- Higher fuel prices set to hit inflation-weary South Africans
- M-Mama’s life-saving journey reaches Malawi
- Natural gas, a flame of opportunity for African economies
- Africa shows real promise in green hydrogen
- Forum positions Africa as a hub for trade and investment
- AfDB and ECOWAS take stock of regional integration strategy
- World’s largest submarine cable project 2Africa lands in DRC
- A Safaricom-Apple partnership is on the horizon
Author: Kang'ethe Njoroge
- About 60 per cent of employees in Sub-Saharan Africa are showing disconnection from their work.
- A big number of employees in Sub-Saharan Africa are turning to “quiet quitting” to express their job dissatisfaction.
- The affected individuals are more likely to experience stress and burnout due to their sense of being lost.
Sub-Saharan Africa leads the world with the highest number of most unhappy employees. The situation, largely referred to as “quiet quitting” is becoming prevalent among the majority of employees in Sub-Saharan Africa. Employees are turning to “quite quitting” as a means of expressing their dissatisfaction with their current jobs.
The worrying trend has resulted in Sub-Saharan Africa recording the highest regional percentage of employees who are actively looking for new job opportunities.
Most unhappy employees show least effort
According to the State of the Global Workplace 2023 report by Gallup, approximately 60 per cent of Sub-Saharan Africa’s employees are …
- Egypt has overtaken Nigeria by raising $540 million in tech startup funding in the year to June 2023.
- This year, Egypt achieved a major milestone by creating its first unicorn, MNT-Halan.
- In the year to June 2022, the Big Four—Nigeria, Kenya, South Africa and Egypt—jointly raised $4.6 billion. This was a 25 per cent drop from the $710 million raised previously.
Egypt is today the leading market across Africa with total equity in tech funding raised by start-ups in the last one year surpassing rival Nigeria. Data from the African Private Equity and Venture Capital Association (AVCA) shows that the North African country overtook Nigeria as start-ups raised $540 million in funding in the year to June 2023.
This was, however, a 25 per cent drop from the $710 million raised the previous year. The least decline recorded among the big four African countries
- During the last quarter of 2022, the EAC hit an intra-trade value of $10.17 billion. This was a 20% proportion of intra-trade to world commerce.
- The revision of the EAC three-band structure aims at aligning the tariff rates.
- On July 1, 2022, the EAC enforced a new tariff structure that included a 35 percent duty on finished products imported into the region.
The East African Community’s $18.9 million trade plan is facing obstacles as partner states seek preferential tax treatment under the bloc’s revised Common External Tariffs (CET).
This development is threatening to jeopardize the implementation of the proposed four-band tariff structure. On July 1, 2022, the EAC Secretariat enforced a new tariff structure that included a 35 percent duty on finished products imported into the region.
The secretariat, in a report from January 2022, highlighted the potential benefits of the fourth band, arguing that a maximum tariff of 35 …
- Kenyan water firms are seeking about $7.1 billion from the capital markets for various projects.
- The initiative is a liaison between the Kenya Association of Stockbrokers & Investment Banks and the Eldoret Water and Sanitation Company.
- Traditionally, water service providers rely on tariffs, taxes, transfers, loans, bonds, and equity investments for funding.
Kenyan water firms have received the greenlight to secure fresh financing through the capital markets. Data shows that the utilities want to plug a funding shortfall of about $7.1 billion required for water projects.
The development comes following a collaboration between the Kenya Association of Stockbrokers and Investment Banks and the Eldoret Water and Sanitation Company.
KASIB and Eldoret Water and Sanitation Company partnership will establish alternative financing options through the bourse. The deal paves the way for water companies in Kenya to explore ways of raising capital through the stock market.
Water funding shortage in Kenya
- Kenya National Oil Corporation CEO Gideon Morintat will lead talks on the untapped potential of East African energy market in October forum.
- With 1.4 billion barrels of recoverable crude oil reserves and significant gas resources, Uganda ranks among Africa’s fastest growing energy markets.
- In the renewables and power sectors, Uganda is diversifying energy mix by maximizing biomass, nuclear, solar and green hydrogen production.
Kenya’s oil and gas sector may be modest today, but stakeholders are joining forces to harness East Africa’s (EA) energy potential as significant discoveries across countries raise the stakes for investors.
At the upcoming African Energy Week (AEW), which will go on between October 16-20 in Cape Town, Leparan Gideon Morintat, the CEO of the Kenya National Oil Corporation (NOC), will lead discussions on the untapped potential of the East African energy market.
Engaging with a diverse range of investors and project developers, Morintat aims to attract …
- Despite the decrease in cargo demand, African airlines are expanding their capacity in comparison to 2022.
- European carriers and the Middle Eastern carriers experienced year-on-year decreases in cargo volumes in May 2023.
- On a global scale, there has been a decline of 5.2 percent in the demand for air cargo.
Cargo demand for African airlines has experienced a decline of 2.4 percent compared to May of the previous year due to weak demand stemming from rising inflation and the ongoing armed conflict in Sudan.
The International Air Transport Association (IATA) report for May 2023 on global air cargo markets indicates that despite the decrease in demand, African airlines have expanded their capacity in comparison to the previous year.
Furthermore, the report draws attention to a significant slowdown in the growth of the Africa to Asia trade route. The growth rate declined from 18.5 percent in April to 11 percent in …
A recent report has revealed that the ban on second-hand clothing, also known as mitumba, might not enhance Kenya’s textile industry as previously anticipated. The report commissioned by the Mitumba Consortium Association of Kenya (MCAS) on the Second-Hand Clothing Industry in the East Africa Community has cautioned against protectionism towards importing second-hand clothing.…
- East Africa’s largest economy Kenya grappling with about 79 per cent climate change financing gap.
- The virtual academy will provide access to borderless, flexible, informative training to foster skills, knowledge and collaborations on climate change.
- Lack of understanding about the effects of climate change has also contributed to the huge climate change financing gap.
Kenya is facing a 79 percent climate change financing gap amidst increasing global warming effects causing havoc in developing countries. The African Centre for Technology Studies (ACTS) Climate Change Programme lead, Dr Joel Oyango, says the situation will turn worse if nothing is done to finance adaptation to climate change effects.
“Kenya is already feeling the effects of climate change. The widespread poverty, recurrent droughts, and floods coupled by inequitable land distribution. Overdependence on rain-fed agriculture and limited coping mechanisms all combine to increase people’s vulnerability to climate change,” Dr Onyango said.
He said many Kenyans …
Airtel Kenya has announced the launch of its fifth-generation network (5G) to take advantage of the increasing adoption of 5G devices. Last month, Airtel Kenya announced its intention to expand its network coverage to meet the growing demand for data services in East Africa. With this move, Airtel Kenya joins Safaricom among the network providers that have introduced 5G in the country.…
- Seven Responsible Care Codes will serve as the framework for the project by Kenyan manufacturers.
- The codes are community awareness and emergency response; employee health and safety; product stewardship; process safety; pollution prevention; distribution; and security.
- Industry lobby KAM says the new strategy will support competitiveness on a worldwide scale.
Industry lobby the Kenya Association of Manufacturers (KAM) has committed members to promote the safe use of chemicals throughout the manufacturing lifecycle.
The move follow’s a pledge this week by KAM members to continuously improve the manner in which they handle chemicals. The lobby said the commitment will be under a new campaign dubbed the Responsible Care Initiative – Kenya Chapter.
KAM Chief Operating Officer Tobias Alando said through the Chapter, KAM member companies will run open and transparent reporting on how they handle chemicals as per the Responsible Care guiding principles.
“Our mission is to promote and facilitate safe …