Author: James Wambua

Kenya’s equity market has received an upgrade on its classification by the FTSE Russel Index from “Restricted’ to “Pass” on the repatriation of capital and income. This development partly indicates that Kenya is now a maturing market, characterised by increased transparency, liquidity, and a growing investor confidence. Across Africa, data shows that an estimated $700 million was reported held in 11 African countries, with Nigeria accounting for the lion’s share. FTSE Russell, a global provider of analytics, benchmarks and data services, has endorsed the Nairobi Securities Exchange Plc (NSE), ushering a new era in Kenya’s financial services industry. The NSE…

As millions of people in Africa go to bed hungry today, tonnes of food will end up in landfills, too. A UN report identifies gaps in Africa’s retail and food service sectors, presenting a significant hurdle in fully understanding the scope of food wastage. The UNEP Food Waste Index Report 2024 identifies critical areas where action is needed to address the challenge in Africa. An estimated one billion meals go to waste every day in Africa and across the world, the UNEP Food Waste Index Report 2024 reveals. The report, which shows food waste continues to hurt the global economy, adds…

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Bassirou Diomaye Faye, a former tax collector, is Senegal’s president-elect. Faye has promised to embark on a fresh chapter in Senegal’s leadership following months of political violence and arrests of opposition leaders. Outgoing President Macky Sall has termed the outcome of Sunday’s vote, which saw his preferred candidate Amadou Ba defeated, a victory for Senegal. Bassirou Diomaye Faye, a former tax collector, has promised a new chapter in Senegal’s future following his victory in the bitterly contested presidential election in Senegal held on Sunday. Bassirou Faye, 44, was declared winner having rode on a wave of frustration among the young…

Kenya’s National Security Council is currently scrutinizing cybersecurity threats posed by TikTok. Lawmakers are citing data privacy, cybersecurity threats, and TikTok’s potential as a primary conduit for misinformation in their push to restrict its use in government-issued devices. Already, TikTok is accused of cases of abuses in Kenya, including identity theft, proliferation of fraud, and spreading sexually explicit content. Authorities in Kenya are at a cybersecurity crossroads, contemplating joining Somalia to become the second African nation to enforce TikTok ban on government-issued devices. This move, revealed by Cabinet Secretary Prof. Kithure Kindiki cites rising cybersecurity threats posed by social media…

East Africa’s banking giant KCB Group reports heightened operational expenses, which surged to $627 million in 2023, up from $447.9 million in 2022. The costs are associated with the consolidation of its subsidiary in the Democratic Republic of Congo, Trust Merchant Bank (TMB), Additional expenditures were related to a voluntary retirement scheme as well as litigation fees. KCB Group, one of East Africa’s banking giants, has reported a net profit decline to $282 million for the year ending December 2023, from $307 million in 2022. The bank has attributed this decline to increased operational costs and higher provisions for bad…

Using Nobel-Prize-winning CRISPR gene-editing technology, scientists have made a huge stride in eliminating HIV from infected body cells. Research from the University of Amsterdam is promising a future where the complete eradication of the virus could become a reality. With an estimated 25.6 million people living with HIV in Africa, the continent remains at the epicentre of the HIV/AIDS epidemic. A new scientific breakthrough is offering hope in the battle against the HIV/AIDS virus that has long evaded a definitive cure, leaving millions of people in Africa devastated. By harnessing the precision of Nobel-Prize-winning CRISPR gene-editing technology, scientists say they…

In Gambia, two opposing sides clash over whether to repeal or keep an existing FGM ban. This contest pits influential Muslim clerics, who are supporting a new bill seeking to repeal a 2015 law that banned FGM, against women rights activists. The Supreme Islamic Council of the Gambia has already issued a strong condemnation of anyone who denounces FGM. The Gambia, one of the smallest countries in Africa, has been thrust into the global limelight as two opposing sides clash over whether to repeal or keep an existing FGM ban. This contest pits influential Muslim clerics, who are supporting a…

Proponents say this push embodies a broader vision for a politically impartial and more inclusive global financial ecosystem. Observers however question whether blockchain currency can survive under the often fractious BRICS bloc. Not long ago, the BRICS bloc unveiled plans to introduce the New Development Bank, an idea that remains largely unclear. The push to redefine the contours of global economics has taken a new turn following a deal by the BRICS bloc—Brazil, Russia, India, China, and South Africa—along with recent members Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE), to pioneer a blockchain-backed currency. BRICS is setting the…

Ghana has over 17 oil and gas projects that are in the pipeline for investments in the next three years. Some of the main projects are the Jubilee South East Project, which is under development by British oil and gas explorer Tullow Oil. The country is spearheading plans to attract new investments for renewable energy projects as it steps up the share of renewables to 10% by 2030. Ghana’s oil and gas sector boasts of over 600 million barrels of proven reserves, and is fast positioning itself as a magnet for foreign investors seeking to tap into its energy industry.…