Kenya Raises Sh43.4bn from Bond Tap Sale, Nigeria to Raise 7.5tn Naira in Taxes, Ghana to Hold Rates, Egypt Collects $286m from Tax Evaders

Oil prices eased on Monday as traders awaited more rate hike cues from U.S. and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel. Brent crude futures dipped 31 cents, or 0.4%, to $80.76 a barrel by 0644 GMT. U.S. West Texas Intermediate (WTI) crude was at $76.74 a barrel, down 33 cents, or 0.4%

KENYA: Kenya’s Central Bank raises Sh43.4bn from bond tap sale

The Central Bank of Kenya (CBK) has raised Sh43.4bn from July’s bond tap sale, more than double its target of Sh20bn, as investor interest in government securities increased. The 10-year paper attracted the most bids, totalling Sh32.2bn, while the new 5-year bond attracted Sh12.2bn. In total, CBK raised Sh82bn from its two bond auctions in July, surpassing its target of Sh60bn by 36.7%. The State is taking advantage of renewed investor interest to stay ahead of its domestic financing needs for the new fiscal year.

NIGERIA: Nigeria to raise 7.5tn naira in taxes in H2, after record H1 performance

Nigeria’s Federal Inland Revenue Service (FIRS) forecasts it will raise 7.5tn naira ($9.5bn) in taxes in H2 2023, after collecting a record 5.5tn naira in H1, surpassing its target of 5.3tn naira. FIRS Executive Chairman Muhammad Nami attributed the performance to improved voluntary tax compliance, automation of tax administration processes, and engagement with stakeholders. Non-oil sector revenue contributed 69% of the total. The government aims to raise 25tn naira in taxes in 2024.

GHANA: Central Bank to hold rates amid inflation and budget review

The monetary policy committee of Ghana is expected to keep the benchmark rate at 29.5% for a second meeting, despite inflation rising to 42.5% in June. The central bank is waiting for the mid-year budget review to outline the government’s fiscal plans under an IMF program. The high inflation has hurt the poor and reduced real incomes. The MPC has raised the key rate by 16 points since November 202.

EGYPT:?Egypt collects $286 million from tax evaders

Egypt's Ministry of Finance reported that the e-invoice system, launched in November 2020, has resulted in EGP 8.8 billion ($286 million) in revenue from 7,305 detected tax evasion cases out of 22,000. Minister of Finance Mohamed Maait revealed that over 49,000 e-commerce companies have been registered in the system since June 2021. The initiative aims to promote tax justice, combat tax evasion, and integrate the informal economy into the formal one. As of April 2022, 130 million e-invoices have been issued. The projected growth of Egypt's e-commerce market is estimated to reach $15.71 billion by 2028