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Airtel Uganda to sell 20% stake in IPO

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Telco, Airtel says it plans to raise 800 billion Ugandan shillings ($216 million) by selling a 20% stake to drive the expansion of its Ugandan operations.

Airtel Tuesday announced details of its initial public offering (IPO) which puts it on track to be the the second listed telecoms company on Uganda’s stock exchange after MTN Uganda, majority-owned by South Africa’s MTN Group, which was listed in December 2021.

At a press conference on Tuesday, managing director, Manoj Murali said that the sales of the $8 billion share offer would begin right away and end on October 13.

“The IPO gives preference to Ugandan investors, including the company’s customers, to own a share in Airtel Uganda and participate in its future growth. This is very much in line with one of our core values of customer-centricity,” said Murali.

According to the offer prospectus, the IPO’s results will be revealed on October 30, and the shares will be listed on the Uganda Stock Exchange on October 31. It further revealed that the goal of the IPO was to “create a source of future finance to support its (Airtel Uganda’s) extended growth strategy.”

The first mobile cellular network in the nation was introduced in 1995 by Airtel Uganda, formerly known as Celtel Uganda Limited. The company was rebranded as Airtel Uganda after being purchased by Airtel in June 2010.

In order to achieve its goal of a dividend payout ratio of 95% of retained earnings or net profit after tax, whichever is larger, Airtel Uganda anticipates paying dividends totalling 500 billion Ugandan shillings in 2023.

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AfreximBank to train African companies under AfCFTA

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The African Export-Import Bank declared that it would begin a programme of capacity building to enable African companies to capitalize on the advantages of the African Continental Free Trade Area.

The continental bank said in a statement on Wednesday that its academy will oversee the capacity-building initiative in coordination with the AfCFTA Secretariat.

With 54 of the 55 members of the African Union signing the AfCFTA, the number of participating countries makes it the largest free trade area in the world.

According to Afreximbank, the American University in Cairo will work with them to offer the training, slated to take place in September in Cairo, Egypt.

The bank declared that it will concentrate on the AfCFTA’s commercial ramifications and the many opportunities it offers African businesses.

“Afreximbank is a key supporter of the implementation of the AfCFTA, whose focus is on transforming Africa from a fractured, commodity-dependent group of economies to a vibrant, integrated single market of about two billion people with a combined GDP of about $3.4tn,” said Dr. Yemi Kale, Group Chief Economist and Managing Director of Research at Afreximbank, in response to the program.

“In this regard, we believe that well-informed and prepared businesses are key to driving intra- and extra-African trade and investment. Through this training program, which is one of the numerous capacity-building initiatives the Bank has put in place to promote intra- and extra-African trade and investments, we aim to empower African businesses to fully exploit the vast opportunities created by the AfCFTA, thereby enhancing their competitiveness and contributing to sustainable economic growth in Africa.”

Additionally, Tsotetsi Makong, Head of Capacity Building and Technical Assistance at the AfCFTA Secretariat, emphasized the significance of capacity building for the AfCFTA’s successful implementation.

Makong said, “Investing in capacity building for the corporates and SMEs will ensure that home-sourced investments are mobilised and deficits with third country markets reduced, proving the AfCFTA to be the single most important instrument that de-risks the African continent in its entirety when it comes to investments.”

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Ghana: Inflation decreases to 22.8%

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According to the statistics office, Ghana’s consumer inflation decreased for a third straight month in June, falling from 23.1% in May to 22.8% year over year.

Samuel Kobina Annim, a government statistician, stated at a press conference that the June inflation was mostly caused by a decrease in non-food inflation, which fell to 21.6%, sufficient to offset a rise in food inflation.

The West African nation that produces oil, gold, and cocoa is struggling to recover from a financial catastrophe.

Last week, it overcame a significant obstacle to restructure its foreign obligations when its official creditors verified that the suggested debt rework was not unduly advantageous to bondholders.

In Ghana, the rate of inflation was approximately 9.98 per cent higher than the previous year. By 2029, inflation in Ghana is expected to have dropped to 8% from its peak of about 17.5% in 2016.

Economists say that a stable economy of a nation should aim for a constant inflation rate of two to three per cent. The rise in consumer goods and services prices over a specific period is known as inflation.

Excessive money supply is often the cause of high inflation rates, which can lead to hyperinflation—that is, inflation that happens too quickly and swiftly, devaluing currency and even triggering a recession or even an economic collapse.

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