September 2023 / Focus Africa

30 Settembre 2023

Africa in Review by the Numbers (September 2023)

$12 billion Value of food produced in Africa under projects supported by the African Development Bank, putting the target of reaching $25 billion production on track. During discussions at the UN General Assembly meetings, the President of the bank expressed optimism that food insecurity could be effectively addressed within a five-year timeframe. He emphasised the significant impact of the AfDB's financing, which is leveraged 3-4 times, thereby amplifying the resources available to combat food insecurity and address various climate-related issues in Africa. (Reuters)

1 million People to benefit from access to power via the deployment of solar mini-grids financed through CrossBoundary group's electrification financing mechanism. Sustainable Energy Fund for Africa (SEFA) has provided $10 million towards demonstrating CrossBoundary Access's project finance model to attract more commercial financiers to renewable electricity on the African continent. (Afrik21)

4 Days of free storage offered to importers at Kenya's Mombasa port, after authorities doubled the free cargo storage window for domestic importers to four days. The move provides relief to traders whose cargo face delays at the port facilities within Kenya. (Business Daily)

$6 billion Financing to be offered by South Korea to domestic companies working in Africa between 2024 and 2025, representing the country’s largest-ever export financing committed to the continent. Loans to Korean firms will be offered in three areas: energy development and conversion, agricultural innovation and intellectual knowledge and competency development. (The Korea Economic Daily)

280,000 tonnes Copper expected to be produced in Zambia following an expansion project by Kansanshi Mining PLC. The $900 million S3 expansion project will increase production from the current 150,000 tonnes a year, representing a significant opportunity to boost the country's economy. (Lusaka Times)

25% Reduction on fossil fuel dependence targeted by Nigerian conglomorate, Dangote, at its facilities by 2025. The company has initiated several innovative strategies to cut green house gas emissions as part of its commitment to Sustainable Development Goals 12. (Punch)

$996 million Funding committed by African Development Bank in partnership with Global Centre on Adaptation to support youth startups in Africa as part of the fight against climate change. According to AfDB, the capital infusion will empower young entrepreneurs across the region. (The East African)

2500 mini-grids To be implemented over the next five years through the Africa Sunspot Initiative. Launched by Husk Power Systems at Africa Climate Week, the project will mobilise $500 million in equity and debt to finance 1 million new power connections in off-grid and weak-grid communities in Africa. (Africa Market Trends)

6% Stake in Atlantic Lithium bought by Ghana's Minerals Income Investment Fund for $27.9 million as it prepares to develop the country's first lithium producing mine. The investment by the sovereign wealth fund is another example of the global surge in interest in companies producing the key battery metal amid the clean energy transition. (Reuters)

$400 million Loan facility signed between Afreximbank and China Development Bank (CDB) to improve access to trade finance for SMEs in Africa. The facility will boost smaller companies involved in trade, both externally and within Africa, as well as those engaged in productive sectors. (Global Trade Review)

650,000 tonnes Salt production at the newly commissioned salt mine in Sege, Ghana, operated by McDan Group. The mine is expected to increase its annual production to 1 million tonnes in 2024 and 2 million by 2027, making it the largest salt mine in Africa. (Ghana Web) 61% Increase in lending reported by Kenyan multinational banks to affiliate companies abroad in the six months to June, compared to the same period last year. Fillings by banks indicate that lenders with external parents had lent affiliates in foreign markets $1.22 billion by end of June, up from $760 million last year. This has raised concerns about Kenyan forex deposits funding external assets. (The East African)
27 Settembre 2023

Rwanda Cuts Corporate Income Tax Rate

On 14 September 2023, Rwanda gazetted a law reducing the standard corporate income tax rate from 30% to 28%.

The new law (Law No.º 051/2023), further introduced a provision related to tax declarations, allowing taxpayers required to submit certified financial statements to seek tax administration authorization for the provisional filing of non-certified financial statements.

Taxpayers that receive authorization remain liable to pay the tax by the due date and are further required to submit to the tax administration their annual tax declaration and certified financial statements within 3 months from the date of the provisional tax declaration.

The new law amends law No. 027/2022 of 20/10/2022 establishing taxes on income.