Author: Martin Mwita

The East African region has a long history of cooperation stretching back to 1900 when a Single Customs Collection point was established at Mombasa. Still, Non-Tariff Barriers remain a challenge to trade. The first instance of regional integration dates back to 1917 between Uganda and Kenya.…

• Bharti Mittal is the Founder and Chairman of Bharti Enterprises, one of India’s foremost first-generation corporations.
• It has interests in telecom, space communications, digital solutions, insurance, foods, real estate and hospitality.
• Bharti Airtel, the flagship company of Bharti Enterprises, has operations in 17 countries. It ranks amongst the top three mobile operators globally.

Sunil Bharti Mittal, an Indian business magnate and philanthropist, was in Kenya last week managing a significant announcement by Airtel Kenya, a division of Airtel Africa.

During his visit, Airtel Kenya announced plans to expand its network coverage to meet the growing demand for data services in the country. The new expansion will add 349 sites into its infrastructure network by December.

What’s more, an additional 300 sites are in the pipeline, the management added. The new investment represents the company’s commitment to enhancing connectivity and improving service quality.

We aim to bridge digital divide—Bharti Mittal

The …

• President William Ruto of Kenya says resources should neither be controlled by the World Bank nor the International Monetary Fund.
• Africa does not want anything for free. But needs a new financial model where power is not in the hands of the few, says Dr Ruto.
• In Paris, President Ruto says the world cannot continue normally when things are not going forward.

Kenya’s President William Ruto has has called for a new world financing model to tackle poverty and negative effects of climate change. Dr Ruto is advocating for a financial architecture made up of equals. This is his latest call as he continues to emerge as Africa’s most vocal leader since his election in August last year.

According to the leader of East Africa’s top economy, President Ruto said resources should neither be controlled by the World Bank nor the International Monetary Fund. “Africa does not want anything for …

• Kenya will progressively allow more imports from the EU into its market.
• An EU official terms the trade agreement with Africa’s seventh largest economy “a partnership of equals”.
•  Under the Kenya-EU trade deal, Nairobi’s exports to European bloc will be tariff-free from day one.

A new Kenya-EU trade deal will see Nairobi’s exports to the European bloc enjoy tariff-free status from day one, while tariffs on EU exports will be liberalised over time but not on all products. The Kenya and European Union trade deal will provide new opportunities for Kenyan and European businesses, including the micro-, small- and medium-sized enterprises.

The two parties have concluded negotiations on the much awaited Economic Partnership Agreement. A new era of Kenya-EU trade ties will start in post-Brexit world where Brussels is exerting more influence across Africa.

European Commission Executive Vice-President and EU Trade Commissioner Valdis Dombrovskis and Cabinet Secretary of Kenya’s Ministry …

• Seedstars Capital represents an alternative investment platform focused on supporting emerging fund managers and investing in technology companies in emerging and frontier markets.
• Fondation Botnar is a Swiss philanthropic foundation dedicated to improving the health and well-being of young people living in urban areas worldwide.
• The partnership reflects their shared commitment to fostering positive impact through strategic investment.

Switzerland-based investment platforms– Seedstars Capital and Fondation Botnar have launched the Seedstars Youth Wellbeing Ventures mandate targeting Africa. Consequently, they intend to invest $20 million in early-stage, purpose-driven companies. These companies will help improve the well-being of young people in low- and middle-income countries across the continent.

Seedstars Capital represents an alternative investment platform. The platform supports emerging fund managers and invests in technology companies in emerging and frontier markets. Moreover, Fondation Botnar is a Swiss philanthropic foundation dedicated to improving the health and well-being of young people living in urban areas…

• The Kenyan shilling has fallen to a new low of 140.04 against the US dollar.
• Central Bank of Kenya data shows the unit is also losing to other major currencies including British Pound and Euro.
• Last year, the Kenyan shilling depreciated by about 7.5 per cent against the US dollar, the UAE dirham (7.5%), Saudi Riyal (7.4%) and the Chinese Yuan (3.1%), the Kenya Economic Survey 2023 shows.

As developing market currencies continue to suffer from the worldwide increase in interest rates, which is being spearheaded by the US Federal Reserve, the Kenyan Shilling has dropped to a historic low in relation to the US Dollar.

The Fed has increased the benchmark rate ten times in a row, or a total of five percentage points, since March of last year. In the last 40 years, these increases are the most abrupt. In an effort to combat US inflation, interest rates …

• The government of Kenya is deploying measures to protect local industries from the onslaught of cheap imports.
• Kenya’s $26.4 billion FY2023/24 budget is an increase from $23.6 billion plan for the fiscal year ending June 30.
• The country is, however, facing high inflation, ballooning debt, and a high rate of joblessness.

President William Ruto’s first $26.4 billion budget for the FY2023/24 starting July 1st seeks to boost job creation, power growth of industries, and reduce borrowing.

Kenya’s $26.4 billion FY2023/24 budget is an increase from the $23.6 billion plan for the fiscal year ending June 30. East Africa’s economic powerhouse, Kenya, continues to struggle with growing inflation, skyrocketing debt, and a high unemployment rate.

Job creation targets Kenya’s youth

The lack of enough jobs is disproportionately affecting the country’s young people. The economy is also struggling from the impact of external shocks. For instance, Kenya is hurting from the Russia-Ukraine …

• Experts warn South Africa’s growth is too low to create enough jobs to absorb new workers entering the labor market.
• The country’s fiscal position is projected to deteriorate due to weakening mineral revenue. Utility Eskom’s debt bailout, wage bill, and rising debt pile more pressure.
• As a result, public debt is not expected to stabilise. And headline inflation will return to the midpoint of the target range by end 2024.

South Africa’s real GDP growth is projected at 0.1 percent in 2023, reflecting a significant increase in the intensity of power outages, and weaker commodity prices and external environment.

According to the International Monetary Fund (IMF), annual growth is expected at about 1.5 per cent over the medium term. The country is under vice-like grip of long-standing structural impediments.

South Africa’s power outage woes

For instance, South Africa is struggling with product and labor market rigidities. It …

• Middle East carrier Qatar Airways will get 3,000 metric tonnes of neat Sustainable Aviation Fuel (SAF) from oil giant Shell.
• The contract running through 2023-2024, is part of a wider effort initiated by the Oneworld Alliance.
• CEO Al Baker says the airline remains steadfast in its ambitious target of 10 per cent SAF use by 2030.

Middle East carrier Qatar Airways has entered into an agreement to use 5 per cent sustainable aviation fuel (SAF) in a deal with energy giant Shell signed at Amsterdam.

The contract running through the fiscal year 2023-2024, is part of a wider effort initiated by the Oneworld Alliance. The agreement has a set target of using 10 percent sustainable aviation fuel by 2030.

Qatar becomes the first carrier in the Middle East and Africa to procure huge SAF in Europe beyond government mandates. Sustainable aviation fuel offers significant potential for decarbonisation. This is because …

• Leaders are meeting in Nairobi for the Eastern Africa ‘Waste is Wealth’ conference.
• The inaugural Waste is Wealth Series is organised by Taka Ni Mali, East African Business Council, and Alliance for Science.
• The three-day conference is themed: Promoting Effective Waste Management Practices for Environmental Conservation and Climate Change Mitigation.

The concept of a circular economy is fast gaining momentum in East Africa with both the private sector and government’s stuck on the drawing board shaping policies and regulations to help realise the shift.

World business leaders, policy makers, academics and NGOs have argued that a move towards a more circular economy is necessary to help solve global environmental and economic challenges.

Moving towards a more circular economy could increase competitiveness, and stimulate innovation. It will also boost economic growth and create jobs across economies.

Waste is Wealth

It is against this background that leaders are meeting in Nairobi for …