Major International Business Headlines Brief ::: 03 November 2025

Mon Nov 3 13:03:20 CAT 2025

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Major International Business Headlines Brief :::  03 November  2025 

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ü  Cote d'Ivoire: The Chocolate Maker Leading a Sweet Revolution in Cocoa Capital Côte d'Ivoire

ü  Somalia: Somaliland to Require Overflight Permits for All Civil Aircraft From November 10

ü  Nigeria: 15% Petrol Import Duty Against Spirit of Deregulation - Oil Marketers

ü  Nigeria: Govt Officials Prefer to Die Abroad While Health Sector Decays - NLC

ü  Namibian Magistrates Threaten Work Stoppage Over Delayed Allowances

ü  Ethiopia's Economic Growth Creates Significant Opportunities for Manufacturing Sector - Ministry Says

ü  Uganda's Rising Debt, Shrinking Lives

ü  Mozambique: Mozambican State Owes Building Contractors Over 14 Billion Meticais

ü  Nigeria Introduces 10% Withholding Tax On Short-Term Securities

ü  Malawi Stock Exchange Is Africa's Top Performer After 76 Percent Q3 Rise

ü  Uganda: Absa to Acquire Standard Chartered's Retail, Wealth Business in Uganda

ü  Kenya: Family Bank Shareholders Approve 2026 Nairobi Stock Exchange Listing

ü  Botswana: Minergy Shares Suspended On Botswana Bourse Amid Legal Dispute

ü  Africa: Coca-Cola Hbc to Acquire 75 Percent Stake in Africa Unit for $2.6b

ü  Botswana Inflation Climbs to 3.7 Percent On Rising Fuel, Food Costs

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Cote d'Ivoire: The Chocolate Maker Leading a Sweet Revolution in Cocoa Capital Côte d'Ivoire

Abidjan, Côte d'Ivoire - Côte d'Ivoire is the world's main source of cocoa beans, yet for decades, Ivorians rarely tasted chocolate made from their own crops. Determined to change that, Axel Emmanuel Gbaou founded his own business transforming locally grown cocoa into chocolate - and helping farmers to master more of the lucrative steps from bean to bar.

Speaking to RFI from his workshop in Cocody, an upmarket suburb of Abidjan, Gbaou recalls that before he started his venture 10 years ago, "there wasn't a single chocolate bar made in Côte d'Ivoire".

Today, his brand Le Chocolatier Ivoirien sells its chocolates both abroad and, increasingly, at home.

The former banker switched careers after noticing "this great absurdity" that the world's leading cocoa producer sent the vast majority of its beans to be turned into chocolate abroad.

"We have two million farmers, 3,000 cooperatives and there was no chocolate brand in the supermarkets," he told RFI.

Côte d'Ivoire's cocoa industry lies at the heart of its economy, shaping both export revenues and rural livelihoods. The country supplies roughly 35 to 45 percent of global demand, with production hitting nearly 2.4 million tonnes in 2023.

Most of the beans are grown by smallholder farmers who harvest them, dry them and sell them to traders for export, in many cases earning less than a dollar a day.

Cocoa processing, which adds value, mainly occurs once the beans have left the country. The most lucrative step - making chocolate products - typically happens in Europe, where the world's biggest multinationals have their manufacturing hubs.

Chocolate and rice among key EU imports facing climate threats

Gbaou wants to help locals move higher up in the value chain. Since starting his company in 2015, he has trained more than 2,000 women farmers to meet organic and fair trade standards, process the raw beans or even make their own chocolate.

These planters supply him with sustainably grown beans. "And we have our own chocolate bars now, with our African fabric and packaging."

Adapted to local market

At first, Gbaou sold mainly to corporate customers. "In the beginning, we were making chocolate for companies, like Air France, and after that I decided that I had to make our own chocolate bar," he says.

But it wasn't an obvious market. "People say that it was not in the habit of Ivorians to have chocolate, to eat chocolate," says Gbaou. Price was also a barrier.

Alongside his more expensive offerings, he came up with a chocolate bar, Kimbo, that retails for the equivalent of just under €1. "And people are now buying it here, but also in France, in other countries, in Congo, et cetera. People order it because it's a good price," Gbaou concludes.

Podcast: Inside Côte d'Ivoire's pivotal election: voices of hope and uncertainty

He says the brand can sell one million chocolate bars each year in Côte d'Ivoire's economic hub Abidjan, home to six million residents. "It is possible because the people buy them here now," he adds.

Gbaou now exports to countries in Africa, Europe and North America.

This weekend he's showcasing his products at the Salon du Chocolat trade fair in Paris - where, in 2022, the International Agricultural Show named his chocolate "Best in the World". This year, Gbaou received two Gourmet Medals at the fair, in the 75% Dark Chocolate with no additives except sugar category, and in the 85% Dark Chocolate one.

Read or Listen to this story on the RFI website.

Somalia: Somaliland to Require Overflight Permits for All Civil Aircraft >From November 10

Hargeisa — The Republic of Somaliland's Ministry of Civil Aviation and Airports Development announced on Sunday a new directive requiring all civil aircraft to obtain prior authorization before entering or transiting its airspace, in a move reaffirming its jurisdiction over national territory.

Effective November 10, 2025, the directive mandates that all scheduled, non-scheduled, commercial, and general aviation flights secure an Overflight Permit before operating within Somaliland's airspace.

The ministry said the measure aims to ensure safe and orderly air navigation in line with international aviation standards, strengthen air traffic management and meteorological services, and enhance emergency and search-and-rescue operations at Hargeisa Egal International Airport (HGA) and Berbera International Airport (BBO).

"Unauthorized overflight without prior approval constitutes a violation of national sovereignty and may result in enforcement actions under applicable national and international aviation laws," the ministry said in a statement.

The directive, issued in accordance with the Chicago Convention on International Civil Aviation (1944), reaffirms Somaliland's "complete jurisdiction and exclusive sovereignty over its land, maritime, and airspace," the statement added.

Somaliland's Civil Aviation Ministry reiterated its commitment to maintaining safe, efficient, and cooperative international air navigation, and expressed appreciation for the cooperation of airlines, operators, and partner states in complying with the new regulation.

Read the original article on Horn Diplomat.

Nigeria: 15% Petrol Import Duty Against Spirit of Deregulation - Oil Marketers

Oil marketers have criticised the Federal Government's plan to impose a 15 per cent import duty on petrol, arguing that the proposal contradicts the principle of deregulation in the downstream petroleum sector.

According to them, genuine deregulation requires that petrol prices be determined strictly by market forces -- not through additional government-imposed duties or taxes that could distort pricing and competition.

Speaking with Vanguard, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Chinedu Ukadike, described the proposed duty as anti-competitive and warned that it could trigger scarcity and encourage profiteering.

Ukadike noted that the importation of petrol has, until now, helped foster competition with local refining, ensuring fair pricing and better value for consumers.

"This is another way of increasing pump prices," he said. "If petroleum products are deregulated, demand and supply should determine the price. Import and export activities help regulate prices, stabilise local refineries, and prevent cheating."

He added that imported petrol continues to supplement local supply because domestic refineries have yet to meet national consumption needs.

"Marketers are importing because the demand exists. If local supply were adequate, importation would not be necessary. The presence of demand shows supply gaps -- and if those gaps persist, scarcity will return," he said.

Ukadike also queried the recent rise in pump prices despite global crude oil price declines and the strengthening of the naira. He warned that the new import duty could push marketers to rely exclusively on Dangote Refinery, potentially creating a monopoly.

"The only source of supply now is Dangote. This will lead to third- and fourth-tier distribution chains, reintroducing profiteering and racketeering -- the same issues deregulation was meant to eliminate," he said.

However, energy economist Professor Wumi Iledare supported the government's stance, describing the proposed tariff as a transformative step toward fiscal resilience and energy security.

"Public debate around the proposed 15 per cent import duty has been dominated by emotion and populism rather than economic reasoning," Iledare said. "Tariffs are fiscal tools that, when well-designed, promote domestic capacity and stabilize markets."

He stressed that the policy is not intended to protect inefficiency or create monopolistic pricing but to boost local refining and reduce Nigeria's long-standing dependence on imported fuel.

"The tariff aims to transform before transition -- strengthening local capacity within a transparent, competitive framework," he explained. "But success depends on governance integrity. Without institutional discipline, tariffs can become rent-seeking tools."

Iledare urged key regulatory bodies -- including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Competition Commission -- to safeguard fair competition and transparency.

"It's not a 'Trump-style' tariff driven by protectionism but an economic instrument balancing efficiency, effectiveness, ethics, and equity," he said.

Earlier, the Major Energy Marketers Association of Nigeria (MEMAN) estimated that the duty -- amounting to about ₦99.72 per litre -- could push the retail price of petrol in Lagos to around ₦964.72 per litre, which it noted is still lower than the average pump price in many African countries.

The group said the move comes after lobbying from Dangote Refinery, which has been competing with cheaper imported fuels, particularly from Russia.

While advocates believe the tariff will promote local refining, enhance price stability, and strengthen energy security, analysts warn that it could raise pump prices further and weaken demand in Nigeria's highly price-sensitive market.

MEMAN noted that Nigeria's petrol consumption fell from about 420,000 barrels per day in 2022 to 280,000 barrels per day in 2024 following fuel subsidy removal, with recovery still slow despite Dangote Refinery producing up to 20 million litres daily.

Read the original article on Vanguard.

Nigeria: Govt Officials Prefer to Die Abroad While Health Sector Decays - NLC

Abuja — --Say neglect of health workers' welfare pushing medicare to total collapse

The Nigeria Labour Congress, NLC, has accused the government of deliberately neglecting the health sector and frustrating health workers through poor welfare, unpaid entitlements, and broken promises, describing the situation as a national tragedy.

NLC President, Joe Ajaero, said the government's attitude towards public healthcare and the welfare of medical workers reflects a preference for foreign hospitals over building a functional domestic system capable of serving Nigerians equitably.

He stated this at the opening ceremony of the 51st Regular National Executive Council, NEC, meeting of the Medical and Health Workers' Union of Nigeria, MHWUN, in Abuja.

Ajaero said: "Our health sector continues to bleed. It is not an accident; it is a direct result of a system that prioritises profit over people, that sees healthcare as a commodity and health workers as disposable instruments. You, the frontline workers in every pandemic -- the pharmacists, the laboratory scientists, the porters -- you are the lifeblood of this nation's well-being, yet you are forced to work in conditions that sicken the very spirit of healing.

"You are overworked, underpaid, and disrespected. You face unimaginable trauma daily, only to be met with empty promises and a blatant disregard for your welfare. This is a calculated assault designed to break your will and privatise the commonwealth of our public health system. You have suffered severely from the unfaithfulness of the government to negotiated agreements because premium is not placed on the services that you render. Maybe, out of guilt, they prefer to die abroad!"

He declared that health workers remain the soul of Nigeria's survival, stressing that when any worker is treated unfairly, "the entire working class is devalued.

"When you are forced to operate in a state of despair, you have only two choices, as the great Karl Marx identified: to withdraw your labour or to become more committed to the struggle.

"Withdrawal is not just a strike; it is the quiet despair that leads to burnout, to brain drain, to a slow death of the system. But commitment -- the commitment you show by being here today -- is the fuel of radical change. It is the resolve to organise, to mobilise, and to fight back against the unjust treatments in our hospitals and health institutions across the nation."

The NLC president called for a united front among all health sector unions to push for improved working conditions, living wages, and proper funding of public health institutions.

"Our solutions must therefore be as radical as the problems we face. We must unite and broaden the struggle; forge an unbreakable alliance with all health sector unions. Your strength is in your unity. A joint struggle across the entire health sector is invincible. JOHESU must be reinvigorated by bringing all unions on board," he said.

Ajaero urged MHWUN to use the NEC meeting as a platform for concrete resolutions and action plans to demand reform in the health system.

"This NEC meeting should not be a talk shop; it should be a situation room. The decisions you make here must resonate in the halls of power and on the floors of every hospital in Nigeria. Do not let them pacify you with tokens; demand a fundamental restructuring of the health sector. Demand living wages, safe working conditions, and adequate funding for public health. If not -- Japa!"

The NLC leader also emphasised the need for political organisation ahead of the 2027 elections, urging workers to build a political movement that represents their interests rather than depending on politicians.

"We must move beyond begging the bosses to becoming the architects of our own destiny," he said.

Ajaero concluded by saluting the leadership of MHWUN and past labour icons for their resilience in the struggle for justice and workers' welfare.

"Your President and Deputy President of Congress, Comrade Ado Sani and his General Secretary, Comrade Kiyawa, have continued to represent you well. We doff our hats to them! The NLC stands shoulder to shoulder with you. Your fight is our fight. Together, we will heal the healers, and in doing so, we will begin to heal our nation," he said.

Read the original article on Vanguard.

Namibian Magistrates Threaten Work Stoppage Over Delayed Allowances

Magistrates across Namibia have threatened a partial work stoppage from 5 November if the Ministry of Justice and Labour Relations does not engage with the Magistrates' and Judges' Association of Namibia (MJAN) on housing and vehicle allowance adjustments.

Through their lawyers, Metcalfe Beukes Attorneys, MJAN warn that the strike would affect civil trials, opposed motions in magistrates' courts, criminal trials, and bail applications in magistrates' and regional courts nationwide.

The association says the stoppage will continue until their demands are met, but emphasises it is willing to resolve the matter amicably and is available for urgent round-table discussions before 5 November.

The dispute stems from delays in implementing approved adjustments to magistrates' remuneration and benefits.

In October 2023, the then Ministry of Finance and Public Enterprises, in consultation with the magistrates' commission, approved increases in housing and vehicle allowances, effective from the 2025/26 financial year.

However, discrepancies in subsequent schedules submitted by the justice ministry have frustrated magistrates.

MJAN maintains that a 6 August proposal by the executive director of the Office of the Judiciary correctly aligned benefits with the 2 October 2023 approval.

They argue the justice ministry's October schedule misaligned salaries for chief, deputy chief, divisional, and regional court magistrates, creating inequities across grades and violating the approved adjustments.

Last month chief justice Peter Shivute declined to intervene directly in an ongoing dispute between MJAN and the magistrates' commission, saying it would be premature while consultations are still ongoing among statutory authorities.

MJAN stresses that magistrates are judicial officers, not ordinary public servants, and that a job evaluation and grading exercise is needed to ensure consistent and fair treatment.

The Namibian uses AI tools to assist with improved quality, accuracy and efficiency, while maintaining editorial oversight and journalistic integrity.

Read the original article on Namibian.

Ethiopia's Economic Growth Creates Significant Opportunities for Manufacturing Sector - Ministry Says

Addis Ababa — The Ministry of Industry has affirmed that Ethiopia's rapid economic growth has been creating significant opportunities for the manufacturing sector.

Prime Minister Abiy Ahmed while addressing at the 2nd regular session of the 5th year of the House of People's Representatives (HPR), where he highlighted that major projects are being designed to realize the country's economic.

The Premier detailed that through the Homegrown Macroeconomic Reform Agenda, systems have been established to leverage the country's resources for diversified economic development, enabling epoch-making success, which is expected to empower Ethiopia to register double-digit economic growth in the current fiscal year.

In an interview with ENA, State Minister of Industry Tarekegn Bululta affirmed that the industrial sector's growth rate has risen to above double digits, which can help substantially increase the sector's contribution to domestic product growth.

Tarekegn further stated that the manufacturing industry is recording improved growth in import substitution, attracting investment, and other key areas, attributing the sector's success and rapid structural transformation to the focused direction set by the government.

Manufacturing industry heads interviewed by ENA also acknowledged government's specific focus on the sector that has been bringing about substantial change.

Tsega Debebe, Manager of Boom Manufacturing PLC, praised the government's encouraging attention to the manufacturing sector.

According to the manager, although his company was established two years ago, primarily produces refrigerators for domestic use, its local production is contributing to import substitution by replacing previously imported products leveraging from the government-created opportunities.

Similarly, Biru Irtu, Corporate Director of HK Business Group PLC, on his part stated that his company is contributing to foreign currency savings through import substitution. The company specializes in manufacturing plastic formworks for construction, effectively replacing previously imported construction materials.

The Ministry has provided special attention to manufacturers, helping them overcome previous challenges and enabling them to become more competitive.

In the 2017 Ethiopian fiscal year, the industrial sector registered a 13 percent growth rate, contributing 3.7 percent to the overall Gross Domestic Product (GDP) growth.

Read the original article on ENA.

Uganda's Rising Debt, Shrinking Lives

How government's borrowing spree is leaving citizens bearing the cost

At dawn, the roar of engines rises above the quiet streets of Entebbe as David Tumusiime, 47, prepares for his daily commute to Kampala. Like thousands of other motorists, he joins the line snaking toward the Entebbe Expressway, a sleek road built to cut travel time--but one that carries an invisible weight.

Every day, Tumusiime parts with Shs10,000 in toll fees, a small fortune for a mid-level employee supporting a family of five. "It's convenient, but the cost adds up quickly because of government debt repayments," he says, his voice tinged with resignation. "If I saved that 10,000 each day, I could buy two kilos of sugar for my family. Those who can't afford the tolls are forced to use longer, rougher roads that waste fuel and time."

The Kampala-Entebbe Expressway, financed through a $476 million (approximately Shs1.785 trillion) loan from China Exim Bank, stands as a symbol of ambition--and consequence. Under the financing agreement, the Uganda National Roads Authority (UNRA) will collect tolls for 18 years to repay the loan, with Egis Road Operation contracted to handle day-to-day operations.

As of December 2023, toll revenues had reached Shs75 billion. Every shilling, according to the agreement, goes directly toward repaying the debt. For Tumusiime, who dreams of retiring at 55, that 18-year horizon feels like a sentence his children will serve. "Even when I stop working, the road will still be paying off the loan," he says quietly. "Maybe my children will still be paying for it too."

Borrowing in the people's name

On October 20, 2025, Uganda's Parliament embarked on the process to approve new loans worth Shs8.3 trillion--touted as funding for roads, energy, and infrastructure projects. Yet for many Ugandans, such approvals evoke as much anxiety as hope.

In the parliamentary chambers, where votes are cast and motions carried, few decisions resonate as deeply through the lives of ordinary citizens. Every loan approved in the air- conditioned hallways of Parliament echoes in the markets, on the farms, and in the small shops where prices creep upward and livelihoods tighten.

Finance Minister Henry Musasizi tabled the new borrowing proposal, seeking funds from lenders including the World Bank and Standard Chartered Bank. He argued that the loans were necessary to sustain key projects and drive economic recovery.

But the presentation was met with tension. Joel Ssenyonyi, the Leader of the Opposition, rose on a procedural point, revealing that he had learned some of the loans had already been signed off by authorities, effectively bypassing parliamentary scrutiny. "If these agreements were signed before Parliament approved them, then we are rubber-stamping decisions already made," Ssenyonyi cautioned. "This undermines the integrity of this House and the people we represent."

Speaker Thomas Tayebwa, visibly caught off guard, defended the process. "I am not aware of any prior signings," he said. "As Speaker, my duty is to forward loan requests to the relevant committees for proper examination." The exchange left the chamber divided. Opposition MPs warned of eroding accountability, while government MPs insisted that existing mechanisms ensured transparency. Yet outside the chamber, in places like Entebbe and Kikuubo, the debate felt far removed from reality. For citizens like Tumusiime, what mattered was not the procedural wrangling--but the price tag attached to it.

The weight of the ledger

According to the latest Annual Debt Statistical Bulletin (June 2025), Uganda's total public debt had reached Shs116.2 trillion (US$32.3 billion), approximately 51.3% of GDP. That represents a 26.2% increase from the previous year's Shs89.5 trillion. Domestic borrowing alone soared by nearly 49% in one year--from Shs40.6 trillion to Shs60.3 trillion--while external debt climbed to Shs55.9 trillion. Much of this domestic borrowing carries higher interest rates, straining national resources and crowding out the private sector.

On October 21, Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury, defended the borrowing strategy. He announced that Uganda would receive over $2 billion (Shs7.5 trillion) in concessional financing from the World Bank over the next three years, marking the resumption of support suspended after the enactment of anti-LGBTQ legislation.

"This funding will revitalize key projects in energy, transport, agriculture, and ICT," Ggoobi said, describing the loans as "a necessary lifeline" for the economy. Yet for many economists, these "lifelines" have become a financial noose--tightening with every new agreement.

The hidden tax on daily life

In the bustling trading hub of Kikuubo, Sarah Nabukenya, a mother of three, arranges sacks of sugar and flour in her stall. "Every year, prices of sugar, salt, and food go up," she says.

"Transport costs increase, taxes increase. It's all connected." For Nabukenya, the link between Parliament's borrowing decisions and her shrinking profits is direct but invisible. "We don't see the loans they talk about in our lives," she adds. "We only feel them when everything becomes more expensive," she tells The Independent.

Bank of Uganda data shows that commercial lending rates have hovered between 20% and 22% over the past five years. For small traders like John Mukasa of Busega Township, this is crippling. "Every time I approach the bank, they tell me rates have gone up," he says.

"Government borrows heavily, and we pay the price." Mukasa explains that in 2024, his operational costs rose by as much as 12%, squeezing profits and forcing him to lay off casual workers. "I can't expand, I can't restock. It's like we are stuck," he tells The Independent.

In Kibaale District, the effects reach the farms. "Loans are expensive, and farmers cannot afford seeds or fertilizer," says maize farmer Taddewo Bwambale. A district official confirms to The Independent that only 20-25% of smallholder farmers access formal credit due to high interest rates.

"Debt in the economy hits us first," Bwambale says. "We cannot grow what we used to because government no longer supports us like before."

In Kagadi, the district forestry officer, Patrick Abigaba, paints an equally grim picture. "Our department has a Shs50 million annual budget, but we receive only about 20% of it," he tells The Independent in an interview. "It affects everything--tree planting, monitoring, and community education. We are left planning on paper."

What parliament debates--and what the people feel

Inside Parliament, the numbers sound abstract. But outside, they manifest in potholes, crowded hospitals, and empty classroom shelves.

Manjiya County MP John Baptist Nambeshe has repeatedly warned that Uganda's borrowing trajectory is unsustainable. "We cannot keep borrowing money we can't repay," he says. "Many projects remain incomplete or mismanaged, yet new loans keep coming." Butambala County MP Muwanga Kivumbi adds that Parliament must demand accountability. "Every loan should be tied to a clear, revenue-generating project. Otherwise, we are merely mortgaging our children's future."

Tororo District Woman MP Sarah Opendi echoes that sentiment: "Transparency is key. We should only borrow for projects that can pay for themselves," she said in a separate interview. "Otherwise, we're piling debt that the next generation will pay through higher taxes and fewer services."

The ripple effects of this fiscal squeeze are visible in education and health. A Kibaale district official tells this publication on condition of anonymity that roughly half of government-aided schools have damaged classrooms and limited facilities, with a student-to-textbook ratio of about 1:20. "We cannot buy enough textbooks or repair classrooms," the official says. "Students suffer because government gives us less money each year."

When debt servicing consumes nearly 40% of domestic revenue, it is sectors like these that bear the brunt.

Debt and politics

Economists argue that Uganda's rising debt is as much political as it is economic. "Many investors view treasury bills and bonds as risk-free, and that helps government raise funds," says John Walugembe, head of the Federation of Small and Medium-Sized Enterprises. "But it also means government competes directly with the private sector for credit, driving up interest rates," he says in an interview with this reporter.

Senior economist Fred Muhumuza is blunter. "Public investment is being driven by political expediency rather than economic necessity," he says. "Projects are launched to win political favor, not to meet urgent development needs. That's how we end up with expensive highways and half-finished industrial parks." He warns that Uganda is "in a debt trap," with a growing share of revenue diverted to debt repayment. "We're paying for past mistakes instead of investing in future potential," he says. "That's the definition of unsustainable."

Enock Twinoburyo, a senior economist and advisor to regional governments, stresses the importance of disciplined borrowing. "Uganda's debt levels may appear moderate, but without strict fiscal discipline, the risks become overwhelming," he says. "Borrowing is not inherently bad, but it must be strategic, transparent, and productive."

Civil society voices are equally concerned. Julius Mukunda, executive director of the Civil Society Budget Advocacy Group, says while government securities remain a stable investment, their expansion limits funds available for social services. "Yes, investors see treasury bills and bonds as safe," he says, "but safety for investors often means scarcity for citizens," he told The Independent.

World Bank warns

The World Bank's 25th Uganda Economic Update, published September 30, reinforces these fears. It shows that Uganda's public debt now stands at nearly 53% of GDP--approaching dangerous levels.

"Increased spending in this election cycle, and with debt-to-GDP reaching almost 53%, raises uncertainties," said World Bank Country Manager Francisca Ayodeji Akala. Ayodeji urged authorities to "minimize unplanned expenditures and increase effectiveness in generating domestic revenues rather than cutting development spending."

Silver Namunane, a World Bank tax economist, pointed out that Uganda's tax-to-GDP ratio remains just 14%, below the Sub-Saharan average and short of the critical 15% needed for sustainable growth.

"Uganda's tax system continues to struggle with low revenue yield," he said. The report calls for reforms to broaden the tax base, reduce tax exemptions, and make the system more equitable. Without such reforms, Uganda's dream of middle-income status risks being "mortgaged to its swelling debt."

The people behind the numbers

In many ways, Uganda's debt story is the story of its people--those who bear the unseen costs of decisions made in their name. For a teacher in Kiryandongo waiting for a salary, for a trader in Kikuubo watching transport costs rise, for a farmer in Kibaale unable to buy fertilizer, debt is not a statistic--it's an everyday constraint.

When Parliament debates billions in loans, few imagine the small shifts it causes in a family's dinner table conversation: less sugar, fewer textbooks, another deferred hospital visit. Uganda's growing debt has become an invisible tax--paid not just in shillings, but in opportunities lost.

Back to the road

As dusk falls on Entebbe, David Tumusiime drives home along the toll road he helped pay for--and continues to pay for every single day. The setting sun glints off the sign reading "Thank you for using the Entebbe Expressway." He shakes his head and laughs quietly. "We are all paying," he says. "Even those who don't use the road pay for it somehow. Maybe one day Parliament will think about us before signing the next loan."

His headlights cut through the evening haze as he joins other cars heading toward Entebbe's outskirts--each driver unknowingly carrying a share of the national debt, each kilometer traveled a reminder of how deeply public debt is woven into private lives.

And as Uganda's lawmakers prepare for another round of debates over new loans and new promises, the question that echoes from Entebbe to the corridors of Parliament remains the same: In whose name--and at what cost--are these debts being taken?

Read the original article on Independent (Kampala).

Mozambique: Mozambican State Owes Building Contractors Over 14 Billion Meticais

Maputo — The Mozambican state owes building contractors a debt of over 14 billion meticais (about 219 million US dollars, at the current exchange rate), accumulated over the past ten years.

The chairperson of the Mozambican Association of Contractors (FME), Bento Machaila, announced the debt when speaking to reporters in Maputo on Friday, shortly after an audience granted by the former President, Armando Guebuza.

During the audience Machaila shared with Guebuza the plans for the celebrations of the 20th anniversary of the FME in November.

"The debt got much worse over the past ten years', he said. "That is why we now have situations of companies closing down'.

He added that earlier on Friday he received information about the imminent closure of one of the country's major contractors. The only reason this company is keeping an office open is to chase up the debts it is owed.

"It no longer knows how to compete', said Machaila, "since it is afraid that the State will not pay for the jobs contracted'.

He added that, over the past ten years, the legislation affecting contractors has been revised in a regressive manner, "which has created a barrier for Mozambican contractors, because it is no longer compulsory for foreigners to prove the authenticity of the documentation presented in public tenders'.

"This is a situation in which they submit document issued in their countries of origin, and there is no document for checking whether these documents are authentic', he said. "We have already denounced that we have companies in our country who are submitting fraudulent documents'.

Machaila also said that recent changes to regulations on quality control mean that companies no longer have to submit to the state-owned Mozambique Laboratory of Engineering (LEM) examples of the materials they are using to check their quality.

This, he claimed, was one of the reasons for "the proliferation of building job that have no quality, because the contractors are no longer obliged to go to the LEM. When bidding for tenders, it was no longer obligatory for contractors to allocate funds to cover the costs of LEM laboratory tests.

This has damaged the country's interests, said Machaila, since it meant that "nowadays we have infrastructures that have no quality, some of which only last for a short period'.

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Nigeria Introduces 10% Withholding Tax On Short-Term Securities

Nigeria has said banks, stockbrokers, and other financial institutions must now apply a 10% withholding tax on interest earned from short-term securities

Previously exempt to encourage market participation, these instruments will now have interest taxed at the point of payment

The policy change marks a significant shift in Nigeria's fixed-income market, which has relied heavily on tax incentives to attract investors seeking short-term, high-yield returns

Nigeria's Federal Inland Revenue Service (FIRS) has announced that banks, stockbrokers, and other financial institutions must now apply a 10% withholding tax on interest earned from short-term securities such as treasury bills, corporate bonds, promissory notes, and bills of exchange.

Previously exempt to encourage market participation, these instruments will now have interest taxed at the point of payment. The policy change marks a significant shift in Nigeria's fixed-income market, which has relied heavily on tax incentives to attract investors seeking short-term, high-yield returns.

The FIRS did not disclose projected revenue from the measure but noted that investors could receive tax credits for withheld amounts, except when the withholding is considered final. Federal government bonds remain exempt from the new rule.

The agency urged full compliance from all financial institutions, warning of penalties for non-adherence.

Daba is Africa's leading investment platform for private and public markets. Download here

Key Takeaways

The new 10% withholding tax on short-term securities signals Nigeria's effort to expand its non-oil revenue base amid fiscal pressures and rising public debt. While it broadens the tax net, the measure could dampen appetite for short-term instruments that have been a key liquidity channel for banks, pension funds, and retail investors. Analysts expect a temporary dip in trading volumes and yields to adjust upward as investors reprice risk after the removal of the tax exemption. The continued exemption for federal government bonds suggests a strategy to steer investors toward sovereign instruments while taxing private and sub-sovereign issuers more aggressively. For the financial system, this may alter portfolio allocations and liquidity flows, particularly for institutions managing short-term cash positions. Over time, the reform could improve transparency and compliance in Nigeria's capital markets, but it also raises questions about balancing revenue goals with market competitiveness.

Read the original article on Daba Finance.

Malawi Stock Exchange Is Africa's Top Performer After 76 Percent Q3 Rise

The Malawi Stock Exchange (MSE) extended its record-breaking rally in 2025, with the Malawi All Share Index (MASI) soaring 75.56% in the third quarter to 579,213 points, up from 329,922.

The index has now gained 236.7% since January, both in kwacha and U.S. dollar terms -- making it one of the best-performing stock markets globally

All listed companies closed the quarter higher, led by National Investment Trust (+327.8%), Standard Bank Malawi (+174.6%), and NICO Holdings (+101.1%)

The Malawi Stock Exchange (MSE) extended its record-breaking rally in 2025, with the Malawi All Share Index (MASI) soaring 75.56% in the third quarter to 579,213 points, up from 329,922.

According to the MSE's Q3 Market Report, the index has now gained 236.7% since January, both in kwacha and U.S. dollar terms -- making it one of the best-performing stock markets globally.

Market capitalization nearly doubled, rising from MK17.96 trillion to MK31.53 trillion (about $18.2 billion), pushing the market cap-to-GDP ratio to 127.3% -- a level rarely seen in African markets. Trading value climbed 289% year-on-year to MK113.3 billion (≈$65.4 million), while total transactions tripled to 14,056.

All listed companies closed the quarter higher, led by National Investment Trust (+327.8%), Standard Bank Malawi (+174.6%), and NICO Holdings (+101.1%). A July stock split by Standard Bank Malawi also boosted liquidity.

Daba is Africa's leading investment platform for private and public markets. Download here

Key Takeaways

The MSE's stellar Q3 performance underscores growing investor confidence in Malawi's financial markets, driven by strong corporate earnings, high liquidity, and limited alternative investment channels amid double-digit inflation. The rally has been broad-based, with all sectors and stocks posting gains -- a rare feat even among frontier markets. The surge in trading activity, combined with a 127% market cap-to-GDP ratio, highlights deepening market participation and the growing role of equities in domestic wealth creation. Analysts attribute part of the momentum to increased institutional investment and resilient bank performance, supported by reforms in monetary policy and financial transparency. However, concerns remain about overheating valuations and low activity in the bond market, where government issuance dominated. If current trends continue, the MSE could close 2025 as Africa's best-performing exchange for a second consecutive year, strengthening Malawi's position as a standout frontier investment destination.

Read the original article on Daba Finance.

Uganda: Absa to Acquire Standard Chartered's Retail, Wealth Business in Uganda

Standard Chartered has agreed to sell its retail and wealth management operations in Uganda to South Africa's Absa Group for an undisclosed amount

The transaction forms part of Standard Chartered's broader plan to streamline its African portfolio and focus on corporate and investment banking

The deal aligns with Absa's Pan-African growth strategy, following similar expansions in East and Southern Africa

Standard Chartered has agreed to sell its retail and wealth management operations in Uganda to South Africa's Absa Group for an undisclosed amount, the two banks announced on Friday. The transaction forms part of Standard Chartered's broader plan to streamline its African portfolio and focus on corporate and investment banking.

Absa Bank Uganda will assume Standard Chartered's retail and wealth customer base, expanding its footprint in the country. The deal aligns with Absa's Pan-African growth strategy, following similar expansions in East and Southern Africa. Standard Chartered will continue to operate in Uganda through its corporate, commercial, and institutional banking divisions.

The move follows Standard Chartered's earlier exits from retail markets in Botswana and Zambia as it pivots toward higher-margin segments. Absa, South Africa's third-largest bank, is rebuilding its retail franchise under CEO Kenny Fihla after separating from Barclays in 2020.

Daba is Africa's leading investment platform for private and public markets. Download here

Key Takeaways

The sale marks a strategic realignment for both banks. For Standard Chartered, the exit reflects its focus on profitability and efficiency amid a global retrenchment from lower-margin retail operations. By retaining its corporate and investment banking arms, the bank continues to serve multinational and local enterprises in Uganda, leveraging its international network. For Absa, the acquisition accelerates its retail expansion and positions it to capture a larger share of Uganda's growing consumer and SME banking segments. The deal also supports Absa's long-term strategy to become a leading Pan-African financial services group with deeper regional integration. The transaction follows a trend among global lenders scaling back in frontier markets while regional banks consolidate to achieve scale. Once completed, the integration could enhance competition in Uganda's retail banking sector, improve customer access to digital and wealth services, and reinforce Absa's presence in East Africa's fast-growing financial landscape.

Read the original article on Daba Finance.

Kenya: Family Bank Shareholders Approve 2026 Nairobi Stock Exchange Listing

Family Bank shareholders have approved the lender's plan to list on the Nairobi Securities Exchange (NSE)

This marks a major milestone in its growth strategy and positioning it among Kenya's top-tier banks

The listing, expected in 2026, will be executed through an introduction -- meaning no new shares will be issued. Instead, existing shares will become tradable on the NSE

Family Bank shareholders have approved the lender's plan to list on the Nairobi Securities Exchange (NSE), marking a major milestone in its growth strategy and positioning it among Kenya's top-tier banks.

The listing, expected in 2026, will be executed through an introduction -- meaning no new shares will be issued. Instead, existing shares will become tradable on the NSE, allowing shareholders to freely buy and sell stock. This approach aims to improve liquidity, enhance transparency, and unlock long-term value for investors.

The bank will now seek regulatory clearance from the Central Bank of Kenya and the Capital Markets Authority to complete the process before year-end.

Daba is Africa's leading investment platform for private and public markets. Download here

Key Takeaways

Family Bank's planned NSE debut highlights the growing confidence and maturity of Kenya's mid-tier lenders as they pursue capital-market visibility and shareholder value creation. The introduction-based listing will not raise new capital immediately but will give the bank access to a broader investor base and the flexibility to issue new shares in the future if needed. For shareholders, tradability on the NSE enhances liquidity and valuation transparency, aligning the bank with listed peers such as Equity Group, KCB, and Co-operative Bank. The move also strengthens corporate governance standards and signals readiness to compete in Kenya's highly dynamic banking sector. Analysts view the listing as part of a broader trend of regional banks seeking market credibility and diversified funding avenues amid rising capital requirements. If completed as planned, Family Bank will become the 12th listed lender on the NSE, reinforcing Nairobi's role as East Africa's financial hub.

Read the original article on Daba Finance.

Botswana: Minergy Shares Suspended On Botswana Bourse Amid Legal Dispute

The company, which operates the Masama Coal Mine, requested the suspension to avoid what it called a "false market"

Minergy's financial struggles intensified after global coal prices fell sharply in 2023, following a brief post-Ukraine war boom

Trading in Minergy shares has been suspended on the Botswana Stock Exchange (BSE) since October 15 as the coal producer faces a legal challenge from one of its creditors. The company, which operates the Masama Coal Mine, requested the suspension to avoid what it called a "false market" while key financial and legal matters remain unresolved.

The BSE confirmed the halt, saying updates will follow once there is clarity on the ongoing court proceedings and negotiations that could lead to a major restructuring deal. Earlier this year, a creditor filed a High Court application to place Minergy under judicial management to recover debt. Though unnamed, analysts believe the dispute may involve the firm's mining contractor--historically its largest expense.

Minergy's financial struggles intensified after global coal prices fell sharply in 2023, following a brief post-Ukraine war boom. The company now faces mounting pressure to restructure debt, with the government--one of its major creditors--considering a debt-to-equity conversion to keep the mine running.

Daba is Africa's leading investment platform for private and public markets. Download here

Key Takeaways

Minergy's suspension reflects deep stress within Botswana's coal sector as global market conditions shift and export bottlenecks persist. Once buoyed by high coal prices in 2022, the Masama Mine operator has since been squeezed by falling demand, constrained logistics via South Africa's rail network, and rising local competition. The legal action from a key creditor underscores the company's liquidity challenges and the growing risk of insolvency unless new capital or state intervention materialises. For the BSE, the suspension aims to protect investors from trading without full disclosure, while signalling that a restructuring or ownership change may be imminent. A potential debt-to-equity deal involving the government could stabilize operations but would dilute existing shareholders. The episode highlights the vulnerability of resource-dependent firms in frontier markets when commodity cycles turn, as well as the importance of reliable infrastructure for maintaining export competitiveness in southern Africa's coal industry.

Read the original article on Daba Finance.

Africa: Coca-Cola Hbc to Acquire 75 Percent Stake in Africa Unit for $2.6b

Coca-Cola HBC has agreed to acquire a 75% stake in Coca-Cola Beverages Africa (CCBA) from The Coca-Cola Company and Gutsche Family Investments for $2.6 billion

The transaction, announced on October, ranks among the largest in the history of the Coca-Cola system

CCBA operates in 14 African markets including South Africa, Kenya, Ethiopia, Uganda, and Mozambique, and represents nearly 40% of Coca-Cola's volumes sold across the continent

Coca-Cola HBC has agreed to acquire a 75% stake in Coca-Cola Beverages Africa (CCBA) from The Coca-Cola Company and Gutsche Family Investments for $2.6 billion, valuing CCBA at $3.4 billion. The transaction, announced on October, ranks among the largest in the history of the Coca-Cola system.

Headquartered in Johannesburg, CCBA operates in 14 African markets including South Africa, Kenya, Ethiopia, Uganda, and Mozambique, and represents nearly 40% of Coca-Cola's volumes sold across the continent. The deal will make Coca-Cola HBC the world's second-largest Coca-Cola bottler by volume.

Expected to close by the end of 2026 pending regulatory approvals, the acquisition will expand Coca-Cola HBC's footprint to cover more than half of Africa's population, generating a combined 4 billion unit cases and pro forma revenues of €14.1 billion. The company will fund the transaction through a €2.5 billion bridge facility and plans a secondary listing on the Johannesburg Stock Exchange to reinforce its commitment to Africa.

Daba is Africa's leading investment platform for private and public markets. Download here

Key Takeaways

The acquisition of CCBA marks a defining moment for Coca-Cola HBC's long-term African growth strategy and signals renewed confidence in the continent's consumer market. By consolidating Coca-Cola's largest African bottling operations, HBC gains direct access to high-growth economies and a diversified portfolio of beverages tailored to local demand. The move also positions the company to capture synergies in distribution, procurement, and sustainability initiatives, while reinforcing its established presence in Nigeria and Egypt. The secondary listing on the JSE underscores the company's commitment to local investors and to Africa's fast-growing beverage sector, which is projected to expand as urbanization and disposable incomes rise. With CCBA's 37 plants and 14,000 employees integrated into its network, Coca-Cola HBC aims to build a pan-African beverage powerhouse capable of driving operational efficiencies and long-term shareholder value, while advancing sustainability and employment across the region.

Read the original article on Daba Finance.

Botswana Inflation Climbs to 3.7 Percent On Rising Fuel, Food Costs

Botswana's inflation accelerated to 3.7% in September, its highest level in more than a year, according to new data from Statistics Botswana

The rate jumped sharply from 1.4% in August, driven primarily by higher fuel and food prices following a weakening of the pula after July's exchange rate adjustments

Food inflation reached 5.4% in September, up from 5% in August, increasing pressure on household budgets

Botswana's inflation accelerated to 3.7% in September, its highest level in more than a year, according to new data from Statistics Botswana. The rate jumped sharply from 1.4% in August, driven primarily by higher fuel and food prices following a weakening of the pula after July's exchange rate adjustments.

Fuel prices rose by an average of P1.60 per litre, while food costs continued to climb as producers and retailers adjusted prices across the supply chain. Food inflation reached 5.4% in September, up from 5% in August, increasing pressure on household budgets.

In response, the Bank of Botswana raised its 2024 inflation forecast to an average of 3.5%, up from 2.7%. The central bank projects inflation could temporarily exceed 6% by mid-2026 before easing. However, economist Keith Jefferis warned that the weaker pula may have a deeper effect, potentially pushing inflation to between 8% and 9% next year.

Daba is Africa's leading investment platform for private and public markets. Download here

Key Takeaways

Botswana's latest inflation spike reflects the country's growing exposure to currency and import-price shocks, with the pula's depreciation feeding directly into higher fuel and food costs. While inflation remains within the Bank of Botswana's medium-term target range of 3%-6%, the recent surge underscores the fragility of price stability amid external pressures. Rising living costs threaten to erode household purchasing power, particularly for low-income consumers, and could slow consumption growth. Analysts suggest that exchange-rate management will be critical in the coming months, as further pula weakness would make imports more expensive and prolong inflationary pressures. The central bank faces a delicate balance -- tightening policy too early risks dampening growth, while a softer stance could entrench price increases. With inflation now trending upward, Botswana's policymakers may need to reassess their currency and fuel-pricing frameworks to shield the economy from renewed cost-of-living pressures.

Read the original article on Daba Finance.

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and d from third parties.

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