Author: Martin Mwita

• Over half of Sudan’s gold is smuggled out of the country with the proceeds going to finance internal conflict.
• Last year, Sudan’s Central Bank banned the export of gold by government agencies and foreigners, individuals, and companies.
• The directive, however, excluded concession companies operating in mining.

Lack of a well-coordinated management in the port of Djibouti is turning out to be a benefit for Russia, which is expanding its influence over Sudan’s gold reserves while solidifying its superpower standing in the Middle East.

These revelations are in a new report published by the Pangea-Risk, a specialist intelligence company. The report is offering analysis and forecasts on political, security, and economic risk in Africa and the Middle East.

The report comes weeks after the Wagner Group threatened to topple Russian President Vladimir Putin. With a power struggle in Moscow, Wagner’s clients are in a tailspin, unsure of the future of their …

Kenya’s Mombasa port has for years remained the leading harbour in East Africa, serving traders in the country and neighbouring landlocked states. Uganda is the biggest destination for transit cargo through the Port of Mombasa, accounting for about 83.2 per cent of transit cargo through the Kenyan port. South Sudan takes up 9.9 per cent while DR Congo, Tanzania and Rwanda account for 7.2 per cent, 3.2 per cent and 2.4 per cent, respectively.…

•  In Kenya, mining yields high-grade quantities of gold, copper, ilmenite and tantalum.
• Kenya is an important source of non-metallic minerals including soda ash, limestone, salt, niobium, fluorspar and fossil fuels.
• Titanium ores have for the last decade remained top mineral forex earner for Kenya.

A plan to give Kenya’s mining sector a makeover is underway, with policymakers banking on reforms that can attract investors as the country seeks to grow the revenue base.

The move comes four years since the 2019 government moratorium on the issuance of new prospecting and mining licenses. At the time, the government had not renewed licenses since 2015 when about 65 companies saw their permits revoked.

Those in operation run under a gazette notice. For companies whose permits expire, they are forced to seek special clearance from the ministry. The freeze on issuance of new licenses was to allow for geospatial surveys to map out …

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 …