Author: Martin Mwita

Economic diplomacy can conquer poverty and create more jobs in Africa, President Uhuru Kenyatta has said.
The Kenyan President has since called on those in positions of power to provide quality leadership by getting actively involved in economic diplomacy that delivers opportunities for growth and transformation.

President Kenyatta spoke at Avani Victoria Falls Resort in the tourist town of Livingstone in Zambia, when he addressed the inaugural National Economic Summit (NES) at the invitation of President Dr Edgar Lungu.

READ ALSO:Why it’s too expensive for Africa trading internationally

Economic diplomacy is an engine that developing countries are employing to drive faster economic development especially in Africa.

It is becoming a major theme of the external relations of virtually all countries.  Economic Diplomacy promotes a country’s foreign and financial relations in support of its foreign policy.

Current trends include increasing collaboration between state and non-official agencies, and increased importance given …

In her quest to pursue more renewable energy, Kenya has injected an additional 79 megawatts of geothermal power to the national grid.

This follows the completion of Unit 1 of Olkaria V Geothermal Power Plant by the Kenya Electricity Generating Company (KenGen) PLC.

The Unit was first synchronized to the grid on the June 28 and thereafter subjected to commissioning tests. It was then taken through a series of load tests until it attained its full design output of 82.7MW.

Commenting on the milestone, KenGen Managing Director & CEO, Mrs. Rebecca Miano, said the additional capacity would play a significant role in supporting Kenya’s power needs while enhancing the amount of green energy in the national grid.

“We are delighted to announce the completion of the first unit of Olkaria V Geothermal Power Plant and subsequently injecting 79 MW to the national grid. This brings to 612MW the total amount …

The Kenyan government has set up a multi-sectoral working committee to coordinate enforcement of various regulations affecting food safety in the country.

This follows recent trends of illegal activities in the food sector such as adulteration, poor hygiene, improper handling and misuse of chemicals.

The committee brings together ministries related to food production, safety, trade and enforcement of regulations.

These are the Ministry of Agriculture, Livestock, Fisheries and Irrigation, Ministry of Health, the Ministry of Industry, Trade and Cooperatives and the Ministry of Interior and Coordination of National Government.

Speaking after the inaugural meeting, Livestock PS Harry Kimutai said the government has committed itself to support the production of safe food to ensure the growth of a healthy and secure nation.

“The various government agencies represented here are directly involved in ensuring food safety and would like to assure consumers that food in the markets, including meat products, is safe …

Tullow Oil PLC (TLW.LN) recorded a strong performance in the first half of 2019 reporting a 91.5 per cent jump in profit, as it continued with its investments in Africa’s oil space.

Profit after tax for the period ended June 30, closed at US$103.2 million up from US$53.9 million in a corresponding period last year.

This is despite a drop in sales revenue which closed the period under review at US$872.3 million; compared with US$905.1 million it recorded a year-earlier.

Operating profit however went up to US$388 million compared to US$300 million in H1 of 2018 with the British oil firm reducing its net debt to US$2.9 billion from US$3.1 billion in June last year.

“Tullow has delivered a good set of financial results in the first half of 2019, with further reductions in net debt and gearing underpinned by strong cash flow generation from our assets despite the lower …

Kenya’s capital markets performed dismally in the second quarter of the year, latest data shows, despite political stability and growing interest from foreign-based investors.

The Capital Markets Authority (CMA) report for the quarter ended June 2019 shows secondary equities market registered slow activity during the review period.

Equity turnover for Q2.2019 stood at Ksh32.89 billion (US$316.3million), compared to Ksh45.25 billion(US$435.1million ) registered in the previous quarter; a 27.31 per cent decrease.

Similarly, market capitalization recorded a 3.46 per cent decrease to Ksh2.278 trillion (US$21.9billion) from Ksh2.360 trillion(US$22.7billion)in Q1. 2019.

READ ALSO:NSE dips as 2018 ends on a bear market territory

Traded volumes followed the same trend, falling by 3.46 per cent to 1.39 billion during the period under review.

Other composite indicators such as the NSE All Share and NSE 20 Shares indices likewise recorded decreases of 5.11 per cent and 7.51 per cent closing the quarter at 149.61 …

The Central Bank of Kenya (CBK) has retained its benchmark lending rate at 9.0 per cent for the sixth straight time since bringing it down in July 30 2018, sparing borrowers higher cost of loans.

The Monetary Policy Committee (MPC) which is CBK’s top decision making organ met on Wednesday to review the country’s macroeconomics.

Chaired by CBK governor Patrick Njoroge, the committee held retained the rates where there have been for almost a year, even as the capping of interest rates continues to affect lending trends by banks.

President Uhuru Kenyatta signed into law a Bill capping bank interest rates at 4 per cent above the Central Bank Benchmark Rate, in August 2016.

With the bench mark rate at 9.0 per cent, banks can only charge interest of up to 13 per cent.

READ ALSO:Why banks in Kenya will lend at a maximum 13%

Why retain

Among the …

Kenya’s Pharmacy and Poisons Board (PPB) has approved the use of a prescription drug manufactured by Janssen, one of the pharmaceutical companies of Johnson & Johnson, for the treatment of prostate cancer.

The local pharmaceuticals regulator has approved the use of Janssen’s once-daily medication ZYTIGA® (abiraterone acetate) for the treatment of metastatic castration-resistant prostate cancer ahead of a chemotherapy regime.

The approval is expected to help boost ongoing efforts to minimise existing barriers to cancer care access in Kenya.

READ ALSO:Kenya: Prostate cancer patients to get cheaper drugs

The prescription only innovator (non generic) oncological management drug is distributed locally by Janssen Kenya as part of the global pharmaceutical firm’s commitment to enhance access of essential drugs.

Speaking, when he confirmed the recent approval, Janssen Kenya Country Manager Marseille Onyango said prior to the approval, ZYTIGA had only been licensed for treatment of advanced prostate cancer cases post chemotherapy.…

Kenya’s Insurance sector is set to face disruption following the launch of a new InsurTech ecosystem seeking to create new solutions to the ailing insurance sector.

READ:Why Kenya’s insurance sector is “rotten”

Over 60 InsurTech start-ups pitched to investors at the inaugural two day Africa 3.0 conference held in Nairobi, as they seek to partner in increasing insurance penetration in the region.

The Conference which was organised Market Minds in partnership with Evolution East Africa and the UK Department for International Trade also saw over 150 start-ups from Africa participate.

Market Minds Founder, Sebastian De Zulueta, says a number of deals are expected to be signed with over 30 venture capitalists keen to tap into the opportunities in the insurance market in Kenya and Africa at large.

READ ALSO:Sanlam Kenya reveals secret weapon for 2019

“East Africa’s mobile penetration gives great opportunities for disruptions in the insurance sector. …

Mining experts will be converging in Rwanda later this year to deliberate investment and growth opportunities in the continent’s mining sector, in the wake of increased focus on Africa by multinationals.

The Rwanda Mines, Petroleum and Gas Board (RMB) will be hosting the new East and Central Africa Mining Forum conference and exhibition that will be held in Kigali from October 28-29, an event the country intends to also use to open the country for investment.

“We are opening up our mining sector in a way that has not been done in the past” says Francis Gatare, CEO of the RMB, “providing as much geological information as possible and we have recently revised our regulatory framework from policy to mining code and regulation – to not only make it competitive for companies to operate in but to also provide a platform that will make it easy for companies to comply …

Pan-African financier that exclusively supports the development of the housing and real estate sector in Africa, Shelter Afrique, has urge governments to establish a housing microfinance fund to improve access to housing finance by those in the lower end of the market.

Speaking at the Affordable Housing Investment Summit in Nairobi recently, Shelter Afrique’s Chief Executive Officer Andrew Chimphondah said most policies had an exclusive urban focus, and non-consideration of the low-income groups and the rural areas.

According to Shelter Afrique, establishment of such a fund would make it easier to facilitate efficient and inclusive housing market systems and make affordable housing a reality across Africa.

Currently, 90 per cent of Africans cannot afford to buy a house or qualify for a mortgage.

READ ALSO:AfDB to inject more millions to support affordable housing in Africa

“Access to adequate housing for low-income earners is a critical development issue globally and …