- Higher fuel prices set to hit inflation-weary South Africans
- M-Mama’s life-saving journey reaches Malawi
- Natural gas, a flame of opportunity for African economies
- Africa shows real promise in green hydrogen
- Forum positions Africa as a hub for trade and investment
- AfDB and ECOWAS take stock of regional integration strategy
- World’s largest submarine cable project 2Africa lands in DRC
- A Safaricom-Apple partnership is on the horizon
Author: Wanjiku Njugunah
Wanjiku Njuguna is a Kenyan-based business reporter with experience of more than eight years.
Farmers across the continent are expected to meet virtually later this month at a time when they have reported massive losses due to the COVID-19 pandemic.
According to Fairtrade Africa Programmes Director Chris Oluoch, farmers in Africa lost an estimated 80 percent of their revenue in 2020 due to the COVID-19 pandemic.
Oluoch says the pandemic has also seen many workers lose their jobs, as companies closed shop due to lack of access to markets as most countries closed their borders.
Most affected was the flower sector where a number of flower farms shut down their businesses.
“In Kenya, about three flower farms completely shut down their business, while in Tanzania, two farms closed shop. The effects of the pandemic continue to cause havoc on the agriculture sector in the region that is already suffering from post-harvest losses,” said Oluoch.
Oluoch was speaking on Tuesday, 15th June 2021 during …
NAIROBI, Kenya, Jun 17 – The African Development Bank has announced new rounds of funding for Zambia and Egypt.
In Zambia, AfDB has approved a $1.4 million grant from the Global Agriculture and Food Security Program to reduce malnutrition among the Southern African nation’s most vulnerable households.
The grant will be directed into the Mitigating Impacts of Covid-19 on Household Food Security Project and is expected to create about 150 permanent skilled or semi-skilled positions and 40 part-time unskilled jobs in crop, livestock, and fisheries value chains.
AfDB says the project will also supply inputs for crops, livestock, and aquaculture enterprises to promote good agricultural practices and increase food production, as well as a capacity-building component.
Commenting on the Zambian funding, AfDB’s Director of Agriculture and Agro-industry Martin Fregene said increased food supply resulting from additional grant funds will lead to more jobs, improved quality of life, and reduction of …
NAIROBI, Kenya, Jun 14 – Kenyan businessman and industrialist Dr. Chris Kirubi, is dead.
His death was confirmed by his family in a statement quoted by Capital Group, one of the many businesses under his portfolio.
He was 80 years old.
“It is with great sadness that we announce the passing of Dr. Christopher J. Kirubi (1941-2021) who passed away today, Monday the 14thof June 2021 at 1 pm at his home after a long battle with cancer fought with fortitude, grace, and courage. He was surrounded by his family,” the statement by his family said.
Dr. Kirubi had invested in the Manufacturing, Media, Real Estate, Insurance, and Investment Sectors. Kirubi chaired several companies among them Haco Industries Limited, Kiruna International Limited, International House Limited, Nairobi Bottlers Limited, Sandvik East Africa Limited, and DHL Kenya.
He was also a director at the region’s most successful investment companies Centum …
NAIROBI, Kenya, Jun14 – The African Development Bank (AfDB) has unveiled a US$463.9 million 5.5-year Kangaroo bond.
In a statement, AfDB says the transaction, which marks its return to the Australian dollar bond market, was led by Nomura and RBC Capital Markets.
The fixed income instrument, which is a foreign bond issued in the Australian market by non-Australian firms and is denominated in Australian currency, is the institution’s first benchmark Kangaroo since early 2018 and its first in the mid-curve since 2015.
It is also the largest AUD trade ever issued by the Bank.
More than 30 investors participated in the deal, with a total order book of more than A$775 million, leading to an upsize of the trade from the announced size of A$250-300 million to the final size of A$600 million.
These included a strong cohort of Australian investors, while fund managers were the major investor type.
NAIROBI, Kenya, Jun 14 – South Sudan will benefit from two new projects totaling $116 million that aim to strengthen the capacity of farmers, improve agricultural production, and restore livelihoods and food security.
This comes at a time when the East African nation is facing increasing levels of food insecurity despite increased production, with exceptionally high food prices constraining access to food for large segments of the population and desert locusts devouring crops.
Available data projects that 7.2 million people will face acute food insecurity in the coming months, which is the highest number since the country’s independence.
The first project is dubbed ‘South Sudan Resilient Agricultural Livelihoods Project (RALP)’, and will provide a grant of $62.5 million to support investments in training for farmers to help them efficiently manage their organizations, adopt new technology, and use climate-smart agriculture practices to boost their yields.
The funds will also be invested …
NAIROBI, Kenya, Jun 13 – East Africa Community (EAC) partner states need to exploit the potential of exporting raw cotton to international markets.
This is according to Kenya’s Principal Secretary for EAC Dr. Kevit Desai who says the region already produced 100,000 metric tonnes of cotton.
This is lower than its existing potential, which is about 400,000 tonnes.
The Principal Secretary said that EAC exports to the world market currently stand at 8 percent, adding that to increase the volume of exports, value chains such as textiles need to be promoted to boost exports.
“We need to harness science, technology, and innovation to boost exports by investing in greater capacity to produce leather and textiles, and turn a crop like pyrethrum into aerosols,” said the PS.
He added that increased investment in the leather and textile sectors would cater to the growing demand in the region for locally manufactured high-quality …
NAIROBI, Kenya, Jun 12- Kenya on Thursday announced its biggest budget yet, a whopping Sh3.6 trillion spending plan for the financial year 2021-2022.
The country’s minister for treasury Ukur Yatani read the budget in the parliament building, determining how the Jubilee government would be spending money even as the end of its ruling term nears.
Notably, a lionshare of the budget went to funding President Uhuru Kenyatta’s ambitious Big 4 Agenda at Sh142.1 billion.
Yatani said the monies would be spent on priority programs which are; offering food security, affordable housing, affordable healthcare, and manufacturing.
The Cabinet Secretary said the amount will be spent for both enablers and drivers’ of the projects, during the 2021-22 financial year.
A total of Sh60 billion was set aside to support relevant programs that will enhance food security in the country.
Of the amount, Sh7 billion will be channeled to national agricultural …
NAIROBI, Kenya, Jun 10 – The governments of Kenya and Ethiopia have this week announced the operationalization of the One-Stop Border Post (OSBP) located at the Moyale Border in Kenya’s Marsabit County.
An OSBP is a trade facilitation tool applied at land borders between two adjoining States.
It refers to the simplified and harmonised legal and institutional framework, facilities, and associated coordinated procedures and processes.
According to officials from both governments, the post is expected to enhance free movement of people and goods between the two countries, a move that will also contribute to boosting trade volumes.
Data from the statistics office indicates that Kenya’s exports to Ethiopia in 2019 were valued at USD 67 million, while Ethiopia’s exports to Kenya were valued at US$ 52.05 million.
Moyale is the only gazetted border crossing point between Ethiopia and Kenya.
Officials from Kenya and Ethiopia also expect the post to reduce …
NAIROBI, Kenya, Jun 9 – East and Central Africa’s most profitable company Safaricom will help transform Ethiopia by positively impacting most sectors of the 112 million population economy.
This is according to Kenya’s President Uhuru Kenyatta who says the Kenyan telco’s entry into Ethiopia will help the economy make even greater strides in its areas of strength.
These include digital presence, mobile money, telephony, data and fibre connectivity, and business solutions among others.
Kenyatta spoke on Tuesday in Addis Ababa during the issuance of an operation license to the Safaricom led Global Partnership for Ethiopia consortium which won a Sh91.8 billion bid to operate in the country.
The licences are expected to bring an infusion of cash, jobs and infrastructure investment.
The consortium won a 15-year license in a competitive bidding process making it the first private telecoms player in the country.
It brings together Kenya’s Safaricom, South Africa’s Vodacom, …