East and West Africa — Economy, markets & corporate news roundup
EAST AFRICA
UGANDA- Kampala. Plans for Uganda and Bangladesh to trade in textile and jute have been finalised, senior officials have said. (MONITOR) READ MORE
KENYA- The Kenyan government will convert its Ksh20.9 billion ($207 million) debt to equity in power producer KenGen as it takes up its rights in a cash call. (THE EAST AFRICAN) READ MORE
UGANDA- Uganda targets to focus on east Africa markets to drive its exports over the next five years, a State agency said. (REUTERS) READ MORE
TANZANIA- The Dar es Salaam Stock Exchange has opened up its ownership to the public, allowing individual and institutional investors, including stockbrokers, to acquire up to a 20 per cent shareholding in the 20-year-old bourse. (THE EAST AFRICAN) READ MORE
KENYA- The Central Bank of Kenya (CBK) has received credible information that the bank and other government facilities could be the target of an imminent cyber-attack. (NATION) READ MORE
RWANDA- Rwanda promotes use of information and communication technology (ICT) in all spheres of life, including e-commerce systems that support a cashless economy. This has forced many enterprises and institutions to embrace ICTs, doing away with traditional ways of business transactions. (NEWS TIMES) READ MORE
UGANDA- Despite being labelled the backbone of Uganda’s economy, the agriculture sector has been susceptible to many challenges and risks related to both artificial and natural disasters. The risks, which vary from unstable produce prices to droughts, floods, pests and diseases, have not only hampered the growth of the agriculture sector, but also discouraged many people from venturing into it as a business. (NEW VISION) READ MORE
UGANDA — The Ugandan shilling weakened modestly on Tuesday as commercial banks sought dollars to cover short positions in the U.S. currency. (REUTERS) READ MORE
WEST AFRICA
ALGERIA — European Union officials and energy firms urged Algeria on Tuesday to adapt to more competitive energy markets so as to attract the investment needed to pump more gas north again after years of dwindling exports. (REUTERS) READ MORE
NIGERIA- Trading at the Nigerian stock market began the week on negative note as some investors locked in profit while others await the outcome of the Central Bank of Nigeria(CBN)’s Monetary Policy Committee (MPC). (BUSINESS NEWS) READ MORE
NIGER — Niger will issue a 15 billion CFA franc ($25.57 million) three-month bond on May 31, a statement from the West African regional debt planning agency UMOA-Titres said. (REUTERS) READ MORE
NIGERIA- The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has adopted a flexible exchange rate policy for the country. (SUN NEWS ONLINE) READ MORE
GHANA- Former President, Jerry John Rawlings, has descended heavily on the country’s leaders saying they have done nothing to improve the living conditions of Ghanaians. (GHANA WEB) READ MORE
GHANA- Access Bank Ghana has partnered Wapic Insurance and Ghana Life Insurance companies to launch innovative insurance products for consumers in Ghana, In line with its strategy to build capacity in retail banking. (AFRICA BUSINESS COMMUNITIES) READ MORE
