Author: Maingi Gichuku

The IMF deal caused the cedi to appreciate, relieving price constraints and potentially mitigating a downturn in commercial activity S&P Global’s Purchasing Managers’ Index, which gauges the health of the private sector, increased somewhat from 44.9 in November 2022 to 47 in December 2022 The cedi gained 41% versus the dollar last month and saw a reduction in projected losses for 2022 to 39%, which lowered inflation and gave businesses some reprieve A staff-level finance agreement with the IMF caused the cedi to appreciate, relieving price constraints that have afflicted the industry for more than a year and potentially mitigating…

The procurement tribunal has annulled a Shs 8.7 billion (US$70.4 Million)fuel supply contract secured by French oil marketer Rubis Energy Rubis, the winner, was expected to supply and deliver 2,216,000 litres or more of low-sulfur diesel to the northern Kenyan stations each month Kenya Power electronic procurement system closed out Galana Oil Kenya Ltd Minutes before the tender document submission deadline closed out Following a 17-minute system failure by Kenya Power that excluded one of the bidders from the lucrative offer, a procurement tribunal has annulled a Shs 8.7 billion (US$70.4 Million) fuel supply contract secured by French oil marketer…

The 3.9 million Euro donation will go towards the World Bank’s MSME Business Development Project in Djibouti, which provides MSMEs business support It is believed that barely 5% of the Djibouti’s formal firms receive bank financing Financial institutions, public institutions, and MSMEs-supporting programmes are among the intermediate beneficiaries The World Bank and the European Union Delegation in Djibouti signed an Administration Agreement on behalf of the European Union to help Djibouti’s Micro, Small, and Medium-Sized Enterprises grow (MSMEs). The 3.9 million Euro donation will go toward the World Bank’s MSME Business Development Project in Djibouti, which provides MSMEs with services…

The International Monetary Fund (IMF) Executive Board has authorised a Sh55.1 billion (US$447.39 million) loan to Kenya Kenya has received a total of around $US1.655 billion (Sh203.84 billion) in payments under the EFF/ECF accords IMF stated that Kenya’s economy is solid and expects it to expand by 5.3%  The International Monetary Fund (IMF) Executive Board has authorised a Sh55.1 billion (US$447.39 million) loan to Kenya for budgetary support. This follows the fourth evaluation of the 38-month, $US2.34 billion (Sh288 billion) Extended Credit Facility (ECF) and Extended Fund Facility (EFF) agreements with Kenya. Kenya has now received $US1.655 billion (Sh203.84 billion)…

President Ruto ran for office partly on a Beijing-skeptic platform in response to claims of Chinese predatory lending to African nations The Kenyan President assured American businesses that his administration would create a favourable business climate to encourage foreign direct investment Moderna will soon start producing vaccines in Kenya, joining other major American corporations in the East African superpower, like General Electric, Meta, Google, and Microsoft He obtained pledges in waste-to-energy solutions, space technology, carbon trading systems and markets. When Kenya president William Ruto and other African heads of state arrived in Washington, DC, last week for President Biden’s US-Africa…

Kentrade Unveils Applications Performance Measurement tool to track the effectiveness of the National Electronic Single Window System The International Finance Corporation (IFC) helped build the application Implementation of the National Electronic Single Window System has improved Kenya’s World Bank rating in the ease of doing business report, particularly in cross-border trade The Kenya Trade Network Agency (KenTrade) has introduced an Applications Performance Measurement tool that will assist in tracking and assessing the effectiveness of the National Electronic Single Window System, popularly known as the Trade Facilitation Platform. The Trade Facilitation Platform will minimise the time and expense required for goods…

Visa committed to investing US$1 billion in Africa over the next five years Visa will facilitate more accessible access to digital payments as a stepping stone to extending formal financial services for consumers and businesses The funds will also go toward upskilling, talent development, and capacity building, as well as boosting the digitization of economies and enhancing the payment ecosystem via innovations and technology Visa has committed to investing US$1 billion in Africa over the next five years to support robust, creative, and inclusive economies during the U.S.-Africa Business Forum. Visa will also facilitate more accessible access to digital…

Luisa Ortega appointed as president of the company’s Africa operational unit, with responsibility for markets across the continent Ortega replaces Bruno Pietracci, who has been named president of Coca-Cola’s Latin America operating unit The Coca-Cola Company has announced the hiring of Luisa Ortega as president of the company’s Africa operational unit, with responsibility for markets across the continent. Ortega is presently the president of the company’s Latin American central zone, which covers Venezuela, Colombia, Peru, Ecuador, the Caribbean and Central America. As president of the Americas operations division of Coca-Cola, Ortega succeeds Bruno Pietracci. The two changes will go into…

Microsoft announced plans to deliver internet access through satellite to 10 million people, half of whom will live in Africa Microsoft and Viasat will work together to develop and test technologies, such as fixed wireless and satellites  Microsoft and Viasat will offer connectivity and digital literacy to improve healthcare, education, and economic productivity.  Microsoft has announced plans to deliver internet access through satellite to 10 million people, half of whom will live in Africa, as part of its initiative to bridge the digital divide with the developing world. At a Summit with African leaders in Washington, DC, hosted by President…

SeamlessHR, the leading enterprise-grade HR and payroll SaaS provider in Africa, announced the opening of its East African operations. Only 30 per cent of Kenyan enterprises have wholly automated their human resource (HR) management operations, resulting in lost revenue. KIPPRA data show that 7.4 million firms, including small and medium-sized enterprises (SMEs) in Kenya, are struggling to manage human resources At a thought leadership conference hosted in Nairobi, Kenya, SeamlessHR, the leading enterprise-grade HR and payroll SaaS provider in Africa, announced the opening of its East African operations. By implementing well-designed, top-notch technological solutions, SeamlessHR, an end-to-end HR and payroll…