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- Kenya’s Cabinet Secretary for Investment, Trade, and Industry Moses Kuria is leading a high-powered government delegation to London for the Economic Partnership Agreement and Investment meeting.
- Kenya is leveraging on the talks to intensify pitches to investors.
- This is in an effort to net at least $10 billion in Foreign Direct Investments (FDIs) this year.
Kenya’s Cabinet Secretary for Investment, Trade, and Industry Moses Kuria is this week leading a high-powered government delegation to London for the Economic Partnership Agreement and Investment meeting, that Kenya seeks to intensify pitches to investors.
The government is aiming to net at least $10 billion in Foreign Direct Investments (FDIs) this year in a plan mooted by the Kenya Investment Authority.
The forum is being held through a Ministerial Council meeting on the Economic Partnership Agreement, which was scheduled to kick-off on Tuesday, March 21, 2023 in London.
“The forum will provide a platform …
- The annual inflation rate for February 2023 increased by 7.2 per cent compared to 4.5 per cent recorded in February 2022.
- On a monthly basis, inflation rate increased to 0.4 per cent compared to 1.1 per cent registered in the earlier month.
- Load-shedding in South Africa is preventing farmers from buying livestock from Namibia.
In February, the cost of goods and services increased more sharply and the outlook does not appear promising, particularly regarding food, which saw a 14 per cent hike. The Namibian Statistics Agency disclosed inflation figures for February yesterday, with the month displaying a 7.2 per cent rate, one percentage point higher than January’s inflation rate.
This 7.2 per cent is taking the country back to August 2022 when inflation reached a peak of 7.3 per cent. While most goods and services’ prices have increased overall, service inflation continues to weigh on headline inflation, rising at a …
- According to figures released this Wednesday by Statistics South Africa, retail sales in the country fell 0.8 per cent year on year in January.
- The data provides an insight into consumer demand in the country’s most industrialized economy.
- Sales for the three months to the end of January were also down by 0.2 per cent compared to the same period last year.
Statistics South Africa has released figures showing that retail sales in the country declined by 0.8 per cent year on year in January, following a revised 0.5 per cent decline in December. On a month-on-month basis, sales rose by 1.5 per cent. These figures provide insights into consumer demand in Africa’s most industrialised economy. Retail trade sales decreased by 0.2 per cent in the three months to the end of January, compared with the same period last year, the statistics agency said.
The largest negative contributors to this …
- Tanzania inflation hits five year high
- Zanzibar bans export of food commodoties ahead of Holy Month
- China reopens market, expected to speed global recovery
Tanzania’s annual inflation rate has hit its highest point in five years clocking 4.9% in January 2023 and at the close of February the rate was no better.
According to the Tanzania Central Bank The Bank of Tanzania (BoT), the prices of food & non-alcoholic beverages went up by 9.9% up from 9.7% in December of last year.
The BoT monthly economic update report showed similar increase in prices across all sectors and indicator that the cost of living in Tanzania has increased drastically. Wit no matching increase in income, this means that the burden of acquiring daily basic needs like food has become worse for Tanzanians.
With percentages in the brackets here are how several sectors are suffering from price increase in Tanzania: Transportation (6.2% …
- Mozambique’s public debt is expected to drop below 100% in 2023, boosted by the country’s improving economic growth and higher gas revenue
- S&P Global Ratings states Mozambique’s ability to service its rising debt hinges on TotalEnergies SE’s liquefied natural gas project, which has stalled due to terrorism
- TotalEnergies is investing billions in its gas project located in the Cabo Delgado province of Mozambique
Mozambique’s external public and publicly guaranteed debt surged from 61% of GDP in 2016 to 104% in 2018, as undisclosed liabilities were exposed. This led to an unbearable debt service burden, causing Mozambique to default on its debt in 2016. Consequently, credit rating agencies lowered the sovereign’s ratings to selective or restricted default, while the World Bank and the IMF reclassified Mozambique’s external debt as “in distress.”
The revelation of the “hidden” loans had a significant impact on Mozambique, leading to a prolonged economic downturn. The country’s …
- The government of Tanzania is looking to make the country cooking oil self-sufficient by 2025, that is in just two years.
- ASA reports that it has 13 farms covering a total area of 16,588 hectares, but unfortunately, of these, only 12,731 hectares are suitable for farming.
- The deficit costs the country US$ 250 million every year in palm and other edible oil imports.
Tanzania is short of 650,000 metric tons which is over 60 percent of its requirements plugged by imports. Now the country wants investors to close this gap.
Speaking recently to farmers in South Tanzania, Prime Minister Kassim Majaliwa challenged local and foreign investors to see this demand gap as an investment opportunity.
The deficit costs the country US$ 250 million every year in palm and other edible oil imports, making the edible oil sector, the second-highest foreign exchange earner by the value of transactions.
“However, the government …
- U.S.$304.93 million will go to supportive programmes in sustainable rural water and sanitation
- 300 million US dollars is the International Development Association (IDA) concessional loan
- Another US$ 25 million is also part of the grant money, but this time from the Global Financing Facility for Women Children, and Adolescents Multi-Donor Trust Fund.
Tanzania is to receive U.S.$ 550 million in a concessional loan to improve its Maternal and Child Health programme.
The World Bank loan comes along with a side package of U.S.$ 29.93 million in grant money, the government has reported.
Finance Minister, Hon. Mwigulu Nchemba issued a statement to media specifying the funds’ planned disbursement as follows: U.S.$304.93 million will go to supportive programmes in sustainable rural water and sanitation and U.S.$275 million will go directly to maternal and child health programme.
Of this money, 300 million US dollars is the International Development Association (IDA) concessional loan and …
- DRC, through its investment portal ANAPI reassures investors
- Rwanda slams US statement saying it undermines regional peace process
- EAC Heads of State order immediate cease fire in Rwanda-DRC conflict
Rwanda should stop supporting the rebel group and withdraw its soldiers from the DRC, the US State Department has said in an official statement.
This US call for Rwanda to ‘cease and desist’ aiding rebel groups and to also recall its troops from the DRC is the latest effort by the international community to intervene in the protracted dispute between the two countries.
The US says Rwanda’s alleged aid to rebel factions in the DRC is undermining the regional peace process.
The statement comes only days after the East African Community (EAC) Heads of State met in the Burundi capital of Bujumbura. The meeting was an Extra-Ordinary Summit held to evaluate the “Security Situation in the Eastern Democratic Republic of Congo …
- The survey was conducted by interviewing over 33,000 customers of all member banks of KBA.
- The results of the survey were released on Wednesday at a media briefing hosted by KBA, at the Sarova Stanley Hotel in Nairobi.
- This re-affirms the bank’s position as the financial institution offering the most fulfilling customer experience in the industry, Group Managing Director & CEO Dr Gideon Muriuki said.
The Co-operative Bank of Kenya has emerged as the overall winner in the Customer Satisfaction Survey conducted by the Kenya Bankers’ Association (KBA).
The survey was conducted by interviewing over 33,000 customers of all member banks of KBA.
The results of the survey were released on Wednesday at a media briefing hosted by KBA, at the Sarova Stanley Hotel in Nairobi, where Co-op Bank was presented with a certificate of recognition for excelling in customer service based on the survey’s findings.
This award comes barely …