H+K Africa Digest | February 2018 | 1

H+K
February 2018

Africa Digest
Summary of Key Political & Economic
Developments

Angola Ethiopia Ghana Kenya

Mozambique Nigeria Rwanda
South Africa Ta n z a n i a Uganda

Special Feature: South Africa | Pg 4

The “Cyril Effect”

2 H+K Africa Digest | February 2018
+ Political News Roundup
4 The “Cyril Effect”
Angola
6 Governor
acknowledges
importance of 1st
Political-Military region
in Angola
Angolan leader
denies tensions with
predecessor
despite clean-up
campaign
Stability in southern
Africa hinges on how
leaders gain and lose
power
Ethiopia
Ethiopia’s ruling EPRDF
sets Congress date,
new PM latest March
3 from Frenamo’s
Ethiopians warned
against intimidating
MPs to vote against
state of emergency
Ethiopia risks
‘unprecedented’
protests with ‘rearrest’
of OFC leaders
Ethiopia Prime Minister
Hailemariam
Desalegn resigns
What triggered unrest
in Ethiopia?
Mass protests force
Ethiopia to free
opposition leader
7 Ethiopia’s state of
emergency to last six
months
U.S. ‘strongly
disagrees’ with
Ethiopia state of
emergency
Ghana
Cockpit crew caused
Starbow crash —
Aviation Minister
NPP probes Obiri
Boahen over GHC50
billion claim
Parliament to pass
another law to track
tax evasion
Kenya
Kenyan court orders
return of deported
politician, Miguna
Miguna
Ekuru Aukot suffers
setback in bid to cut
number of MPs
Kalonzo Musyoka will
not take oath, Wiper
Party leaders declare
9 Budget 2018: Concern
Mozambique
Mozambique to allow
parties more
provincial power, in
bid for peace
Who benefits
partocracy?
Mozambique
proposes
constitutional
changes to secure
peace agreement
Nigeria
8 FG appoints 3
preshipment agencies
for non-oil export
2019 presidency:
Forum settles for
Middle Belt, South-East
joint ticket
British Government
finally reacts to
herdsmen killings,
reveals plans
Buhari blames
Obasanjo, Ezekwesili
for Poor Corruption
Index rating
Rwanda
Umwiherero: 82% of last
year’s resolutions
implemented says
premier Ngirente
Genocide: UN
prosecutor admits to
slow progress in hunt
for key targets
We are not involved in
Israel immigrants’ issues
South Africa
ANC hails Ramaphosa’s
consultative cabinet
reshuffle
Too many compromises,
Cyril
Sound and Fury: Malema
Leads fiery land-battle
debate
Higher growth projected
for SA economy
about increase in state
spending – OUTA
Ramaphosa committed
to deliver on promises
made in SONA speech
Ramaphosa’s 10-point
plan to revive SA’s
economy
South Africa’s Ramaphosa
hails ‘new dawn’, warns
of tough decisions
Jacob Zuma resigns as
South Africa’s president
South Africa’s ANC recalls
President Zuma
Tanzania
Tanzania opposition
MP jailed five months
for insulting Magufuli
Tanzania civil society
decries ‘unprecedented’
violations
US raises concern over
political violence in
Tanzania
Uganda
‘Petty nationalism’
blamed for slow pace
of regional integration
Besigye wins case
against UBC, awarded
Shs80m
The Shs700bn loan
saga and calls to
censure Kasaija

+ Economic News Roundup
Angola
10 President Lourenço’s
economic reforms
are making Angola
attractive
Angola oil production
declines slightly in 2017,
profits rise
Angola faces currency
test in economy
shakeup
Ethiopia
Ethiopia pockets 50
billion Br from loans,
grants
UAE Ministry of
Economy explores
agricultural investment 12
with Ethiopia
Ethiopia gears up for
natural gas exploration
Ghana
Akufo-Addo advocates
for increased trade and
investment co-operation
with Germany
Fuel prices to reduce in
March - IES predicts
MiDA allocates $10
million for power supply
in markets
11 Akufo-Addo names
new second deputy
BOG governor
Kenya
Kenya imposes ban on
logging for 90 days
US delivers final boats
to Kenya Navy to
bolster marine patrols
Concern over Kenya’s
debt as it hits new
record of Sh4.57trn
Mozambique
Bank of Mozambique
lowers interest rates
Mozambique to
propose debt
restructuring plan to
creditors
H+K Africa Digest | February 2018 | 3
Nigeria Uganda
Nigeria Labour 13 The $3.55 billion
Congress may pipeline deal
demand N72,000 as
new minimum wage EAC must lower
transport, internet
CBN: How fiscal and power costs
interventions’ll boost Bank of Uganda
external reserves dismisses reports
Emefiele: CBN has about taking over
disbursed N55bn to Bank of India
250,000 Farmers
under Anchor
Borrowers’ Programme
Nigeria’s foreign
reserves now $42.8
billion — CBN
Rwanda
Direct flights to Europe
a boost to Rwanda’s
horticulture
Cement companies
scramble for a piece
of Rwandan market
South Africa
We have put the brake
on runaway debt, says
Gigaba
Treasury to raise
offshore investment
thresholds, with an eye
on Africa
Tough budget
decisions were made
to keep SA away from
the brink, explains
Malusi Gigaba
Guptas launch urgent
court bid to keep Bank
of Baroda in SA
Tanzania
Tanzania’s new mining
law will compel foreign
companies to boost
local financial firms
Kenya, Tanzania agree
to settle tiff
Mining investors remain
cautious of Tanzania
market
4 H+K Africa Digest | February 2018

The “Cyril Effect”

C
yril Ramaphosa taking over from The budget showed that the country’s
Jacob Zuma as president of South finances are in a precarious position, but the
Africa in February has brought decision to increase the VAT rate, an unpop-
renewed optimism in South Africa, ular political move, from 14% to 15% to help
with many feeling a new dawn is upon the finance the budget deficit, demonstrated
country. Ramaphosa’s government are willing to
make those tough decisions.
GDP growth of 1% is Over a
expected for 2017, up few weeks Although GDP growth forecasts are better
of high than before, the country is still lagging be-
from 0.7% project-
drama and hind its peers and world in terms of growth.
ed in October 2017.
uncertain- GDP growth of 1% is expected for 2017,
Growth of 1.5% is ty in South up from 0.7% projected in October 2017.
forecast for 2018 African Growth of 1.5% is forecast for 2018 and, ac-
politics, cording to the Treasury, it will reach 2.1% by
the country’s ruling party, the African 2020. For now it seems that rating agencies
National Congress (ANC), decided to recall approve the new path taken and the signals
Jacob Zuma as president of the country of commitment to fiscal consolidation.
earlier in the month. After initially refusing
to resign, Zuma announced his resignation
a few days later, a day before a planned vote
of no confidence against him in parliament.
However, the risk of further downgrades still
exists, which would be disastrous for the
country and should be avoided at all costs.
All three major rating agencies are con-
cerned about policy uncertainty and the dire
situation of finances at SOE’s
S&P and Fitch downgraded the foreign- and
local-currency credit assessment to “junk”
(non-investment grade) in 2017, while
Moody’s has the country for review for a
downgrade to non-investment grade.
This can be avoided, but government
can’t do this alone. Much is also needed to
address the problem of poverty, unemploy-
ment and inequality in South Africa.

This opened the door for Ramaphosa, who

was elected president of the ANC in Decem-
ber at the party’s national conference.

South Africa will face “tough decisions” as

it works to repair its economy after years of
stagnation, Ramaphosa said in his state of
the nation address (SONA). He promised to
fight corruption, which flourished under Zu-
ma’s watch and had weakened state-owned
enterprises (SOE’s), which put pressure on
the fiscus.

The government is committed to “policy

certainty and consistency”, said Ramaphosa,
in contrast to Zuma’s government, where
policy uncertainty prevailed.

The rand weakened under Zuma and finan-

cial markets were surprised and rocked on a
regular basis, so it came as no surprise that
the markets welcomed the new president.
The rand has since strengthened to its
strongest levels in years and economists and
analysts agree there is once again light at
the end of the tunnel.

But hard work lies ahead and the first

indication of government’s willingness to
make those “tough decisions” Ramaphosa
spoke about, was to be seen in the National
Budget speech on 21 February.
 H+K Africa Digest | February 2018 | 5

The country is one of the most unequal in
the world, and has one of the highest unem-
ployment rates on the planet.
Labour and business must work together,
and with government, to address these
issues.
And civil society must keep them on their
toes, as they did over the last couple of
years – demanding accountability and ethi-
cal leadership.
While taxpayers are rightly concerned about
corruption, fraud and collusion in govern-
ment, in the private sector this must be
fought with the same purpose and intensity.
Professional bodies and regulatory author-
ities must take action against members
who are found to have acted improperly
and unethically. Business leaders should
behave ethically and boards and directors
should set the example of good corporate
governance, so that it becomes instilled in
the culture of their companies and in every
employee.
In the SONA the president also announced
an investment summit, a jobs summit, and
a number of working groups that must find
ways to grow the economy and create jobs.
With this common goal and the national
interest at the top of the agenda, all sectors
of society will need to come together to do
everything necessary to grow our economy
in order to address the challenges of ine-
quality, unemployment and poverty.
Through the actions of every South African
company and every South African citizen
to attract foreign investors to invest in this
country, the message should be: South Afri-
ca is, once again, open for business.
But the message must be realistic, and
the solutions for the country’s problems
must be sustainable. The new dawn won’t
happen overnight, and after the euphoria
of Ramaphosa’s election has died down,
when the honeymoon period is over and
everything goes back to “normal”, the mes-
sage must continue, and the hope must be
kept alive.
SONA when he encouraged South Africans
to live up to the words of the late great mu-
sic icon, Hugh Masekela, in one of his songs:
“I wanna be there when
the people start to turn it
around, When they triumph
over poverty
…
I wanna lend a hand Send
me.”
While time will tell whether business and
society are truly committed to changing
the country for the better and building a
sustainable future, early indications are that
progress is definitely moving in the right
direction.
H+K South Africa Team

The time for talking is over. Everyone needs While what has been termed the “Cyril
to roll up their sleeves and get their hands Effect” has been felt strongly on the ground
dirty to make South Africa the prosperous since he took over as President, he has also
country it can be. inspired many South Africans, particularly at
6 H+K Africa Digest | February 2018
Political
News
Roundup
Angola
Governor
acknowledges
importance of 1st
Political-Military region
in Angola
Ref: 4 February 2018
In the province of Bengo,
represents a milestone of
extreme importance for the
history of Angola, particularly
the 1st Political-Military region,
said Saturday in Caxito, the
provincial governor, João
Ethiopia
Bernardo de Miranda.
According to João
Miranda, it was during
the 14 years that the
brave defenders of the
motherland fought with
the colonial power with
tenacity to achieve
national independence
on November 11, 1975
Read more
Angolan leader denies
tensions with predecessor
despite clean-up campaign
Ref: 8 January 2018
Angolan President Joao
Lourenco recently denied “any
tension” with his long-serving
predecessor Jose Eduardo dos
Santos, many of whose relatives
and friends he has sacked from
public office in a fight against
corruption in the oil-rich southern
African nation.
Read more
Stability in southern
Africa hinges on how
leaders gain and lose
power
Ref: 23 January 2018
While each country in
Southern Africa has its own
politics, recent developments
involving presidents provide
interesting contrasts across the
region.
Read more
Ethiopia’s ruling EPRDF
sets Congress date,
new PM latest March 3
Ref: 24 February 2018
Ethiopia’s ruling coalition,
the Ethiopia People’s
Revolutionary Democratic
Front (EPRDF) has set a date
for its much awaited congress.
Read more
Ethiopians warned
against intimidating MPs
to vote against state of
emergency
Ref: 27 February 2018
The Command Post charged
with implementing a state of
emergency in Ethiopia has
warned against individuals
who it says are ‘intimidating
members of parliament’.
Read more
Ethiopia risks
‘unprecedented’ protests
with ‘rearrest’ of OFC leaders
Ref: 24 February 2018
Ethiopia will most likely slide back into
a state of unprecedented protests with
the re-arrest of top Oromo opposition
leaders, a freelance journalist,
Mohammed Ademo has cautioned.
Read more
Ethiopia Prime Minister
Hailemariam Desalegn
resigns
Ref: 15 February 2018
Hailemariam Desalegn says he has
submitted his resignation as both
Ethiopia’s prime minister and chairman of
the country’s ruling coalition.
Read more
What triggered unrest in
Ethiopia?
Ref: 17 February 2018
Ethiopian Prime Minister Hailemariam
Desalegn’s surprise resignation came
after sustained anti-government protests
in the East African country.
Read more
Mass protests force Ethiopia
to free opposition leader
Ref: 14 February 2018
Ethiopia has released a senior opposition
leader from prison and dropped all
charges against him after demonstrators
blocked roads and staged protest rallies
in several towns.
Read more
 H+K Africa Digest | February 2018 | 7

Ethiopia’s state of Mahama holds Kalonzo Musyoka will

emergency to last six months discussions with not take oath, Wiper
Ref: 18 February 2018 political stakeholders Party leaders declare
A state of emergency declared in ahead of Sierra Leone Ref: 25 February 2018
Ethiopia after the resignation of the elections Wiper Party bigwigs have ruled
country’s prime minister will last for six out the possibility of NASA co-
Ref: 28 February 2018 principal Kalonzo Musyoka taking
months, the Minister of Defense has
said, as the government seeks to stem Former President John the oath as people’s deputy
political unrest amid long-standing Mahama has met political president.
demands for greater freedoms. stakeholders for discussions
Read more
ahead of the March 7, 2018,
Read more general elections in Sierra

U.S. ‘strongly disagrees’ with

Leone. Details of the meeting
are unclear, however, the Mozambique
discussions with the various
Ethiopia state of emergency parties were frank on the
Mozambique to allow
Ref: 17 February 2018 elections. parties more provincial
The United States embassy in
Read more power, in bid for
Ethiopia said it disagreed with the peace
government’s decision to impose a
state of emergency to calm political Kenya Ref: 7 February 2018

unrest the day after the prime Mozambican President Filipe

minister’s surprise resignation.
Read more
Ghana
Cockpit crew caused
Starbow crash — Aviation
Minister
Ref: 28 February 2018
Findings of investigations conducted
into the crash of a Starbow aircraft have
revealed that the crash was caused
by the failure of the cockpit crew to
execute the correct procedures in
aborting the take-off.
Read more
NPP probes Obiri Boahen
over GHC50 billion claim
Ref: 28 February 2018
The New Patriotic Party has tasked its
Steering Committee to investigate claims
by its deputy general secretary Nana
Obiri Boahen that the Presidency gave
the party Gh¢50 billion to conduct the
party’s 2017 National Annual Delegates
Conference in Cape Coast.
Read more
Parliament to pass another
law to track tax evasion
Ref: 28 February 2018
Parliament is considering the passage of
yet another law to track tax revenue of
business owners who operate both in and
out of Ghana.
Read more
Kenyan court orders
return of deported
politician, Miguna
Miguna
Ref: 26 February 2018
The High Court in Kenya has
ordered the government
to facilitate the return of
deported opposition politician
Miguna Miguna.
Read more
Ekuru Aukot suffers
setback in bid to cut
number of MPs
Ref: 28 February 2018
The Independent Electoral
and Boundaries Commission
has turned down a meeting
request by Thirdway Alliance
leader and self-proclaimed
opposition chief Ekuru Aukot
over his bid to amend the
Constitution.
Read more
Nyusi announced plans to
change the constitution and give
political parties more power in
the provinces, in a move seen
as key to reaching a permanent
peace deal with the country’s
biggest opposition group.
Read more
Who benefits
from Frenamo’s
partocracy?
Ref: 16 February 2018
“Frenamo partocracy”. This is the
buzz phrase in Mozambique’s
political circles, conceived by
skeptical wags to describe the
latest “decentralization” deal
cooked up between the ruling
Mozambique Liberation Front
(Frelimo) and the main opposition
party, the Mozambican National
Resistance (Renamo).
Read more
Mozambique proposes
constitutional changes
to secure peace
agreement
Ref: 7 February 2018
Mozambique’s president will
propose constitutional changes
that redistribute power to the
country’s provinces, a move
aimed at securing a long-term
peace agreement with the main
opposition party.
Read more
8 H+K Africa Digest | February 2018
Nigeria
FG appoints 3 pre-
shipment agencies for
non-oil export
Ref: 28 February 2018
IN a bid to curb the corruption
that has characterized the
inspection of export trade
in Nigeria, the Federal
Government through the
Central Bank of Nigeria, CBN,
has appointed three Pre-
Shipment Inspection Agencies
(PIAs) for non-oil export with a
view to further enhance the
nation’s export trade.
Read more
2019 presidency:
Forum settles for
Middle Belt, South-East
joint ticket
Ref: 27 February 2018
Ahead of the 2019 presidential
election, the southern Nigerian
Forum (SNF) and the Middle
Belt (MB), have resolved
that the Middle Belt should
produce the President, while
the Vice President should
come from the South-East.
Read more
British Government
finally reacts to
herdsmen killings,
reveals plans
Ref: 27 February 2018
The British Government has
reacted to the incessant killing
across Nigeria by suspected
Fulani herdsmen.
Read more
Buhari blames Obasanjo,
Ezekwesili for Poor Cor-
ruption Index rating
Ref: 24 February 2018
The Nigerian government
recently said the low ranking
of the country on the latest
Transparency International
Corruption Perception Index
is out of tune with concrete
and verifiable achievements
of President Muhammadu
Buhari’s administration
achievements in the anti graft
war since it came into office in
May 2015.
Read more
Rwanda
Umwiherero: 82% of last
year’s resolutions imple-
mented says premier
Ngirente
Ref: 27 February 2018
At least 82 per cent of
resolutions of the 14th National
Leadership Retreat were
implemented, the Prime
Minister Edouard Ngirente said
yesterday.
Read more
Genocide: UN prose-
cutor admits to slow
progress in hunt for key
targets
Ref: 14 February 2018
The Chief Prosecutor of the
Mechanism for International
Criminal Tribunals (MICT), Dr
Serge Brammertz, has said that
his office was scaling up efforts
in tracking the key suspects
of the 1994 Genocide against
the Tutsi, that remain at large
24 years later.
Read more
We are not involved in
Israel immigrants’ issues
Ref: 14 February 2018
The Rwandan government
has rejected claims Kigali was
involved in efforts to return
illegal African immigrants from
Israel to Africa, with Rwanda
reported to be one of the
possible destinations.
Read more
South Africa
ANC hails Ramaphosa’s
consultative cabinet
reshuffle
Ref: 27 February 2018
The ANC has commended
President Cyril Ramaphosa’s
consultation with the party’s
national officials and its
alliance partners ahead of his
Monday night announcement
on his Cabinet reshuffle.
Read more
Too many compromises,
Cyril
Ref: 28 February 2018
How can Ramaphosa possibly
be serious about fighting
corruption without fear of
favour when he has Mabuza
as deputy? Compromise is
necessary in politics.
Read more
Sound and Fury: Malema
Leads fiery land-battle
debate
Ref: 28 February 2018
Parliament’s constitutional
review committee has been
charged with reviewing
section 25 of the Constitution
to allow for land expropriation
without compensation and is
expected to report back to
the National Assembly by the
end of August.
Read more
Higher growth
projected for SA
economy
Ref: 21 February 2018
With an improved economic
outlook, South Africa’s Gross
Domestic Product (GDP) is
projected to come in at 1%
in 2018, up from the 0.7%
projected last year, Finance
Minister Malusi Gigaba said on
Wednesday.
Read more

Budget 2018: Concern
about increase in state
spending – OUTA
Ref: 22 February 2018
The Organisation Undoing Tax
Abuse (OUTA) is concerned
about the practical
implementation of the
promises made in Budget
2018.
Read more
Ramaphosa committed to
deliver on promises made in
SONA speech
Ref: 20 February 2018
President Cyril Ramaphosa says
he’s committed to delivering on the
promises he’s made in his State of
the Nation Address but these won’t
happen overnight.
Read more
Ramaphosa’s 10-point plan
to revive SA’s economy
Ref: 16 February 2018
President Cyril Ramaphosa unveiled
the recovery plan to set South Africa
on a new growth path, which involves
forming a social pact with different
social partners.
Read more
South Africa’s Ramaphosa
hails ‘new dawn’, warns of
tough decisions
Ref: 16 February 2018
South Africa will face “tough
decisions” as it works to repair its
economy after years of stagnation,
new President Cyril Ramaphosa said
in a sober address that sought to
draw a line under the turbulent rule of
his predecessor Jacob Zuma.
Read more
H+K Africa Digest | February 2018 | 9
Jacob Zuma resigns as
South Africa’s president
Uganda
Ref: 15 February 2018
‘Petty nationalism’
Jacob Zuma, South Africa’s
blamed for slow pace
embattled and controversial of regional integration
president, has announced his Ref: 2 February 2018
resignation in a televised address to The former MP in the East
the nation. African Legislative Assembly
Read more (EALA), Mike Sebalu, has
attributed the slow progress
of the regional integration to
South Africa’s ANC re- “petty nationalism”.
calls President Zuma Read more
Ref: 13 February 2018
South Africa’s ruling party has this Besigye wins case
confirmed its decision to recall Jacob against UBC, awarded
Zuma from the office of the president.
Shs80m
Read more
Ref: 27 January 2018
Former presidential candidate
Tanzania Dr Kizza Besigye has won a
case in which he sued Uganda
Broadcasting Corporation
Tanzania opposition
(UBC) for not running his 2011
MP jailed five months campaign adverts.
for insulting Magufuli Read more
Ref: 26 February 2018
A court in Tanzania sentenced The Shs700bn loan
two opposition leaders to five
months in prison for insulting
saga and calls to
President John Magufuli. censure Kasaija
Read more Ref: 22 February 2018
Recently, according to State
Tanzania civil House sources, President
Yoweri Museveni was on
society decries phone with Secretary to the
‘unprecedented’ Treasury, Keith Muhakanizi.
violations Read more
Ref: 22 February 2018
More than a hundred
Tanzanian civil society groups
raised their voices against
“unprecedented” violations of
human and democratic rights
under the government of
President John Magufuli.
Read more
US raises concern over
political violence in
Tanzania
Ref: 16 February 2018
The United States Embassy
in Dar es Salaam says it is
saddened by reports of
kidnapping and violence in
Tanzania that have resulted
in the death and injury of the
opposition leaders.
Read more
10 H+K Africa Digest | February 2018

Economic
News
Roundup

Angola Ethiopia Ghana

President Lourenço’s
economic reforms
are making Angola
attractive
Ref: 16 February 2018
Getting a visa to Angola used
to be a major operation. Fast
forward to 2018: South African
nationals no longer require a
visa.
Read more
Angola oil production
declines slightly in 2017,
profits rise
Ref: 28 February 2018
Oil production for Angola,
Africa’s No. 2 crude producer,
averaged 1.632-million barrels
per day in 2017, down from
1.72-million barrels the previ-
ous year, the chairman of the
state-run oil company Sonan-
gol said on Wednesday.
Read more
Angola faces currency
test in economy shake-
up
Ref: 28 January 2018
Angolan President Joao
Lourenco was elected five
months ago promising an
“economic miracle”.
Read more
Ethiopia pockets 50
billion Br from loans,
grants
Ref: 25 February 2018
Ethiopia has received 50.4
billion Br in grants and loans in
the first half of the current fiscal
year, according to the Ministry
of Finance & Economic Coop-
eration (MoFEC).
Read more
UAE Ministry of Economy
explores agricultural
investment with Ethiopia
Ref: 26 February 2018
HE Abdullah bin Ahmed Al
Saleh, Undersecretary of the
Ministry of Economy for Foreign
Trade Affairs recently met with
H.E Ayana Zewdie, Ethiopian
Minister of State for Trade, to
discuss strategic ways on how
to further enhance coopera-
tion with Ethiopia, especially
across potential investment
opportunities in agriculture
and food industries.
Read more
Ethiopia gears up for
natural gas exploration
Ref: 27 February 2018
The Ethiopian Minister of Mines,
Natural Gas and Petroleum,
Motuma Maekassa has an-
nounced that government will
be exploring natural resources
in Ogaden adding that having
good mining policies and reg-
ulations will assist in this regard.
Read more
Akufo-Addo advocates
for increased trade and
investment co-operation
with Germany
Ref: 28 February 2018
The President of the Republic,
Nana Addo Dankwa Aku-
fo-Addo, says notwithstanding
the excellent relations that
exist between Ghana and
Germany, Ghana has decid-
ed to turn our back on the old
Ghanaian economy, which
has been dependent on the
production and export of raw
materials, and also dependent
on aid.
Read more
Fuel prices to reduce in
March - IES predicts
Ref: 28 February 2018
Local fuel prices to head lower
at the fuel pump stations in the
first Pricing-window of March
2018, Institute for Energy Secu-
rity (IES) predicts.
Read more
MiDA allocates $10
million for power supply
in markets
Ref: 28 February 2018
The Millennium Develop-
ment Authority (MiDA) has
earmarked about $10 million
to provide safe, quality and
reliable electricity to some se-
lected markets and economic
enclaves in the country.
Read more

Akufo-Addo names new
second deputy BoG
governor
Ref: 12 February 2018
President Akufo-Addo has
named international econom-
ic and financial lawyer, Elsie
Awadzi as the Second Dep-
uty Governor of the Bank of
Ghana.
Read more
Kenya
Kenya imposes ban on
logging for 90 days
Ref: 26 February 2018
Kenya’s Deputy President
William Ruto suspended
logging in all forests in the
country for the next three
months as water levels in
major rivers continue to drop
at alarming levels.
Read more
US delivers final boats
to Kenya Navy to
bolster marine patrols
Ref: 28 February 2018
The final six of 10 boats
provided through a Sh500
million grant from the US
Department of Defence have
been delivered to the Kenya
Navy in Mombasa.
Read more
Concern over Kenya’s
debt as it hits new
record of Sh4.57trn
Ref: 27 February 2018
Kenya’s public debt has for
the first time exceeded the
Sh4.5 trillion mark, reflecting
the Jubilee government’s
increasing appetite for loans
despite recent warnings over
the pace at which the debt is
accumulating.
Read more
Mozambique
Bank of Mozambique
lowers interest rates
Ref: 27 February 2018
The Bank of Mozambique
on Monday lowered its
benchmark interest rates by
150 base points.
Read more
Mozambique to propose
debt restructuring plan to
creditors
Ref: 23 February 2018
Mozambique will present to its
creditors the key elements of
a debt restructuring proposal
and give an update on its
fiscal and macroeconomic
situation at a meeting in
London on March 20, the
Ministry of Economy and
Finance said.
Read more
Mozambique’s economy
must diversify so that the
country can grow, World
Bank
Ref: 8 February 2018
Mozambique’s economic
growth will depend on
the country’s economic
diversification and
demographic transformation
in the medium term, the World
Bank director for Mozambique,
Mark Lundell said on
Wednesday in Maputo.
Read more
H+K Africa Digest | February 2018 | 11
Nigeria
Nigeria Labour
Congress may
demand N72,000 as
new minimum wage
Ref: 27 February 2018
Nigeria Labour Congress (NLC) may
be demanding N72, 000 ($200)
equivalent as new minimum wage.
President of the NLC, Ayuba Wabba,
said the minimum wage struggle,
which began in Nigeria in 1981, was
predicated on $200.
Read more
CBN: How fiscal
interventions’ll boost
external reserves
Ref: 27 February 2018
As the new company to help Nigeria
conserve $1 billion in imports finally
berths, the Central Bank of Nigeria
(CBN) has explained how its various
intervention programmes would yield
more investments and boost the
nation’s foreign reserves.
Read more
Emefiele: CBN has disbursed
N55bn to 250,000 Farmers
under Anchor Borrowers’
Programme
Ref: 1 February 2018
The Governor of the Central Bank
of Nigeria (CBN), Godwin Emefiele,
recently put the total amount
of money disbursed under the
Anchor Borrower’s Programme
(ABP) in partnership with the state
government and private sector group
since the commencement of the
programme, at N55.526 billion to over
250,000 farmers.
Read more
Nigeria’s foreign reserves
now $42.8 billion — CBN
Ref: 1 February 2018
The Central Bank of Nigeria, CBN, said
recently in Abuja that the country’s
foreign reserves has risen to about
$42.8 billion.
Read more
12 H+K Africa Digest | February 2018

Rwanda Tough budget

decisions were made
Direct flights to Europe
to keep SA away from
a boost to Rwanda’s
the brink, explains
horticulture
Malusi Gigaba
Ref: 26 February 2018
Ref: 22 February 2018
There has been an increase in
If steps were not taken in the
horticulture revenue as a result
2018-19 budget to stabilise
of continued adherence to
debt, SA would have had to
international standards and
go cap in hand to multilateral
ease in transporting cargo
institutions — such as the
to foreign markets due to
International Monetary Fund Kenya, Tanzania agree
direct flights terminating from
Rwanda to Europe.
(IMF) — to seek financial to settle tiff
assistance, Finance Minister Ref: 24 February 2018
Read more Malusi Gigaba said on
President Uhuru Kenyatta
Thursday.
and President John Pombe
Cement companies Read more Magufuli have directed their
ministers to meet quickly
scramble for a piece
of Rwandan market Guptas launch urgent to resolve “small vexing”
differences between Kenya
court bid to keep Bank and Tanzania.
Ref: 26 February 2018
Regional cement
of Baroda in SA Read more
manufacturers are fighting Ref: 28 February 2018
for a share of the Rwandan Twenty companies belonging Mining investors remain
market at a time when current to the beleaguered Gupta cautious of Tanzania
market leaders are struggling family have launched an
to stay afloat. urgent court application in an market
Read more attempt to prevent the Bank Ref: 24 February 2018
of Baroda from shutting its Potential investors are holding
South African operations. back on their entry into
South Africa Read more Tanzania over President John
Magufuli’s stringent policy
We have put the brake
Tanzania
changes.
on runaway debt, says Read more

Gigaba Tanzania’s new mining

Ref: 22 February 2018
Finance Minister Malusi Gigaba
is confident that the debt
consolidation measures announced
in the 2018-19 budget will go
a long way to satisfy the credit
ratings agencies, which have been
concerned about the worsening
trajectory of government debt.
Read more
law will compel foreign
companies to boost
local financial firms
Ref: 20 February 2018
Tanzania is set to overhaul its
extractive industry after the
government passed a new
law that posits strict guidelines
for foreign companies.
Read more

Treasury to raise
offshore investment
thresholds, with an eye
on Africa
Ref: 22 February 2018
The Treasury is to increase
the prudential limits on
offshore investments for funds
managed by institutional
investors by five percentage
points for all categories,
including the allowance for
investments in Africa.
Read more
 H+K Africa Digest | February 2018 | 13

Uganda

The $3.55 billion

pipeline deal
Ref: 7 February 2018
Excitement filled Hotel
Africana’s spacious Nile Hall
on Jan.17 as hundreds of
local suppliers braced for
details about the specifics of
the $ 3.55 billion pipeline deal
contained in the study about
its engineering designs.
Read more

EAC must lower

transport, internet and
power costs
Ref: 22 February 2018
President Yoweri Museveni has
stated that it is fundamental
that the cost of transport,
electricity and the internet
is made affordable to boost
development and attract
investment to the East African
region.
Read more

Bank of Uganda
dismisses reports about
taking over Bank of
India
Ref: 20 February 2018
Bank of Uganda has refuted
reports about its take over
and closure of Bank of India
in Uganda. There have been
reports indicating that Bank
of India Uganda will wind up
operations in the country in
March this year.
Read more