Month: April 2020

The South African rand got firmer against the dollar on Thursday, as it has recovered from its record fall the previous session, according to information from Reuters.

Earlier today at 0630GMT, the rand traded at 18.110 per dollar, 0.6 per cent firmer than its previous close. Hence, Reuters reported that investor confidence remained fragile as concerns over the economy linger.

The second-largest economy in Africa, which went into another recession in two years, is hurting from various economic scenarios including the ripple effect of the novel coronavirus (COVID-19), and the current power crisis.

South Africa has imposed some of the toughest restrictions on the continent to try to contain the pandemic that has already taken more than 170 lives and infected over 5,500 people. COVID-19 has killed 5 people in South Africa, infected more than 1,300 others.

The Southern African nation has rolled out various measures including deploying the army …

The economies of the East African region have for a long time recorded impressive growths among other African peers. They have been expanding at an average rate of 6.3 percent, with that of Rwanda expected to lead at eight percent from 7.8 percent. This growth, however, is facing one of its biggest challenges with the emergence of the Novel Coronavirus, scientifically referred to as COVID-19 as well as local challenges including political processes and the recent locust invasion. These effects are likely to cut down on any projected growth and gains made over the years. Kenya, the largest economy in the region, will most likely be hit hard with the halting of international flights and tourism. The bourse has already recorded a bear run, similar to other markets in the region. Burundi and Tanzania are preparing for elections, Kenya is seeking constitutional changes and Uganda is looking for ways to …

In anticipation of an extreme business environment brought about by the Coronavirus, various players in the African region are rolling out rescue plans for businesses. Economists have voiced their concerns of an extremely difficult economic situation and have urged players to brace for a rough 2020.

Heeding such calls is EquaLife Capital, the East African based fund managers which has announced plans to roll out a $20MM Africa Venture Debt Relief Fund by April 15th for venture businesses starting with a preliminary focus on the East African region.

“The Relief Fund is created and structured by entrepreneurs for entrepreneurs as we understand the need to act quickly to ensure businesses can survive, and then thrive again, minimizing impact and economic development opportunity lost to unforeseen business cycle pressures,” a statement calling for international venture capitalist read.

“The Relief Fund will provide short-term debt on concessional venture debt terms by utilizing …

The COVID-19 has ravaged the world changing the lives of millions and devastating economies across
the world. With actual infections reaching over half a million people, the focus has now shifted to the
role trade in wildlife contributes to such epidemics.

Just like COVID-19, other previous emergencies in the world can be directly traced to wildlife trade.
From HIV, to Ebola, Rift Valley fever, SARS, pandemic influenza H1N1 2009, yellow fever, avian influenza
(H5N1) and (H7N9), West Nile virus and the Middle East respiratory syndrome coronavirus (MERS-CoV)
reported in the recent past.

World Health Organization (WHO) estimates that globally, about one billion cases of illnesses and
millions of deaths occur every year from zoonosis.

Some 60% of emerging infectious diseases that are
reported globally are zoonosis.

Over 30 new human pathogens have been detected in the last three
decades, 75% of which have originated in animals.

Zoonotic diseases are as …

Digital initiatives intending to streamline tax procedures instituted by the Kenya Revenue Authority (KRA) in 2019 have opened up the door for bad actors to stop the legal transfers of properties held in collateral.

KRA reintroduced in 2014 a 5% tax on the gains achieved when selling land, building or investment shares. It further enhanced the payment of this tax through its online portal i-Tax under the watchful eye of KRA agents to allow or deny exemptions. This, however, has brought chaos and a loophole for unscrupulous players to cheat the system.

Prior to this online system change, buyers and sellers both had the option to pay relevant capital gains tax to KRA, but now the new system restricts the payment of capital gains tax to sellers only.

This means that any individual or business who has a property, including land, buildings, or any appreciating asset that would be subject …

World Bank Group, Tanzania’s biggest lender has approved a $500 million education loan, after a series of delays triggered by various concerns related to banning pregnant students from public schools, drawing harsh criticism from human rights activists and politicians.

The lender froze $1.7 billion in loans to Tanzania in 2018 following both the pregnant student ban and a harsh statistics law. It started releasing funds again to the East African country last September.

According to information from the World Bank, the $500 million Secondary Education Quality Improvement Project (SEQUIP) will directly benefit about 6.5 million secondary school students by strengthening government-run schools and establishing stronger educational pathways for students who leave the formal school system.

However, the terms of the loan, which is designed to improve secondary school access, give pregnant students – who were forced to drop out – a chance to complete their schooling through alternative public education …

African nations (via their ministers) have agreed to call a debt relief support from bilateral, multilateral and commercial partners with the support of the multilateral and bilateral financial institutions such as the International Monetary Fund (IMF), the World Bank Group, and European Union (EU), amid coronavirus outbreak (COVID-19) United Nations Economic Commission for Africa (UNECA) revealed in a statement.

The agreement was germinated from the second virtual meeting on Tuesday, hosted by Vera Songwe, Executive Secretary of the Economic Commission for Africa, and co-chaired by Ministers Tito Mboweni of South Africa and Ken Ofori-Atta of Ghana.

The meeting stressed the need to take possible actions to downplay and bring the spread of COVID-19 under control in the short term.

“The call for debt relief, it was emphasized, should be for all of Africa and should be undertaken in a coordinated and collaborative way. They called for a special purpose vehicle …

Tanzania, East Africa’s populous nation has confirmed today April 1 another coronavirus (COVID-19) case, totalling the national case at number 20, the Ministry of Health revealed.

According to the ministry, the patients is a 42-year-old female American national, who was in contact with an infected person, who also travelled abroad before returning to Tanzania.

So far, the patients are spread out in three regions, and according to the Minister of Health Ummy Mwalimu statement to the public, two patients have already recovered, and one died yesterday March 31.

The highly contagious pandemic made its way to Tanzania a month ago via a female Tanzanian national who returned from Belgium, since then—Tanzania has been on its toes rolling in several measures to curb the spread of the COVID-19.

Also, coronavirus cases have reached over 5,500 and almost more than 170 death have been reported across the continent.

Currently, Tanzania has closed-down …

Both small and big companies are at risk as the number of attacks will increase during this lock down period. All over the world businesses are urged to embrace online engagement with their customers, and sale of their products.Banking security experts are advising that businesses of all sizes need a plan to defend cybersecurity threats. The following are tips on how to protect data, assets and transactions with any business—small or big, and in any sector.

Cyber-attacks may be launched over the internet or rely on someone with physical access to a company’s premises by using: emails that contain malicious hyperlinks and attachments with messages that often look like they came from a colleague and are commonly referred to as Phishing attempts, or legitimate-looking websites that are set up to capture users’ login credentials, or social engineering to convince unsuspecting employees to reveal confidential information or credentials, or mobile apps …

A new study has placed Nairobi at the peak of the African continent as having most English proficient speakers.

According to the English Proficiency Index 2019 (EPI), residents of Nairobi were found to have the highest knowledge of spoken and written English at 61.94 per cent for any African city.

Out of the 100 countries that were ranked as well as regions, only Nairobi and Lagos (which scored 58.47 per cent) are in high aptitude level. 13 African countries took part in the survey.

Although Nairobi ranked the best as a city, Kenya itself came in second after South Africa globally at position 18 and six respectively.

In addition to ranking countries, the EPI also looked at the correlation between English proficiency and its impact on the economic competitiveness of a country including increased labour productivity as well as higher income. While there is no direct evidence that English proficiency …