Author: Wanjiku Njugunah

The multi-phase project will provide water to the Gauteng region of South Africa and generate hydroelectricity for Lesotho. The Lesotho Highland Development Authority will implement the part of the project that falls within Lesotho’s borders. The board of directors of the African Development Bank Group has approved a loan of $86.72 million to co-finance the second phase of the Lesotho Highlands Water Project. In a statement, AfDB said the multi-phase project will provide water to the Gauteng region of South Africa and generate hydroelectricity for Lesotho. The project entails harnessing the waters of the Senqu/Orange River in the Lesotho highlands…

The African private equity (PE) industry, continues to prove itself and is once again on a growth trajectory Even though growth forecasts remained muted at the beginning of 2021, this was due to several African countries understandably grappling with persistent outbreaks of COVID-19 North Africa and West Africa jointly attracted the largest share of PE deals by volume Private equity fundraising in Africa managed to reach US$1.3bn in the first half of 2021 when including final and interim closes, a new report has revealed. The 2021 H1 African Private Equity Data Tracker released by the African Private Equity and Venture…

The region had drawn a number of important lessons from the pandemic especially in relation to the economic sectors that were hard hit such as tourism EAC citizens should be charged local rates while entering public tourist sites such as national parks and reserves that are distributed across the region EAC Partner States should also diversify their tourism products by developing other products East African Community Partner States lost 92% of revenues in the tourism sector due to the COVID-19 pandemic, with arrivals to the region falling from 6.98 million arrivals before the pandemic to 2.25 million arrivals occasioning the…

The Africa Pulse report notes that Sub-Saharan Africa exits recession this year, but recovery is still timid and fragile It adds that the region is reforming, and notes that what is most needed to boost and sustain economic recovery is financing The World Bank now says that Sub-Saharan Africa is set to emerge from the 2020 recession sparked by the COVID-19 pandemic with growth expected to expand by 3.3 per cent in 2021. This is one per cent higher than the April 2021 forecast according to its latest edition of Africa’s Pulse. The bank said that the rebound is currently…

Google’s investment will include the landing of the subsea cable Equiano which will enable faster internet speeds and lower connectivity costs It also includes low-interest loans to help small businesses and equity investments in African startups Google is building global infrastructure to help bring faster internet to more people and lower connectivity costs Google has announced a plan to invest $1billion over 5 years to support Africa’s digital transformation. According to the company, the investment focuses on enabling fast, affordable internet access for more Africans; building helpful products; supporting entrepreneurship and small business, and helping nonprofits to improve lives across…

EAC COVID-19 Vaccination Certificate will eliminate the current high transaction costs of COVID-19 testing Removal of visa fees for Uganda and Kenya by South Sudan is set to ease the free movement of persons Buy East African, build East Africa campaign central in driving the economic recovery agenda for the EAC The East African Community (EAC) has been urged to develop a common COVID-19 Vaccination Certificate by December to hasten the economic recovery of the EAC bloc. This is one of the resolutions of the Round Table Meeting for Chief Executive Officers of apex national private sector associations convened by…

The Kenya Revenue Authority (KRA) has received surveillance equipment worth more than US$378,000 (KShs 40 million) to support its trade facilitation initiatives and enhance security at key border points. In a statement, the Authority says the equipment comprises an X-ray baggage scanner, a patrol boat, patrol vehicles, Raman spectrometers, and field test kits. The equipment was procured by the United Nations Office for Project Services (UNOPS) from the Government of Japan in partnership with the Japan International Cooperation Agency (JICA) and World Customs Organization (WCO) as part of customs capacity building initiatives in Kenya. According to KRA, the equipment will…

Kenya’s Purchasing Managers’ Index (PMI) fell from 51.1 in August to 50.4 in September, signalling an overall improvement in operating conditions. The PMI survey commissioned by Stanbic Bank indicated that the pace of improvement was marginal and was the weakest seen in the current five-month sequence of growth. During the month, output and new orders rose, driven by a continued recovery in demand from the strict lockdown earlier in the year. Exports were also a key source of growth, as foreign orders increased at the fastest rate since October 2020. Business activities in Uganda continue to rise Impact of Fuel Hike…

Immediate action is needed to respond to the severe drought that is ravaging communities in Kenya’s dry regions – categorized as Arid and Semi-Arid Lands (ASAL). This is according to the UN’s humanitarian affairs office (OCHA) which said that two and half million people are already experiencing deep food insecurity after two back-to-back rainy seasons failed. By November, it will have nearly tripled since the same time last year, the organization warned. “People in the ASAL region are facing a dire situation”, said Stephen Jackson, UN Resident Coordinator for Kenya, as he launched the humanitarian Flash Appeal for the Kenya Drought…

KRA started the new financial year on an upward trajectory, after surpassing its July 2021 target Pay As You Earn (PAYE) registered a performance rate of 104.2% Expects the Gross Domestic Product to grow by 6.3% in FY 2021/22  The Kenya Revenue Authority (KRA) said it had collected KSh 476.646 billion, surpassing the Financial Year 2021-2022, Quarter One (July – September 2021) revenue target of KSh 461.653 billion by KSh 14.992 billion. In a statement, the Authority said the performance reflected a sustained revenue growth in the first three months of the year, with a performance rate of 103.2% and growth of 30%.…