Trade and Financial Services Round-Up

  • 31 Jul 2023
  • 3 Mins Read
  • 〜 by ndiaye ndiaye


Banks to access secret State database in dirty cash fight

Financial institutions will soon be granted access to a State database on secret owners of companies to enable them to swiftly flag and report suspicious transactions involving people using proxies, friends and relatives to evade the anti-money laundering law.

This is part of the amendments to the anti-money laundering law now headed to Parliament, which seeks to remove the blindfold that has undermined the efforts by banks to flag suspicious transactions.

A source at the office of the Director of Public Prosecutions told the Business Daily that the amendment will be a game changer in the country’s fight against money laundering. 

(Business Daily)



Food prices take a nosedive

The general trend of the prices of food crops has continued to decline due to improved harvests this season as well as the government’s measures to contain inflation.

Presenting a report on the general trend of prices of various goods in 2022/23 fiscal year, the Minister for Industry and Trade, Dr Ashatu Kijaji said the price of the common food crops like maize, rice, beans and pulses has gone down.

Addressing the media in Dodoma, yesterday Dr Kijaji said the average price of rice as of June this year, has gone down to Tsh 2,705 per kilogramme compared to  Tsh 4,000 per kilogramme in October last year. 

(Daily News)



Stock prices rise as investors seek shares of high dividends 

Investors increased spending on company shares at the Uganda Securities Exchange (USE) in an effort to find safe havens from faltering returns on equities with high dividend yields.

The dividend yield is the percentage of the stock’s current price paid out as dividends to shareholders annually.

Due to their high dividend yields of 17.7 percent, 17.5 percent, and 15.2 percent respectively, Stanbic, Umeme, and National Insurance Company have attracted the largest number of investors, according to stock brokers. 




Rwanda poised to meet $1.5 billion mineral export target – Regulator

Rwanda’s mineral export earnings reached $609 million (over Rwf716 billion) in the first six months of 2023, according to the regulator of the country’s mining sector.

Mineral export revenues have increased from $71 million in 2010 to over $772 million in 2022. The government targets $1.5 billion in annual mineral export revenues by 2024.

The mining sector remains Rwanda’s second-largest export revenue earner after tourism and hospitality.

Revenues from minerals exports in the second quarter of 2023 were $362 million, up from $247 million in the first quarter, according to Rwanda Mining, Petroleum and Gas Board (RMB).

 (The New Times)



Ethiopian delegation meets with WTO officials to discuss accession

A delegation from Ethiopia met with WTO officials in Geneva on July 26th to discuss the resumption of negotiations for Ethiopia’s accession to the WTO. The delegation, led by Minister of Trade and Regional Integration Gebremeskel Chala, met with WTO Deputy Director-General Mr. ZHANG Xiangchen and Ms. Rebecca Fisher-Lamb, the Chairperson of the Working Party on the Accession of Ethiopia.

The discussions focused on the current status of Ethiopia’s accession process and future actions that could be taken. The Ethiopian delegation expressed its commitment to working closely with the Chairperson to expedite the process. 




Russia waives $684 million in debt for Somalia in major step to end debt burden

In a significant gesture of support, Russia has waived $684 million in debt owed by the Somali government, a move that will bring some relief to the country’s debt burden.

The agreement was signed on Wednesday in St. Petersburg between Finance Bihi Iman Egeh and Russia’s Deputy Minister of Finance, Timur Igorevich Maksimov, in the presence of Deputy Prime Minister Salah Ahmed Jama.

The Russian deal comes as the Russia-Africa Summit opens in St. Petersburg, highlighting the growing interest of Russian businesses in Africa. The debt waiver is expected to provide a boost to Somalia’s economy, which has been struggling to recover from decades of conflict and instability. 

(Radio Dalsan)