East Africa

As Africa’s role in the global economy continues to garner prominence, it’s imperative for the continent to seal the gaping hole in its power supply.

Lack of universal power access remains a major roadblock that has retrogressed industrialization and socio-economic development. Statistics from the World Bank indicate that Africa remains the least electrified region in the world, with 568 million people lacking access to electricity.

The Bretton Woods institution, further notes that the Sub-Saharan Africa’s share of the global population without electricity, jumped to 77 per cent in 2020 from 71 per cent in 2018, whilst most regions saw declines in their share of access deficits. It has become a Hobson’s choice for African governments to prioritize the power sector, which is the epicenter of industrialization, working towards Goal 7 of the UN SDGs; which advocates for universal access to affordable, reliable and modern electricity services.

Currently, Africa’s power is …

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In addition to the Best Bank CEO in Africa award to Muriuki, the EMEA Awards also awarded the Best Bank in Kenya Award to the Co-operative Bank, and the Best Asset Manager award to Co-opTrust Investment Services Limited, a wholly-owned subsidiary of Co-op Bank.

With Kshs 181billion in assets under management, Co-op Trust is one of the largest and most successful locally-owned asset management firms in Kenya.…

  • Bar and restaurant operators in Kenya have pledged to abide by the protocols to limit the spread of Covid-19
  • They have also offered to have their establishments become vaccination centres following the reopening of their establishments 

Bar and restaurant operators in Kenya have pledged to abide by the protocols to limit the spread of Covid-19 and offered to have their establishments become vaccination centres following the reopening.

The operators’ associations have also asked revellers to abide by the rules to avoid a resurgence of infections that would force the Government to come up with the restrictions that have hampered operations since March 2020.

“The hospitality sector has gone through one of the darkest periods in the history of Kenya,” said Frank Mbogo, the chairman of the Nairobi branch of the Pubs, Entertainment and Restaurants Association of Kenya.

The operators said the lifting of the curfew by President Uhuru Kenyatta and …

  • The cost associated with policy instability and unpredictability is often passed down to consumers
  • In 2020, the manufacturing industry in Africa experienced reduced demand and depressed production capacity

The biggest challenge that the manufacturing industry faces in Africa is unpredictable business environments.

This is according to the Chief Executive Officer of Kenya Association of Manufacturers Phyllis Wakianga who says the sector is faced with unpredictable fiscal and regulatory policies that discourage the industry from scaling up their businesses.

She adds that the situation also leads to investors seeking more suitable, predictable and secure markets to relocate their businesses.

“Unfortunately, the cost associated with policy instability and unpredictability is often passed down to consumers, whose spending power has been crippled by the ongoing pandemic,” he says in an exclusive interview.

Wakianga also reveals that such instability is a blow to manufacturers, who are struggling to reduce costs, in a highly uncertain …

The programme has also engaged over 50 official partners in addition to 35 linkage partners and who have enabled the project to link 37,851 youths to digital and digitally enabled jobs on more than 56 digital work platforms.

Carole Kariuki, KEPSA Chief Executive Officer said that (63%) of adult Kenyans nationally were aware of the digital gig economy and that awareness of the Ajira Digital Programme had increased from 5.5 million people (14%) in 2019 to 7.3 million people (29%) in 2021.…

The Uganda Securities Exchange (USE) in partnership with MTN Mobile Money Uganda has launched a digital service to facilitate convenient Securities Central Depository (SCD) account opening, using the MTN Mobile Money platform. 

In a statement, the partners said deal is envisaged to simplify the process of opening an SCD account, which is a requirement for individual investors to participate in the securities market.

While launching the digitized SCD account opening service Paul Bwiso, the Chief Executive Officer of the Uganda Securities Exchange noted that the new digital SCD account opening platform will bolster participation of the everyday Ugandan in the country’s stock market.

He added that the move will allow more people to open their SCD accounts remotely and subsequently be able to invest in any of the companies and debt instruments listed on the USE.

“Since embarking on its digital transformation journey in 2015, USE had been intentional about …

There has been growth in searches and bookings to East African Community countries with Tanzania leading as a leisure destination.

This is according to data by the Kenya Association of Travel Agents (KATA) and Amadeus search and agency booking which shows a very slight improvement in both outbound and inbound search demand and booking volumes for 2021 year to date, while compared to the same period in 2020.

The booking agency indicates that travel demand remains significantly below pre-COVID-19 levels owing to international travel restrictions in key markets in Europe, North America and Asia.

According to KATA, there has been a growing demand for inbound travel into Kenya from USA, Germany and UK.

“Domestic travel searches remain high as people are looking to travel more within the country. However, overall travel demand to and from Kenya stands at -69.9% in June 2021 compared to same time in 2019,” the travel …

Kenya Electricity Generating Company PLC (KenGen) has received carbon credits from its Olkaria I, Units 4 and 5 Geothermal Power plant at a time when it is working to solidify its lead in climate action in Africa.

According to the power producer, the milestone follows the issuance of an additional 2,040,515 Carbon Emission Reductions (CERs) for the Naivasha based project by the United Nations Framework Convention on Climate Change (UNFCCC).

This brings the amount of carbon credits issued to KenGen to date to 2,591,496 tonnes of Carbon Dioxide Equivalent (CO2e) valued at USD.3,887,244 which are now available for sale.

The sale process of the carbon credits has been initiated as guided by the applicable disposal laws and regulations for the public sector organizations.

The 140MW Olkaria I Additional Units 4 and 5 power plant, will reduce CO2 emission through the displacement of electricity generated by fossil fuel fired power plants …

Equity Group Plc said it intensified its ‘shared prosperity’ business model in the first half of 2021 by investing US$ 496 million (approx Sh54.3 billion) in social impact projects through Equity Group Foundation.

 

The Group said the projects are anchored around the Foundation’s key pillars, namely: health, energy and environment, food and agriculture, enterprise development and financial inclusion, education and leadership development, and social protection.

 

Equity Group Managing Director and CEO Dr. James Mwangi said he believes the Group’s principle of putting people before profits has greatly contributed to the Group’s impressive performance in the just-released half-year financial results.

 

“We recognize that beyond a regulator license we also get a license from our host communities and we have continued to treat them as significant stakeholders and invest in them through our shared prosperity programme,” said Dr. Mwangi

 

In the health sector, the Group said it rolled out a massive Covid-19