- Luxury Tourism in East Africa Boom as Global Chains Pump Millions in Investments
- Blockchain for Employment: Africa’s Leap into the Gig Economy
- AFC unveils strategic partnerships to boost Africa’s mining sector
- Startups scaling Africa’s digital agricultural innovation seek fresh financing
- Malnutrition Crisis: 86 Million African Kids Affected, AU Urges Urgent Action
- Why Tanzania’s coffee beans are making a splash on the global stage
- Rwanda’s dairy sector challenges Kenya and Tanzania’s dominance
- Africa dominates the world’s 20 fastest-growing economies in 2024
Author: Jack Oduor
- Luxury Tourism in East Africa has been on an upswing following the reopening of air travel.
- Marriott and Radisson Blu are leading the line in Investments in Luxury Tourism in East Africa.
- American hotel brand Marriott International is eyeing over 30 hotel openings in Africa by the close of 2024
East Africa has emerged as a magnet for luxury tourists seeking unforgettable experiences, as evidenced by the increasing investments in high-end travel and accommodation in the region.
This region, comprising countries Kenya, Tanzania, Uganda, Rwanda, and others, has witnessed a surge in high-end tourism from global hotel chains pumping investments in the region, drawing discerning travellers from around the globe.
In response, East Africa continues positioning itself as a premier destination for luxury tourism. Stakeholders in the region are capitalizing on this growing trend by investing in upscale accommodations, unique experiences, and sustainable tourism practices.
Luxury hotels are expanding in …
- The Malnutrition Crisis in Africa has seen 63 million children stunted, 10 million overweight, and three million wasted.
- Dr. Akinwumi Adesina said poor nutrition keeps school-age children from realising their educational potential.
- Ministers, development partners and other speakers reviewed the progress toward achieving nutrition targets.
Malnutrition crisis in Africa
Leaders convening for the African Union and African Leaders for Nutrition Champion have revealed that Africa’s children are paying a considerable price as the continent finds itself in a malnutrition crisis among kids. An event held on the sidelines of the 37th Ordinary Session of the Assembly of the African Union in Addis Ababa revealed A staggering 86 million children under the age of five in Africa suffer from malnutrition, with 63 million stunted, 10 million overweight, and three million wasted.
Heads of state, government officials, ministers, and representatives from development and partner organisations expressed deep concern over the developmental challenges …
- The AU Summit 2024 is taking place in Addis Ababa, Ethiopia.
- The AU Summit 2024 has brought together the Committee of Ten Heads of State and Government.
- Marking a historic first, the year dedicated to Education follows its endorsement at the 36th Ordinary Session of the Assembly of AU Heads of States.
Finance and economic experts from Africa have called on African leaders at the AU Summit 2024 to match unity speak with actions and step up regional integration efforts, as these are key to the continent’s agency and success in the push for debt reforms and an overhaul of the global financial architecture.
Speaking on the sidelines of the African Union summit in Addis Ababa, Ethiopia, where African heads of state will convene over the weekend, the experts noted that over 30 countries in Africa are in debt distress primarily due to structural traps that keep the continent locked …
- Emuwa brings to Africa Finance Corporation a wealth of experience over three decades.
- He has been a part of AFC’s Board since 2015, previously serving as the Board Risk and Investment Committee Chairman.
- AFC, with its partners, is the biggest investor in renewable energy in Africa
Africa Finance Corporation (AFC), the continent’s leading instrumental infrastructure solutions provider, has appointed Emeka Emuwa as Chairman of its Board of Directors.
Emuwa brings a wealth of experience spread over three decades, leading and transforming banking institutions across Africa.
After completing a 25-year career with Citibank, where he left as the Country Officer and Managing Director of Citibank in Nigeria, he went on to serve as the Group Managing Director and Chief Executive Officer of Union Bank of Nigeria.
In this role, he led the bank’s transformation. He worked successfully with the new shareholders to transform and restore one of …
- Kenya’s Eurobond will positively impact the exchange, inﬂation, and interest rates.
- Diamond Trust Bank revealed that Kenya’s $1.5 billion Eurobond attracted more than $6 billion in demand.
- Kenya’s $1.5 Billion Eurobond will also be used to offset $2billion Eurobond maturing in June.
The issuance of Kenya’s $1.5 Billion Eurobond is likely to ease concerns about the debt situation and lift the overall outlook for the country, one of the country’s banking industry players has said.
Diamond Trust Bank revealed that the new $1.5 billion Eurobond, which attracted demand of more than $6 billion, is likely to positively affect the exchange rate, inﬂation, interest rates, and government spending in the payment of debts and development.
Speaking at DTB’s Economic and Sustainability Forum, the bank’s Group CEO and Managing Director Nasim Devji said the recovery will be felt more in the second half of the year, and the economy will grow …
- The performance of African airlines has shown significant improvement.
- In January 2023, African airlines’ Revenue Passenger Kilometers (RPKs) were recorded at 2.06 per cent above the levels of the same month in 2019
- However, Tunisia’s decision to increase tourism tax without industry consultation could impact tourist arrivals.
The year 2024 is promising for Kenya’s National carrier, Kenya Airways and other African airlines as they are set to carry around 98 million passengers due to a steady rebound in air travel demand across the continent. Since November 2023, passenger traffic carried by African airlines has exceeded 2019 levels, signaling hope for the worst hit by the shutdowns in the aviation sector.
According to the data for January 2024 by the African Airlines Association (AFRAA), the performance of African airlines has shown significant improvement, signaling a positive trajectory for the region’s aviation sector.
With the 2023 annual airline performance yet to be …
- AFRODAD and SADC have joined hands to boost Africa’s debt sustainability by cushioning highly indebted countries.
- Between 2004 and 2018, 30 African countries signed natural resource-backed loans worth $66 billion.
- China has emerged as a critical player in debt owed by African States, with an increasing percentage of debt now in resource-backed loans.
Boosting Africa’s debt sustainability
The African Forum and Network on Debt and Development (AFRODAD) has entered into a debt sustainability pact with the Southern African Development Community Parliamentary Forum to cushion governments from debt distress.
The move aimed to bolster financial stability and debt management strategies across Africa, with the continent’s total external debt hitting $1.13 trillion in October last year.
Highly indebted African countries continuously face stark trade-offs between servicing expensive debt, supporting high and growing development needs, and stabilising domestic currencies.
Government debt has risen in at least 40 African countries over the past decade. …
- A staggering $8 trillion would be invested in installing renewables to achieve COP28 renewable targets.
- The report finds that COP28 renewable targets must continue growing enormously beyond the decade's end.
- Without this, the pledge to triple COP28 renewable targets will ring increasingly hollow.
The investments channelled towards the development of renewables will need to grow fivefold if the Sub-Saharan African countries are to achieve COP28 Renewable Targets.
A new think tank Climate Analytics report shows that $8 trillion of investment is needed for new renewables and $4 trillion for grid and storage infrastructure to deliver the 2030 tripling goal agreed at COP28 – or combined, $2 trillion a year on average.
This is twice as fast as the current global average. 2023 global investment reached $1 trillion, around half of the annual investment needed between 2024 and 2030.
The insights show that using climate finance to mobilise $100 billion a…
- Developers targeting Kenya’s wealthy are now pricing the units in foreign currencies such as the US dollar.
- The continued upward trend in prime residential rents can be partly attributed to the appreciation of the dollar against the Kenyan shilling.
- Real estate investors are mitigating the emerging risks by deploying their capital in projects that have dollar-denominated returns where possible and in green-rated building.
High-end real estate developers targeting Kenya’s wealthy are now pricing the units in foreign currencies such as the US dollar to cushion them from losses that the devaluation of the Kenyan shilling may occasion.
New revelations contained in a report by property tracker and real estate management firm Knight Frank show that the trend gained traction in the second half of 2023 as foreigners residing and working in Kenya continued playing a pivotal role in driving the country’s upscale real estate market.
Despite economic headwinds, the prime …
- East African cities dominate the top five performing cities, including Kampala, Antananarivo, Mwanza, and Dar Es Salaam.
- While Sub-Saharan cities are expected to witness marginal gains in productivity compared to global counterparts
- Despite currently being the second-largest region by aggregate city GDP, the report forecasts that the South will be overtaken by the East African Cities by 2050.
East African cities are poised for strong economic growth between 2024 and 2050, outpacing other regions on the continent, an analysis by Oxford Economics has shown.
The report indicates that these cities will experience an average GDP growth rate of 3.5 per cent annually, primarily fueled by significant inflows of foreign direct investment and strategic initiatives the East African Community (EAC) implemented to bolster sectors such as business services and manufacturing.
In contrast, Southern African cities are anticipated to face the weakest outlook, with a projected GDP growth rate of 1.7 per …