Sunday, June 16

Countries

G7 Summit
  • President William Ruto of Kenya urges for reforms to the global financial system to provide Africa with access to long-term concessional finance and greater decision-making power.
  • He highlights the critical need for investments in Africa’s infrastructure and clean energy projects to drive sustainable development and economic growth.
  • The G7 Summit sought partnerships with African nations, aiming to bridge the continent’s infrastructure gap and support its development goals.

At the 50th G7 Summit held in Borgo Egnazia, Italy, President William Ruto of Kenya made a compelling case for the transformation of the global financial system to better serve Africa. Addressing an audience of world leaders, Ruto called for reforms that would grant the Global South, particularly Africa, access to long-term concessional finance and a greater voice in international decision-making processes.

“Reforming the multilateral global financial system is crucial for enabling Africa to access concessional, long-term, and agile finance,” Ruto emphasized. He …

Read More
Kenya's FY2024/25 Budget
  • Kenya’s FY2024/25 budget is the largest in the nation’s history at $31.1 billion.
  • It, however, seeks to reduce the budget deficit through contentious tax reforms despite public outcry.
  • The budget also seeks to roll out key banking and state corporation reforms.

Kenya’s Treasury Cabinet Secretary, Prof. Njuguna Ndung’u, presented the largest budget in the country’s history for the fiscal year 2024/25, amidst a backdrop of economic challenges and simmering public discontent on punitive tax measures.

The proposed budget of Kes4 trillion ($31.1 billion), up from Kes3.75 trillion in the previous year, aims to spur socio-economic transformation while addressing the budget deficit.

Kenya’s 2024/25 budget is anchored on five pillars and twelve enablers. These pillars include Agricultural Transformation and Inclusive growth, Micro, Small and Medium Enterprises, Housing and Settlement, Healthcare, and Digital and Creative Industry – $2.2 billion (Kes283.5 billion) has been allocated under the five pillars.

Allocation to other thematic …

highly potent opioids
  • Highly potent opioids, nitazenes, a drug up to 100 times more potent than heroin, were found in 83% of drug samples in Sierra Leone and 55% in Guinea-Bissau.
  • This discovery marks a dangerous escalation in the African drug crisis.
  • Nitazenes has been linked to overdose deaths in Western countries and parts of Asia.

The persistent menace of drug and substance abuse is set to worsen with new revelations that for the first time, traces of highly potent opioids, known as nitazenes, have been found among hard drug users in Africa. This discovery was made by the Global Initiative Against Transnational Organized Crime, a non-profit organization, through an extensive report released this week.

Nitazenes, synthetic opioids notorious for their potency, have previously been linked to overdose deaths in Western countries and parts of Asia. Their newfound presence in Africa marks a dangerous escalation in the continent’s drug crisis.

The

African Economic Outlook 2024
  • At the ongoing AfDB Annual Meetings 2024 in Nairobi, President Dr. Akinwumi Adesina highlighted Africa’s resilience and growth potential despite global challenges, highlighting the AfDB’s impactful initiatives in infrastructure, climate action, and economic development.
  • Dr. Adesina celebrated the Bank’s 60th anniversary, showcasing its financial innovations and strong partnerships aimed at empowering women, and youth, and promoting sustainable development.
  • The President’s speech inspired optimism and a collective resolve to continue driving Africa’s progress and transformation.

The cool Nairobi air buzzed with anticipation as leaders, policymakers, and stakeholders from across the African continent and beyond gathered at the Kenyatta International Convention Centre, in Kenya’s capital today. The opening ceremony of the African Development Bank’s (AfDB) Annual Meetings 2024 was not just an ordinary event; it marked a turning point in the institution’s history—its 60th anniversary. Against this historic backdrop, Dr. Akinwumi Adesina, the President of AfDB, delivered a powerful speech that …

Climate change
  • Climate change will push 132 million people into poverty by 2030.
  • CARE has set a 2030 Goal to impact 25 million poor and marginalised people, particularly women and girls.
  • According to CARE, as climate change pushes millions more into poverty, strengthening the resilience of the poorest and most marginalised people, especially women and girls, while building their capacities to adapt, should be the main agenda on all policy-making avenues.

Empowering Women in Agriculture to combat climate change

Climate change will push an additional 132 million people into poverty by 2030, most of these will be women. To help address the related challenge, the rights group CARE in Tanzania has launched a women’s empowerment program to combat the effects of climate change in agriculture.

Her Resilience, Our Planet, the six-year project targets women empowerment in the Southern Agricultural Growth Corridor of Tanzania (SAGCOT) clusters.

The project adopts a comprehensive approach to …

Tanzania's tourism
    • Arusha hosts major tourism agents and operators’ summit
    • The government earmarks over 170 areas for accommodation facilities
    • Tanzania reported tourism receipts of USD 3,368.7 million in 2023

    Investments in Tanzania’s tourism sector

    Tanzania’s tourism is growing, and to meet this growth, the government has announced some 179 investment sites earmarked for the construction of accommodation facilities.

    Announcing the country’s tourism hub of Arusha earlier this week, Deputy Conservation Commissioner of the Ministry of Natural Resources and Tourism, Mr Iman Nkuwi, said the government is committed to attracting local and foreign investors.

  • “The government has earmarked several areas for investment in the tourism industry for both local and foreign investors,” he told a host of visiting global travel agents at a high-profile Business-to-Business (B2B) event.This week, Arusha hosted a number of influential global travel and tourism agents and local tour operators. The B2B event was the brainchild of African Queen
Expensive Loans
  • Sustainable Agriculture Farming Practices have been identified as the only way to ensure food security in the future
  • Crop Life International launched its flagship commitment, the Sustainable Pesticide Management Framework (SPMF) program in 2021
  • Kenya has made significant strides in pesticide management by integrating global best practices into its new pesticide law.

Kenya is among the nine countries in the world undertaking a $13 million (Sh1.7 billion) agriculture funding program over the next five years. The funding is aimed at supporting sustainable agriculture farming practices in the selected member states mostly targeted towards reducing harm caused by pesticides.

According to Crop Life International, Kenya is among the countries that have done well in Integrating global best practices into the new pesticide law, enhancing the national poison control center, and establishing an industry-wide pesticide container management scheme with 310 collection sites.

In its latest Annual Report for its Sustainable Pesticide …

Tanzania fisheries
    • Over 4 million Tanzanians are employed in fisheries, which contribute about 1.4 per cent to the country’s Gross Domestic Product (GDP).
    • Tanzania is among Africa’s top 10 fish producers.
    • Tanzania will host the Africa Small Scale Fisheries (SSF) Summit.

    Tanzania fisheries are an essential revenue generator for the country. According to the Ministry of Agriculture and Fisheries, the fishing sector directly and indirectly provides jobs for over four million Tanzanians. Still, these small-scale fishermen are among the poorest groups in the country.

    Tanzania is also reported to be one of the top 10 countries in Africa in capture fish production; however, given its size, colossal coastline, and numerous inland lakes and water bodies, Tanzania is far from reaching its fisheries’ true potential.

    The Ministry estimates Tanzania’s coastline to be about 1,242 kilometres long, extending from the North bordering Kenya to the South bordering Mozambique. The country also has a territorial

No Regulations for Asset Financing Firms in Kenya.
  • Asset financing firms in Kenya remain unregulated, the only exception among the seven countries in which Watu Credit operates.
  • This revelation came out during an ongoing inquiry by Kenya’s Finance and National Planning Committee on asset finance companies.
  • In the probe, the CEO of Watu Credit acknowledged that Kenyan law lacks regulation of businesses operating in this market segment.

Purchasing assets directly can be expensive and risky and hold a company or individual back from expansion. Asset financing, therefore, provides a great option to acquire the assets an individual or business needs without shouldering hefty expenditures. The asset financing structure has benefits for both the lenders and the borrowers. Asset financing can take many forms, such as hire purchase, equipment lease, asset refinance, operating lease, or finance lease, depending on the kind of business you are involved in.

Investigation of Asset Financing Firms in Kenya

It has emerged that

Subscribe to Our Newsletter

STAY INFORMED

Unlock Business Wisdom - Join The Exchange Africa's Newsletter for Expert African Business Insights!

Stay ahead of the game with our weekly African business Newsletter
Recieve Expert analysis, commentary and Insights into the enviroment which can help you make informed decisions.