Author: Kevin Odero

The IMF has identified South Sudan, Burundi, and the DRC as East African Community member states poised for significant economic growth in the 2024–2025 period. GDP growth in Burundi is projected to increase from 4.3 to 5.4 percent and in the DRC from 4.7 to 5.7%. Kenya leads regionally with a projected GDP of $104 billion, ranking 7th overall among the continent’s largest economies. The economic outlook for East African Community member states South Sudan, Burundi, and the Democratic Republic of the Congo (DRC) is poised for significant economic growth in the 2024–2025 period. This prognosis by the International Monetary…

The proposed AGOA extension signals a commitment to bolstering trade relations between the US and Africa. US Senators Chris Coons and James Risch have introduced the bipartisan Agoa Renewal and Improvement Act of 2024, aiming to integrate AGOA with the AfCFTA. Bill aims to refine AGOA’s eligibility criteria, increase transparency, and hold US agencies accountable for their advice to the president: Senator Risch AGOA extension proposal The US Congress has proposed extending the African Growth and Opportunity Act (Agoa) to 2041, covering all 54 African countries. Senators Chris Coons of Delaware and James Risch of Idaho introduced the bipartisan Agoa…

Authorities in South Sudan have imposed a fuel tax on UN fuel tankers, obstructing the delivery of crucial humanitarian aid, jeopardizing assistance to millions of famine-stricken civilians. Despite assurances from government officials, including the Minister of Humanitarian Affairs, UN fuel tankers remain detained. The impasse is increasingly exacerbating an already dire humanitarian situation in South Sudan. In a distressing turn of events, UN humanitarian operations in South Sudan targeting famine-stricken populations are at risk of stoppage due to a dispute over a fuel tax levied by South Sudanese authorities on United Nations fuel tankers. Despite assurances from the Minister of…

The National Bank of Rwanda has reported a surge in bank borrowers attributable to intensified awareness campaigns, and the introduction of innovative products. The regulator reports a 40 per cent surge in the number of depositors in commercial banks. However, borrowers in microfinance institutions (MFIs) and Saccos experienced a 15 per cent decline. Rwanda’s financial services industry witnessed a remarkable uptick in the number of individuals accessing loans from commercial banks, with a 39 per cent rise recorded over 12 months ending on June 30, 2023. This surge was underpinned by proactive measures instituted by the central bank to enhance…

Legal ruling favors Kenya Ports Authority (KPA) and Kenya Revenue Authority (KRA), allowing clearance of Sh145 million consignment despite ownership objections. Dispute centered on transfer of property and risk to Dooba Enterprises Ltd, with objecting companies claiming previous ownership based on contractual agreements. Case highlights importance of clear contractual agreements, documentation, and effective dispute resolution mechanisms in international trade. An array of goods valued at $1 million (KSh145 million) is set to be cleared from the Mombasa port after a legal battle between five companies and two key entities, the Kenya Ports Authority (KPA) and Kenya Revenue Authority (KRA). The…

The funding is designated for the construction of a bridge spanning the River Nile in northwest Uganda and the enhancement of roads stretching over 105 kilometers. Uganda has encountered obstacles in accessing financial support from international institutions like the World Bank, primarily due to policy differences. The loan holds the potential to stimulate job creation, foster entrepreneurship, and spur innovation Uganda has finalized an agreement with the Saudi Islamic Development Bank (IDB), securing a $295 million loan to bolster infrastructure development, particularly road construction projects across the country. This landmark agreement, signed by Uganda’s Finance Minister, Matia Kasaija, and IDB…

Starlink, has introduced a significant price reduction of 55.6% for its installation hardware kit in the Kenyan market. This promotional offer is valid until May 15, providing Kenyans the opportunity to purchase the hardware equipment at $292.36 (KSh39,500), a substantial discount from the usual asking price of $658.04 (KSh89,000). An analysis in October 2023 highlighted Kenya and Mozambique as the top markets with the highest charges for internet installation compared to other African countries where Starlink has a presence. Billionaire Elon Musk’s satellite internet firm, Starlink, has introduced a significant price reduction of 55.6 percent for its installation hardware kit…

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Foodtech startups are leading a movement that aims to enhance food security and transform African agriculture into a model of economic viability and sustainability. Nile, a business-to-business (B2B) marketplace seeks to modernise agricultural trade by enabling direct connections between farmers and buyers. Another entity, Sand to Green, employs advanced agroforestry practices and technology to transform arid desert lands into fertile agricultural zones. In the face of a future where 140 million people in Africa confront acute food insecurity, the emergence of foodtech startups across the continent is starting a new phase in agricultural practices and food production. Armed with innovative technologies…

mTek, an insurtech innovation platform, has secured a $1.25 million investment from Verod-Kepple Africa Ventures and Founders Factory Africa to fuel its expansion across East Africa. The firm aims to streamline the insurance process, enhance customer experiences, and improve operational efficiency. This investment and expansion plans underscore mTek’s commitment to making insurance more accessible and affordable. The insurance sector across East Africa is poised to experience intense activity following plans by the digital platform mTek to revamp the industry. mTek, a pioneering digital insurance platform, has secured $1.25 million (approximately Sh167.8 million) in funding from Verod-Kepple Africa Ventures (VKAV) and…