The Week That Was, 6th November 2020

9 Nov 2020

Business Intelligence Providers ABiQ presents a weekly recap of major activities that took place in Africa in the last 7 days. 

Central Africa

  • Governors from the Democratic Republic of the Congo and Rwanda met during the week and agreed to further improve cross border trade and limit the spread of COVID-19.

Eastern Africa

  • Chongqing Iron and Steel Design Institute (CISDI Group), a subsidiary of Metallurgical Corporation of China (MCC), has expressed interest to invest in Ethiopia’s steel and real estate sectors.
  • The IMF forecasted 0 percent growth for Ethiopia during 2021 and only 1.9 percent for 2020.
  • The Energy and Petroleum Regulatory Authority (EPRA) in Kenya has agreed to increase the price of electricity by 20 percent.  The new rates will be published over the next few weeks after stakeholder consultations are completed.
  • The European Union has agreed to provide Mozambique with $116 million in aid to support its efforts in fighting the spread of COVID-19.
  • Somalia’s Galmudug State has signed an agreement with the Oriental Company, a consortium consisting of companies from the United Kingdom, Turkey, and Somalia to fund, build, and operate a new port in Hobyo. Further studies and design work will commence in December 2020.
  • The Ugandan government is investigating the possibility to extend its rail network to South Sudan.  After Kenya, South Sudan is Uganda’s largest trade partner.

Northern Africa

  • Sudapet, the national oil company of Sudan, has announced it will commission a new oil field called Rawat within the next 2 weeks.  The field will add 3,000 barrels per day to take Sudan’s total oil production to 64,000 barrels per day.

Southern Africa

  • Botswana’s Ministry of Mineral Resources, Green Technology, and Energy Security has made a plea to the nation to invest in the manufacturing of renewable energy equipment and explore opportunities to sell power to the Botswana Power Corporation.
  • South Africa’s treasury has agreed to change the recapitalization terms of the government-owned defense equipment manufacturer Denel SOC Limited. The company will be allowed to repurpose part of the $37 million bailouts it received from the government.

 Western Africa

  • Sonabel, the national electricity company in Burkina Faso, has commissioned the largest solar project in the West African sub-region.  The plant was developed after $50 million in funding was secured from the European Union, the French Agency for Development, and the government of Burkina Faso.
  • Newcore Gold Limited has announced that it will increase its drilling activity at its Enchi gold project in Ghana.  An additional drilling rig will be mobilized to the site during November.
  • Construction work at Ghana’s $330 million Boankra Integrated Logistics Terminal project, after President Akufo-Addo laid the cornerstone has started.
  • Ghana’s president Akufo-Addo commissioned 312 housing units known as the Osei Tutu II Housing Estates.  This development is part of the Asokore-Mampong Affordable Housing Project.
  • The Nigerian government will provide $10 million to airlines based in Nigeria as part of a $13 million bailout for the aviation sector due to the impact of COVID-19.
  • Nigeria’s Transcorp consortium has acquired 1 gigawatt of power production plants from Afam Power for $275 million.
  • The Nigerian Ministry of Works and Housing has stated that limited funding is slowing down work on 711 national highway projects valued at over $16 billion.
  • Senegal’s President Macky Sall has announced the new government in which he has retained the previous ministers of Finance and Economy.

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