Sunday, August 28, 2022

Debt, inflation: Crisis looms for Kenya's economy [Business Africa]

By Ronald Lwere Kato

 Kenyans head to the polls on August 9 amid signs that East Africa’s largest economy could be headed for tough times.

The country’s currency- the Shilling has sharply depreciated. It means Kenya's Treasury will face difficulty paying back its huge dollar-denominated debt.

What are the Investment opportunities post-pandemic? [Interview]

By Ignatius Annor

The pandemic created an unusual year for the business community. Job losses, pay cuts, and a near halt in investment. These are just some of the shocks to businesses. George Asante, Managing Director at Absa Group joins us from Johannesburg, South Africa. Our Ignatius Annor spoke to him in the following interview brought to you in partnership with AME Trade, an event management company based in London, United Kingdom.

George, thank you for speaking with us.

Ignatius Annor: So first, investments are key to rebound of economies. What trend do you think will drive investment returns post-pandemic?

Africa's bond markets need gov't support: experts


Robert Kiyosaki said, “Financial freedom is available to those who learn about it and work for it.” Of course this statement rings true when we consider financial giants in the world today.

By Africanews

No economy is able to survive without some level of financial freedom, not even a continent as big and resilient as Africa.

South Africa's inflation hits a 13-year high of 7.8 percent


By Rédaction Africanews 

South Africa's inflation hit a new record high of 7.8 percent year-on-year in July, its highest level in 13 years, driven mainly by rising food, transport, and electricity prices, official figures showed Wednesday.

World bank gives $300m grant to Mozambique after scandal

 The World Bank on Monday gave $300 million to Mozambique in a deal that marks the resumption of its support to the country six years after it suspended aid following a financial scandal involving the government.

The funds disbursed by the multilateral organisation in the form of a grant will be used for infrastructure projects to support the economy and improve the living conditions of the population, said Mozambique's finance minister, Max Tonela.

Banks risk losing time deposits over higher savings interest rates


By Geoff Iyatse


• Banks delay adjusting interest on fixed deposits
• Rate mismatch could induce liquidity squeeze

The recent increase in minimum interest rates on savings accounts could see time depositors liquidating their holdings in the coming months in preference for the former, market intelligence suggests.

Banks, insurance stocks lead as market records N15.3 billion turnover


By Helen Oji

NGX Group building

High volume transactions in the stocks of some banks and insurance companies, last week, lifted the volume of shares traded as 914.4 million shares valued at N15.3 billion were exchanged in 18,021 deals.

‘18.44% ICT Contribution to GDP in Q2, Highest Ever’


Emma Okonji

The Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami, has said the 18.44 per cent contribution of the Information and Communications Technology (ICT) sector to Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2022 (Q2 2022), is the highest ever in the history of the Nigerian economy.

eNaira to Boost e-Commerce by 50%, Says Emefiele


James Emejo in Abuja
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has urged the trade associations and merchants to take advantage of the numerous benefits provided by the Central Bank Digital Currency (CBDC) also known as eNaira to promote and grow their businesses.

Path to Higher, Inclusive Economic Growth


Obinna Chima writes on measures the federal government must adopt to achieve higher Gross Domestic Product growth rate

Data released by the National Bureau of Statistics (NBS) at the weekend showed that the country’s Gross Domestic Product (GDP) grew by 3.54 per cent (year-on-year) in real terms in the second quarter of 2022. The growth rate however indicated a decline when compared to the 5.01 per cent recorded in the second quarter of 2021.

Inflation fuels push for pay rise

jacqueline mugo

Federation of Kenyan Employers Executive Director Jacqueline Mugo. FILE PHOTO | NMG

By CONSTANT MUNDA  More by this Author

The push for higher salaries is the latest driver of operational costs for Kenyan firms in a high inflationary environment which has shrunk staff pay, prompting them to seek a raise.

Centum exposure in Coca-Cola deal falls to Sh1.5bn


The Coca-Cola logo is unveiled at the Coca-Cola Complex in Upper Hill, Nairobi. FILE PHOTO | NMG

By CHARLES MWANIKI More by this Author

Centum Investment Company now faces a smaller potential liability of Sh1.5 billion from the sale of its stakes in the local Coca-Cola bottling businesses.

Revealed: The Treasury’s private sector cash cows


The National Treasury building in Nairobi on Sunday, May 24, 2020. PHOTO | DENNIS ONSONGO | NMG

By CHARLES MWANIKI More by this Author

Seven large firms contributed in excess of Sh300 billion to the National Treasury in taxes, duties and licence fees in the past year, underlining their strategic importance to the economy.

Sh120 a dollar: Consumers headed for more pain


The shilling on Friday touched an all-time low of Sh120 against the dollar in intraday trading. FILE PHOTO | NMG

By BRIAN NGUGI More by this Author

The shilling on Friday touched an all-time low of Sh120 against the dollar in intraday trading, raising fears it would breach the mark in coming days.

Firms buy Sh9.5bn Safaricom stake as small traders sell off


Safaricom PLC headquarters in Westlands, Nairobi. PHOTO | DENNIS ONSONGO | NMG

By OTIATO GUGUYU More by this Author

Local institutional investors have acquired shares worth Sh9.5 billion in Safaricom following the exit of domestic shareholders and foreigners, reversing the government’s objective of boosting Kenyan retail investors’ stake in the country’s most profitable firm.

Why the housing sector is excited on census results

Housing pic

A building being constructed under a housing project in Dar Salaam. PHOTO | FILE

By Gadiosa Lamtey

Dar es Salaam. The housing sector is eagerly waiting for the 2022 Population and Housing Census outcomes in order to gauge achievements made in addressing the three million housing deficit established in 2012.

Watumishi Housing Investment (WHI) chief executive officer Fred Msemwa made the statement during a recent interview with The Citizen.

Another Tanzanite billionaire unveiled in Simanjiro

Anselim Kawishe

By Gadiosa Lamtey

Dar es Salaam.  Simanjiro miner Anselim Kawishe has become a billionaire thanks to two Tanzanite gemstones that were valued at Sh2.2 billion ($1million).

Tanzania ambitious to benefit from Chinese debt relief plan

Japhet Justine

Commissioner responsible for Sovereign Debt Management at the Ministry of Finance and Planning, Mr Japhet Justine. PHOTO | FILE

By Dickson Ng’hily

Dar es Salaam. Tanzania has applauded an initiative by the Chinese government to write off a series of interest-free loans to African countries, saying if Tanzania is among the beneficiaries, then money freed by debt relief, will be routed to the country’s development.

Rusumo power 'to reach grid by March'

The Rusumo hydropower project.

The Rusumo hydropower project is expected to ease power demand in Rwanda, Burundi and Tanzania. PHOTO | FILE

By Ange Iliza

Rwanda and neighbours Burundi, and Tanzania are banking on the multi-million-dollar Rusumo Hydroelectric Power plant to alleviate their electricity woes.

Three East African national carriers sink into deep financial troubles

Kenya Airways.

Kenya Airways this week reported a loss of Ksh9.89 billion ($82.4 million) for the half-year to June 30, 2022. PHOTO | FILE


Three national airlines in the region — Kenya Airways, Uganda Airlines and Air Tanzania, — are flying in the loss-making zones and could remain in trouble for years to come, experts have warned.

Al-Shabab Militants Issue New Threats Against Kenya


Kenya Defence Forces soldiers arrive at the scene of a bomb attack claimed by al-Shabab militants in the northeastern town of Mandera, northern Kenya, Oct. 25, 2016.


Somali-based, al-Qaida-affiliated Islamist militant group al-Shabab has issued a new threat against neighboring Kenya. The group said it will continue its attacks in that country as long as Kenyan troops are in Somalia.

Al-Shabab said in an English-language statement Saturday it will continue to target Kenyan towns and cities until Kenyan troops are out of Somalia.


RAIS wa Zanzibar na Mwenyekiti wa Baraza la Mapinduzi Mhe.Dk.Hussein Ali Mwinyi akikabidhiwa Ripoti ya Ukaguzi wa Hesabu za Serikali ya mwaka 2020/2021 na Mdhibiti na Mkaguzi Mkuu wa Hesabu za Serikali ya Mapinduzi Zanzibar.Dkt.Othman Abass Ali, hafla hiyo iliyofanyika leo 27-8-2022, katika viwanja vya Ikulu Jijini Zanzibar.