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.
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?
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.
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 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.
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.
Photo: PEXELS
• 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.
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.
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.
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.
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.
The National Treasury building in Nairobi on Sunday, May 24, 2020. PHOTO | DENNIS ONSONGO | NMG
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.
Safaricom PLC headquarters in Westlands, Nairobi. PHOTO | DENNIS ONSONGO | NMG
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.
A building being constructed under a housing project in Dar Salaam. PHOTO | FILE
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.
Dar es Salaam. Simanjiro miner Anselim Kawishe has become a billionaire thanks to two Tanzanite gemstones that were valued at Sh2.2 billion ($1million).
Commissioner responsible for Sovereign Debt Management at the Ministry of Finance and Planning, Mr Japhet Justine. PHOTO | FILE
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.
The Rusumo hydropower project is expected to ease power demand in Rwanda, Burundi and Tanzania. PHOTO | FILE
Kenya Airways this week reported a loss of Ksh9.89 billion ($82.4 million) for the half-year to June 30, 2022. PHOTO | FILE
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.
By VOA
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.
