.
  • Tunisia expects its budget deficit to reach 14% of GDP in 2020 due to the impact of the COVID-19 pandemic. This is the highest in nearly four decades.

Southern Africa

  • Uber in South Africa launched a medicine delivery service.
  • South African government will allow municipalities to source their own power.  However, many of these municipalities are effectively bankrupt with no means to guarantee any offtakes from private producers.

Western Africa

  • Ghana Gas will build a new LPG bottling plant near Axim in the West of the country.  The plant will have loading, unloading, and storage tanks as well as a bottle testing facility.  This comes after a number of fatal and destructive incidents due to poor standards in the LPG bottling process.
  • The World Bank estimates that Ghana’s public debt will rise significantly during 2020 as a result of lower oil prices and significantly increased spending due to COVID-19.
  • A new fertiliser plant in Asankara in Ghana will produce 300 thousand tonnes of blended organic fertilisers and will be commissioned during the first quarter of 2021.  The plant is situated on a 62 thousand square metre site and will be fully automated.
  • Nigerian Paystack was acquired by the US’ Stripe for $200 million giving Stripe a foothold in the West African country.
  • The Nigerian government has launched Nigeria Agenda 2050 with a long-term plan to develop the country with a focus on job-creating
  • The Solid Mineral Development Fund (SMDF) has announced an investment drive of $500 million into the Nigerian mining sector.  SMDF hopes this will act as a catalyst for other private sector investments into the industry.

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