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Economic Growth
- New hotel room developments in Kenya have dropped.
- With continued signing activity (19 hotels with about 5,200 rooms in 2023) Egypt now accounts for 28 per cent of the total pipeline.
- When it comes to hotels under construction, Marriott International leads the way, with 138 hotels (15,011 rooms) currently being built.
Kenya has ranked seventh in Africa among the countries with the highest number of hotel room developments by international hotel chains, a drop from position five in 2022.
This is according to the latest survey by Lagos-based W Hospitality Group, in association with the Africa Hospitality Investment Forum (AHIF). From the survey, Kenya has 31 hotels with a total of 4,268 rooms on the pipeline with an average room size in these hotels is approximately 138 square feet.
North Africa continues to dominate the planned supply, with Morocco and Egypt together comprising almost 31 per cent of the …
- The Uganda National Oil Company (UNOC) is directly importing petroleum products from Vitol Bahrain, aiming to reduce reliance on Kenyan firms and mitigate high fuel prices.
- UNOC’s direct importation and sale of fuel to OMCs in Tanzania and Uganda is a significant step towards fostering stronger regional ties, promoting economic growth, and ensuring energy security.
Uganda National Oil Company (UNOC) has started the sale of petroleum products to oil marketing companies in both Uganda and Tanzania.
This is part of a broader strategy to test the waters before UNOC embarks on a direct importation agreement with the global oil titan, Vitol Bahrain. This maneuver signals a new era in East Africa’s energy dynamics, especially following a cooling of relations between Uganda and Kenya over fuel supply mechanisms.
Breaking New Ground: Uganda National Oil Company Direct Importation Deal
For years, Uganda’s fuel supply chain was heavily dependent on Kenyan OMCs. However, …
- The joint development of the Green Giant Project will expedite the construction of the first 200MW phase of the investment.
- Mini-grids account for more than half of all new connections in DRC.
- The agreement represents a significant milestone in the collaborative efforts between SkyPower, AFC, and the DRC.
The Democratic Republic of Congo (DRC), Africa Finance Corporation (AFC) and SkyPower Global have entered into a joint development agreement for the first phase of SkyPower’s Green Giant project in the mineral-rich country.
The move is meant to promote the use of renewable energy in the Eastern African state. This 200MW Phase one is a crucial step towards achieving the landmark 1,000MW Solar Power Purchase Agreement (PPA) signed between SkyPower and the DRC’s state-owned utility, Société Nationale d’Electricité (SNEL).
The partnership brings together SkyPower’s extensive experience in developing large-scale solar projects and AFC’s successful track record of de-risking and funding well-structured power …
In August 2020, Mali had a bloodless coup carried out by military officers leading to the country’s President Ibraham Boubacar Keita and Prime Minister Boubou Cisse resigning.
The coup came after months of protests against Keita’s administration.
News like this has dominated the country’s narrative but little has been said about its economy and growth.
According to the African Development Bank (AfDB) Group, Mali’s economy has remained resilient despite the security crisis. The West African country recorded a 5 per cent real GDP growth in 2019 driven by favourable gold and cotton production. It had a budget deficit of 3.1 per cent of GDP and 0.4 per cent inflation while public debt stood at 35.5 per cent of the GDP at the end of 2018.…
With the start of trading under the African Continental Free Trade Area (AfCFTA) agreement on January 1, 2021, the continent turned a historic page towards modernising Africa’s economy.
With 34 African countries having created the largest free trade zone in the world by country participation, it is still too early to gauge how the AfCFTA will affect the different facets of the economy including sports and entertainment.
The AfCFTA is the beginning of what many hope will form a workable framework for a modern African economy, at the very least. …
The super spreading virus that triggered a pandemic of global proportions has entered a second wave. Most African countries are struggling to cope. Their already fractured health systems are at pains and facing challenges in handling the ballooning cases. Lockdowns and travel restrictions are still in place for some countries, greatly impacting economic activity.
For example, Zimbabwe is currently in the middle of a month-long lockdown with only essential services operating. The restrictions have shut down all informal sector activity, which forms the bulk of economic activity. In South Africa, level 4 restrictions induced the closure of the busiest land borders. …
In Africa, only South Africa and Morocco manage to produce 70 per cent to 80 per cent of their medicines while some Central African countries import close to 100 per cent of theirs.…
Africa has a sustainable development opportunity for business valued at US$7.7 trillion by 2030.…
Small-scale cross border trade is highly relevant in eradicating poverty and hunger…
