Economy | Africa CEO Voices

Equity, AFCTA ink deal to deepen economic integration of the African continent

July 19, 2022July 19, 2022

KENYA – Equity Group Holding, a financial service holding company, has signed a Memorandum of Understanding (MoU) with Africa Continental Free Trade Agreement (AFTCTA) to accelerate the KSh678 billion (US$6 billion) Regional Private Sector Economic Recovery and Resilience Stimulus Plan. Under the partnership, Equity Group will focus on key strategic pillars including agriculture and the extractive sectors, manufacturing and logistics,…

Egypt’s e-commerce platform Appetito set to acquire Lamma for US$10M

June 2, 2022June 3, 2022

EGYPT – Appetito, the Egyptian platform that delivers groceries and family items to buyers from 11 dark stores across three cities in the North African nation, is acquiring Lamma, an identical startup with operations in the Maghreb locations of Tunisia and Morocco. Appetito did not specify the size of the deal in its announcement. According to insiders familiar with the…

Nigeria’s GDP records 3.11% growth in first quarter of 2022

May 25, 2022May 25, 2022

NIGERIA – Nigeria’s Gross Domestic Product (GDP) grew by 3.11 percent (year-on-year) in real terms in the first quarter (Q1) of 2022, the National Bureau of Statistics (NBS) reveals. The figure showed sustained positive growth for the sixth consecutive quarter since the recession witnessed in 2020 when negative growth rates were recorded in quarters two and three of that year.…

World Bank approves US$350M loan to support Morocco’s Blue Economy program

May 25, 2022May 25, 2022

MOROCCO – The World Bank has approved a US$350 million loan to support the Government of Morocco in the launching of its Blue Economy program. The program aims to improve job creation and economic growth, as well as the sustainability and resilience of natural resources and food security. The Blue Economy Program for Results (PforR) aims to develop institutional frameworks,…

Oil and gas company Eni and Rwanda sign MoU on cooperation in circular economy

April 11, 2022April 11, 2022

RWANDA – Eni, a multinational oil and gas company, and the Government of Rwanda have signed a Memorandum of Understanding (MoU) to identify collaborative opportunities in the areas of circular economy, agriculture, forestry, innovation and digital information technology. Under the terms of the MoU, the two parties will evaluate the feasibility of circular economy projects focused on collecting used cooking…

Morocco’s Economy Grew by 6.6% in the 4th Quarter of 2021

April 2, 2022April 2, 2022

MOROCCO – Morocco’s economy grew by 6.6% in the fourth quarter of 2021, compared to the same period in the previous year, driven by agricultural production. The increase contrasts with last year’s decline of 5.1% during the same period, according to Morocco’s High Commission for Planning (HCP). HCP indicated that this ‘bounce back’ in Morocco’s economic activity is the result…

Morocco’s CGEM elected to Alliance of Francophone Employers Board

March 31, 2022March 31, 2022

MOROCCO – General Confederation of Moroccan Enterprises (CGEM) President Chakib Alj has been elected Secretary-General and member of the Executive Board of the Alliance des Patronats Francophones (APF). The CGEM was represented at this ceremony by its vice-president, Mehdi Tazi, who proceeded with the presidents of employers of 25 countries, the official signing of the statutes establishing this alliance. The…

French investments in Egypt hit US$4.41Bn, PM Madbouly

March 23, 2022March 23, 2022

EGYPT – French investments in Egypt have reached US$4.41 billion according to Egypt’s Prime Minister Mostafa Madbouly. The Prime Minister asserted that the partnership between Egypt and France is based on the key role both Egyptian and French companies and institutions play in achieving development by doing business in joint projects. Such ventures benefit the two friendly countries, stimulate genuine…

Morocco and EBRD Sign MoU to strengthen the country’s economy

March 15, 2022March 15, 2022

MOROCCO – Morocco has signed a memorandum of understanding with the European Bank for Reconstruction and Development (EBRD) on the organization of the bank’s annual meeting in Marrakech. Minister Nadia Fettah Alaoui commended Morocco’s relations with the bank during a visit to Rabat by Kazuhiko Koguchi, Secretary-General of the European bank. The minister noted the willingness of the Moroccan government…

IMF upgrades Egypt’s real GDP growth for 2022 to 5.6 percent

February 3, 2022February 3, 2022

EGYPT – The International Monetary Fund (IMF) has upgraded Egypt’s real Gross Domestic Product (GDP) growth by 0.4 percent in 2022 to 5.6 percent, compared to the fund’s October 2021 projections. Egypt has managed to do well amid the Covid-19 pandemic compared to other oil-importer countries according to Petya Koeva Brooks, the IMF’s deputy director of the research department. She…