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The latest changes in Africa's regulatory environment
Renew Capital monitors Africa’s evolving legal landscape, sharing key insights with investors, entrepreneurs and policymakers in Africa’s dynamic business environment. Explore our curated snapshots for a closer look at African startup ecosystems.
Ethiopia:
- The National Bank of Ethiopia (NBE) Reviews FX Trading Fees - NBE now requires banks to clearly separate foreign exchange (FX) trading spreads and disclose FX fees to clients, effective October 15, enhancing transparency in Ethiopia’s FX market.
Ghana:
- The Ghana Investment Promotion Centre (Amendment) Bill (GIPC Bill) Goes Public - The GIPC Bill, under public review until October 31, aims to reduce barriers for foreign investors by potentially removing share capital requirements for foreign-owned businesses and reserved activities for locals.
Kenya:
- Court Strikes Down Derivatives Tax, New Horticulture Bill Introduced - The High Court deemed the 2023 Income Tax regulations on derivatives unconstitutional, promoting the adoption of these financial products. Additionally, a new Horticulture Crops Authority Bill proposes stricter regulations and penalties for the horticulture sector.
Nigeria:
- The Central Bank of Nigeria (CBN) Establishes FX Market Principles - CBN released a draft Foreign Exchange Code, modeled on the FX Global Code to ensure transparency and fairness in the FX market, encouraging foreign investment.
Rwanda:
- Contracts for the International Sale of Goods (CISG) Accession Effective October 1, 2024 - Rwanda’s accession to the UN Convention on Contracts for the International Sale of Goods (CISG) took effect on October 1, 2024, impacting international sales contracts.
South Africa:
- New Dividend Tax for Kuwaiti, Dutch and Swedish Shareholders - New tax protocols require Kuwaiti, Swedish and Dutch shareholders to pay a 5% to 10% dividend tax, potentially affecting foreign investments.
Tanzania:
- The Bank of Tanzania (BoT) Launches Domestic Gold Purchase Program - BoT now buys gold domestically, offering competitive prices and incentives, including zero-rated VAT and reduced fees. This strategy aims to bolster the nation's gold reserves while strengthening the local currency, the Tanzanian shilling.
Uganda:
- Parliament Dissolves NITA-U - Uganda’s Parliament passed a bill to dissolve the National Information Technology Authority Uganda (NITA-U), integrating it into the Ministry of Information, Communication Technology (ICT), aligning with the government’s rationalization policy.
Pan-African:
- Regional Competition Authority Becomes Operational - ECOWAS Regional Competition Authority (ERCA) became operational on October 3, 2024, overseeing cross-border transactions within ECOWAS that meet merger notification thresholds.
Visit our blog for insights on Africa’s startup ecosystems, or contact us at renew@renewcapital.com Stay tuned for more updates!
Disclaimer: The information included in this blog does not constitute legal advice. Consumers should consult their legal advisors.
Renew Capital is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. Renew Capital manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact. For the latest on investing in Africa, subscribe and follow us at our social links below.
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