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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
Industry and Trade
- Kenya’s Inflation drop was influenced by prices of key food commodities.
- KNBS says the food and non-alcoholic beverage index, which represents 32.9 per cent of inflation measurement, dropped by 0.1 per cent within the period.
- KNBS data adds that housing, water, electricity, gas, and other fuels’ index dropped by 1.3 per cent
Kenya’s inflation dropped to a record 24-month low in April to hit five per cent, the latest data from the Kenya National Bureau of Statistics show, as prices of key food commodities continued to fall.
This is the third month in a row that the index has dropped, from 6.9 percent in January to 6.3 per cent in February and 5.7 per cent in March, and now the five per cent last month. The continued drop comes despite some price rises on some indices.
Major contributors to April’s year-on-year price rises included transport, food and non-alcoholic beverages, and …
We all know the emergence of blockchain technology has transformed the landscape of finance offering new opportunities for social and economic empowerment globally. What we fail to realize is that this is especially important in the developing world, where millions are unbanked, unemployed and underserved, yet nothing is being done. In light of this, under the aegis of the Humanity Protocol, a new venture is surfacing that seeks to change this space. Known as the Dream Play, the initiative seeks to provide income opportunities for African and Asian entrepreneurs, setting a new standard for sustainable employment.
A New Horizon for Entrepreneurs
Originally known as the Africa Startup League, the rebranded Dream Play, represents a significant evolution. As a platform for showcasing entrepreneurial skills it has morphed into a comprehensive ecosystem where young innovators will access jobs and create substantial economic impact. This transformation aligns with the broader goals of …
- Africa private capital deals fell to to 450 deals in the past one year.
- The continent’s total private capital deal value stood at $5.9 billion, the fourth largest value on record since 2012.
- Decline in Africa private capital deals marked the continent’s steepest year-over-year decline in volume in 12 years.
Africa recorded a 28 per cent year-over-year (YoY) decline in the total private capital deal volume for the first time since 2016, falling to 450 deals. This downturn is attributed to the global economic turmoil, which led to inflation spikes and the devaluation of continental currencies.
In Kenya and Nigeria for instance, the Shilling and the Naira plunged to historic lows in 2023, while in Egypt, a shortage in foreign currency led to increased controls over its usage in the country.
According to the 2023 African Private Capital Activity Report, the depreciation of local currencies and the depletion of foreign …
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- Electric bus company, BasiGo has secured $3 million (Sh396 million) worth of equity funding from CFAO Group to scale up electric bus production in East Africa.
- The investment, split between CFAO Kenya and Mobility54, will help accelerate the scale-up of BasiGo’s manufacturing and delivery of electric buses in Kenya and Rwanda.
- CFAO Group is building e-mobility ecosystem in East Africa by investing in green mobility startups through Mobility54.
Electric bus company, BasiGo has secured $3 million (Sh396 million) worth of equity funding from CFAO Group to scale up electric bus production in East Africa. The investment, split between CFAO Kenya and Mobility54, the …
- Kenya and Tanzania are working together to reintroduce the 2011 Anti-Counterfeiting Bill that collapsed at the East African Legislative Assembly.
- This law envisaged the region working under the East African Customs Act on Anti counterfeits regulations.
- The renewed partnership opens avenues for law enforcement agencies to develop innovative approaches and strategies in the fight against counterfeits.
The East African region is planning to set a common standard on goods across the block in the latest push against counterfeiting with Kenya and Tanzania leading the line. The latest push follows an earlier attempt under the 2011 Anti-Counterfeiting Bill that collapsed at the East African Legislative Assembly. This forced the region to operate under the East African Customs Act on Anti counterfeits regulations.
However, Kenya and Tanzania have now revived the push to reintroduce the 2011 legislation. Kenya’s Anti-Counterfeit Authority (ACA) and the Fair Competition Commission (FCC) of Tanzania have announced joint …
- If oil disappeared tomorrow, thousands of petroleum-based products would vanish with it.
- If oil disappeared tomorrow, it would be catastrophic for health services everywhere.
- If oil disappeared tomorrow, millions of jobs would be lost. Tax revenues would be depleted, and industrial production would crimp.
If oil disappeared tomorrow, there would be no more jet fuel, gasoline, or diesel. Internal combustion engines, automobiles, trucks, lorries, and coaches would be stranded. Airplanes powered by jet fuel would be grounded. Freight and passenger rail powered by diesel would halt. People could not get to work; children could not get to school. The shipping industry, transporting both freight and passengers, would be devastated.
There would be no point in calling emergency services. Most ambulances, fire engines, police cars, rescue helicopters, and other emergency vehicles would be stationary. Most phones and computers would also vanish as their plastic components derive from oil, so it would …
- Nala Money has Payment Service Provider licenses in several countries, including its founder’s home, Tanzania.
- In 2020, Africa’s e-payments industry, across domestic and cross-border payments, generated approximately $24 billion in revenues, of which about $15 billion was domestic electronic payments.
- Africa’s domestic e-payments market is expected to see revenues grow by approximately 20 per cent per year, reaching around $40 billion by 2025
“Little did I know that if a European-based client of mine could have subscribed to Nala Money, I would have received $100 more to my fee. Unlike Nala, the money order service I use has a low exchange rate and is somehow unconventional.”
This testament is not a promotion or a boost for the latter but an admission of facts and experiences Tanzanians who might receive remittance often or once could face.
Nala, started by Tanzanian youth Benjamin Fernandes in 2017, aimed to increase economic opportunities for …
- 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, …
- Tanzania and Rwanda are warming up to set up second official border post.
- Currently, Rwanda is the third largest user of Dar es Salaam port.
- More than 80% of Rwanda’s cargo goes through the port of Dar es Salaam.
The push to foster EAC integration appears to be moving in a positive direction with Tanzania and Rwanda taking steps to enhance one of East Africa Community (EAC) pivotal goal, regional trade.
A top Tanzanian envoy has announced plans to open a new border post with Rwanda, as part of ongoing measures between the two countries to scale up the movement of labour, goods and services providers.
Tanzania’s Minister of Foreign Affairs and East African Cooperation, January Makamba, made the announcement at the end of his four-day state visit to Rwanda.
The Minister revealed that the proposed border crossing will be set up in Tanzania’s Kyerwa district in Kagera Region and …
