Author: Kang'ethe Njoroge

The agreement reaffirms the US commitment to elevating a strong private sector voice in AfCFTA implementation. Through exploring these challenges and opportunities in-depth, the U.S.-Africa Leaders Summit seeks to chart new avenues for improved U.S.-Africa cooperation. The business forum focuses on growing the commercial partnership between the U.S. and Africa, with priority discussion topics including the U.S.-Africa commitment to trade and investment. The United States Chamber of Commerce’s U.S.-Africa Business Center (USAfBC) and the African Continental Free Trade Area Secretariat (AfCFTA) on Wednesday signed a Memorandum of Understanding (MoU) to launch a working group to help advance trade and investment…

Governments in the East African region have placed their bets in investing in infrastructure in a bid to increase their competitiveness and reach their full potential. In the last two decades the region has invested heavily in infrastructure including broader connectivity, electricity connection, and airport expansion among other mega projects.  One of the major investment partners in these projects is the African Development Bank (AfDB). The AfDB has poured in billions of dollars in the form of grants and loans as it seeks to help establish the robust infrastructure needed to realise the region’s economic promise.   Over the years, the AfDB has intervened to support the region’s development efforts.  As of 2012, total approved national and regional operations amounted to nearly $16.21 billion.   The Bank’s interventions have…

Kenya is working on designing programmes to promote youth investments in agribusiness. The programmes include providing access to markets for youth in agribusiness, access to affordable and youth friendly financial services for agri-preneurship, which could be done in form of seed capital as well as establishing innovative information and knowledge sharing platforms. Speaking during the East African Youth Congress Trust Webinar Livestock, Fisheries and Cooperatives Ministry’s Chief Administrative Secretary Anne Nyaga said the programmes are being addressed through strong collaborations and partnerships aimed at supporting the youth in the country in the wake of Covid-19 pandemic that has seen over…

Kenya’s five top banks released stable Quarter 1, 2020 financial results with pessimism of their future earnings heavily affected by the Covid-19 pandemic that continues to cause havoc on the economy. The banks that include KCB Group, Co-operative Bank, Diamond Trust Bank, Equity Group and NCBA recorded higher growth in deposits, loan book, interest income and non–funded income, but cautioned of reduced earnings in the future under the prevailing circumstances. Deposits for the five grew by 17.7%faster than the 11% growth recorded in Q1’2019while average loan growth went up by 12.7% compared to 7.7% over the same period last year.…

Close to three million Kenyans are at risk of facing starvation as the impact of Covid-19 and locust invasion on food security escalates. According to the latest report from  World Bank, despite the government’s efforts to mitigate the impact of corona virus on food security, millions are at risk.  The Report says food security in Kenya is facing twin shocks from restrictions in place due to the Covid-19 crisis and the earlier locust attack, contributing to a spike in food prices.  “While Kenya’s cereal producing counties were spared the first-round of the locust invasion, there is high probability that the…

Global leaders have called for African governments to collaborate with the private sector in order to save the economy post Covid-19 pandemic. Speaking during the United Bank for Africa’s Africa Day 2020, the leaders emphasised the need for meaningful collaboration between governments and the private sector, as a requirement for the quick recovery of the economy of the African continent post Covid-19. UBA Group Chairman Tony Elumelu collaboration will be effective in flattening the curve. Elumelu spoke on the need to mobilise quickly and explained the necessity to identify a more fundamental solution to Africa’s challenges. “This is the time for…

One of Kenya’s luxurious hotel in Nairobi, The Fairmont Norfolk has closed indefinitely and fired all its employees. Management has attributed to firing to the impact of Covid-19 pandemic on the business. The Country Manager Mehdi Morad in a Memo dated May 27, said that due to the uncertainty Covid-19 pandemic, the firm has been forced to terminate employee contracts and close their properties at the Norfolk and Fairmont Mara Safari Cub. “It is therefore the decision of the management to terminate the Services of all its employees due to “frustration” by way of mutual separation and taking into account the…

Supply chain software company MACmobile has launched a new platform that can support “live”  streaming of formal market retail “sales out” data from till points  as well as map the relevant stock holding in store simultaneously in the Kenyan Market. This follows a partnership with Cognizance Processing who built the platform and will be available for Kenya wholesalers and retailers. The platform will reflect “sales in” data to retailers while mapping stock holding in the multiple warehouses being used in the distribution supply chain. Daily retail sales feeds and basket data feeds (when made available), stock in store and stock at the distribution centre,…

The Kenya Private Sector Alliance (KEPSA) has called on the government to gradually and partially re-open the country to preserve the economy and support health response. Speaking on Wednesday during a virtual meeting with the government through the office of the National Development Implementation and Communication Cabinet Committee (NDICCC), KEPSA Chief Executive  Carole Karuga reiterated that COVID-19 is the new normal and every effort must be made to ensure there is continued economic activity in the country while upholding measures to safeguard the health of its people. Karuga urged the government to develop a practical recovery strategy that balances health,…

Equity Group Holdings Plc has posted a 14 percent decline in net profit in the first three months of the year to hit Sh5.3 billion, attributable to increasing its loan loss provision by ten fold to Sh3 billion from Sh300 million the previous year. Profit before provisions was up by 10 percent to Sh10 billion from Sh9.1 billion the previous year. “The global Covid-19 pandemic has mutated into a global economic crisis, occasioned by a sudden standstill of economic activity as a result of the global lockdown. This has introduced unprecedented uncertainty within the global financial systems prompting us to…