Thursday, July 25

Countries

Women in Africa
  • Only about 50% of women in Kenya and 52% in Uganda feel that they are treated with respect and dignity.
  • In Zimbabwe, 60% of women feel that they are treated with respect and dignity. This is a sharp drop from an estimated 71% of women who reported being treated with respect in 2013.
  • The percentage of people in South Africa who feel this way was even worse at 27% among men and 28% among women.

In Africa’s most advanced economy South Africa, the percentage of people in South Africa who felt this way was even worse at 27 percent among men and 28 percent among women.

The push for equality across Africa appears far from yielding good results with a new report showing that the perceptions that women are treated with respect and dignity have dropped sharply in recent years in Kenya, Uganda South Africa, and Zimbabwe.

According to Gallup

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Antoinette Sayeh
  • Antoinette Monsio Sayeh is set to retire as Deputy Managing Director of the International Monetary Fund (IMF) on September 12, 2024.
  • The IMF says her experience, deep integrity, and wise judgment have been invaluable to the global lender.
  • Antoinette Sayeh oversaw several vital initiatives of operations, policies, and corporate priorities, drawing on her deep knowledge of the institution.

Liberian management icon and trailblazer Antoinette Monsio Sayeh is set to retire from the International Monetary Fund (IMF) on September 12, 2024.

In an update by the IMF Managing Director Kristalina Georgieva, Antoinette Sayeh will conclude her tour of duty in the Washington-based institution this September where she has been serving as the Deputy Managing Director since 2020.

At the helm, she served with deputy managing directors Kenji Okamura (Japan), Bo Li (China) and Gita Gopinath (US/India) who is the first managing director.

“Antoinette has been a pillar of the Fund’s leadership …

Kenya's foreign liabilities
  • Growth attributed to increase in Foreign Direct Investment (FDI), which increased by 11.6 per cent from $8.2 billion at the end of 2020, to $9.2 billion.
  • The stock of Other Investment (OI) liabilities increased from $4.9 billion in 2020 to $6.2 billion in 2022. Similarly, Portfolio Investment (PI) rose from $253.4 million to $266.4 million in 2022.
  • The OI liabilities accounted for 39.2 per cent of total foreign liabilities in 2022, and were mainly in the form of loans, and currency and deposits.

Kenya’s foreign liabilities

Europe and Africa account for the biggest share of Kenya’s foreign liabilities mainly Foreign Direct Investments (FDIs), an official government report shows, as the country continues to retain its East Africa’s economic power status.

This comes on the back of an increase in the stock of Kenya’s foreign liabilities, which went up by 17.9 per cent from $13.4 billion at the end …

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

NGOs Operating in Kenya
  • NGOs operating in Kenya that fail to seek registration shall cease to have Public Benefit Organization (PBO) status thirty (30) days after the expiration of the specific notice.
  • Under the PBO Act, no organisation shall purport to be a PBO unless it is registered under the PBO Act or has been bestowed the status of a PBO.
  • Previously, the Cabinet Secretary could, by notice in the Gazette, exempt certain NGOs from registration.

Non-Governmental Organisations operating in the country will now be required to register afresh in the next 12 months or cease operations, as the state moves to streamline the sector.

This is after the 11-year wait for the Public Benefit Organisations Act, 2013 to be operationalised finally ended and the state gave the go-ahead for its implementation.

The Public Benefit Organisation Act introduces comprehensive regulatory measures governing public benefit entities. It outlines an administrative and regulatory framework for PBOs’ …

malaria-free Africa
  • African economies will experience a $127bn cumulative growth between 2023 and 2030 if UN SDG targets to reduce malaria are met.
  • Moreover, exports to African states would increase by more than $31bn if UN goals are achieved. For Kenya, this would mean a GDP boost of about $9bn between 2023-2030.
  • A new report calls on governments, ahead of the G7 meeting, to accelerate the fight against malaria to save lives, unlock prosperity and bolster health security.

An estimated $127 billion would be unlocked in a malaria-free Africa, a new report has revealed. This amount is the GDP increase that African countries could realize if the UN target to cut malaria by 90 per cent from 2015 levels by 2030 is met, a new report titled ‘The Malaria Dividend’ from Malaria No More UK, states.

This represents an average boost of nearly $16 billion per year to African economies, …

private capital
    • Output rises at the sharpest rate in 20 months.
    • New order volumes strengthen.
    • Input costs fall for the second month in a row.

    Kenya recorded an improvement in private sector business conditions during May, as falling cost burdens and rising new business contributed to a solid expansion in activity.

    The Latest Stanbic Bank Kenya Purchasing Managers’ Index indicates that activity’s upturn was the sharpest in 20 months, as was input buying growth.

    Job creation continued at a mild pace even as reductions in fuel prices and import costs led to a further drop in overall input prices in May, after the first decrease in nearly four years during April.

    Selling prices started to rise again, albeit slowly. The Purchasing Managers’ Index (PMI). Readings above 50.0 signal improved business conditions in the previous month, while readings below 50.0 show a deterioration.

    The latest headline PMI reading of 51.8 marked the index’s

Africa's remittance market
  • Africa’s remittance market is projected to reach $500 billion by 2035, driven by mobile money technology and strategic investments in financial infrastructure.
  • Despite high remittance costs, reducing fees through competition, regulatory improvements, and digital expansion is essential for maximizing economic benefits.
  • Addressing informal channels and promoting financial literacy will further enable the continent to harness the full potential of remittances for sustainable growth and development.

Africa’s remittance market is poised for steady growth, with predictions indicating it could reach a staggering $500 billion by 2035. This projection comes from DAI Magister, an investment bank, which highlights the vital role remittances play in the continent’s economy.

The total value of remittances in Africa hit $100 billion in 2022, with $20 billion attributed to intra-Africa flows. As remittances comprise a huge portion of African GDP, understanding and optimizing this financial inflow is crucial for the continent’s economic future.

High costs

Small Businesses Struggle for Credit
  • Small businesses struggle for credit as lenders channel 80 percent to Medium Sized Enterprises 
  • High collateral requirements and unfavourable interest rates have been found to disadvantage MSMEs
  • Only 16 percent of businesses are reaping from Kenya’s formal MSMEs financing market valued at $45.4 billion (Sh5.9 trillion).

Only 1.1 million micro, small, and medium enterprises in Kenya have access to formal credit out of the total 7.4 million MSMEs in the country.

This equals only 16 percent of businesses reaping from Kenya’s formal MSMEs financing market valued at $45.4 billion (Sh5.9 trillion).

According to a new finding by pan African market insights firm Stears, despite MSMEs accounting for over 98 percent of businesses and contributing a substantial 40 percent to GDP formal financing is still small.

“Despite their outsized economic impact, only 16 per cent of these vital enterprises currently access formal credit. With most MSMEs dependent on informal and

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