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- Kenya, Tanzania braces for torrential floods as Cyclone Hidaya approaches
- EAC monetary affairs committee to discuss single currency progress in Juba talks
- Transport and food prices drive down Kenya’s inflation to 5% in April
- Payment for ransomware attacks increase by 500 per cent in one year
- History beckons as push for Kenya’s President Ruto to address US Congress gathers pace
- IMF’s Sub-Saharan Africa economic forecast shows 1.2 percent GDP growth
- The US Congress proposes extending Agoa to 2041, covering all African countries
- Millions at risk of famine as fuel tax row halts UN aid operations in South Sudan
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 …
- The hydropower project is worth an estimated US$1.3 billion that will see Ethiopia import 400 Megawatts of power annually.
- The World Bank approved US$684 million for the power line in 2012- Kenya got US$441 million of the share, and Ethiopia got US$243 million- raising eyebrows why the project has not been completed ten years later.
- The project started in 2012, but Ethiopia has blamed Kenya for the delays even after several lenders allocated funds for the project.
Kenya Ethiopia Electricity Trade
President Uhuru Kenyatta’s administration has reached a new agreement with Ethiopia to gear up further the purchase of cheap hydropower from Addis Ababa.
The two countries agreed with an Ethiopian delegation, led by Ethiopia’s Minister for Finance, Eyob Tekalign, visiting Nairobi from February 2nd to 4th this year.
The new arrangement was revised on previously signed power trade agreements. The two countries finalised the operational guidelines and procedures and …
Boost Africa is a joint initiative with the African Development Bank (AfDB), with financial support from the European Commission and the Organisation of African, the Caribbean and the Pacific States Secretariat (OACPS) under the 11th European Development Fund (EDF).
The EUR 12.5 million – $14.2 million – financing for Atlantica will support EUR 50 million of new investment in innovative technology startup companies across the continent and expand specialist venture capital financing for promising entrepreneurs.
The new EUR 10 million – $11.3 million – EIB commitment to Janngo, will increase investment in early-stage tech and tech-driven startups to improve access to healthcare, education and financial services across Africa and allow African tech companies to create jobs for young people and women.…
In practical reality, it aims at creating a continental market for goods and services, with free movement of businesspeople and investments in Africa.
Several reports indicate that the summit strives to bring Africa and Europe closer together through strengthening economic cooperation and promoting sustainable development, with both continents co-existing in peace, security, democracy, prosperity, solidarity and human dignity.
It is against this backdrop that the two partners are determined to work together on a strategic, long-term footing to develop a shared vision for EU-Africa relations in a globalized world.…
Fitch has added that the impossibility to borrow on international capital markets has triggered further downgrades in the credit ratings of the Sub-Saharan countries.
Angola and Gabon have witnessed their credit ratings upgraded in recent months. The upward trend refers to the surge in oil prices globally, which has boosted the finances of the two countries.
Several countries projects to experience rapid economic growth as the tourism industry recovers from the pressure exerted by the COVID-19 pandemic and more mineral sources continue to be discovered in the continent.…
However, all efforts have been directed in that sector to try and make it greener and cleaner. Among consumers, a major shift is now being witnessed with most of the industries investing in clean energy sources that are both affordable and sustainable.
Such initiatives have made Kenya be rated among the top countries that are implementing their nationally determined contributions that seek to cut greenhouse gas emissions in the country by 32 per cent by 2030.
The latest industry to have made noted efforts to transit to clean Energy is Bamburi Cement Factory situated in Bamburi Mombasa.…
If you received your salary on the 1st of January in ZWL, you would struggle to pay for goods and services in February. This volatile situation results in consumers seeing value eroded from their bank balances at an astonishing rate.
We see wages struggle to keep up with inflation, a phenomenon similar to 2008. Most people buy USD from the black market to retain some semblance of value in these balances.
Zimbabwe has a currency crisis, and the Authorities seem to be struggling to deal with it. The rate at which the Zimbabwe dollar is depreciating signifies the state of the economy. Much of this is being blamed on the countries foreign currency auction system.…
